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	rnrq220128-kcover.htm
EX-99.1 - COPY OF THE COMPANY'S EARNINGS RELEASE - RENAISSANCERE HOLDINGS LTD	rnrq22012earningsrelease.htm

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 Income (Loss)	15
d.	Investment Portfolio - Effective Yield 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	22
d.	Ratings	23

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						Six months ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Highlights
Gross premiums written	$	667,336		$	641,563		$	1,331,487		$	1,252,068
Net premiums written	427,630			427,995			920,205			880,570
Net premiums earned	244,416			217,175			523,081			522,716
Net claims and claim expenses incurred	49,551			151,261			65,103			779,798
Underwriting income (loss)	127,850			9,732			324,469			(387,429		)
Net investment income	14,743			33,328			81,714			93,609
Net income (loss) available (attributable) to RenaissanceRe common shareholders	142,270			24,764			343,699			(223,269		)
Net realized and unrealized gains on investments	31,003			34,979			77,116			29,765
Net other-than-temporary impairments	(209		)	—			(343		)	—
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	111,476			(10,215		)	266,926			(253,076		)
Total assets	$	8,959,518		$	8,166,340		$	8,959,518		$	8,166,340
Total shareholders' equity attributable to RenaissanceRe	$	3,843,010		$	3,515,271		$	3,843,010		$	3,515,271
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.75		$	0.48		$	6.63		$	(4.39	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	2.14		$	(0.21	)	$	5.13		$	(4.97	)
Dividends per common share	$	0.27		$	0.26		$	0.54		$	0.52
Book value per common share	$	65.07		$	57.30		$	65.07		$	57.30
Adjustment for goodwill and other intangibles (1)	(0.83		)	(0.96		)	(0.83		)	(0.96		)
Tangible book value per common share (1)	64.24			56.34			64.24			56.34
Accumulated dividends per common share	11.46			10.40			11.46			10.40
Tangible book value per common share plus accumulated dividends (1)	$	75.70		$	66.74		$	75.70		$	66.74
Financial ratios
Net claims and claim expense ratio - current accident year	38.9		%	79.2		%	31.8		%	166.2		%
Net claims and claim expense ratio - prior accident years	(18.6		)%	(9.6		)%	(19.4		)%	(17.0		)%
Net claims and claim expense ratio - calendar year	20.3		%	69.6		%	12.4		%	149.2		%
Underwriting expense ratio	27.4		%	25.9		%	25.6		%	24.9		%
Combined ratio	47.7		%	95.5		%	38.0		%	174.1		%
Operating return on average common equity - annualized (1)	13.7		%	(1.4		)%	16.7		%	(16.3		)%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Revenues
Gross premiums written	$	667,336		$	664,151		$	42,970		$	139,938		$	641,563
Net premiums written	$	427,630		$	492,575		$	29,193		$	103,010		$	427,995
(Increase) decrease in unearned premiums	(183,214		)	(213,910		)	169,916			126,214			(210,820		)
Net premiums earned	244,416			278,665			199,109			229,224			217,175
Net investment income (loss)	14,743			66,971			52,331			(27,940		)	33,328
Net foreign exchange gains (losses)	2,410			(1,460		)	(400		)	(2,650		)	(4,521		)
Equity in earnings (losses) of other ventures	6,846			5,470			(22,702		)	4,794			5,128
Other income (loss)	11,289			(39,094		)	(43,648		)	(2,015		)	(5,167		)
Net realized and unrealized gains on investments	31,003			46,113			23,920			16,983			34,979
Total other-than-temporary impairments	(234		)	(161		)	(132		)	(498		)	—
Portion recognized in other comprehensive income, before taxes	25			27			29			49			—
Net other-than-temporary impairments	(209		)	(134		)	(103		)	(449		)	—
Total revenues	310,498			356,531			208,507			217,947			280,922
Expenses
Net claims and claim expenses incurred	49,551			15,552			3,551			77,830			151,261
Acquisition expenses	25,608			24,111			25,101			26,057			13,883
Operational expenses	41,407			42,383			43,368			42,169			42,299
Corporate expenses	4,067			4,811			8,607			3,582			4,011
Interest expense	5,716			5,718			5,721			5,722			5,730
Total expenses	126,349			92,575			86,348			155,360			217,184
Income from continuing operations before taxes	184,149			263,956			122,159			62,587			63,738
Income tax (expense) benefit	(898		)	37			(2,945		)	1,435			1,773
Income from continuing operations	183,251			263,993			119,214			64,022			65,511
Income (loss) from discontinued operations	1,393			(173		)	(3,305		)	(965		)	(10,094		)
Net income	184,644			263,820			115,909			63,057			55,417
Net income attributable to noncontrolling interests	(33,624		)	(53,641		)	(25,388		)	(5,044		)	(21,903		)
Net income attributable to RenaissanceRe	151,020			210,179			90,521			58,013			33,514
Dividends on preference shares	(8,750		)	(8,750		)	(8,750		)	(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders	$	142,270		$	201,429		$	81,771		$	49,263		$	24,764
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	2.75		$	3.93		$	1.66		$	0.98		$	0.68
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.03			—			(0.07		)	(0.02		)	(0.20		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	2.78		$	3.93		$	1.59		$	0.96		$	0.48
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	2.72			$	3.88		$	1.64		$	0.97		$	0.68
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.03			—			(0.06		)	(0.02		)	(0.20		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.75		$	3.88		$	1.58		$	0.95		$	0.48
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	2.14		$	2.98		$	1.11		$	0.62		$	(0.21	)
Operating return on average common equity - annualized (1)	13.7		%	19.7		%	7.7		%	4.4		%	(1.4		)%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Six months ended
	June 30, 2012			June 30, 2011
Revenues
Gross premiums written	$	1,331,487		$	1,252,068
Net premiums written	$	920,205		$	880,570
Increase in unearned premiums	(397,124		)	(357,854		)
Net premiums earned	523,081			522,716
Net investment income	81,714			93,609
Net foreign exchange gains (losses)	950			(3,861		)
Equity in earnings (losses) of other ventures	12,316			(18,625		)
Other (loss) income	(27,805		)	44,978
Net realized and unrealized gains on investments	77,116			29,765
Total other-than-temporary impairments	(395		)	—
Portion recognized in other comprehensive income, before taxes	52			—
Net other-than-temporary impairments	(343		)	—
Total revenues	667,029			668,582
Expenses
Net claims and claim expenses incurred	65,103			779,798
Acquisition expenses	49,719			46,218
Operational expenses	83,790			84,129
Corporate expenses	8,878			6,075
Interest expense	11,434			11,925
Total expenses	218,924			928,145
Income (loss) from continuing operations before taxes	448,105			(259,563		)
Income tax (expense) benefit	(861		)	1,825
Income (loss) from continuing operations	447,244			(257,738		)
Income (loss) from discontinued operations	1,220			(11,620		)
Net income (loss)	448,464			(269,358		)
Net (income) loss attributable to noncontrolling interests	(87,265		)	63,589
Net income (loss) attributable to RenaissanceRe	361,199			(205,769		)
Dividends on preference shares	(17,500		)	(17,500		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	343,699		$	(223,269	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	6.70		$	(4.16	)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.02			(0.23		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	6.72		$	(4.39	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	6.61			(4.16		)
Income (loss) from discontinued operations attributable to RenaissanceRe common shareholders per common share - diluted	0.02			(0.23		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	6.63		$	(4.39	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	5.13		$	(4.97	)
Operating return on average common equity - annualized (1)	16.7		%	(16.3		)%


