EX-99.1 2 rnrearningsrelease2024q1.htm EX-99.1
RenaissanceRe Reports $364.8 Million of Net Income Available to Common Shareholders and $636.4 Million of Operating Income Available to Common Shareholders in Q1 2024.
•Annualized return on average common equity of 16.4% and annualized operating return on average common equity of 28.7%.
•Gross premiums written grew by $1.2 billion, or 43.0%. Property grew by $585.7 million, or 44.9%, and Casualty and Specialty grew by $614.7 million, or 41.4%.
•Combined ratio of 77.9% and adjusted combined ratio of 75.4%.
•Fee income of $83.6 million; up 86.6% from Q1 2023.
•Net investment income of $390.8 million; up 53.6% from Q1 2023.

Pembroke, Bermuda, April 30, 2024 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2024.

Net Income Available to Common Shareholders per Diluted Common Share: $6.94 Operating Income Available to Common Shareholders per Diluted Common Share: $12.18
Underwriting Income $540.7M | Fee Income $83.6M | Net Investment Income $390.8M
Change in Book Value per Common Share: 3.5% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 5.3%

Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends, Adjusted Combined Ratio, Property Adjusted Combined Ratio and Casualty and Specialty Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

Kevin J. O’Donnell, President and Chief Executive Officer, said, “We are pleased to deliver another exceptional quarter, characterized by strong profitability, substantial growth and persistent tailwinds behind our Three Drivers of Profit. The successful renewal of the RenaissanceRe and Validus portfolio is deepening our partnerships with our customers while broadening our access to attractive risk. This combined underwriting portfolio, along with growing fee and net investment income, should continue to drive significant value for our shareholders.”

1

Consolidated Financial Results

| Consolidated Highlights |  |  |  |  |
|  | Three months ended March 31, |  |
| (in thousands, except per share amounts and percentages) | 2024 |  | 2023 |
| Gross premiums written | $ | 3,990,684 |  | $ | 2,790,261 |  |
| Net premiums written | 3,199,573 |  | 2,263,703 |  |
| Net premiums earned | 2,443,910 |  | 1,680,550 |  |
| Underwriting income (loss) | 540,682 |  | 369,619 |  |
| Combined ratio | 77.9 | % |  | 78.0 | % |  |
| Adjusted combined ratio (1) | 75.4 | % |  | 77.8 | % |  |
| Net Income (Loss) |  |  |  |  |
| Available (attributable) to common shareholders | 364,798 |  | 564,062 |  |
| Available (attributable) to common shareholders per diluted common share | $ | 6.94 |  | $ | 12.91 |  |
| Return on average common equity - annualized | 16.4 | % |  | 46.6 | % |  |
| Operating Income (Loss) (1) |  |  |  |  |
| Available (attributable) to common shareholders | 636,379 |  | 364,027 |  |
| Available (attributable) to common shareholders per diluted common share | $ | 12.18 |  | $ | 8.25 |  |
| Operating return on average common equity - annualized (1) | 28.7 | % |  | 30.0 | % |  |
| Book Value per Share |  |  |  |  |
| Book value per common share | $ | 170.92 |  | $ | 116.44 |  |
| Quarterly change in book value per share (2) | 3.5 | % |  | 11.3 | % |  |
| Quarterly change in book value per common share plus change in accumulated dividends (2) | 3.7 | % |  | 11.6 | % |  |
| Tangible Book Value per Share (1) |  |  |  |  |
| Tangible book value per common share plus accumulated dividends (1) | $ | 175.92 |  | $ | 134.46 |  |
| Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2) | 5.3 | % |  | 12.7 | % |  |

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)Represents the percentage change in value during the periods presented.
2

Acquisition of Validus
On November 1, 2023, the Company completed its acquisition (the “Validus Acquisition”) of Validus Holdings, Ltd. (“Validus Holdings”), Validus Specialty, LLC (“Validus Specialty”) and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.”
The first quarter of 2024 was the first full quarter that reflected the results of Validus. As such, the results of operations for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, should be viewed in that context. In addition, the results of operations for three months ended March 31, 2024 may not be reflective of the ongoing business of the combined entities.
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Three Drivers of Profit: Underwriting, Fee and Investment Income

