RenaissanceRe Holdings Ltd.

Good morning. My name is Nikki, and I will be your conference operator today. At this time, I would like to welcome everyone to the Renaissance RE fourth quarter and year end 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. Keith McHugh, Senior Vice President of Finance and Investor Relations Thank you, Nikki.

Good morning, and welcome to Renaissance Re's fourth quarter and year-end 2025 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 Marra, Executive Vice President and Group 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. The company we have built is fundamentally different from what it was just a few years ago. We are larger and significantly more diversified geographically by line of business and by source of income with much larger contributions from investments and fees. I begin with this context because this time last year, few would have predicted the strong financial performance we delivered in 2025. Our industry faced multiple headwinds. including the California wildfires, a softening reinsurance market and lower interest rates. In the face of these headwinds, our larger size and greater diversification allowed us to deliver strong financial results. Bob will, of course, walk through the financials. But first, I would like to highlight some of the most notable achievements. Operating income was $1.9 billion. Operating ROE was 18%. and tangible book value per share plus accumulated dividends, our primary metric, grew by 30%. This is the third year in a row where we have grown this metric by over 25%. As a result, over the last three years, we have more than doubled tangible book value per share. Capital management was also notable. We repurchased $650 million of our shares during the fourth quarter. 13 percent of our shares over the course of 2025, and 17 percent of our shares since the first quarter of 2024 when we began repurchasing post-validus. I am pleased to report that we have now repurchased more shares than we issued in connection with the validus acquisition. The cumulative return on our shares since then, a little over two years ago, has been around 30 percent. This demonstrates our ability to raise capital when we have an attractive opportunity reward investors by returning capital as we realize its benefits, and execute transactions with minimal long-term dilution. Bob will speak to you in greater depth regarding our financial results, but overall, I am proud of our performance. Moving now to address strategic results in 2025. Strategically, if 2024 was about retaining the validus portfolio and successfully integrating the company, 2025 was about maintaining our underwriting book and optimizing our larger and more dispersed operations. We undertook a number of internal initiatives to improve efficiency and effectiveness and better manage our increased scale. We are upgrading our underwriting system to be more customer-centric and enhancing the architecture to be more efficiently organized to benefit from the growing influence of artificial intelligence. Moving now to some remarks on our casualty and specialty segment. Aggregate under-earning profits on the portfolio have been almost $500 million over the last five years without the impact of purchase accounting. As we have discussed, however, earnings from this business emanate from three separate income streams, underwriting, fees, and investments. It's harder to see the full benefit of casualty because fees are offset in our NCI and investments are not split by segment. This year alone, casualty specialty contributed about one-third of our operating income across our three drivers of profit. The goal of any line of business is to grow tangible book value per share over time. In casualty, there's a tradeoff between underwriting results and investment results. Typically, when one is high, the other is lower, and vice versa. Over a 10-year cycle, this balance of profit shifts back and forth, but nevertheless contributes to growth in tangible book value per share. Currently, the balance within the specialty portfolio is heavily skewed toward investment returns. As a result, the market has tolerated rising technical ratios. This reduces underwriting margins available to compensate for inherent volatility. My belief is that technical ratios will fall, but it's difficult to predict when. For now, we will continue to monitor this class closely and make appropriate adjustments. That said, while margins are tight, investment and fee income from casualty are currently a substantial driver of book value growth. So we are not recognizing much underwriting profit today, which we think is the right approach in the current environment, and are still making a strong overall return. I want to briefly touch on the January 1 renewal and our outlook for 2026. David will address this in more detail. Property CAT rates for us were down low teen percentages. We found some opportunities to grow, which should keep top-line premium and property CAT down only mid-single digits, excluding the impact of reinstatement premiums. Terms and conditions mostly held solid, including retentions. As I previously mentioned, we are a larger and more diversified company. Two drivers of these changes occurred in 2023, the step change in PropertyCat and our acquisition of Validus. So, I think a comparison of our present opportunity set to the pre-2023 period is constructive. Rates in PropertyCat remain attractive and well above return levels realized in the years before 2023. Equally important, most of the structural changes made in 2023 are still in place. As a result, our reinsurance portfolio in 2026 is still one of our best. A few other favorable comparisons to 2022. Our underwriting portfolio is roughly one-third larger. Our retained net investment income has tripled. and our fee income has more than doubled. In aggregate, when we look at our current state versus where we were before 2023, all points of comparison are favorable. Our increased scale and diversified sources of income mean we are more resilient to loss. This gives us great confidence in our reinsurance portfolio and our continued ability to deliver consistent, superior returns to our shareholders. I'd like to finish my comments with a discussion about how we plan to continue growing tangible book value per share this year at an attractive pace by employing a similar strategy to last year. This strategy was something I discussed last quarter and was composed of the following factors. First, to maintain or grow our property business. Second, focus on preserving underwriting margin. Third, prioritize casualty cedents who focus on claims handle practicing over those who solely focus on rate. Fourth, continue to grow fees in our capital partners business. Fifth, continue to grow invested assets. And finally, continue returning capital to our shareholders by repurchasing shares that attract evaluations. I should add one more point to this list, which is continue to execute our gross to next strategy to arbitrage competitive cap on market and retro markets. As you can see, we have quite a few strategic levers to keep returns attractive. This is the playbook we successfully ran in 2025 and is the one we will run in 2026. That concludes my initial comments. I'll turn it over to Bob to discuss our financial performance for the quarter and for the year, before Dave provides a more detailed update and renewal in our segments.