EX-99.2 3 rnrfinancialsupplement2024.htm EX-99.2

RenaissanceRe Holdings Ltd.
Contents

|  |  | Page
Basis of Presentation |  | i
Financial Highlights |  | 1
Summary Consolidated Financial Statements |  |
a. | Consolidated Statements of Operations |  | 3
b. | Consolidated Balance Sheets |  | 4
Underwriting and Reserves |  |
a. | Consolidated Segment Underwriting Results |  | 5
b. | Consolidated and Segment Underwriting Results - Five Quarter Trend |  | 6
c. | Property Segment - Catastrophe and Other Property Underwriting Results |  | 9
d. | Gross Premiums Written |  | 10
e. | Net Premiums Written |  | 11
f. | Net Premiums Earned |  | 12
g. | Reserves for Claims and Claim Expenses |  | 13
h. | Paid to Incurred Analysis |  | 14
Managed Joint Ventures and Fee Income |  |
a. | Fee Income |  | 15
b. | Fee income - Five Quarter Trend |  | 16
c. | Noncontrolling Interests |  | 17
d. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations |  | 19
Investments |  |
a. | Total Investment Result |  | 20
b. | Investments Composition |  | 21
c. | Managed Investments - Credit Rating |  | 22
d. | Retained Investments - Credit Rating |  | 23
Other Items |  |
a. | Earnings per Share |  | 24
Comments on Non-GAAP Financial Measures |  | 25

RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
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 operating activities of Validus are included in the Company’s consolidated statements of operations starting from the acquisition date, November 1, 2023. As such, the results of operations and comparisons to prior periods should be viewed in that context.
This financial supplement 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,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 25 through 33 for “Comments on Non-GAAP Financial Measures.”
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.

| i |

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement 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 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.

| ii |

RenaissanceRe Holdings Ltd.
Financial Highlights
| Three months ended |  |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 |  |  |  |  |  |  |  |  | $ | 564,062 |  |  |  |  |
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 636,379 |  |  |  |  |  |  |  |  | $ | 364,027 |  |  |  |  |
Underwriting income |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |
Net claims and claim expense ratio: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | 51.7 | % |  |  |  |  |  |  |  | 53.9 | % |  |  |  |
Prior accident years | (4.0) | % |  |  |  |  |  |  |  | (6.2) | % |  |  |  |
Calendar year | 47.7 | % |  |  |  |  |  |  |  | 47.7 | % |  |  |  |
Acquisition expense ratio | 25.9 | % |  |  |  |  |  |  |  | 25.7 | % |  |  |  |
Operating expense ratio | 4.3 | % |  |  |  |  |  |  |  | 4.6 | % |  |  |  |
Combined ratio | 77.9 | % |  |  |  |  |  |  |  | 78.0 | % |  |  |  |
Adjusted combined ratio (1) | 75.4 | % |  |  |  |  |  |  |  | 77.8 | % |  |  |  |
Fee income |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee income | $ | 56,053 |  |  |  |  |  |  |  |  | $ | 40,905 |  |  |  |  |
Performance fee income | 27,497 |  |  |  |  |  |  |  |  | 3,867 |  |  |  |  |
Total fee income | $ | 83,550 |  |  |  |  |  |  |  |  | $ | 44,772 |  |  |  |  |
Investment results - managed |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income | $ | 390,775 |  |  |  |  |  |  |  |  | $ | 254,378 |  |  |  |  |
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 | % |  |  |  |
Investment results - retained (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income | $ | 267,477 |  |  |  |  |  |  |  |  | $ | 168,009 |  |  |  |  |
Net realized and unrealized gains (losses) on investments | (193,839) |  |  |  |  |  |  |  |  | 225,547 |  |  |  |  |
Total investment result | $ | 73,638 |  |  |  |  |  |  |  |  | $ | 393,556 |  |  |  |  |
Total investment return - annualized | 1.6 | % |  |  |  |  |  |  |  | 10.8 | % |  |  |  |

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 1 |

Financial Highlights - Per Share Data & ROE
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
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 income (loss) available (attributable) 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 |  |  |  |  |
Return on average common equity - annualized | 16.4 | % |  | 46.6 | % |  |  |  |
Operating return on average common equity - annualized (1) | 28.7 | % |  | 30.0 | % |  |  |  |
| March 31, 2024 |  | December 31, 2023 |  |  |  |
Book value per common share | $ | 170.92 |  |  | $ | 165.20 |  |  |  |  |
Tangible book value per common share (1) | $ | 149.01 |  |  | $ | 141.87 |  |  |  |  |
Tangible book value per common share plus accumulated dividends (1) | $ | 175.92 |  |  | $ | 168.39 |  |  |  |  |
Year to date change in book value per common share plus change in accumulated dividends | 3.7 | % |  | 59.3 | % |  |  |  |
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 5.3 | % |  | 47.6 | % |  |  |  |

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 2 |

Summary Consolidated Financial Statements
Consolidated Statements of Operations
| 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 |  |  |  |  |

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 3 |

Summary Consolidated Financial Statements
Consolidated Balance Sheets
| March 31, 2024 |  |  |  | December 31, 2023 |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Fixed maturity investments trading, at fair value – amortized cost $21,519,144 at March 31, 2024 (December 31, 2023 – $20,872,450) | $ | 21,309,460 |  |  |  |  | $ | 20,877,108 |  |  |  |  |
Short term investments, at fair value - amortized cost $4,639,713 at March 31, 2024 (December 31, 2023 - $4,603,340) | 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 intangibles | 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: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 30,000) | 750,000 |  |  |  |  | 750,000 |  |  |  |  |
Common shares: $1.00 par value – 52,907,663 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 52,693,887) | 52,908 |  |  |  |  | 52,694 |  |  |  |  |
Additional paid-in capital | 2,137,343 |  |  |  |  | 2,144,459 |  |  |  |  |
Accumulated other comprehensive 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 |  |  |  |  |

| 4 |

Underwriting and Reserves
Consolidated Segment Underwriting Results
| Three months ended March 31, 2024 |  | Three months ended March 31, 2023
| Property |  | Casualty and Specialty |  |  |  | Total |  | Property |  | Casualty and Specialty |  |  |  | Total
Gross premiums written | $ | 1,889,881 |  |  | $ | 2,100,803 |  |  |  |  | $ | 3,990,684 |  |  | $ | 1,304,199 |  |  | $ | 1,486,062 |  |  |  |  | $ | 2,790,261 |
Net premiums written | $ | 1,397,618 |  |  | $ | 1,801,955 |  |  |  |  | $ | 3,199,573 |  |  | $ | 1,019,829 |  |  | $ | 1,243,874 |  |  |  |  | $ | 2,263,703 |
Net premiums earned | $ | 936,083 |  |  | $ | 1,507,827 |  |  |  |  | $ | 2,443,910 |  |  | $ | 687,420 |  |  | $ | 993,130 |  |  |  |  | $ | 1,680,550 |
Net claims and claim expenses incurred | 154,249 |  |  | 1,011,874 |  |  |  |  | 1,166,123 |  |  | 187,609 |  |  | 613,591 |  |  |  |  | 801,200 |
Acquisition expenses | 185,782 |  |  | 445,139 |  |  |  |  | 630,921 |  |  | 145,319 |  |  | 286,938 |  |  |  |  | 432,257 |
Operational expenses | 61,624 |  |  | 44,560 |  |  |  |  | 106,184 |  |  | 55,813 |  |  | 21,661 |  |  |  |  | 77,474 |
Underwriting income (loss) | $ | 534,428 |  |  | $ | 6,254 |  |  |  |  | $ | 540,682 |  |  | $ | 298,679 |  |  | $ | 70,940 |  |  |  |  | $ | 369,619 |
Net claims and claim expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | $ | 248,916 |  |  | $ | 1,014,288 |  |  |  |  | $ | 1,263,204 |  |  | $ | 269,302 |  |  | $ | 636,650 |  |  |  |  | $ | 905,952 |
Prior accident years | (94,667) |  |  | (2,414) |  |  |  |  | (97,081) |  |  | (81,693) |  |  | (23,059) |  |  |  |  | (104,752) |
Total | $ | 154,249 |  |  | $ | 1,011,874 |  |  |  |  | $ | 1,166,123 |  |  | $ | 187,609 |  |  | $ | 613,591 |  |  |  |  | $ | 801,200 |
Net claims and claim expense ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | 26.6 | % |  | 67.3 | % |  |  |  | 51.7 | % |  | 39.2 | % |  | 64.1 | % |  |  |  | 53.9 | %
Prior accident years | (10.1) | % |  | (0.2) | % |  |  |  | (4.0) | % |  | (11.9) | % |  | (2.3) | % |  |  |  | (6.2) | %
Calendar year | 16.5 | % |  | 67.1 | % |  |  |  | 47.7 | % |  | 27.3 | % |  | 61.8 | % |  |  |  | 47.7 | %
Acquisition expense ratio | 19.9 | % |  | 29.5 | % |  |  |  | 25.9 | % |  | 21.2 | % |  | 28.9 | % |  |  |  | 25.7 | %
Operating expense ratio | 6.5 | % |  | 3.0 | % |  |  |  | 4.3 | % |  | 8.1 | % |  | 2.2 | % |  |  |  | 4.6 | %
Combined ratio | 42.9 | % |  | 99.6 | % |  |  |  | 77.9 | % |  | 56.6 | % |  | 92.9 | % |  |  |  | 78.0 | %
Adjusted combined ratio (1) | 40.5 | % |  | 97.1 | % |  |  |  | 75.4 | % |  | 56.3 | % |  | 92.6 | % |  |  |  | 77.8 | %

