

	June 30, 2024		December 31, 2023
Redeemable noncontrolling interest - DaVinci	$	2,760,164	$	2,541,482
Redeemable noncontrolling interest - Medici	1,631,508		1,650,229
Redeemable noncontrolling interest - Vermeer	1,489,892		1,555,297
Redeemable noncontrolling interest - Fontana	453,744		353,823
Redeemable noncontrolling interests	$	6,335,308	$	6,100,831



	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Redeemable noncontrolling interest - DaVinci	$	152,511	$	59,527	$	300,524	$	225,609
Redeemable noncontrolling interest - Vermeer	56,624		52,163		109,595		99,568

Redeemable noncontrolling interest - Medici	13,249		62,190		59,518		107,259
Redeemable noncontrolling interest - Fontana	2,347		1,027		(79)		9,855
Net income (loss) attributable to redeemable noncontrolling interests	$	224,731	$	174,907	$	469,558	$	442,291

DaVinci is a managed joint venture formed by RenaissanceRe principally to write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis through its wholly owned subsidiary, DaVinci Reinsurance. RenaissanceRe owns a noncontrolling economic interest in DaVinci; however, because RenaissanceRe controls a majority of DaVinci’s outstanding voting rights, the Company consolidates DaVinci, and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinci was 24.7% at June 30, 2024 (December 31, 2023 - 27.8%).

DaVinci shareholders are party to a shareholders’ agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on outstanding loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value as of the end of the period preceding the sale and can be subject to a true-up for potential development on outstanding loss reserves.

During the six months ended June 30, 2024, RenaissanceRe sold an aggregate of $300.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $201.1 million of shares from other third-party investors. In addition, DaVinci distributed $180.6 million to third-party investors and $69.4 million to the Company. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 24.7%.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the six months ended June 30, 2024, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $381.7 million as a result of redemptions of shares from and distributions to third-party investors.

During the six months ended June 30, 2023, DaVinci completed an equity capital raise of $250.0 million, comprised of $102.2 million from third-party investors and $147.8 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $275.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $77.5 million of shares from other third-party investors. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 26.3%.



	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Beginning balance	$	2,634,555	$	2,234,541	$	2,541,482	$	1,740,300
Redemption of shares from redeemable noncontrolling interests	(26,147)		(27,320)		(381,849)		(77,495)
Sale of shares to redeemable noncontrolling interests, net of adjustments	(755)		700		300,007		379,034

Net income (loss) attributable to redeemable noncontrolling interest	152,511		59,527		300,524		225,609

Ending balance	$	2,760,164	$	2,267,448	$	2,760,164	$	2,267,448

Medici is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s issued voting shares, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

During the six months ended June 30, 2024, third-party investors subscribed for $167.2 million, and redeemed $227.3 million, of the participating, non-voting common shares of Medici. Investors also received $18.4 million in dividends. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 12.4% at June 30, 2024.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the six months ended June 30, 2024, RenaissanceRe received cash inflows of $92.4 million from subscriptions of shares in Medici by third-party investors and paid $200.9 million as a result of redemptions of shares from and dividends to third-party investors.

During the six months ended June 30, 2023, investors subscribed for $439.7 million, including $25.1 million from the Company, and redeemed $17.6 million, of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 11.1% at June 30, 2023.



	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Beginning balance	$	1,778,763	$	1,307,741	$	1,650,229	$	1,036,218
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(181,983)		—		(227,550)		(17,648)
Sale of shares to redeemable noncontrolling interests	21,479		170,589		167,721		414,691
Net income (loss) attributable to redeemable noncontrolling interest	13,249		62,190		59,518		107,259
Dividends on common shares	—		—		(18,410)		—

Ending balance	$	1,631,508	$	1,540,520	$	1,631,508	$	1,540,520

Vermeer is a managed joint venture formed by RenaissanceRe to provide capacity focused on risk remote layers in the U.S. property catastrophe market. RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, owns 100% of the non-voting participating shares of Vermeer and retains all of the economic benefits. The Company has concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary of Vermeer, as it has power over the activities that most significantly impact the economic performance of Vermeer. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. As PFZW owns all of the economics of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statement of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.



	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Beginning balance	$	1,433,268	$	1,538,245	$	1,555,297	$	1,490,840
Dividends on common shares	—		—		(175,000)		—


Net income (loss) attributable to redeemable noncontrolling interest	56,624		52,163		109,595		99,568

Ending balance	$	1,489,892	$	1,590,408	$	1,489,892	$	1,590,408

Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. RenaissanceRe owns a noncontrolling economic interest in Fontana and controls a majority of Fontana’s issued voting shares. The Company concluded that Fontana meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Fontana and concluded it is the primary beneficiary of Fontana, as it has power over the activities that most significantly impact the economic performance of Fontana. As a result, the Company consolidates Fontana and all significant inter-company transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all, or a portion of the shares held by shareholders of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide.

During the six months ended June 30, 2024, investors subscribed for $100.0 million of the non-voting shares of Fontana, including $50.0 million from the Company. In addition, RenaissanceRe sold an aggregate of $50.0 million of its non-voting shares in Fontana to other third-party investors. As a result of these transactions, the Company’s noncontrolling economic ownership in Fontana was 26.5% at June 30, 2024.



	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Beginning balance	$	451,397	$	276,859	$	353,823	$	268,031

Sale of shares to redeemable noncontrolling interest	—		—		100,000		—

Net income (loss) attributable to redeemable noncontrolling interest	2,347		1,027		(79)		9,855

Ending balance	$	453,744	$	277,886	$	453,744	$	277,886