RenaissanceRe (RNR) Q4 2025 Earnings Transcript

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DATE

Feb. 4, 2026 astatine 11:00 a.m. ET

CALL PARTICIPANTS

• President & Chief Executive Officer — Kevin O'Donnell

• Executive Vice President & Chief Financial Officer — Robert Qutub

• Executive Vice President & Chief Underwriting Officer — David Marra

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Full Conference Call Transcript

Kevin O'Donnell: Thanks, Keith. Good morning, everyone, and convey you for joining today's call. The institution we person built is fundamentally antithetic from what it was conscionable a fewer years ago. We are larger and importantly much diversified, geographically by enactment of concern and by root of income, with overmuch larger contributions from concern and fees. I statesman with this discourse due to the fact that this clip past year, a fewer would person predicted the beardown fiscal show we delivered successful 2025. Our manufacture faced aggregate headwinds, including the California wildfires, a softening reinsurance marketplace and little involvement rates. In the look of these headwinds, our larger size and greater diversification allowed america to present beardown fiscal results.

Bob will, of course, locomotion done the financials. But first, I would similar to item immoderate of the astir notable achievements. Operating income was $1.9 billion. Operating ROE was 18% and tangible publication worth per stock positive accumulated dividends, our superior metric grew by 30%. This is the 3rd twelvemonth successful a enactment wherever we person grown this metric by implicit 25%. As a result, implicit the past 3 years, we person much than doubled tangible publication worth per share. Capital absorption was besides notable.

We repurchased $650 cardinal of our shares during the 4th quarter, 13% of our shares implicit the people of 2025 and 17% of our shares since the archetypal 4th of 2024 erstwhile we began repurchasing station Validus. I americium pleased to study that we person present repurchased much shares than we issued successful transportation with the Validus acquisition. The cumulative instrumentality connected our stock since past a small implicit 2 years agone has been astir 30%. This demonstrates our quality to rise superior and we person an charismatic opportunity, reward investors by returning superior arsenic we recognize its benefits and execute transactions with minimal semipermanent dilution.

Bob volition talk to you successful greater extent regarding our fiscal results, but overall, I americium arrogant of our performance. Moving present to code strategical results successful 2025. Strategically, if 2024 was astir retaining the Validus portfolio and successfully integrating the company, 2025 was astir maintaining our underwriting publication and optimizing our larger and much dispersed operations. We undertook a fig of interior initiatives to amended ratio and effectiveness and amended negociate our accrued scale. We are upgrading our underwriting strategy to beryllium much customer-centric and enhancing the architecture to beryllium much efficiently organized to payment from the increasing power of artificial intelligence. Moving present to immoderate remarks connected our Casualty & Specialty segment.