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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-14428
RENAISSANCERE HOLDINGS LTD.
(Exact Name Of Registrant As Specified In Its Charter)
Bermuda98-0141974
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
        Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
            (Address of Principal Executive Offices)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNRNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRFNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per shareRNR PRGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer , Accelerated filer , Non-accelerated filer , Smaller reporting company , Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No
The number of Common Shares, par value U.S. $1.00 per share, outstanding at April 26, 2024 was 52,879,038.



RENAISSANCERE HOLDINGS LTD.
TABLE OF CONTENTS 

2


GLOSSARY OF DEFINED TERMS
In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise.
“2024 Large Loss Events”the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024
“AIG”American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries)
“ASC”Accounting Standards Codification
“AlphaCat Managers”
AlphaCat Managers Ltd.
“A.M. Best”
A.M. Best Company, Inc.
“DaVinci”
DaVinciRe Holdings Ltd. and its subsidiaries
“DaVinci Reinsurance”
DaVinci Reinsurance Ltd.
“ERM”
enterprise risk management
“Exchange Act”
the Securities Exchange Act of 1934, as amended
“FAL”
a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s
“FASB”
Financial Accounting Standards Board
“FCR”
financial condition report
“Fitch”
Fitch Ratings Ltd.
“Fontana”Fontana Holdings L.P. and its subsidiaries
“Form 10-K”
Annual Report on Form 10-K
“Form 10-Q”
this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024
“IRS”
United States Internal Revenue Service
“Medici”
RenaissanceRe Medici Fund Ltd.
“Moody’s”
Moody’s Investors Service
“NYSE”
New York Stock Exchange
“OECD”
Organisation for Economic Co-operation and Development
“Q1 2023 Large Loss Events”
the earthquakes in southern and central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023
“Renaissance Reinsurance”
Renaissance Reinsurance Ltd.
“Renaissance Reinsurance of Europe”Renaissance Reinsurance of Europe Unlimited Company    
“Renaissance Reinsurance U.S.”Renaissance Reinsurance U.S. Inc.
“RenaissanceRe”
RenaissanceRe Holdings Ltd.
“RenaissanceRe Finance”RenaissanceRe Finance Inc.
“RenaissanceRe Specialty U.S.”
RenaissanceRe Specialty U.S. Ltd.
“RREAG”RenaissanceRe Europe AG
“S&P”
Standard and Poor’s Rating Services
“SEC”
U.S. Securities and Exchange Commission
“Securities Act”
Securities Act of 1933, as amended
“Stock Purchase Agreement”Stock Purchase Agreement, dated May 22, 2023, among RenaissanceRe Holdings Ltd. and AIG, as amended
“Syndicate 1458”
RenaissanceRe Syndicate 1458
“Talbot”Talbot Underwriting Ltd., an affiliate of AIG
“Top Layer”
Top Layer Reinsurance Ltd.
3


“Tower Hill Companies”
collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
“U.K.”
United Kingdom
“U.S.”
United States of America
“Upsilon Diversified”
RenaissanceRe Upsilon Diversified Fund, a segregated account of Upsilon Fund
“Upsilon Fund”
RenaissanceRe Upsilon Fund Ltd.
“Upsilon RFO”
Upsilon RFO Re Ltd.
“Validus”
Validus Holdings, Validus Specialty, and their respective subsidiaries that were acquired in the Validus Acquisition (including Validus Re and Validus Holdings (UK) Ltd), collectively
“Validus Acquisition”The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement.
“Validus Business”the collective business of Validus
“Validus Holdings”Validus Holdings, Ltd.
“Validus Re”Validus Reinsurance, Ltd.
“Validus Specialty”Validus Specialty, LLC
“Validus Switzerland”
Validus Reinsurance (Switzerland) Ltd