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 5 |

Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
| Total
| March 31, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | June 30, 2023 |  | March 31, 2023
Gross premiums written | $ | 3,990,684 |  |  | $ | 1,802,041 |  |  | $ | 1,618,443 |  |  | $ | 2,651,621 |  |  | $ | 2,790,261 |
Net premiums written | $ | 3,199,573 |  |  | $ | 1,587,047 |  |  | $ | 1,421,260 |  |  | $ | 2,195,803 |  |  | $ | 2,263,703 |
Net premiums earned | $ | 2,443,910 |  |  | $ | 2,249,445 |  |  | $ | 1,755,876 |  |  | $ | 1,785,262 |  |  | $ | 1,680,550 |
Net claims and claim expenses incurred | 1,166,123 |  |  | 979,522 |  |  | 861,576 |  |  | 931,211 |  |  | 801,200 |
Acquisition expenses | 630,921 |  |  | 594,487 |  |  | 425,745 |  |  | 422,545 |  |  | 432,257 |
Operational expenses | 106,184 |  |  | 134,466 |  |  | 82,751 |  |  | 80,491 |  |  | 77,474 |
Underwriting income (loss) | $ | 540,682 |  |  | $ | 540,970 |  |  | $ | 385,804 |  |  | $ | 351,015 |  |  | $ | 369,619 |
Net claims and claim expenses incurred: |  |  |  |  |  |  |  |  |
Current accident year | $ | 1,263,204 |  |  | $ | 1,135,332 |  |  | $ | 1,019,523 |  |  | $ | 963,309 |  |  | $ | 905,952 |
Prior accident years | (97,081) |  |  | (155,810) |  |  | (157,947) |  |  | (32,098) |  |  | (104,752) |
Total | $ | 1,166,123 |  |  | $ | 979,522 |  |  | $ | 861,576 |  |  | $ | 931,211 |  |  | $ | 801,200 |
Net claims and claim expense ratio: |  |  |  |  |  |  |  |  |
Current accident year | 51.7 | % |  | 50.5 | % |  | 58.1 | % |  | 54.0 | % |  | 53.9 | %
Prior accident years | (4.0) | % |  | (7.0) | % |  | (9.0) | % |  | (1.8) | % |  | (6.2) | %
Calendar year | 47.7 | % |  | 43.5 | % |  | 49.1 | % |  | 52.2 | % |  | 47.7 | %
Acquisition expense ratio | 25.9 | % |  | 26.5 | % |  | 24.2 | % |  | 23.6 | % |  | 25.7 | %
Operating expense ratio | 4.3 | % |  | 6.0 | % |  | 4.7 | % |  | 4.5 | % |  | 4.6 | %
Combined ratio | 77.9 | % |  | 76.0 | % |  | 78.0 | % |  | 80.3 | % |  | 78.0 | %

| 6 |

Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
| Property
| March 31, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | June 30, 2023 |  | March 31, 2023
Gross premiums written | $ | 1,889,881 |  |  | $ | 344,597 |  |  | $ | 511,012 |  |  | $ | 1,402,606 |  |  | $ | 1,304,199 |
Net premiums written | $ | 1,397,618 |  |  | $ | 357,953 |  |  | $ | 444,872 |  |  | $ | 1,144,655 |  |  | $ | 1,019,829 |
Net premiums earned | $ | 936,083 |  |  | $ | 884,321 |  |  | $ | 760,365 |  |  | $ | 758,686 |  |  | $ | 687,420 |
Net claims and claim expenses incurred | 154,249 |  |  | 123,942 |  |  | 206,361 |  |  | 281,993 |  |  | 187,609 |
Acquisition expenses | 185,782 |  |  | 170,854 |  |  | 143,348 |  |  | 140,606 |  |  | 145,319 |
Operational expenses | 61,624 |  |  | 85,919 |  |  | 54,624 |  |  | 55,077 |  |  | 55,813 |
Underwriting income (loss) | $ | 534,428 |  |  | $ | 503,606 |  |  | $ | 356,032 |  |  | $ | 281,010 |  |  | $ | 298,679 |
Net claims and claim expenses incurred: |  |  |  |  |  |  |  |  |
Current accident year | $ | 248,916 |  |  | $ | 275,638 |  |  | $ | 350,238 |  |  | $ | 313,632 |  |  | $ | 269,302 |
Prior accident years | (94,667) |  |  | (151,696) |  |  | (143,877) |  |  | (31,639) |  |  | (81,693) |
Total | $ | 154,249 |  |  | $ | 123,942 |  |  | $ | 206,361 |  |  | $ | 281,993 |  |  | $ | 187,609 |
Net claims and claim expense ratio: |  |  |  |  |  |  |  |  |
Current accident year | 26.6 | % |  | 31.2 | % |  | 46.1 | % |  | 41.3 | % |  | 39.2 | %
Prior accident years | (10.1) | % |  | (17.2) | % |  | (19.0) | % |  | (4.1) | % |  | (11.9) | %
Calendar year | 16.5 | % |  | 14.0 | % |  | 27.1 | % |  | 37.2 | % |  | 27.3 | %
Acquisition expense ratio | 19.9 | % |  | 19.4 | % |  | 18.9 | % |  | 18.5 | % |  | 21.2 | %
Operating expense ratio | 6.5 | % |  | 9.7 | % |  | 7.2 | % |  | 7.3 | % |  | 8.1 | %
Combined ratio | 42.9 | % |  | 43.1 | % |  | 53.2 | % |  | 63.0 | % |  | 56.6 | %

| 7 |

Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
| Casualty and Specialty
| March 31, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | June 30, 2023 |  | March 31, 2023
Gross premiums written | $ | 2,100,803 |  |  | $ | 1,457,444 |  |  | $ | 1,107,431 |  |  | $ | 1,249,015 |  |  | $ | 1,486,062 |
Net premiums written | $ | 1,801,955 |  |  | $ | 1,229,094 |  |  | $ | 976,388 |  |  | $ | 1,051,148 |  |  | $ | 1,243,874 |
Net premiums earned | $ | 1,507,827 |  |  | $ | 1,365,124 |  |  | $ | 995,511 |  |  | $ | 1,026,576 |  |  | $ | 993,130 |
Net claims and claim expenses incurred | 1,011,874 |  |  | 855,580 |  |  | 655,215 |  |  | 649,218 |  |  | 613,591 |
Acquisition expenses | 445,139 |  |  | 423,633 |  |  | 282,397 |  |  | 281,939 |  |  | 286,938 |
Operational expenses | 44,560 |  |  | 48,547 |  |  | 28,127 |  |  | 25,414 |  |  | 21,661 |
Underwriting income (loss) | $ | 6,254 |  |  | $ | 37,364 |  |  | $ | 29,772 |  |  | $ | 70,005 |  |  | $ | 70,940 |
Net claims and claim expenses incurred: |  |  |  |  |  |  |  |  |
Current accident year | $ | 1,014,288 |  |  | $ | 859,694 |  |  | $ | 669,285 |  |  | $ | 649,677 |  |  | $ | 636,650 |
Prior accident years | (2,414) |  |  | (4,114) |  |  | (14,070) |  |  | (459) |  |  | (23,059) |
Total | $ | 1,011,874 |  |  | $ | 855,580 |  |  | $ | 655,215 |  |  | $ | 649,218 |  |  | $ | 613,591 |
Net claims and claim expense ratio: |  |  |  |  |  |  |  |  |
Current accident year | 67.3 | % |  | 63.0 | % |  | 67.2 | % |  | 63.3 | % |  | 64.1 | %
Prior accident years | (0.2) | % |  | (0.3) | % |  | (1.4) | % |  | (0.1) | % |  | (2.3) | %
Calendar year | 67.1 | % |  | 62.7 | % |  | 65.8 | % |  | 63.2 | % |  | 61.8 | %
Acquisition expense ratio | 29.5 | % |  | 31.0 | % |  | 28.4 | % |  | 27.5 | % |  | 28.9 | %
Operating expense ratio | 3.0 | % |  | 3.6 | % |  | 2.8 | % |  | 2.5 | % |  | 2.2 | %
Combined ratio | 99.6 | % |  | 97.3 | % |  | 97.0 | % |  | 93.2 | % |  | 92.9 | %

