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

Attached files

file	filename
8-K - FORM 8-K - RENAISSANCERE HOLDINGS LTD	rnr8-k.htm
EX-99.1 - COPY OF THE COMPANY'S PRESS RELEASE - RENAISSANCERE HOLDINGS LTD	rnrearningsrelease12312011.htm







		RenaissanceRe Holdings Ltd.

		Financial Supplement

		December 31, 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

Financial Highlights

Income Statements

Summary Consolidated Statements of Operations

2-3

Consolidated Segment Underwriting Results

4-5

Reinsurance Segment - Unit Underwriting Results

6-7

Gross Premiums Written and Managed Premiums

8-9

DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

10-11

Balance Sheets

Summary Consolidated Balance Sheets

Investments

Investment Portfolio - Composition

Summary of Other Investments

Investment Income (Loss)

Investment Portfolio - Effective Yield and Credit Rating

Investment Portfolio - Change in Portfolio Composition

Fixed Maturity Investments - Corporate Sector

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

Loss Reserve Analysis

Reserves for Claims and Claim Expenses

Paid to Incurred Analysis

Other Items

Earnings (Loss) per Share

Equity in (Losses) Earnings of Other Ventures

Other (Loss) Income

Ratings

Comments on Regulation G

24-25

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 24 and 25 for Comments on Regulation G.

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 Reports on Form 10-K 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 Reports on Form 10-K 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						Twelve months ended
	December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
Highlights
Gross premiums written	$	42,970		$	31,201		$	1,434,976		$	1,165,295
Net premiums written	29,193			30,165			1,012,773			848,965
Net premiums earned	199,109			189,742			951,049			864,921
Net claims and claim expenses incurred	3,551			(27,128		)	861,179			129,345
Underwriting income (loss)	127,089			152,185			(177,172		)	474,573
Net investment income	52,331			52,503			118,000			203,955
Net income (loss) available (attributable) to RenaissanceRe common shareholders	81,771			122,575			(92,235		)	702,613
Net realized and unrealized gains (losses) on investments	23,920			(66,149		)	70,668			144,444
Net other-than-temporary impairments	(103		)	—			(552		)	(829		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	57,954			189,077			(162,393		)	536,394
Total assets	$	7,744,912		$	8,138,278		$	7,744,912		$	8,138,278
Total shareholders' equity attributable to RenaissanceRe	$	3,605,193		$	3,936,325		$	3,605,193		$	3,936,325
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	1.58		$	2.23		$	(1.84	)	$	12.31
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	1.11		$	3.47		$	(3.22	)	$	9.32
Dividends per common share	$	0.26		$	0.25		$	1.04		$	1.00
Book value per common share	$	59.27		$	62.58		$	59.27		$	62.58
Adjustment for goodwill and other intangibles (1)	(0.82		)	(2.03		)	(0.82		)	(2.03		)
Tangible book value per common share (1)	58.45			60.55			58.45			60.55
Accumulated dividends per common share	10.92			9.88			10.92			9.88
Tangible book value per common share plus accumulated dividends (1)	$	69.37		$	70.43		$	69.37		$	70.43
Financial ratios
Net claims and claim expense ratio - current accident year	19.1		%	24.0		%	104.4		%	49.9		%
Net claims and claim expense ratio - prior accident years	(17.3		)%	(38.3		)%	(13.8		)%	(34.9		)%
Net claims and claim expense ratio - calendar year	1.8		%	(14.3		)%	90.6		%	15.0		%
Underwriting expense ratio	34.4		%	34.1		%	28.0		%	30.1		%
Combined ratio	36.2		%	19.8		%	118.6		%	45.1		%
Operating return on average common equity - annualized (1)	7.7		%	22.5		%	(5.3		)%	16.5		%


(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
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Revenues
Gross premiums written	$	42,970		$	139,938		$	641,563		$	610,505		$	31,201
Net premiums written	$	29,193		$	103,010		$	427,995		$	452,575		$	30,165
Decrease (increase) in unearned premiums	169,916			126,214			(210,820		)	(147,034		)	159,577
Net premiums earned	199,109			229,224			217,175			305,541			189,742
Net investment income (loss)	52,331			(27,940		)	33,328			60,281			52,503
Net foreign exchange (losses) gains	(400		)	(2,650		)	(4,521		)	660			(4,646		)
Equity in (losses) earnings of other ventures	(22,702		)	4,794			5,128			(23,753		)	(10,390		)
Other (loss) income	(43,648		)	(2,015		)	(5,167		)	50,145			26,032
Net realized and unrealized gains (losses) on investments	23,920			16,983			34,979			(5,214		)	(66,149		)
Total other-than-temporary impairments	(132		)	(498		)	—			—			—
Portion recognized in other comprehensive income, before taxes	29			49			—			—			—
Net other-than-temporary impairments	(103		)	(449		)	—			—			—
Total revenues	208,507			217,947			280,922			387,660			187,092
Expenses
Net claims and claim expenses incurred	3,551			77,830			151,261			628,537			(27,128		)
Acquisition expenses	25,101			26,057			13,883			32,335			18,803
Operational expenses	43,368			42,169			42,299			41,830			45,882
Corporate expenses	8,607			3,582			4,011			2,064			4,744
Interest expense	5,721			5,722			5,730			6,195			6,303
Total expenses	86,348			155,360			217,184			710,961			48,604
Income (loss) from continuing operations before taxes	122,159			62,587			63,738			(323,301		)	138,488
Income tax (expense) benefit	(2,945		)	1,435			1,773			52			(196		)
Income (loss) from continuing operations	119,214			64,022			65,511			(323,249		)	138,292
Income (loss) from discontinued operations	(3,305		)	(965		)	(10,094		)	(1,526		)	11,108
Net income (loss)	115,909			63,057			55,417			(324,775		)	149,400
Net (income) loss attributable to noncontrolling interests	(25,388		)	(5,044		)	(21,903		)	85,492			(16,432		)
Net income (loss) attributable to RenaissanceRe	90,521			58,013			33,514			(239,283		)	132,968
Dividends on preference shares	(8,750		)	(8,750		)	(8,750		)	(8,750		)	(10,393		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	81,771		$	49,263		$	24,764		$	(248,033	)	$	122,575

Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	1.66		$	0.98		$	0.68		$	(4.66	)	$	2.04
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic	(0.07		)	(0.02		)	(0.20		)	(0.03		)	0.21
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	1.59		$	0.96		$	0.48		$	(4.69	)	$	2.25
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	1.64			0.97			$	0.68		$	(4.66	)	$	2.02
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	(0.06		)	(0.02		)	(0.20		)	(0.03		)	0.21
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	1.58		$	0.95		$	0.48		$	(4.69	)	$	2.23

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	1.11		$	0.62		$	(0.21	)	$	(4.59	)	$	3.47
Operating return on average common equity - annualized (1)	7.7		%	4.4		%	(1.4		)%	(30.7		)%	22.5		%


(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.