Underwriting Results - Property Segment: Combined ratio of 42.9%; increase in gross premiums written of 44.9%

| Property Segment |  |  |  |  |
|  | Three months ended March 31, |  | Q/Q Change
| (in thousands, except percentages) | 2024 |  | 2023 |
| Gross premiums written | $ | 1,889,881 |  | $ | 1,304,199 |  | 44.9%
| Net premiums written | 1,397,618 |  | 1,019,829 |  | 37.0%
| Net premiums earned | 936,083 |  | 687,420 |  | 36.2%
| Underwriting income (loss) | 534,428 |  | 298,679 |  |
| Underwriting Ratios |  |  |  |  |
| Net claims and claim expense ratio - current accident year | 26.6 | % |  | 39.2 | % |  | (12.6) | pts
| Net claims and claim expense ratio - prior accident years | (10.1) | % |  | (11.9) | % |  | 1.8 | pts
| Net claims and claim expense ratio - calendar year | 16.5 | % |  | 27.3 | % |  | (10.8) | pts
| Underwriting expense ratio | 26.4 | % |  | 29.3 | % |  | (2.9) | pts
| Combined ratio | 42.9 | % |  | 56.6 | % |  | (13.7) | pts
| Adjusted combined ratio (1) | 40.5 | % |  | 56.3 | % |  | (15.8) | pts

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written increased by $585.7 million, or 44.9%, driven by:
–a $412.5 million increase in catastrophe, driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, at the January 1, 2024 renewal.
–a $173.1 million increase in other property, reflecting the renewal of business acquired in the Validus Acquisition and organic growth, in both catastrophe and non-catastrophe exposed business.
•Net premiums written increased by $377.8 million, or 37.0%, driven by the increase in gross premiums written discussed above, partially offset by an increase in ceded premiums written as part of the Company’s gross-to-net strategy.
•Combined ratio improved by 13.7 percentage points, and adjusted combined ratio, which removes the impact of acquisition related purchase accounting adjustments, improved by 15.8 percentage points, each primarily due to growth in net premiums earned and the lower level of current accident year net losses.
•Net claims and claim expense ratio - current accident year improved by 12.6 percentage points due to a lower impact from large loss events in the first quarter of 2024 compared to the impact from the large loss events in the first quarter of 2023.
•Net claims and claim expense ratio - prior accident years reflects net favorable development in the first quarter of 2024, primarily from weather-related large losses across the 2017 to 2022 accident years, driven by better than expected loss emergence.
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•Underwriting expense ratio decreased 2.9 percentage points, primarily due to:
–a 1.6 percentage point decrease in the operating expense ratio due, in part, to higher net premiums earned.
–a 1.3 percentage point decrease in the acquisition expense ratio, driven by changes in the mix of business as a result of continued relative growth in catastrophe, which has a lower acquisition expense ratio than other property, partially offset by the increase in acquisition expenses from purchase accounting adjustments related to the Validus Acquisition.
Underwriting Results - Casualty and Specialty Segment: Combined ratio of 99.6% and adjusted combined ratio of 97.1%; increase in gross premiums written of 41.4%

| Casualty and Specialty Segment |  |  |  |  |
|  | Three months ended March 31, |  | Q/Q Change
| (in thousands, except percentages) | 2024 |  | 2023 |
| Gross premiums written | $ | 2,100,803 |  | $ | 1,486,062 |  | 41.4%
| Net premiums written | 1,801,955 |  | 1,243,874 |  | 44.9%
| Net premiums earned | 1,507,827 |  | 993,130 |  | 51.8%
| Underwriting income (loss) | 6,254 |  | 70,940 |  |
| Underwriting Ratios |  |  |  |  |
| Net claims and claim expense ratio - current accident year | 67.3 | % |  | 64.1 | % |  | 3.2 | pts
| Net claims and claim expense ratio - prior accident years | (0.2) | % |  | (2.3) | % |  | 2.1 | pts
| Net claims and claim expense ratio - calendar year | 67.1 | % |  | 61.8 | % |  | 5.3 | pts
| Underwriting expense ratio | 32.5 | % |  | 31.1 | % |  | 1.4 | pts
| Combined ratio | 99.6 | % |  | 92.9 | % |  | 6.7 | pts
| Adjusted combined ratio (1) | 97.1 | % |  | 92.6 | % |  | 4.5 | pts

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written increased by $614.7 million, or 41.4%, primarily driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines. In particular, the other specialty line of business grew by $392.4 million as compared to the first quarter of 2023.
•Net premiums written increased 44.9%, consistent with the drivers discussed for gross premiums written above.
•Combined ratio increased by 6.7 percentage points, and adjusted combined ratio, which removes the impact of acquisition related purchase accounting adjustments, increased by 4.5 percentage points, each primarily due to the increase in the net claims and claim expense ratio.
•Net claims and claim expense ratio - current accident year increased by 3.2 percentage points. The Baltimore Bridge Collapse in the first quarter of 2024 added 4.2 points to the net claims and claim expense ratio - current accident year.
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•Net claims and claim expense ratio - prior accident years reflects net favorable development driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty and credit lines of business, partially offset by the impact of purchase accounting adjustments relating to the Validus Acquisition.
•Underwriting expense ratio increased 1.4 percentage points, which consisted of:
–a 0.8 percentage point increase in the operating expense ratio as compared to the first quarter of 2023, due to a reduction in the benefit from override fees from a decrease in retrocessional reinsurance coverage purchased; and
–a 0.6 percentage point increase in the acquisition expense ratio primarily due to the impact of the purchase accounting adjustments relating to the Validus Acquisition.
Fee Income: $83.6 million of fee income, up 86.6% from Q1 2023; increase in both management and performance fees

| Fee Income |  |  |  |  |
|  | Three months ended March 31, |  | Q/Q Change
| (in thousands) | 2024 |  | 2023 |
| Total management fee income | $ | 56,053 |  |  | $ | 40,905 |  |  | $ | 15,148 |
| Total performance fee income (loss) (1) | 27,497 |  |  | 3,867 |  |  | 23,630 |
| Total fee income | $ | 83,550 |  |  | $ | 44,772 |  |  | $ | 38,778 |

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.
•Management fee income increased $15.1 million, reflecting growth in the Company’s joint ventures and managed funds, specifically DaVinciRe Holdings Ltd. (“DaVinci”), Fontana Holdings L.P. (“Fontana”) and RenaissanceRe Medici Fund Ltd. (“Medici”), as well as the addition of fees earned by AlphaCat Managers Ltd., which was acquired as part of the Validus Acquisition.
•Performance fee income increased $23.6 million, driven by improved underwriting results and prior year favorable development, primarily in DaVinci.
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Investment Results: Total investment result of $177.1 million; net investment income growth of 53.6%

| Investment Results |  |  |  |  |
|  | Three months ended March 31, |  | Q/Q Change
| (in thousands, except percentages) | 2024 |  | 2023 |
| Net investment income | $ | 390,775 |  | $ | 254,378 |  | $ | 136,397
| Net realized and unrealized gains (losses) on investments | (213,654) |  | 279,451 |  | (493,105)
| Total investment result | $ | 177,121 |  | $ | 533,829 |  | $ | (356,708)
| Net investment income return - annualized | 5.7 | % |  | 4.9 | % |  | 0.8 | pts
| Total investment return - annualized | 2.8 | % |  | 10.0 | % |  | (7.2) | pts

•Net investment income increased $136.4 million, due to a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity and short term portfolios.
•Net realized and unrealized gains (losses) on investments decreased by $493.1 million, principally driven by:
–Net realized and unrealized losses on fixed maturity investments trading of $202.2 million, primarily driven by increases in interest rates in the current quarter, compared to net realized and unrealized gains of $207.3 million in the first quarter of 2023, due to decreases in interest rates during the comparative period; and
–Net realized and unrealized losses on investment-related derivatives of $57.8 million in the current quarter, compared to net realized and unrealized gains of $12.2 million in the first quarter of 2023. The current and comparative quarter results were primarily driven by the interest rate trends during the periods, as described above.
•Total investments were $29.6 billion at March 31, 2024 (December 31, 2023 - $29.2 billion). Weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.8% and 2.6 years, respectively (December 31, 2023 - 5.8% and 2.6 years, respectively).
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Other Items of Note

•Net income attributable to redeemable noncontrolling interests of $244.8 million was primarily driven by:
–strong underwriting results in DaVinci and Vermeer; and
–strong net investment income driven by higher interest rates and higher yielding assets within the investment portfolios of the Company’s joint ventures and managed funds.
•Raised partner capital of $565.7 million in the first quarter of 2024, primarily in DaVinci ($300.0 million), Medici ($145.7 million) and Fontana ($100.0 million).
•Returned partner capital of $701.2 million during the first quarter of 2024, including $390.7 million of distributions from DaVinci, Vermeer, Medici and Top Layer following strong earnings across these vehicles in 2023.
•Corporate expenses increased by $26.4 million, primarily driven by expenses incurred in support of the Validus Acquisition.
• Income tax expense of $15.4 million in the current quarter, compared to $28.9 million in the first quarter of 2023. The decrease in income tax expense was primarily driven by investment losses in the first quarter of 2024, compared to investment gains in the first quarter of 2023, partially offset by an increase in operating income in the first quarter of 2024.
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Net Negative Impact

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest, both before consideration of any related income tax benefit (expense).
The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.
Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from this catastrophe event, driven by the magnitude and recent nature of the event, the relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.
Net negative impact on the consolidated financial statements

| Three months ended March 31, 2024 |  | 2024 Large Loss Events (1) |
| (in thousands) |  |  |
| Net claims and claims expenses incurred |  | $ | (84,650) |  |
| Assumed reinstatement premiums earned |  | 14,027 |  |
| Ceded reinstatement premiums earned |  | (9,310) |  |
| Earned (lost) profit commissions |  | — |  |
| Net negative impact on underwriting result |  | (79,933) |  |
| Redeemable noncontrolling interest |  | 25,420 |  |
| Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders |  | $ | (54,513) |  |

