RenaissanceRe Holdings Ltd. (RNR): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect how RenaissanceRe Holdings Ltd. (RNR) consistently delivers top-tier returns in the notoriously volatile reinsurance space. Honestly, it's not just about taking on risk; it's about a sophisticated hybrid engine they run. They blend their own shareholder equity, which stood at $11.5 billion as of 9M 2025, with massive third-party capital-managing $14.23 billion in partner funds by Q3 2025-to underwrite complex catastrophe risk with elite efficiency, evidenced by that 68.4% Combined Ratio. This structure allows them to generate huge fee income-$101.8 million in Q3 2025-while driving an impressive 28.2% Operating ROE. Let's break down exactly how this powerhouse of capital management and proprietary risk science is structured below.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel RenaissanceRe Holdings Ltd.'s underwriting capacity and fee income engine as of late 2025. These aren't just names on a slide; they represent billions in deployed capital and critical risk transfer mechanisms.

State Farm: Backer of Top Layer Re, providing stop-loss reinsurance.

The Top Layer Re joint venture, established in 1999, is a key structure where State Farm Mutual Automobile Insurance Company is a co-owner, holding 50% ownership, with Renaissance Reinsurance Ltd. holding the other 50%. State Farm Mutual provides substantial contractual support, including $3.9 billion excess of $100 million stop-loss reinsurance protection to Top Layer. This arrangement allows Top Layer to provide State Farm Mutual with uncorrelated exposure to non-U.S. high layer reinsurance risk. At September 30, 2025, the capital attributed to Top Layer was approximately $4 billion, separate from the main Capital Partners AUM figures. State Farm also holds roughly 4.4% of RenaissanceRe Holdings Ltd.'s total common shares outstanding based on prior capital raises.

PGGM: Key institutional investor in the Vermeer Re rated reinsurer.

PGGM, the Dutch pension fund investor, is the sole investor in Vermeer Reinsurance Ltd. VermeerRe was initially planned for a total capital commitment of $1 billion, with an initial equity stake of $600 million and up to an additional $400 million available for growth. Vermeer Re's balance-sheet capital grew by $70 million from third-party investors during the third quarter of 2025. The growth in Vermeer Re was a notable driver of the overall third-party capital increase in that quarter.

Institutional Investors: Limited partners in DaVinciRe, Fontana, and Medici funds.

The total third-party investor capital under management across RenaissanceRe Capital Partners' range of vehicles hit a record high of $8.54 billion by September 30, 2025, an increase of $450 million in the quarter. When including RenaissanceRe's own co-investment stakes, the total assets across these structures reached $10.23 billion at the same date. RenaissanceRe's own co-investment in these specific vehicles was approximately $1.70 billion as of September 30, 2025. The fee income generated from this third-party capital management business saw a 24.1% year-over-year rise in the third quarter of 2025.

Here's a breakdown of the third-party capital growth for the primary vehicles in Q3 2025:

AIG: Strategic partner post-Validus Re acquisition, including expected capital investments.

As part of the agreement to sell Validus Re and AlphaCat Managers to RenaissanceRe Holdings Ltd., AIG had an option to make a "substantial" investment into the DaVinciRe and Fontana Holdings vehicles. The disclosed scale of this expected investment commitment was up to $500 million into RenaissanceRe's Capital Partners unit. Furthermore, the transaction consideration included $250 million in RenaissanceRe common shares issued directly to AIG. This strategic capital injection was anticipated to support the folding of the Validus Re book into RenaissanceRe's third-party capital structures.

Reinsurance Brokers: Primary distribution channel for treaty reinsurance business.

Reinsurance brokers serve as the primary conduit for placing RenaissanceRe Holdings Ltd.'s treaty reinsurance business with external cedents. The overall scale of the company's operations, which relies on these distribution partners, is reflected in its financial results; RenaissanceRe reported total revenue of $3.20 billion for the quarter ended September 30, 2025. The company's total shareholder's equity stood at $11.5 billion as of the nine months ended 2025, underpinning the capacity placed through these broker relationships. The total capital deployed across all structures managed by Capital Partners, including Top Layer Re, reached $14.23 billion as of Q3 2025.

