RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT

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8-K - FORM 8-K - RENAISSANCERE HOLDINGS LTD	d8k.htm
EX-99.1 - COPY OF THE COMPANY'S PRESS RELEASE - RENAISSANCERE HOLDINGS LTD	dex991.htm

Exhibit 99.2





		RenaissanceRe Holdings Ltd. Financial Supplement

		June 30, 2011

Contact:

Investors:
RenaissanceRe Holdings Ltd. Rohan Pai Director of Investor Relations 441-295-4513

Media:
Kekst and Company Peter Hill or Dawn Dover 212-521-4800

RenaissanceRe Holdings Ltd.

Contents


	Page(s)

Basis of Presentation		i

Financial Highlights		1

Income Statements
a. Summary Consolidated Statements of Operations		2-3
b. Consolidated Segment Underwriting Results		4-5
c. Reinsurance Segment - Unit Underwriting Results		6-7
d. Gross Premiums Written and Managed Premiums		8-9
e. DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations		10-11

Balance Sheets
a. Summary Consolidated Balance Sheets		12

Investments
a. Investment Portfolio - Composition		13
b. Summary of Other Investments		14
c. Investment Result		15
d. Investment Portfolio - Yield to Maturity and Credit Rating		16
e. Investment Portfolio - Change in Portfolio Composition		17
f. Fixed Maturity Investments - Corporate Sector		18
g. Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value		18

Loss Reserve Analysis
a. Reserves for Claims and Claim Expenses		19
b. Paid to Incurred Analysis		20

Other Items
a. (Loss) Earnings per Share		21
b. Equity in (Losses) Earnings of Other Ventures		22
c. Other Income (Loss)		23
d. Ratings		24

Comments on Regulation G		25-26

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating (loss) income (attributable) available to RenaissanceRe common shareholders”, “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 25 and 26 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. On November 18, 2010, the Company entered into a definitive stock purchase agreement (the “Stock Purchase Agreement”) with QBE Holdings, Inc. (“QBE”) to sell substantially all of its U.S.-based insurance operations, including its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National Inc., its commercial property insurance operations and its claims operations. The Company classified the assets and liabilities associated with this transaction as held for sale. The financial results for these operations have been presented as discontinued operations in the Company’s statements of operations for all periods presented. Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all amounts presented in this financial supplement relate to the Company’s continuing operations. On March 4, 2011, the Company completed the sale of substantially all of its U.S.-based insurance operations to QBE.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of three reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Company’s ventures unit, (2) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”), and (3) Insurance, which principally includes the Company’s Bermuda-based insurance operations.

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this release contain information about the Company’s future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Reports on Form 10-Q .

All information contained herein is unaudited. Unless otherwise noted, dollar amounts are in thousands, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe Holdings Ltd. with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Reports on Form 10-Q . Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe Holdings Ltd.


		i

RenaissanceRe Holdings Ltd.

Financial Highlights


	Three months ended						Six months ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
*Highlights*
Gross premiums written	$	641,563		$	506,540		$	1,252,068		$	1,022,551
Net premiums written		427,995			329,334			880,570			736,493
Net premiums earned		217,175			212,171			522,716			462,824
Net claims and claim expenses incurred		151,261			(18,803	)		779,798			78,537
Underwriting income (loss)		9,732			169,354			(387,429	)		251,082
Net investment income		33,328			26,173			93,609			91,882
Net income (loss) available (attributable) to RenaissanceRe common shareholders		24,764			210,241			(223,269	)		375,288

Net realized and unrealized gains on investments		34,979			70,051			29,765			118,251
Net other-than-temporary impairments		—			(796	)		—			(829	)

Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)		(10,215	)		139,931			(253,076	)		256,413

Total assets	$	8,166,340		$	8,700,914		$	8,166,340		$	8,700,914
Total shareholders’ equity attributable to RenaissanceRe	$	3,515,271		$	3,775,242		$	3,515,271		$	3,775,242

*Per share data*

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.48		$	3.66		$	(4.39	)	$	6.37
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	(0.21	)	$	2.40		$	(4.97	)	$	4.30

Dividends per common share	$	0.26		$	0.25		$	0.52		$	0.50

Book value per common share	$	57.30		$	56.96			57.30		$	56.96
Adjustment for goodwill and other intangibles (1)		(0.96	)		(2.10	)		(0.96	)		(2.10	)


Tangible book value per common share (1)		56.34			54.86			56.34			54.86
Accumulated dividends per common share		10.40			9.38			10.40			9.38


Tangible book value per common share plus accumulated dividends (1)	$	66.74		$	64.24		$	66.74		$	64.24


*Financial ratios*

Net claims and claim expense ratio - current accident year		79.2	%		29.0	%		166.2	%		58.6	%
Net claims and claim expense ratio - prior accident years		(9.6	%)		(37.9	%)		(17.0	%)		(41.6	%)


Net claims and claim expense ratio - calendar year		69.6	%		(8.9	%)		149.2	%		17.0	%
Underwriting expense ratio		25.9	%		29.1	%		24.9	%		28.8	%


Combined ratio		95.5	%		20.2	%		174.1	%		45.8	%


Operating return on average common equity - annualized (1)		(1.4	%)		17.9	%		(16.3	%)		16.3	%

(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Revenues
Gross premiums written	$	641,563		$	610,505		$	31,201		$	111,543		$	506,540


Net premiums written	$	427,995		$	452,575		$	30,165		$	82,307		$	329,334
(Increase) decrease in unearned premiums		(210,820	)		(147,034	)		159,577			130,048			(117,163	)


Net premiums earned		217,175			305,541			189,742			212,355			212,171
Net investment income		33,328			60,281			52,503			59,570			26,173
Net foreign exchange (losses) gains		(4,521	)		660			(4,646	)		(529	)		(609	)
Equity in earnings (losses) of other ventures		5,128			(23,753	)		(10,390	)		(6,740	)		3,160
Other (loss) income		(5,167	)		50,145			26,032			25,021			(3,742	)
Net realized and unrealized gains (losses) on investments		34,979			(5,214	)		(66,149	)		92,342			70,051

Total other-than-temporary impairments		—			—			—			—			(798	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			2


Net other-than-temporary impairments		—			—			—			—			(796	)


*Total revenues*		280,922			387,660			187,092			382,019			306,408


Expenses
Net claims and claim expenses incurred		151,261			628,537			(27,128	)		77,936			(18,803	)
Acquisition expenses		13,883			32,335			18,803			26,143			23,580
Operational expenses		42,299			41,830			45,882			36,970			38,040
Corporate expenses		4,011			2,064			4,744			5,590			4,493
Interest expense		5,730			6,195			6,303			6,164			6,206


*Total expenses*		217,184			710,961			48,604			152,803			53,516

Income (loss) from continuing operations before taxes		63,738			(323,301	)		138,488			229,216			252,892
Income tax benefit (expense)		1,773			52			(196	)		2,399			958


*Income (loss) from continuing operations*		65,511			(323,249	)		138,292			231,615			253,850
(Loss) income from discontinued operations		(10,094	)		(1,526	)		11,108			21,234			18,881


*Net income (loss)*		55,417			(324,775	)		149,400			252,849			272,731
Net (income) loss attributable to noncontrolling interests		(21,903	)		85,492			(16,432	)		(37,524	)		(51,915	)


*Net income (loss) attributable to RenaissanceRe*		33,514			(239,283	)		132,968			215,325			220,816
Dividends on preference shares		(8,750	)		(8,750	)		(10,393	)		(10,575	)		(10,575	)


*Net income (loss) available (attributable) to RenaissanceRe common shareholders*	$	24,764		$	(248,033	)	$	122,575		$	204,750		$	210,241


Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(0.21	)	$	(4.59	)	$	3.47		$	1.59		$	2.40

Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.68		$	(4.66	)	$	2.04		$	3.33		$	3.35
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.20	)		(0.03	)		0.21			0.40			0.34


