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NONCONTROLLING INTERESTS | 9 Months Ended
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Sep. 30, 2025
Noncontrolling Interest [Abstract] |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:
|  | At September 30, 2025 |  | At December 31, 2024 |
| Redeemable noncontrolling interest - DaVinci | $ | 3,454,255 |  |  | $ | 3,061,708 |  |
| Redeemable noncontrolling interest - Medici | 1,623,315 |  |  | 1,646,745 |  |
| Redeemable noncontrolling interest - Vermeer | 1,821,183 |  |  | 1,799,857 |  |
| Redeemable noncontrolling interest - Fontana | 570,306 |  |  | 469,439 |  |
| Redeemable noncontrolling interests | $ | 7,469,059 |  |  | $ | 6,977,749 |  |
A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below:
|  | Three months ended |  | Nine months ended |
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |
| Redeemable noncontrolling interest - DaVinci | $ | 243,464 |  |  | $ | 223,288 |  |  | $ | 349,476 |  |  | $ | 523,812 |  |
| Redeemable noncontrolling interest - Medici | 79,573 |  |  | 123,497 |  |  | 133,729 |  |  | 183,015 |  |
| Redeemable noncontrolling interest - Vermeer | 70,981 |  |  | 73,534 |  |  | 21,326 |  |  | 183,129 |  |
| Redeemable noncontrolling interest - Fontana | 21,182 |  |  | 29,857 |  |  | 43,756 |  |  | 29,778 |  |
| Net income (loss) attributable to redeemable noncontrolling interests | $ | 415,200 |  |  | $ | 450,176 |  |  | $ | 548,287 |  |  | $ | 919,734 |  |
Redeemable Noncontrolling Interest – DaVinci DaVinci is a managed joint venture formed by RenaissanceRe principally to write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis through its wholly-owned subsidiary, DaVinci Reinsurance. DaVinci is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of DaVinci, as it has the power to direct the activities of DaVinci that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to DaVinci. Accordingly, the Company consolidates DaVinci and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinci was 24.3% at September 30, 2025 (December 31, 2024 - 25.4%). DaVinci shareholders are party to a shareholders’ agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value and can be subject to a true-up for potential development on loss reserves. 2025 During the nine months ended September 30, 2025, RenaissanceRe sold an aggregate of $69.7 million of its shares in DaVinci to third-party investors and purchased an aggregate of $26.9 million of shares from other third-party investors. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 24.3%. The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2025, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $26.9 million as a result of redemptions of shares from and distributions to third-party investors. At September 30, 2025, the Company’s consolidated balance sheet included total assets and total liabilities of DaVinci of $7.5 billion and $2.9 billion, respectively (December 31, 2024 - $6.1 billion and $2.0 billion, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with DaVinci of $3.5 billion at September 30, 2025 (December 31, 2024 - $3.1 billion). 2024 During the nine months ended September 30, 2024, RenaissanceRe sold an aggregate of $300.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $225.9 million of shares from other third-party investors. In addition, DaVinci distributed $180.6 million to third-party investors and $69.4 million to the Company. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 25.4% at September 30, 2024. During the nine months ended September 30, 2024, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $225.9 million as a result of redemptions of shares from and distributions to third-party investors. The Company expects its noncontrolling economic ownership in DaVinci to fluctuate over time. The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below:
|  | Three months ended |  | Nine months ended |
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |
| Beginning balance | $ | 3,210,791 |  |  | $ | 2,760,164 |  |  | $ | 3,061,708 |  |  | $ | 2,541,482 |  |
| Redemption of shares from redeemable noncontrolling interests | — |  |  | (25,000) |  |  | (26,929) |  |  | (406,849) |  |
| Sale of shares to redeemable noncontrolling interests, net of adjustments | — |  |  | — |  |  | 70,000 |  |  | 300,007 |  |
| Net income (loss) attributable to redeemable noncontrolling interest | 243,464 |  |  | 223,288 |  |  | 349,476 |  |  | 523,812 |  |
| Ending balance | $ | 3,454,255 |  |  | $ | 2,958,452 |  |  | $ | 3,454,255 |  |  | $ | 2,958,452 |  |
