Fitch Ratings has affirmed the ratings of RenaissanceRe Holdings Ltd. and its subsidiaries, including the Insurer Financial Strength rating of Renaissance Reinsurance Ltd. at 'A+' (Strong) and RNR's senior debt rating at 'A-' and Issuer Default Rating at 'A'. The rating outlook is stable.

The affirmation of RenRe's ratings reflects the company's moderate business profile, with a favourable position in property catastrophe reinsurance, moderate diversification into casualty and specialty business, and moderate operating scale.

The ratings also reflect the company's very strong capitalisation, modest financial leverage and strong financial performance over an extended period, although with earnings volatility from catastrophe losses and investment performance.

Fitch views the overall company profile as moderate compared with all other reinsurance organizations globally and says the specialist product knowledge and technical expertise as a property catastrophe reinsurance market leader is valuable to reinsurance buyers beyond the company's moderate business profile.

Property business represented 40 per cent of total 2022 net premiums written, with casualty and specialty business at 60 per cent. Property catastrophe business accounted for 20 per cent of total NPW in 2022, down from 22 per cent in 2021.

Overall capitalisation is viewed as very strong, with the reinsurer maintaining a score of 'Extremely Strong' on Fitch's Prism factor-based capital model in 2022.

Shareholders' equity declined to $5.3 billion at December 31, down 19.6 per cent from $6.6 billion at December 31, 2021.

This drop reflects a $1.1 billion net loss driven by net realized and unrealized losses on investments of $1.8 billion as fixed-income securities suffered from an increase in interest rates.

RenRe's financial leverage ratio was modest at 15.7 per cent at year end, but up from 13.0 per cent from the year before.