You should review the latest 10-Q filing for the precise breakdown of fee income versus underwriting income generated from these partnerships, which was $327 million in fee income for Fiscal Year 2024.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Key Activities

You're looking at the core engine of RenaissanceRe Holdings Ltd. (RNR) as of late 2025. These are the essential actions the firm takes to execute its mission of matching desirable risk with efficient capital.

Catastrophe Risk Underwriting: Pricing and assuming complex property catastrophe risk is central. The property segment showed exceptional underwriting discipline in the third quarter of 2025, posting a combined ratio of just 15.5%. Overall, the company achieved a consolidated combined ratio of 68.4% for Q3 2025. Also, the underlying growth in catastrophe-class gross premiums written, not counting reinstatement premiums, was up 21.9% compared to Q3 2024.

Capital Partners Management: Running the Insurance-Linked Securities (ILS) platform is a major activity, bringing in fee income and deploying third-party capital. By September 30, 2025, the total capital across RenaissanceRe Capital Partners structures, including RenaissanceRe's own co-investment stakes, reached $14.23 billion. The third-party investor capital under management (AUM) specifically stood at $8.54 billion at that same date. This activity drove fee income to $101.8 million in Q3 2025, marking a 24.1% increase over Q3 2024.

Investment Portfolio Management: Generating substantial net investment income from a large, prudently managed portfolio is the third profit driver. The total investment portfolio size stood at $35.8 billion as of September 30, 2025. For Q3 2025, the total investment result was $750.2 million, which included $438.4 million in net investment income. The weighted average yield to maturity on this portfolio was 4.9%, with a duration of 2.6 years.

Here's a quick look at those key financial metrics from the Q3 2025 results:

Risk Modeling and Science: Developing superior proprietary models for risk selection is a continuous activity. RenaissanceRe Holdings Ltd. invests heavily to understand the impact of climate change on natural perils and incorporates these views into enterprise risk management processes and catastrophe underwriting models. This work supports their goal to be the best underwriter.

Validus Re Integration: Finalizing the integration of the acquired treaty business is an ongoing strategic activity. The impact of the Validus Acquisition is noted in the growth of the investment portfolio size. The company continues to optimize its Casualty and Specialty portfolio, which posted a combined ratio of 101.4% in Q3 2025.

• Property Segment Combined Ratio (Q3 2025): 15.5%
• Casualty and Specialty Segment Combined Ratio (Q3 2025): 101.4%
• Total Gross Premiums Written (Q3 2025): $2.32 billion

Finance: Confirm the Q4 2025 capital deployment plan by next Tuesday.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Key Resources

You're looking at the core assets that let RenaissanceRe Holdings Ltd. take on the world's biggest natural perils. These aren't just line items; they are the engine room.

Proprietary Risk Models: Superior data and analytics for pricing extreme risks.

The models are the secret sauce, letting RenaissanceRe Holdings Ltd. price risk that others might pass on. The proof of concept is clear in the results; for instance, the Property segment posted an adjusted combined ratio of 26% in the second quarter of 2025. This precision helps drive strong underwriting income, which reached $1.6 billion in 2024.

Underwriting Expertise: Deep, specialized team focused on property and specialty lines.

The team's skill is evident in the growth they managed, pushing gross premiums written up by 32.4% in 2024 to reach $11.7 billion. This expertise is concentrated in the areas where returns are strongest, namely property catastrophe and specialty lines of business.

Financial Capital: Shareholder equity of $11.5 billion (9M 2025) and managed third-party capital.

The balance sheet strength provides the foundation for all underwriting commitments. Here's a quick look at the core equity position as of late 2025 data points.

Capital Partners Platform: The ILS fund management infrastructure (AlphaCat, DaVinci, etc.).

This platform multiplies RenaissanceRe Holdings Ltd.'s capacity by bringing in external money. The scale of this deployment is significant, giving the firm a louder voice in global reinsurance pricing.

• Third-party investor capital under management (AUM) across RenaissanceRe Capital Partners structures: $8.54 billion (Sep 30th 2025).
• Total assets across these structures, including RenaissanceRe's co-investment: $10.23 billion (30/09/2025).
• Total capital deployed by Capital Partners strategies, including Top Layer Re: $14.23 billion (Q3 2025).
• Fee Income from Capital Partners: $95 million (Q2 2025).
• Fee Income from Capital Partners: $326.8 million (2024).

Global Licenses: Regulatory approvals to operate in key jurisdictions (Bermuda, US, UK).