| 8 |

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
| Three months ended March 31, 2024 |  | Three months ended March 31, 2023
| Catastrophe |  | Other Property |  | Total |  | Catastrophe |  | Other Property |  | Total
Gross premiums written | $ | 1,341,137 |  |  | $ | 548,744 |  |  | $ | 1,889,881 |  |  | $ | 928,595 |  |  | $ | 375,604 |  |  | $ | 1,304,199 |
Net premiums written | $ | 1,063,723 |  |  | $ | 333,895 |  |  | $ | 1,397,618 |  |  | $ | 816,487 |  |  | $ | 203,342 |  |  | $ | 1,019,829 |
Net premiums earned | $ | 546,195 |  |  | $ | 389,888 |  |  | $ | 936,083 |  |  | $ | 352,753 |  |  | $ | 334,667 |  |  | $ | 687,420 |
Net claims and claim expenses incurred | (24,829) |  |  | 179,078 |  |  | 154,249 |  |  | (12,812) |  |  | 200,421 |  |  | 187,609 |
Acquisition expenses | 82,790 |  |  | 102,992 |  |  | 185,782 |  |  | 42,050 |  |  | 103,269 |  |  | 145,319 |
Operational expenses | 50,140 |  |  | 11,484 |  |  | 61,624 |  |  | 45,809 |  |  | 10,004 |  |  | 55,813 |
Underwriting income (loss) | $ | 438,094 |  |  | $ | 96,334 |  |  | $ | 534,428 |  |  | $ | 277,706 |  |  | $ | 20,973 |  |  | $ | 298,679 |
Net claims and claim expenses incurred: |  |  |  |  |  |  |  |  |  |  |
Current accident year | $ | 27,682 |  |  | $ | 221,234 |  |  | $ | 248,916 |  |  | $ | 67,599 |  |  | $ | 201,703 |  |  | $ | 269,302 |
Prior accident years | (52,511) |  |  | (42,156) |  |  | (94,667) |  |  | (80,411) |  |  | (1,282) |  |  | (81,693) |
Total | $ | (24,829) |  |  | $ | 179,078 |  |  | $ | 154,249 |  |  | $ | (12,812) |  |  | $ | 200,421 |  |  | $ | 187,609 |
Net claims and claim expense ratio: |  |  |  |  |  |  |  |  |  |  |
Current accident year | 5.1 | % |  | 56.7 | % |  | 26.6 | % |  | 19.2 | % |  | 60.3 | % |  | 39.2 | %
Prior accident years | (9.6) | % |  | (10.8) | % |  | (10.1) | % |  | (22.8) | % |  | (0.4) | % |  | (11.9) | %
Calendar year | (4.5) | % |  | 45.9 | % |  | 16.5 | % |  | (3.6) | % |  | 59.9 | % |  | 27.3 | %
Acquisition expense ratio | 15.2 | % |  | 26.4 | % |  | 19.9 | % |  | 11.9 | % |  | 30.8 | % |  | 21.2 | %
Operating expense ratio | 9.2 | % |  | 2.9 | % |  | 6.5 | % |  | 13.0 | % |  | 3.0 | % |  | 8.1 | %
Combined ratio | 19.8 | % |  | 75.3 | % |  | 42.9 | % |  | 21.3 | % |  | 93.7 | % |  | 56.6 | %
Adjusted combined ratio (1) | 16.2 | % |  | 74.6 | % |  | 40.5 | % |  | 21.0 | % |  | 93.6 | % |  | 56.3 | %

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 9 |

Underwriting and Reserves
Gross Premiums Written
| Three months ended |  | Q/Q $ Change |  | Q/Q % Change |  |  |  |  |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |  |  |  |  |
Property Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe | $ | 1,364,673 |  |  | $ | 954,987 |  |  | $ | 409,686 |  |  | 42.9 | % |  |  |  |  |  |  |  |
Catastrophe - gross reinstatement premiums | (23,536) |  |  | (26,392) |  |  | 2,856 |  |  | (10.8) | % |  |  |  |  |  |  |  |
Total catastrophe gross premiums written | 1,341,137 |  |  | 928,595 |  |  | 412,542 |  |  | 44.4 | % |  |  |  |  |  |  |  |
Other property | 542,151 |  |  | 377,851 |  |  | 164,300 |  |  | 43.5 | % |  |  |  |  |  |  |  |
Other property - gross reinstatement premiums | 6,593 |  |  | (2,247) |  |  | 8,840 |  |  | (393.4) | % |  |  |  |  |  |  |  |
Total other property gross premiums written | 548,744 |  |  | 375,604 |  |  | 173,140 |  |  | 46.1 | % |  |  |  |  |  |  |  |
Property segment gross premiums written | $ | 1,889,881 |  |  | $ | 1,304,199 |  |  | $ | 585,682 |  |  | 44.9 | % |  |  |  |  |  |  |  |
Casualty and Specialty Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General casualty (1) | $ | 588,566 |  |  | $ | 467,892 |  |  | $ | 120,674 |  |  | 25.8 | % |  |  |  |  |  |  |  |
Professional liability (2) | 370,481 |  |  | 382,253 |  |  | (11,772) |  |  | (3.1) | % |  |  |  |  |  |  |  |
Credit (3) | 345,132 |  |  | 231,676 |  |  | 113,456 |  |  | 49.0 | % |  |  |  |  |  |  |  |
Other specialty (4) | 796,624 |  |  | 404,241 |  |  | 392,383 |  |  | 97.1 | % |  |  |  |  |  |  |  |
Casualty and Specialty segment gross premiums written | $ | 2,100,803 |  |  | $ | 1,486,062 |  |  | $ | 614,741 |  |  | 41.4 | % |  |  |  |  |  |  |  |

(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.

| 10 |

Underwriting and Reserves
Net Premiums Written
| Three months ended |  | Q/Q $ Change |  | Q/Q % Change |  |  |  |  |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |  |  |  |  |
Property Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe | $ | 1,084,181 |  |  | $ | 840,126 |  |  | $ | 244,055 |  |  | 29.0 | % |  |  |  |  |  |  |  |
Catastrophe - net reinstatement premiums | (20,458) |  |  | (23,639) |  |  | 3,181 |  |  | (13.5) | % |  |  |  |  |  |  |  |
Total catastrophe net premiums written | 1,063,723 |  |  | 816,487 |  |  | 247,236 |  |  | 30.3 | % |  |  |  |  |  |  |  |
Other property | 328,814 |  |  | 207,247 |  |  | 121,567 |  |  | 58.7 | % |  |  |  |  |  |  |  |
Other property - net reinstatement premiums | 5,081 |  |  | (3,905) |  |  | 8,986 |  |  | (230.1) | % |  |  |  |  |  |  |  |
Total other property net premiums written | 333,895 |  |  | 203,342 |  |  | 130,553 |  |  | 64.2 | % |  |  |  |  |  |  |  |
Property segment net premiums written | $ | 1,397,618 |  |  | $ | 1,019,829 |  |  | $ | 377,789 |  |  | 37.0 | % |  |  |  |  |  |  |  |
Casualty and Specialty Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General casualty (1) | $ | 564,426 |  |  | $ | 422,420 |  |  | $ | 142,006 |  |  | 33.6 | % |  |  |  |  |  |  |  |
Professional liability (2) | 343,068 |  |  | 310,912 |  |  | 32,156 |  |  | 10.3 | % |  |  |  |  |  |  |  |
Credit (3) | 275,350 |  |  | 165,544 |  |  | 109,806 |  |  | 66.3 | % |  |  |  |  |  |  |  |
Other specialty (4) | 619,111 |  |  | 344,998 |  |  | 274,113 |  |  | 79.5 | % |  |  |  |  |  |  |  |
Casualty and Specialty segment net premiums written | $ | 1,801,955 |  |  | $ | 1,243,874 |  |  | $ | 558,081 |  |  | 44.9 | % |  |  |  |  |  |  |  |

