RenaissanceRe Holdings Ltd.

Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Renaissance III second quarter 2025 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, Angela. Good morning and welcome to Renaissance Re's second quarter earnings conference call. Joining me today to discuss our results are Kevin O'Donnell, President and Chief Executive Officer, Bob Qutub, Executive Vice President and Chief Financial Officer, and David Mara, Executive Vice President and Group Chief Underwriting Officer. First, some housekeeping matters. Our discussion today will include forward-looking statements, including new and updated expectations for our business and results of operations. It's important to note that actual results may differ materially from the expectations shared today. Additional information regarding the factors shaping these outcomes can be found in our SEC filings and in our earnings release. During today's call, We will also present non-GAAP financial measures. Reconciliations to GAAP metrics and other information concerning non-GAAP measures may be found in our earnings release and financial supplement, which are available on our website at renry.com. And now, I'd like to turn the call over to Kevin. Kevin?

Thanks, Keith. Good morning, everyone, and thank you for joining today's call. As you would expect, I review numerous reports detailing our risk, return, liquidity, capital utilization, and innumerable other metrics. I've been doing this at Renry for almost 30 years. In all these years, I have never been more pleased as I am today when I look at these reports and evaluate the state of our business. At the most fundamental level, our objective is to grow tangible book value per share over the long term. This quarter is an excellent example of our ability to do just that. Even with the impact of the California wildfires last quarter and substantial share repurchases, we have grown tangible book value per share by 10% year to date and over 20% over the past 12 months. We also delivered a 24% operating return on equity this quarter. These financial results demonstrate the strength of our income diversification and ability to absorb volatility. They also demonstrate that we are well compensated for the risk we choose to take. This manifests through a combination of underwriting income, investment income, and fee income. Each of these drivers of profit are performing well and are positioned for long-term success. Starting with underwriting, Over the last several years, we have grown and diversified our underwriting portfolio substantially. This has benefited our business in numerous ways. As one of the largest P&C reinsurers in the world, we have built a company designed to solve any risk problem in any class of business for any client. We augment this powerful platform with people and technology that are industry-leading and client-focused. This incentivizes customers to come to us first because we can design better solutions for their biggest problems and back it with significant capacity. This ability to do these things enables us to secure better than market terms. A good example of this is the recent Florida renewal. 80% of the premium we wrote was at private terms above market rates. While we have been doing this for years in property catastrophe, our increased scale allows us to do so more broadly across classes. Obviously, this makes a substantial difference in the quality of our underwriting portfolios, and it bolsters our ability to continue to produce strong returns. The second driver of profit we focus on is investments. Given the nature of cat business, as well as continuing macroeconomic uncertainty, our investment approach remains relatively cautious. That said, over the last year, we have structured our investment portfolio to be strongly accretive in the current environment. As you can see from our investment results year to date, this approach has been successful. Ultimately, our investment portfolio is designed to support our underwriting book. At the same time, the growth and diversification in our underwriting book provides benefits to our investments. Because we are writing a larger portfolio of long-tail casualty and specialty lines, our overall net reserve position has grown to $19 billion. This results in significant investment leverage against a common equity position of $10 billion. At today's yields, this leverage is highly valuable and generates consistent and significant net investment income, which we expect to persist. Equally, if not more important, the growth in reserves has lengthened the duration of our liabilities. This gives us greater flexibility in the allocation and duration of assets. All of these factors benefit our shareholders in a higher for longer interest rate environment. Of course, this investment approach in and of itself does not differentiate us from other diversified reinsurers. But it is different for us, and it should benefit you in a much bigger way than at any previous time in our history. This is one of the key reasons we're more profitable and less volatile than we were five years ago. Our third driver of profit is the fee income we earn in our capital partners business. Our integrated model allows us to deploy more than $10 billion of partner capital to benefit our customers, in addition to our own capital. At the same time, our third-party investors value the low beta returns generated from well-underwritten and expertly sourced risk. For our shareholders, the fees we generate through this business are also highly accretive. Just one quarter after the California wildfires, fees have reset to normal levels, and we have already recaptured management fees deferred from last quarter. The volatility in fee income generally averages out over several quarters, making it a stable and very profitable business for us that we've grown steadily over time. In fact, since the beginning of 2023, fees have totaled almost $700 million. This is more than double the amount we generated over the same period prior to 2023. I should note that we manage third-party capital differently than others, typically in rated balance sheets in which we co-invest. By structuring our platform this way, we can optimize utility to customers and profitability to investors. While we recognize this structure creates certain modeling challenges for the investment community, we are continually working to enhance shareholder disclosures to provide a deeper understanding of the earnings power and competitive mode of our capital partners' B-income business. Shifting now to a discussion of the mid-year renewals and overall business environment. Looking forward, we are positioned to continue to deliver shareholder value. The underwriting market remains attractive with healthy returns across property, catastrophe, and specialty lines. David will discuss the mid-year renewal in detail with you later on the call, but we successfully met all of our objectives. growing property catastrophe in the US while continuing to optimize our casualty and specialty portfolio. For PropertyCat specifically, we constructed our largest net retained portfolio to date. It is also one of our most profitable on an expected basis, both in terms of percentage return, but also in absolute dollars. With regard to casualty and specialty, we have a strong portfolio. Most lines in this segment are performing well. Overall, our casualty and specialty book continues to provide strong returns, primarily from investment income on the considerable float it generates. As we have previously discussed, we are keeping a close eye on casualty lines, including general liability, where we are holding reserve ratios high as we monitor elevated trend. So far, we are encouraged by the rate and claims management improvements we are seeing, which we believe are keeping rates above this elevated trend. At this point in the year, our portfolio is largely set as very little business renews in the second half. Consequently, we are already planning for next year and approach 2026 from a position of continuing rate adequacy, which provides us confidence that our strong returns will persist. This concludes my opening comments. Bob will now discuss our financial performance for the quarter, followed by David, who will provide an update on our segment performance. Thanks.