Fitch Ratings has affirmed RenaissanceRe Holdings Ltd.'s and its subsidiaries' ratings, including Renaissance Reinsurance Ltd.'s Insurer Financial Strength (IFS) rating at 'A+' (Strong), RNR's senior debt rating at 'A-', and the Issuer Default Rating (IDR) at 'A'. The Rating Outlook remains Stable.
Fitch views RenaissanceRe's overall business profile as 'Moderate' and recognizes its leadership in property/casualty and specialty traditional and alternative reinsurance markets. The company's net premiums written surged by 33% in 2024 to $10.0 billion from $7.5 billion in 2023, driven by the Validus acquisition.
The affirmation is supported by RenaissanceRe's very strong capitalization, maintaining an 'Extremely Strong' score on Fitch's Prism Global Capital Model in 2024, and strong earnings despite volatility from catastrophe loss events. The company's financial leverage ratio of 14.1% at year-end 2024 is considered modest.
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