RenaissanceRe maintained underwriting discipline in a softer and more competitive market in the second quarter of 2026, with CEO Kevin J. O’Donnell saying strong underwriting performance “anchored” results, with the reinsurer delivering $599.1 million in underwriting revenue and a combined ratio of 72.8%.
While underwriting revenue was essentially the same as the $601.7 million in the second quarter of 2025, the combined ratio improved from 75.1%, reflecting strong underwriting performance during the year, lower catastrophe losses and good reserve development in the prior year.
As mentioned earlier, the Bermuda-based reinsurer’s net profit for the second quarter of 2026 was $654.2 million, down 21% from the same period a year earlier.
Operating income also fell slightly, to $547.8 million, compared with $594.6 million a year earlier.
The company’s gross written premiums fell 12.5% ​​year over year from $3.42 billion in the second quarter of 2025 to $2.99 ​​billion in the second quarter of 2026, and net written premiums fell 17.8% to $2.28 billion. Net premium income for the second quarter of 2026 was $2.20 billion, down from $2.41 billion in the same period last year.
RenaissanceRe’s property division once again generated the vast majority of group underwriting revenue in the second quarter of 2026, with underwriting revenue of $642.7 million, up from $630.2 million in the same period last year, despite a decrease in underwriting.
In the second quarter of 2026, gross premiums in the segment fell 10.4% to $1.55 billion, while net premiums fell 9.2% to $1.20 billion. However, net premiums increased 1.6% to $881.6 million, reflecting the previous underwriting profitability model.
The segment’s combined ratio was 27.1%, up from 27.4% in the same period last year.
RenaissanceRe’s casualty and specialties division, meanwhile, remained in the red underwriting losses in the second quarter of 2026, although management noted that the current casualty year’s hefty losses were lower than the same period last year.
Gross written premiums fell 14.6% year-on-year to US$1.44 billion, and net written premiums fell 25.7% to US$1.07 billion. Net premium income fell 14.7% to US$1.32 billion.
The segment reported an underwriting loss of $43.6 million in the second quarter of 2026, compared with an underwriting loss of $28.5 million in the second quarter of 2025, with the combined ratio deteriorating from 101.8% to 103.3%.
In addition to underwriting, RenaissanceRe also benefited from solid investment performance during the quarter. Net investment income totaled $432.5 million.
Kevin J. O’Donnell, the company’s president and chief executive officer, commented: “We delivered strong results in the second quarter, with book value per common share increasing 5.7% to $264.77, an annualized return on average common stock of 24.0%, and an annualized operating return on average common stock of 20.1%.
“Our three profit drivers – underwriting, fees and net investment income – all contributed meaningfully to this result, with a diversified revenue base supporting enhanced earnings stability.
“Underwriting performance underpinned our results, generating a combined ratio of 72.8%. At mid-year renewals, our leadership position allowed us to retain an attractive product line, expand limits on premium customers and maintain private terms.
“We continue to make disciplined portfolio decisions, including purchasing additional retrocession in property and casualty and specialty lines.
“We repurchased $350 million of stock during the quarter. Since we began repurchasing stock two years ago, we have repurchased a total of 11.5 million shares, valued at approximately $3 billion, or approximately 22% of our starting share count. We remain in a strong capital position and have repurchased an additional $82.9 million of stock as of July 20, 2026.
“The combination of disciplined execution, diversified earnings streams and consistent capital management positions us to continue to grow tangible book value per share of common stock.”