Operating requires the right paperwork in the right places. RenaissanceRe Holdings Ltd. maintains the necessary regulatory approvals to write business across key global hubs, including Bermuda, the United States, and the United Kingdom. These licenses allow the deployment of capital and the servicing of clients in those jurisdictions.

Finance: review the Q3 2025 capital deployment against the $14.23 billion total by next Tuesday.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Value Propositions

You're looking at how RenaissanceRe Holdings Ltd. (RNR) delivers distinct value to its clients and investors as of late 2025. It really boils down to superior execution across risk and capital management.

Efficient Risk Transfer: Elite Underwriting

We see elite underwriting performance clearly in the reported figures. For the third quarter of 2025, the overall Combined Ratio stood at 68.4%. This metric shows how effectively the company manages claims and expenses relative to the premiums it earns. Honestly, that's a strong signal of disciplined risk selection.

The value proposition here is the ability to take on complex, large-scale risks while maintaining underwriting discipline, which is reflected in the segment performance:

• Property segment combined ratio was 15.5%.
• Casualty and specialty segment combined ratio was 101.4%.

Here's a quick look at those key underwriting results from Q3 2025:

Hybrid Capital Solution

RenaissanceRe Holdings Ltd. offers clients capacity that isn't just its own balance sheet; it's a mix of owned and managed capital. This managed capacity comes through its Capital Partners unit, which is a key part of its offering. The value is in providing scale beyond the core balance sheet, which is supported by fee generation. For Q3 2025, fee income reached $101.8 million. This shows the engine driving the management of third-party capital is active.

High Shareholder Return

For shareholders, the value is in superior returns, which is a direct result of the underwriting and investment performance. The annualized Operating Return on Average Common Equity for Q3 2025 was 28.2%. That's a concrete number showing strong stewardship of capital.

Diversified Capacity

The company provides large-scale coverage across the spectrum of risk, which is essential for major clients. This capacity is backed by significant financial resources. Total investments stood at $35.8 billion as of September 30, 2025. You get coverage across property, casualty, and specialty lines, allowing for a broad risk portfolio.

Alignment of Interest

A core part of the value proposition is aligning its interests with the third-party capital providers it manages. This is done by co-investing alongside them in joint ventures and managed funds. The financial benefit flowing back to RenaissanceRe Holdings Ltd. from these vehicles demonstrates this shared skin in the game. For instance, net investment income from the company's joint ventures and managed funds was $133.7 million in Q3 2025. When the managed funds perform well, RenaissanceRe Holdings Ltd. benefits directly, which is a powerful alignment tool.

Finance: draft 13-week cash view by Friday.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Customer Relationships

You're looking at how RenaissanceRe Holdings Ltd. (RNR) manages its crucial external connections, which is key to its capital-matching strategy. Here's the breakdown of those relationships based on the latest figures.

Partnership Approach: Deep, long-term relationships with ceding companies.

RenaissanceRe Holdings Ltd. provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. The portfolio is characterized by relatively large transactions with ceding companies. As of the February 2025 10-K filing, no current relationship with a ceding company exceeded 10% of gross premiums written.

The company's mission is to match desirable risk with efficient capital, which underpins these long-term interactions.

Joint Venture Alignment: Structuring vehicles like DaVinciRe for shared risk and reward.

The DaVinciRe joint venture structure is central to aligning risk and reward with institutional investors. DaVinciRe Holdings Ltd. is the parent of DaVinci Reinsurance Ltd., which primarily underwrites property catastrophe reinsurance as companion lines alongside RenaissanceRe subsidiaries.

Key figures related to the DaVinciRe platform as of early 2025:

In February 2025, DaVinciRe Holdings Ltd. agreed to sell an aggregate principal amount of $300 million of 5.950% Senior Notes due 2035, intending to use proceeds to boost firepower while paying down $150 million of 4.750% Senior Notes due 2025.

Dedicated Investor Relations: Managing sophisticated institutional investor expectations.

Investor focus is managed through consistent reporting on the three principal drivers of profit: underwriting income, fee income, and investment income. Fee income, primarily from managing third-party capital like DaVinciRe, saw growth.

