AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of RenaissanceRe Holdings Ltd (RenaissanceRe) (NYSE:RNR), which is the ultimate parent of the companies mentioned hereinafter. The outlook of these Credit Ratings (ratings) is positive. Concurrently, AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of "aa-" (Superior) of RenaissanceRe’s subsidiaries: Renaissance Reinsurance Ltd., Renaissance Reinsurance of Europe Designated Activity Company (Ireland), RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S. Inc. (Maryland) and RenaissanceRe Europe AG (Switzerland). The outlook of the FSR is stable while the outlook of the Long-Term ICRs is positive. All companies are domiciled in Bermuda unless otherwise specified.

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of "a+" (Excellent) of Fontana Reinsurance U.S. Ltd. and Fontana Reinsurance Ltd., which are subsidiaries of Fontana Holdings L.P (Fontana). In addition, AM Best has affirmed the Long-Term ICR of "bbb+" (Good) of Fontana. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a+" (Excellent) of DaVinci Reinsurance Ltd. (DaVinci). Concurrently, AM Best has affirmed the Long-Term ICR of "bbb+" (Good) of DaVinciRe Holdings Ltd. Lastly, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a+" (Excellent) of Vermeer Reinsurance Ltd. (Vermeer). The outlook of these ratings is stable. These joint ventures are domiciled in Bermuda. (See below for a detailed listing of the Long-Term IRs.)

The ratings of RenaissanceRe reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favorable business profile and very strong enterprise risk management (ERM).

The positive outlook for the Long-Term ICRs reflects the improvement in operating performance in recent years as RenaissanceRe’s specialty and casualty lines have reached scale and partially have offset the volatility of the property catastrophe business. Fee income continues to be a strategic complementary and significant source of earnings that reduces RenaissanceRe’s reliance on any one source of income. As the reinsurance market continues to soften, RenaissanceRe remains well-positioned to benefit from its scale, diversification and continued relationships, allowing them to remain resilient. Investment returns remain strong as RenaissanceRe’s relatively short-duration, fixed-income portfolio has experienced higher invested asset balances and an increase in reinvestment yields in recent years. However, RenaissanceRe remains exposed to high-severity losses associated with its property catastrophe business. This exposure is balanced by growth in casualty lines, which exposes RenaissanceRe to potential reserve volatility. However, RenaissanceRe makes extensive use of retrocession protection that can mitigate volatility in its books of business.

RenaissanceRe’s balance sheet strength assessment reflects the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Growth in equity over the past five years has kept pace with business growth with net earned premium of $9.9 billion at year-end 2025. RenaissanceRe’s ability to combine its own balance sheet with third-party capital provides flexibility in how much catastrophe risk the group retains. Liquidity metrics remain solid, supported by more than $1.7 billion of cash, $4.8 billion of short-term investments and $23.6 billion of investment-grade fixed-income securities at Dec. 31, 2025. Conservative reserving practices over the years have resulted in favorable reserve development, which is built on prudent assumptions and timely recognition of loss trends.

The very favorable business profile continues to reflect the company’s considerable global market position in the property catastrophe reinsurance segment, as well as in casualty and specialty lines that now comprise more than half of its earned premiums.

RenaissanceRe is a leader in ERM, which AM Best has assessed as very strong. RenaissanceRe uses a comprehensive ERM framework that identifies, assesses and monitors key risks across various functions such as underwriting, investments, operations and capital. Risk reporting is integrated through regular governance processes, with key risk metrics and emerging risks communicated to senior management. RenaissanceRe’s modeling capabilities and third-party capital management have allowed them to maintain a track record in evaluating risk and effectively deploying capital. As a result, it has attracted capital from outside investors to form several successful joint ventures, including DaVinci, Top Layer Reinsurance Ltd., Vermeer, and Fontana, which is RenaissanceRe’s first third-party reinsurance capital-backed joint venture focused on casualty and specialty risks.

The ratings of Fontana reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and very strong ERM. Fontana’s ratings are enhanced by its affiliation with RenaissanceRe.

The ratings of DaVinci reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM. DaVinci’s ratings are enhanced by its affiliation with RenaissanceRe.

The ratings of Vermeer reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM.

The following Long-Term IRs have been affirmed with positive outlooks:

RenaissanceRe Holdings Ltd.—

-- -"bbb" (Good) on $250 million 5.75% non-cumulative fixed rate Series F perpetual preferred stock

RenaissanceRe Finance Inc. (guaranteed by RenaissanceRe Holdings Ltd.)—

-- "a-" (Excellent) on $300 million 3.45% senior unsecured notes, due 2027

The following indicative Long-Term IRs under the shelf registration have been affirmed with positive outlooks:

RenaissanceRe Holdings Ltd.—

-- "a-" (Excellent) on senior unsecured

-- "bbb+" (Good) on subordinated

-- "bbb" (Good) on preferred stock

RenaissanceRe Capital Trust II—

-- "bbb" (Good) on trust preferred securities

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Antonietta Iachetta

Associate Director

+1 908 882 1901

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Matthew Tuite

Director

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Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

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Al Slavin

Senior Public Relations Specialist

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al.slavin@ambest.com