RenaissanceRe is one of the largest global reinsurers, writing property and casualty & specialty reinsurance. Founded in 1993 and headquartered in Bermuda, the company provides financial protection to insurance companies against large or catastrophic losses in exchange for a premium. RenaissanceRe is particularly known for property catastrophe reinsurance, covering events like hurricanes, earthquakes, and wildfires. The company operates two segments: Property (~42% of gross premiums written) and Casualty & Specialty (~58%), with total gross premiums written of ~$11.7B in FY25. RenaissanceRe sells almost entirely through brokers; Aon, Marsh & McLennan, and Arthur J. Gallagher collectively account for ~81% of gross premiums written. The business model has three profit drivers: underwriting income, investment income (~$1.2B in FY25), and fee income from managing ~$10B+ of third-party capital through its Capital Partners unit (~$207M in management fees and ~$121M in performance fees in FY25). A key feature of the model is the "gross-to-net" strategy, where RenaissanceRe cedes roughly half of assumed property catastrophe premiums to joint venture vehicles and external reinsurers, reducing earnings volatility while generating stable fee income. Major third-party capital vehicles include DaVinci, Fontana, Vermeer, and Medici. The 2023 acquisition of Validus from AIG roughly doubled the company's premium base and expanded its casualty and specialty books. RenaissanceRe's capital allocation priorities are deploying into underwriting opportunities and returning capital via buybacks; the company repurchased ~$1.6B of shares in FY25.