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RenaissanceRe Holdings Ltd. (RNR) is a global provider of reinsurance and insurance solutions, established in 1993. The company specializes in matching desirable risks with efficient capital, focusing predominantly on reinsurance. It operates through two primary segments, offering catastrophe reinsurance and other property-related insurance, as well as general casualty and specialty lines.
- Casualty and Specialty - Offers general casualty, professional liability, credit, and other specialty lines such as accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite, and terrorism.
- Property - Provides catastrophe reinsurance and other property-related insurance.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin J. ODonnell ExecutiveBoard | President and Chief Executive Officer | Chair of ClimateWise Insurance Advisory Council; Member of the U.S. Department of the Treasury Federal Advisory Committee on Insurance | Kevin J. O'Donnell is the President and Chief Executive Officer at RenaissanceRe Holdings Ltd., serving as CEO since July 2013 and as President since November 2012. He has been a director since 2013 and holds external roles as Chair of ClimateWise Insurance Advisory Council (since 2022) and as a Member of the U.S. Department of the Treasury Federal Advisory Committee on Insurance (since 2023). | View Report → |
David Marra Executive | Executive Vice President and Group Chief Underwriting Officer | David Marra has been the Executive Vice President and Group Chief Underwriting Officer at RenaissanceRe since January 2023. Previously, he served as Senior Vice President and Chief Underwriting Officer – Casualty & Specialty from 2014 to 2022 and as President of Renaissance Reinsurance U.S. Inc. from 2016 to January 2023, beginning his RenaissanceRe career as Vice President in 2008. | ||
James C. Fraser Executive | Senior Vice President and Chief Accounting Officer | James C. Fraser is the Senior Vice President and Chief Accounting Officer at RenaissanceRe Holdings Ltd. since December 2016, and he previously served as Vice President and Head of Internal Audit from 2011 to 2016. | ||
Robert Qutub Executive | Executive Vice President and Chief Financial Officer | Member of the Board of Directors at USAA Federal Savings Bank (since June 2014) | Robert Qutub has served as the Executive Vice President and Chief Financial Officer of RenaissanceRe Holdings Ltd. since August 2016, where he oversees the company’s financial operations. Previously, he has been a member of the Board of Directors at USAA Federal Savings Bank since June 2014 and held financial leadership roles at MSCI Inc. (July 2012 to May 2016) and Bank of America (November 1994 to June 2012). | |
Ross A. Curtis Executive | Executive Vice President and Chief Portfolio Officer | Ross A. Curtis has served as the Executive Vice President and Chief Portfolio Officer at RenaissanceRe Holdings Ltd since January 2023, and has been with the company since 1999 starting as a Catastrophe Reinsurance Analyst. He previously held roles such as Group Chief Underwriting Officer and Chief Underwriting Officer of European Operations, contributing significantly to the company's growth. | ||
Sean Brosnan Executive | Senior Vice President and Chief Investment Officer | Sean Brosnan is the Senior Vice President and Chief Investment Officer at RenaissanceRe since April 2017. He joined the company in 2004 and previously served as Vice President, Managing Director of Investments from 2012 to 2017 and as CEO of Renaissance Reinsurance of Europe Unlimited Company from 2014 to 2017. | ||
Shannon L. Bender Executive | Executive Vice President, Group General Counsel, and Corporate Secretary | Shannon L. Bender has served as RenaissanceRe's Executive Vice President, Group General Counsel, and Corporate Secretary since June 2022, having initially joined the company in January 2021. Prior to RNR, she held significant legal roles including Senior Vice President and Chief Corporate Counsel at CIT Group Inc. and was a Partner at Fried, Frank, Harris, Shriver & Jacobson LLP. | ||
Carol P. Sanders Board | Director | President of Carol P. Sanders Consulting, LLC ; Board member at Alliant Energy Corporation ; Board member at GuideOne Insurance Group | Carol P. Sanders has served as a director at RenaissanceRe Holdings Ltd. since 2016. She also serves as Chair of the Audit Committee and is recognized as an independent director. | |
Cynthia Trudell Board | Independent Director | Chair of the Compensation Committee at Canadian Tire Corporation; Sole Principal at Trudell Human Capital Consulting, LLC | Cynthia Trudell serves as an independent director at RenaissanceRe Holdings Ltd since 2019 and is a member of the Corporate Governance and Human Capital Management Committee. She has extensive experience in executive leadership and human capital management from roles at companies such as General Motors and PepsiCo. | |
David C. Bushnell Board | Independent Director | Principal of Bushnell Consulting | David C. Bushnell has served as an independent director at RenaissanceRe Holdings Ltd. since 2008 and is a member of the Corporate Governance and Human Capital Management Committee. He brings extensive risk management and financial expertise from his roles at Bushnell Consulting and Citigroup. | |