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.48		$	(4.69	)	$	2.25		$	3.73		$	3.69


Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)		0.68		$	(4.66	)	$	2.02		$	3.31		$	3.32

(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.20	)		(0.03	)		0.21			0.39			0.34


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.48		$	(4.69	)	$	2.23		$	3.70		$	3.66


Average shares outstanding - basic		50,493			51,504			53,166			53,467			55,538
Average shares outstanding - diluted (2)		51,050			51,504			53,667			53,965			56,044

Net claims and claim expense ratio		69.6	%		205.7	%		(14.3	%)		36.7	%		(8.9	%)
Underwriting expense ratio		25.9	%		24.3	%		34.1	%		29.7	%		29.1	%


Combined ratio		95.5	%		230.0	%		19.8	%		66.4	%		20.2	%


Operating return on average common equity - annualized (1)		(1.4	%)		(30.7	%)		22.5	%		11.3	%		17.9	%

(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Six months ended
	June 30, 2011			June 30, 2010
Revenues
Gross premiums written	$	1,252,068		$	1,022,551


Net premiums written	$	880,570		$	736,493
Increase in unearned premiums		(357,854	)		(273,669	)


Net premiums earned		522,716			462,824
Net investment income		93,609			91,882
Net foreign exchange losses		(3,861	)		(11,951	)
Equity in (losses) earnings of other ventures		(18,625	)		5,316
Other income (loss)		44,978			(9,933	)
Net realized and unrealized gains on fixed maturity investments		29,765			118,251

Total other-than-temporary impairments		—			(831	)
Portion recognized in other-than-temporary impairments		—			2


Net other-than-temporary impairments		—			(829	)


*Total revenues*		668,582			655,560


Expenses
Net claims and claim expenses incurred		779,798			78,537
Acquisition expenses		46,218			50,015
Operational expenses		84,129			83,190
Corporate expenses		6,075			9,802
Interest expense		11,925			9,362


*Total expenses*		928,145			230,906

(Loss) income from continuing operations before taxes		(259,563	)		424,654
Income tax benefit		1,825			3,921


*(Loss) income from continuing operations*		(257,738	)		428,575
(Loss) income from discontinued operations		(11,620	)		30,328


*Net (loss) income*		(269,358	)		458,903
Net loss (income) attributable to noncontrolling interests		63,589			(62,465	)


*Net (loss) income attributable (available) to RenaissanceRe*		(205,769	)		396,438
Dividends on preference shares		(17,500	)		(21,150	)


*Net (loss) income (attributable) available to RenaissanceRe common shareholders*	$	(223,269	)	$	375,288


Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(4.97	)	$	4.30

(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(4.16	)	$	5.89
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.23	)		0.53


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(4.39	)	$	6.42


(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.16	)	$	5.84
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.23	)		0.53


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.39	)	$	6.37


Average shares outstanding - basic		50,994			56,972
Average shares outstanding - diluted (2)		50,994			57,465

Net claims and claim expense ratio		149.2	%		17.0	%
Underwriting expense ratio		24.9	%		28.8	%


Combined ratio		174.1	%		45.8	%


Operating return on average common equity - annualized (1)		(16.3	%)		16.3	%

(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Three months ended June 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations			Total

Gross premiums written	$	607,404		$	34,126		$	33		$	—		$	641,563

Net premiums written	$	395,856		$	32,084		$	55					$	427,995

Net premiums earned	$	199,461		$	17,233		$	481					$	217,175
Net claims and claim expenses incurred		143,219			8,619			(577	)					151,261
Acquisition expenses		10,431			3,305			147						13,883
Operational expenses		32,901			8,635			763						42,299

Underwriting income (loss)	$	12,910		$	(3,326	)	$	148					$	9,732


Net claims and claim expenses incurred - current accident year	$	162,398		$	9,612		$	(78	)				$	171,932
Net claims and claim expenses incurred - prior accident years		(19,179	)		(993	)		(499	)					(20,671	)

Net claims and claim expenses incurred - total	$	143,219		$	8,619		$	(577	)				$	151,261


Net claims and claim expense ratio - current accident year		81.4	%		55.8	%		(16.2	%)					79.2	%
Net claims and claim expense ratio - prior accident years		(9.6	%)		(5.8	%)		(103.8	%)					(9.6	%)

Net claims and claim expense ratio - calendar year		71.8	%		50.0	%		(120.0	%)					69.6	%
Underwriting expense ratio		21.7	%		69.3	%		189.2	%					25.9	%

Combined ratio		93.5	%		119.3	%		69.2	%					95.5	%


	Three months ended June 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total

Gross premiums written	$	496,517		$	34,841		$	(3,742	)	$	(21,076	)	$	506,540

Net premiums written	$	319,000		$	32,330		$	(21,996	)				$	329,334

Net premiums earned	$	198,223		$	16,630		$	(2,682	)				$	212,171
Net claims and claim expenses incurred		(30,332	)		7,752			3,777						(18,803	)
Acquisition expenses		17,941			3,172			2,467						23,580
Operational expenses		29,869			4,953			3,218						38,040

Underwriting income (loss)	$	180,745		$	753		$	(12,144	)				$	169,354


Net claims and claim expenses incurred - current accident year	$	50,994		$	7,814		$	2,627					$	61,435
Net claims and claim expenses incurred - prior accident years		(81,326	)		(62	)		1,150						(80,238	)

Net claims and claim expenses incurred - total	$	(30,332	)	$	7,752		$	3,777					$	(18,803	)


Net claims and claim expense ratio - current accident year		25.7	%		47.0	%		NMF						29.0	%
Net claims and claim expense ratio - prior accident years		(41.0	%)		(0.4	%)		NMF						(37.9	%)

Net claims and claim expense ratio - calendar year		(15.3	%)		46.6	%		NMF						(8.9	%)
Underwriting expense ratio		24.1	%		48.9	%		NMF						29.1	%

Combined ratio		8.8	%		95.5	%		NMF						20.2	%

(1)	Represents $21.0 million and $0.1 million of gross premiums ceded from the Insurance segment to the Lloyd’s segment and from the Insurance segment to the Reinsurance segment, respectively, for the three months ended June 30, 2010.

NMF - Not a meaningful figure.


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Six months ended June 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total

Gross premiums written	$	1,181,086		$	70,746		$	313		$	(77	)	$	1,252,068

Net premiums written	$	819,422		$	60,821		$	327					$	880,570

Net premiums earned	$	488,890		$	32,907		$	919					$	522,716
Net claims and claim expenses incurred		738,623			39,142			2,033						779,798
Acquisition expenses		40,223			5,766			229						46,218
Operational expenses		65,264			17,607			1,258						84,129

Underwriting loss	$	(355,220	)	$	(29,608	)	$	(2,601	)				$	(387,429	)


Net claims and claim expenses incurred - current accident year	$	829,760		$	38,938		$	(69	)				$	868,629
Net claims and claim expenses incurred - prior accident years		(91,137	)		204			2,102						(88,831	)

Net claims and claim expenses incurred - total	$	738,623		$	39,142		$	2,033					$	779,798


Net claims and claim expense ratio - current accident year		169.7	%		118.3	%		(7.5	%)					166.2	%
Net claims and claim expense ratio - prior accident years		(18.6	%)		0.6	%		228.7	%					(17.0	%)

Net claims and claim expense ratio - calendar year		151.1	%		118.9	%		221.2	%					149.2	%
Underwriting expense ratio		21.6	%		71.1	%		161.8	%					24.9	%

Combined ratio		172.7	%		190.0	%		383.0	%					174.1	%


	Six months ended June 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total

Gross premiums written	$	995,102		$	48,865		$	685		$	(22,101	)	$	1,022,551

Net premiums written	$	707,658		$	45,981		$	(17,146	)				$	736,493

Net premiums earned	$	441,292		$	23,601		$	(2,069	)				$	462,824
Net claims and claim expenses incurred		68,615			10,339			(417	)					78,537
Acquisition expenses		40,600			4,331			5,084						50,015
Operational expenses		63,886			11,087			8,217						83,190

