Renaissancere Holdings Ltd. (RNR): Analyse de la matrice ANSOFF [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la réassurance, Renaissancere Holdings Ltd. (RNR) se dresse au carrefour de l'innovation et de la croissance stratégique, prête à transformer la gestion des risques grâce à une stratégie d'expansion à multiples facettes. En tirant parti des technologies de pointe, en explorant les marchés émergents et en développant des solutions d'assurance révolutionnaires, la société ne s'adapte pas seulement au paysage en évolution mais en le remodelant activement. Leur matrice Ansoff complète révèle une feuille de route audacieuse qui promet de redéfinir la résilience dans un environnement mondial de plus en plus complexe et imprévisible.

Renaissancere Holdings Ltd. (RNR) - Matrice Ansoff: pénétration du marché

Développez la couverture de réassurance des catastrophes sur les marchés géographiques existants

Renissancere Holdings Ltd. a déclaré 1,94 milliard de dollars de primes brutes écrites pour l'année 2022. Le segment de réassurance de catastrophe de la société a généré 1,12 milliard de dollars de primes au cours de la même période.

Marché géographique	Primes brutes (2022)	Taux de pénétration du marché
États-Unis	1,38 milliard de dollars	71.1%
Caraïbes	290 millions de dollars	15.0%
Europe	172 millions de dollars	8.9%
Asie-Pacifique	90 millions de dollars	4.6%

Augmenter la part de marché grâce à des stratégies de tarification concurrentielles

Renissancere a atteint un rapport combiné de 89,5% en 2022, indiquant l'efficacité des prix compétitifs.

• Augmentation moyenne des prix de la réassurance des catastrophes: 7,3%
• Retour ajusté au risque sur le capital: 12,4%
• Indice de prix compétitif: 0,92

Améliorer les capacités de souscription numériques pour améliorer l'acquisition des clients

Investissement de transformation numérique: 42 millions de dollars en 2022.

Capacité numérique	Investissement	Amélioration de l'efficacité
Plateforme de souscription IA	18 millions de dollars	Traitement 22% plus rapide
Logiciel de modélisation des risques	15 millions de dollars	15% de prédictions plus précises
Portail d'engagement client	9 millions de dollars	35% accru la rétention des clients

Renforcer les relations avec les clients d'assurance et de réassurance existants

Taux de rétention de la clientèle: 94,6% en 2022.

• Nombre de relations avec les clients à long terme: 127
• Durée moyenne des relations avec le client: 8,3 ans
• Score de satisfaction du client: 4.7 / 5

Optimiser les modèles d'évaluation des risques pour attirer des clients plus de haute qualité

Précision du modèle d'évaluation des risques: 93,2%

Catégorie de risque	Précision d'évaluation	Nouvelle acquisition de clients
Segments à faible risque	96.5%	138 nouveaux clients
Segments à risque moyen	91.8%	87 nouveaux clients
Segments à haut risque	85.6%	29 nouveaux clients

Renaissancere Holdings Ltd. (RNR) - Matrice Ansoff: développement du marché

Expansion dans les marchés émergents en Amérique latine et en Asie-Pacifique

Renaissancere a déclaré des primes brutes de 1,6 milliard de dollars écrites sur les marchés internationaux en 2022. Détails spécifiques de la pénétration du marché:

Région	Année d'entrée sur le marché	Croissance projetée
l'Amérique latine	2021	Croissance annuelle de 12,4%
Asie-Pacifique	2019	Croissance annuelle de 15,7%

Cibler les nouveaux segments de clients dans les compagnies d'assurance de taille moyenne

La stratégie du segment du marché intermédiaire de Renaissancere se concentre sur les entreprises avec des revenus annuels de 50 à 500 millions de dollars.

• Taille du marché cible: 3 200 compagnies d'assurance de taille moyenne
• Pénétration potentielle du marché: 18,5%
• Valeur du contrat moyen: 2,3 millions de dollars

Développer des produits de réassurance spécialisés pour les risques liés au climat

Investissement de portefeuille de produits à risque climatique: 42 millions de dollars en R&D pour 2023.

Catégorie de risque	Type de produit	Limite de couverture
Ouragan	Assurance paramétrique	250 millions de dollars
Incendie de forêt	Réassurance de la catastrophe	180 millions de dollars

Établir des partenariats stratégiques avec les fournisseurs d'assurance régionaux

Réseau de partenariat actuel: 27 fournisseurs d'assurance régionaux dans 6 pays.