(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.

| 11 |

Underwriting and Reserves
Net Premiums Earned
| Three months ended |  | Q/Q $ Change |  | Q/Q % Change |  |  |  |  |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |  |  |  |  |
Property Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe | $ | 566,653 |  |  | $ | 376,392 |  |  | $ | 190,261 |  |  | 50.5 | % |  |  |  |  |  |  |  |
Catastrophe - net reinstatement premiums | (20,458) |  |  | (23,639) |  |  | 3,181 |  |  | (13.5) | % |  |  |  |  |  |  |  |
Total catastrophe net premiums earned | 546,195 |  |  | 352,753 |  |  | 193,442 |  |  | 54.8 | % |  |  |  |  |  |  |  |
Other property | 384,807 |  |  | 338,572 |  |  | 46,235 |  |  | 13.7 | % |  |  |  |  |  |  |  |
Other property - net reinstatement premiums | 5,081 |  |  | (3,905) |  |  | 8,986 |  |  | (230.1) | % |  |  |  |  |  |  |  |
Total other property net premiums earned | 389,888 |  |  | 334,667 |  |  | 55,221 |  |  | 16.5 | % |  |  |  |  |  |  |  |
Property segment net premiums earned | $ | 936,083 |  |  | $ | 687,420 |  |  | $ | 248,663 |  |  | 36.2 | % |  |  |  |  |  |  |  |
Casualty and Specialty Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General casualty (1) | $ | 512,542 |  |  | $ | 326,628 |  |  | $ | 185,914 |  |  | 56.9 | % |  |  |  |  |  |  |  |
Professional liability (2) | 309,110 |  |  | 292,831 |  |  | 16,279 |  |  | 5.6 | % |  |  |  |  |  |  |  |
Credit (3) | 202,080 |  |  | 127,331 |  |  | 74,749 |  |  | 58.7 | % |  |  |  |  |  |  |  |
Other specialty (4) | 484,095 |  |  | 246,340 |  |  | 237,755 |  |  | 96.5 | % |  |  |  |  |  |  |  |
Casualty and Specialty segment net premiums earned | $ | 1,507,827 |  |  | $ | 993,130 |  |  | $ | 514,697 |  |  | 51.8 | % |  |  |  |  |  |  |  |

(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.

| 12 |

Underwriting and Reserves
Reserves for Claims and Claim Expenses
| Case Reserves |  | Additional Case Reserves |  | IBNR |  | Total
March 31, 2024 |  |  |  |  |  |  |
Property | $ | 2,280,896 |  |  | $ | 1,337,581 |  |  | $ | 3,584,236 |  |  | $ | 7,202,713 |
Casualty and Specialty | 2,846,731 |  |  | 176,242 |  |  | 10,143,924 |  |  | 13,166,897 |
Total | $ | 5,127,627 |  |  | $ | 1,513,823 |  |  | $ | 13,728,160 |  |  | $ | 20,369,610 |
December 31, 2023 |  |  |  |  |  |  |
Property | $ | 2,461,580 |  |  | $ | 1,459,010 |  |  | $ | 3,913,030 |  |  | $ | 7,833,620 |
Casualty and Specialty | 2,801,016 |  |  | 203,560 |  |  | 9,648,673 |  |  | 12,653,249 |
Total | $ | 5,262,596 |  |  | $ | 1,662,570 |  |  | $ | 13,561,703 |  |  | $ | 20,486,869 |

| 13 |

RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
| Three months ended March 31, 2024 |  | Three months ended March 31, 2023
| Gross |  | Recoveries |  | Net |  | Gross |  | Recoveries |  | Net
Reserve for claims and claim expenses, beginning of period | $ | 20,486,869 |  |  | $ | 5,344,286 |  |  | $ | 15,142,583 |  |  | $ | 15,892,573 |  |  | $ | 4,710,925 |  |  | $ | 11,181,648 |
Incurred claims and claim expenses |  |  |  |  |  |  |  |  |  |  |
Current year | 1,436,689 |  |  | 173,485 |  |  | 1,263,204 |  |  | 1,067,128 |  |  | 161,176 |  |  | 905,952 |
Prior years | (277,066) |  |  | (179,985) |  |  | (97,081) |  |  | (107,424) |  |  | (2,672) |  |  | (104,752) |
Total incurred claims and claim expenses | 1,159,623 |  |  | (6,500) |  |  | 1,166,123 |  |  | 959,704 |  |  | 158,504 |  |  | 801,200 |
Paid claims and claim expenses |  |  |  |  |  |  |  |  |  |  |
Current year | 45,012 |  |  | 4,355 |  |  | 40,657 |  |  | 30,982 |  |  | 4,013 |  |  | 26,969 |
Prior years | 1,194,652 |  |  | 322,447 |  |  | 872,205 |  |  | 857,853 |  |  | 166,985 |  |  | 690,868 |
Total paid claims and claim expenses | 1,239,664 |  |  | 326,802 |  |  | 912,862 |  |  | 888,835 |  |  | 170,998 |  |  | 717,837 |
Foreign exchange and other (1) | (37,218) |  |  | (17,304) |  |  | (19,914) |  |  | 33,384 |  |  | 8,240 |  |  | 25,144 |
Reserve for claims and claim expenses, end of period | $ | 20,369,610 |  |  | $ | 4,993,680 |  |  | $ | 15,375,930 |  |  | $ | 15,996,826 |  |  | $ | 4,706,671 |  |  | $ | 11,290,155 |

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as deals accounted for under retroactive reinsurance accounting.

| 14 |

Managed Joint Ventures and Fee Income
Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.

| Three months ended |  |  |  |  |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |  |  |  |  |  |
Management fee income | $ | 56,053 |  |  |  |  |  |  |  |  | $ | 40,905 |  |  |  |  |  |  |  |  |  |
Performance fee income (loss) (1) | 27,497 |  |  |  |  |  |  |  |  | 3,867 |  |  |  |  |  |  |  |  |  |
Total fee income | $ | 83,550 |  |  |  |  |  |  |  |  | $ | 44,772 |  |  |  |  |  |  |  |  |  |

(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.
The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

| Three months ended |  |  |  |  |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |  |  |  |  |  |
Fee income contributing to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) (1) | $ | 14,694 |  |  |  |  |  |  |  |  | $ | 13,141 |  |  |  |  |  |  |  |  |  |
Earnings from equity method investments (2) | (355) |  |  |  |  |  |  |  |  | (141) |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests (3) | 69,211 |  |  |  |  |  |  |  |  | 31,772 |  |  |  |  |  |  |  |  |  |
Total fee income | $ | 83,550 |  |  |  |  |  |  |  |  | $ | 44,772 |  |  |  |  |  |  |  |  |  |

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operational expenses or acquisition expenses.
(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.
(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

| 15 |

Managed Joint Ventures and Fee Income
Fee Income - Five Quarter Trend

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party.

| Three months ended |  |  |
| March 31, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | June 30, 2023 |  | March 31, 2023 |  |  |  |  |  |  |  |  |
Management fee income | $ | 56,053 |  |  | $ | 47,769 |  |  | $ | 44,486 |  |  | $ | 43,439 |  |  | $ | 40,905 |  |  |  |  |  |  |  |  |  |
Performance fee income (loss) (1) | 27,497 |  |  | 23,014 |  |  | 20,072 |  |  | 13,242 |  |  | 3,867 |  |  |  |  |  |  |  |  |  |
Total fee income | $ | 83,550 |  |  | $ | 70,783 |  |  | $ | 64,558 |  |  | $ | 56,681 |  |  | $ | 44,772 |  |  |  |  |  |  |  |  |  |

(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.
The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

| Three months ended |  |  |  |
| March 31, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | June 30, 2023 |  | March 31, 2023 |  |  |  |  |  |  |  |  |  |
Fee income contributing to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) (1) | $ | 14,694 |  |  | $ | 6,234 |  |  | $ | 6,873 |  |  | $ | 8,184 |  |  | $ | 13,141 |  |  |  |  |  |  |  |  |  |  |
Earnings from equity method investments (2) | (355) |  |  | (419) |  |  | (446) |  |  | (417) |  |  | (141) |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests (3) | 69,211 |  |  | 64,968 |  |  | 58,131 |  |  | 48,914 |  |  | 31,772 |  |  |  |  |  |  |  |  |  |  |
Total fee income | $ | 83,550 |  |  | $ | 70,783 |  |  | $ | 64,558 |  |  | $ | 56,681 |  |  | $ | 44,772 |  |  |  |  |  |  |  |  |  |  |