Net negative impact on the segment underwriting results and consolidated combined ratio

| Three months ended March 31, 2024 |  | 2024 Large Loss Events (1) |
| (in thousands, except percentages) |  |  |
| Net negative impact on Property segment underwriting result |  | $ | (19,058) |  |
| Net negative impact on Casualty and Specialty segment underwriting result |  | (60,875) |  |
| Net negative impact on underwriting result |  | $ | (79,933) |  |
| Percentage point impact on consolidated combined ratio |  | 3.3 |  |

(1)“2024 Large Loss Events” represents the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 (the “Baltimore Bridge Collapse”).
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Conference Call Details and Additional Information

Non-GAAP Financial Measures and Additional Financial Information
This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “property adjusted combined ratio” and “casualty and specialty adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Conference Call Information
RenaissanceRe will host a conference call on Wednesday, May 1, 2024 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, and the Validus Acquisition and its impact on the Company’s business, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; difficulties in integrating Validus; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated
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with its management of capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and Israel and Hamas; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates; the impact of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which the Company operates, including recent changes in Bermuda tax law; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company’s joint ventures and managed fund partners; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

INVESTOR CONTACT: RenaissanceRe Holdings Ltd. Keith McCue Senior Vice President, Finance & Investor Relations (441) 239-4830 | MEDIA CONTACT: RenaissanceRe Holdings Ltd. Hayden Kenny Senior Vice President, Investor Relations & Communications (441) 239-4946 or Kekst CNC Nicholas Capuano (917) 842-7859

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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
Revenues |  |  |  |  |  |  |
Gross premiums written | $ | 3,990,684 |  |  | $ | 2,790,261 |  |  |  |  |
Net premiums written | $ | 3,199,573 |  |  | $ | 2,263,703 |  |  |  |  |
Decrease (increase) in unearned premiums | (755,663) |  |  | (583,153) |  |  |  |  |
Net premiums earned | 2,443,910 |  |  | 1,680,550 |  |  |  |  |
Net investment income | 390,775 |  |  | 254,378 |  |  |  |  |
Net foreign exchange gains (losses) | (35,683) |  |  | (14,503) |  |  |  |  |
Equity in earnings (losses) of other ventures | 14,127 |  |  | 9,530 |  |  |  |  |
Other income (loss) | (50) |  |  | (4,306) |  |  |  |  |
Net realized and unrealized gains (losses) on investments | (213,654) |  |  | 279,451 |  |  |  |  |
Total revenues | 2,599,425 |  |  | 2,205,100 |  |  |  |  |
Expenses |  |  |  |  |  |  |
Net claims and claim expenses incurred | 1,166,123 |  |  | 801,200 |  |  |  |  |
Acquisition expenses | 630,921 |  |  | 432,257 |  |  |  |  |
Operational expenses | 106,184 |  |  | 77,474 |  |  |  |  |
Corporate expenses | 39,252 |  |  | 12,843 |  |  |  |  |
Interest expense | 23,104 |  |  | 12,134 |  |  |  |  |
Total expenses | 1,965,584 |  |  | 1,335,908 |  |  |  |  |
Income (loss) before taxes | 633,841 |  |  | 869,192 |  |  |  |  |
Income tax benefit (expense) | (15,372) |  |  | (28,902) |  |  |  |  |
Net income (loss) | 618,469 |  |  | 840,290 |  |  |  |  |
Net (income) loss attributable to redeemable noncontrolling interests | (244,827) |  |  | (267,384) |  |  |  |  |
Net income (loss) attributable to RenaissanceRe | 373,642 |  |  | 572,906 |  |  |  |  |
Dividends on preference shares | (8,844) |  |  | (8,844) |  |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 |  |  | $ | 564,062 |  |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic | $ | 6.96 |  |  | $ | 12.95 |  |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted | $ | 6.94 |  |  | $ | 12.91 |  |  |  |  |
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | 12.18 |  |  | $ | 8.25 |  |  |  |  |
Average shares outstanding - basic | 51,678 |  |  | 42,876 |  |  |  |  |
Average shares outstanding - diluted | 51,828 |  |  | 43,006 |  |  |  |  |
Net claims and claim expense ratio | 47.7 | % |  | 47.7 | % |  |  |  |
Underwriting expense ratio | 30.2 | % |  | 30.3 | % |  |  |  |
Combined ratio | 77.9 | % |  | 78.0 | % |  |  |  |
Return on average common equity - annualized | 16.4 | % |  | 46.6 | % |  |  |  |
Operating return on average common equity - annualized (1) | 28.7 | % |  | 30.0 | % |  |  |  |

