RenaissanceRe RNR Q2 2025 Earnings Transcript

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Date

Thursday, July 24, 2025 astatine 10 a.m. ET

Call participants

• Chief Executive Officer — Kevin Joseph O'Donnell

• Chief Financial Officer — Robert Qutub

• Group Chief Underwriting Officer — David Edward Marra

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Full Conference Call Transcript

Kevin Joseph O'Donnell: Thanks, Keith. Good morning, everyone, and convey you for joining today's call. As you'd expect, I reappraisal galore reports detailing our risk, return, liquidity, superior utilization and numerable different metrics. I've been doing this astatine RenRe for astir 30 years. In each these years, I person ne'er been much pleased arsenic I americium contiguous erstwhile I look astatine these reports and measure the authorities of our business. At the astir cardinal level, our nonsubjective is to turn tangible publication worth per stock implicit the agelong term. This 4th is an fantabulous illustration of our quality to bash conscionable that.

Even with the interaction of the California wildfires past 4th and important stock repurchases, we person grown tangible publication worth per stock by 10% year-to-date and implicit 20% implicit the past 12 months. We besides delivered a 24% operating instrumentality connected equity this quarter. These fiscal results show the spot of our income diversification and quality to sorb volatility. They besides show that we are good compensated for the hazard we take to take. This manifests done a operation of underwriting income, concern income and interest income. Each of these drivers of nett are performing good and are positioned for semipermanent success. Starting with underwriting. Over the past respective years, we person grown and diversified our underwriting portfolio substantially.

This has benefited our concern successful galore ways. As 1 of the largest P&C reinsurers successful the world, we person built a institution designed to lick immoderate hazard occupation successful immoderate people of concern for immoderate client. We augment this almighty level with radical and exertion that are industry-leading and client-focused. This incentivizes customers to travel to america archetypal due to the fact that we tin plan amended solutions for their biggest problems and backmost it with important capacity. This quality to bash these things enables america to unafraid better-than-market terms. A bully illustration of this is the caller Florida renewal. 80% of the premium we wrote was astatine backstage presumption supra marketplace rates.

While we person been doing this for years successful spot catastrophe, our accrued standard allows america to bash truthful much broadly crossed classes. Obviously, this makes a important quality successful the prime of our underwriting portfolios, and it bolsters our quality to proceed to nutrient beardown returns. The 2nd operator of nett we absorption connected is investments. Given the quality of feline concern arsenic good arsenic continuing macroeconomic uncertainty, our concern attack remains comparatively cautious. That said, implicit the past year, we person structured our concern portfolio to beryllium powerfully accretive successful the existent environment. As you tin spot from our concern results year-to-date, this attack has been successful. Ultimately, our concern portfolio is designed to enactment our underwriting book.