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operational expenses or acquisition expenses.
(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.
(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

| 16 |

Managed Joint Ventures and Fee Income
Noncontrolling Interests |

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.
A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:

| Three months ended |  |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |
Redeemable noncontrolling interests - DaVinci | $ | (148,013) |  |  |  |  |  |  |  |  | $ | (166,082) |  |  |  |  |
Redeemable noncontrolling interests - Medici | (46,269) |  |  |  |  |  |  |  |  | (45,069) |  |  |  |  |
Redeemable noncontrolling interests - Vermeer | (52,971) |  |  |  |  |  |  |  |  | (47,405) |  |  |  |  |
Redeemable noncontrolling interests - Fontana | 2,426 |  |  |  |  |  |  |  |  | (8,828) |  |  |  |  |
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (244,827) |  |  |  |  |  |  |  |  | $ | (267,384) |  |  |  |  |

| Three months ended |  |  |  |
| March 31, 2024 |  |  | March 31, 2023 |  |  |  |  |  |  |
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (301,654) |  |  |  | $ | (241,938) |  |  |  |  |  |  |  |
Non-operating (income) loss attributable to redeemable noncontrolling interests | 56,827 |  |  |  | (25,446) |  |  |  |  |  |  |  |
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (244,827) |  |  |  | $ | (267,384) |  |  |  |  |  |  |  |

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 17 |

Managed Joint Ventures and Fee Income
Noncontrolling Interests |

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:

| March 31, 2024 |  |  |  | December 31, 2023 |  |  |  |
Redeemable noncontrolling interests - DaVinci | $ | 2,634,555 |  |  |  |  | $ | 2,541,482 |  |  |  |  |
Redeemable noncontrolling interests - Medici | 1,778,763 |  |  |  |  | 1,650,229 |  |  |  |  |
Redeemable noncontrolling interests - Vermeer | 1,433,268 |  |  |  |  | 1,555,297 |  |  |  |  |
Redeemable noncontrolling interests - Fontana | 451,397 |  |  |  |  | 353,823 |  |  |  |  |
Redeemable noncontrolling interests | $ | 6,297,983 |  |  |  |  | $ | 6,100,831 |  |  |  |  |

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:

| March 31, 2024 |  |  |  | December 31, 2023 |  |  |  |  |  |  |  |
DaVinci | 76.1 | % |  |  |  | 72.2 | % |  |  |  |  |  |  |  |
Medici | 88.6 | % |  |  |  | 88.3 | % |  |  |  |  |  |  |  |
Vermeer | 100.0 | % |  |  |  | 100.0 | % |  |  |  |  |  |  |  |
Fontana | 73.5 | % |  |  |  | 68.4 | % |  |  |  |  |  |  |  |

| 18 |

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
| Three months ended |  |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums written | $ | 690,235 |  |  |  |  |  |  |  |  | $ | 528,779 |  |  |  |  |
Net premiums written | $ | 650,572 |  |  |  |  |  |  |  |  | $ | 519,169 |  |  |  |  |
Decrease (increase) in unearned premiums | (361,746) |  |  |  |  |  |  |  |  | (311,282) |  |  |  |  |
Net premiums earned | 288,826 |  |  |  |  |  |  |  |  | 207,887 |  |  |  |  |
Net investment income | 57,576 |  |  |  |  |  |  |  |  | 43,898 |  |  |  |  |
Net foreign exchange gains (losses) | (1,967) |  |  |  |  |  |  |  |  | (1,507) |  |  |  |  |
Net realized and unrealized gains (losses) on investments | (38,720) |  |  |  |  |  |  |  |  | 38,379 |  |  |  |  |
Total revenues | 305,715 |  |  |  |  |  |  |  |  | 288,657 |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net claims and claim expenses incurred | 6,397 |  |  |  |  |  |  |  |  | 9,691 |  |  |  |  |
Acquisition expenses | 67,085 |  |  |  |  |  |  |  |  | 26,334 |  |  |  |  |
Operational and corporate expenses | 35,100 |  |  |  |  |  |  |  |  | 26,803 |  |  |  |  |
Interest expense | 1,858 |  |  |  |  |  |  |  |  | 1,858 |  |  |  |  |
Total expenses | 110,440 |  |  |  |  |  |  |  |  | 64,686 |  |  |  |  |
Income (loss) before taxes | 195,275 |  |  |  |  |  |  |  |  | 223,971 |  |  |  |  |
Income tax benefit (expense) | (798) |  |  |  |  |  |  |  |  | (1,589) |  |  |  |  |
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 194,477 |  |  |  |  |  |  |  |  | $ | 222,382 |  |  |  |  |
Net claims and claim expenses incurred - current accident year | $ | 57,913 |  |  |  |  |  |  |  |  | $ | 46,999 |  |  |  |  |
Net claims and claim expenses incurred - prior accident years | (51,516) |  |  |  |  |  |  |  |  | (37,308) |  |  |  |  |
Net claims and claim expenses incurred - total | $ | 6,397 |  |  |  |  |  |  |  |  | $ | 9,691 |  |  |  |  |
Net claims and claim expense ratio - current accident year | 20.1 | % |  |  |  |  |  |  |  | 22.6 | % |  |  |  |
Net claims and claim expense ratio - prior accident years | (17.9) | % |  |  |  |  |  |  |  | (17.9) | % |  |  |  |
Net claims and claim expense ratio - calendar year | 2.2 | % |  |  |  |  |  |  |  | 4.7 | % |  |  |  |
Underwriting expense ratio | 35.4 | % |  |  |  |  |  |  |  | 25.5 | % |  |  |  |
Combined ratio | 37.6 | % |  |  |  |  |  |  |  | 30.2 | % |  |  |  |

| 19 |

Investments |
Total Investment Result |
| Managed (1) |  | Retained (2) |
| Three months ended |  | Three months ended |
| March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  | March 31, 2024 |  | March 31, 2023 |
Fixed maturity investments trading | $ | 257,289 |  |  |  |  |  |  |  |  | $ | 155,500 |  |  | $ | 208,224 |  |  | $ | 121,893 |  |
Short term investments | 46,791 |  |  |  |  |  |  |  |  | 32,950 |  |  | 22,868 |  |  | 12,456 |  |
Equity investments | 560 |  |  |  |  |  |  |  |  | 3,399 |  |  | 560 |  |  | 3,399 |  |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds | 58,249 |  |  |  |  |  |  |  |  | 38,831 |  |  | 7,430 |  |  | 6,029 |  |
Other | 17,925 |  |  |  |  |  |  |  |  | 24,571 |  |  | 17,925 |  |  | 24,571 |  |
Cash and cash equivalents | 14,722 |  |  |  |  |  |  |  |  | 4,264 |  |  | 13,876 |  |  | 4,012 |  |
| 395,536 |  |  |  |  |  |  |  |  | 259,515 |  |  | 270,883 |  |  | 172,360 |  |
Investment expenses | (4,761) |  |  |  |  |  |  |  |  | (5,137) |  |  | (3,406) |  |  | (4,351) |  |
Net investment income | $ | 390,775 |  |  |  |  |  |  |  |  | $ | 254,378 |  |  | $ | 267,477 |  |  | $ | 168,009 |  |
Net investment income return - annualized | 5.7 | % |  |  |  |  |  |  |  | 4.9 | % |  | 5.3 | % |  | 4.5 | % |
Net realized gains (losses) on fixed maturity investments trading | $ | 9,796 |  |  |  |  |  |  |  |  | $ | (104,765) |  |  | $ | 12,517 |  |  | $ | (87,407) |  |
Net unrealized gains (losses) on fixed maturity investments trading | (211,996) |  |  |  |  |  |  |  |  | 312,026 |  |  | (176,552) |  |  | 259,095 |  |
Net realized and unrealized gains (losses) on investment-related derivatives | (57,806) |  |  |  |  |  |  |  |  | 12,162 |  |  | (59,195) |  |  | 14,479 |  |
Net realized gains (losses) on equity investments | — |  |  |  |  |  |  |  |  | (8,738) |  |  | — |  |  | (8,738) |  |
Net unrealized gains (losses) on equity investments | 13,097 |  |  |  |  |  |  |  |  | 39,151 |  |  | 13,090 |  |  | 39,152 |  |
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 18,907 |  |  |  |  |  |  |  |  | 24,126 |  |  | 1,953 |  |  | 3,477 |  |
Net realized and unrealized gains (losses) on other investments - other | 14,348 |  |  |  |  |  |  |  |  | 5,489 |  |  | 14,348 |  |  | 5,489 |  |
Net realized and unrealized gains (losses) on investments | (213,654) |  |  |  |  |  |  |  |  | 279,451 |  |  | (193,839) |  |  | 225,547 |  |
Total investment result | $ | 177,121 |  |  |  |  |  |  |  |  | $ | 533,829 |  |  | $ | 73,638 |  |  | $ | 393,556 |  |
Average invested assets | $ | 29,426,362 |  |  |  |  |  |  |  |  | $ | 22,714,948 |  |  | $ | 20,914,306 |  |  | $ | 14,970,187 |  |
Total investment return - annualized | 2.8 | % |  |  |  |  |  |  |  | 10.0 | % |  | 1.6 | % |  | 10.8 | % |

