RenaissanceRe Q2 2024: $2.1B Revenue, $300M Net Investment Income

TL;DR

**RenaissanceRe Q2: $2.1B Rev, $300M Inv Income. Solid H1.**

AI Summary

RenaissanceRe Holdings Ltd. reported its Q2 2024 results, with total revenues of $2.1 billion for the six months ended June 30, 2024. The company's net investment income was $300 million for the same period. This filing provides a detailed look at the company's financial performance and position during the first half of the year.

Why It Matters

This report details RenaissanceRe's financial health and operational performance in the first half of 2024, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: medium — The company operates in the volatile insurance and reinsurance sector, subject to significant market and catastrophe risks.

Key Numbers

• $2.1B — Total Revenues (For the six months ended June 30, 2024)
• $300M — Net Investment Income (For the six months ended June 30, 2024)

Key Players & Entities

• RenaissanceRe Holdings Ltd. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $2.1 billion (dollar_amount) — Total revenues for the six months ended June 30, 2024
• $300 million (dollar_amount) — Net investment income for the six months ended June 30, 2024

FAQ

Key Financial Figures

• $1.00 — ch registered Common Shares, Par Value $1.00 per share RNR New York Stock Exchange

Filing Documents

• rnr-20240630.htm (10-Q) — 3500KB
• ex3112024q2.htm (EX-31.1) — 10KB
• ex3122024q2.htm (EX-31.2) — 10KB
• ex3212024q2.htm (EX-32.1) — 4KB
• ex3222024q2.htm (EX-32.2) — 4KB
• 0000913144-24-000098.txt ( ) — 15709KB
• rnr-20240630.xsd (EX-101.SCH) — 59KB
• rnr-20240630_cal.xml (EX-101.CAL) — 111KB
• rnr-20240630_def.xml (EX-101.DEF) — 419KB
• rnr-20240630_lab.xml (EX-101.LAB) — 721KB
• rnr-20240630_pre.xml (EX-101.PRE) — 585KB
• rnr-20240630_htm.xml (XML) — 3748KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 7 ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 57 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 106 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 106 PART II ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 107 ITEM 1A.

RISK FACTORS

RISK FACTORS 107 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 107 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 108 ITEM 4. MINE SAFETY DISCLOSURES 108 ITEM 5. OTHER INFORMATION 108 ITEM 6. EXHIBITS 109

SIGNATURES

SIGNATURES 110 2 GLOSSARY OF DEFINED TERMS In this Form 10-Q, references to "RenaissanceRe" refer to RenaissanceRe Holdings Ltd. (the parent company) and references to "we," "us," "our" and the "Company" refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. "2023 Large Loss Events" the earthquakes which impacted southern and central Turkey in February 2023, Cyclone Gabrielle which impacted northern New Zealand, the flooding that impacted northern New Zealand in January and February 2023, various wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023, and a series of large, severe weather events that impacted Texas and other southern and central U.S. states in June 2023 "2024 Large Loss Events" the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024, a series of severe convective storms impacting the southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, and certain aggregate loss contracts triggered during 2024. "AIG" American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries) "ASC" Accounting Standards Codification "AlphaCat Managers" AlphaCat Managers Ltd. "A.M. Best" A.M. Best Company, Inc. "Baltimore Bridge Collapse" the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 "DaVinci" DaVinciRe Holdings Ltd. and its subsidiaries "DaVinci Reinsurance" DaVinci Reinsurance Ltd. "ERM" enterprise risk management "Exchange Act" the Securities Exchange Act of 1934, as amended "FAL" a deposit that must be submitted to support the underwriting capacity of a member of Lloyd's "FASB" Financial Accounting Standards Board "FCR" financial condition report "Fitch" Fitch Ratings Ltd. "Fontana" Fontana Holdings

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 8 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 9 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 10 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 11 Consolidated Statements of Cash Flows for the three and six months ended June 30, 2024 and 2023 12 Notes to the Consolidated Financial Statements 13 Note 1. Organization 13 Note 2. Significant Accounting Policies 13 Note 3. Investments 14 Note 4. Fair Value Measurements 16 Note 5. Reinsurance 27 Note 6. Reserve for Claims and Claim Expenses 29 Note 7. Debt and Credit Facilities 33 Note 8. Noncontrolling Interests 34 Note 9. Variable Interest Entities 38 Note 10. Shareholders' Equity 43 Note 11. Earnings per Share 44 Note 12. Segment Reporting 45 Note 13. Derivative Instruments 48 Note 14. Commitments and Contingencies and Other Items 55 Note 15. Subsequent Events 56 7 RenaissanceRe Holdings Ltd. and Subsidiaries Consolidated Balance Sheets (in thousands of United States Dollars, except share and per share amounts) June 30, 2024 December 31, 2023 Assets (Unaudited) (Audited) Fixed maturity investments trading, at fair value – amortized cost $ 22,327,625 at June 30, 2024 (December 31, 2023 – $ 20,872,450 ) $ 22,092,071 $ 20,877,108 Short term investments, at fair value – amortized cost $ 4,361,704 at June 30, 2024 (December 31, 2023 – $ 4,603,340 ) 4,361,052 4,604,079 Equity investments, at fair value 114,405 106,766 Other investments, at fair value 3,809,421 3,515,566 Investments in other ventures, under equity method 151,608 112,624 Total investments 30,528,557 29,216,143 Cash and cash equivalents 1,

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View this 10-Q filing on SEC EDGAR