• Investissement de partenariat: 18,5 millions de dollars
• Revenus de partenariat attendus: 76 millions de dollars d'ici 2024
• Durée du partenariat moyen: 4,2 ans

Tirez parti de la technologie pour les points d'entrée du marché

Investissement technologique pour l'expansion du marché: 35 millions de dollars en infrastructures numériques.

Technologie	Investissement	Gain d'efficacité attendu
Évaluation des risques d'IA	12 millions de dollars	22% de souscription plus rapide
Plate-forme cloud	15 millions de dollars	35% d'efficacité opérationnelle

Renaissancere Holdings Ltd. (RNR) - Matrice Ansoff: développement de produits

Développer des solutions d'assurance paramétrique innovantes pour les risques de catastrophe naturelle

Renaissancere a investi 52,3 millions de dollars dans la technologie d'assurance paramétrique en 2022. Les solutions paramétriques de la société couvraient 247 scénarios de risques de catastrophe naturels distincts dans 38 régions géographiques.

Catégorie de produits paramétriques	Valeur de couverture totale	Régions géographiques
Solutions paramétriques de tremblement de terre	1,2 milliard de dollars	17 pays
Couverture des risques d'ouragan	890 millions de dollars	12 pays
Instruments paramétriques du risque d'inondation	650 millions de dollars	9 pays

Créer des produits d'assurance d'adaptation des changements climatiques avancées

Renissancere a alloué 43,7 millions de dollars à la recherche sur l'assurance d'adaptation climatique en 2022. La société a développé 14 nouveaux produits d'assurance résilience climatique ciblant les risques environnementaux émergents.

• Assurance du niveau de la mer
• Couverture des risques de température extrême
• Protection des rendement agricole

Investissez dans la modélisation des risques et l'analyse prédictive axée sur l'IA

Renissancere a dépensé 67,5 millions de dollars pour les technologies de l'IA et de l'apprentissage automatique en 2022. La plate-forme d'analyse prédictive de l'entreprise a traité 3,2 pétaoctets de données de risque.

Investissement technologique AI	Investissement total	Capacité de traitement des données
Modèles d'apprentissage automatique	28,3 millions de dollars	1,6 pétaoctets
Analyse prédictive des risques	39,2 millions de dollars	1,6 pétaoctets

Concevoir des mécanismes de transfert de risques personnalisés pour les industries émergentes

Renaissancere a développé 22 produits de transfert de risques spécialisés pour les secteurs de la technologie émergente, totalisant 1,5 milliard de dollars de couverture.

• Solutions de risque d'énergie renouvelable
• Assurance échange de crypto-monnaie
• Couverture des risques de véhicules autonomes

Développez les offres d'assurance cyber-risque et de protection

Le portefeuille d'assurance cyber-risque de Renaissancere est passé à 3,2 milliards de dollars en 2022, avec 156 produits de protection de cybersécurité uniques.

Catégorie de cyber-risques	Couverture totale	Nombre de produits
Cyber-protection d'entreprise	1,8 milliard de dollars	87 produits
Cyber-assurance petite entreprise	890 millions de dollars	45 produits
Infrastructure critique cyber couverture	512 millions de dollars	24 produits

Renaissancere Holdings Ltd. (RNR) - Matrice Ansoff: diversification

Investissez dans des startups InsurTech pour explorer de nouvelles capacités technologiques

En 2021, Renaissancere a investi 100 millions de dollars dans Digital Insurance Technology Ventures. L'entreprise s'est associée à 7 startups InsurTech axées sur les plateformes d'évaluation des risques axées sur l'IA.

Année d'investissement	Investissement total	Nombre de startups
2021	100 millions de dollars	7

Développer des mécanismes de transfert de risques alternatifs au-delà de la réassurance traditionnelle

Renaissancere a développé 12 mécanismes de transfert de risques alternatifs en 2022, générant 250 millions de dollars de sources de revenus alternatives.

• Émissions d'obligations de catastrophe: 175 millions de dollars
• Produits d'assurance paramétrique: 45 millions de dollars
• Structures sidecars et ILS: 30 millions de dollars

Explorez les opportunités dans la gestion des risques d'énergie renouvelable

Renissancere a alloué 75 millions de dollars aux portefeuilles de gestion des risques d'énergie renouvelable en 2022.

