RenaissanceRe Holdings Ltd. reported third-quarter 2025 net income available to common shareholders of US$907.7 million, supported by a 68.4% combined ratio and US$750.2 million in total investment results, producing an annualized return on equity of 34.9%.
Operating income reached US$733.7 million, or US$15.62 per diluted share, compared with US$540.3 million, or US$10.23 per share, in the same period last year.
The company’s book value per common share increased 9% during the quarter to US$231.23, while tangible book value per share plus accumulated dividends rose 10.3%. Year to date, these measures increased 18.1% and 21.8%, respectively.
RenaissanceRe’s operating return on average common equity was 28.2%, compared with 21.7% in the prior year’s quarter. Total gross premiums written were US$2.32 billion, a 3.2% decline from US$2.4 billion in Q3 2024.
President and CEO Kevin J. O’Donnell said the quarter benefited from low catastrophe activity and positive results across underwriting, fee, and investment income. He added that the company remains confident in maintaining consistent performance and generating value for shareholders.
Underwriting income totaled US$770.2 million, with the property segment recording a 15.5% combined ratio and 21.9% underlying growth in catastrophe-class gross premiums written excluding reinstatement premiums. The casualty and specialty segment posted a 101.4% combined ratio, compared with 100.1% a year earlier.
In the property segment, net premiums earned were US$936.9 million, while the casualty and specialty segment earned US$1.5 billion. The property class experienced favorable prior-year development of US$236.8 million in the catastrophe class and US$146.8 million in the other property class.
The company’s total investment result was US$750.2 million, which included US$438.4 million in net investment income and US$311.9 million in mark-to-market gains. The annualized total investment return stood at 8.9%, while the net investment income return was 5.2%.
Investment gains were mainly driven by US$181 million in net realized and unrealized gains on investment-related derivatives and US$86.1 million in fixed maturity investments trading. Total investments reached US$35.8 billion at Sept. 30, up from US$32.6 billion at year-end 2024.
Fee income for the quarter totaled US$101.8 million, an increase of 24.1% from Q3 2024, primarily due to higher performance fees from DaVinci, Upsilon, and structured reinsurance products.
During the quarter, RenaissanceRe repurchased approximately US$205.2 million of common shares and an additional US$100 million between Oct. 1 and Oct. 24, 2025. The average purchase price during the third quarter was US$240.89 per share, while subsequent repurchases averaged US$257.52.
Income tax expense for the quarter was US$148.9 million, linked to strong profitability across its operating jurisdictions, including Bermuda.
Founded in 1993, RenaissanceRe provides property, casualty, and specialty reinsurance and insurance solutions globally through intermediaries. It operates in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom, and the United States.
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