Underwriting income (loss)	$	268,191		$	(2,156	)	$	(14,953	)				$	251,082


Net claims and claim expenses incurred - current accident year	$	255,059		$	10,500		$	5,486					$	271,045
Net claims and claim expenses incurred - prior accident years		(186,444	)		(161	)		(5,903	)					(192,508	)

Net claims and claim expenses incurred - total	$	68,615		$	10,339		$	(417	)				$	78,537


Net claims and claim expense ratio - current accident year		57.8	%		44.5	%		NMF						58.6	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(0.7	%)		NMF						(41.6	%)

Net claims and claim expense ratio - calendar year		15.5	%		43.8	%		NMF						17.0	%
Underwriting expense ratio		23.7	%		65.3	%		NMF						28.8	%

Combined ratio		39.2	%		109.1	%		NMF						45.8	%

(1)

Represents $0.1 million of gross premiums ceded from Reinsurance segment to the Lloyd’s segment for the six months ended June 30, 2011 (2010 - $21.6 million, $0.2 million and $0.2 million of gross premiums written from the Insurance segment to the Lloyd’s segment, from the Insurance segment to the Reinsurance segment and from the Reinsurance segment to the Lloyd’s segment, respectively).

NMF - Not a meaningful figure.


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Three months ended June 30, 2011
	Catastrophe			Specialty			Total

Gross premiums written	$	583,246		$	24,158		$	607,404

Net premiums written	$	373,039		$	22,817		$	395,856

Net premiums earned	$	167,509		$	31,952		$	199,461
Net claims and claim expenses incurred		127,374			15,845			143,219
Acquisition expenses		5,896			4,535			10,431
Operational expenses		25,460			7,441			32,901

Underwriting income	$	8,779		$	4,131		$	12,910


Net claims and claim expenses incurred - current accident year	$	139,161		$	23,237		$	162,398
Net claims and claim expenses incurred - prior accident years		(11,787	)		(7,392	)		(19,179	)

Net claims and claim expenses incurred - total	$	127,374		$	15,845		$	143,219


Net claims and claim expense ratio - current accident year		83.1	%		72.7	%		81.4	%
Net claims and claim expense ratio - prior accident years		(7.1	%)		(23.1	%)		(9.6	%)

Net claims and claim expense ratio - calendar year		76.0	%		49.6	%		71.8	%
Underwriting expense ratio		18.8	%		37.5	%		21.7	%

Combined ratio		94.8	%		87.1	%		93.5	%


	Three months ended June 30, 2010
	Catastrophe			Specialty			Total

Gross premiums written	$	489,542		$	6,975		$	496,517

Net premiums written	$	312,491		$	6,509		$	319,000

Net premiums earned	$	173,910		$	24,313		$	198,223
Net claims and claim expenses incurred		(40,043	)		9,711			(30,332	)
Acquisition expenses		15,380			2,561			17,941
Operational expenses		24,045			5,824			29,869

Underwriting income	$	174,528		$	6,217		$	180,745


Net claims and claim expenses incurred - current accident year	$	20,826		$	30,168		$	50,994
Net claims and claim expenses incurred - prior accident years		(60,869	)		(20,457	)		(81,326	)

Net claims and claim expenses incurred - total	$	(40,043	)	$	9,711		$	(30,332	)


Net claims and claim expense ratio - current accident year		12.0	%		124.1	%		25.7	%
Net claims and claim expense ratio - prior accident years		(35.0	%)		(84.2	%)		(41.0	%)

Net claims and claim expense ratio - calendar year		(23.0	%)		39.9	%		(15.3	%)
Underwriting expense ratio		22.6	%		34.5	%		24.1	%

Combined ratio		(0.4	%)		74.4	%		8.8	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Six months ended June 30, 2011
	Catastrophe			Specialty			Total

Gross premiums written	$	1,081,924		$	99,162		$	1,181,086

Net premiums written	$	725,676		$	93,746		$	819,422

Net premiums earned	$	422,798		$	66,092		$	488,890
Net claims and claim expenses incurred		713,892			24,731			738,623
Acquisition expenses		29,509			10,714			40,223
Operational expenses		50,461			14,803			65,264

Underwriting (loss) income	$	(371,064	)	$	15,844		$	(355,220	)


Net claims and claim expenses incurred - current accident year	$	745,388		$	84,372		$	829,760
Net claims and claim expenses incurred - prior accident years		(31,496	)		(59,641	)		(91,137	)

Net claims and claim expenses incurred - total	$	713,892		$	24,731		$	738,623


Net claims and claim expense ratio - current accident year		176.3	%		127.7	%		169.7	%
Net claims and claim expense ratio - prior accident years		(7.5	%)		(90.3	%)		(18.6	%)

Net claims and claim expense ratio - calendar year		168.8	%		37.4	%		151.1	%
Underwriting expense ratio		19.0	%		38.6	%		21.6	%

Combined ratio		187.8	%		76.0	%		172.7	%


	Six months ended June 30, 2010
	Catastrophe			Specialty			Total

Gross premiums written	$	913,662		$	81,440		$	995,102

Net premiums written	$	629,755		$	77,903		$	707,658

Net premiums earned	$	386,808		$	54,484		$	441,292
Net claims and claim expenses incurred		109,461			(40,846	)		68,615
Acquisition expenses		34,054			6,546			40,600
Operational expenses		52,057			11,829			63,886

Underwriting income	$	191,236		$	76,955		$	268,191


Net claims and claim expenses incurred - current accident year	$	201,922		$	53,137		$	255,059
Net claims and claim expenses incurred - prior accident years		(92,461	)		(93,983	)		(186,444	)

Net claims and claim expenses incurred - total	$	109,461		$	(40,846	)	$	68,615


Net claims and claim expense ratio - current accident year		52.2	%		97.5	%		57.8	%
Net claims and claim expense ratio - prior accident years		(23.9	%)		(172.5	%)		(42.3	%)

Net claims and claim expense ratio - calendar year		28.3	%		(75.0	%)		15.5	%
Underwriting expense ratio		22.3	%		33.8	%		23.7	%

Combined ratio		50.6	%		(41.2	%)		39.2	%


		7

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums


	Three months ended
	June 30, 2011		March 31, 2011		December 31, 2010			September 30, 2010			June 30, 2010
Reinsurance Segment

Renaissance catastrophe premiums	$	366,929	$	311,642	$	(3,273	)	$	62,434		$	302,625
Renaissance specialty premiums		23,066		74,395		25,647			21,363			7,389

Total Renaissance premiums		389,995		386,037		22,374			83,797			310,014


DaVinci catastrophe premiums		216,317		187,036		(4,434	)		25,844			186,917
DaVinci specialty premiums		1,092		609		—			936			(414	)

Total DaVinci premiums		217,409		187,645		(4,434	)		26,780			186,503

Total catastrophe unit premiums		583,246		498,678		(7,707	)		88,278			489,542
Total specialty unit premiums		24,158		75,004		25,647			22,299			6,975

Total Reinsurance segment gross premiums written	$	607,404	$	573,682	$	17,940		$	110,577		$	496,517


Lloyd’s Segment

Specialty	$	17,546	$	29,235	$	10,983		$	8,851		$	6,508
Catastrophe		16,580		7,385		309			1,422			7,324
Insurance		—		—		(2,710	)		(1,511	)		21,009

Total Lloyd’s segment gross premiums written	$	34,126	$	36,620	$	8,582		$	8,762		$	34,841


Insurance Segment

Commercial property	$	33	$	280	$	926		$	50		$	20
Personal lines property		—		—		383			541			(3,762	)

Total Insurance segment gross premiums written	$	33	$	280	$	1,309		$	591		$	(3,742	)


Managed Premiums (1)

Total catastrophe unit gross premiums written	$	583,246	$	498,678	$	(7,707	)	$	88,278		$	489,542
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		19,079		22,528		2,507			60			18,793
Catastrophe premiums written in the Lloyd’s unit		16,580		7,385		309			1,422			7,324
Catastrophe premiums assumed from the Insurance segment		—		—		660			(9,899	)		(67	)

Total managed catastrophe premiums (1)	$	618,905	$	528,591	$	(4,231	)	$	79,861		$	515,592

(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

(2)	Top Layer Re is accounted for under the equity method of accounting.