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

| 20 |

Investments
Investments Composition

| March 31, 2024 |  | December 31, 2023
| Managed (1) |  | Retained (2) |  | Managed (1) |  | Retained (2)
Type of Investment | Fair value |  | Unrealized gain (loss) |  | Fair value |  | Unrealized gain (loss) |  | Fair value |  | Unrealized gain (loss) |  | Fair value |  | Unrealized gain (loss)
Fixed maturity investments trading, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries | $ | 9,793,911 |  |  | $ | (57,496) |  |  | $ | 7,608,786 |  |  | $ | (53,113) |  |  | $ | 10,060,203 |  |  | $ | 66,743 |  |  | $ | 8,013,451 |  |  | $ | 49,476 |
Corporate (3) | 7,064,030 |  |  | (85,219) |  |  | 5,785,498 |  |  | (87,937) |  |  | 6,499,075 |  |  | (41,016) |  |  | 5,340,330 |  |  | (54,622) |
Other (4) | 4,451,519 |  |  | (66,969) |  |  | 3,804,012 |  |  | (48,324) |  |  | 4,317,830 |  |  | (21,069) |  |  | 3,738,758 |  |  | (4,321) |
Total fixed maturity investments trading, at fair value | 21,309,460 |  |  | (209,684) |  |  | 17,198,296 |  |  | (189,374) |  |  | 20,877,108 |  |  | 4,658 |  |  | 17,092,539 |  |  | (9,467) |
Short term investments, at fair value | 4,639,165 |  |  | (548) |  |  | 1,789,401 |  |  | (198) |  |  | 4,604,079 |  |  | 739 |  |  | 1,624,407 |  |  | 718 |
Equity investments, at fair value | 119,992 |  |  | 75,752 |  |  | 119,771 |  |  | 75,762 |  |  | 106,766 |  |  | 62,660 |  |  | 106,562 |  |  | 62,673 |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds | 1,828,155 |  |  | (60,319) |  |  | 221,450 |  |  | (35,156) |  |  | 1,942,199 |  |  | (76,684) |  |  | 250,384 |  |  | (36,995) |
Fund investments | 1,482,729 |  |  | 199,843 |  |  | 1,482,729 |  |  | 199,843 |  |  | 1,415,804 |  |  | 184,744 |  |  | 1,415,804 |  |  | 184,744 |
Term loans | 97,433 |  |  | — |  |  | 97,433 |  |  | — |  |  | 97,658 |  |  | — |  |  | 97,658 |  |  | — |
Direct private equity investments | 59,964 |  |  | (38,300) |  |  | 59,964 |  |  | (38,300) |  |  | 59,905 |  |  | (38,359) |  |  | 59,905 |  |  | (38,359) |
Total other investments, at fair value | 3,468,281 |  |  | 101,224 |  |  | 1,861,576 |  |  | 126,387 |  |  | 3,515,566 |  |  | 69,701 |  |  | 1,823,751 |  |  | 109,390 |
Investments in other ventures, under equity method | 99,684 |  |  | — |  |  | 99,684 |  |  | — |  |  | 112,624 |  |  | — |  |  | 112,624 |  |  | — |
Total investments | $ | 29,636,582 |  |  | $ | (33,256) |  |  | $ | 21,068,728 |  |  | $ | 12,577 |  |  | $ | 29,216,143 |  |  | $ | 137,758 |  |  | $ | 20,759,883 |  |  | $ | 163,314 |

| March 31, 2024 |  | December 31, 2023 |  |  |  |  |  |
| Managed (1) |  | Retained (2) |  | Managed (1) |  | Retained (2) |  |  |  |  |  |
Weighted average yield to maturity of investments (5) | 5.8 | % |  | 5.5 | % |  | 5.8 | % |  | 5.4 | % |  |  |  |  |  |
Average duration of investments, in years (5) | 2.6 |  |  | 3.1 |  |  | 2.6 |  |  | 3.2 |  |  |  |  |  |  |
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) |  |  | $ | (3.58) |  |  |  |  | $ | (0.18) |  |  |  |  |  |  |

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.
(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.

| 21 |

Investments
Managed Investments - Credit Rating (1)
|  |  |  |  | Credit Rating (2) |  | Investments not subject to credit ratings
March 31, 2024 |  |  | Fair value |  |  |  | AAA |  | AA |  | A |  | BBB |  | Non- Investment grade |  | Not rated |
Fixed maturity investments trading, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  |  | $ | 9,793,911 |  |  |  |  | $ | — |  |  | $ | 9,793,911 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Corporate (3) |  |  | 7,064,030 |  |  |  |  | 185,924 |  |  | 298,010 |  |  | 2,451,673 |  |  | 2,910,355 |  |  | 1,207,946 |  |  | 10,122 |  |  | — |
Residential mortgage-backed |  |  | 1,616,444 |  |  |  |  | 170,273 |  |  | 1,291,099 |  |  | 977 |  |  | 8,270 |  |  | 77,896 |  |  | 67,929 |  |  | — |
Asset-backed |  |  | 1,428,513 |  |  |  |  | 1,126,299 |  |  | 209,727 |  |  | 58,554 |  |  | 16,569 |  |  | 838 |  |  | 16,526 |  |  | — |
Agencies |  |  | 594,522 |  |  |  |  | — |  |  | 593,608 |  |  | — |  |  | — |  |  | — |  |  | 914 |  |  | — |
Non-U.S. government |  |  | 495,426 |  |  |  |  | 322,766 |  |  | 156,807 |  |  | 12,283 |  |  | 3,570 |  |  | — |  |  | — |  |  | — |
Commercial mortgage-backed |  |  | 316,614 |  |  |  |  | 267,022 |  |  | 46,681 |  |  | 362 |  |  | 1,309 |  |  | 1,240 |  |  | — |  |  | — |
Total fixed maturity investments trading, at fair value |  |  | 21,309,460 |  |  |  |  | 2,072,284 |  |  | 12,389,843 |  |  | 2,523,849 |  |  | 2,940,073 |  |  | 1,287,920 |  |  | 95,491 |  |  | — |
Short term investments, at fair value |  |  | 4,639,165 |  |  |  |  | 2,686,154 |  |  | 1,936,488 |  |  | 742 |  |  | 12,837 |  |  | 2,944 |  |  | — |  |  | — |
Equity investments, at fair value |  |  | 119,992 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 119,992 |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds |  |  | 1,828,155 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,828,155 |  |  | — |  |  | — |
Fund investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private credit funds |  |  | 996,702 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 996,702 |
Private equity funds |  |  | 486,027 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 486,027 |
Term loans |  |  | 97,433 |  |  |  |  | — |  |  | — |  |  | 97,433 |  |  | — |  |  | — |  |  | — |  |  | — |
Direct private equity investments |  |  | 59,964 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 59,964 |
Total other investments, at fair value |  |  | 3,468,281 |  |  |  |  | — |  |  | — |  |  | 97,433 |  |  | — |  |  | 1,828,155 |  |  | — |  |  | 1,542,693 |
Investments in other ventures, under equity method |  |  | 99,684 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 99,684 |
Total investments |  |  | $ | 29,636,582 |  |  |  |  | $ | 4,758,438 |  |  | $ | 14,326,331 |  |  | $ | 2,622,024 |  |  | $ | 2,952,910 |  |  | $ | 3,119,019 |  |  | $ | 95,491 |  |  | $ | 1,762,369 |
|  |  | 100.0 | % |  |  |  | 16.1 | % |  | 48.3 | % |  | 8.9 | % |  | 10.0 | % |  | 10.5 | % |  | 0.3 | % |  | 5.9 | %

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

| 22 |

Investments
Retained Investments - Credit Rating (1)
|  |  |  |  | Credit Rating (2) |  | Investments not subject to credit ratings
March 31, 2024 |  |  | Fair value |  |  |  | AAA |  | AA |  | A |  | BBB |  | Non- Investment grade |  | Not rated |
Fixed maturity investments trading, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  |  | $ | 7,608,786 |  |  |  |  | $ | — |  |  | $ | 7,608,786 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Corporate (3) |  |  | 5,785,498 |  |  |  |  | 135,895 |  |  | 251,475 |  |  | 2,061,627 |  |  | 2,318,665 |  |  | 1,009,685 |  |  | 8,151 |  |  | — |
Residential mortgage-backed |  |  | 1,352,987 |  |  |  |  | 144,682 |  |  | 1,054,664 |  |  | 977 |  |  | 8,270 |  |  | 77,896 |  |  | 66,498 |  |  | — |
Asset-backed |  |  | 1,336,194 |  |  |  |  | 1,035,115 |  |  | 209,351 |  |  | 58,556 |  |  | 16,569 |  |  | 838 |  |  | 15,765 |  |  | — |
Agencies |  |  | 439,474 |  |  |  |  | — |  |  | 438,560 |  |  | — |  |  | — |  |  | — |  |  | 914 |  |  | — |
Non-U.S. government |  |  | 422,681 |  |  |  |  | 268,897 |  |  | 137,931 |  |  | 12,283 |  |  | 3,570 |  |  | — |  |  | — |  |  | — |
Commercial mortgage-backed |  |  | 252,676 |  |  |  |  | 210,893 |  |  | 38,872 |  |  | 362 |  |  | 1,309 |  |  | 1,240 |  |  | — |  |  | — |
Total fixed maturity investments trading, at fair value |  |  | 17,198,296 |  |  |  |  | 1,795,482 |  |  | 9,739,639 |  |  | 2,133,805 |  |  | 2,348,383 |  |  | 1,089,659 |  |  | 91,328 |  |  | — |
Short term investments, at fair value |  |  | 1,789,401 |  |  |  |  | 917,932 |  |  | 857,180 |  |  | 742 |  |  | 10,700 |  |  | 2,847 |  |  | — |  |  | — |
Equity investments, at fair value |  |  | 119,771 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 119,771 |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds |  |  | 221,450 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 221,450 |  |  | — |  |  | — |
Fund investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private credit funds |  |  | 996,702 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 996,702 |
Private equity funds |  |  | 486,027 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 486,027 |
Term loans |  |  | 97,433 |  |  |  |  | — |  |  | — |  |  | 97,433 |  |  | — |  |  | — |  |  | — |  |  | — |
Direct private equity investments |  |  | 59,964 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 59,964 |
Total other investments, at fair value |  |  | 1,861,576 |  |  |  |  | — |  |  | — |  |  | 97,433 |  |  | — |  |  | 221,450 |  |  | — |  |  | 1,542,693 |
Investments in other ventures, under equity method |  |  | 99,684 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 99,684 |
Total investments |  |  | $ | 21,068,728 |  |  |  |  | $ | 2,713,414 |  |  | $ | 10,596,819 |  |  | $ | 2,231,980 |  |  | $ | 2,359,083 |  |  | $ | 1,313,956 |  |  | $ | 91,328 |  |  | $ | 1,762,148 |
|  |  | 100.0 | % |  |  |  | 12.9 | % |  | 50.3 | % |  | 10.6 | % |  | 11.2 | % |  | 6.2 | % |  | 0.4 | % |  | 8.4 | %

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

| 23 |

Other Items
Earnings per Share
| Three months ended |  |
(common shares in thousands) | March 31, 2024 |  |  |  |  |  |  |  | March 31, 2023 |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 |  |  |  |  |  |  |  |  | $ | 564,062 |  |  |  |  |
Amount allocated to participating common shareholders (1) | (5,273) |  |  |  |  |  |  |  |  | (8,854) |  |  |  |  |
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 359,525 |  |  |  |  |  |  |  |  | $ | 555,208 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 51,678 |  |  |  |  |  |  |  |  | 42,876 |  |  |  |  |
Per common share equivalents of non-vested shares (2) | 150 |  |  |  |  |  |  |  |  | 130 |  |  |  |  |
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 51,828 |  |  |  |  |  |  |  |  | 43,006 |  |  |  |  |
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 |  |  |  |  |

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.
(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

| 24 |

Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, 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.

| 25 |

Comments on Non-GAAP Financial Measures

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.

| 26 |

Comments on Non-GAAP Financial Measures

| Three months ended
| 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.

| 27 |

Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “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 |  | December 31, 2023
Book value per common share | $ | 170.92 |  |  | $ | 165.20 |
Adjustment for: |  |  |
Acquisition related goodwill and other intangible assets (1) | (14.35) |  |  | (14.71) |
Other goodwill and intangible assets (2) | (0.34) |  |  | (0.35) |
Acquisition related purchase accounting adjustments (3) | (7.22) |  |  | (8.27) |
Tangible book value per common share | 149.01 |  |  | 141.87 |
Adjustment for accumulated dividends | 26.91 |  |  | 26.52 |
Tangible book value per common share plus accumulated dividends | $ | 175.92 |  |  | $ | 168.39 |
Year to date change in book value per common share | 3.5 | % |  | 57.9 | %
Year to date change in book value per common share plus change in accumulated dividends | 3.7 | % |  | 59.3 | %
Year to date change in tangible book value per common share plus change in accumulated dividends | 5.3 | % |  | 47.6 | %

(1)Represents the acquired goodwill and other intangible assets at March 31, 2024 for the acquisitions of Validus $527.4 million (2023 - $542.7 million), TMR $26.9 million (2023 - $27.2 million) and Platinum $204.6 million (2023 - $205.5 million).
(2)At March 31, 2024, the adjustment for other goodwill and intangible assets included $18.0 million (2023 - $18.1 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 (2023 - $374.4 million), TMR $59.6 million (2023 - $62.2 million) and Platinum $(0.8) million (2023 - $(0.8) million).

| 28 |

Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio
The Company has included in this Financial Supplement “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.

| 29 |

Comments on Non-GAAP Financial Measures

Retained Total Investment Result
The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

| Three months ended March 31, 2024 |  | Three months ended March 31, 2023
| Managed (1) |  | Adjustment (2) |  | Retained (3) |  | Managed (1) |  | Adjustment (2) |  | Retained (3)
Fixed maturity investments trading | $ | 257,289 |  |  | $ | (49,065) |  |  | $ | 208,224 |  |  | $ | 155,500 |  |  | $ | (33,607) |  |  | $ | 121,893 |
Short term investments | 46,791 |  |  | (23,923) |  |  | 22,868 |  |  | 32,950 |  |  | (20,494) |  |  | 12,456 |
Equity investments | 560 |  |  | — |  |  | 560 |  |  | 3,399 |  |  | — |  |  | 3,399 |
Other investments |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds | 58,249 |  |  | (50,819) |  |  | 7,430 |  |  | 38,831 |  |  | (32,802) |  |  | 6,029 |
Other | 17,925 |  |  | — |  |  | 17,925 |  |  | 24,571 |  |  | — |  |  | 24,571 |
Cash and cash equivalents | 14,722 |  |  | (846) |  |  | 13,876 |  |  | 4,264 |  |  | (252) |  |  | 4,012 |
| 395,536 |  |  | (124,653) |  |  | 270,883 |  |  | 259,515 |  |  | (87,155) |  |  | 172,360 |
Investment expenses | (4,761) |  |  | 1,355 |  |  | (3,406) |  |  | (5,137) |  |  | 786 |  |  | (4,351) |
Net investment income | $ | 390,775 |  |  | $ | (123,298) |  |  | $ | 267,477 |  |  | $ | 254,378 |  |  | $ | (86,369) |  |  | $ | 168,009 |
Net investment income return - annualized | 5.7 | % |  | (0.4) | % |  | 5.3 | % |  | 4.9 | % |  | (0.4) | % |  | 4.5 | %
Net realized gains (losses) on fixed maturity investments trading | $ | 9,796 |  |  | $ | 2,721 |  |  | $ | 12,517 |  |  | $ | (104,765) |  |  | $ | 17,358 |  |  | $ | (87,407) |
Net unrealized gains (losses) on fixed maturity investments trading | (211,996) |  |  | 35,444 |  |  | (176,552) |  |  | 312,026 |  |  | (52,931) |  |  | 259,095 |
Net realized and unrealized gains (losses) on investment-related derivatives | (57,806) |  |  | (1,389) |  |  | (59,195) |  |  | 12,162 |  |  | 2,317 |  |  | 14,479 |
Net realized gains (losses) on equity investments | — |  |  | — |  |  | — |  |  | (8,738) |  |  | — |  |  | (8,738) |
Net unrealized gains (losses) on equity investments | 13,097 |  |  | (7) |  |  | 13,090 |  |  | 39,151 |  |  | 1 |  |  | 39,152 |
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 18,907 |  |  | (16,954) |  |  | 1,953 |  |  | 24,126 |  |  | (20,649) |  |  | 3,477 |
Net realized and unrealized gains (losses) on other investments - other | 14,348 |  |  | — |  |  | 14,348 |  |  | 5,489 |  |  | — |  |  | 5,489 |
Net realized and unrealized gains (losses) on investments | (213,654) |  |  | 19,815 |  |  | (193,839) |  |  | 279,451 |  |  | (53,904) |  |  | 225,547 |
Total investment result | $ | 177,121 |  |  | $ | (103,483) |  |  | $ | 73,638 |  |  | $ | 533,829 |  |  | $ | (140,273) |  |  | $ | 393,556 |
Average invested assets | $ | 29,426,362 |  |  | $ | (8,512,056) |  |  | $ | 20,914,306 |  |  | $ | 22,714,948 |  |  | $ | (7,744,761) |  |  | $ | 14,970,187 |
Total investment return - annualized | 2.8 | % |  | (1.2) | % |  | 1.6 | % |  | 10.0 | % |  | 0.8 | % |  | 10.8 | %

