RENAISSANCERE HOLDINGS LTDRNR
RENAISSANCERE HOLDINGS LTD Segments Disclosure
SEGMENT REPORTING
The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its investments unit, strategic investments, corporate expenses, certain expenses related to acquisitions and dispositions, capital servicing costs, income tax benefit (expense) and noncontrolling interests.
The Company’s reportable segments each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to the Company’s chief operating decision maker (“CODM”), the Chief Executive Officer of RenaissanceRe, who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate
resources. The Company reports the results of its operations consistent with the manner in which the CODM reviews the business.
The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.
A summary of the significant components of the Company’s revenues and expenses by segment is as follows:
| Year ended December 31, 2025 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
| Gross premiums written | $ | 4,942,141 | $ | 6,796,279 | $ | — | $ | 11,738,420 | |||||||||||||||||||||
| Net premiums written | $ | 4,043,996 | $ | 5,826,204 | $ | — | $ | 9,870,200 | |||||||||||||||||||||
| Net premiums earned | $ | 3,971,669 | $ | 5,929,513 | $ | — | $ | 9,901,182 | |||||||||||||||||||||
Net claims and claim expenses incurred | 1,426,015 | 4,189,824 | — | 5,615,839 | |||||||||||||||||||||||||
| Acquisition expenses | 714,852 | 1,835,971 | — | 2,550,823 | |||||||||||||||||||||||||
| Operational expenses | 297,481 | 166,996 | — | 464,477 | |||||||||||||||||||||||||
| Underwriting income (loss) | $ | 1,533,321 | $ | (263,278) | $ | — | 1,270,043 | ||||||||||||||||||||||
| Net investment income | 1,703,475 | 1,703,475 | |||||||||||||||||||||||||||
| Net foreign exchange gains (losses) | (13,504) | (13,504) | |||||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 71,332 | 71,332 | |||||||||||||||||||||||||||
| Other income (loss) | 4,321 | 4,321 | |||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments | 1,181,268 | 1,181,268 | |||||||||||||||||||||||||||
| Corporate expenses | (82,008) | (82,008) | |||||||||||||||||||||||||||
| Interest expense | (120,852) | (120,852) | |||||||||||||||||||||||||||
Income (loss) before taxes | 4,014,075 | ||||||||||||||||||||||||||||
Income tax benefit (expense) | (396,332) | (396,332) | |||||||||||||||||||||||||||
| Net (income) loss attributable to redeemable noncontrolling interests | (935,409) | (935,409) | |||||||||||||||||||||||||||
| Dividends on preference shares | (35,375) | (35,375) | |||||||||||||||||||||||||||
| Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 2,646,959 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 2,515,211 | $ | 4,191,561 | $ | — | $ | 6,706,772 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (1,089,196) | (1,737) | — | (1,090,933) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 1,426,015 | $ | 4,189,824 | $ | — | $ | 5,615,839 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 63.3 | % | 70.7 | % | 67.7 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | (27.4) | % | — | % | (11.0) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 35.9 | % | 70.7 | % | 56.7 | % | |||||||||||||||||||||||
| Underwriting expense ratio | 25.5 | % | 33.7 | % | 30.5 | % | |||||||||||||||||||||||
| Combined ratio | 61.4 | % | 104.4 | % | 87.2 | % | |||||||||||||||||||||||
| Year ended December 31, 2024 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
| Gross premiums written | $ | 4,823,731 | $ | 6,909,335 | $ | — | $ | 11,733,066 | |||||||||||||||||||||