		8

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums


	Six months ended
	June 30, 2011		June 30, 2010
Reinsurance Segment

Renaissance catastrophe premiums	$	678,571	$	570,919
Renaissance specialty premiums		97,461		79,838

Total Renaissance premiums		776,032		650,757


DaVinci catastrophe premiums		403,353		342,743
DaVinci specialty premiums		1,701		1,602

Total DaVinci premiums		405,054		344,345

Total catastrophe unit premiums	$	1,081,924	$	913,662
Total specialty unit premiums		99,162		81,440

Total Reinsurance segment premiums	$	1,181,086	$	995,102


Lloyd’s Segment

Specialty	$	46,781	$	14,230
Catastrophe		23,965		12,993
Insurance		—		21,642

Total Lloyd’s segment premiums	$	70,746	$	48,865


Insurance Segment

Commercial property	$	313	$	1,117
Personal lines property		—		(432	)

Total Insurance segment gross premiums written	$	313	$	685


Managed Premiums (1)

Total catastrophe unit premiums	$	1,081,924	$	913,662
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		41,607		44,979
Catastrophe premiums written in the Lloyd’s unit		23,965		12,993
Catastrophe premiums assumed from the Insurance segment		—		(242	)

Total managed catastrophe premiums (1)	$	1,147,496	$	971,392

(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

(2)	Top Layer Re is accounted for under the equity method of accounting.


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Revenues
Gross premiums written	$	217,409		$	187,645		$	(4,434	)	$	26,780		$	186,503


Net premiums written	$	174,427		$	167,982		$	(4,433	)	$	20,945		$	164,556
(Increase) decrease in unearned premiums		(92,821	)		(51,160	)		79,052			61,507			(84,515	)

Net premiums earned		81,606			116,822			74,619			82,452			80,041
Net investment income		6,189			6,974			6,725			7,980			6,207
Net foreign exchange (losses) gains		(1,126	)		875			(1,499	)		(74	)		(30	)
Other (loss) income		(230	)		11,037			254			181			(152	)
Net realized and unrealized gains (losses) on fixed maturity investments		10,339			(753	)		(16,280	)		28,968			16,441

Total other-than-temporary impairments		—			—			—			—			(648	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			—

Net other-than-temporary impairments		—			—			—			—			(648	)

*Total revenues*		96,778			134,955			63,819			119,507			101,859


Expenses
Net claims and claim expenses incurred		61,911			284,281			7,561			30,353			(8,155	)
Acquisition expenses		(11,905	)		(1,054	)		16,254			14,065			15,394
Operational and corporate expenses		6,059			4,490			10,522			10,770			5,870
Interest expense		1,907			469			574			512			474

*Total expenses*		57,972			288,186			34,911			55,700			13,583

*Net income (loss)*		38,806			(153,231	)		28,908			63,807			88,276
Net (income) loss attributable to redeemable noncontrolling interest		(81	)		305			(59	)		(128	)		(178	)

*Net income (loss) available (attributable) to DaVinciRe common shareholders*	$	38,725		$	(152,926	)	$	28,849		$	63,679		$	88,098


Net claims and claim expenses incurred - current accident year	$	66,248		$	291,227		$	18,219		$	37,273		$	8,553
Net claims and claim expenses incurred - prior accident years		(4,337	)		(6,946	)		(10,658	)		(6,920	)		(16,708	)

Net claims and claim expenses incurred - total	$	61,911		$	284,281		$	7,561		$	30,353		$	(8,155	)


Net claims and claim expense ratio - current accident year		81.2	%		249.3	%		24.4	%		45.2	%		10.7	%
Net claims and claim expense ratio - prior accident years		(5.3	%)		(6.0	%)		(14.3	%)		(8.4	%)		(20.9	%)

Net claims and claim expense ratio - calendar year		75.9	%		243.3	%		10.1	%		36.8	%		(10.2	%)
Underwriting expense ratio		(7.2	%)		3.0	%		35.9	%		30.1	%		26.6	%

Combined ratio		68.7	%		246.3	%		46.0	%		66.9	%		16.4	%


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Six months ended
	June 30, 2011			June 30, 2010
Revenues
Gross premiums written	$	405,054		$	344,345


Net premiums written	$	342,409		$	309,591
Increase in unearned premiums		(143,981	)		(135,337	)

Net premiums earned		198,428			174,254
Net investment income		13,163			16,481
Net foreign exchange losses		(251	)		(1,958	)
Other income (loss)		10,807			(428	)
Net realized and unrealized gains on fixed maturity investments		9,586			22,198

*Total revenues*		231,733			209,899


Expenses
Net claims and claim expenses incurred		346,192			54,316
Acquisition expenses		(12,959	)		35,065
Operational and corporate expenses		10,549			13,361
Interest expense		2,376			943

*Total expenses*		346,158			103,685

*Net (loss) income*		(114,425	)		106,214
Net loss (income) attributable to redeemable noncontrolling interest		224			(215	)

*Net (loss) income (attributable) available to DaVinciRe common shareholders*	$	(114,201	)	$	105,999


Net claims and claim expenses incurred - current accident year	$	357,475		$	86,580
Net claims and claim expenses incurred - prior accident years		(11,283	)		(32,264	)

Net claims and claim expenses incurred - total	$	346,192		$	54,316


Net claims and claim expense ratio - current accident year		180.2	%		49.7	%
Net claims and claim expense ratio - prior accident years		(5.7	%)		(18.5	%)

Net claims and claim expense ratio - calendar year		174.5	%		31.2	%
Underwriting expense ratio		(1.2	%)		27.8	%

Combined ratio		173.3	%		59.0	%


		11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	June 30, 2011		March 31, 2011		December 31, 2010		September 30, 2010		June 30, 2010

Assets
Fixed maturity investments trading, at fair value	$	3,864,205	$	3,678,549	$	3,871,780	$	4,332,794	$	3,786,610
Fixed maturity investments available for sale, at fair value		202,769		232,320		244,917		273,339		569,851

Total fixed maturity investments, at fair value		4,066,974		3,910,869		4,116,697		4,606,133		4,356,461
Short term investments, at fair value		774,421		1,518,542		1,110,364		842,953		761,430
Equity investments trading, at fair value		32,252		12,707		—		—		—
Other investments, at fair value		839,643		782,325		787,548		792,377		782,345
Investments in other ventures, under equity method		82,197		78,623		85,603		79,976		86,448

Total investments		5,795,487		6,303,066		6,100,212		6,321,439		5,986,684
Cash and cash equivalents		237,737		252,631		277,738		248,120		220,299
Premiums receivable		933,519		574,547		322,080		487,744		690,086
Prepaid reinsurance premiums		245,676		125,722		60,643		153,346		208,020
Reinsurance recoverable		333,245		324,124		101,711		103,449		89,624
Accrued investment income		36,266		33,580		34,560		37,431		33,104
Deferred acquisition costs		90,858		56,656		35,648		60,359		78,160
Receivable for investments sold		257,075		136,943		99,226		158,465		153,923
Other secured assets		—		14,169		14,250		17,765		17,418
Other assets		219,226		176,644		205,373		188,165		157,275
Goodwill and other intangibles		14,383		14,537		14,690		14,844		14,998
Assets of discontinued operations held for sale		2,868		2,481		872,147		984,027		1,051,323