(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
| March 31, 2024 |  | December 31, 2023
Assets |  |  |
Fixed maturity investments trading, at fair value | $ | 21,309,460 |  |  | $ | 20,877,108 |
Short term investments, at fair value | 4,639,165 |  |  | 4,604,079 |
Equity investments, at fair value | 119,992 |  |  | 106,766 |
Other investments, at fair value | 3,468,281 |  |  | 3,515,566 |
Investments in other ventures, under equity method | 99,684 |  |  | 112,624 |
Total investments | 29,636,582 |  |  | 29,216,143 |
Cash and cash equivalents | 1,606,739 |  |  | 1,877,518 |
Premiums receivable | 8,431,335 |  |  | 7,280,682 |
Prepaid reinsurance premiums | 1,282,860 |  |  | 924,777 |
Reinsurance recoverable | 4,993,680 |  |  | 5,344,286 |
Accrued investment income | 196,893 |  |  | 205,713 |
Deferred acquisition costs and value of business acquired | 1,822,163 |  |  | 1,751,437 |
Deferred tax asset | 669,635 |  |  | 685,040 |
Receivable for investments sold | 1,168,305 |  |  | 622,197 |
Other assets | 377,268 |  |  | 323,960 |
Goodwill and other intangible assets | 758,874 |  |  | 775,352 |
Total assets | $ | 50,944,334 |  |  | $ | 49,007,105 |
Liabilities, Noncontrolling Interests and Shareholders’ Equity |  |  |
Liabilities |  |  |
Reserve for claims and claim expenses | $ | 20,369,610 |  |  | $ | 20,486,869 |
Unearned premiums | 7,247,615 |  |  | 6,136,135 |
Debt | 1,884,411 |  |  | 1,958,655 |
Reinsurance balances payable | 3,353,834 |  |  | 3,186,174 |
Payable for investments purchased | 1,427,932 |  |  | 661,611 |
Other liabilities | 570,164 |  |  | 1,021,872 |
Total liabilities | 34,853,566 |  |  | 33,451,316 |
Redeemable noncontrolling interests | 6,297,983 |  |  | 6,100,831 |
Shareholders’ Equity |  |  |
Preference shares | 750,000 |  |  | 750,000 |
Common shares | 52,908 |  |  | 52,694 |
Additional paid-in capital | 2,137,343 |  |  | 2,144,459 |
Accumulated other comprehensive income (loss) | (13,778) |  |  | (14,211) |
Retained earnings | 6,866,312 |  |  | 6,522,016 |
Total shareholders’ equity attributable to RenaissanceRe | 9,792,785 |  |  | 9,454,958 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 50,944,334 |  |  | $ | 49,007,105 |
Book value per common share | $ | 170.92 |  |  | $ | 165.20 |

