RenaissanceRe swings to Q3 loss on $879.8 million investment losses

RenaissanceRe Holdings Ltd. (RNR) reported a net loss available to common shareholders of $161.4 million, or $4.02 per diluted share, for the third quarter ended Sept. 30, 2026. A year earlier the company had net income of $907.7 million to common shareholders.

The company said in a press release furnished to the SEC with an 8-K on Oct. 27 that operating income available to common shareholders was $512.6 million, or $12.71 per diluted share, down from $15.62 a year earlier.

Here’s how the company did:

• Operating income per diluted share: $12.71 vs. $15.62 a year earlier
• Net loss per diluted share: $(4.02) vs. $19.40 a year earlier
• Revenue: $1.69 billion vs. $3.20 billion a year earlier

Net realized and unrealized losses on investments were $879.8 million, compared with gains of $311.9 million a year earlier. The company said the losses were primarily driven by $899.6 million of losses on fixed maturity-related investments.

Net premiums earned were $2.10 billion, down from $2.43 billion. Underwriting income was $426.1 million, down from $770.2 million.

President and Chief Executive Officer Kevin J. O’Donnell said, “We delivered another strong quarter, generating an 18.9% annualized operating return on average common equity and a 79.7% combined ratio, with solid contributions from each of our Three Drivers of Profit: Underwriting, Fee and Net Investment Income.”

Losses from 2026 Large Loss Events

The company said three events reduced its underwriting result by $191.4 million on a net basis. The Middle East War accounted for $69.7 million, the Ras Laffan Explosion for $65.2 million and the Colombian Earthquake for $56.6 million.

The Ras Laffan Explosion was an operational accident at a liquefied natural gas facility in Ras Laffan Industrial City in Qatar in June 2026. The Colombian Earthquake occurred in August 2026 in Choco, Colombia.

The company said its loss estimates may vary from actual results, perhaps materially, and that meaningful uncertainty remains.

Segment results

The property segment’s combined ratio was 32.4%, up from 15.5% a year earlier. Its gross premiums written fell 14.3% to $628.8 million.

The casualty and specialty segment’s combined ratio was 110.6%, up from 101.4%. It posted an underwriting loss of $134.5 million, compared with a loss of $21.3 million a year earlier.

Fee income was $81.7 million, down from $101.8 million. Net investment income was $440.9 million, compared with $438.4 million a year earlier.

Capital returns

The company repurchased $310.1 million of common shares in the third quarter, or 958.7 thousand shares at an average price of $323.46. It repurchased a further $143.8 million from Oct. 1 through Oct. 23, 2026.

Book value per common share was $259.61 at Sept. 30, 2026, compared with $231.23 a year earlier.