*Total assets*	$	8,166,340	$	8,015,100	$	8,138,278	$	8,775,154	$	8,700,914


Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,170,728	$	2,070,095	$	1,257,843	$	1,364,225	$	1,345,887
Unearned premiums		830,939		500,165		286,183		538,462		723,183
Debt		349,201		549,178		549,155		549,132		549,109
Reinsurance balances payable		403,152		256,663		318,024		368,270		421,113
Payable for investments purchased		102,545		417,257		195,383		304,604		202,562
Other secured liabilities		—		14,000		14,000		17,500		17,500
Other liabilities		152,853		165,717		222,310		211,793		179,792
Liabilities of discontinued operations held for sale		10,220		2,246		598,511		706,255		778,985

*Total liabilities*		4,019,638		3,975,321		3,441,409		4,060,241		4,218,131

Redeemable noncontrolling interest - DaVinciRe		628,001		536,717		757,655		741,103		707,541

Shareholders’ Equity
Preference shares		550,000		550,000		550,000		650,000		650,000
Common shares		51,753		51,742		54,110		54,875		54,872
Additional paid-in capital		5,768		—		—		5,840		—
Accumulated other comprehensive income		18,031		19,845		19,823		23,774		22,153
Retained earnings		2,889,719		2,878,315		3,312,392		3,239,321		3,048,217

*Total shareholders’ equity attributable to RenaissanceRe*		3,515,271		3,499,902		3,936,325		3,973,810		3,775,242
Noncontrolling interest		3,430		3,160		2,889		—		—

*Total shareholders’ equity*		3,518,701		3,503,062		3,939,214		3,973,810		3,775,242

*Total liabilities, noncontrolling interests and shareholders’ equity*	$	8,166,340	$	8,015,100	$	8,138,278	$	8,775,154	$	8,700,914

Book value per common share	$	57.30	$	57.01	$	62.58	$	60.57	$	56.96

Common shares outstanding		51,753		51,742		54,110		54,875		54,872


		12

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010
TYPE OF INVESTMENT

U.S. treasuries	$	454,148		7.8	%	$	522,006		8.3	%	$	761,461		12.4	%	$	1,198,741		19.0	%	$	1,385,037		23.1	%
Agencies		189,765		3.3	%		278,501		4.4	%		216,963		3.6	%		218,295		3.5	%		155,173		2.6	%
Non-U.S. government (Sovereign debt)		340,430		5.9	%		243,606		3.9	%		184,387		3.0	%		153,695		2.4	%		124,388		2.1	%
FDIC guaranteed corporate		232,992		4.0	%		305,745		4.9	%		388,468		6.4	%		399,938		6.3	%		502,542		8.4	%
Non-U.S. government-backed corporate		409,443		7.1	%		316,618		5.0	%		357,504		5.9	%		531,009		8.4	%		410,903		6.9	%
Corporate		1,651,688		28.4	%		1,523,224		24.1	%		1,512,411		24.7	%		1,510,917		24.0	%		1,362,866		22.8	%
Agency mortgage-backed		296,627		5.1	%		430,192		6.8	%		401,807		6.6	%		312,634		4.9	%		162,119		2.7	%
Non-agency mortgage-backed		105,581		1.8	%		35,848		0.6	%		34,149		0.6	%		35,954		0.6	%		36,660		0.6	%
Commercial mortgage-backed		340,610		5.9	%		213,809		3.4	%		219,440		3.6	%		198,246		3.1	%		167,186		2.8	%
Asset-backed		45,690		0.8	%		41,320		0.7	%		40,107		0.7	%		46,704		0.7	%		49,587		0.8	%

Total fixed maturity investments, at fair value		4,066,974		70.1	%		3,910,869		62.1	%		4,116,697		67.5	%		4,606,133		72.9	%		4,356,461		72.8	%
Short term investments, at fair value		774,421		13.4	%		1,518,542		24.1	%		1,110,364		18.2	%		842,953		13.3	%		761,430		12.7	%
Equity investments trading, at fair value		32,252		0.6	%		12,707		0.2	%		—		—			—		—			—		—
Other investments, at fair value		839,643		14.5	%		782,325		12.4	%		787,548		12.9	%		792,377		12.5	%		782,345		13.1	%

Total managed investment portfolio		5,713,290		98.6	%		6,224,443		98.8	%		6,014,609		98.6	%		6,241,463		98.7	%		5,900,236		98.6	%
Investments in other ventures, under equity method		82,197		1.4	%		78,623		1.2	%		85,603		1.4	%		79,976		1.3	%		86,448		1.4	%

Total investments	$	5,795,487		100.0	%	$	6,303,066		100.0	%	$	6,100,212		100.0	%	$	6,321,439		100.0	%	$	5,986,684		100.0	%


CREDIT QUALITY OF FIXED MATURITY INVESTMENTS

AAA	$	2,197,397		54.1	%	$	2,284,378		58.4	%	$	2,531,922		61.5	%	$	3,012,436		65.5	%	$	2,906,525		66.8	%
AA		481,789		11.8	%		457,769		11.7	%		489,780		11.9	%		586,276		12.7	%		547,801		12.6	%
A		790,594		19.4	%		675,011		17.3	%		666,497		16.2	%		644,169		14.0	%		559,498		12.8	%
BBB		398,354		9.8	%		347,766		8.9	%		303,269		7.4	%		273,948		5.9	%		258,392		5.9	%
Non-investment grade		198,840		4.9	%		145,945		3.7	%		125,229		3.0	%		89,304		1.9	%		84,245		1.9	%

Total fixed maturity investments, at fair value	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%


MATURITY PROFILE OF FIXED MATURITY INVESTMENTS

Due in less than one year	$	201,681		5.0	%	$	208,422		5.3	%	$	90,450		2.2	%	$	39,960		0.9	%	$	10,303		0.2	%
Due after one through five years		1,986,843		48.8	%		1,969,491		50.3	%		2,330,181		56.6	%		2,826,941		61.4	%		3,001,349		68.9	%
Due after five through ten years		923,919		22.7	%		827,647		21.2	%		827,981		20.1	%		978,797		21.2	%		792,578		18.2	%
Due after ten years		166,023		4.1	%		184,140		4.7	%		172,582		4.2	%		166,897		3.6	%		136,679		3.1	%
Mortgage-backed securities		742,818		18.3	%		679,849		17.4	%		655,396		15.9	%		546,834		11.9	%		365,965		8.5	%
Asset-backed securities		45,690		1.1	%		41,320		1.1	%		40,107		1.0	%		46,704		1.0	%		49,587		1.1	%

Total fixed maturity investments, at fair value	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%


Weighted average effective yield of fixed maturities and short term investments		2.4	%				2.1	%				2.1	%				1.7	%				2.0	%
Average duration of fixed maturities and short term investments		2.7					2.5					3.2					3.0					2.9


		13

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
TYPE OF INVESTMENT

Private equity partnerships	$	363,688		$	362,717		$	347,556		$	310,296		$	298,306
Senior secured bank loan funds		247,528			171,559			166,106			168,309			167,132
Catastrophe bonds		93,805			107,570			123,961			159,752			183,793
Non-U.S. fixed income funds		88,962			87,336			80,224			78,848			66,190
Hedge funds		39,753			40,616			41,005			44,043			43,639
Miscellaneous other investments		5,907			12,527			28,696			31,129			23,285

Total other investments, at fair value	$	839,643		$	782,325		$	787,548		$	792,377		$	782,345


TYPE OF INVESTMENT

Private equity partnerships		43.3	%		46.3	%		44.2	%		39.2	%		38.1	%
Senior secured bank loan funds		29.5	%		21.9	%		21.1	%		21.2	%		21.4	%
Catastrophe bonds		11.2	%		13.8	%		15.7	%		20.2	%		23.5	%
Non-U.S. fixed income funds		10.6	%		11.2	%		10.2	%		10.0	%		8.5	%
Hedge funds		4.7	%		5.2	%		5.2	%		5.5	%		5.5	%
Miscellaneous other investments		0.7	%		1.6	%		3.6	%		3.9	%		3.0	%

Total other investments, at fair value		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%


		14

RenaissanceRe Holdings Ltd.

Investment Result


	Three months ended															Six months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			June 30, 2011			June 30, 2010

Fixed maturity investments	$	24,426		$	27,913		$	16,087		$	35,219		$	28,014		$	52,339		$	56,889
Short term investments		433			595			515			635			682			1,028			1,168
Equity investments trading		112			14			—			—			—			126			—
Other investments
Hedge funds and private equity investments		8,230			23,507			31,204			7,491			8,188			31,737			25,724
Other		2,838			10,827			7,292			18,979			(8,184	)		13,665			13,034
Cash and cash equivalents		45			41			120			74			22			86			83

		36,084			62,897			55,218			62,398			28,722			98,981			96,898
Investment expenses		(2,756	)		(2,616	)		(2,715	)		(2,828	)		(2,549	)		(5,372	)		(5,016	)

Net investment income		33,328			60,281			52,503			59,570			26,173			93,609			91,882

Gross realized gains		15,430			10,562			30,254			30,959			28,753			25,992			77,601
Gross realized losses		(4,156	)		(12,617	)		(7,267	)		(748	)		(5,962	)		(16,773	)		(11,132	)

Net realized gains (losses) on fixed maturity investments		11,274			(2,055	)		22,987			30,211			22,791			9,219			66,469

Net unrealized gains (losses) on fixed maturity investments trading		24,728			(3,758	)		(89,136	)		62,131			47,260			20,970			51,782
Net unrealized (losses) gains on equity investments trading		(1,023	)		599			—			—			—			(424	)		—

Net realized and unrealized gains (losses) on investments		34,979			(5,214	)		(66,149	)		92,342			70,051			29,765			118,251

Total other-than-temporary impairments		—			—			—			—			(798	)		—			(831	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			2			—			2

Net other-than-temporary impairments		—			—			—			—			(796	)		—			(829	)

Change in net unrealized gains on fixed maturity investments available for sale		(1,763	)		252			(5,138	)		(3,453	)		(9,414	)		(1,511	)		(18,055	)

*Total investment result*	$	66,544		$	55,319		$	(18,784	)	$	148,459		$	86,014		$	121,863		$	191,249


		15

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating


												Credit Rating (1)
June 30, 2011	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio			Effective Yield			AAA			AA			A			BBB			Non-Investment Grade			Not Rated

Short term investments	$	774,421	$	774,421			13.5	%		0.1	%	$	772,213		$	1,200		$	—		$	—		$	1,008		$	—
				100.0	%								99.7	%		0.2	%		0.0	%		0.0	%		0.1	%		0.0	%

Fixed maturity investments
U.S. treasuries		452,961		454,148			7.9	%		1.1	%		454,148			—			—			—			—			—
Agencies
Fannie Mae & Freddie Mac		177,050		177,972			3.1	%		0.7	%		177,972			—			—			—			—			—
Other agencies		11,607		11,793			0.2	%		0.8	%		11,793			—			—			—			—			—

Total agencies		188,657		189,765			3.3	%		0.7	%		189,765			—			—			—			—			—
Non-U.S. government (Sovereign debt)		334,823		340,430			6.0	%		2.4	%		220,767			57,859			19,919			25,423			13,427			3,035
FDIC guaranteed corporate		231,208		232,992			4.1	%		0.4	%		232,992			—			—			—			—			—
Non-U.S. government-backed corporate		405,508		409,443			7.2	%		1.3	%		372,103			31,123			6,217			—			—			—
Corporate		1,620,245		1,651,688			28.9	%		3.9	%		82,660			365,526			701,865			348,568			148,864			4,205
Mortgage-backed securities
Residential mortgage-backed
Agency securities		293,486		296,627			5.2	%		3.0	%		296,627			—			—			—			—			—
Non-agency securities - Prime		63,738		63,588			1.1	%		5.9	%		23,183			2,273			727			17,908			19,497			—
Non-agency securities - Alt A		40,768		41,993			0.7	%		6.7	%		20,523			2,645			7,880			1,133			9,812			—

Total residential mortgage-backed		397,992		402,208			7.0	%		3.9	%		340,333			4,918			8,607			19,041			29,309			—
Commercial mortgage-backed		332,496		340,610			6.0	%		3.5	%		258,939			22,363			53,986			5,322			—			—

Total mortgage-backed		730,488		742,818			13.0	%		3.7	%		599,272			27,281			62,593			24,363			29,309			—
Asset-backed
Student loans		27,630		28,349			0.5	%		1.3	%		28,349			—			—			—			—			—
Credit cards		12,043		12,043			0.2	%		0.9	%		12,043			—			—			—			—			—
Other		5,000		5,298			0.1	%		1.9	%		5,298			—			—			—			—			—

Total asset-backed		44,673		45,690			0.8	%		1.3	%		45,690			—			—			—			—			—

Total securitized assets		775,161		788,508			13.8	%		3.6	%		644,962			27,281			62,593			24,363			29,309			—

Total fixed maturity investments		4,008,563		4,066,974			71.2	%		2.8	%		2,197,397			481,789			790,594			398,354			191,600			7,240
				100.0	%								54.1	%		11.8	%		19.4	%		9.8	%		4.7	%		0.2	%

Equity investments trading				32,252			0.6	%					—			—			—			—			—			32,252

Other investments
Private equity partnerships				363,688			6.4	%					—			—			—			—			—			363,688
Senior secured bank loan funds				247,528			4.3	%					—			—			—			—			247,528			—
Catastrophe bonds				93,805			1.6	%					—			—			—			—			93,805			—
Non-U.S. fixed income funds				88,962			1.6	%					—			—			—			51,259			37,703			—
Hedge funds				39,753			0.7	%					—			—			—			—			—			39,753
Miscellaneous other investments				5,907			0.1	%					—			—			—			—			—			5,907

Total other investments				839,643			14.7	%					—			—			—			51,259			379,036			409,348

Total managed investment portfolio			$	5,713,290			100.0	%				$	2,969,610		$	482,989		$	790,594		$	449,613		$	571,644		$	448,840
				100.0	%								51.9	%		8.5	%		13.8	%		7.9	%		10.0	%		7.9	%

(1)

The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.


		16

RenaissanceRe Holdings Ltd.

Investment Portfolio - Change in Portfolio Composition


	June 30, 2011					December 31, 2010					Change
	Fair Value		% of Total Managed Investment Portfolio			Fair Value		% of Total Managed Investment Portfolio			$			%
Short term investments	$	774,421		13.5	%	$	1,110,364		18.4	%	$	(335,943	)		(4.9	%)

Fixed maturity investments
U.S. treasuries		454,148		7.9	%		761,461		12.7	%		(307,313	)		(4.8	%)
Agencies
Fannie Mae & Freddie Mac		177,972		3.1	%		174,287		2.9	%		3,685			0.2	%
Other agencies		11,793		0.2	%		42,676		0.7	%		(30,883	)		(0.5	%)

Total agencies		189,765		3.3	%		216,963		3.6	%		(27,198	)		(0.3	%)
Non-U.S. government (Sovereign debt)		340,430		6.0	%		184,387		3.1	%		156,043			2.9	%
FDIC guaranteed corporate		232,992		4.1	%		388,468		6.5	%		(155,476	)		(2.4	%)
Non-U.S. government-backed corporate		409,443		7.2	%		357,504		5.9	%		51,939			1.3	%
Corporate		1,651,688		28.9	%		1,512,411		25.1	%		139,277			3.8	%
Mortgage-backed
Residential mortgage-backed
Agency securities		296,627		5.2	%		401,807		6.7	%		(105,180	)		(1.5	%)