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Twelve months ended
	December 31, 2011			December 31, 2010
Revenues
Gross premiums written	$	1,434,976		$	1,165,295
Net premiums written	$	1,012,773		$	848,965
(Increase) decrease in unearned premiums	(61,724		)	15,956
Net premiums earned	951,049			864,921
Net investment income	118,000			203,955
Net foreign exchange losses	(6,911		)	(17,126		)
Equity in losses of other ventures	(36,533		)	(11,814		)
Other (loss) income	(685		)	41,120
Net realized and unrealized gains on fixed maturity investments	70,668			144,444
Total other-than-temporary impairments	(630		)	(831		)
Portion recognized in other-than-temporary impairments	78			2
Net other-than-temporary impairments	(552		)	(829		)
Total revenues	1,095,036			1,224,671
Expenses
Net claims and claim expenses incurred	861,179			129,345
Acquisition expenses	97,376			94,961
Operational expenses	169,666			166,042
Corporate expenses	18,264			20,136
Interest expense	23,368			21,829
Total expenses	1,169,853			432,313
(Loss) income from continuing operations before taxes	(74,817		)	792,358
Income tax benefit	315			6,124
(Loss) income from continuing operations	(74,502		)	798,482
(Loss) income from discontinued operations	(15,890		)	62,670
Net (loss) income	(90,392		)	861,152
Net loss (income) attributable to noncontrolling interests	33,157			(116,421		)
Net (loss) income attributable (available) to RenaissanceRe	(57,235		)	744,731
Dividends on preference shares	(35,000		)	(42,118		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(92,235	)	$	702,613

(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(1.53	)	$	11.28
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic	(0.31		)	1.14
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(1.84	)	$	12.42
(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(1.53	)	$	11.18
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	(0.31		)	1.13
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(1.84	)	$	12.31

Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share (1)	$	(3.22	)	$	9.32
Operating return on average common equity - annualized (1)	(5.3		)%	16.5		%


(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

	Three months ended December 31, 2011
	Reinsurance			Lloyd's			Insurance			Eliminations		Total
Gross premiums written	$	19,290		$	23,711		$	(31	)	$	—	$	42,970
Net premiums written	$	7,332		$	21,671		$	190				$	29,193
Net premiums earned	$	176,124		$	22,682		$	303				$	199,109
Net claims and claim expenses incurred	(13,484		)	19,976			(2,941		)			3,551
Acquisition expenses	20,791			4,252			58					25,101
Operational expenses	33,525			9,565			278					43,368
Underwriting income (loss)	$	135,292		$	(11,111	)	$	2,908				$	127,089

Net claims and claim expenses incurred - current accident year	$	18,484		$	19,754		$	(129	)			$	38,109
Net claims and claim expenses incurred - prior accident years	(31,968		)	222			(2,812		)			(34,558		)
Net claims and claim expenses incurred - total	$	(13,484	)	$	19,976		$	(2,941	)			$	3,551

Net claims and claim expense ratio - current accident year	10.5		%	87.1		%	(42.6		)%			19.1		%
Net claims and claim expense ratio - prior accident years	(18.2		)%	1.0		%	(928.0		)%			(17.3		)%
Net claims and claim expense ratio - calendar year	(7.7		)%	88.1		%	(970.6		)%			1.8		%
Underwriting expense ratio	30.9		%	60.9		%	110.9		%			34.4		%
Combined ratio	23.2		%	149.0		%	(859.7		)%			36.2		%

	Three months ended December 31, 2010
	Reinsurance			Lloyd's			Insurance			Eliminations (1)		Total
Gross premiums written	$	17,940		$	8,582		$	1,309		$	3,370	$	31,201
Net premiums written	$	15,752		$	9,067		$	5,346				$	30,165
Net premiums earned	$	192,441		$	12,624		$	(15,323	)			$	189,742
Net claims and claim expenses incurred	(27,291		)	7,650			(7,487		)			(27,128		)
Acquisition expenses	14,890			3,102			811					18,803
Operational expenses	36,467			7,504			1,911					45,882
Underwriting income (loss)	$	168,375		$	(5,632	)	$	(10,558	)			$	152,185

Net claims and claim expenses incurred - current accident year	$	38,420		$	7,671		$	(523	)			$	45,568
Net claims and claim expenses incurred - prior accident years	(65,711		)	(21		)	(6,964		)			(72,696		)
Net claims and claim expenses incurred - total	$	(27,291	)	$	7,650		$	(7,487	)			$	(27,128	)

Net claims and claim expense ratio - current accident year	20.0		%	60.8		%	3.4		%			24.0		%
Net claims and claim expense ratio - prior accident years	(34.2		)%	(0.2		)%	45.4		%			(38.3		)%
Net claims and claim expense ratio - calendar year	(14.2		)%	60.6		%	48.8		%			(14.3		)%
Underwriting expense ratio	26.7		%	84.0		%	(17.8		)%			34.1		%
Combined ratio	12.5		%	144.6		%	31.0		%			19.8		%


(1)	Represents $0.7 million and $2.7 million of gross premiums ceded from the Insurance segment to the Reinsurance segment and from the Insurance segment to the Lloyd's segment, respectively, for the three months ended December 31, 2010.



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Twelve months ended December 31, 2011
	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,323,187		$	111,584		$	282		$	(77	)	$	1,434,976
Net premiums written	$	913,499		$	98,617		$	657					$	1,012,773
Net premiums earned	$	873,088		$	76,386		$	1,575					$	951,049
Net claims and claim expenses incurred	783,704			73,259			4,216						861,179
Acquisition expenses	82,978			14,031			367						97,376
Operational expenses	131,251			36,732			1,683						169,666
Underwriting loss	$	(124,845	)	$	(47,636	)	$	(4,691	)				$	(177,172	)

Net claims and claim expenses incurred - current accident year	$	920,602		$	72,781		$	(215	)				$	993,168
Net claims and claim expenses incurred - prior accident years	(136,898		)	478			4,431						(131,989		)
Net claims and claim expenses incurred - total	$	783,704		$	73,259		$	4,216					$	861,179

Net claims and claim expense ratio - current accident year	105.4		%	95.3		%	(13.7		)%				104.4		%
Net claims and claim expense ratio - prior accident years	(15.6		)%	0.6		%	281.4		%				(13.8		)%
Net claims and claim expense ratio - calendar year	89.8		%	95.9		%	267.7		%				90.6		%
Underwriting expense ratio	24.5		%	66.5		%	130.1		%				28.0		%
Combined ratio	114.3		%	162.4		%	397.8		%				118.6		%

	Twelve months ended December 31, 2010
	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,123,619		$	66,209		$	2,585		$	(27,118	)	$	1,165,295
Net premiums written	$	809,719		$	61,189		$	(21,943	)				$	848,965
Net premiums earned	$	838,790		$	50,204		$	(24,073	)				$	864,921
Net claims and claim expenses incurred	113,804			25,676			(10,135		)				129,345
Acquisition expenses	77,954			10,784			6,223						94,961
Operational expenses	129,990			24,837			11,215						166,042
Underwriting income (loss)	$	517,042		$	(11,093	)	$	(31,376	)				$	474,573

Net claims and claim expenses incurred - current accident year	$	399,823		$	25,873		$	5,780					$	431,476
Net claims and claim expenses incurred - prior accident years	(286,019		)	(197		)	(15,915		)				(302,131		)
Net claims and claim expenses incurred - total	$	113,804		$	25,676		$	(10,135	)				$	129,345

Net claims and claim expense ratio - current accident year	47.7		%	51.5		%	(24.0		)%				49.9		%
Net claims and claim expense ratio - prior accident years	(34.1		)%	(0.4		)%	66.1		%				(34.9		)%
Net claims and claim expense ratio - calendar year	13.6		%	51.1		%	42.1		%				15.0		%
Underwriting expense ratio	24.8		%	71.0		%	(72.4		)%				30.1		%
Combined ratio	38.4		%	122.1		%	(30.3		)%				45.1		%


(1)	Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the twelve months ended December 31, 2011 (2010 - $9.5 million, $17.4 million and $0.2 million of gross premiums ceded from the Insurance segment to the Reinsurance segment, from the Insurance segment to the Lloyd's segment and from the Reinsurance segment to the Lloyd's segment, respectively).



	5



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended December 31, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	(1,845	)	$	21,135		$	19,290
Net premiums written	$	(13,350	)	$	20,682		$	7,332
Net premiums earned	$	139,505		$	36,619		$	176,124
Net claims and claim expenses incurred	237			(13,721		)	(13,484		)
Acquisition expenses	16,224			4,567			20,791
Operational expenses	25,468			8,057			33,525
Underwriting income	$	97,576		$	37,716		$	135,292

Net claims and claim expenses incurred - current accident year	$	26,857		$	(8,373	)	$	18,484
Net claims and claim expenses incurred - prior accident years	(26,620		)	(5,348		)	(31,968		)
Net claims and claim expenses incurred - total	$	237		$	(13,721	)	$	(13,484	)

Net claims and claim expense ratio - current accident year	19.3		%	(22.9		)%	10.5		%
Net claims and claim expense ratio - prior accident years	(19.1		)%	(14.6		)%	(18.2		)%
Net claims and claim expense ratio - calendar year	0.2		%	(37.5		)%	(7.7		)%
Underwriting expense ratio	29.9		%	34.5		%	30.9		%
Combined ratio	30.1		%	(3.0		)%	23.2		%

	Three months ended December 31, 2010
	Catastrophe			Specialty			Total
Gross premiums written	$	(7,707	)	$	25,647		$	17,940
Net premiums written	$	(8,496	)	$	24,248		$	15,752
Net premiums earned	$	158,481		$	33,960		$	192,441
Net claims and claim expenses incurred	(27,362		)	71			(27,291		)
Acquisition expenses	10,873			4,017			14,890
Operational expenses	29,226			7,241			36,467
Underwriting income	$	145,744		$	22,631		$	168,375

Net claims and claim expenses incurred - current accident year	$	21,648		$	16,772		$	38,420
Net claims and claim expenses incurred - prior accident years	(49,010		)	(16,701		)	(65,711		)
Net claims and claim expenses incurred - total	$	(27,362	)	$	71		$	(27,291	)

Net claims and claim expense ratio - current accident year	13.7		%	49.4		%	20.0		%
Net claims and claim expense ratio - prior accident years	(31.0		)%	(49.2		)%	(34.2		)%
Net claims and claim expense ratio - calendar year	(17.3		)%	0.2		%	(14.2		)%
Underwriting expense ratio	25.3		%	33.2		%	26.7		%
Combined ratio	8.0		%	33.4		%	12.5		%



	6



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Twelve months ended December 31, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	1,177,296		$	145,891		$	1,323,187
Net premiums written	$	773,560		$	139,939		$	913,499
Net premiums earned	$	737,545		$	135,543		$	873,088
Net claims and claim expenses incurred	770,350			13,354			783,704
Acquisition expenses	62,882			20,096			82,978
Operational expenses	100,932			30,319			131,251
Underwriting (loss) income	$	(196,619	)	$	71,774		$	(124,845	)

Net claims and claim expenses incurred - current accident year	$	829,487		$	91,115		$	920,602
Net claims and claim expenses incurred - prior accident years	(59,137		)	(77,761		)	(136,898		)
Net claims and claim expenses incurred - total	$	770,350		$	13,354		$	783,704

Net claims and claim expense ratio - current accident year	112.5		%	67.2		%	105.4		%
Net claims and claim expense ratio - prior accident years	(8.1		)%	(57.3		)%	(15.6		)%
Net claims and claim expense ratio - calendar year	104.4		%	9.9		%	89.8		%
Underwriting expense ratio	22.3		%	37.1		%	24.5		%
Combined ratio	126.7		%	47.0		%	114.3		%

	Twelve months ended December 31, 2010
	Catastrophe			Specialty			Total
Gross premiums written	$	994,233		$	129,386		$	1,123,619
Net premiums written	$	685,393		$	124,326		$	809,719
Net premiums earned	$	721,419		$	117,371		$	838,790
Net claims and claim expenses incurred	153,290			(39,486		)	113,804
Acquisition expenses	63,889			14,065			77,954
Operational expenses	104,535			25,455			129,990
Underwriting income	$	399,705		$	117,337		$	517,042

Net claims and claim expenses incurred - current accident year	$	310,748		$	89,075		$	399,823
Net claims and claim expenses incurred - prior accident years	(157,458		)	(128,561		)	(286,019		)
Net claims and claim expenses incurred - total	$	153,290		$	(39,486	)	$	113,804

Net claims and claim expense ratio - current accident year	43.1		%	75.9		%	47.7		%
Net claims and claim expense ratio - prior accident years	(21.9		)%	(109.5		)%	(34.1		)%
Net claims and claim expense ratio - calendar year	21.2		%	(33.6		)%	13.6		%
Underwriting expense ratio	23.4		%	33.6		%	24.8		%
Combined ratio	44.6		%	—		%	38.4		%



	7



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	December 31, 2011			September 30, 2011			June 30, 2011		March 31, 2011		December 31, 2010
Reinsurance Segment
Renaissance catastrophe premiums	$	(652	)	$	64,317		$	366,929	$	311,642	$	(3,273	)
Renaissance specialty premiums	21,117			25,614			23,066		74,395		25,647
Total Renaissance premiums	20,465			89,931			389,995		386,037		22,374
DaVinci catastrophe premiums	(1,193		)	32,900			216,317		187,036		(4,434		)
DaVinci specialty premiums	18			(20		)	1,092		609		—
Total DaVinci premiums	(1,175		)	32,880			217,409		187,645		(4,434		)
Total catastrophe unit premiums	(1,845		)	97,217			583,246		498,678		(7,707		)
Total specialty unit premiums	21,135			25,594			24,158		75,004		25,647
Total Reinsurance segment gross premiums written	$	19,290		$	122,811		$	607,404	$	573,682	$	17,940

Lloyd's Segment
Specialty	$	22,570		$	14,290		$	17,546	$	29,235	$	10,983
Catastrophe	1,141			2,837			16,580		7,385		309
Insurance	—			—			—		—		(2,710		)
Total Lloyd's segment gross premiums written	$	23,711		$	17,127		$	34,126	$	36,620	$	8,582

Insurance Segment
Commercial property	$	(31	)	$	—		$	33	$	280	$	926
Personal lines property	—			—			—		—		383
Total Insurance segment gross premiums written	$	(31	)	$	—		$	33	$	280	$	1,309

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	(1,845	)	$	97,217		$	583,246	$	498,678	$	(7,707	)
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,497			12,379			19,079		22,528		2,507
Catastrophe premiums written in the Lloyd's unit	1,141			2,837			16,580		7,385		309
Catastrophe premiums assumed from the Insurance segment	—			—			—		—		660
Total managed catastrophe premiums (1)	$	793		$	112,433		$	618,905	$	528,591	$	(4,231	)

(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

	Twelve months ended
	December 31, 2011		December 31, 2010
Reinsurance Segment
Renaissance catastrophe premiums	$	742,236	$	630,080
Renaissance specialty premiums	144,192		126,848
Total Renaissance premiums	886,428		756,928
DaVinci catastrophe premiums	435,060		364,153
DaVinci specialty premiums	1,699		2,538
Total DaVinci premiums	436,759		366,691
Total catastrophe unit premiums	1,177,296		994,233
Total specialty unit premiums	145,891		129,386
Total Reinsurance segment gross premiums written	$	1,323,187	$	1,123,619

Lloyd's Segment
Specialty	$	83,641	$	34,065
Catastrophe	27,943		14,724
Insurance	—		17,420
Total Lloyd's segment gross premiums written	$	111,584	$	66,209

Insurance Segment
Commercial property	$	282	$	2,093
Personal lines property	—		492
Total Insurance segment gross premiums written	$	282	$	2,585

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,177,296	$	994,233
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	55,483		47,546
Catastrophe premiums written in the Lloyd's unit	27,943		14,724
Catastrophe premiums assumed from the Insurance segment	—		(9,481		)
Total managed catastrophe premiums (1)	$	1,260,722	$	1,047,022

(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
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Revenues
Gross premiums written	$	(1,175	)	$	32,880		$	217,409		$	187,645		$	(4,434	)
Net premiums written	$	(3,264	)	$	22,673		$	174,427		$	167,982		$	(4,433	)
Decrease (increase) in unearned premiums	74,533			58,063			(92,821		)	(51,160		)	79,052
Net premiums earned	71,269			80,736			81,606			116,822			74,619
Net investment income (loss)	9,501			(700		)	6,189			6,974			6,725
Net foreign exchange (losses) gains	(461		)	(1,194		)	(1,126		)	875			(1,499		)
Other (loss) income	(799		)	(1,032		)	(230		)	11,037			254
Net realized and unrealized gains (losses) on fixed maturity investments	5,915			(4,871		)	10,339			(753		)	(16,280		)
Total revenues	85,425			72,939			96,778			134,955			63,819
Expenses
Net claims and claim expenses incurred	12,566			35,332			61,911			284,281			7,561
Acquisition expenses	16,450			14,916			(11,905		)	(1,054		)	16,254
Operational and corporate expenses	10,655			11,655			6,059			4,490			10,522
Interest expense	1,936			1,873			1,907			469			574
Total expenses	41,607			63,776			57,972			288,186			34,911
Net income (loss)	43,818			9,163			38,806			(153,231		)	28,908
Net (income) loss attributable to redeemable noncontrolling interest	(91		)	(22		)	(81		)	305			(59		)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	43,727		$	9,141		$	38,725		$	(152,926	)	$	28,849

Net claims and claim expenses incurred - current accident year	$	24,413		$	33,096		$	66,248		$	291,227		$	18,219
Net claims and claim expenses incurred - prior accident years	(11,847		)	2,236			(4,337		)	(6,946		)	(10,658		)
Net claims and claim expenses incurred - total	$	12,566		$	35,332		$	61,911		$	284,281		$	7,561

Net claims and claim expense ratio - current accident year	34.3		%	41.0		%	81.2		%	249.3		%	24.4		%
Net claims and claim expense ratio - prior accident years	(16.7		)%	2.8		%	(5.3%)			(6.0%)			(14.3%)
Net claims and claim expense ratio - calendar year	17.6		%	43.8		%	75.9		%	243.3		%	10.1		%
Underwriting expense ratio	38.1		%	32.9		%	(7.2%)			3.0		%	35.9		%
Combined ratio	55.7		%	76.7		%	68.7		%	246.3		%	46.0		%



	10



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Twelve months ended
	December 31, 2011			December 31, 2010
Revenues
Gross premiums written	$	436,759		$	366,691
Net premiums written	$	361,818		$	326,103
(Increase) decrease in unearned premiums	(11,385		)	5,222
Net premiums earned	350,433			331,325
Net investment income	21,964			31,186
Net foreign exchange losses	(1,906		)	(3,531		)
Other income	8,976			7
Net realized and unrealized gains on fixed maturity investments	10,630			34,886
Net other-than-temporary impairments	—			(648		)
Total revenues	390,097			393,225
Expenses
Net claims and claim expenses incurred	394,090			92,230
Acquisition expenses	18,407			65,384
Operational and corporate expenses	32,859			34,653
Interest expense	6,185			2,029
Total expenses	451,541			194,296
Net (loss) income	(61,444		)	198,929
Net loss (income) attributable to redeemable noncontrolling interest	111			(402		)
Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(61,333	)	$	198,527

Net claims and claim expenses incurred - current accident year	$	414,984		$	142,072
Net claims and claim expenses incurred - prior accident years	(20,894		)	(49,842		)
Net claims and claim expenses incurred - total	$	394,090		$	92,230

Net claims and claim expense ratio - current accident year	118.4		%	42.9		%
Net claims and claim expense ratio - prior accident years	(5.9		)%	(15.1		)%
Net claims and claim expense ratio - calendar year	112.5		%	27.8		%
Underwriting expense ratio	14.6		%	30.2		%
Combined ratio	127.1		%	58.0		%



	11



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011		December 31, 2010
Assets
Fixed maturity investments trading, at fair value	$	4,291,465	$	3,687,669	$	3,864,205	$	3,678,549	$	3,871,780
Fixed maturity investments available for sale, at fair value	142,052		149,969		202,769		232,320		244,917
Total fixed maturity investments, at fair value	4,433,517		3,837,638		4,066,974		3,910,869		4,116,697
Short term investments, at fair value	905,477		1,557,937		774,421		1,518,542		1,110,364
Equity investments trading, at fair value	50,560		45,607		32,252		12,707		—
Other investments, at fair value	748,984		736,757		839,643		782,325		787,548
Investments in other ventures, under equity method	70,714		78,071		82,197		78,623		85,603
Total investments	6,209,252		6,256,010		5,795,487		6,303,066		6,100,212
Cash and cash equivalents	216,984		235,058		237,737		252,631		277,738
Premiums receivable	471,878		695,163		933,519		574,547		322,080
Prepaid reinsurance premiums	58,522		164,547		245,676		125,722		60,643
Reinsurance recoverable	404,029		434,553		333,245		324,124		101,711
Accrued investment income	33,523		34,237		36,266		33,580		34,560
Deferred acquisition costs	43,721		71,225		90,858		56,656		35,648
Receivable for investments sold	117,117		33,791		257,075		136,943		99,226
Other assets	180,992		176,114		219,226		190,813		219,623
Goodwill and other intangibles	8,894		14,230		14,383		14,537		14,690
Assets of discontinued operations held for sale	—		2,481		2,868		2,481		872,147
Total assets	$	7,744,912	$	8,117,409	$	8,166,340	$	8,015,100	$	8,138,278
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,992,354	$	2,226,005	$	2,170,728	$	2,070,095	$	1,257,843
Unearned premiums	347,655		623,596		830,939		500,165		286,183
Debt	353,620		349,224		349,201		549,178		549,155
Reinsurance balances payable	256,883		317,627		403,152		256,663		318,024
Payable for investments purchased	303,264		233,282		102,545		417,257		195,383
Other liabilities	211,369		174,424		152,853		179,717		236,310
Liabilities of discontinued operations held for sale	13,507		9,098		10,220		2,246		598,511
Total liabilities	3,478,652		3,933,256		4,019,638		3,975,321		3,441,409
Redeemable noncontrolling interest - DaVinciRe	657,727		633,112		628,001		536,717		757,655
Shareholders' Equity
Preference shares	550,000		550,000		550,000		550,000		550,000
Common shares	51,543		51,787		51,753		51,742		54,110
Additional paid-in capital	—		9,331		5,768		—		—
Accumulated other comprehensive income	11,760		11,092		18,031		19,845		19,823
Retained earnings	2,991,890		2,925,604		2,889,719		2,878,315		3,312,392
Total shareholders' equity attributable to RenaissanceRe	3,605,193		3,547,814		3,515,271		3,499,902		3,936,325
Noncontrolling interest	3,340		3,227		3,430		3,160		2,889
Total shareholders' equity	3,608,533		3,551,041		3,518,701		3,503,062		3,939,214
Total liabilities, noncontrolling interests and shareholders' equity	$	7,744,912	$	8,117,409	$	8,166,340	$	8,015,100	$	8,138,278

Book value per common share	$	59.27	$	57.89	$	57.30	$	57.01	$	62.58



	12



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	December 31, 2011					September 30, 2011					June 30, 2011					March 31, 2011					December 31, 2010
TYPE OF INVESTMENT
U.S. treasuries	$	885,152		14.3	%	$	428,865		6.9	%	$	454,148		7.8	%	$	522,006		8.3	%	$	761,461		12.4	%
Agencies	158,561			2.6	%	127,063			2.0	%	189,765			3.3	%	278,501			4.4	%	216,963			3.6	%
Non-U.S. government (Sovereign debt)	227,912			3.7	%	402,288			6.4	%	340,430			5.9	%	243,606			3.9	%	184,387			3.0	%
FDIC guaranteed corporate	423,630			6.8	%	183,314			2.9	%	232,992			4.0	%	305,745			4.9	%	388,468			6.4	%
Non-U.S. government-backed corporate	641,082			10.3	%	594,897			9.6	%	409,443			7.1	%	316,618			5.0	%	357,504			5.9	%
Corporate	1,206,904			19.4	%	1,294,442			20.7	%	1,651,688			28.4	%	1,523,224			24.1	%	1,512,411			24.7	%
Agency mortgage-backed	441,749			7.1	%	363,814			5.8	%	296,627			5.1	%	430,192			6.8	%	401,807			6.6	%
Non-agency mortgage-backed	104,771			1.7	%	104,541			1.7	%	105,581			1.8	%	35,848			0.6	%	34,149			0.6	%
Commercial mortgage-backed	325,729			5.2	%	318,805			5.1	%	340,610			5.9	%	213,809			3.4	%	219,440			3.6	%
Asset-backed	18,027			0.3	%	19,609			0.3	%	45,690			0.8	%	41,320			0.7	%	40,107			0.7	%
Total fixed maturity investments, at fair value	4,433,517			71.4	%	3,837,638			61.4	%	4,066,974			70.1	%	3,910,869			62.1	%	4,116,697			67.5	%
Short term investments, at fair value	905,477			14.6	%	1,557,937			24.9	%	774,421			13.4	%	1,518,542			24.1	%	1,110,364			18.2	%
Equity investments trading, at fair value	50,560			0.8	%	45,607			0.7	%	32,252			0.6	%	12,707			0.2	%	—			—	%
Other investments, at fair value	748,984			12.1	%	736,757			11.8	%	839,643			14.5	%	782,325			12.4	%	787,548			12.9	%
Total managed investment portfolio	6,138,538			98.9	%	6,177,939			98.8	%	5,713,290			98.6	%	6,224,443			98.8	%	6,014,609			98.6	%
Investments in other ventures, under equity method	70,714			1.1	%	78,071			1.2	%	82,197			1.4	%	78,623			1.2	%	85,603			1.4	%
Total investments	$	6,209,252		100.0	%	$	6,256,010		100.0	%	$	5,795,487		100.0	%	$	6,303,066		100.0	%	$	6,100,212		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,023,890		23.1	%	$	1,099,221		28.6	%	$	2,197,397		54.1	%	$	2,284,378		58.4	%	$	2,531,922		61.5	%
AA (1)	2,244,016			50.6	%	1,607,177			41.9	%	481,789			11.8	%	457,769			11.7	%	489,780			11.9	%
A	631,479			14.2	%	619,229			16.1	%	790,594			19.4	%	675,011			17.3	%	666,497			16.2	%
BBB	335,002			7.6	%	329,213			8.6	%	398,354			9.8	%	347,766			8.9	%	303,269			7.4	%
Non-investment grade and not rated	199,130			4.5	%	182,798			4.8	%	198,840			4.9	%	145,945			3.7	%	125,229			3.0	%
Total fixed maturity investments, at fair value	$	4,433,517		100.0	%	$	3,837,638		100.0	%	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	619,845		14.0	%	$	168,557		4.4	%	$	201,681		5.0	%	$	208,422		5.3	%	$	90,450		2.2	%
Due after one through five years	2,035,383			45.9	%	1,893,416			49.3	%	1,986,843			48.8	%	1,969,491			50.3	%	2,330,181			56.6	%
Due after five through ten years	742,050			16.7	%	831,196			21.7	%	923,919			22.7	%	827,647			21.2	%	827,981			20.1	%
Due after ten years	145,963			3.3	%	137,700			3.6	%	166,023			4.1	%	184,140			4.7	%	172,582			4.2	%
Mortgage-backed securities	872,249			19.7	%	787,160			20.5	%	742,818			18.3	%	679,849			17.4	%	655,396			15.9	%
Asset-backed securities	18,027			0.4	%	19,609			0.5	%	45,690			1.1	%	41,320			1.1	%	40,107			1.0	%
Total fixed maturity investments, at fair value	$	4,433,517		100.0	%	$	3,837,638		100.0	%	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.9		%			2.0		%			2.4		%			2.1		%			2.1		%
Average duration of fixed maturities and short term investments	2.6					2.5					2.7					2.5					3.2


(1)	Included in the AA rating category at December 31, 2011 and September 30, 2011 is $1,467.3 million and $739.2 million, respectively, 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

	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
TYPE OF INVESTMENT
Private equity partnerships	$	367,909		$	345,986		$	363,688		$	362,717		$	347,556
Senior secured bank loan funds	257,870			243,766			247,528			171,559			166,106
Catastrophe bonds	70,999			85,800			93,805			107,570			123,961
Non-U.S. fixed income funds	28,862			29,440			88,962			87,336			80,224
Hedge funds	21,344			26,810			39,753			40,616			41,005
Miscellaneous other investments	2,000			4,955			5,907			12,527			28,696
Total other investments, at fair value	$	748,984		$	736,757		$	839,643		$	782,325		$	787,548

TYPE OF INVESTMENT
Private equity partnerships	49.1		%	47.0		%	43.3		%	46.3		%	44.2		%
Senior secured bank loan funds	34.4		%	33.1		%	29.5		%	21.9		%	21.1		%
Catastrophe bonds	9.5		%	11.6		%	11.2		%	13.8		%	15.7		%
Non-U.S. fixed income funds	3.9		%	4.0		%	10.6		%	11.2		%	10.2		%
Hedge funds	2.8		%	3.6		%	4.7		%	5.2		%	5.2		%
Miscellaneous other investments	0.3		%	0.7		%	0.7		%	1.6		%	3.6		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	14



RenaissanceRe Holdings Ltd.
Investment Income (Loss)

	Three months ended															Twelve months ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
Fixed maturity investments	$	26,084		$	11,435		$	24,426		$	27,913		$	16,087		$	89,858		$	108,195
Short term investments	357			281			433			595			515			1,666			2,318
Equity investments trading	174			171			112			14			—			471			—
Other investments
Hedge funds and private equity investments	21,506			(25,702		)	8,230			23,507			31,204			27,541			64,419
Other	6,458			(11,665		)	2,838			10,827			7,292			8,458			39,305
Cash and cash equivalents	11			66			45			41			120			163			277
	54,590			(25,414		)	36,084			62,897			55,218			128,157			214,514
Investment expenses	(2,259		)	(2,526		)	(2,756		)	(2,616		)	(2,715		)	(10,157		)	(10,559		)
Net investment income (loss)	52,331			(27,940		)	33,328			60,281			52,503			118,000			203,955

Gross realized gains	15,312			38,054			15,430			10,562			30,254			79,358			138,814
Gross realized losses	(7,787		)	(6,099		)	(4,156		)	(12,617		)	(7,267		)	(30,659		)	(19,147		)
Net realized gains (losses) on fixed maturity investments	7,525			31,955			11,274			(2,055		)	22,987			48,699			119,667
Net unrealized gains (losses) on fixed maturity investments trading	11,441			(13,007		)	24,728			(3,758		)	(89,136		)	19,404			24,777
Net unrealized gains (losses) on equity investments trading	4,954			(1,965		)	(1,023		)	599			—			2,565			—
Net realized and unrealized gains (losses) on investments	23,920			16,983			34,979			(5,214		)	(66,149		)	70,668			144,444
Total other-than-temporary impairments	(132		)	(498		)	—			—			—			(630		)	(831		)
Portion recognized in other comprehensive income, before taxes	29			49			—			—			—			78			2
Net other-than-temporary impairments	(103		)	(449		)	—			—			—			(552		)	(829		)

Change in net unrealized gains on fixed maturity investments available for sale	697			(7,171		)	(1,763		)	252			(5,138		)	(7,985		)	(26,646		)

Total investment income (loss)	$	76,845		$	(18,577	)	$	66,544		$	55,319		$	(18,784	)	$	180,131		$	320,924



	15



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2011	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	905,477	$	905,477		14.8	%	0.2	%	$	723,901		$	177,247		$	4,310		$	—		$	19		$	—
			100.0		%					79.9		%	19.6		%	0.5		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	874,969		885,152			14.5	%	0.6	%	—			885,152			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	142,182		143,562			2.3	%	0.5	%	—			143,562			—			—			—			—
Other agencies	14,804		14,999			0.2	%	0.8	%	—			14,999			—			—			—			—
Total agencies	156,986		158,561			2.5	%	0.5	%	—			158,561			—			—			—			—
Non-U.S. government (Sovereign debt)	225,335		227,912			3.7	%	2.3	%	130,624			54,654			17,285			16,810			7,713			826
FDIC guaranteed corporate	422,505		423,630			6.9	%	0.3	%	.			423,630			—			—			—			—
Non-U.S. government-backed corporate	640,892		641,082			10.5	%	1.4	%	598,360			39,465			3,257			—			—			—
Corporate	1,201,715		1,206,904			19.7	%	4.2	%	27,629			186,000			537,977			311,224			133,246			10,828
Mortgage-backed
Residential mortgage-backed
Agency securities	433,158		441,749			7.2	%	1.5	%	—			441,749			—			—			—			—
Non-agency securities - Prime	73,228		68,678			1.1	%	8.0	%	26,661			3,555			656			906			36,900			—
Non-agency securities - Alt A	36,648		36,093			0.6	%	9.1	%	18,732			—			6,963			781			9,617			—
Total residential mortgage-backed	543,034		546,520			8.9	%	2.8	%	45,393			445,304			7,619			1,687			46,517			—
Commercial mortgage-backed	313,327		325,729			5.3	%	3.2	%	203,857			51,250			65,341			5,281			—			—
Total mortgage-backed	856,361		872,249			14.2	%	3.0	%	249,250			496,554			72,960			6,968			46,517			—
Asset-backed
Credit cards	8,946		8,955			0.1	%	0.8	%	8,955			—			—			—			—			—
Student loans	1,323		1,287			—	%	3.1	%	1,287			—			—			—			—			—
Other	7,566		7,785			0.1	%	0.8	%	7,785			—			—			—			—			—
Total asset-backed	17,835		18,027			0.2	%	0.9	%	18,027			—			—			—			—			—
Total securitized assets	874,196		890,276			14.4	%	2.9	%	267,277			496,554			72,960			6,968			46,517			—
Total fixed maturity investments	4,396,598		4,433,517			72.2	%	2.2	%	1,023,890			2,244,016			631,479			335,002			187,476			11,654
			100.0		%					23.1		%	50.6		%	14.2		%	7.6		%	4.2		%	0.3		%
Equity investments trading			50,560			0.8	%			—			—			—			—			—			50,560
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			367,909			6.0	%			—			—			—			—			—			367,909
Senior secured bank loan funds			257,870			4.2	%			—			—			—			—			257,870			—
Catastrophe bonds			70,999			1.2	%			—			—			—			—			70,999			—
Non-U.S. fixed income funds			28,862			0.5	%			—			—			—			28,862			—			—
Hedge funds			21,344			0.3	%			—			—			—			—			—			21,344
Miscellaneous other investments			2,000			—	%			—			—			—			—			—			2,000
Total other investments			748,984			12.2	%			—			—			—			28,862			328,869			391,253
			100.0		%					—		%	—		%	—		%	3.9		%	43.9		%	52.2		%
Total managed investment portfolio			$	6,138,538		100.0	%			$	1,747,791		$	2,421,263		$	635,789		$	363,864		$	516,364		$	453,467
			100.0		%					28.5		%	39.4		%	10.4		%	5.9		%	8.4		%	7.4		%

(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

	December 31, 2011				December 31, 2010				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	905,477	14.8	%	$	1,110,364	18.4	%	$	(204,887	)	(3.6	)%
Fixed maturity investments
U.S. treasuries	885,152		14.5	%	761,461		12.7	%	123,691			1.8	%
Agencies
Fannie Mae & Freddie Mac	143,562		2.3	%	174,287		2.9	%	(30,725		)	(0.6	)%
Other agencies	14,999		0.2	%	42,676		0.7	%	(27,677		)	(0.5	)%
Total agencies	158,561		2.5	%	216,963		3.6	%	(58,402		)	(1.1	)%
Non-U.S. government (Sovereign debt)	227,912		3.7	%	184,387		3.1	%	43,525			0.6	%
FDIC guaranteed corporate	423,630		6.9	%	388,468		6.5	%	35,162			0.4	%
Non-U.S. government-backed corporate	641,082		10.5	%	357,504		5.9	%	283,578			4.6	%
Corporate	1,206,904		19.7	%	1,512,411		25.1	%	(305,507		)	(5.4	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	441,749		7.2	%	401,807		6.7	%	39,942			0.5	%
Non-agency securities - Prime	68,678		1.1	%	19,591		0.3	%	49,087			0.8	%
Non-agency securities - Alt A	36,093		0.6	%	14,558		0.2	%	21,535			0.4	%
Total residential mortgage-backed	546,520		8.9	%	435,956		7.2	%	110,564			1.7	%
Commercial mortgage-backed	325,729		5.3	%	219,440		3.7	%	106,289			1.6	%
Total mortgage-backed	872,249		14.2	%	655,396		10.9	%	216,853			3.3	%
Asset-backed
Credit cards	8,955		0.1	%	—		—	%	8,955			0.1	%
Student loans	1,287		—	%	33,056		0.6	%	(31,769		)	(0.6	)%
Other	7,785		0.1	%	7,051		0.1	%	734			—	%
Total asset-backed	18,027		0.2	%	40,107		0.7	%	(22,080		)	(0.5	)%
Total securitized assets	890,276		14.4	%	695,503		11.6	%	194,773			2.8	%
Total fixed maturity investments	4,433,517		72.2	%	4,116,697		68.5	%	316,820			3.7	%
Equity investments trading	50,560		0.8	%	—		—	%	50,560			0.8	%
Other investments
Private equity partnerships	367,909		6.0	%	347,556		5.7	%	20,353			0.3	%
Senior secured bank loan funds	257,870		4.2	%	166,106		2.8	%	91,764			1.4	%
Catastrophe bonds	70,999		1.2	%	123,961		2.1	%	(52,962		)	(0.9	)%
Non-U.S. fixed income funds	28,862		0.5	%	80,224		1.3	%	(51,362		)	(0.8	)%
Hedge funds	21,344		0.3	%	41,005		0.7	%	(19,661		)	(0.4	)%
Miscellaneous other investments	2,000		—	%	28,696		0.5	%	(26,696		)	(0.5	)%
Total other investments	748,984		12.2	%	787,548		13.1	%	(38,564		)	(0.9	)%
Total managed investment portfolio	$	6,138,538	100.0	%	$	6,014,609	100.0	%	$	123,929



	17



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

		December 31, 2011
Sector		Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	—	$	586,442	$	18,589	$	119,673	$	345,834	$	80,360	$	11,732	$	10,254
Industrial, utilities and energy	—	214,272		—		20,826		68,698		86,224		38,524		—
Communications and technology	—	155,777		—		942		55,216		69,603		29,465		551
Consumer	—	95,112		—		6,719		31,750		33,169		23,459		15
Basic materials	—	67,422		—		—		12,381		36,735		18,298		8
Health care	—	57,990		—		28,021		15,240		3,086		11,643		—
Other	—	29,889		9,040		9,819		8,858		2,047		125		—
Total corporate fixed maturity investments, at fair value (1)		$	1,206,904	$	27,629	$	186,000	$	537,977	$	311,224	$	133,246	$	10,828

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

		December 31, 2011
Issuer		Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.		$	66,718	$	1,683	$	65,035
General Electric Company		47,218		—		47,218
Citigroup Inc.		45,018		—		45,018
Bank of America Corp.		34,520		—		34,520
Credit Suisse Group AG		32,958		—		32,958
Goldman Sachs Group Inc.		24,651		—		24,651
Morgan Stanley		23,561		—		23,561
Lloyds Banking Group PLC		22,516		—		22,516
HSBC Holdings PLC		22,200		—		22,200
Eksportfinans ASA		21,727		—		21,727
Total (2)		$	341,087	$	1,683	$	339,404


(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
December 31, 2011
Catastrophe	$	681,771	$	271,990	$	388,147	$	1,341,908
Specialty	120,189		49,840		301,589		471,618
Total Reinsurance	801,960		321,830		689,736		1,813,526
Lloyd's	17,909		14,459		55,127		87,495
Insurance	32,944		3,515		54,874		91,333
Total	$	852,813	$	339,804	$	799,737	$	1,992,354

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



	19



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2011									Three months ended December 31, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,226,005		$	434,553		$	1,791,452		$	1,364,225		$	103,449		$	1,260,776
Incurred losses and loss expenses
Current year	95,744			57,635			38,109			54,600			9,032			45,568
Prior years	(32,914		)	1,644			(34,558		)	(77,865		)	(5,169		)	(72,696		)
Total incurred losses and loss expenses	62,830			59,279			3,551			(23,265		)	3,863			(27,128		)
Paid losses and loss expenses
Current year	246,969			55,972			190,997			23,919			15,406			8,513
Prior years	49,512			33,831			15,681			59,198			(9,805		)	69,003
Total paid losses and loss expenses	296,481			89,803			206,678			83,117			5,601			77,516
Reserve for losses and loss expenses, end of period	$	1,992,354		$	404,029		$	1,588,325		$	1,257,843		$	101,711		$	1,156,132

	Twelve months ended December 31, 2011									Twelve months ended December 31, 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	1,415,144			421,976			993,168			500,836			69,360			431,476
Prior years	(144,657		)	(12,668		)	(131,989		)	(322,414		)	(20,283		)	(302,131		)
Total incurred losses and loss expenses	1,270,487			409,308			861,179			178,422			49,077			129,345
Paid losses and loss expenses
Current year	355,271			55,972			299,299			71,365			20,572			50,793
Prior years	180,705			51,018			129,687			193,647			10,893			182,754
Total paid losses and loss expenses	535,976			106,990			428,986			265,012			31,465			233,547
Reserve for losses and loss expenses, end of period	$	1,992,354		$	404,029		$	1,588,325		$	1,257,843		$	101,711		$	1,156,132



