RenRe combined ratio improves sharply in Q2

Bermuda-based reinsurer RenaissanceRe reported a second-quarter combined ratio of 75.1%, down from 81.1% in the same period last year.

Second quarter net income rose from $495.0 million to $826.5 million. 

Group gross premium written was flat, however, at $3.42 billion in Q2 2025 compared with $3.43 billion the year before.  

Q2 group underwriting income improved to $601.7 million compared with $479.3 million in the prior-year period.  

Property underwriting GPW shrank 1.2% to $1.73 billion primarily driven by a decrease in the other property class of $119.3 million, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business. 

But catastrophe class GPW improved by 7.8% to $98.1 million, driven by strong mid-year renewals reflective of organic growth on existing clients, as well as new underwriting opportunities, including in US catastrophe-exposed business.

RenRe’s casualty and specialty segment saw its combined ratio worsen to 101.8% in Q2 compared with 98.2% the year before, while GPW was up 1% to $1.69 billion, mainly due to increases in the credit and specialty classes, largely offset by a net decrease within the casualty lines of business. 

RenaissanceRe president and CEO Kevin J O’Donnell (pictured) hailed what he called “outstanding results” this quarter. 

“Underwriting and fee income reached record highs, and investment income remained near peak levels ... At the mid-year renewals, our partnership approach and ability to provide lead quotes and increased capacity to our customers enabled us to grow into attractive property catastrophe opportunities at rates and terms that outperformed the broader market.”

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