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended June 30, 2012
	Reinsurance			Lloyd's			Insurance			Total
Gross premiums written	$	617,039		$	50,297		$	—		$	667,336
Net premiums written	$	379,369		$	48,510		$	(249	)	$	427,630
Net premiums earned	$	214,296		$	30,369		$	(249	)	$	244,416
Net claims and claim expenses incurred	35,488			14,960			(897		)	49,551
Acquisition expenses	20,098			5,510			—			25,608
Operational expenses	30,346			10,806			255			41,407
Underwriting income (loss)	$	128,364		$	(907	)	$	393		$	127,850

Net claims and claim expenses incurred - current accident year	$	76,631		$	18,366		$	—		$	94,997
Net claims and claim expenses incurred - prior accident years	(41,143		)	(3,406		)	(897		)	(45,446		)
Net claims and claim expenses incurred - total	$	35,488		$	14,960		$	(897	)	$	49,551

Net claims and claim expense ratio - current accident year	35.8		%	60.5		%	—		%	38.9		%
Net claims and claim expense ratio - prior accident years	(19.2		)%	(11.2		)%	360.2		%	(18.6		)%
Net claims and claim expense ratio - calendar year	16.6		%	49.3		%	360.2		%	20.3		%
Underwriting expense ratio	23.5		%	53.7		%	(102.4		)%	27.4		%
Combined ratio	40.1		%	103.0		%	257.8		%	47.7		%

