RenaissanceRe Holdings Ltd.

Good morning. My name is Stephanie, and I'll be your conference operator today. At this time, I would like to welcome everybody to Renaissance Re third 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, Stephanie. Good morning and welcome to Renaissance Reef's Third 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 Marr, Executive Vice President and Chief Underwriting Officer. To begin 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. Before we begin, I want to take a moment to acknowledge the devastating impact of Hurricane Melissa. Being in Bermuda, we are familiar with the challenges of hurricanes, but the scale of this storm is unprecedented, and our thoughts are with the people of Jamaica, Haiti, and Cuba at this difficult time. Shifting now to Renaissance Re's third quarter performance, we delivered another strong quarter with operating income of $734 million and an operating return on average common equity of 28%. In aggregate, Year-to-date, we have earned almost $1.3 billion in operating income and delivered about a 17% operating return on average common equity. Finally, we grew our primary metric, tangible book value per share plus change in accumulated dividends by 10% in the quarter and almost 22% year-to-date. These results are consistent with our track record of strong returns over the last three years. In fact, since Q4 2022, the quarter after Hurricane Ian and just prior to the step change in PropertyCat, we have delivered operating return on equities above 20% in 10 out of 12 quarters with an average return of 24%. As a consequence, we more than doubled tangible book value per share during this period. As strong as our performance has been over the last three years, I believe we can continue growing tangible book value per share in the future at an attractive pace. This is because many of the factors that have contributed to our success since 2023 should persist into 2026 and beyond. Looking back over our achievements. First, we grew into an attractive property cat market, increasing our property cat portfolio from $2 billion of gross written premium in 2022 to around $3.3 billion today, which creates a strong base of profit in our portfolio going forward. Second, we focused on preserving our underwriting margin. Our average combined ratio in PropertyCat since 2023 has been about 50%. David will explain the many tools we have to preserve this margin going forward. Third, we nearly tripled our capital partner fees from $120 million in 2022 to just over $300 million over the trailing four quarters. As we have discussed, these fees are consistent, low volatility addition to our earning stream that should continue to grow in 2026. Fourth, we grew retained net investment income from $392 million in 2022 to almost $1.2 billion over the trailing four quarters. Despite declining interest rates, we expect investment income to persist and potentially grow over time as our asset base continues to increase. Finally, we returned over a billion dollars in capital to shareholders so far this year. We continue to have considerable excess capital and believe our shares represent exceptional value, making share repurchases highly accretive to our bottom line. Looking forward to 2026, while we are facing decreasing property cap rates and falling short-term interest rates, these are challenges we successfully overcame in 2025. We will continue to do so in 2026 by executing on the five factors I just enumerated and building upon the foundation that we have established. Our success starts with strong underwriting. In 2026, we will continue to prioritize margin over growth. Strong returns have resulted in reinsurers increasing supply through retained earnings. Demand, however, is expected to grow at a slower rate than what we have seen over the last few years. This dynamic will likely put pressure on rates, resulting in some reduction in excess margin. That said, given the strong profitability of this business, we are confident in our ability to construct an attractive property portfolio. To be clear, we will always pursue top-line growth when it makes sense. That said, reinsurance is a risk business where adroitly managing the bottom line is more important than consistently growing the top line. Over-emphasizing top line growth is the surest way to fail to grow tangible book value per share over the long term. Managing this business is knowing where and when to hold. In the current environment, the best move is to focus on margin. By doing so, I am confident that our growth in tangible book value per share will significantly exceed our cost of capital. In our casualty business, you can see our strong underwriting reflected in how we pulled back on several lines this year, such as general casualty and professional liability. We did this in a way that was sensitive to the needs of our customers, which will help preserve future options. While we believe rate is outpacing trend in general liability, we will not reflect this in our reserves until we have more confidence in the sustainability of the improved results. Having maintained good relationships with our customers opens opportunities for future growth if conditions improve. Moving now to a few comments on the upcoming January 1 renewal, which David will elaborate on later in the call. We begin with a very profitable property cat book. While we expect some market reductions, return levels should remain very attractive. I expect the market to remain disciplined with reinsurers holding on retentions and terms and conditions. Consequently, in 2026, property catastrophe rates should remain strong and should produce returns significantly in excess of our cost of capital. In other property, this book is performing very well, as you saw this quarter, and we believe this momentum will carry into 2026. We are seeing increased competition in the CAD-exposed pro rata delegated book and are keeping a close eye on it. Ultimately, we will manage our exposure based on the expected profitability and the opportunities in the market. Moving now to our cash specialty segment, where January 1 is a significant renewal. We expect increased competition in some lines, but are confident that our customer relationships and risk expertise will enable us to select the best risk and to construct an attractive portfolio. Ending now with some comments on capital management. Consistent execution of the five factors I mentioned earlier has created a CAS generating engine. On a GAAP basis, we have earned $1.9 billion so far this year, while generating $3.2 billion in operating cash flow. This facilitated growing limit in our property GAAP portfolio by over $1.7 billion during 2025, adding new business and strong expected returns for all of our capital providers. It has also allowed us to share our success with our shareholders through repurchases. Despite significant capital return, we have grown tangible book value by $1 billion year-to-date. So we have grown assets, grown capital, deployed significantly into high-margin business, and returned capital to shareholders. Bob will address our future capital management plans in greater detail shortly. But for all the reasons I just gave, we expect to continue generating profits and cash at an attractive rate. And one of the best uses for that cash right now is repurchasing our shares because we believe they represent exceptional value. That concludes my opening comments. As discussed, Bob will cover our financial performance for the quarter, followed by David, who will provide an update on our segment performance.