Non-agency securities - Prime		63,588		1.1	%		19,591		0.3	%		43,997			0.8	%
Non-agency securities - Alt A		41,993		0.7	%		14,558		0.2	%		27,435			0.5	%

Total residential mortgage-backed		402,208		7.0	%		435,956		7.2	%		(33,748	)		(0.2	%)
Commercial mortgage-backed		340,610		6.0	%		219,440		3.7	%		121,170			2.3	%

Total mortgage-backed		742,818		13.0	%		655,396		10.9	%		87,422			2.1	%
Asset-backed
Student loans		28,349		0.5	%		33,056		0.6	%		(4,707	)		(0.1	%)
Auto		—		0.0	%		1,809		0.0	%		(1,809	)		0.0	%
Credit cards		12,043		0.2	%		—		0.0	%		12,043			0.2	%
Other		5,298		0.1	%		5,242		0.1	%		56			0.0	%

Total asset-backed		45,690		0.8	%		40,107		0.7	%		5,583			0.1	%

Total securitized assets		788,508		13.8	%		695,503		11.6	%		93,005			2.2	%

Total fixed maturity investments		4,066,974		71.2	%		4,116,697		68.5	%		(49,723	)		2.7	%

Equity investments trading		32,252		0.6	%		—		—			32,252			0.6	%

Other investments
Private equity partnerships		363,688		6.4	%		347,556		5.7	%		16,132			0.7	%
Senior secured bank loan funds		247,528		4.3	%		166,106		2.8	%		81,422			1.5	%
Catastrophe bonds		93,805		1.6	%		123,961		2.1	%		(30,156	)		(0.5	%)
Non-U.S. fixed income funds		88,962		1.6	%		80,224		1.3	%		8,738			0.3	%
Hedge funds		39,753		0.7	%		41,005		0.7	%		(1,252	)		0.0	%
Miscellaneous other investments		5,907		0.1	%		28,696		0.5	%		(22,789	)		(0.4	%)

Total other investments		839,643		14.7	%		787,548		13.1	%		52,095			1.6	%

Total managed investment portfolio	$	5,713,290		100.0	%	$	6,014,609		100.0	%	$	(301,319	)


		17

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


	June 30, 2011
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated

Financials	$	876,991	$	66,497	$	243,999	$	466,236	$	72,680	$	23,503	$	4,076
Industrial, utilities and energy		279,344		4,518		27,112		87,187		120,019		40,508		—
Communications and technology		163,498		1,052		907		88,100		44,842		28,597		—
Consumer		125,509		—		18,114		34,926		46,978		25,378		113
Health care		79,541		—		53,748		7,836		5,842		12,115		—
Basic materials		82,754		—		—		8,153		56,203		18,382		16
Other		44,051		10,593		21,646		9,427		2,004		381		—


Total corporate fixed maturity investments, at fair value (1)	$	1,651,688	$	82,660	$	365,526	$	701,865	$	348,568	$	148,864	$	4,205

Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value


	June 30, 2011
Issuer	Total		Short term investments		Fixed maturity investments

JP Morgan Chase & Co.	$	79,026	$	5,000	$	74,026
Citigroup Inc.		69,091		—		69,091
General Electric Company		61,748		—		61,748
Bank of America Corp.		54,595		—		54,595
Barclays PLC		52,428		5,997		46,431
Royal Bank of Scotland PLC		51,053		10,705		40,348
Lloyds Banking Group PLC		44,449		6,997		37,452
Goldman Sachs Group Inc.		42,334		—		42,334
Morgan Stanley		39,084		—		39,084
Wells Fargo & Company		37,406		—		37,406


Total (2)	$	531,214	$	28,699	$	502,515

(1)	Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, at fair value.

(2)	Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, repurchase agreements and commerical paper, at fair value.


		18

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2011

Catastrophe	$	406,522	$	473,439	$	630,651	$	1,510,612
Specialty		108,613		51,439		347,795		507,847


Total Reinsurance		515,135		524,878		978,446		2,018,459
Lloyd’s		10,498		10,450		39,008		59,956
Insurance		35,196		5,577		51,540		92,313


Total	$	560,829	$	540,905	$	1,068,994	$	2,170,728


March 31, 2011

Catastrophe	$	156,246	$	422,871	$	838,360	$	1,417,477
Specialty		112,092		49,221		338,671		499,984


Total Reinsurance		268,338		472,092		1,177,031		1,917,461
Lloyd’s		217		14,774		36,526		51,517
Insurance		38,291		5,300		57,526		101,117


Total	$	306,846	$	492,166	$	1,271,083	$	2,070,095


December 31, 2010

Catastrophe	$	173,157	$	281,202	$	163,021	$	617,380
Specialty		102,521		60,196		350,573		513,290


Total Reinsurance		275,678		341,398		513,594		1,130,670
Lloyd’s		172		6,874		12,985		20,031
Insurance		40,943		3,317		62,882		107,142


Total	$	316,793	$	351,589	$	589,461	$	1,257,843


September 30, 2010

Catastrophe	$	201,704	$	238,572	$	250,899	$	691,175
Specialty		93,732		81,587		358,368		533,687


Total Reinsurance		295,436		320,159		609,267		1,224,862
Lloyd’s		190		8,651		8,196		17,037
Insurance		47,900		6,044		68,382		122,326


Total	$	343,526	$	334,854	$	685,845	$	1,364,225


June 30, 2010

Catastrophe	$	134,647	$	270,696	$	244,164	$	649,507
Specialty		110,188		80,107		358,056		548,351


Total Reinsurance		244,835		350,803		602,220		1,197,858
Lloyd’s		—		6,246		4,894		11,140
Insurance		50,160		11,413		75,316		136,889


Total	$	294,995	$	368,462	$	682,430	$	1,345,887


		19

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended June 30, 2011									Three months ended June 30, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,070,095		$	324,124		$	1,745,971		$	1,419,647		$	101,855		$	1,317,792

Incurred losses and loss expenses
Current year		187,402			15,470			171,932			58,966			(2,469	)		61,435
Prior years		(22,733	)		(2,062	)		(20,671	)		(86,712	)		(6,474	)		(80,238	)


Total incurred losses and loss expenses		164,669			13,408			151,261			(27,746	)		(8,943	)		(18,803	)


Paid losses and loss expenses
Current year		51,066			—			51,066			2,417			—			2,417
Prior years		12,970			4,287			8,683			43,597			3,288			40,309


Total paid losses and loss expenses		64,036			4,287			59,749			46,014			3,288			42,726


Reserve for losses and loss expenses, end of period	$	2,170,728		$	333,245		$	1,837,483		$	1,345,887		$	89,624		$	1,256,263


	Six months ended June 30, 2011									Six months ended June 30, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,257,843		$	101,711		$	1,156,132		$	1,344,433		$	84,099		$	1,260,334

Incurred losses and loss expenses
Current year		1,124,619			255,990			868,629			311,481			40,436			271,045
Prior years		(96,627	)		(7,796	)		(88,831	)		(205,102	)		(12,594	)		(192,508	)


Total incurred losses and loss expenses		1,027,992			248,194			779,798			106,379			27,842			78,537


Paid losses and loss expenses
Current year		51,578			—			51,578			2,175			—			2,175
Prior years		63,529			16,660			46,869			102,750			22,317			80,433


Total paid losses and loss expenses		115,107			16,660			98,447			104,925			22,317			82,608


Reserve for losses and loss expenses, end of period	$	2,170,728		$	333,245		$	1,837,483		$	1,345,887		$	89,624		$	1,256,263


		20

RenaissanceRe Holdings Ltd.