“Vermeer”
Vermeer Reinsurance Ltd.
4


NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of RenaissanceRe Holdings Ltd. contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates; the impact of the Validus Acquisition on our business; the consequences of our strategic decisions; the performance of our underwriting portfolio, Capital Partners unit, and investment portfolio; and the impact of general economic conditions such as changes in inflation and interest rates on our results of operations. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the (re)insurance industries, and our integration of, and realization of benefits from, the Validus Acquisition (as hereinafter defined).
The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:
our exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in our financial results;
the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
the effectiveness of our claims and claim expense reserving process;
the effect of emerging claims and coverage issues;
the performance of our investment portfolio and financial market volatility;
the effects of inflation;
the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;
our ability to maintain our financial strength ratings;
our reliance on a small number of brokers;
the highly competitive nature of our industry;
the historically cyclical nature of the (re)insurance industries;
collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all;
our ability to attract and retain key executives and employees;
our ability to successfully implement our business, strategies and initiatives;
difficulties in integrating the Validus Business;
our exposure to credit loss from counterparties;
our need to make many estimates and judgments in the preparation of our financial statements;
our exposure to risks associated with our management of capital on behalf of investors in joint ventures or other entities we manage;
changes to the accounting rules and regulatory systems applicable to our business, including changes in Bermuda and U.S. laws or regulations;
the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and Israel and Hamas;
other political, regulatory or industry initiatives adversely impacting us;
our ability to comply with covenants in our debt agreements;
5


the effect of adverse economic factors, including changes in the prevailing interest rates;
the impact of cybersecurity risks, including technology breaches or failure;
a contention by the IRS that any of our Bermuda subsidiaries are subject to taxation in the U.S.;
the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which we operate, including recent changes in Bermuda tax law;
our ability to determine any impairments taken on our investments;
our ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in our joint ventures and managed fund partners;
our ability to comply with applicable sanctions and foreign corrupt practices laws; and
our dependence on capital distributions from our operating subsidiaries.
As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024, and Item 1A of this Quarterly Report on Form 10-Q, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
6


PART I        FINANCIAL INFORMATION
ITEM 1.        FINANCIAL STATEMENTS
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 Page
7


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Balance Sheets
(in thousands of United States Dollars, except share and per share amounts)
March 31,
2024
December 31,
2023
Assets(Unaudited)(Audited)
Fixed maturity investments trading, at fair value – amortized cost $21,519,144 at March 31, 2024 (December 31, 2023 – $20,872,450)
$21,309,460 $20,877,108 
Short term investments, at fair value - amortized cost $4,639,713 at March 31, 2024 (December 31, 2023 - $4,603,340)
4,639,165 4,604,079 
Equity investments, at fair value119,992 106,766 
Other investments, at fair value3,468,281 3,515,566 
Investments in other ventures, under equity method99,684 112,624 
Total investments29,636,582 29,216,143 
Cash and cash equivalents1,606,739 1,877,518 
Premiums receivable8,431,335 7,280,682 
Prepaid reinsurance premiums1,282,860 924,777 
Reinsurance recoverable4,993,680 5,344,286 
Accrued investment income196,893 205,713 
Deferred acquisition costs and value of business acquired
1,822,163 1,751,437 
Deferred tax asset
669,635 685,040 
Receivable for investments sold1,168,305 622,197 
Other assets377,268 323,960 
Goodwill and other intangible assets758,874 775,352 
Total assets$50,944,334 $49,007,105 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$20,369,610 $20,486,869 
Unearned premiums7,247,615 6,136,135 
Debt1,884,411 1,958,655 
Reinsurance balances payable3,353,834 3,186,174 
Payable for investments purchased1,427,932 661,611 
Other liabilities570,164 1,021,872 
Total liabilities34,853,566 33,451,316 
Commitments and contingencies
Redeemable noncontrolling interests6,297,983 6,100,831 
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 52,907,663 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 52,693,887)
52,908 52,694 
Additional paid-in capital2,137,343 2,144,459 
Accumulated other comprehensive income (loss)(13,778)(14,211)
Retained earnings6,866,312 6,522,016 
Total shareholders’ equity attributable to RenaissanceRe9,792,785 9,454,958 
Total liabilities, noncontrolling interests and shareholders’ equity
$50,944,334 $49,007,105 