13

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
| Three months ended March 31, 2024
| Property |  | Casualty and Specialty |  | Other |  | Total
Gross premiums written | $ | 1,889,881 |  |  | $ | 2,100,803 |  |  | $ | — |  |  | $ | 3,990,684 |
Net premiums written | $ | 1,397,618 |  |  | $ | 1,801,955 |  |  | $ | — |  |  | $ | 3,199,573 |
Net premiums earned | $ | 936,083 |  |  | $ | 1,507,827 |  |  | $ | — |  |  | $ | 2,443,910 |
Net claims and claim expenses incurred | 154,249 |  |  | 1,011,874 |  |  | — |  |  | 1,166,123 |
Acquisition expenses | 185,782 |  |  | 445,139 |  |  | — |  |  | 630,921 |
Operational expenses | 61,624 |  |  | 44,560 |  |  | — |  |  | 106,184 |
Underwriting income (loss) | $ | 534,428 |  |  | $ | 6,254 |  |  | $ | — |  |  | 540,682 |
Net investment income |  |  |  |  | 390,775 |  |  | 390,775 |
Net foreign exchange gains (losses) |  |  |  |  | (35,683) |  |  | (35,683) |
Equity in earnings of other ventures |  |  |  |  | 14,127 |  |  | 14,127 |
Other income (loss) |  |  |  |  | (50) |  |  | (50) |
Net realized and unrealized gains (losses) on investments |  |  |  |  | (213,654) |  |  | (213,654) |
Corporate expenses |  |  |  |  | (39,252) |  |  | (39,252) |
Interest expense |  |  |  |  | (23,104) |  |  | (23,104) |
Income (loss) before taxes and redeemable noncontrolling interests |  |  |  |  |  |  | 633,841 |
Income tax benefit (expense) |  |  |  |  | (15,372) |  |  | (15,372) |
Net (income) loss attributable to redeemable noncontrolling interests |  |  |  |  | (244,827) |  |  | (244,827) |
Dividends on preference shares |  |  |  |  | (8,844) |  |  | (8,844) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders |  |  |  |  |  |  | $ | 364,798 |
Net claims and claim expenses incurred – current accident year | $ | 248,916 |  |  | $ | 1,014,288 |  |  | $ | — |  |  | $ | 1,263,204 |
Net claims and claim expenses incurred – prior accident years | (94,667) |  |  | (2,414) |  |  | — |  |  | (97,081) |
Net claims and claim expenses incurred – total | $ | 154,249 |  |  | $ | 1,011,874 |  |  | $ | — |  |  | $ | 1,166,123 |
Net claims and claim expense ratio – current accident year | 26.6 | % |  | 67.3 | % |  |  |  | 51.7 | %
Net claims and claim expense ratio – prior accident years | (10.1) | % |  | (0.2) | % |  |  |  | (4.0) | %
Net claims and claim expense ratio – calendar year | 16.5 | % |  | 67.1 | % |  |  |  | 47.7 | %
Underwriting expense ratio | 26.4 | % |  | 32.5 | % |  |  |  | 30.2 | %
Combined ratio | 42.9 | % |  | 99.6 | % |  |  |  | 77.9 | %
| Three months ended March 31, 2023
| Property |  | Casualty and Specialty |  | Other |  | Total
Gross premiums written | $ | 1,304,199 |  |  | $ | 1,486,062 |  |  | $ | — |  |  | $ | 2,790,261 |
Net premiums written | $ | 1,019,829 |  |  | $ | 1,243,874 |  |  | $ | — |  |  | $ | 2,263,703 |
Net premiums earned | $ | 687,420 |  |  | $ | 993,130 |  |  | $ | — |  |  | $ | 1,680,550 |
Net claims and claim expenses incurred | 187,609 |  |  | 613,591 |  |  | — |  |  | 801,200 |
Acquisition expenses | 145,319 |  |  | 286,938 |  |  | — |  |  | 432,257 |
Operational expenses | 55,813 |  |  | 21,661 |  |  | — |  |  | 77,474 |
Underwriting income (loss) | $ | 298,679 |  |  | $ | 70,940 |  |  | $ | — |  |  | 369,619 |
Net investment income |  |  |  |  | 254,378 |  |  | 254,378 |
Net foreign exchange gains (losses) |  |  |  |  | (14,503) |  |  | (14,503) |
Equity in earnings of other ventures |  |  |  |  | 9,530 |  |  | 9,530 |
Other income (loss) |  |  |  |  | (4,306) |  |  | (4,306) |
Net realized and unrealized gains (losses) on investments |  |  |  |  | 279,451 |  |  | 279,451 |
Corporate expenses |  |  |  |  | (12,843) |  |  | (12,843) |
Interest expense |  |  |  |  | (12,134) |  |  | (12,134) |
Income (loss) before taxes and redeemable noncontrolling interests |  |  |  |  |  |  | 869,192 |
Income tax benefit (expense) |  |  |  |  | (28,902) |  |  | (28,902) |
Net (income) loss attributable to redeemable noncontrolling interests |  |  |  |  | (267,384) |  |  | (267,384) |
Dividends on preference shares |  |  |  |  | (8,844) |  |  | (8,844) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders |  |  |  |  |  |  | $ | 564,062 |
Net claims and claim expenses incurred – current accident year | $ | 269,302 |  |  | $ | 636,650 |  |  | $ | — |  |  | $ | 905,952 |
Net claims and claim expenses incurred – prior accident years | (81,693) |  |  | (23,059) |  |  | — |  |  | (104,752) |
Net claims and claim expenses incurred – total | $ | 187,609 |  |  | $ | 613,591 |  |  | $ | — |  |  | $ | 801,200 |
Net claims and claim expense ratio – current accident year | 39.2 | % |  | 64.1 | % |  |  |  | 53.9 | %
Net claims and claim expense ratio – prior accident years | (11.9) | % |  | (2.3) | % |  |  |  | (6.2) | %
Net claims and claim expense ratio – calendar year | 27.3 | % |  | 61.8 | % |  |  |  | 47.7 | %
Underwriting expense ratio | 29.3 | % |  | 31.1 | % |  |  |  | 30.3 | %
Combined ratio | 56.6 | % |  | 92.9 | % |  |  |  | 78.0 | %

14

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
| Three months ended |  |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |
Property Segment |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe | $ | 1,341,137 |  |  |  |  |  |  |  |  | $ | 928,595 |  |  |  |  |
Other property | 548,744 |  |  |  |  |  |  |  |  | 375,604 |  |  |  |  |
Property segment gross premiums written | $ | 1,889,881 |  |  |  |  |  |  |  |  | $ | 1,304,199 |  |  |  |  |
Casualty and Specialty Segment |  |  |  |  |  |  |  |  |  |  |  |  |
General casualty (1) | $ | 588,566 |  |  |  |  |  |  |  |  | $ | 467,892 |  |  |  |  |
Professional liability (2) | 370,481 |  |  |  |  |  |  |  |  | 382,253 |  |  |  |  |
Credit (3) | 345,132 |  |  |  |  |  |  |  |  | 231,676 |  |  |  |  |
Other specialty (4) | 796,624 |  |  |  |  |  |  |  |  | 404,241 |  |  |  |  |
Casualty and Specialty segment gross premiums written | $ | 2,100,803 |  |  |  |  |  |  |  |  | $ | 1,486,062 |  |  |  |  |

(1) | Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2) | Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4) | Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

15

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
Fixed maturity investments trading | $ | 257,289 |  |  | $ | 155,500 |  |  |  |  |
Short term investments | 46,791 |  |  | 32,950 |  |  |  |  |
Equity investments | 560 |  |  | 3,399 |  |  |  |  |
Other investments |  |  |  |  |  |  |
Catastrophe bonds | 58,249 |  |  | 38,831 |  |  |  |  |
Other | 17,925 |  |  | 24,571 |  |  |  |  |
Cash and cash equivalents | 14,722 |  |  | 4,264 |  |  |  |  |
| 395,536 |  |  | 259,515 |  |  |  |  |
Investment expenses | (4,761) |  |  | (5,137) |  |  |  |  |
Net investment income | $ | 390,775 |  |  | $ | 254,378 |  |  |  |  |
Net investment income return - annualized | 5.7 | % |  | 4.9 | % |  |  |  |
Net realized gains (losses) on fixed maturity investments trading | $ | 9,796 |  |  | $ | (104,765) |  |  |  |  |
Net unrealized gains (losses) on fixed maturity investments trading | (211,996) |  |  | 312,026 |  |  |  |  |
Net realized and unrealized gains (losses) on fixed maturity investments trading | (202,200) |  |  | 207,261 |  |  |  |  |
Net realized and unrealized gains (losses) on investment-related derivatives | (57,806) |  |  | 12,162 |  |  |  |  |
Net realized gains (losses) on equity investments | — |  |  | (8,738) |  |  |  |  |
Net unrealized gains (losses) on equity investments | 13,097 |  |  | 39,151 |  |  |  |  |
Net realized and unrealized gains (losses) on equity investments | 13,097 |  |  | 30,413 |  |  |  |  |
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 18,907 |  |  | 24,126 |  |  |  |  |
Net realized and unrealized gains (losses) on other investments - other | 14,348 |  |  | 5,489 |  |  |  |  |
Net realized and unrealized gains (losses) on investments | (213,654) |  |  | 279,451 |  |  |  |  |
Total investment result | $ | 177,121 |  |  | $ | 533,829 |  |  |  |  |
Total investment return - annualized | 2.8 | % |  | 10.0 | % |  |  |  |

16

Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) corporate expenses associated with acquisitions and dispositions, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax asset, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.
17

| Three months ended |  |
(in thousands of United States Dollars, except per share amounts and percentages) | March 31, 2024 |  | March 31, 2023 |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 |  |  | $ | 564,062 |  |  |  |  |
Adjustment for: |  |  |  |  |  |  |
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 232,561 |  |  | (255,325) |  |  |  |  |
Net foreign exchange losses (gains) | 35,683 |  |  | 14,503 |  |  |  |  |
Corporate expenses associated with acquisitions and dispositions | 20,266 |  |  | — |  |  |  |  |
Acquisition related purchase accounting adjustments (1) | 60,560 |  |  | 4,019 |  |  |  |  |
Bermuda net deferred tax asset (2) | (7,890) |  |  | — |  |  |  |  |
Income tax expense (benefit) (3) | (12,772) |  |  | 11,322 |  |  |  |  |
Net income (loss) attributable to redeemable noncontrolling interests (4) | (56,827) |  |  | 25,446 |  |  |  |  |
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 636,379 |  |  | $ | 364,027 |  |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 6.94 |  |  | $ | 12.91 |  |  |  |  |
Adjustment for: |  |  |  |  |  |  |
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 4.49 |  |  | (5.94) |  |  |  |  |
Net foreign exchange losses (gains) | 0.69 |  |  | 0.34 |  |  |  |  |
Corporate expenses associated with acquisitions and dispositions | 0.39 |  |  | — |  |  |  |  |
Acquisition related purchase accounting adjustments (1) | 1.17 |  |  | 0.09 |  |  |  |  |
Bermuda net deferred tax asset (2) | (0.15) |  |  | — |  |  |  |  |
Income tax expense (benefit) (3) | (0.25) |  |  | 0.26 |  |  |  |  |
Net income (loss) attributable to redeemable noncontrolling interests (4) | (1.10) |  |  | 0.59 |  |  |  |  |
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.18 |  |  | $ | 8.25 |  |  |  |  |
Return on average common equity - annualized | 16.4 | % |  | 46.6 | % |  |  |  |
Adjustment for: |  |  |  |  |  |  |
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 10.7 | % |  | (21.1) | % |  |  |  |
Net foreign exchange losses (gains) | 1.6 | % |  | 1.2 | % |  |  |  |
Corporate expenses associated with acquisitions and dispositions | 0.9 | % |  | — | % |  |  |  |
Acquisition related purchase accounting adjustments (1) | 2.7 | % |  | 0.3 | % |  |  |  |
Bermuda net deferred tax asset (2) | (0.4) | % |  | — | % |  |  |  |
Income tax expense (benefit) (3) | (0.6) | % |  | 0.9 | % |  |  |  |
Net income (loss) attributable to redeemable noncontrolling interests (4) | (2.6) | % |  | 2.1 | % |  |  |  |
Operating return on average common equity - annualized | 28.7 | % |  | 30.0 | % |  |  |  |