(Loss) Earnings per Share


	Three months ended
(common shares in thousands)	June 30 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010

Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	(248,033	)	$	122,575		$	204,750		$	210,241
Amount allocated to participating common shareholders (1)		(461	)		6,327			(3,107	)		(5,147	)		(5,322	)

	$	24,303		$	(241,706	)	$	119,468		$	199,603		$	204,919


Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -

Weighted average common shares		50,493			51,504			53,166			53,467			55,538

Per common share equivalents of employee stock options and restricted shares		557			—			501			498			506

Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		51,050			51,504			53,667			53,965			56,044


Basic income (loss) per RenaissanceRe common share	$	0.48		$	(4.69	)	$	2.25		$	3.73		$	3.69

Diluted income (loss) per RenaissanceRe common share (2)	$	0.48		$	(4.69	)	$	2.23		$	3.70		$	3.66

	Six months ended
(common shares in thousands)	June 30 2011			June 30, 2010
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(223,269	)	$	375,288
Amount allocated to participating common shareholders (1)		(514	)		(9,486	)

	$	(223,783	)	$	365,802

Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares		50,994			56,972
Per common share equivalents of employee stock options and restricted shares		—			493

Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		50,994			57,465

Basic (loss) income per RenaissanceRe common share	$	(4.39	)	$	6.42
Diluted (loss) income per RenaissanceRe common share (2)	$	(4.39	)	$	6.37

(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.


		21

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures


	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010

Top Layer Re	$	3,967		$	(22,509	)	$	(9,437	)	$	(8,655	)	$	2,609
Tower Hill Companies		1,216			(449	)		(30	)		2,023			229
Other		(55	)		(795	)		(923	)		(108	)		322


*Total equity in earnings (losses) of other ventures*	$	5,128		$	(23,753	)	$	(10,390	)	$	(6,740	)	$	3,160


	Six months ended
	June 30, 2011			June 30, 2010
Tower Hill Companies	$	767		$	(842	)
Top Layer Re		(18,542	)		5,989
Other		(850	)		169

*Total equity in (losses) earnings of other ventures*	$	(18,625	)	$	5,316


		22

RenaissanceRe Holdings Ltd.

Other Income (Loss)


	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010		September 30, 2010			June 30, 2010

Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	(1,022	)	$	43,521		$	8,448	$	(677	)	$	(1,041	)
Weather and energy risk management operations		(3,779	)		3,295			15,206		(4,740	)		(492	)
Mark-to-market on Platinum warrant		—			2,975			1,067		14,352			(1,668	)
Gain on sale of ChannelRe		—			—			—		15,835			—
Other items		(366	)		354			1,311		251			(541	)


*Total other (loss) income*	$	(5,167	)	$	50,145		$	26,032	$	25,021		$	(3,742	)


	Six months ended
	June 30, 2011			June 30, 2010
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	42,499		$	(2,557	)
Mark-to-market on Platinum warrant		2,975			(5,365	)
Weather and energy risk management operations		(484	)		(2,317	)
Other items		(12	)		306

*Total other income (loss)*	$	44,978		$	(9,933	)


		23

RenaissanceRe Holdings Ltd.

Ratings


	A.M. Best	S&P (4)	Moody’s	Fitch

REINSURANCE SEGMENT (1)

Renaissance Reinsurance	A+	AA-	A1	A+

DaVinci	A	A+	A3	—

Top Layer Re	A+	AA	—	—

Renaissance Europe	A+	AA-	—	—

LLOYD’S SEGMENT

RenaissanceRe Syndicate 1458	—	—	—	—

Lloyd’s Overall Market Rating (2)	A	A+	—	A+

INSURANCE SEGMENT (1)

Glencoe	A	A	—	—

RENAISSANCERE (3)	—	Excellent	—	—

(1)	The A.M. Best, S&P, Moody’s and Fitch ratings for the companies in the Reinsurance and Insurance segments reflect the insurer’s financial strength rating.

(2)	The A.M. Best, S&P and Fitch ratings for the Lloyd’s Overall Market Rating represent its financial strength rating.

(3)	The S&P rating for RenaissanceRe represents rating on its Enterprise Risk Management practices.

(4)	The S&P ratings for the companies in the Reinsurance and Insurance segments reflect, in addition to the insurer’s financial strength rating, the insurer’s issuer credit rating.


		24

RenaissanceRe Holdings Ltd.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures in this Financial Supplement within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company’s management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

The Company uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments from continuing and discontinued operations, net other-than-temporary impairments from continuing and discontinued operations and in the third quarter of 2010, the gain on the sale of the Company’s ownership interest in ChannelRe. The Company’s management believes that “operating (loss) income (attributable) available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s fixed maturity investment portfolio and equity investments trading. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted” and “operating return on average common equity – annualized”. The following is a reconciliation of: 1) net income (loss) available (attributable) to RenaissanceRe common shareholders to operating (loss) income (attributable) available to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted to operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted; and 3) return on average common equity – annualized to operating return on average common equity – annualized:


	Three months ended															Six months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			June 30, 2011			June 30, 2010

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	(248,033	)	$	122,575		$	204,750		$	210,241		$	(223,269	)	$	375,288
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(34,979	)		5,214			66,149			(92,342	)		(70,051	)		(29,765	)		(118,251	)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			796			—			829
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			(42	)		353			(5,669	)		(1,055	)		(42	)		(1,453	)
Adjustment for gain on sale of ChannelRe		—			—			—			(15,835	)		—			—			—


Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(10,215	)	$	(242,861	)	$	189,077		$	90,904		$	139,931		$	(253,076	)	$	256,413


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.48		$	(4.69	)	$	2.23		$	3.70		$	3.66		$	(4.39	)	$	6.37
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(0.69	)		0.10			1.23			(1.71	)		(1.26	)		(0.58	)		(2.07	)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			0.02			—			0.02
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			—			0.01			(0.11	)		(0.02	)		—			(0.02	)
Adjustment for gain on sale of ChannelRe		—			—			—			(0.29	)		—			—			—


Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(0.21	)	$	(4.59	)	$	3.47		$	1.59		$	2.40		$	(4.97	)	$	4.30


Return on average common equity - annualized		3.3	%		(31.3	%)		14.6	%		25.4	%		26.8	%		(14.4	%)		23.8	%
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(4.7	%)		0.6	%		7.9	%		(11.4	%)		(8.9	%)		(1.9	%)		(7.5	%)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			0.1	%		0.0	%		0.1	%
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			—			—			(0.7	%)		(0.1	%)		—			(0.1	%)
Adjustment for gain on sale of ChannelRe		—			—			—			(2.0	%)		—			—			—


Operating return on average common equity - annualized		(1.4	%)		(30.7	%)		22.5	%		11.3	%		17.9	%		(16.3	%)		16.3	%


		25

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Company’s Insurance segment. “Managed catastrophe premiums” differs from total catastrophe unit gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment, and the exclusion of catastrophe premiums assumed from the Company’s Insurance segment. The Company’s management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums, as applicable, assumed by the Company through its consolidated subsidiaries and related joint ventures, excluding catastrophe premiums assumed from the Company’s Insurance segment.

The Company has also included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets; “tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:


	At
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010

Book value per common share	$	57.30		$	57.01		$	62.58		$	60.57		$	56.96
Adjustment for goodwill and other intangibles (1)		(0.96	)		(0.99	)		(2.03	)		(2.05	)		(2.10	)


Tangible book value per common share		56.34			56.02			60.55			58.52			54.86
Adjustment for accumulated dividends		10.40			10.14			9.88			9.63			9.38


Tangible book value per common share plus accumulated dividends	$	66.74		$	66.16		$	70.43		$	68.15		$	64.24


Change in book value per common share		0.5	%		(8.9	%)		3.3	%		6.3	%		5.8	%

Change in tangible book value per common share plus change in accumulated dividends		1.0	%		(7.1	%)		3.9	%		7.1	%		6.3	%

(1)

At June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010, goodwill and other intangibles included $35.4 million, $36.8 million, $38.1 million, $39.5 million and $40.9 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method and $Nil, $Nil, $57.0 million, $58.1 million and $59.1 million, respectively, of goodwill and intangibles included in assets of discontinued operations held for sale.


		26

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RENAISSANCERE HOLDINGS LTD Reports

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