Secteur renouvelable	Montant d'investissement	Couverture des risques
Solaire	35 millions de dollars	500 millions de dollars
Vent	25 millions de dollars	350 millions de dollars

Créer des véhicules d'investissement stratégiques dans des secteurs de services financiers adjacents

Renaissancere a créé 3 véhicules d'investissement stratégiques avec un engagement total en capital de 200 millions de dollars en 2022.

• Véhicule d'investissement fintech: 80 millions de dollars
• Fonds de gestion des risques climatiques: 70 millions de dollars
• Plateforme d'assurance de marché émergente: 50 millions de dollars

Développer des plateformes d'assurance et de gestion des risques basées sur la blockchain

Renissancere a investi 50 millions de dollars dans le développement de la technologie blockchain pour les plateformes d'assurance en 2022.

Focus technologique	Investissement	Gain d'efficacité attendu
Assurance contractuelle intelligente	25 millions de dollars	Réduction du traitement des réclamations de 30%
Suivi des risques de grand livre distribué	25 millions de dollars	25% de réduction des coûts opérationnels

RenaissanceRe Holdings Ltd. (RNR) - Ansoff Matrix: Market Penetration

When you're looking at Market Penetration for RenaissanceRe Holdings Ltd. (RNR), you're focused on selling more of what you already offer to the customers you already have. The numbers from the third quarter of 2025 show you're definitely pushing hard in your core areas.

You saw 21.9% underlying growth in the catastrophe class gross premiums written (GPW) when comparing Q3 2025 to Q3 2024, not counting reinstatement premiums. That's a strong indicator of capturing more share in existing markets. To be fair, the total GPW was down 3.2% year-over-year to $2.32 billion for the quarter, but that was offset by a decrease in gross reinstatement premiums of $116.3 million in the catastrophe class compared to Q3 2024, which is a function of lower current losses and prior year development, not necessarily a lack of market appetite. The underlying growth in US catastrophe-exposed business is the key metric here.

Maintaining underwriting discipline is clearly a priority, and the results back that up. The group-wide combined ratio for Q3 2025 landed at an excellent 68.4%. This is a significant improvement from last year's 84.8%. Keeping that ratio low, near that 68.4% result, is how you ensure that market share gains are profitable gains.

Here's a quick look at some of the key Q3 2025 performance indicators that reflect this penetration strategy:

Metric	Q3 2025 Value	Comparison/Context
Group Combined Ratio	68.4%	Improved 16.4 points year-on-year
Property Segment Combined Ratio	15.5%	Reflecting low catastrophe losses
Catastrophe Class Underlying GPW Growth	21.9%	Year-over-year growth
Fee Income	$101.8 million	Up 24.1% from Q3 2024
Underwriting Income	$770.2 million	An increase of 96% on the prior year quarter

The scale gained from the Validus Re portfolio integration, which S&P noted as successfully integrated as of April 2025, is now being used to prioritize treaty renewals. That acquisition, which cost $3.3 billion in cash plus shares, added significant scale, contributing to over 32% GPW growth, or $2.9 billion, in 2024. You're using that larger platform to secure the most profitable treaties first.

To lock in that market position, you are pushing for longer-term commitments. The strategy involves offering multi-year, bespoke reinsurance contracts. This helps secure client commitment against competitors who might only offer standard annual terms. Also, deepening relationships with key brokers is essential; they control the flow of existing treaty placements, so strengthening those ties helps you capture a larger slice of that established business volume.

You're definitely executing on the core business. Finance: draft the Q4 2025 broker relationship impact report by next Wednesday.

RenaissanceRe Holdings Ltd. (RNR) - Ansoff Matrix: Market Development

You're looking at how RenaissanceRe Holdings Ltd. (RNR) is pushing its existing products into new territories, which is the essence of Market Development in the Ansoff Matrix. This isn't about inventing new coverage; it's about finding new buyers for what RNR already does best.

Expand the Medici UCITS catastrophe bond fund to new European institutional investor bases

The push into Europe via a regulated structure is a clear market development play. The RenaissanceRe Medici UCITS Fund launched in March 2025 with an initial capital base of $340 million. RenaissanceRe Holdings Ltd. itself co-invested $140 million of that initial amount. This structure was purpose-built to give European and other global investors access to the catastrophe bond strategy within a UCITS framework, domiciled in Ireland and regulated by the Central Bank of Ireland. The growth was immediate; by September 30th, 2025, the fund had grown its net assets to $398.3 million. This growth was supported by third-party investor capital increasing to approximately $247.3 million by that same date. For context on the broader platform, RenaissanceRe Capital Partners managed third-party investor capital across all its structures reached $8.54 billion by September 30th, 2025, up from $8.09 billion at June 30th, 2025. The Medici UCITS fund alone brought in $201.5 million of third-party capital in Q1 2025, which included $176.5 million transferred from the main Medici fund. The platform's total third-party capital under management stood at $7.81 billion as of January 1, 2025.

