RENAISSANCERE HOLDINGS LTDRNR
RENAISSANCERE HOLDINGS LTD Goodwill & Intangibles Disclosure
GOODWILL AND OTHER INTANGIBLE ASSETS
The following tables show an analysis of goodwill and other intangible assets, net of foreign currency translation adjustments, included in goodwill and other intangible assets on the Company’s consolidated balance sheets:
| Goodwill and Other Intangible Assets | |||||||||||||||||
At December 31, | 2025 | 2024 | |||||||||||||||
| Goodwill, net | $ | 300,534 | $ | 300,507 | |||||||||||||
| Other intangible assets, net | 332,553 | 403,625 | |||||||||||||||
| Total goodwill and other intangible assets | $ | 633,087 | $ | 704,132 | |||||||||||||
Included in goodwill and other intangible assets on the Company’s consolidated balance sheet at December 31, 2025 was gross goodwill of $302.8 million (2024 - $302.8 million, 2023 - $302.8 million). Included in goodwill, net at December 31, 2025 was accumulated impairment losses of $2.3 million (2024 - $2.3 million).
In addition, the Company has also recorded goodwill and other intangible assets included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:
| Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method | |||||||||||||||||
At December 31, | 2025 | 2024 | |||||||||||||||
| Goodwill, net | $ | 8,724 | $ | 8,724 | |||||||||||||
| Other intangible assets, net | 183 | 207 | |||||||||||||||
| Total goodwill and other intangible assets | $ | 8,907 | $ | 8,931 | |||||||||||||
Included in investments in other ventures, under equity method on the Company’s consolidated balance sheet at December 31, 2025 was gross goodwill of $13.2 million (2024 - $13.2 million, 2023 - $15.3 million). Included in gross goodwill and gross other intangible assets was a reduction of $2.1 million and $6.9 million, respectively, related to a change in the classification of the Company’s investment in TWFG, from investment in other ventures, under equity method to fair value, as a result of TWFG, Inc’s initial public offering in 2024. Included in goodwill, net at December 31, 2025, was accumulated impairment losses of $4.5 million (2024 - $4.5 million).
Goodwill
The following table shows a roll forward of goodwill included in goodwill and other intangible assets and goodwill included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:
| Goodwill | |||||||||||||||||
| Goodwill and Other Intangible Assets | Investments in Other Ventures, Under Equity Method | ||||||||||||||||
Balance at December 31, 2023, net | $ | 300,542 | $ | 10,808 | |||||||||||||
| Adjustments | — | (2,084) | |||||||||||||||
| Foreign currency translation | (35) | — | |||||||||||||||
Balance at December 31, 2024, net | 300,507 | 8,724 | |||||||||||||||
| Foreign currency translation | 27 | — | |||||||||||||||
Balance at December 31, 2025, net | $ | 300,534 | $ | 8,724 | |||||||||||||
Other Intangible Assets
The gross carrying value, accumulated amortization and accumulated impairment losses by major category of other intangible assets included in goodwill and other intangible assets and investments in other ventures, under equity method on the Company’s consolidated balance sheets are shown below:
| Other Intangible Assets | |||||||||||||||||||||||||||||
| At December 31, 2025 | Gross Carrying Value | Accumulated Amortization | Accumulated Impairment Losses | Net | |||||||||||||||||||||||||
| Customer relationships and customer lists | $ | 530,534 | $ | (216,129) | $ | (1,403) | $ | 313,002 | |||||||||||||||||||||
Licenses (1) | 30,951 | — | (20,567) | 10,384 | |||||||||||||||||||||||||
| Value of business acquired | 20,200 | (20,200) | — | — | |||||||||||||||||||||||||
Asset management contracts | 20,000 | (10,833) | — | 9,167 | |||||||||||||||||||||||||
| Software | 12,230 | (12,230) | — | — | |||||||||||||||||||||||||
| Patents and intellectual property | 4,500 | (1,875) | (2,625) | — | |||||||||||||||||||||||||
| Covenants not-to-compete | 4,030 | (4,030) | — | — | |||||||||||||||||||||||||
| Trademarks and trade names | 6,710 | (6,527) | — | 183 | |||||||||||||||||||||||||
| $ | 629,155 | $ | (271,824) | $ | (24,595) | $ | 332,736 | ||||||||||||||||||||||