| Net premiums written | $ | 3,833,636 | $ | 6,118,580 | $ | — | $ | 9,952,216 | |||||||||||||||||||||
| Net premiums earned | $ | 3,850,352 | $ | 6,245,408 | $ | — | $ | 10,095,760 | |||||||||||||||||||||
Net claims and claim expenses incurred | 1,141,726 | 4,191,255 | — | 5,332,981 | |||||||||||||||||||||||||
| Acquisition expenses | 758,554 | 1,885,313 | — | 2,643,867 | |||||||||||||||||||||||||
| Operational expenses | 302,360 | 194,228 | — | 496,588 | |||||||||||||||||||||||||
| Underwriting income (loss) | $ | 1,647,712 | $ | (25,388) | $ | — | 1,622,324 | ||||||||||||||||||||||
| Net investment income | 1,654,289 | 1,654,289 | |||||||||||||||||||||||||||
| Net foreign exchange gains (losses) | (76,076) | (76,076) | |||||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 47,087 | 47,087 | |||||||||||||||||||||||||||
| Other income (loss) | 1,928 | 1,928 | |||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments | (27,840) | (27,840) | |||||||||||||||||||||||||||
| Corporate expenses | (134,784) | (134,784) | |||||||||||||||||||||||||||
| Interest expense | (93,768) | (93,768) | |||||||||||||||||||||||||||
Income (loss) before taxes | 2,993,160 | ||||||||||||||||||||||||||||
Income tax benefit (expense) | (32,628) | (32,628) | |||||||||||||||||||||||||||
| Net (income) loss attributable to redeemable noncontrolling interests | (1,090,172) | (1,090,172) | |||||||||||||||||||||||||||
| Dividends on preference shares | (35,375) | (35,375) | |||||||||||||||||||||||||||
| Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 1,834,985 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 1,960,578 | $ | 4,223,737 | $ | — | $ | 6,184,315 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (818,852) | (32,482) | — | (851,334) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 1,141,726 | $ | 4,191,255 | $ | — | $ | 5,332,981 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 50.9 | % | 67.6 | % | 61.3 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | (21.2) | % | (0.5) | % | (8.5) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 29.7 | % | 67.1 | % | 52.8 | % | |||||||||||||||||||||||
| Underwriting expense ratio | 27.5 | % | 33.3 | % | 31.1 | % | |||||||||||||||||||||||
| Combined ratio | 57.2 | % | 100.4 | % | 83.9 | % | |||||||||||||||||||||||
| Year ended December 31, 2023 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
| Gross premiums written | $ | 3,562,414 | $ | 5,299,952 | $ | — | $ | 8,862,366 | |||||||||||||||||||||
| Net premiums written | $ | 2,967,309 | $ | 4,500,504 | $ | — | $ | 7,467,813 | |||||||||||||||||||||
| Net premiums earned | $ | 3,090,792 | $ | 4,380,341 | $ | — | $ | 7,471,133 | |||||||||||||||||||||
Net claims and claim expenses incurred | 799,905 | 2,773,604 | — | 3,573,509 | |||||||||||||||||||||||||
| Acquisition expenses | 600,127 | 1,274,907 | — | 1,875,034 | |||||||||||||||||||||||||
| Operational expenses | 251,433 | 123,749 | — | 375,182 | |||||||||||||||||||||||||
| Underwriting income (loss) | $ | 1,439,327 | $ | 208,081 | $ | — | 1,647,408 | ||||||||||||||||||||||
| Net investment income | 1,253,110 | 1,253,110 | |||||||||||||||||||||||||||
| Net foreign exchange gains (losses) | (41,479) | (41,479) | |||||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 43,474 | 43,474 | |||||||||||||||||||||||||||
| Other income (loss) | (6,152) | (6,152) | |||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments | 414,522 | 414,522 | |||||||||||||||||||||||||||
| Corporate expenses | (127,642) | (127,642) | |||||||||||||||||||||||||||
| Interest expense | (73,181) | (73,181) | |||||||||||||||||||||||||||