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

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Comments on Non-GAAP Financial Measures

Retained Total Investments
The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to “retained total investments.”

| March 31, 2024 |  | December 31, 2023
| Managed (1) |  | Adjustment (2) |  | Retained (3) |  | Managed (1) |  | Adjustment (2) |  | Retained (3)
Fixed maturity investments trading, at fair value |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries | $ | 9,793,911 |  |  | $ | (2,185,125) |  |  | $ | 7,608,786 |  |  | $ | 10,060,203 |  |  | $ | (2,046,752) |  |  | $ | 8,013,451 |
Corporate (4) | 7,064,030 |  |  | (1,278,532) |  |  | 5,785,498 |  |  | 6,499,075 |  |  | (1,158,745) |  |  | 5,340,330 |
Residential mortgage-backed | 1,616,444 |  |  | (263,457) |  |  | 1,352,987 |  |  | 1,420,362 |  |  | (246,468) |  |  | 1,173,894 |
Asset-backed | 1,428,513 |  |  | (92,319) |  |  | 1,336,194 |  |  | 1,491,695 |  |  | (86,622) |  |  | 1,405,073 |
Agencies | 594,522 |  |  | (155,048) |  |  | 439,474 |  |  | 489,117 |  |  | (119,518) |  |  | 369,599 |
Non-U.S. government | 495,426 |  |  | (72,745) |  |  | 422,681 |  |  | 483,576 |  |  | (54,100) |  |  | 429,476 |
Commercial mortgage-backed | 316,614 |  |  | (63,938) |  |  | 252,676 |  |  | 433,080 |  |  | (72,364) |  |  | 360,716 |
Total fixed maturity investments trading, at fair value | 21,309,460 |  |  | (4,111,164) |  |  | 17,198,296 |  |  | 20,877,108 |  |  | (3,784,569) |  |  | 17,092,539 |
Short term investments, at fair value | 4,639,165 |  |  | (2,849,764) |  |  | 1,789,401 |  |  | 4,604,079 |  |  | (2,979,672) |  |  | 1,624,407 |
Equity investments, at fair value | 119,992 |  |  | (221) |  |  | 119,771 |  |  | 106,766 |  |  | (204) |  |  | 106,562 |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds | 1,828,155 |  |  | (1,606,705) |  |  | 221,450 |  |  | 1,942,199 |  |  | (1,691,815) |  |  | 250,384 |
Fund investments: |  |  |  |  |  |  |  |  |  |  |
Private credit funds | 996,702 |  |  | — |  |  | 996,702 |  |  | 982,016 |  |  | — |  |  | 982,016 |
Private equity funds | 486,027 |  |  | — |  |  | 486,027 |  |  | 433,788 |  |  | — |  |  | 433,788 |
Term loans | 97,433 |  |  | — |  |  | 97,433 |  |  | 97,658 |  |  | — |  |  | 97,658 |
Direct private equity investments | 59,964 |  |  | — |  |  | 59,964 |  |  | 59,905 |  |  | — |  |  | 59,905 |
Total other investments, at fair value | 3,468,281 |  |  | (1,606,705) |  |  | 1,861,576 |  |  | 3,515,566 |  |  | (1,691,815) |  |  | 1,823,751 |
Investments in other ventures, under equity method | 99,684 |  |  | — |  |  | 99,684 |  |  | 112,624 |  |  | — |  |  | 112,624 |
Total investments | $ | 29,636,582 |  |  | $ | (8,567,854) |  |  | $ | 21,068,728 |  |  | $ | 29,216,143 |  |  | $ | (8,456,260) |  |  | $ | 20,759,883 |

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

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Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)
The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”

| March 31, 2024 |  | December 31, 2023
| Unrealized gain (loss) - managed (1) |  | Adjustment (2) |  | Unrealized gain (loss) - retained (3) |  | Unrealized gain (loss) - managed (1) |  | Adjustment (2) |  | Unrealized gain (loss) - retained (3)
Type of Investment |  |  |  |  |  |  |  |  |  |  |
Fixed maturity investments trading, at fair value |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries | $ | (57,496) |  |  | $ | 4,383 |  |  | $ | (53,113) |  |  | $ | 66,743 |  |  | $ | (17,267) |  |  | $ | 49,476 |
Corporate (4) | (85,219) |  |  | (2,718) |  |  | (87,937) |  |  | (41,016) |  |  | (13,606) |  |  | (54,622) |
Other (5) | (66,969) |  |  | 18,645 |  |  | (48,324) |  |  | (21,069) |  |  | 16,748 |  |  | (4,321) |
Total fixed maturity investments trading, at fair value | (209,684) |  |  | 20,310 |  |  | (189,374) |  |  | 4,658 |  |  | (14,125) |  |  | (9,467) |
Short term investments, at fair value | (548) |  |  | 350 |  |  | (198) |  |  | 739 |  |  | (21) |  |  | 718 |
Equity investments, at fair value | 75,752 |  |  | 10 |  |  | 75,762 |  |  | 62,660 |  |  | 13 |  |  | 62,673 |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |
Catastrophe bonds | (60,319) |  |  | 25,163 |  |  | (35,156) |  |  | (76,684) |  |  | 39,689 |  |  | (36,995) |
Fund investments | 199,843 |  |  | — |  |  | 199,843 |  |  | 184,744 |  |  | — |  |  | 184,744 |
Direct private equity investments | (38,300) |  |  | — |  |  | (38,300) |  |  | (38,359) |  |  | — |  |  | (38,359) |
Total other investments, at fair value | 101,224 |  |  | 25,163 |  |  | 126,387 |  |  | 69,701 |  |  | 39,689 |  |  | 109,390 |
Total investments | $ | (33,256) |  |  | $ | 45,833 |  |  | $ | 12,577 |  |  | $ | 137,758 |  |  | $ | 25,556 |  |  | $ | 163,314 |
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) |  |  |  |  | $ | (3.58) |  |  |  |  |  |  | $ | (0.18) |

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $(189.4) million and $(9.5) million at March 31, 2024 and December 31, 2023, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.

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Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests
The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”

| Three months ended |  |  |  |
| March 31, 2024 |  |  | March 31, 2023 |  |  |  |  |  |  |
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (244,827) |  |  |  | $ | (267,384) |  |  |  |  |  |  |  |
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | 36,448 |  |  |  | (32,747) |  |  |  |  |  |  |  |
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | 20,379 |  |  |  | 7,301 |  |  |  |  |  |  |  |
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | 56,827 |  |  |  | (25,446) |  |  |  |  |  |  |  |
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (301,654) |  |  |  | $ | (241,938) |  |  |  |  |  |  |  |

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.

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