(1)Licenses is comprised of $10.4 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2025
| Other Intangible Assets | |||||||||||||||||||||||||||||
| At December 31, 2024 | Gross Carrying Value | Accumulated Amortization | Accumulated Impairment Losses | Net | |||||||||||||||||||||||||
| Customer relationships and customer lists | $ | 530,528 | $ | (150,051) | $ | (1,403) | $ | 379,074 | |||||||||||||||||||||
Licenses (1) | 30,951 | — | (20,567) | 10,384 | |||||||||||||||||||||||||
| Value of business acquired | 20,200 | (20,200) | — | — | |||||||||||||||||||||||||
Asset management contracts | 20,000 | (5,833) | — | 14,167 | |||||||||||||||||||||||||
| Software | 12,230 | (12,230) | — | — | |||||||||||||||||||||||||
| Patents and intellectual property | 4,500 | (1,875) | (2,625) | — | |||||||||||||||||||||||||
| Covenants not-to-compete | 4,030 | (4,030) | — | — | |||||||||||||||||||||||||
| Trademarks and trade names | 6,710 | (6,503) | — | 207 | |||||||||||||||||||||||||
| $ | 629,149 | $ | (200,722) | $ | (24,595) | $ | 403,832 | ||||||||||||||||||||||
(1)Licenses is comprised of $10.4 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2024
The Company recorded amortization expense of $71.1 million and an impairment loss of $Nil related to other intangible assets during 2025 (2024 - $57.6 million and $13.8 million, respectively).
In performing the impairment assessment, the Company first assessed qualitative factors to determine whether it was necessary to perform a quantitative impairment test. Based on its qualitative assessment, the Company determined it was not more likely than not that the fair value of the goodwill and other intangible assets in question were less than their respective carrying amounts. The qualitative assessment included the following factors which the Company determined had not significantly deteriorated given specific facts and circumstances: macroeconomic conditions; industry and market conditions; costs factors; and overall financial performance. Other than normal course amortization of intangible assets, in accordance with the Company’s established accounting policy, there were no adjustments to carried goodwill and other intangible assets during 2025.
During 2024, the Company amalgamated and merged certain Validus Re entities into the Company. As a result of management’s review and analysis, it was determined that certain licenses associated with these entities were either cancelled upon amalgamation or merger, or that there was no new business written using these licenses in 2024, and no new business would be incepting using these licenses on a go forward
basis. Accordingly, and in connection with the Company’s impairment testing performed, it was determined that certain licenses associated with these acquired Validus entities, which were initially reflected as indefinite lived intangible assets of $13.9 million at the time of the acquisition of Validus, should be written down to $Nil. The Company recorded an intangible asset impairment charge of $13.8 million during 2024.
The remaining useful life of intangible assets with finite lives ranges from 1.83 years to 12.83 years, with a weighted-average amortization period of 11.89 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below:
Other Intangible Assets | |||||||||||||||||||||||
| Other Intangibles Assets | Investments in Other Ventures, Under Equity Method | Total | |||||||||||||||||||||
| 2026 | $ | 61,324 | $ | 24 | $ | 61,348 | |||||||||||||||||
| 2027 | 53,505 | 24 | 53,529 | ||||||||||||||||||||
| 2028 | 42,492 | 24 | 42,516 | ||||||||||||||||||||
| 2029 | 34,386 | 24 | 34,410 | ||||||||||||||||||||
| 2030 | 28,787 | 24 | 28,811 | ||||||||||||||||||||
| 2031 and thereafter | 101,675 | 63 | 101,738 | ||||||||||||||||||||
| Total remaining amortization expense | 322,169 | 183 | 322,352 | ||||||||||||||||||||
| Indefinite lived | 10,384 | — | 10,384 | ||||||||||||||||||||
| Total | $ | 332,553 | $ | 183 | $ | 332,736 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 19, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.