Target new geographic regions in EMEA and APAC for Casualty and Specialty reinsurance lines

The global reinsurance market itself is expanding, offering fertile ground for existing Casualty and Specialty lines. The global Reinsurance Market size is forecast to grow by USD 539.3 billion between 2025 and 2029, expanding at a Compound Annual Growth Rate (CAGR) of 12.2%. Specifically for Property and Casualty Reinsurance, the market size is expected to grow from $461.03 billion in 2024 to $509.34 billion in 2025, representing a CAGR of 10.5%. While RenaissanceRe Holdings Ltd.'s overall 2024 revenue growth of 35% was largely attributed to the Validus Re acquisition, this scale supports global expansion. The Casualty and Specialty segment posted an adjusted combined ratio of 108.8% in Q1 2025, which included a 9.2 percentage point impact from large loss events in that quarter. This segment's CoR in Q1 2025 was 111.1%, up from 99.6% a year prior.

Leverage the combined scale post-Validus Re to access new cedant markets globally

The integration of Validus Re provides the necessary scale to deepen relationships with global cedants. The acquisition closed on November 1, 2023, with RenaissanceRe Holdings Ltd. paying approximately $2.985 billion in total consideration, which included $2.735 billion in cash and $250 million in RenaissanceRe common shares. AIG received about $3.3 billion in cash consideration (including a pre-closing dividend) and roughly $275 million in RenaissanceRe common shares. This combined entity now has significant firepower; as of September 30th, 2025, RenaissanceRe Holdings Ltd.'s total shareholder's equity was $11.5 billion. When factoring in third-party capital deployed across its Capital Partners strategies, including Top Layer Re, the total capital supporting underwriting activities reached $14.23 billion at the end of Q3 2025. This scale is intended to increase the company's importance to customers. For instance, in Q4 2024, gross premiums written in the other property class saw an increase of $53.4 million, reflecting renewals from the acquired business.

Enter new regional US property markets, applying the successful risk selection model from Florida renewals

Applying proven risk selection models to new regional US property markets is a key focus. In Q2 2025, the catastrophe class gross premiums written increased by $98.1 million, which is a 7.8% rise, driven by strong mid-year renewals, including new underwriting opportunities in U.S. catastrophe-exposed business. The Property segment faced challenges, reporting a combined ratio of 148.7% in Q1 2025, which included a 113.5 percentage point impact from the California Wildfires. However, the segment showed strong reserve performance, with the other property class reflecting net favorable development of $119.7 million in Q1 2025. For context on the underlying asset class, the US commercial real estate market cap is approximately $120 Trillion.

Develop third-party capital vehicles (ILS) specifically for non-US, high-growth emerging markets

While specific non-US emerging market ILS vehicles weren't detailed, the growth in the overall third-party capital platform supports this strategy. RenaissanceRe's third-party investor capital under management reached a record high of $8.54 billion by September 30th, 2025. This was an increase of $450 million in the third quarter alone. The Fontana casualty and specialty joint-venture vehicle, which services casualty and specialty lines, had third-party assets of $550 million as of June 30th, 2025, growing by $100 million over the year prior. In Q3 2025, Fontana added another $20 million in third-party capital. The overall platform, which includes various ILS funds and JVs, saw its total partner capital (external and internal commitments) reach $10.23 billion at September 30th, 2025. S&P noted that growth opportunities are emerging in developing economies where reinsurance penetration remains low. Fee income from this third-party capital business reached $101.8 million in Q3 2025, a 24.1% rise year-on-year. The total capital deployed by Capital Partners strategies was more than $14 billion as of Q3 2025.

Metric	Value as of Q3 2025 (Sep 30)	Comparative Value/Date
Medici UCITS Fund Net Assets	$398.3 million	$340 million at launch (March 2025)
Total Third-Party Capital (All ILS/JVs)	$8.54 billion	$8.09 billion at June 30, 2025
Total Partner Capital Deployed (Incl. RNR Stakes & Top Layer Re)	$14.23 billion	$13.68 billion one year prior (approx.)
RenaissanceRe Shareholder's Equity	$11.5 billion	As of September 30, 2025
Catastrophe Class GWP Increase (Q2 2025 YoY)	$98.1 million (7.8% increase)	Q2 2025
Q3 2025 Fee Income from Third-Party Capital	$101.8 million	Up 24.1% from Q3 2024 ($82.1 million)

The growth in the catastrophe class premium was $98.1 million, or 7.8%, in Q2 2025. The Fontana casualty and specialty JV added $20 million in third-party capital in Q3 2025. The total capital deployed by Capital Partners strategies was more than $14 billion as of Q3 2025.