Duncan P. Hennes Board | Independent Director | Co-Founder and Managing Member at Atrevida Partners, LLC ; Board Member at Citigroup Inc. | Duncan P. Hennes has served as an independent director at RenaissanceRe Holdings Ltd. since 2017 while serving on several committees including the Investment and Risk Management Committee (member since at least 2022) and the Transaction and Offerings Committees (member since 2023). He brings extensive experience from previous roles at Atrevida Partners, LLC; Promontory Financial Group; Bankers Trust Corporation; and Soros Fund Management. | |
Henry Klehm III Board | Independent Director and Chair of the Governance and Human Capital Management Committee | Partner at Jones Day; Practice Leader of Securities Litigation and SEC Enforcement Practice at Jones Day | Henry Klehm III has been an independent director at RNR since 2006 and serves as the Chair of the Governance and Human Capital Management Committee. He also has an extensive background in law, compliance, and corporate governance, currently acting as Partner and Practice Leader at Jones Day. | |
James L. Gibbons Board | Non-Executive Chair of the Board of Directors | Executive Chairman of Harbour International Trust Company Limited ; Treasurer, Director, and Member of the Executive Committee of Edmund Gibbons Limited ; Director and Member of the Risk Committee of Clarien Bank Limited ; Director of Bermuda Air Conditioning Limited ; Honorary Trustee of Bermuda Underwater Exploration Institute | James L. Gibbons has served as the Non-Executive Chair of the Board of Directors at RenaissanceRe Holdings Ltd since 2008. He provides strategic oversight and participates in committee functions on an ex officio basis. | |
Loretta J. Mester Board | Class II Director | Adjunct Professor of Finance at the Wharton School; Trustee of the Cleveland Clinic; Director of the Council for Economic Education; Trustee of the Musical Arts Association (Cleveland Orchestra); Founding Director of the Financial Intermediation Research Society; Member of the Senior Council of the Central Bank Research Association; Member of the Advisory Board of the Financial Intermediation Network of European Studies; Member of the Visa Economic Institute Advisory Council; Board Member of The Haverford Trust Company | Loretta J. Mester is a Class II Director at RenaissanceRe since November 6, 2024. She previously served as President and CEO of the Federal Reserve Bank of Cleveland from 2014 to 2024 and held various roles at the Federal Reserve Bank of Philadelphia. | |
Shyam Gidumal Board | Independent Director | Member of the Board of Directors at National Multiple Sclerosis Society | Shyam Gidumal has over 35 years of experience in operational leadership and digital transformation, currently serving as an Independent Director at RenaissanceRe Holdings Ltd since 2022. He previously served as President and Chief Operating Officer at WeWork Inc. from February 2020 to November 2021 and as Principal at Ernst & Young Global Limited from March 2011 to June 2019. | |
Torsten Jeworrek Board | Director | Member of the Executive Board of the National Academy of Science and Technology | Torsten Jeworrek is a Director at RenaissanceRe Holdings Ltd. since 2023 and serves on the Investment and Risk Management Committee and the Standing Committee. He brings over three decades of reinsurance experience, including his previous role as CEO of Reinsurance at Munich Re until 2022. | |
Valerie Rahmani Board | Independent Director | Director at London Stock Exchange Group, plc | Valerie Rahmani is an independent director at RenaissanceRe Holdings Ltd. since 2017, with over 30 years of experience in technology, risk management, and digital transformation. She previously served at IBM for over 25 years and was CEO at Damballa, Inc. from 2009 to 2012. |
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Given the significant California wildfire losses and the ongoing uncertainty around subrogation and fare plan recoupments, can you provide clearer criteria or a timeline for when these potential offsets might be booked, and explain how any delays could materially affect your quarterly margins?
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In light of the elevated casualty and specialty combined ratios, could you detail which specific lines are most contributing to the trend and what steps you are taking to improve claim management and reserve development without compromising rate adequacy?
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You emphasized capital flexibility with both growth opportunities in top-tier property catastrophe and aggressive share repurchases; how do you determine the optimal balance between deploying capital into new business versus returning capital to shareholders, and what metrics trigger one over the other?
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With notable rate declines in your other property segment and reliance on reinstatement premiums for margin preservation, what adjustments are being made to your underwriting models and targets to ensure long-term profitability in that portfolio?
