RenaissanceRe Holdings Ltd.

Good morning. My name is Chastity, and I will be your conference operator today. At this time, I would like to welcome everyone to the Renaissance III Third Quarter 2022 Earnings Conference Call and Webcast. After the prepared remarks, we will open the call for your questions. Instructions will be given at that time. Lastly, if you should need operator assistance, please press star zero. Thank you. I will now turn the call over to Keith McHugh, Senior Vice President of Finance and Investor Relations. Please go ahead.

Thank you. Good morning. Thank you for joining our third quarter financial results conference call. Yesterday, after the market closed, we issued our quarterly release. If you didn't receive a copy, please call me at 441-239-4830, and we'll make sure to provide you with one. There will be an audio replay of the call available from about 1 p.m. Eastern time today at through midnight on November 9th. The replay can be accessed by dialing 800-938-1598, U.S. toll-free, or 1-402-220-1545 internationally. Today's call is also available through the investor information section of www.renry.com. Before we begin, I'm obliged to caution that today's discussion may contain forward-looking statements and actual results may differ materially from those discussed. Additional information regarding the factors shaping these outcomes can be found in Renaissance Re's SEC filings to which we direct you. With us to discuss today's results are Kevin O'Donnell, President and Chief Executive Officer, and Bob Kutub, Executive Vice President and Chief Financial Officer. I'd now like to turn the call over to Kevin.

Kevin? Thanks, Keith. Good morning, everyone, and thank you for joining today's call. The third quarter was once again particularly active. The most significant event was Hurricane Ian, which was one of the costliest natural disasters to impact the United States, likely only second to Hurricane Katrina in 2005. The other significant driver of third quarter results was the historic increase in interest rates, resulting in a retained investment loss of $340 million driven by mark-to-market losses on our fixed income and equity portfolios. Bob will discuss our investment return in greater detail in his comments. Despite the quarter's volatility, we continue to enjoy a strong capital position. Through a combination of holdings company capital and committed partner capital, our rated balance sheets will bring the same level of risk and face capital to our customers next year as they did prior to Hurricane Ian this year. Our customers need this capacity. Reinsurance is a critical link in the insurance value chain, and absorbing volatility is an important component of our value proposition. But in order to ensure the long-term availability of reinsurance capacity, we must realign the interests of our customers and investors. Investors need to be appropriately incentivized to continue providing their capital. This is especially true now as investors have numerous attractive deployment opportunities in other asset classes. Consequently, PropertyCat needs to be the most profitable business line in the P&C market, commensurate with the level of volatility it absorbs. To achieve this, there must be a step change in the pricing and structuring of reinsurance coverage to ensure an additional margin of safety for our investors. Overall, we believe that our models have accurately and consistently captured the risk that we have assumed. But to ensure an increased margin of safety, we will be recalibrating our underwriting approach to PropertyCat in the following ways. By requiring substantial rate increases, whether or not the business is loss impacted. This will not be a glide path, but rather a step change. By increasing retentions on property programs. By tightening terms and conditions and narrowing coverage in most instances to named peril only. by offering non-concurrent capacity and private placement on many deals, and by requiring broad participation at improved economics across Seed and Reinsurance programs, not only in property, but also in casualty and specialty. And finally, by reducing our participation meaningfully on any program where these conditions are not met. I am confident that this reasonable approach will restore Renaissance RE to its long-term track record of rewarding investors, while ensuring long-term capacity our customers need. We expect the next several years will provide significant opportunities for reinsurers. We have multiple competitive advantages that make us our customers' preferred trading partner and which will allow us to optimize our underwriting portfolio. First, our capital position is strong. As I discussed, we have the capital necessary to lean into the upcoming renewal. We also have strong liquidity Bob will discuss capital and liquidity in greater detail in a few minutes. Second, we remain focused on profitability. In 2023, we will be paid more for every dollar of risk that we take. This increased profit will buffer our investors against potential loss. In addition, we will evaluate opportunities to grow where higher rates and significantly improved terms and conditions warrant. At January 1, these opportunities are more likely to manifest themselves in PropertyCat, as well as certain lines in casualty and specialty. Third, we will lead from PropertyCat. Every reinsurance program is anchored around PropertyCat coverage. We are one of the largest writers of PropertyCat risk in the world, and our ability to provide material capacity in this line will provide us opportunities across reinsurance programs. And fourth, we will lead from the top down. Increased demand for property CAT will be at the upper end of programs. Our top layer RE and Vermeer RE joint ventures have ample capacity to grow on these lines, which will provide us opportunities throughout placements. Once again, our strategy of having the most efficient capital will give us access to the most desirable risk. All of these advantages will position us for a great year ahead. We are entering one of the hardest markets we have observed in decades, and we expect this to be evident at the January 1 renewals. Renaissance Re has been a leader in PropertyCat for almost 30 years, and we know how to underwrite in a hard market. Our senior underwriting team will be heavily involved in client negotiations on a deal-by-deal basis to ensure that we are protecting the interests of our shareholders. We will take a win-win approach in line with our goal of better aligning the interests of our customers and investors. At the end of the day, however, the only way to ensure that our customers will get the capacity they need is to make sure that our investors get the returns they require. While the market seems particularly focused on the opportunities in property, and rightfully so, we are also seeing dislocated markets and continuing momentum in casualty. Casualty once again performed well and despite an active quarter, reported a mid-90s combined ratio. I am very pleased with the growth and performance of this business and increasingly expect Casualty to contribute to our bottom line in the future. That concludes my opening comments. I'll provide more detail on our segment performance at the end of the call, but first let me turn it over to Bob to discuss our financial performance for the quarter.