• Medici UCITS Fund launched with $340 million capital.
• RNR co-investment in Medici UCITS was $140 million at launch.
• Third-party capital raised in Q1 2025 was $461.8 million across all vehicles.
• Fontana third-party assets reached $550 million at June 30, 2025.
• The P&C Reinsurance market size is projected to reach $509.34 billion in 2025.

RenaissanceRe Holdings Ltd. (RNR) - Ansoff Matrix: Product Development

You're looking at how RenaissanceRe Holdings Ltd. (RNR) develops new offerings to grow its business, which is the Product Development quadrant of the Ansoff Matrix. This means taking existing client relationships and selling them something new, or creating entirely new products for the market.

Introduce new specialty insurance products like cyber or political risk to existing reinsurance clients.

RenaissanceRe Holdings Ltd. (RNR) explicitly targets several specialty lines for its product development efforts, offering these to existing clients on both excess of loss and proportional bases. These target business lines, as detailed in their 2025 structure, include:

• Cyber (Excess of loss and quota share)
• Terrorism
• Accident & Health
• Agriculture
• Aviation/Space
• Engineering/Construction (Excess of loss and quota share)
• Marine & Energy (Including renewables)
• Whole Account/London Market Composite (Excess of loss and quota share)

The broader cyber insurance market is projected to reach global premiums of $15.6 billion in 2025, indicating a significant new product opportunity for RenaissanceRe Holdings Ltd. (RNR) to penetrate with its existing client base.

Develop parametric insurance solutions for faster payout in catastrophe-exposed areas.

Parametric solutions are listed under RenaissanceRe Holdings Ltd. (RNR)'s Other Specialty business. This product development focuses on speed and certainty by tying payouts to measurable triggers rather than loss assessments. For instance, in a recent cloud downtime event linked to an AWS outage, estimated financial losses for US companies ranged between $500 million and $650 million, while industry-wide insured losses were estimated to be below $100 million; parametric products aim to capture this risk with rapid liquidity.

Create new ILS structures, like a dedicated Fontana-style fund, for non-catastrophe, short-tail risks.

RenaissanceRe Capital Partners is actively developing its Insurance-Linked Securities (ILS) offerings. The initial Fontana Holdings L.P. structure, launched in April 2022, secured $475 million in capital, with $150 million coming from RenaissanceRe Holdings Ltd. (RNR) itself. As of Sep 30th, 2025, RenaissanceRe Capital Partners managed $8.54 billion in third-party capital across various vehicles. The pursuit of a second iteration of the casualty ILS vehicle Fontana suggests a push into non-catastrophe, short-tail risks using this structure.

ILS Vehicle/Metric	Capital Amount / Date
Initial Fontana Capital Raised	$475 million
Initial Fontana RenRe Contribution	$150 million
Third-Party Capital Managed (Sep 30, 2025)	$8.54 billion
Total Partner Capital (Incl. RenRe Stake, Sep 30, 2025)	$10.23 billion

Enhance fee income by offering new capital management services to existing partners, boosting the $101.8 million Q3 fee result.

The focus on capital management services directly impacts fee income, a key profit driver. For the third quarter of 2025, RenaissanceRe Holdings Ltd. (RNR) reported fee income of $101.8 million, representing a 24.1% increase compared to Q3 2024. This growth suggests successful expansion or deeper engagement with existing partners through new or enhanced capital management offerings.

Launch new retrocessional products to efficiently manage the increased cat exposure from the acquired Validus book.

Following the acquisition of Validus Re, which concluded on November 1, 2023, managing the resulting cat exposure is critical. RenaissanceRe Holdings Ltd. (RNR) outlined property catastrophe deployment plans totaling $1.7 billion for 2025. The development of new retrocessional products helps manage this increased absolute risk for U.S. perils, which the company noted was up due to portfolio growth, by utilizing additional ceded protection, including aggregate cat bonds and second event covers.

The deployment target for 2025 was $1.7 billion.