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Regarding your increased exposure to alternative assets, such as the newly acquired gold positions for inflation hedging, can you clarify the scale of this exposure and its integration into your overall investment risk management strategy in today’s volatile market?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Aon plc | Broker providing insurance and reinsurance services | All | Accounted for 32.0% of total gross premiums in 2024. |
Marsh & McLennan Companies, Inc. | Broker providing insurance and reinsurance services | All | Accounted for 36.5% of total gross premiums in 2024. |
Arthur J. Gallagher | Broker providing insurance and reinsurance services | All | Accounted for 13.6% of total gross premiums in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Validus Holdings and Validus Specialty | 2023 | RenaissanceRe acquired Validus Holdings and Validus Specialty under a Stock Purchase Agreement dated May 22, 2023, paying a total consideration of $3.603 billion (including $2.735 billion in cash, 1,322,541 common shares valued at roughly $250 million, and pre‐closing adjustments of $562.5 million and $20 million). The deal strategically enhanced RenaissanceRe’s scale and market position by adding key reinsurance assets—such as renewal rights and the assumed treaty reinsurance business from Talbot Underwriting—and deepened its relationship with AIG, one of its largest clients. |
Validus Re | 2023 | The Validus Re acquisition was completed on November 1, 2023 for a total consideration of $2.985 billion, composed of $2.735 billion in cash and 1,322,541 common shares valued at around $250 million, with AIG retaining 95% of the risk and reward on in-force reserves. This acquisition brought in Validus Reinsurance, its consolidated subsidiaries (including AlphaCat Managers), and renewal rights to Talbot’s Assumed Reinsurance Treaty, aligning with RenaissanceRe’s strategy to scale its global property and casualty reinsurance operations and deliver immediate accretion to shareholders. |
Recent press releases and 8-K filings for RNR.
- AGM Held: The Annual General Meeting on May 6, 2025 in Pembroke, Bermuda recorded 49,004,247 outstanding voting common shares and a quorum of 44,607,875 shares.
- Board Nominee Votes: Shareholders elected one Class II director and four Class III directors with detailed vote counts provided (e.g., Loretta J. Mester received 41,471,984 votes for).
- Executive Compensation Vote: An advisory vote on the compensation of the named executive officers was approved with 40,858,848 votes for compared to 2,063,731 against.
- Auditor Appointment: Shareholders approved appointing PricewaterhouseCoopers Ltd. as the independent registered public accounting firm for the 2025 fiscal year, with 44,561,004 votes for.
- Macroeconomic volatility prevailed in Q1 2025, yet the company maintained a strong capital and liquidity position supported by steady share buybacks and a successful debt issuance, enabling continued strategic flexibility.
- Despite significant underwriting losses—including a post-tax net negative impact of $633 million from California wildfires—strong net investment income and fees helped partially offset these setbacks.
- Management remains confident in the outlook for midyear renewals, citing favorable trading conditions in the property catastrophe market and growing demand in Florida, while emphasizing disciplined capital deployment and margin preservation.
- The company reported $161.1 million in net income available to common shareholders alongside a $69.8 million operating loss attributable to common shareholders in Q1 2025.
- Despite challenging market conditions and significant loss events, the firm achieved 0.2% growth in book value per share and 0.9% growth in tangible book value per share plus accumulated dividends.
- The announcement also highlighted a capital return initiative, including the repurchase of approximately 1.5 million common shares at an average price of $242.08.
- Joint venture DaVinciRe has agreed to sell $300 million aggregate principal of 5.950% Senior Notes due 2035, with the pricing announced on February 26, 2025.
- Proceeds will be used for general corporate purposes, including repaying $150 million of DaVinciRe’s outstanding 4.750% Senior Notes due 2025.
- The offering is structured as a private placement under Rule 144A and Regulation S, with an expected closing on or about March 5, 2025.
- RenaissanceRe Holdings Ltd. filed an 8‑K registration statement under Form S‑3 to issue $500 million of 5.800% Senior Notes due 2035, with the offering effective as of February 25, 2025.
- The issuance was executed under an underwriting agreement with major financial institutions, and the notes include specific redemption, interest, and maturity features.
- RenaissanceRe Holdings Ltd. announced the pricing of a $500 million Senior Notes offering with a coupon of 5.800% due in 2035.
- The net proceeds will be used for general corporate purposes, which may include redeeming, repaying, or refinancing existing debt.
- The offering is underwritten by major institutions including Barclays, Citigroup, Morgan Stanley, RBC Capital Markets, and Wells Fargo Securities.