See accompanying notes to the consolidated financial statements
8


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three months ended March 31, 2024 and 2023
(in thousands of United States Dollars, except per share amounts) (Unaudited)
Three months ended
March 31,
2024
March 31,
2023
Revenues
Gross premiums written$3,990,684 $2,790,261 
Net premiums written$3,199,573 $2,263,703 
Decrease (increase) in unearned premiums(755,663)(583,153)
Net premiums earned2,443,910 1,680,550 
Net investment income390,775 254,378 
Net foreign exchange gains (losses)(35,683)(14,503)
Equity in earnings (losses) of other ventures14,127 9,530 
Other income (loss)(50)(4,306)
Net realized and unrealized gains (losses) on investments(213,654)279,451 
Total revenues2,599,425 2,205,100 
Expenses
Net claims and claim expenses incurred1,166,123 801,200 
Acquisition expenses630,921 432,257 
Operational expenses106,184 77,474 
Corporate expenses39,252 12,843 
Interest expense23,104 12,134 
Total expenses1,965,584 1,335,908 
Income (loss) before taxes633,841 869,192 
Income tax benefit (expense)(15,372)(28,902)
Net income (loss)618,469 840,290 
Net (income) loss attributable to redeemable noncontrolling interests(244,827)(267,384)
Net income (loss) attributable to RenaissanceRe373,642 572,906 
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$364,798 $564,062 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic$6.96 $12.95 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted$6.94 $12.91 









See accompanying notes to the consolidated financial statements
9


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2024 and 2023
(in thousands of United States Dollars) (Unaudited) 
Three months ended
March 31,
2024
March 31,
2023
Comprehensive income (loss)
Net income (loss)$618,469 $840,290 
Change in net unrealized gains (losses) on investments, net of tax349 918 
Foreign currency translation adjustments, net of tax84 (294)
Comprehensive income (loss)618,902 840,914 
Net (income) loss attributable to redeemable noncontrolling interests(244,827)(267,384)
Comprehensive (income) loss attributable to redeemable noncontrolling interests(244,827)(267,384)
Comprehensive income (loss) attributable to RenaissanceRe$374,075 $573,530 
 
























See accompanying notes to the consolidated financial statements
10


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended March 31, 2024 and 2023
(in thousands of United States Dollars) (Unaudited) 
Three months ended
March 31,
2024
March 31,
2023
Preference shares
Beginning balance$750,000 $750,000 
Ending balance750,000 750,000 
Common shares
Beginning balance52,694 43,718 
Issuance of restricted stock awards
214 214 
Ending balance52,908 43,932 
Additional paid-in capital
Beginning balance2,144,459 475,647 
Change in redeemable noncontrolling interests
(736)(1,106)
Issuance of restricted stock awards
(6,380)(6,918)
Ending balance2,137,343 467,623 
Accumulated other comprehensive income (loss)
Beginning balance(14,211)(15,462)
Change in net unrealized gains (loss) on investments, net of tax349 918 
Foreign currency translation adjustments, net of tax
84 (294)
Ending balance(13,778)(14,838)
Retained earnings
Beginning balance6,522,016 4,071,371 
Net income (loss) 618,469 840,290 
Net (income) loss attributable to redeemable noncontrolling interests(244,827)(267,384)
Dividends on common shares
(20,502)(16,615)
Dividends on preference shares
(8,844)(8,844)
Ending balance
6,866,312 4,618,818 
Total shareholders’ equity
$9,792,785 $5,865,535 
 