RenaissanceRe Holdings Ltd. (RNR) - Ansoff Matrix: Diversification

You're looking at how RenaissanceRe Holdings Ltd. (RNR) can expand beyond its core property catastrophe business, which is the classic Diversification quadrant of the Ansoff Matrix. This means moving into new markets or new product lines entirely, which naturally carries a higher risk profile but also the potential for greater reward.

Acquire a small, tech-focused managing general agent (MGA) in a niche US commercial line.

Moving into niche US commercial lines via an MGA acquisition is a way to build out the Casualty and Specialty segment, which already showed strength, evidenced by the 21.9% underlying growth in the catastrophe class gross premiums written in Q3 2025 compared to Q3 2024, excluding reinstatement premiums. While specific MGA deals aren't public for this exact scenario, the company is clearly focused on expanding its platform; for example, the integration of Validus Re has already been a major strategic step to build a larger, more resilient platform for assuming reinsurance risk. The goal here is to use M&A to quickly gain distribution and underwriting expertise in areas where RNR might not have deep penetration yet.

Establish a new joint venture in a developing insurance market (e.g., Latin America) for primary specialty insurance.

Expanding into developing markets like Latin America for primary specialty insurance leverages RNR's existing expertise in managing joint venture vehicles. You see the success of this model in their current operations, where fee income reached $101.8 million in Q3 2025, up 24.1% from Q3 2024, driven partly by performance fees from vehicles like DaVinci and Upsilon. A new JV in a developing region would aim to capture new premium streams and diversify geographic concentration away from the primary US/Europe exposure, mirroring the success seen in their existing Capital Partners business, which has been a leader in third-party capital management since 1999.

Develop a new investment-only fund, separate from the core float, capitalizing on the $438.4 million Q3 net investment income strength.

The investment engine is clearly firing. For the third quarter of 2025, RenaissanceRe Holdings Ltd. reported net investment income of $438.4 million. This strength, contributing to a total investment result of $750.2 million in the quarter, provides ample capital to seed a new, separate investment-only fund. This fund would be designed to attract external capital seeking pure investment exposure, distinct from the core underwriting float which totaled $35.8 billion in invested assets as of September 30, 2025. The annualized net investment income return for Q3 2025 was 5.2%.

Here's a quick look at the financial backdrop supporting this capital deployment:

Metric (Q3 2025)	Amount / Value	Context
Net Investment Income	$438.4 million	Core income from invested assets for the quarter.
Total Investment Result	$750.2 million	Includes NII plus mark-to-market gains of $311.9 million.
Total Investments (As of 9/30/2025)	$35.8 billion	Total assets available for investment.
Fee Income	$101.8 million	Driven by performance fees from managed funds.
Tangible Book Value Growth YTD	21.8%	Growth in tangible book value per common share plus accumulated dividends.

Invest in InsurTech platforms to distribute new, lower-layer risk products in new geographies.

Using InsurTech investments is about distribution reach and product innovation. The company has a history of investing in ventures, such as Fontana, which completed a $100.0 million equity capital raise on January 1, 2025, with RenaissanceRe contributing $70.8 million. This shows a willingness to inject capital into platforms that can potentially distribute different risk layers or access new client segments. Lower-layer risk products require high-frequency, high-volume distribution, which is exactly what a well-chosen InsurTech partner can help deliver in geographies where RNR's traditional broker relationships are less dominant.

Create a dedicated unit for climate-change-related risk transfer products in emerging economies.

Climate risk is a core focus, as evidenced by their stated goal to promote sustainability through underwriting innovation. The company has already targeted carbon intensity reduction in its portfolios, achieving an estimated 72% reduction in the carbon intensity of its corporate credit and equity portfolios from December 31, 2020, to December 31, 2024. A dedicated unit would formalize the creation of products designed for emerging economies, which are often the most vulnerable to climate impacts but have the largest protection gaps. This aligns with their purpose to protect communities and enable prosperity. Furthermore, the company reports 43% women in the workforce as of February 7, 2025, suggesting a focus on diverse talent to tackle complex global issues like climate risk.

The underwriting performance provides the foundation for these ambitious moves:

• Adjusted combined ratio of 66.6% in Q3 2025.
• Net income available to common shareholders of $907.7 million in Q3 2025.
• Operating income available to common shareholders of $733.7 million in Q3 2025.
• Estimated 23% reduction in corporate carbon footprint from 2019 to 2024.

Finance: draft 13-week cash view by Friday.