Financial performance metrics reported for 2025 through Q3:

• Q3 2025 Net Income Available to Common Shareholders: $907.7 Million.
• Q3 2025 Operating Income Available to Common Shareholders: $733.7 million.
• Q2 2025 Net Income Available to Common Shareholders: $826.5 Million.
• Q2 2025 Fee Income: $95.0 million, up 12.9% from Q2 2024.
• Q1 2025 Net Income Available to Common Shareholders: $161.1 Million.
• Q1 2025 Operating Loss Attributable to Common Shareholders: $69.8 million.

Total investments stood at $34.5 billion as of June 30, 2025, up from $32.6 billion at December 31, 2024.

Shareholder capital management in early 2025 included:

• Q1 2025 share repurchases: 1.5 million common shares for an aggregate cost of $361.1 million.
• Q2 2025 share repurchases: 1.6 million common shares for an aggregate cost of $376.4 million.

For the full year 2024, the company generated $1.8 billion in Net Income Available to Common Shareholders and achieved a 19.3% Return on Average Common Equity.

Broker-Facilitated Service: Maintaining strong ties with major reinsurance brokers.

RenaissanceRe Holdings Ltd. provides its solutions to customers principally through intermediaries. The company's distribution relies on a small number of broker relationships. The 10-K filing noted that this concentration has continued to decrease in recent years due to consolidation in the broker sector.

Brokers perform essential functions, including assessing client needs, data collection, contract preparation, and other administrative tasks, which allows RenaissanceRe to market its products cost effectively.

Customized Risk Solutions: Tailoring reinsurance treaties to specific client needs.

The business strategy includes executing customized reinsurance transactions to assume or cede risk. RenaissanceRe writes a portfolio of business across property, casualty, and specialty lines. This includes catastrophe reinsurance protecting against natural and man-made events like earthquakes, hurricanes, and terrorism.

The company's underwriting is applied to its portfolio of reinsurance risk, which is built across its operating subsidiaries, joint ventures, and managed funds.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Channels

You're looking at how RenaissanceRe Holdings Ltd. (RNR) gets its product-reinsurance capacity-to the market. It's a mix of traditional brokerage relationships, direct capital partnerships, and its own highly-rated underwriting vehicles. Honestly, the scale of their third-party capital operation is what really sets their channel strategy apart now.

Reinsurance Brokers: The defintely primary channel for placing treaty contracts globally.

RenaissanceRe Holdings Ltd. provides its property, casualty and specialty reinsurance solutions to customers, principally through intermediaries. This means the vast majority of treaty contracts flow through the established global reinsurance broker network. While a specific Gross Written Premium (GWP) percentage channeled this way isn't public in the latest filings, this remains the foundational route for placing the core risks on the main balance sheet.

Capital Partners Direct Sales: Direct access channel to large institutional investors (pension funds, endowments).

This is where RenaissanceRe Capital Partners shines, acting as the direct conduit to capital markets. They manage third-party capital structures, which is a huge part of their overall firepower. As of September 30, 2025, the third-party investor capital under management inside RenaissanceRe Capital Partners hit $8.5 billion. If you include RenaissanceRe Holdings Ltd.'s own stakes in these vehicles, the total assets across the structures reached $10.23 billion at that same date. This channel is a key driver of fee income, which was $101.8 million for the third quarter of 2025 alone.

Here's a quick look at the capital inflows into the key vehicles during the third quarter of 2025:

What this estimate hides is the continuous flow; for instance, in the second quarter of 2025, they raised $106.1 million in third-party capital across Medici and Upsilon Diversified. This direct access helps RenaissanceRe Holdings Ltd. match desirable risk with efficient capital, which is their stated mission.

Rated Reinsurance Subsidiaries: Direct underwriting entities like DaVinciRe and Vermeer Re.

These subsidiaries are the rated vehicles that actually assume the risk, often backed by the third-party capital mentioned above, but they also represent RenaissanceRe Holdings Ltd.'s own underwriting capacity and brand strength in the market. Their ratings are critical for attracting both cedants and investors.

You can see the strength of the key underwriting entities here:

• Renaissance Reinsurance Ltd.: A.M. Best A+
• DaVinci Reinsurance Ltd.: A.M. Best A, S&P A+
• Vermeer Reinsurance Ltd.: A.M. Best A
• Top Layer Reinsurance Ltd.: S&P AA, A.M. Best A+

DaVinciRe, for example, is a major component, with its third-party capital base ending Q2 2025 at $3.51 billion. Vermeer Re is specifically noted for being backed by the Dutch pension fund manager PGGM.

