RenaissanceRe, the global reinsurance company and third-party capital manager, has reported a 24.1% rise year-on-year in fee income earned from its reinsurance joint-venture vehicles and insurance-linked securities (ILS) funds in the third-quarter of 2025.With catastrophe bond, ILS and reinsurance joint-venture returns seemingly high for the quarter, RenaissanceRe delivered meaningful income to the third-party investors backing its range of ILS and reinsurance structures in the third-quarter.Just like last year’s third-quarter, which was also a strong period of performance for the RenaissanceRe Capital Partners managed structures and ILS funds, the company has not revealed any new capital for Q3, although again there are signs in the specifics of the noncontrolling interests reported that some increases may have been seen, although these could also be rolled earnings.Q3 is typically not a strong period for capital raising in the ILS and reinsurance space anyway, given the onset of the hurricane season, so the above is understandable.

For Q3 2025, RenaissanceRe (RenRe) reported that net income attributable to its redeemable noncontrolling interests, a measure of sorts for returns and profits earned and attributed to third-party capital investors in the period, reached $415.2 million.That is slightly down on Q3 2024’s $450.2 million, but it remains one of the highest figures reported ever and 2024 was, in general, an even stronger year for ILS and reinsurance joint-venture performance.RenRe explained that strong underwriting performance, particularly in the DaVinci sidecar like JV structure and the PGGM supported Vermeer Re rated reinsurer, was a key driver.

In addition, strong net investment income across the joint ventures and managed ILS funds, as well as the overall investment performance of the range of structures drove the income delivered to investors benefit as well.As ever, with strong returns across the reinsurance and catastrophe bond investments through the RenRe Capital Partners offering of ILS funds and JV’s, you’d also expect strong fee income for the company.In fact, Q3 2025 fee income from the third-party capital business of RenRe Capital Partners reached $101.8 million, which is an increase of 24.1% from Q3 2024’s $82.1 million (which was itself up 27.1% from Q3 2023).

As RenRe has scaled the assets under management of its third-party capital business and its range of JV’s and ILS funds, with a lower-level of catastrophe losses again in the period the company has benefited from a significant boost to its net income from the RenRe Capital Partners unit.With overall RenRe operating income reported at over $733.7 million, the third-party capital continues to be a meaningful contributor to that figure.Management fee income reached over $53 million for Q3 2025, slightly down on the prior year, but performance fees were almost $48.8 million which was well up on the prior year.

Notably, RenRe highlighted that positive prior year development, especially for DaVinci and Upsilon, as well as some structured reinsurance products, helped to boost the performance income somewhat.Redeemable noncontrolling interest was reported to have reached almost $7.47 billion after the third-quarter of 2025, up from almost $6.98 billion at December 31st 2024.That figure is not the true measure of third-party capital under management though, but it does reflect the contiued growth seen through this year so far.

, representing an increase of $940 million or 13% over the prior twelve months.View information on many dedicated ILS fund managers, as well as reinsurers offering ILS style investment opportunities, such as RenaissanceRe, in our ..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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