See accompanying notes to the consolidated financial statements
11


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the three months ended March 31, 2024 and 2023
(in thousands of United States Dollars) (Unaudited)
Three months ended
March 31,
2024
March 31,
2023
Cash flows provided by (used in) operating activities
Net income (loss)$618,469 $840,290 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation16,028 (32,948)
Equity in undistributed (earnings) losses of other ventures9,373 5,568 
Net realized and unrealized (gains) losses on investments155,848 (267,289)
Change in:
Premiums receivable(1,150,653)(794,230)
Prepaid reinsurance premiums(358,083)(109,419)
Reinsurance recoverable350,606 4,254 
Deferred acquisition costs and value of business acquired
(70,726)(70,657)
Reserve for claims and claim expenses(117,259)104,253 
Unearned premiums1,111,480 691,535 
Reinsurance balances payable167,660 61,379 
Other(49,283)2,972 
Net cash provided by (used in) operating activities683,460 435,708 
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading6,892,412 5,019,879 
Purchases of fixed maturity investments trading(7,277,109)(5,159,348)
Proceeds from sales of equity investments
8 105,676 
Purchases of equity investments
(289)(1,599)
Proceeds from sales of short term investments
7,423,756 6,766,410 
Purchases of short term investments
(7,437,688)(7,246,835)
Proceeds from sales of other investments
288,262 52,814 
Purchases of other investments
(193,373)(212,337)
Purchases of investments in other ventures
(643)(11,250)
Return of investment from investment in other ventures214 1,893 
Net cash provided by (used in) investing activities(304,450)(684,697)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares(20,501)(16,615)
Dividends paid – preference shares(8,844)(8,950)
Repayment of debt(75,000)(30,000)
Subscriptions of third-party redeemable noncontrolling interest shares
71,242 253,390 
Redemptions of third-party redeemable noncontrolling interest shares
(590,149)(62,805)
Taxes paid on withholding shares(21,323)(18,729)
Net cash provided by (used in) financing activities(644,575)116,291 
Effect of exchange rate changes on foreign currency cash(5,214)2,066 
Net increase (decrease) in cash and cash equivalents(270,779)(130,632)
Cash and cash equivalents, beginning of period1,877,518 1,194,339 
Cash and cash equivalents, end of period$1,606,739 $1,063,707 





See accompanying notes to the consolidated financial statements
12


RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,
except shares, per share amounts and percentages) (Unaudited)
NOTE 1. ORGANIZATION
This report on Form 10-Q should be read in conjunction with RenaissanceRe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”). RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Through its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.
These consolidated financial statements include the results of the Company, its subsidiaries, and all variable interest entities in which the Company is considered to be the primary beneficiary.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2023, except as described below.
BASIS OF PRESENTATION
These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.
Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.
USE OF ESTIMATES IN FINANCIAL STATEMENTS
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs, the value of business acquired (“VOBA”) and the fair value of other assets acquired and liabilities assumed in acquisitions; and the Company’s deferred tax valuation allowance.
13


NOTE 3. INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
March 31,
2024
December 31,
2023
U.S. treasuries$9,793,911 $10,060,203 
Corporate (1)
7,064,030 6,499,075 
Residential mortgage-backed1,616,444 1,420,362 
Asset-backed1,428,513 1,491,695 
Agencies594,522 489,117 
Non-U.S. government495,426 483,576 
Commercial mortgage-backed316,614 433,080 
Total fixed maturity investments trading$21,309,460 $20,877,108 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31,
2024
December 31,
2023
Amortized 
Cost
Fair ValueAmortized CostFair Value
Due in less than one year
$561,262 $556,795 $587,720 $582,519 
Due after one through five years
11,305,216 11,229,683 11,439,510 11,468,263 
Due after five through ten years
5,921,030 5,863,512 5,182,667 5,188,716 
Due after ten years
320,954 297,899 307,392 292,473 
Mortgage-backed
1,985,128 1,933,058 1,864,520 1,853,442 
Asset-backed1,425,554 1,428,513 1,490,641 1,491,695 
Total$21,519,144 $21,309,460 $20,872,450 $20,877,108 
Equity Investments
The following table summarizes the fair value of equity investments:
March 31,
2024
December 31,
2023
Financials$119,657 $106,542 
Consumer148 212 
Industrial, utilities and energy105  
Communications and technology82 12 
Total$119,992 $106,766 
Pledged Investments
At March 31, 2024, $10.1 billion (December 31, 2023 - $10.5 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $2.9 billion (December 31, 2023 - $2.9 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
14