Global Office Network: Physical presence in Bermuda (HQ), US, UK, and Singapore.

The physical footprint supports the global placement of risk and the management of capital partners. RenaissanceRe Holdings Ltd. has been established for over three decades and maintains a broad international presence.

The core locations supporting these channels include:

• Bermuda: Headquarters at Renaissance House, 12 Crow Lane, Pembroke HM19.
• United States: Offices in New York City, Chicago, Raleigh, Stamford, and others.
• United Kingdom: Presence in London.
• Singapore: Office at 50 Collyer Quay.

Other key offices supporting global operations include locations in Canada (Waterloo), Ireland (Dublin), and Switzerland (Zurich). This network helps them service clients and manage capital relationships across major financial hubs.

Finance: draft the Q4 2025 capital partner inflow projection by next Tuesday.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Customer Segments

You're looking at the core groups RenaissanceRe Holdings Ltd. (RNR) serves to match desirable risk with efficient capital, as of late 2025. This is where the premiums come from and where the capital partners invest.

Primary Insurance Companies are the main source of risk transfer business. RenaissanceRe Holdings Ltd. provides property, casualty and specialty reinsurance, and certain insurance solutions to these clients, generally working through intermediaries. The premium flow from this segment is substantial, reflecting the demand for catastrophe and specialty coverage.

For the three months ended September 30, 2025, Gross Premiums Written (GWP) for the Property segment totaled $733,274 thousand, while the Casualty and Specialty segment brought in $1,590,352 thousand in GWP for the same period. This shows the current weighting of the business mix. To give you a sense of the scale, Group-wide GWP for the second quarter of 2025 was reported at $3.42 billion. The company noted that at the mid-year renewals, they grew into attractive property catastrophe opportunities at rates and terms that outperformed the broader market.

Large Institutional Investors are crucial as they supply the capital base, often through joint ventures and managed funds, allowing RenaissanceRe Holdings Ltd. to underwrite more risk. This relationship is monetized through fee income. The fee income for the third quarter of 2025 reached $101.8 million, a solid increase from the $95.0 million reported in the second quarter of 2025. This group is also the target for Insurance-Linked Securities (ILS) products; for instance, RenaissanceRe Holdings Ltd. launched Medici UCITS, a new Irish domiciled property catastrophe bond fund, in March 2025. Total investments, which include capital from these partners, stood at $34.5 billion at June 30, 2025.

The Corporate Clients and Government Entities are served primarily through the Casualty and Specialty segment, which offers solutions like specialty insurance/reinsurance coverage and parametric risk solutions. This segment is quite diverse, covering multiple lines of business that cater to specific, often complex, risks.

Here's a look at the premium breakdown that services these clients across the major underwriting segments for the third quarter of 2025 (all figures in thousands of United States Dollars, unaudited):

The Casualty and Specialty segment's gross premium volume for the first quarter of 2025 was $2,024,670 thousand, showing how this area fluctuates based on market conditions and renewals. The components within this segment that address corporate and government needs include:

• General casualty, with Q1 2025 GWP of $680,449 thousand.
• Professional liability, with Q1 2025 GWP of $236,961 thousand.
• Credit, with Q1 2025 GWP of $400,753 thousand.
• Other specialty, with Q1 2025 GWP of $706,507 thousand.

The company's overall strategy involves matching desirable risk with efficient capital, which means these customer segments are intrinsically linked to the capital partners who fund the joint venture vehicles. For example, third-party capital raised in Q2 2025 was $106.1 million, which directly supports the underwriting capacity offered to the primary insurance companies.

Finance: draft 13-week cash view by Friday.

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Cost Structure

You're looking at the core costs RenaissanceRe Holdings Ltd. faces to keep the lights on and pay for the risks it assumes. For a reinsurer, the cost structure is dominated by the potential for large, unpredictable claims, so understanding these line items is key to valuing the business.

The financial data below reflects the three months ended September 30, 2025, as reported in their latest filings.

Claims and Claim Expenses: The largest variable cost

This is the money RenaissanceRe Holdings Ltd. sets aside, or pays out, for insured events that have occurred. It's the biggest swing factor in profitability. For Q3 2025, this cost was substantial, though tempered by favorable prior year development.