Redeemable Noncontrolling Interest - Medici Medici is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk. Medici is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Medici, as it has the power to direct the activities of Medici that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Medici. Accordingly, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. 2025 During the nine months ended September 30, 2025, investors subscribed for $210.8 million of the participating, non-voting common shares of Medici, including $50.2 million from the Company. In addition, investors redeemed $502.7 million of the participating, non-voting common shares of Medici, including $200.0 million from the Company. Of the total redemption of $502.7 million, $316.5 million was immediately reinvested in Medici UCITS, including $140.0 million from the Company. Third party investors also received $15.3 million in dividends. As a result of these transactions, the Company’s noncontrolling economic ownership in Medici was 9.6% at September 30, 2025. Refer to Note 4. “Fair Value Measurements” for additional information related to the Company’s investment in Medici UCITS. The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2025, RenaissanceRe received cash inflows of $121.6 million from subscriptions of shares in Medici by third-party investors and paid $367.7 million as a result of redemptions of shares from and dividends to third-party investors. At September 30, 2025, the Company’s consolidated balance sheet included total assets and total liabilities of Medici of $1.8 billion and $4.0 million, respectively (December 31, 2024 - $2.1 billion and $151.8 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Medici of $1.6 billion at September 30, 2025 (December 31, 2024 - $1.6 billion). 2024 During the nine months ended September 30, 2024, investors subscribed for $233.0 million of the participating, non-voting common shares of Medici, including $50.6 million from the Company. In addition, investors redeemed $311.2 million of the participating, non-voting common shares of Medici, including $0.3 million from the Company. Investors also received $24.6 million in dividends. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 15.1% at September 30, 2024. During the nine months ended September 30, 2024, RenaissanceRe received cash inflows of $114.2 million from subscriptions of shares in Medici by third-party investors, and paid $270.0 million as a result of redemptions of shares from and dividends to third-party investors. The Company expects its noncontrolling economic ownership in Medici to fluctuate over time. The activity in redeemable noncontrolling interest – Medici is detailed in the table below:
|  | Three months ended |  | Nine months ended |
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |
| Beginning balance | $ | 1,532,990 |  |  | $ | 1,631,508 |  |  | $ | 1,646,745 |  |  | $ | 1,650,229 |  |
| Redemption of shares from redeemable noncontrolling interests, net of adjustments | (7,143) |  |  | (83,614) |  |  | (302,672) |  |  | (311,164) |  |
| Sale of shares to redeemable noncontrolling interests | 17,895 |  |  | 15,319 |  |  | 160,827 |  |  | 183,040 |  |
| Net income (loss) attributable to redeemable noncontrolling interest | 79,573 |  |  | 123,497 |  |  | 133,729 |  |  | 183,015 |  |
| Dividends on common shares | — |  |  | (6,190) |  |  | (15,314) |  |  | (24,600) |  |
| Ending balance | $ | 1,623,315 |  |  | $ | 1,680,520 |  |  | $ | 1,623,315 |  |  | $ | 1,680,520 |  |
Redeemable Noncontrolling Interest – Vermeer Vermeer is a managed joint venture formed by RenaissanceRe to provide capacity focused on risk remote layers in the U.S. property catastrophe market. RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, owns 100% of the non-voting participating shares of Vermeer. Vermeer is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Vermeer, as it has power to direct the activities of Vermeer that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Vermeer. Accordingly, the Company consolidates Vermeer and all significant intercompany transactions have been eliminated. As PFZW owns all of the participating shares of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide. 2025 During the nine months ended September 30, 2025, there were no subscriptions for participating, non-voting common shares of Vermeer. In addition, there were no dividends declared or paid to PFZW. At September 30, 2025, the Company’s consolidated balance sheet included total assets and total liabilities of Vermeer of $2.1 billion and $234.8 million, respectively (December 31, 2024 - $1.9 billion and $93.0 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Vermeer of $1.8 billion at September 30, 2025 (December 31, 2024 - $1.8 billion). 2024 During the nine months ended September 30, 2024, Vermeer declared and paid dividends of $175.0 million to PFZW. In addition, PFZW subscribed for $175.0 million of participating, non-voting common shares of Vermeer. The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time. The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:
|  | Three months ended |  | Nine months ended |
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |
| Beginning balance | $ | 1,750,202 |  |  | $ | 1,489,892 |  |  | $ | 1,799,857 |  |  | $ | 1,555,297 |  |
| Dividends on common shares | — |  |  | — |  |  | — |  |  | (175,000) |  |
| Sale of shares to redeemable noncontrolling interest | — |  |  | 175,000 |  |  | — |  |  | 175,000 |  |
| Net income (loss) attributable to redeemable noncontrolling interest | 70,981 |  |  | 73,534 |  |  | 21,326 |  |  | 183,129 |  |
| Ending balance | $ | 1,821,183 |  |  | $ | 1,738,426 |  |  | $ | 1,821,183 |  |  | $ | 1,738,426 |  |
Redeemable Noncontrolling Interest – Fontana Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. RenaissanceRe owns a noncontrolling economic interest in Fontana and controls a majority of Fontana’s outstanding voting rights. Fontana is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Fontana, as it has power to direct the activities of Fontana that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Fontana. Accordingly, the Company consolidates Fontana and all significant intercompany transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all or a portion of the limited partner interest held by limited partners of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide. 2025 During the nine months ended September 30, 2025, investors subscribed for $100.0 million of the limited partner interest of Fontana, including $70.8 million from the Company. In addition, RenaissanceRe sold an aggregate of $100.0 million of its limited partner interest in Fontana to other third-party investors and purchased an aggregate of $72.0 million of its limited partner interest in Fontana from other third-party investors. As a result of these transactions, the Company’s noncontrolling economic ownership in Fontana was 28.7% at September 30, 2025. The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2025, RenaissanceRe received no cash inflows from subscriptions for the limited partner interest of Fontana by third-party investors, and paid $72.0 million as a result of redemptions of the limited partner interest from third-party investors. At September 30, 2025, the Company’s consolidated balance sheet included total assets and total liabilities of Fontana of $2.7 billion and $1.9 billion, respectively (December 31, 2024 - $2.2 billion and $1.6 billion, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Fontana of $570.3 million at September 30, 2025 (December 31, 2024 - $469.4 million). 2024 During the nine months ended September 30, 2024, investors subscribed for $100.0 million of the limited partner interest of Fontana, including $50.0 million from the Company. In addition, RenaissanceRe sold an aggregate of $50.0 million of its limited partner interest in Fontana to third-party investors. As a result of these transactions, the Company’s noncontrolling economic ownership in Fontana was 26.5% at September 30, 2024. During the nine months ended September 30, 2024, RenaissanceRe received no subscriptions for the limited partner interest of Fontana by third-party investors. The Company’s investment in Fontana may fluctuate, perhaps materially, in future quarters. The activity in redeemable noncontrolling interest – Fontana is detailed in the table below:
|  | Three months ended |  | Nine months ended |
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |
| Beginning balance | $ | 549,124 |  |  | $ | 453,744 |  |  | $ | 469,439 |  |  | $ | 353,823 |  |
| Redemption of capital from redeemable noncontrolling interest | — |  |  | — |  |  | (72,044) |  |  | — |  |
| Contribution of capital by redeemable noncontrolling interest | — |  |  | — |  |  | 129,155 |  |  | 100,000 |  |
| Net income (loss) attributable to redeemable noncontrolling interest | 21,182 |  |  | 29,857 |  |  | 43,756 |  |  | 29,778 |  |
| Ending balance | $ | 570,306 |  |  | $ | 483,601 |  |  | $ | 570,306 |  |  | $ | 483,601 |  |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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