A global reinsurer that helps insurance companies cover big risks, especially catastrophe losses from hurricanes and other disasters, plus casualty and specialty lines. Founded in Bermuda in 1993 in the wake of Hurricane Andrew, when many reinsurers pulled back and left a gap in the market, it was backed by private equity firm Warburg Pincus. The company carries the Renaissance theme through its joint ventures, which are named after Italian Renaissance figures like DaVinci, Medici, and Fontana.
Q2 2026 net income fell to $654.2M as total investment result dropped to $571.9M
Underwriting held flat while investment gains shrank this quarter. fell 36.8% to $2,194.9M with of 25.0% and of $6.57, as a $211.2M decline in investment results offset steady underwriting income of $599.1M. The company's rose 5.7% to $264.77, leaving it profitable but more exposed to market moves than underwriting.
Key takeaways
Underwriting income was $599.1M, nearly flat , as a 2.3-point improvement to 72.8% offset lower .
Total investment result fell $211.2M to $571.9M, driven by a $228.1M decline in that outweighed higher net investment income.
available to common shareholders was $654.2M, down from $835.4M a year earlier and $293.4M in Q1 2026, with of $6.57.
Section summaries
Management's Discussion and Analysis
Q2 2026 underwriting income held steady at $599M with a 72.8% combined ratio, while net income fell to $654M on lower investment gains.
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Underwriting income was $599.1M, nearly flat , as a 2.3-point improvement to 72.8% offset lower net premiums earned.
Property underwriting income rose to $642.7M on lower catastrophe losses and $257.5M of net favorable .
Casualty and Specialty posted a $43.6M underwriting loss, hit by $58.0M of net adverse including a shift in Baltimore Bridge Collapse estimates.
Gross premiums written decreased 12.5% to $3.0B from rate reductions, exposure cuts, and increased in Casualty and Specialty; rose 5.7% to $264.77.
What changed
Casualty and Specialty stayed above 100% for a fourth consecutive quarter, with a $43.6M underwriting loss in Q2 2026 after readings of 101.4%–101.8% across 2025 and Q1 2026 unflagged.
Total investment result extended its decline to $571.9M in Q2 from $19.1M in Q1 2026 and $762.8M in Q2 2025, as rising yields reversed prior gains.
Property prior-year reserve development continued with $257.5M favorable in Q2 2026, after $384M Q3 2025 and $266.6M Q2 2025 releases flagged to watch.
Bermuda 15% corporate income tax took effect in 2025 and produced $396M expense for FY2025; Q2 2026 gave no separate quantification, consistent with the annualized impact flagged.
fell 36.8% to $2,194.9M, the lowest quarterly revenue since Q1 2022, versus $3,206.6M in Q2 2025 and $2,972.8M in Q4 2025.
What to watch
Casualty and Specialty in Q3 2026 to see if it falls below 100% after four quarters at or above 101.4%.
Total investment result in Q3 2026 if market yields rise further and extend the drop from $571.9M.
Property trajectory after $257.5M Q2 favorable releases.
Full-year 2026 Bermuda 15% tax impact as the $396M 2025 expense annualizes with no Q2 2026 quantification given.
Property underwriting income rose to $642.7M, driven by lower catastrophe losses and $257.5M of net favorable .
Casualty and Specialty posted a $43.6M underwriting loss, impacted by $58.0M of net adverse including a shift in Baltimore Bridge Collapse estimates.
Total investment result fell $211.2M to $571.9M, as a $228.1M decline in net realized and unrealized gains outweighed higher net investment income.
Gross premiums written decreased 12.5% to $3.0B, reflecting rate reductions, exposure cuts, and increased retrocessional purchases in Casualty and Specialty.
rose 5.7% during the quarter to $264.77, supported by $654.2M in available to common shareholders.
Quantitative and Qualitative Disclosures About Market Risk
We are principally exposed to five types of market risk: interest rate risk; foreign currency risk; credit risk; equity price risk and commodity price risk. Our investment guidelines permit, subject to approval, investments in derivative instruments such as futures, options, for…
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We are principally exposed to five types of market risk: interest rate risk; foreign currency risk; credit risk; equity price risk and commodity price risk. Our investment guidelines permit, subject to approval, investments in derivative instruments such as futures, options, foreign currency forward contracts and swap agreements, which may be used to assume risks or for hedging purposes.
There were no material changes to these market risks, as disclosed in “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our Form 10-K for the year ended December 31, 2025, during the six months ended June 30, 2026. See “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk,” in our Form 10-K for the year ended December 31, 2025 for a discussion of our exposure to these risks.