RNR — what changed in the latest 10-Q
A section-by-section comparison of RNR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +240 | −102 | ~51 | 104 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
–underwriting income of $599.1 million, remained consistent with the second quarter of 2025, decreasing by $2.6 million, and resulted in a combined ratio of 72.8%, an improvement of 2.3 percentage points, primarily driven by:
◦a lower level of catastrophe losses in the second quarter of 2026, compared to the second quarter of 2025, partially offset by less favorable prior year development; and
◦an improvement of 1.9 percentage points to the underwriting expense ratio, largely due to the Bermuda tax credits recorded in the second quarter of 2026, and a decrease in purchase accounting adjustments compared to the second quarter of 2025.
–gross premiums written and net premiums written decreased by $426.8 million and $493.3 million, respectively, reflecting rate reductions and exposure reductions compared to the second quarter of 2025, as well as an increase in retrocessional coverage purchased within the Casualty and Specialty segm…
–total investment result decreased by $211.2 million, driven by:
Text removed vs the prior filing · source: 10-Q · 2026-04-29
–underwriting income of $588.8 million, an increase of $1.4 billion, resulting in an improvement of 55.3 percentage points in the combined ratio, driven primarily by:
–a lower level of catastrophe losses in the first quarter of 2026, compared to the first quarter of 2025.
–gross premiums written and net premiums written decreased by $676.6 million and $765.2 million, respectively.
–total investment result decreased by $737.0 million, primarily driven by:
–an increase of $754.9 million in net realized and unrealized losses on investments principally resulting from net losses on our fixed maturity-related and equity-related investments.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice