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	d249347d8k.htm
EX-99.1 - COPY OF THE COMPANY'S PRESS RELEASE - RENAISSANCERE HOLDINGS LTD	d249347dex991.htm

Exhibit 99.2



		RenaissanceRe Holdings Ltd. Financial Supplement
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		September 30, 2011

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. Earnings (Loss) per Share		21
b. Equity in Earnings (Losses) of Other Ventures		22
c. Other (Loss) Income		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 income (loss) available (attributable) to RenaissanceRe common shareholders”, “operating income (loss) available (attributable) 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						Nine months ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
*Highlights*

Gross premiums written	$	139,938		$	111,543		$	1,392,006		$	1,134,094
Net premiums written		103,010			82,307			983,580			818,800
Net premiums earned		229,224			212,355			751,940			675,179
Net claims and claim expenses incurred		77,830			77,936			857,628			156,473
Underwriting income (loss)		83,168			71,306			(304,261	)		322,388
Net investment (loss) income		(27,940	)		59,570			65,669			151,452
Net income (loss) available (attributable) to RenaissanceRe common shareholders		49,263			204,750			(174,006	)		580,038

Net realized and unrealized gains on investments		16,983			92,342			46,748			210,593
Net other-than-temporary impairments		(449	)		—			(449	)		(829	)

Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)		32,729			90,904			(220,347	)		347,317

Total assets	$	8,117,409		$	8,775,154		$	8,117,409		$	8,775,154
Total shareholders’ equity attributable to RenaissanceRe	$	3,547,814		$	3,973,810		$	3,547,814		$	3,973,810

*Per share data*

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.95		$	3.70		$	(3.44	)	$	10.04
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	0.62		$	1.59		$	(4.35	)	$	5.91

Dividends per common share	$	0.26		$	0.25		$	0.78		$	0.75

Book value per common share	$	57.89		$	60.57			57.89		$	60.57
Adjustment for goodwill and other intangibles (1)		(0.94	)		(2.05	)		(0.94	)		(2.05	)


Tangible book value per common share (1)		56.95			58.52			56.95			58.52
Accumulated dividends per common share		10.66			9.63			10.66			9.63


Tangible book value per common share plus accumulated dividends (1)	$	67.61		$	68.15		$	67.61		$	68.15


*Financial ratios*

Net claims and claim expense ratio - current accident year		37.7	%		54.1	%		127.0	%		57.2	%
Net claims and claim expense ratio - prior accident years		(3.7	%)		(17.4	%)		(12.9	%)		(34.0	%)


Net claims and claim expense ratio - calendar year		34.0	%		36.7	%		114.1	%		23.2	%
Underwriting expense ratio		29.7	%		29.7	%		26.4	%		29.1	%


Combined ratio		63.7	%		66.4	%		140.5	%		52.3	%


Operating return on average common equity - annualized (1)		4.4	%		11.3	%		(9.6	%)		14.5	%

(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
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Revenues
Gross premiums written	$	139,938		$	641,563		$	610,505		$	31,201		$	111,543


Net premiums written	$	103,010		$	427,995		$	452,575		$	30,165		$	82,307
Decrease (increase) in unearned premiums		126,214			(210,820	)		(147,034	)		159,577			130,048


Net premiums earned		229,224			217,175			305,541			189,742			212,355
Net investment (loss) income		(27,940	)		33,328			60,281			52,503			59,570
Net foreign exchange (losses) gains		(2,650	)		(4,521	)		660			(4,646	)		(529	)
Equity in earnings (losses) of other ventures		4,794			5,128			(23,753	)		(10,390	)		(6,740	)
Other (loss) income		(2,015	)		(5,167	)		50,145			26,032			25,021
Net realized and unrealized gains (losses) on investments		16,983			34,979			(5,214	)		(66,149	)		92,342

Total other-than-temporary impairments		(498	)		—			—			—			—
Portion recognized in other comprehensive income, before taxes		49			—			—			—			—


Net other-than-temporary impairments		(449	)		—			—			—			—


*Total revenues*		217,947			280,922			387,660			187,092			382,019


Expenses
Net claims and claim expenses incurred		77,830			151,261			628,537			(27,128	)		77,936
Acquisition expenses		26,057			13,883			32,335			18,803			26,143
Operational expenses		42,169			42,299			41,830			45,882			36,970
Corporate expenses		3,582			4,011			2,064			4,744			5,590
Interest expense		5,722			5,730			6,195			6,303			6,164


*Total expenses*		155,360			217,184			710,961			48,604			152,803


Income (loss) from continuing operations before taxes		62,587			63,738			(323,301	)		138,488			229,216
Income tax benefit (expense)		1,435			1,773			52			(196	)		2,399


*Income (loss) from continuing operations*		64,022			65,511			(323,249	)		138,292			231,615
(Loss) income from discontinued operations		(965	)		(10,094	)		(1,526	)		11,108			21,234


*Net income (loss)*		63,057			55,417			(324,775	)		149,400			252,849
Net (income) loss attributable to noncontrolling interests		(5,044	)		(21,903	)		85,492			(16,432	)		(37,524	)


*Net income (loss) attributable to RenaissanceRe*		58,013			33,514			(239,283	)		132,968			215,325
Dividends on preference shares		(8,750	)		(8,750	)		(8,750	)		(10,393	)		(10,575	)


*Net income (loss) available (attributable) to RenaissanceRe common shareholders*	$	49,263		$	24,764		$	(248,033	)	$	122,575		$	204,750


Operating income (loss) available income to RenaissanceRe common shareholders per common share - diluted (1)	$	0.62		$	(0.21	)	$	(4.59	)	$	3.47		$	1.59

Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.98		$	0.68		$	(4.66	)	$	2.04		$	3.33
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.02	)		(0.20	)		(0.03	)		0.21			0.40


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.96		$	0.48		$	(4.69	)	$	2.25		$	3.73


Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)		0.97		$	0.68		$	(4.66	)	$	2.02		$	3.31
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.02	)		(0.20	)		(0.03	)		0.21			0.39


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.95		$	0.48		$	(4.69	)	$	2.23		$	3.70


Average shares outstanding - basic		50,501			50,493			51,504			53,166			53,467
Average shares outstanding - diluted (2)		50,973			51,050			51,504			53,667			53,965

Net claims and claim expense ratio		34.0	%		69.6	%		205.7	%		(14.3	%)		36.7	%
Underwriting expense ratio		29.7	%		25.9	%		24.3	%		34.1	%		29.7	%


Combined ratio		63.7	%		95.5	%		230.0	%		19.8	%		66.4	%


Operating return on average common equity - annualized (1)		4.4	%		(1.4	%)		(30.7	%)		22.5	%		11.3	%

(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.


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Nine months ended
	September 30, 2011			September 30, 2010
Revenues
Gross premiums written	$	1,392,006		$	1,134,094


Net premiums written	$	983,580		$	818,800
Increase in unearned premiums		(231,640	)		(143,621	)


Net premiums earned		751,940			675,179
Net investment income		65,669			151,452
Net foreign exchange losses		(6,511	)		(12,480	)
Equity in losses of other ventures		(13,831	)		(1,424	)
Other income		42,963			15,088
Net realized and unrealized gains on fixed maturity investments		46,748			210,593

Total other-than-temporary impairments		(498	)		(831	)
Portion recognized in other-than-temporary impairments		49			2


Net other-than-temporary impairments		(449	)		(829	)


*Total revenues*		886,529			1,037,579


Expenses
Net claims and claim expenses incurred		857,628			156,473
Acquisition expenses		72,275			76,158
Operational expenses		126,298			120,160
Corporate expenses		9,657			15,392
Interest expense		17,647			15,526


*Total expenses*		1,083,505			383,709


(Loss) income from continuing operations before taxes		(196,976	)		653,870
Income tax benefit		3,260			6,320


*(Loss) income from continuing operations*		(193,716	)		660,190
(Loss) income from discontinued operations		(12,585	)		51,562


*Net (loss) income*		(206,301	)		711,752
Net loss (income) attributable to noncontrolling interests		58,545			(99,989	)


*Net (loss) income attributable (available) to RenaissanceRe*		(147,756	)		611,763
Dividends on preference shares		(26,250	)		(31,725	)


*Net (loss) income (attributable) available to RenaissanceRe common shareholders*	$	(174,006	)	$	580,038


Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(4.35	)	$	5.91

(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(3.19	)	$	9.21
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.25	)		0.92


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(3.44	)	$	10.13


(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(3.19	)	$	9.12
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.25	)		0.92


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(3.44	)	$	10.04


Average shares outstanding - basic		50,830			55,804
Average shares outstanding - diluted (2)		50,830			56,299

Net claims and claim expense ratio		114.1	%		23.2	%
Underwriting expense ratio		26.4	%		29.1	%


Combined ratio		140.5	%		52.3	%


Operating return on average common equity - annualized (1)		(9.6	%)		14.5	%

(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

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

Gross premiums written	$	122,811		$	17,127		$	—		$	—	$	139,938


Net premiums written	$	86,745		$	16,125		$	140				$	103,010


Net premiums earned	$	208,074		$	20,797		$	353				$	229,224
Net claims and claim expenses incurred		58,565			14,141			5,124					77,830
Acquisition expenses		21,964			4,013			80					26,057
Operational expenses		32,462			9,560			147					42,169


Underwriting income (loss)	$	95,083		$	(6,917	)	$	(4,998	)			$	83,168


Net claims and claim expenses incurred - current accident year	$	72,358		$	14,089		$	(17	)			$	86,430
Net claims and claim expenses incurred - prior accident years		(13,793	)		52			5,141					(8,600	)


Net claims and claim expenses incurred - total	$	58,565		$	14,141		$	5,124				$	77,830


Net claims and claim expense ratio - current accident year		34.8	%		67.7	%		(4.8	%)				37.7	%
Net claims and claim expense ratio - prior accident years		(6.7	%)		0.3	%		1,456.4	%				(3.7	%)


Net claims and claim expense ratio - calendar year		28.1	%		68.0	%		1,451.6	%				34.0	%
Underwriting expense ratio		26.2	%		65.3	%		64.3	%				29.7	%


Combined ratio		54.3	%		133.3	%		1,515.9	%				63.7	%

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

Gross premiums written	$	110,577		$	8,762		$	591		$	(8,387	)	$	111,543


Net premiums written	$	86,309		$	6,141		$	(10,143	)				$	82,307


Net premiums earned	$	205,057		$	13,979		$	(6,681	)				$	212,355
Net claims and claim expenses incurred		72,480			7,687			(2,231	)					77,936
Acquisition expenses		22,464			3,351			328						26,143
Operational expenses		29,637			6,246			1,087						36,970


Underwriting income (loss)	$	80,476		$	(3,305	)	$	(5,865	)				$	71,306


Net claims and claim expenses incurred - current accident year	$	106,344		$	7,702		$	816					$	114,862
Net claims and claim expenses incurred - prior accident years		(33,864	)		(15	)		(3,047	)					(36,926	)


Net claims and claim expenses incurred - total	$	72,480		$	7,687		$	(2,231	)				$	77,936


Net claims and claim expense ratio - current accident year		51.9	%		55.1	%		(12.2	%)					54.1	%
Net claims and claim expense ratio - prior accident years		(16.6	%)		(0.1	%)		45.6	%					(17.4	%)


Net claims and claim expense ratio - calendar year		35.3	%		55.0	%		33.4	%					36.7	%
Underwriting expense ratio		25.5	%		68.6	%		(21.2	%)					29.7	%


Combined ratio		60.8	%		123.6	%		12.2	%					66.4	%

(1)	Represents $(1.5) million and $9.8 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 September 30, 2010.


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Nine months ended September 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations ⁽¹⁾			Total

Gross premiums written	$	1,303,897		$	87,873		$	313		$	(77	)	$	1,392,006


Net premiums written	$	906,167		$	76,946		$	467					$	983,580


Net premiums earned	$	696,964		$	53,704		$	1,272					$	751,940
Net claims and claim expenses incurred		797,188			53,283			7,157						857,628
Acquisition expenses		62,187			9,779			309						72,275
Operational expenses		97,726			27,167			1,405						126,298


Underwriting loss	$	(260,137	)	$	(36,525	)	$	(7,599	)				$	(304,261	)


Net claims and claim expenses incurred - current accident year	$	902,118		$	53,027		$	(86	)				$	955,059
Net claims and claim expenses incurred - prior accident years		(104,930	)		256			7,243						(97,431	)


Net claims and claim expenses incurred - total	$	797,188		$	53,283		$	7,157					$	857,628


Net claims and claim expense ratio - current accident year		129.4	%		98.7	%		(6.8	%)					127.0	%
Net claims and claim expense ratio - prior accident years		(15.0	%)		0.5	%		569.5	%					(12.9	%)


Net claims and claim expense ratio - calendar year		114.4	%		99.2	%		562.7	%					114.1	%
Underwriting expense ratio		22.9	%		68.8	%		134.7	%					26.4	%


Combined ratio		137.3	%		168.0	%		697.4	%					140.5	%


	Nine months ended September 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations ⁽¹⁾			Total

Gross premiums written	$	1,105,679		$	57,627		$	1,276		$	(30,488	)	$	1,134,094


Net premiums written	$	793,967		$	52,122		$	(27,289	)				$	818,800


Net premiums earned	$	646,349		$	37,580		$	(8,750	)				$	675,179
Net claims and claim expenses incurred		141,095			18,026			(2,648	)					156,473
Acquisition expenses		63,064			7,682			5,412						76,158
Operational expenses		93,523			17,333			9,304						120,160


Underwriting income (loss)	$	348,667		$	(5,461	)	$	(20,818	)				$	322,388


Net claims and claim expenses incurred - current accident year	$	361,403		$	18,202		$	6,302					$	385,907
Net claims and claim expenses incurred - prior accident years		(220,308	)		(176	)		(8,950	)					(229,434	)


Net claims and claim expenses incurred - total	$	141,095		$	18,026		$	(2,648	)				$	156,473


Net claims and claim expense ratio - current accident year		55.9	%		48.4	%		(72.0	%)					57.2	%
Net claims and claim expense ratio - prior accident years		(34.1	%)		(0.4	%)		102.3	%					(34.0	%)


Net claims and claim expense ratio - calendar year		21.8	%		48.0	%		30.3	%					23.2	%
Underwriting expense ratio		24.3	%		66.5	%		(168.2	%)					29.1	%


Combined ratio		46.1	%		114.5	%		(137.9	%)					52.3	%

(1)

Represents $0.1 million of gross premiums ceded from Reinsurance segment to the Lloyd’s segment for the nine months ended September 30, 2011 (2010 - $20.1 million, $10.1 million and $0.2 million of gross premiums ceded from the Insurance segment to the Lloyd’s segment, from the Insurance segment to the Reinsurance segment and from the Reinsurance segment to Lloyd’s segment, respectively).


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Three months ended September 30, 2011
	Catastrophe			Specialty			Total

Gross premiums written	$	97,217		$	25,594		$	122,811


Net premiums written	$	61,234		$	25,511		$	86,745


Net premiums earned	$	175,242		$	32,832		$	208,074
Net claims and claim expenses incurred		56,221			2,344			58,565
Acquisition expenses		17,149			4,815			21,964
Operational expenses		25,003			7,459			32,462


Underwriting income	$	76,869		$	18,214		$	95,083


Net claims and claim expenses incurred - current accident year	$	57,242		$	15,116		$	72,358
Net claims and claim expenses incurred - prior accident years		(1,021	)		(12,772	)		(13,793	)


Net claims and claim expenses incurred - total	$	56,221		$	2,344		$	58,565


Net claims and claim expense ratio - current accident year		32.7	%		46.0	%		34.8	%
Net claims and claim expense ratio - prior accident years		(0.6	%)		(38.9	%)		(6.7	%)


Net claims and claim expense ratio - calendar year		32.1	%		7.1	%		28.1	%
Underwriting expense ratio		24.0	%		37.4	%		26.2	%


Combined ratio		56.1	%		44.5	%		54.3	%


	Three months ended September 30, 2010
	Catastrophe			Specialty			Total

Gross premiums written	$	88,278		$	22,299		$	110,577


Net premiums written	$	64,134		$	22,175		$	86,309


Net premiums earned	$	176,130		$	28,927		$	205,057
Net claims and claim expenses incurred		71,191			1,289			72,480
Acquisition expenses		18,962			3,502			22,464
Operational expenses		23,252			6,385			29,637


Underwriting income	$	62,725		$	17,751		$	80,476


Net claims and claim expenses incurred - current accident year	$	87,178		$	19,166		$	106,344
Net claims and claim expenses incurred - prior accident years		(15,987	)		(17,877	)		(33,864	)


Net claims and claim expenses incurred - total	$	71,191		$	1,289		$	72,480


Net claims and claim expense ratio - current accident year		49.5	%		66.3	%		51.9	%
Net claims and claim expense ratio - prior accident years		(9.1	%)		(61.8	%)		(16.6	%)


Net claims and claim expense ratio - calendar year		40.4	%		4.5	%		35.3	%
Underwriting expense ratio		24.0	%		34.1	%		25.5	%


Combined ratio		64.4	%		38.6	%		60.8	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Nine months ended September 30, 2011
	Catastrophe			Specialty			Total

Gross premiums written	$	1,179,141		$	124,756		$	1,303,897


Net premiums written	$	786,910		$	119,257		$	906,167


Net premiums earned	$	598,040		$	98,924		$	696,964
Net claims and claim expenses incurred		770,113			27,075			797,188
Acquisition expenses		46,658			15,529			62,187
Operational expenses		75,464			22,262			97,726


Underwriting (loss) income	$	(294,195	)	$	34,058		$	(260,137	)


Net claims and claim expenses incurred - current accident year	$	802,630		$	99,488		$	902,118
Net claims and claim expenses incurred - prior accident years		(32,517	)		(72,413	)		(104,930	)


Net claims and claim expenses incurred - total	$	770,113		$	27,075		$	797,188


Net claims and claim expense ratio - current accident year		134.2	%		100.6	%		129.4	%
Net claims and claim expense ratio - prior accident years		(5.4	%)		(73.2	%)		(15.0	%)


Net claims and claim expense ratio - calendar year		128.8	%		27.4	%		114.4	%
Underwriting expense ratio		20.4	%		38.2	%		22.9	%


Combined ratio		149.2	%		65.6	%		137.3	%


	Nine months ended September 30, 2010
	Catastrophe			Specialty			Total

Gross premiums written	$	1,001,940		$	103,739		$	1,105,679


Net premiums written	$	693,889		$	100,078		$	793,967


Net premiums earned	$	562,938		$	83,411		$	646,349
Net claims and claim expenses incurred		180,652			(39,557	)		141,095
Acquisition expenses		53,016			10,048			63,064
Operational expenses		75,309			18,214			93,523


Underwriting income	$	253,961		$	94,706		$	348,667


Net claims and claim expenses incurred - current accident year	$	289,100		$	72,303		$	361,403
Net claims and claim expenses incurred - prior accident years		(108,448	)		(111,860	)		(220,308	)


Net claims and claim expenses incurred - total	$	180,652		$	(39,557	)	$	141,095


Net claims and claim expense ratio - current accident year		51.4	%		86.7	%		55.9	%
Net claims and claim expense ratio - prior accident years		(19.3	%)		(134.1	%)		(34.1	%)


Net claims and claim expense ratio - calendar year		32.1	%		(47.4	%)		21.8	%
Underwriting expense ratio		22.8	%		33.9	%		24.3	%


Combined ratio		54.9	%		(13.5	%)		46.1	%


		7

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums


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

Renaissance catastrophe premiums	$	64,317		$	366,929	$	311,642	$	(3,273	)	$	62,434
Renaissance specialty premiums		25,614			23,066		74,395		25,647			21,363


Total Renaissance premiums		89,931			389,995		386,037		22,374			83,797


DaVinci catastrophe premiums		32,900			216,317		187,036		(4,434	)		25,844
DaVinci specialty premiums		(20	)		1,092		609		—			936


Total DaVinci premiums		32,880			217,409		187,645		(4,434	)		26,780


Total catastrophe unit premiums		97,217			583,246		498,678		(7,707	)		88,278
Total specialty unit premiums		25,594			24,158		75,004		25,647			22,299


Total Reinsurance segment gross premiums written	$	122,811		$	607,404	$	573,682	$	17,940		$	110,577


Lloyd’s Segment

Specialty	$	14,290		$	17,546	$	29,235	$	10,983		$	8,851
Catastrophe		2,837			16,580		7,385		309			1,422
Insurance		—			—		—		(2,710	)		(1,511	)


Total Lloyd’s segment gross premiums written	$	17,127		$	34,126	$	36,620	$	8,582		$	8,762


Insurance Segment

Commercial property	$	—		$	33	$	280	$	926		$	50
Personal lines property		—			—		—		383			541


Total Insurance segment gross premiums written	$	—		$	33	$	280	$	1,309		$	591


Managed Premiums (1)

Total catastrophe unit gross premiums written	$	97,217		$	583,246	$	498,678	$	(7,707	)	$	88,278
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		12,379			19,079		22,528		2,507			60
Catastrophe premiums written in the Lloyd’s unit		2,837			16,580		7,385		309			1,422
Catastrophe premiums assumed from the Insurance segment		—			—		—		660			(9,899	)


Total managed catastrophe premiums (1)	$	112,433		$	618,905	$	528,591	$	(4,231	)	$	79,861

(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


	Nine months ended
	September 30, 2011		September 30, 2010
Reinsurance Segment

Renaissance catastrophe premiums	$	742,888	$	633,353
Renaissance specialty premiums		123,075		101,201


Total Renaissance premiums		865,963		734,554


DaVinci catastrophe premiums		436,253		368,587
DaVinci specialty premiums		1,681		2,538


Total DaVinci premiums		437,934		371,125


Total catastrophe unit premiums	$	1,179,141	$	1,001,940
Total specialty unit premiums		124,756		103,739


Total Reinsurance segment premiums	$	1,303,897	$	1,105,679


Lloyd’s Segment

Specialty	$	61,071	$	23,081
Catastrophe		26,802		14,415
Insurance		—		20,131


Total Lloyd’s segment premiums	$	87,873	$	57,627


Insurance Segment

Commercial property	$	313	$	1,167
Personal lines property		—		109


Total Insurance segment gross premiums written	$	313	$	1,276


Managed Premiums (1)

Total catastrophe unit premiums	$	1,179,141	$	1,001,940
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		53,986		45,039
Catastrophe premiums written in the Lloyd’s unit		26,802		14,415
Catastrophe premiums assumed from the Insurance segment		—		(10,141	)


Total managed catastrophe premiums (1)	$	1,259,929	$	1,051,253

(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
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Revenues
Gross premiums written	$	32,880		$	217,409		$	187,645		$	(4,434	)	$	26,780


Net premiums written	$	22,673		$	174,427		$	167,982		$	(4,433	)	$	20,945
Decrease (increase) in unearned premiums		58,063			(92,821	)		(51,160	)		79,052			61,507


Net premiums earned		80,736			81,606			116,822			74,619			82,452
Net investment (loss) income		(700	)		6,189			6,974			6,725			7,980
Net foreign exchange (losses) gains		(1,194	)		(1,126	)		875			(1,499	)		(74	)
Other (loss) income		(1,032	)		(230	)		11,037			254			181
Net realized and unrealized (losses) gains on fixed maturity investments		(4,871	)		10,339			(753	)		(16,280	)		28,968


*Total revenues*		72,939			96,778			134,955			63,819			119,507


Expenses
Net claims and claim expenses incurred		35,332			61,911			284,281			7,561			30,353
Acquisition expenses		14,916			(11,905	)		(1,054	)		16,254			14,065
Operational and corporate expenses		11,655			6,059			4,490			10,522			10,770
Interest expense		1,873			1,907			469			574			512


*Total expenses*		63,776			57,972			288,186			34,911			55,700


*Net income (loss)*		9,163			38,806			(153,231	)		28,908			63,807

Net (income) loss attributable to redeemable noncontrolling interest		(22	)		(81	)		305			(59	)		(128	)


*Net income (loss) available (attributable) to DaVinciRe common shareholders*	$	9,141		$	38,725		$	(152,926	)	$	28,849		$	63,679


Net claims and claim expenses incurred - current accident year	$	33,096		$	66,248		$	291,227		$	18,219		$	37,273
Net claims and claim expenses incurred - prior accident years		2,236			(4,337	)		(6,946	)		(10,658	)		(6,920	)


Net claims and claim expenses incurred - total	$	35,332		$	61,911		$	284,281		$	7,561		$	30,353


Net claims and claim expense ratio - current accident year		41.0	%		81.2	%		249.3	%		24.4	%		45.2	%
Net claims and claim expense ratio - prior accident years		2.8	%		(5.3	%)		(6.0	%)		(14.3	%)		(8.4	%)


Net claims and claim expense ratio - calendar year		43.8	%		75.9	%		243.3	%		10.1	%		36.8	%
Underwriting expense ratio		32.9	%		(7.2	%)		3.0	%		35.9	%		30.1	%


Combined ratio		76.7	%		68.7	%		246.3	%		46.0	%		66.9	%


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Nine months ended
	September 30, 2011			September 30, 2010
Revenues
Gross premiums written	$	437,934		$	371,125


Net premiums written	$	365,082		$	330,536
Increase in unearned premiums		(85,918	)		(73,830	)


Net premiums earned		279,164			256,706
Net investment income		12,463			24,461
Net foreign exchange losses		(1,445	)		(2,032	)
Other income (loss)		9,775			(247	)
Net realized and unrealized gains on fixed maturity investments		4,715			51,166

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


Net other-than-temporary impairments		—			(648	)


*Total revenues*		304,672			329,406


Expenses
Net claims and claim expenses incurred		381,524			84,669
Acquisition expenses		1,957			49,130
Operational and corporate expenses		22,204			24,131
Interest expense		4,249			1,455


*Total expenses*		409,934			159,385


*Net (loss) income*		(105,262	)		170,021

Net loss (income) attributable to redeemable noncontrolling interest		202			(343	)


*Net (loss) income (attributable) available to DaVinciRe common shareholders*	$	(105,060	)	$	169,678


Net claims and claim expenses incurred - current accident year	$	390,571		$	123,853
Net claims and claim expenses incurred - prior accident years		(9,047	)		(39,184	)


Net claims and claim expenses incurred - total	$	381,524		$	84,669


Net claims and claim expense ratio - current accident year		139.9	%		48.2	%
Net claims and claim expense ratio - prior accident years		(3.2	%)		(15.2	%)


Net claims and claim expense ratio - calendar year		136.7	%		33.0	%
Underwriting expense ratio		8.6	%		28.5	%


Combined ratio		145.3	%		61.5	%


		11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


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

Assets
Fixed maturity investments trading, at fair value	$	3,687,669	$	3,864,205	$	3,678,549	$	3,871,780	$	4,332,794
Fixed maturity investments available for sale, at fair value		149,969		202,769		232,320		244,917		273,339


Total fixed maturity investments, at fair value		3,837,638		4,066,974		3,910,869		4,116,697		4,606,133
Short term investments, at fair value		1,557,937		774,421		1,518,542		1,110,364		842,953
Equity investments trading, at fair value		45,607		32,252		12,707		—		—
Other investments, at fair value		736,757		839,643		782,325		787,548		792,377
Investments in other ventures, under equity method		78,071		82,197		78,623		85,603		79,976


Total investments		6,256,010		5,795,487		6,303,066		6,100,212		6,321,439
Cash and cash equivalents		235,058		237,737		252,631		277,738		248,120
Premiums receivable		695,163		933,519		574,547		322,080		487,744
Prepaid reinsurance premiums		164,547		245,676		125,722		60,643		153,346
Reinsurance recoverable		434,553		333,245		324,124		101,711		103,449
Accrued investment income		34,237		36,266		33,580		34,560		37,431
Deferred acquisition costs		71,225		90,858		56,656		35,648		60,359
Receivable for investments sold		33,791		257,075		136,943		99,226		158,465
Other secured assets		—		—		14,169		14,250		17,765
Other assets		176,114		219,226		176,644		205,373		188,165
Goodwill and other intangibles		14,230		14,383		14,537		14,690		14,844
Assets of discontinued operations held for sale		2,481		2,868		2,481		872,147		984,027


*Total assets*	$	8,117,409	$	8,166,340	$	8,015,100	$	8,138,278	$	8,775,154


Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,226,005	$	2,170,728	$	2,070,095	$	1,257,843	$	1,364,225
Unearned premiums		623,596		830,939		500,165		286,183		538,462
Debt		349,224		349,201		549,178		549,155		549,132
Reinsurance balances payable		317,627		403,152		256,663		318,024		368,270
Payable for investments purchased		233,282		102,545		417,257		195,383		304,604
Other secured liabilities		—		—		14,000		14,000		17,500
Other liabilities		174,424		152,853		165,717		222,310		211,793
Liabilities of discontinued operations held for sale		9,098		10,220		2,246		598,511		706,255


*Total liabilities*		3,933,256		4,019,638		3,975,321		3,441,409		4,060,241


Redeemable noncontrolling interest - DaVinciRe		633,112		628,001		536,717		757,655		741,103

Shareholders’ Equity
Preference shares		550,000		550,000		550,000		550,000		650,000
Common shares		51,787		51,753		51,742		54,110		54,875
Additional paid-in capital		9,331		5,768		—		—		5,840
Accumulated other comprehensive income		11,092		18,031		19,845		19,823		23,774
Retained earnings		2,925,604		2,889,719		2,878,315		3,312,392		3,239,321


*Total shareholders’ equity attributable to RenaissanceRe*		3,547,814		3,515,271		3,499,902		3,936,325		3,973,810
Noncontrolling interest		3,227		3,430		3,160		2,889		—


*Total shareholders’ equity*		3,551,041		3,518,701		3,503,062		3,939,214		3,973,810


*Total liabilities, noncontrolling interests and shareholders’ equity*	$	8,117,409	$	8,166,340	$	8,015,100	$	8,138,278	$	8,775,154


Book value per common share	$	57.89	$	57.30	$	57.01	$	62.58	$	60.57


Common shares outstanding		51,787		51,753		51,742		54,110		54,875


		12

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


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

U.S. treasuries	$	428,865		6.9	%	$	454,148		7.8	%	$	522,006		8.3	%	$	761,461		12.4	%	$	1,198,741		19.0	%
Agencies		127,063		2.0	%		189,765		3.3	%		278,501		4.4	%		216,963		3.6	%		218,295		3.5	%
Non-U.S. government (Sovereign debt)		402,288		6.4	%		340,430		5.9	%		243,606		3.9	%		184,387		3.0	%		153,695		2.4	%
FDIC guaranteed corporate		183,314		2.9	%		232,992		4.0	%		305,745		4.9	%		388,468		6.4	%		399,938		6.3	%
Non-U.S. government-backed corporate		594,897		9.6	%		409,443		7.1	%		316,618		5.0	%		357,504		5.9	%		531,009		8.4	%
Corporate		1,294,442		20.7	%		1,651,688		28.4	%		1,523,224		24.1	%		1,512,411		24.7	%		1,510,917		24.0	%
Agency mortgage-backed		363,814		5.8	%		296,627		5.1	%		430,192		6.8	%		401,807		6.6	%		312,634		4.9	%
Non-agency mortgage-backed		104,541		1.7	%		105,581		1.8	%		35,848		0.6	%		34,149		0.6	%		35,954		0.6	%
Commercial mortgage-backed		318,805		5.1	%		340,610		5.9	%		213,809		3.4	%		219,440		3.6	%		198,246		3.1	%
Asset-backed		19,609		0.3	%		45,690		0.8	%		41,320		0.7	%		40,107		0.7	%		46,704		0.7	%


Total fixed maturity investments, at fair value		3,837,638		61.4	%		4,066,974		70.1	%		3,910,869		62.1	%		4,116,697		67.5	%		4,606,133		72.9	%
Short term investments, at fair value		1,557,937		24.9	%		774,421		13.4	%		1,518,542		24.1	%		1,110,364		18.2	%		842,953		13.3	%
Equity investments trading, at fair value		45,607		0.7	%		32,252		0.6	%		12,707		0.2	%		—		—			—		—
Other investments, at fair value		736,757		11.8	%		839,643		14.5	%		782,325		12.4	%		787,548		12.9	%		792,377		12.5	%


Total managed investment portfolio		6,177,939		98.8	%		5,713,290		98.6	%		6,224,443		98.8	%		6,014,609		98.6	%		6,241,463		98.7	%
Investments in other ventures, under equity method		78,071		1.2	%		82,197		1.4	%		78,623		1.2	%		85,603		1.4	%		79,976		1.3	%


Total investments	$	6,256,010		100.0	%	$	5,795,487		100.0	%	$	6,303,066		100.0	%	$	6,100,212		100.0	%	$	6,321,439		100.0	%


CREDIT QUALITY OF FIXED MATURITY INVESTMENTS

AAA	$	1,099,221		28.6	%	$	2,197,397		54.1	%	$	2,284,378		58.4	%	$	2,531,922		61.5	%	$	3,012,436		65.5	%
AA (1)		1,607,177		41.9	%		481,789		11.8	%		457,769		11.7	%		489,780		11.9	%		586,276		12.7	%
A		619,229		16.1	%		790,594		19.4	%		675,011		17.3	%		666,497		16.2	%		644,169		14.0	%
BBB		329,213		8.6	%		398,354		9.8	%		347,766		8.9	%		303,269		7.4	%		273,948		5.9	%
Non-investment grade		182,798		4.8	%		198,840		4.9	%		145,945		3.7	%		125,229		3.0	%		89,304		1.9	%


Total fixed maturity investments, at fair value	$	3,837,638		100.0	%	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%


MATURITY PROFILE OF FIXED MATURITY INVESTMENTS

Due in less than one year	$	168,557		4.4	%	$	201,681		5.0	%	$	208,422		5.3	%	$	90,450		2.2	%	$	39,960		0.9	%
Due after one through five years		1,893,416		49.3	%		1,986,843		48.8	%		1,969,491		50.3	%		2,330,181		56.6	%		2,826,941		61.4	%
Due after five through ten years		831,196		21.7	%		923,919		22.7	%		827,647		21.2	%		827,981		20.1	%		978,797		21.2	%
Due after ten years		137,700		3.6	%		166,023		4.1	%		184,140		4.7	%		172,582		4.2	%		166,897		3.6	%
Mortgage-backed securities		787,160		20.5	%		742,818		18.3	%		679,849		17.4	%		655,396		15.9	%		546,834		11.9	%
Asset-backed securities		19,609		0.5	%		45,690		1.1	%		41,320		1.1	%		40,107		1.0	%		46,704		1.0	%


Total fixed maturity investments, at fair value	$	3,837,638		100.0	%	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%


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

(1)	Included in the AA rating category at September 30, 2011 is $739.2 million of U.S. treasuries, agencies and FDIC guaranteed corporate fixed maturity investments that were included in the AAA rating category in prior periods.


		13

RenaissanceRe Holdings Ltd.

Summary of Other Investments


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

Private equity partnerships	$	345,986		$	363,688		$	362,717		$	347,556		$	310,296
Senior secured bank loan funds		243,766			247,528			171,559			166,106			168,309
Catastrophe bonds		85,800			93,805			107,570			123,961			159,752
Non-U.S. fixed income funds		29,440			88,962			87,336			80,224			78,848
Hedge funds		26,810			39,753			40,616			41,005			44,043
Miscellaneous other investments		4,955			5,907			12,527			28,696			31,129


Total other investments, at fair value	$	736,757		$	839,643		$	782,325		$	787,548		$	792,377


TYPE OF INVESTMENT

Private equity partnerships		47.0	%		43.3	%		46.3	%		44.2	%		39.2	%
Senior secured bank loan funds		33.1	%		29.5	%		21.9	%		21.1	%		21.2	%
Catastrophe bonds		11.6	%		11.2	%		13.8	%		15.7	%		20.2	%
Non-U.S. fixed income funds		4.0	%		10.6	%		11.2	%		10.2	%		10.0	%
Hedge funds		3.6	%		4.7	%		5.2	%		5.2	%		5.5	%
Miscellaneous other investments		0.7	%		0.7	%		1.6	%		3.6	%		3.9	%


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

Fixed maturity investments	$	11,435		$	24,426		$	27,913		$	16,087		$	35,219		$	63,774		$	92,108
Short term investments		281			433			595			515			635			1,309			1,803
Equity investments trading		171			112			14			—			—			297			—
Other investments
Hedge funds and private equity investments		(25,702	)		8,230			23,507			31,204			7,491			6,035			33,215
Other		(11,665	)		2,838			10,827			7,292			18,979			2,000			32,013
Cash and cash equivalents		66			45			41			120			74			152			157


		(25,414	)		36,084			62,897			55,218			62,398			73,567			159,296
Investment expenses		(2,526	)		(2,756	)		(2,616	)		(2,715	)		(2,828	)		(7,898	)		(7,844	)


Net investment (loss) income		(27,940	)		33,328			60,281			52,503			59,570			65,669			151,452


Gross realized gains		38,054			15,430			10,562			30,254			30,959			64,046			108,560
Gross realized losses		(6,099	)		(4,156	)		(12,617	)		(7,267	)		(748	)		(22,872	)		(11,880	)


Net realized gains (losses) on fixed maturity investments		31,955			11,274			(2,055	)		22,987			30,211			41,174			96,680

Net unrealized (losses) gains on fixed maturity investments trading		(13,007	)		24,728			(3,758	)		(89,136	)		62,131			7,963			113,913
Net unrealized (losses) gains on equity investments trading		(1,965	)		(1,023	)		599			—			—			(2,389	)		—


Net realized and unrealized gains (losses) on investments		16,983			34,979			(5,214	)		(66,149	)		92,342			46,748			210,593

Total other-than-temporary impairments		(498	)		—			—			—			—			(498	)		(831	)
Portion recognized in other comprehensive income, before taxes		49			—			—			—			—			49			2


Net other-than-temporary impairments		(449	)		—			—			—			—			(449	)		(829	)

Change in net unrealized gains on fixed maturity investments available for sale		(7,171	)		(1,763	)		252			(5,138	)		(3,453	)		(8,682	)		(21,508	)


*Total investment result*	$	(18,577	)	$	66,544		$	55,319		$	(18,784	)	$	148,459		$	103,286		$	339,708


		15

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating


												Credit Rating (1)
September 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	$	1,557,937	$	1,557,937			25.3	%		0.1	%	$	977,346		$	580,591		$	—		$	—		$	—		$	—
				100.0	%								62.7	%		37.3	%		0.0	%		0.0	%		0.0	%		0.0	%

Fixed maturity investments

U.S. treasuries		421,312		428,865			6.9	%		0.9	%		—			428,865			—			—			—			—

Agencies

Fannie Mae & Freddie Mac		111,386		112,420			1.8	%		0.5	%		—			112,420			—			—			—			—
Other agencies		14,364		14,643			0.2	%		0.8	%		—			14,643			—			—			—			—


Total agencies		125,750		127,063			2.0	%		0.5	%		—			127,063			—			—			—			—

Non-U.S. government (Sovereign debt)		399,180		402,288			6.5	%		1.6	%		303,179			63,577			15,161			11,723			6,489			2,159

FDIC guaranteed corporate		182,207		183,314			3.0	%		0.4	%		—			183,314			—			—			—			—

Non-U.S. government-backed corporate		588,828		594,897			9.6	%		1.2	%		478,202			111,651			5,044			—			—			—

Corporate		1,301,760		1,294,442			21.0	%		4.6	%		55,537			259,172			544,009			303,426			119,648			12,650

Mortgage-backed securities

Residential mortgage-backed
Agency securities		355,326		363,814			5.9	%		1.8	%		—			363,814			—			—			—			—
Non-agency securities - Prime		69,304		66,896			1.1	%		7.4	%		21,809			3,837			670			8,826			31,754			—
Non-agency securities - Alt A		37,868		37,645			0.6	%		8.8	%		20,058			131			7,358			—			10,098			—


Total residential mortgage-backed		462,498		468,355			7.6	%		3.2	%		41,867			367,782			8,028			8,826			41,852			—

Commercial mortgage-backed		310,079		318,805			5.2	%		3.5	%		200,827			65,753			46,987			5,238			—			—


Total mortgage-backed		772,577		787,160			12.8	%		3.3	%		242,694			433,535			55,015			14,064			41,852			—

Asset-backed

Credit cards		12,002		12,001			0.2	%		1.0	%		12,001			—			—			—			—			—
Student loans		2,402		2,384			0.0	%		2.7	%		2,384			—			—			—			—			—
Other		4,993		5,224			0.1	%		0.1	%		5,224			—			—			—			—			—


Total asset-backed		19,397		19,609			0.3	%		1.0	%		19,609			—			—			—			—			—


Total securitized assets		791,974		806,769			13.1	%		3.3	%		262,303			433,535			55,015			14,064			41,852			—


Total fixed maturity investments		3,811,011		3,837,638			62.1	%		2.7	%		1,099,221			1,607,177			619,229			329,213			167,989			14,809
				100.0	%								28.6	%		41.9	%		16.1	%		8.6	%		4.4	%		0.4	%

Equity investments trading				45,607			0.7	%					—			—			—			—			—			45,607

Other investments

Private equity partnerships				345,986			5.6	%					—			—			—			—			—			345,986
Senior secured bank loan funds				243,766			3.9	%					—			—			—			—			243,766			—
Catastrophe bonds				85,800			1.4	%					—			—			—			—			85,800			—
Non-U.S. fixed income funds				29,440			0.5	%					—			—			—			29,440			—			—
Hedge funds				26,810			0.4	%					—			—			—			—			—			26,810
Miscellaneous other investments				4,955			0.1	%					—			—			—			—			—			4,955


Total other investments				736,757			11.9	%					—			—			—			29,440			329,566			377,751

Total managed investment portfolio			$	6,177,939			100.0	%				$	2,076,567		$	2,187,768		$	619,229		$	358,653		$	497,555		$	438,167
				100.0	%								33.6	%		35.4	%		10.0	%		5.8	%		8.1	%		7.1	%

(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


	September 30, 2011					December 31, 2010					Change
	Fair Value		% of Total Managed Investment Portfolio			Fair Value		% of Total Managed Investment Portfolio			$			%

Short term investments	$	1,557,937		25.3	%	$	1,110,364		18.4	%	$	447,573			6.9	%

Fixed maturity investments

U.S. treasuries		428,865		6.9	%		761,461		12.7	%		(332,596	)		(5.8	%)

Agencies

Fannie Mae & Freddie Mac		112,420		1.8	%		174,287		2.9	%		(61,867	)		(1.1	%)
Other agencies		14,643		0.2	%		42,676		0.7	%		(28,033	)		(0.5	%)


Total agencies		127,063		2.0	%		216,963		3.6	%		(89,900	)		(1.6	%)

Non-U.S. government (Sovereign debt)		402,288		6.5	%		184,387		3.1	%		217,901			3.4	%

FDIC guaranteed corporate		183,314		3.0	%		388,468		6.5	%		(205,154	)		(3.5	%)

Non-U.S. government-backed corporate		594,897		9.6	%		357,504		5.9	%		237,393			3.7	%

Corporate		1,294,442		21.0	%		1,512,411		25.1	%		(217,969	)		(4.1	%)

Mortgage-backed

Residential mortgage-backed
Agency securities		363,814		5.9	%		401,807		6.7	%		(37,993	)		(0.8	%)
Non-agency securities - Prime		66,896		1.1	%		19,591		0.3	%		47,305			0.8	%
Non-agency securities - Alt A		37,645		0.6	%		14,558		0.2	%		23,087			0.4	%


Total residential mortgage-backed		468,355		7.6	%		435,956		7.2	%		32,399			0.4	%

Commercial mortgage-backed		318,805		5.2	%		219,440		3.7	%		99,365			1.5	%


Total mortgage-backed		787,160		12.8	%		655,396		10.9	%		131,764			1.9	%

Asset-backed

Credit cards		12,001		0.2	%		—		0.0	%		12,001			0.2	%
Student loans		2,384		0.0	%		33,056		0.6	%		(30,672	)		(0.6	%)
Auto		—		0.0	%		1,809		0.0	%		(1,809	)		0.0	%
Other		5,224		0.1	%		5,242		0.1	%		(18	)		0.0	%


Total asset-backed		19,609		0.3	%		40,107		0.7	%		(20,498	)		(0.4	%)


Total securitized assets		806,769		13.1	%		695,503		11.6	%		111,266			1.5	%


Total fixed maturity investments		3,837,638		62.1	%		4,116,697		68.5	%		(279,059	)		(6.4	%)

Equity investments trading		45,607		0.7	%		—		—			45,607			0.7	%

Other investments

Private equity partnerships		345,986		5.6	%		347,556		5.7	%		(1,570	)		(0.1	%)
Senior secured bank loan funds		243,766		3.9	%		166,106		2.8	%		77,660			1.1	%
Catastrophe bonds		85,800		1.4	%		123,961		2.1	%		(38,161	)		(0.7	%)
Non-U.S. fixed income funds		29,440		0.5	%		80,224		1.3	%		(50,784	)		(0.8	%)
Hedge funds		26,810		0.4	%		41,005		0.7	%		(14,195	)		(0.3	%)
Miscellaneous other investments		4,955		0.1	%		28,696		0.5	%		(23,741	)		(0.4	%)


Total other investments		736,757		11.9	%		787,548		13.1	%		(50,791	)		(1.2	%)


Total managed investment portfolio	$	6,177,939		100.0	%	$	6,014,609		100.0	%	$	163,330


		17

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


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

Financials	$	677,055	$	45,068	$	177,897	$	356,861	$	72,361	$	13,098	$	11,770
Industrial, utilities and energy		220,233		—		25,664		61,009		99,051		34,509		—
Communications and technology		142,845		—		933		73,923		44,220		23,239		530
Consumer		99,019		—		6,715		32,192		38,979		20,797		336
Basic materials		68,793		—		—		5,072		46,192		17,515		14
Health care		55,049		—		38,099		6,139		559		10,252		—
Other		31,448		10,469		9,864		8,813		2,064		238		—


Total corporate fixed maturity investments, at fair value (1)	$	1,294,442	$	55,537	$	259,172	$	544,009	$	303,426	$	119,648	$	12,650

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


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

JP Morgan Chase & Co.	$	73,718	$	7,542	$	66,176
General Electric Company		53,963		6,496		47,467
Citigroup Inc.		52,529		—		52,529
Bank of America Corp.		41,188		—		41,188
Barclays PLC		35,818		—		35,818
Lloyds Banking Group PLC		33,749		5,998		27,751
Morgan Stanley		32,985		—		32,985
HSBC Holdings PLC		31,708		5,999		25,709
Credit Suisse Group AG		31,603		—		31,603
Wells Fargo & Co. Ltd.		27,939		—		27,939


Total (2)	$	415,200	$	26,035	$	389,165

(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 commercial paper, at fair value.


		18

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2011

Catastrophe	$	497,889	$	524,700	$	539,723	$	1,562,312
Specialty		113,022		52,285		333,947		499,254


Total Reinsurance		610,911		576,985		873,670		2,061,566
Lloyd’s		18,114		10,558		43,676		72,348
Insurance		39,058		5,020		48,013		92,091


Total	$	668,083	$	592,563	$	965,359	$	2,226,005


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


		19

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended September 30, 2011									Three months ended September 30, 2010
	Gross			Recoveries			Net			Gross			Recoveries		Net

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

Incurred losses and loss expenses
Current year		194,781			108,351			86,430			128,603			13,741		114,862
Prior years		(15,116	)		(6,516	)		(8,600	)		(33,293	)		3,633		(36,926	)


Total incurred losses and loss expenses		179,665			101,835			77,830			95,310			17,374		77,936


Paid losses and loss expenses
Current year		56,724			—			56,724			38,024			—		38,024
Prior years		67,664			527			67,137			38,948			3,549		35,399


Total paid losses and loss expenses		124,388			527			123,861			76,972			3,549		73,423


Reserve for losses and loss expenses, end of period	$	2,226,005		$	434,553		$	1,791,452		$	1,364,225		$	103,449	$	1,260,776


	Nine months ended September 30, 2011									Nine months ended September 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		1,319,400			364,341			955,059			440,084			54,177			385,907
Prior years		(111,743	)		(14,312	)		(97,431	)		(238,395	)		(8,961	)		(229,434	)


Total incurred losses and loss expenses		1,207,657			350,029			857,628			201,689			45,216			156,473


Paid losses and loss expenses
Current year		108,302			—			108,302			40,199			—			40,199
Prior years		131,193			17,187			114,006			141,698			25,866			115,832


Total paid losses and loss expenses		239,495			17,187			222,308			181,897			25,866			156,031


Reserve for losses and loss expenses, end of period	$	2,226,005		$	434,553		$	1,791,452		$	1,364,225		$	103,449		$	1,260,776


		20

RenaissanceRe Holdings Ltd.

Earnings (Loss) per Share


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

Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	49,263		$	24,764		$	(248,033	)	$	122,575		$	204,750
Amount allocated to participating common shareholders (1)		(911	)		(461	)		6,327			(3,107	)		(5,147	)


	$	48,352		$	24,303		$	(241,706	)	$	119,468		$	199,603


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

Weighted average common shares		50,501			50,493			51,504			53,166			53,467

Per common share equivalents of employee stock options and restricted shares		472			557			—			501			498


Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		50,973			51,050			51,504			53,667			53,965


Basic income (loss) per RenaissanceRe common share	$	0.96		$	0.48		$	(4.69	)	$	2.25		$	3.73

Diluted income (loss) per RenaissanceRe common share (2)	$	0.95		$	0.48		$	(4.69	)	$	2.23		$	3.70


	Nine months ended
(common shares in thousands)	September 30, 2011			September 30, 2010

Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(174,006	)	$	580,038
Amount allocated to participating common shareholders (1)		(761	)		(14,639	)


	$	(174,767	)	$	565,399


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

Weighted average common shares		50,830			55,804

Per common share equivalents of employee stock options and restricted shares		—			495


Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		50,830			56,299


Basic (loss) income per RenaissanceRe common share	$	(3.44	)	$	10.13

Diluted (loss) income per RenaissanceRe common share (2)	$	(3.44	)	$	10.04

(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 Earnings (Losses) of Other Ventures


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

Top Layer Re	$	3,688		$	3,967		$	(22,509	)	$	(9,437	)	$	(8,655	)
Tower Hill Companies		2,504			1,216			(449	)		(30	)		2,023
Other		(1,398	)		(55	)		(795	)		(923	)		(108	)


*Total equity in earnings (losses) of other ventures*	$	4,794		$	5,128		$	(23,753	)	$	(10,390	)	$	(6,740	)


	Nine months ended
	September 30, 2011			September 30, 2010

Tower Hill Companies	$	3,271		$	1,181
Top Layer Re		(14,854	)		(2,666	)
Other		(2,248	)		61


*Total equity in (losses) earnings of other ventures*	$	(13,831	)	$	(1,424	)


		22

RenaissanceRe Holdings Ltd.

Other (Loss) Income


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

Gain on sale of NBIC	$	4,836		$	—		$	—	$	—	$	—
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(2,704	)		(1,022	)		43,521		8,448		(677	)
Weather and energy risk management operations		(3,232	)		(3,779	)		3,295		15,206		(4,740	)
Mark-to-market on Platinum warrant		—			—			2,975		1,067		14,352
Gain on sale of ChannelRe		—			—			—		—		15,835
Other items		(915	)		(366	)		354		1,311		251


*Total other (loss) income*	$	(2,015	)	$	(5,167	)	$	50,145	$	26,032	$	25,021


	Nine months ended
	September 30, 2011			September 30, 2010

Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	39,795		$	(3,234	)
Gain on sale of NBIC		4,836			—
Mark-to-market on Platinum warrant		2,975			8,987
Weather and energy risk management operations		(3,716	)		(7,057	)
Gain on sale of ChannelRe		—			15,835
Other items		(927	)		557


*Total other income*	$	42,963		$	15,088


		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 income (loss) available (attributable) 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 income (loss) available (attributable) 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 income (loss) available (attributable) 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 income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) 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 income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted to operating income (loss) available (attributable) 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															Nine months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			September 30, 2011			September 30, 2010

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	49,263		$	24,764		$	(248,033	)	$	122,575		$	204,750		$	(174,006	)	$	580,038
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(16,983	)		(34,979	)		5,214			66,149			(92,342	)		(46,748	)		(210,593	)
Adjustment for net other-than-temporary impairments of continuing operations		449			—			—			—			—			449			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	)		(42	)		(7,122	)
Adjustment for gain on sale of ChannelRe		—			—			—			—			(15,835	)		—			(15,835	)


Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,729		$	(10,215	)	$	(242,861	)	$	189,077		$	90,904		$	(220,347	)	$	347,317


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.95		$	0.48		$	(4.69	)	$	2.23		$	3.70		$	(3.44	)	$	10.04
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(0.34	)		(0.69	)		0.10			1.23			(1.71	)		(0.92	)		(3.74	)
Adjustment for net other-than-temporary impairments of continuing operations		0.01			—			—			—			—			0.01			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	)		—			(0.13	)
Adjustment for gain on sale of ChannelRe		—			—			—			—			(0.29	)		—			(0.28	)


Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.62		$	(0.21	)	$	(4.59	)	$	3.47		$	1.59		$	(4.35	)	$	5.91


Return on average common equity - annualized		6.6	%		3.3	%		(31.3	%)		14.6	%		25.4	%		(7.5	%)		24.2	%
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(2.3	%)		(4.7	%)		0.6	%		7.9	%		(11.4	%)		(2.1	%)		(8.8	%)
Adjustment for net other-than-temporary impairments of continuing operations		0.1	%		—			—			—			—			—			—
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			—			—			—			(0.7	%)		—			(0.3	%)
Adjustment for gain on sale of ChannelRe		—			—			—			—			(2.0	%)		—			(0.6	%)


Operating return on average common equity - annualized		4.4	%		(1.4	%)		(30.7	%)		22.5	%		11.3	%		(9.6	%)		14.5	%


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

Book value per common share	$	57.89		$	57.30		$	57.01		$	62.58		$	60.57
Adjustment for goodwill and other intangibles (1)		(0.94	)		(0.96	)		(0.99	)		(2.03	)		(2.05	)


Tangible book value per common share		56.95			56.34			56.02			60.55			58.52
Adjustment for accumulated dividends		10.66			10.40			10.14			9.88			9.63


Tangible book value per common share plus accumulated dividends	$	67.61		$	66.74		$	66.16		$	70.43		$	68.15


Change in book value per common share		1.0	%		0.5	%		(8.9	%)		3.3	%		6.3	%

Change in tangible book value per common share plus change in accumulated dividends		1.5	%		1.0	%		(7.1	%)		3.9	%		7.1	%

(1)

At September 30, 2011, June 30, 2011, March 31, 2011, December 31, 2010 and September 30, 2010, goodwill and other intangibles included $34.2 million, $35.4 million, $36.8 million, $38.1 million and $39.5 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method and $Nil, $Nil, $Nil, $57.0 million and $58.1 million, respectively, of goodwill and intangibles included in assets of discontinued operations held for sale.


		26

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - November 1, 2011

Attached files

RENAISSANCERE HOLDINGS LTD Reports