RNR · RenaissanceRe Holdings Ltd.

RenaissanceRe delivered a strong first quarter in 2026, with operating income available to common shareholders reaching $590.5 million, a significant turnaround from the prior year loss. The results were anchored by exceptional underwriting performance, as the consolidated combined ratio improved to 73.0% from 128.3% in Q1 2025. This improvement was primarily driven by the Property segment, which reported a combined ratio of 34.1% due to lower current accident year losses and net favorable prior accident year development of 17.9%, largely from prior year catastrophe events. The Casualty and Specialty segment also showed improvement, with the combined ratio declining to 100.4%, benefiting from a lower impact of large losses and improved expense ratios. Net investment income contributed $420.5 million, up 3.7% year-over-year, reflecting higher average invested assets and portfolio reallocation strategies. However, the company recorded net realized and unrealized losses of $421.9 million, mainly attributable to increased treasury yields and equity market declines. Management highlighted the strategic repositioning of the investment portfolio during the quarter, including reducing gold positions and extending duration. The company demonstrated disciplined capital management by repurchasing $352.5 million of common shares during the quarter at an average price of $289.36 per share, with additional repurchases of $104.8 million occurring through late April. Book value per common share increased to $250.48, representing a 1.4% quarterly change.