Highlights

  • Third quarter 2026 net loss attributable to common shareholders was $161.4 million, or $4.02 per diluted common share.
  • Operating income available to common shareholders was $512.6 million, or $12.71 per diluted common share, on a non-GAAP basis.
  • Net realized and unrealized losses on investments were $879.8 million, including $899.6 million from fixed maturity-related investments.
  • RenaissanceRe repurchased $310.1 million of common shares in the third quarter and $143.8 million from October 1 to October 23.

RenaissanceRe Holdings Ltd. (NYSE:RNR) shares were trading at USD 333.31 on October 28, 2026, down 2.32%, with a relative volume at time of 3.65. The reinsurance and insurance provider reported third quarter 2026 results on October 27, including a net loss to common shareholders, investment losses and 2026 Large Loss Events.

RenaissanceRe is a Bermuda company with its principal executive offices at Renaissance House, 12 Crow Lane, Pembroke, Bermuda. Established in 1993, it provides property, casualty and specialty reinsurance and certain insurance solutions, principally through intermediaries. It reports a Property segment and a Casualty and Specialty segment, and it earns fee income from managing third-party capital vehicles. The company has offices across North America, Europe and the Asia-Pacific region. Its fiscal year ends December 31.

Third Quarter Results

RenaissanceRe reported a net loss attributable to common shareholders of $161.4 million, or $4.02 per diluted common share, for the third quarter of 2026. For the third quarter of 2025, net income available to common shareholders was $907,667 thousand, or $19.40 per diluted common share. Annualized return on average common equity was (6.0)%, compared with 34.9%.

On a non-GAAP basis, operating income available to common shareholders was $512.6 million, or $12.71 per diluted common share, compared with $733,717 thousand, or $15.62. Annualized operating return on average common equity was 18.9%, compared with 28.2%.

Gross premiums written were $2,104,008 thousand, compared with $2,323,626 thousand. Net premiums earned were $2,101,076 thousand, compared with $2,433,805 thousand. Underwriting income was $426,091 thousand, compared with $770,189 thousand, and the combined ratio was 79.7%, compared with 68.4%.

Segments, Fees and Investments

The Property segment combined ratio was 32.4%, compared with 15.5%. The Casualty and Specialty segment combined ratio was 110.6%, compared with 101.4%, and the adjusted combined ratio was 109.5%. The company said the 2026 Large Loss Events, primarily the Middle East War and the Ras Laffan Explosion, added 10.5 percentage points to that segment's combined ratio.

The company estimated a net negative impact of $191,449 thousand on underwriting result from the 2026 Large Loss Events, which also include the Colombian Earthquake. It estimated a net negative impact of $111,456 thousand on net income available to common shareholders. The company noted that actual impacts may vary, perhaps materially.

Fee income was $81.7 million, and net investment income was $440.9 million. Net realized and unrealized losses on investments were $879.8 million, which the company attributed to $899.6 million of net losses on fixed maturity-related investments from increases in market yields. Total investments were $36.2 billion at September 30, 2026. The weighted average yield to maturity was 5.8%, compared with 4.8% at December 31, 2025.

Balance Sheet and Capital

Book value per common share was $259.61 at September 30, 2026, compared with $231.23 a year earlier, and the quarterly change was (1.9)%. Tangible book value per common share, a non-GAAP measure, was $242.51. Total assets were $54,831,196 thousand and debt was $2,331,768 thousand.

RenaissanceRe repurchased 958.7 thousand common shares at an aggregate cost of $310.1 million in the third quarter, at an average price of $323.46 per share. It repurchased an additional $143.8 million of common shares from October 1, 2026 through October 23, 2026. The company raised third-party capital of $152.6 million and returned third-party capital of $249.3 million. An income tax benefit of $30.2 million was recorded.

Outlook

The earnings release does not provide numerical financial guidance. Management said the company has the flexibility to pursue underwriting opportunities while returning capital to shareholders. Management also said that, looking to 2027, higher new money yields will compound net investment income over time.