

	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



	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

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.

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).

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.



	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

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.

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).

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.



	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

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.

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).



	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

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.

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).

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.



	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