Income (loss) before taxes | 3,110,060 | ||||||||||||||||||||||||||||
Income tax benefit (expense) | 510,067 | 510,067 | |||||||||||||||||||||||||||
| Net (income) loss attributable to redeemable noncontrolling interests | (1,058,995) | (1,058,995) | |||||||||||||||||||||||||||
| Dividends on preference shares | (35,375) | (35,375) | |||||||||||||||||||||||||||
| Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 2,525,757 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 1,208,810 | $ | 2,815,306 | $ | — | $ | 4,024,116 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (408,905) | (41,702) | — | (450,607) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 799,905 | $ | 2,773,604 | $ | — | $ | 3,573,509 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 39.1 | % | 64.3 | % | 53.9 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | (13.2) | % | (1.0) | % | (6.1) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 25.9 | % | 63.3 | % | 47.8 | % | |||||||||||||||||||||||
| Underwriting expense ratio | 27.5 | % | 31.9 | % | 30.1 | % | |||||||||||||||||||||||
| Combined ratio | 53.4 | % | 95.2 | % | 77.9 | % | |||||||||||||||||||||||
The following is a summary of the Company’s gross premiums written by territory of coverage exposure:
| Year ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||
| Gross Premiums Written | Percentage of Gross Premiums Written | Gross Premiums Written | Percentage of Gross Premiums Written | Gross Premiums Written | Percentage of Gross Premiums Written | ||||||||||||||||||||||||||||||||||||
| Property | |||||||||||||||||||||||||||||||||||||||||
| U.S. and Caribbean | $ | 3,162,323 | 26.9 | % | $ | 2,996,981 | 25.5 | % | $ | 2,303,013 | 26.0 | % | |||||||||||||||||||||||||||||
| Worldwide | 1,038,625 | 8.8 | % | 1,063,292 | 9.1 | % | 798,623 | 9.0 | % | ||||||||||||||||||||||||||||||||
| Europe | 233,440 | 2.0 | % | 244,523 | 2.1 | % | 163,500 | 1.9 | % | ||||||||||||||||||||||||||||||||
Worldwide (excluding U.S.) (1) | 152,653 | 1.3 | % | 180,688 | 1.5 | % | 70,646 | 0.8 | % | ||||||||||||||||||||||||||||||||
| Japan | 103,383 | 0.9 | % | 106,533 | 0.9 | % | 85,823 | 1.0 | % | ||||||||||||||||||||||||||||||||
| Australia and New Zealand | 94,161 | 0.8 | % | 101,976 | 0.9 | % | 70,107 | 0.8 | % | ||||||||||||||||||||||||||||||||
| Other | 157,556 | 1.4 | % | 129,738 | 1.1 | % | 70,702 | 0.8 | % | ||||||||||||||||||||||||||||||||
| Total Property | 4,942,141 | 42.1 | % | 4,823,731 | 41.1 | % | 3,562,414 | 40.3 | % | ||||||||||||||||||||||||||||||||
| Casualty and Specialty | |||||||||||||||||||||||||||||||||||||||||
| U.S. and Caribbean | 3,127,671 | 26.6 | % | 2,986,956 | 25.5 | % | 2,333,096 | 26.3 | % | ||||||||||||||||||||||||||||||||
| Worldwide | 3,070,027 | 26.2 | % | 3,217,662 | 27.3 | % | 2,280,687 | 25.7 | % | ||||||||||||||||||||||||||||||||
| Europe | 274,346 | 2.3 | % | 353,863 | 3.0 | % | 197,228 | 2.2 | % | ||||||||||||||||||||||||||||||||
Worldwide (excluding U.S.) (1) | 165,274 | 1.4 | % | 195,489 | 1.7 | % | 130,334 | 1.5 | % | ||||||||||||||||||||||||||||||||
| Australia and New Zealand | 22,076 | 0.2 | % | 43,183 | 0.4 | % | 27,397 | 0.3 | % | ||||||||||||||||||||||||||||||||
| Other | 136,885 | 1.2 | % | 112,182 | 1.0 | % | 331,210 | 3.7 | % | ||||||||||||||||||||||||||||||||
| Total Casualty and Specialty | 6,796,279 | 57.9 | % | 6,909,335 | 58.9 | % | 5,299,952 | 59.7 | % | ||||||||||||||||||||||||||||||||
| Total gross premiums written | $ | 11,738,420 | 100.0 | % | $ | 11,733,066 | 100.0 | % | $ | 8,862,366 | 100.0 | % | |||||||||||||||||||||||||||||
(1)The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.