	20



RenaissanceRe Holdings Ltd.
Earnings (Loss) per Share

	Three months ended
(common shares in thousands)	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	81,771		$	49,263		$	24,764		$	(248,033	)	$	122,575
Amount allocated to participating common shareholders (1)	(1,433		)	(911		)	(461		)	6,327			(3,107		)
	$	80,338		$	48,352		$	24,303		$	(241,706	)	$	119,468
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	50,501			50,501			50,493			51,504			53,166
Per common share equivalents of employee stock options and restricted shares	359			472			557			—			501
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	50,860			50,973			51,050			51,504			53,667

Basic income (loss) per RenaissanceRe common share	$	1.59		$	0.96		$	0.48		$	(4.69	)	$	2.25
Diluted income (loss) per RenaissanceRe common share (2)	$	1.58		$	0.95		$	0.48		$	(4.69	)	$	2.23

	Twelve months ended
(common shares in thousands)	December 31, 2011			December 31, 2010
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(92,235	)	$	702,613
Amount allocated to participating common shareholders (1)	(990		)	(17,765		)
	$	(93,225	)	$	684,848
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	50,747			55,145
Per common share equivalents of employee stock options and restricted shares	—			496
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	50,747			55,641

Basic (loss) income per RenaissanceRe common share	$	(1.84	)	$	12.42
Diluted (loss) income per RenaissanceRe common share (2)	$	(1.84	)	$	12.31


(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
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Tower Hill Companies	$	(348	)	$	2,504		$	1,216		$	(449	)	$	(30	)
Top Layer Re	(22,617		)	3,688			3,967			(22,509		)	(9,437		)
Other	263			(1,398		)	(55		)	(795		)	(923		)
Total equity in (losses) earnings of other ventures	$	(22,702	)	$	4,794		$	5,128		$	(23,753	)	$	(10,390	)

	Twelve months ended
	December 31, 2011			December 31, 2010
Tower Hill Companies	$	2,923		$	1,151
Top Layer Re	(37,471		)	(12,103		)
Other	(1,985		)	(862		)
Total equity in (losses) earnings of other ventures	$	(36,533	)	$	(11,814	)

Other (Loss) Income

	Three months ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Gain on sale of NBIC	$	—		4,836			—			—			—
Mark-to-market on Platinum warrant	—			—			—			2,975			1,067
Gain on sale of ChannelRe	—			—			—			—			—
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(2,381		)	(2,704		)	(1,022		)	43,521			8,448
Weather and energy risk management operations	(41,314		)	(3,232		)	(3,779		)	3,295			15,206
Other items	47			(915		)	(366		)	354			1,311
Total other (loss) income	$	(43,648	)	$	(2,015	)	$	(5,167	)	$	50,145		$	26,032

	Twelve months ended
	December 31, 2011			December 31, 2010
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	37,414		$	5,214
Gain on sale of NBIC	4,836			—
Mark-to-market on Platinum warrant	2,975			10,054
Gain on sale of ChannelRe	—			15,835
Weather and energy risk management operations	(45,030		)	8,149
Other items	(880		)	1,868
Total other (loss) income	$	(685	)	$	41,120



	22



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.



	23

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															Twelve months ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	81,771		$	49,263		$	24,764		$	(248,033	)	$	122,575		$	(92,235	)	$	702,613
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations	(23,920		)	(16,983		)	(34,979		)	5,214			66,149			(70,668		)	(144,444		)
Adjustment for net other-than-temporary impairments of continuing operations	103			449			—			—			—			552			829
Adjustment for net realized and unrealized (gains) losses on fixed maturity investments and net other-than-temporary impairments of discontinued operations	—			—			—			(42		)	353			(42		)	(6,769		)
Adjustment for gain on sale of ChannelRe	—			—			—			—			—			—			(15,835		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	57,954		$	32,729		$	(10,215	)	$	(242,861	)	$	189,077		$	(162,393	)	$	536,394

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	1.58		$	0.95		$	0.48		$	(4.69	)	$	2.23		$	(1.84	)	$	12.31
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations	(0.47		)	(0.34		)	(0.69		)	0.10			1.23			(1.39		)	(2.60		)
Adjustment for net other-than-temporary impairments of continuing operations	—			0.01			—			—			—			0.01			0.02
Adjustment for net realized and unrealized (gains) losses on fixed maturity investments and net other-than-temporary impairments of discontinued operations	—			—			—			—			0.01			—			(0.12		)
Adjustment for gain on sale of ChannelRe	—			—			—			—			—			—			(0.29		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	1.11		$	0.62		$	(0.21	)	$	(4.59	)	$	3.47		$	(3.22	)	$	9.32

Return on average common equity - annualized	10.8		%	6.6		%	3.3		%	(31.3%)			14.6		%	(3.0		)%	21.7		%
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations	(3.1		)%	(2.3%)			(4.7%)			0.6		%	7.9		%	(2.3		)%	(4.5		)%
Adjustment for net other-than-temporary impairments of continuing operations	—		%	0.1		%	—			—			—			—			—
Adjustment for net realized and unrealized (gains) losses on fixed maturity investments and net other-than-temporary impairments of discontinued operations	—		%	—		%	—		%	—		%	—		%	—		%	(0.2		)%
Adjustment for gain on sale of ChannelRe	—		%	—		%	—		%	—		%	—		%	—		%	(0.5		)%
Operating return on average common equity - annualized	7.7		%	4.4		%	(1.4%)			(30.7%)			22.5		%	(5.3		)%	16.5		%



	24

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
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010
Book value per common share	$	59.27		$	57.89		$	57.30		$	57.01		$	62.58
Adjustment for goodwill and other intangibles (1)	(0.82		)	(0.94		)	(0.96		)	(0.99		)	(2.03		)
Tangible book value per common share	58.45			56.95			56.34			56.02			60.55
Adjustment for accumulated dividends	10.92			10.66			10.40			10.14			9.88
Tangible book value per common share plus accumulated dividends	$	69.37		$	67.61		$	66.74		$	66.16		$	70.43

Quarter change in book value per common share	2.4		%	1.0		%	0.5		%	(8.9%)			3.3		%
Quarter change in tangible book value per common share plus change in accumulated dividends	3.1		%	1.5		%	1.0		%	(7.1%)			3.9		%
Annual change in book value per common share	(5.3		)%										21.1		%
Annual change in tangible book value per common share plus change in accumulated dividends	(1.8		)%										23.8		%

(1)

At December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, goodwill and other intangibles included $33.5 million, $34.2 million, $35.4 million, $36.8 million and $38.1 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method and $Nil, $Nil, $Nil, $Nil and $57.0 million, respectively, of goodwill and intangibles included in assets of discontinued operations held for sale.



	25

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