(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2024 for the acquisitions of Validus $56.9 million (2023 - $Nil); and TMR and Platinum $3.7 million (2023 - $4.0 million).
(2)Represents a net deferred tax benefit recorded during the period in connection with the enactment of the 15% Bermuda corporate income tax on December 27, 2023.
(3)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
18

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, plus accumulated dividends.
The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023
Book value per common share | $ | 170.92 |  |  |  |  |  |  |  |  | $ | 116.44 |
Adjustment for: |  |  |  |  |  |  |  |  |
Acquisition related goodwill and other intangible assets (1) | (14.35) |  |  |  |  |  |  |  |  | (5.38) |
Other goodwill and intangible assets (2) | (0.34) |  |  |  |  |  |  |  |  | (0.40) |
Acquisition related purchase accounting adjustments (3) | (7.22) |  |  |  |  |  |  |  |  | (1.58) |
Tangible book value per common share | 149.01 |  |  |  |  |  |  |  |  | 109.08 |
Adjustment for accumulated dividends | 26.91 |  |  |  |  |  |  |  |  | 25.38 |
Tangible book value per common share plus accumulated dividends | $ | 175.92 |  |  |  |  |  |  |  |  | $ | 134.46 |
Quarterly change in book value per common share | 3.5 | % |  |  |  |  |  |  |  | 11.3 | %
Quarterly change in book value per common share plus change in accumulated dividends | 3.7 | % |  |  |  |  |  |  |  | 11.6 | %
Quarterly change in tangible book value per common share plus change in accumulated dividends | 5.3 | % |  |  |  |  |  |  |  | 12.7 | %

(1)Represents the acquired goodwill and other intangible assets at March 31, 2024 for the acquisitions of Validus $527.4 million (March 31, 2023 - $Nil), TMR $26.9 million (March 31, 2023 - $28.0 million) and Platinum $204.6 million (March 31, 2023 - $208.5 million).
(2)At March 31, 2024, the adjustment for other goodwill and intangible assets included $18.0 million (March 31, 2023 - $17.5 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”
(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at March 31, 2024 for the acquisitions of Validus $323.3 million (March 31, 2023 - $Nil), TMR $59.6 million (March 31, 2023 - $70.6 million) and Platinum $(0.8) million (March 31, 2023 - $(0.8) million).
19

Adjusted Combined Ratio
The Company has included in this Press Release “adjusted combined ratio” for the company, its segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”

| Three months ended March 31, 2024
| Catastrophe |  | Other Property |  | Property |  | Casualty and Specialty |  | Total
Combined ratio | 19.8 | % |  | 75.3 | % |  | 42.9 | % |  | 99.6 | % |  | 77.9 | %
Adjustment for acquisition related purchase accounting adjustments (1) | (3.6) | % |  | (0.7) | % |  | (2.4) | % |  | (2.5) | % |  | (2.5) | %
Adjusted combined ratio | 16.2 | % |  | 74.6 | % |  | 40.5 | % |  | 97.1 | % |  | 75.4 | %
| Three months ended March 31, 2023
| Catastrophe |  | Other Property |  | Property |  | Casualty and Specialty |  | Total
Combined ratio | 21.3 | % |  | 93.7 | % |  | 56.6 | % |  | 92.9 | % |  | 78.0 | %
Adjustment for acquisition related purchase accounting adjustments (1) | (0.3) | % |  | (0.1) | % |  | (0.3) | % |  | (0.3) | % |  | (0.2) | %
Adjusted combined ratio | 21.0 | % |  | 93.6 | % |  | 56.3 | % |  | 92.6 | % |  | 77.8 | %

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.
20