RenaissanceRe Announces Estimated Net Negative Impact on First Quarter 2021 Results of Operations from Winter Storm Uri

RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today announced it estimates that losses from Winter Storm Uri will have a net negative impact of approximately $180 million on the Company’s first quarter 2021 results of operations. Winter Storm Uri was a major wind and ice storm that impacted the U.S. in February 2021, causing widespread damage in many areas, including Texas. For the first quarter of 2021, the Company expects to report a net loss attributable to common shareholders and nominal operating income available to common shareholders.

Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “We extend our sympathies to all those affected by Winter Storm Uri. Consistent with our track record, we will support our customers in understanding and managing this U.S. winter storm while helping communities recover through rapid payment of claims. We are in a strong capital position heading into the mid-year renewals and anticipate additional opportunities to write attractive risk.”

Net Negative Impact

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, earned and lost profit commissions and redeemable noncontrolling interest. The Company’s estimates of net negative impact are based on a review of its potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty regarding the estimates and the nature and extent of the losses from catastrophe events remains, driven by the magnitude and recent nature of the event, the geographic areas impacted by the event, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.