• Claims and Claim Expenses incurred for Q3 2025 totaled $878.820 million (or $878,820 thousand).
• This compares to $1,373.614 million for the same period in 2024.
• The current accident year net claims and claim expense ratio improved by 35.8 percentage points compared to Q3 2024, due to lower catastrophe losses in the quarter.

Acquisition Costs: Paying for Premium Volume

These are the commissions paid out to the brokers and agents who bring the premium volume to RenaissanceRe Holdings Ltd. These costs scale with the premiums written, making them a significant variable expense.

The table below breaks down the key underwriting-related expenses for the three months ended September 30, 2025, and the nine months ended September 30, 2025, in thousands of United States Dollars.

The underwriting expense ratio increased by 2.6 percentage points in Q3 2025, driven by a 1.2 percentage point increase in the acquisition expense ratio and a 1.4 percentage point increase in the operating expense ratio, largely due to a decrease in net premiums earned following lower net reinstatement premiums from Q3 2024.

Operating Expenses: Keeping the Business Running

These cover the day-to-day running of the company, which for RenaissanceRe Holdings Ltd. includes significant investment in technology and specialized talent.

• Operational expenses for the third quarter of 2025 were $125.073 million (or $125,073 thousand).
• Corporate expenses, a subset of overhead, were $23.414 million for the quarter.

Income Tax Expense: The New Bermuda Factor

This is a relatively new, material cost factor following the implementation of the 15 percent corporate income tax in Bermuda starting January 1, 2025. Historically, this cost was minimal.

• Income tax expense for Q3 2025 was $148.860 million (or $148,860 thousand).
• This expense was driven by strong profitability across the Company's operating jurisdictions, including Bermuda.

Debt Servicing: Cost of Capital

RenaissanceRe Holdings Ltd. uses debt to fund operations and acquisitions, and the interest paid on that debt is a fixed cost component.

• Interest expense for the three months ended September 30, 2025, was $30.582 million (or $30,582 thousand).
• For the nine months ended September 30, 2025, total interest expense was $89.461 million (or $89,461 thousand).

RenaissanceRe Holdings Ltd. (RNR) - Canvas Business Model: Revenue Streams

You're looking at the engine room of RenaissanceRe Holdings Ltd. (RNR) revenue generation as of late 2025. The business model here clearly shows that while underwriting is the core, the investment portfolio is a massive, nearly equal partner in driving overall financial results. Honestly, the diversification across these streams is what makes the whole structure so resilient.

The primary fuel for RenaissanceRe Holdings Ltd. comes from the risk transfer business itself. For the third quarter of 2025, the Net Premiums Earned-the revenue recognized from the policies they've underwritten-hit \$2.43 billion, specifically reported as \$2,433.8 million. This is the foundational income stream, representing the price paid by cedants for assuming their risk.

That core business translated directly into strong Underwriting Income, which for Q3 2025 stood at \$770.2 million. This figure reflects excellent execution, supported by a reported combined ratio of 68.4% for the quarter. That ratio tells you they kept losses and expenses well below the premiums they took in, which is defintely the goal.

Here is a quick snapshot of the major revenue components for RenaissanceRe Holdings Ltd. in Q3 2025:

The investment side is substantial. The Net Investment Income, which is the recurring earnings from managing their large asset base (total investments were \$35.8 billion at September 30, 2025), was \$438.4 million for the quarter. This was up slightly from the prior year, largely due to higher average invested assets.

Coupled with that, the market movements contributed significantly through Realized/Unrealized Investment Gains, which marked-to-market at \$311.9 million for Q3 2025. These gains were notably driven by investment-related derivatives. When you combine the Net Investment Income and these mark-to-market figures, the Total Investment Result for the quarter reached \$750.2 million.

Finally, the third major pillar is Fee Income, generated through RenaissanceRe Holdings Ltd.'s Capital Partners activities, managing third-party capital structures like sidecars and ILS funds. This stream grew robustly, reaching \$101.8 million in Q3 2025, a 24.1% increase year-over-year. This growth was fueled by strong underwriting results in those managed vehicles.

You can see the composition of that fee income:

• Management fee income was approximately \$53.014 million.
• Performance fee income contributed around \$48.796 million.
• The total fee income was \$101.810 million.

Finance: draft 13-week cash view by Friday.