Reverse Repurchase Agreements
At March 31, 2024, the Company held $61.2 million (December 31, 2023 - $159.7 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.
Net Investment Income
The components of net investment income are as follows:
Three months ended
March 31,
2024
March 31,
2023
Fixed maturity investments trading$257,289 $155,500 
Short term investments46,791 32,950 
Equity investments560 3,399 
Other investments
Catastrophe bonds58,249 38,831 
Other17,925 24,571 
Cash and cash equivalents14,722 4,264 
 395,536 259,515 
Investment expenses(4,761)(5,137)
Net investment income$390,775 $254,378 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months ended
March 31,
2024
March 31,
2023
Net realized gains (losses) on fixed maturity investments trading$9,796 $(104,765)
Net unrealized gains (losses) on fixed maturity investments trading(211,996)312,026 
Net realized and unrealized gains (losses) on fixed maturity investments trading(202,200)207,261 
Net realized and unrealized gains (losses) on investment-related derivatives(1)
(57,806)12,162 
Net realized gains (losses) on equity investments (8,738)
Net unrealized gains (losses) on equity investments13,097 39,151 
Net realized and unrealized gains (losses) on equity investments13,097 30,413 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds18,907 24,126 
Net realized and unrealized gains (losses) on other investments - other14,348 5,489 
Net realized and unrealized gains (losses) on investments$(213,654)$279,451 
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, and credit default swaps), equity investments related derivatives (equity futures) and commodity investments related derivatives (commodity futures and commodity options). See “Note 13. Derivative Instruments” for additional information.
15


NOTE 4. FAIR VALUE MEASUREMENTS
The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements, prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:
Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;
Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and
Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.
In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. 
There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.
16


Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:
At March 31, 2024TotalQuoted
Prices in Active
Markets for
Identical 
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments trading
U.S. treasuries$9,793,911 $9,793,911 $ $ 
Corporate (1)
7,064,030  7,064,030  
Residential mortgage-backed1,616,444  1,616,444  
Asset-backed1,428,513  1,428,513  
Agencies594,522  594,522  
Non-U.S. government495,426  495,426  
Commercial mortgage-backed316,614  316,614  
Total fixed maturity investments trading21,309,460 9,793,911 11,515,549  
Short term investments4,639,165 335,342 4,303,823  
Equity investments
119,992 119,992   
Other investments
Catastrophe bonds1,828,155  1,828,155  
Term loans97,433   97,433 
Direct private equity investments59,964   59,964 
1,985,552  1,828,155 157,397 
Fund investments (2)
1,482,729 — — — 
Total other investments3,468,281  1,828,155 157,397 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)
(517)  (517)
Derivative assets (4)
8,116 3,521 4,595  
Derivative liabilities (4)
(10,603)(1,719)(8,884) 
Total other assets and (liabilities)(3,004)1,802 (4,289)(517)
 
$29,533,894 $10,251,047 $17,643,238 $156,880 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(3)Included in assumed and ceded (re)insurance contracts at March 31, 2024 was $1.3 million of other assets and $1.8 million of other liabilities.
(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

17


At December 31, 2023TotalQuoted
Prices in Active
Markets for
Identical
 Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments trading
U.S. treasuries$10,060,203 $10,060,203 $ $ 
Corporate (1)
6,499,075  6,499,075  
Asset-backed1,491,695  1,491,695  
Residential mortgage-backed1,420,362  1,420,362  
Agencies489,117  489,117  
Non-U.S. government483,576  483,576  
Commercial mortgage-backed433,080  433,080  
Total fixed maturity investments trading20,877,108 10,060,203 10,816,905  
Short term investments4,604,079 130,232 4,473,847  
Equity investments106,766 106,766   
Other investments
Catastrophe bonds1,942,199  1,942,199  
Term loans97,658   97,658 
Direct private equity investments59,905   59,905 
2,099,762  1,942,199 157,563 
Fund investments (2)
1,415,804 — — — 
Total other investments3,515,566  1,942,199 157,563 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)
(515)  (515)
Derivative assets (4)
44,724 16,701 28,023  
Derivative liabilities (4)
(29,992)(10,372)(19,620) 
Total other assets and (liabilities)14,217 6,329 8,403 (515)
 $29,117,736 $10,303,530 $17,241,354 $157,048 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(2)Fund investments, which may include private equity funds, private credit funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(3)Included in assumed and ceded (re)insurance contracts at December 31, 2023 was $2.2 million of other assets and $2.7 million of other liabilities.
(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value
Fixed Maturity Investments
Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, corporate (including non-U.S. government-backed corporate), non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed.


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The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.
In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active and non-distressed markets.
The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.
U.S. Treasuries
Level 1 - At March 31, 2024, the Company’s U.S. treasuries fixed maturity investments are primarily priced by pricing services and had a weighted average yield to maturity of 4.4% and a weighted average credit quality of AA (December 31, 2023 - 4.1% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.
Corporate
Level 2 - At March 31, 2024, the Company’s corporate fixed maturity investments principally consist of U.S. and international corporations and non-U.S. government-backed corporations and had a weighted average yield to maturity of 5.8% and a weighted average credit quality of BBB (December 31, 2023 - 5.7% and BBB, respectively).
The Company’s corporate fixed maturity investments, other than non-U.S. government-backed corporations, are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.
Non-U.S. government-backed corporate fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high quality credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.


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Agencies
Level 2 - At March 31, 2024, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 5.0% and a weighted average credit quality of AA (December 31, 2023 - 4.6% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.
Non-U.S. Government
Level 2 - At March 31, 2024, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 4.7% and a weighted average credit quality of AA (December 31, 2023 - 4.4% and AA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.
Residential Mortgage-backed
Level 2 - At March 31, 2024, the Company’s residential mortgage-backed fixed maturity investments had a weighted average yield of maturity of 5.3%, a weighted average credit quality of AA, and a weighted average life of 7.7 years (December 31, 2023 - 5.1%, AA and 7.7 years, respectively). Residential mortgage-backed securities include both agency and non-agency mortgage-backed securities. The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to-be-announced market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with active market quotes.
Non-agency mortgage-based securities are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.
Commercial Mortgage-backed
Level 2 - At March 31, 2024, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 6.9%, a weighted average credit quality of AAA, and a weighted average life of 2.6 years (December 31, 2023 - 8.8%, AAA and 2.2 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.



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Asset-backed
Level 2 - At March 31, 2024, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 6.9%, a weighted average credit quality of AA and a weighted average life of 4.3 years (December 31, 2023 - 7.0%, AA and 3.9 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of collateralized loan obligations and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.
Short Term Investments
Level 1 - At March 31, 2024, the Company’s short term investments in U.S. treasuries are primarily priced by pricing services and had a weighted average yield to maturity of 5.1% and a weighted average credit quality of AA (December 31, 2023 - 5.3% and AAA). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.
Level 2 - At March 31, 2024, the Company’s other short term investments had a weighted average yield to maturity of 5.1% and a weighted average credit quality of AAA (December 31, 2023 - 5.3% and AAA, respectively). Amortized cost approximates fair value for the majority of the remainder of the Company’s short term investments portfolio and, in certain cases, fair value is determined in a manner similar to the Company’s fixed maturity investments noted above.
Equity Investments
Level 1 - The fair value of the Company’s portfolio of equity investments are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.
Other Investments
Catastrophe Bonds
Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.
Other Assets and Liabilities
Derivatives
Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures and options contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk-free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.
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Level 3 Assets and Liabilities Measured at Fair Value
Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:
At March 31, 2024Fair Value
(Level 3)
Valuation TechniqueUnobservable
Inputs
Weighted Average or Actual
Other investments
Direct private equity investments$59,964 Internal valuation modelDiscount rate10.0 %
Liquidity discount15.0 %
Term loans97,433 Discounted cash flowCredit spread adjustment0.2 %
Risk premium2.6 %
Total other investments157,397 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts(517)Internal valuation modelNet undiscounted cash flows$12,523
Expected loss ratio2.0 %
Discount rate4.2 %
Total other assets and (liabilities)
(517)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs$156,880 
At December 31, 2023
Fair Value
(Level 3)
Valuation TechniqueUnobservable InputsWeighted Average or Actual
Other investments
Direct private equity investments$59,905 Internal valuation modelDiscount rate10.0 %
Liquidity discount15.0 %
Term loans97,658 Discounted cash flow
Credit spread adjustment
0.2 %
Risk premium2.6 %
Total other investments157,563 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts
(515)Internal valuation modelNet undiscounted cash flows$12,478
Expected loss ratio2.3 %
Discount rate3.8 %
Total other assets and (liabilities)
(515)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs$157,048 
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Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.
  
Other
Investments
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - January 1, 2024$59,905 $97,658 $(515)$157,048 
Included in net investment income63   63 
Included in net realized and unrealized gains (losses) on investments    
Included in other income (loss)  (143)(143)
Total foreign exchange gains (losses)(4)  (4)
Purchases  141 141 
Settlements (225) (225)