	Three months ended June 30, 2011
	Reinsurance			Lloyd's			Insurance			Total
Gross premiums written	$	607,404		$	34,126		$	33		$	641,563
Net premiums written	$	395,856		$	32,084		$	55		$	427,995
Net premiums earned	$	199,461		$	17,233		$	481		$	217,175
Net claims and claim expenses incurred	143,219			8,619			(577		)	151,261
Acquisition expenses	10,431			3,305			147			13,883
Operational expenses	32,901			8,635			763			42,299
Underwriting income (loss)	$	12,910		$	(3,326	)	$	148		$	9,732

Net claims and claim expenses incurred - current accident year	$	162,398		$	9,612		$	(78	)	$	171,932
Net claims and claim expenses incurred - prior accident years	(19,179		)	(993		)	(499		)	(20,671		)
Net claims and claim expenses incurred - total	$	143,219		$	8,619		$	(577	)	$	151,261

Net claims and claim expense ratio - current accident year	81.4		%	55.8		%	(16.2		)%	79.2		%
Net claims and claim expense ratio - prior accident years	(9.6		)%	(5.8		)%	(103.8		)%	(9.6		)%
Net claims and claim expense ratio - calendar year	71.8		%	50.0		%	(120.0		)%	69.6		%
Underwriting expense ratio	21.7		%	69.3		%	189.2		%	25.9		%
Combined ratio	93.5		%	119.3		%	69.2		%	95.5		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2012
	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,226,801		$	105,114		$	—		$	(428	)	$	1,331,487
Net premiums written	$	838,007		$	82,447		$	(249	)				$	920,205
Net premiums earned	$	468,114		$	55,191		$	(224	)				$	523,081
Net claims and claim expenses incurred	43,812			23,961			(2,670		)				65,103
Acquisition expenses	39,484			10,178			57						49,719
Operational expenses	62,390			20,863			537						83,790
Underwriting income	$	322,428		$	189		$	1,852					$	324,469

Net claims and claim expenses incurred - current accident year	$	131,775		$	34,646		$	—					$	166,421
Net claims and claim expenses incurred - prior accident years	(87,963		)	(10,685		)	(2,670		)				(101,318		)
Net claims and claim expenses incurred - total	$	43,812		$	23,961		$	(2,670	)				$	65,103

Net claims and claim expense ratio - current accident year	28.2		%	62.8		%	—		%				31.8		%
Net claims and claim expense ratio - prior accident years	(18.8		)%	(19.4		)%	1,192.0		%				(19.4		)%
Net claims and claim expense ratio - calendar year	9.4		%	43.4		%	1,192.0		%				12.4		%
Underwriting expense ratio	21.7		%	56.3		%	(265.2		)%				25.6		%
Combined ratio	31.1		%	99.7		%	926.8		%				38.0		%

	Six months ended June 30, 2011
	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,181,086		$	70,746		$	313		$	(77	)	$	1,252,068
Net premiums written	$	819,422		$	60,821		$	327					$	880,570
Net premiums earned	$	488,890		$	32,907		$	919					$	522,716
Net claims and claim expenses incurred	738,623			39,142			2,033						779,798
Acquisition expenses	40,223			5,766			229						46,218
Operational expenses	65,264			17,607			1,258						84,129
Underwriting loss	$	(355,220	)	$	(29,608	)	$	(2,601	)				$	(387,429	)

Net claims and claim expenses incurred - current accident year	$	829,760		$	38,938		$	(69	)				$	868,629
Net claims and claim expenses incurred - prior accident years	(91,137		)	204			2,102						(88,831		)
Net claims and claim expenses incurred - total	$	738,623		$	39,142		$	2,033					$	779,798

Net claims and claim expense ratio - current accident year	169.7		%	118.3		%	(7.5		)%				166.2		%
Net claims and claim expense ratio - prior accident years	(18.6		)%	0.6		%	228.7		%				(17.0		)%
Net claims and claim expense ratio - calendar year	151.1		%	118.9		%	221.2		%				149.2		%
Underwriting expense ratio	21.6		%	71.1		%	161.8		%				24.9		%
Combined ratio	172.7		%	190.0		%	383.0		%				174.1		%

(1) Represents $0.4 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the six months ended June 30, 2012 (2011 - $0.1 million).



	5



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended June 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	579,738		$	37,301		$	617,039
Net premiums written	$	344,497		$	34,872		$	379,369
Net premiums earned	$	170,637		$	43,659		$	214,296
Net claims and claim expenses incurred	19,578			15,910			35,488
Acquisition expenses	14,847			5,251			20,098
Operational expenses	23,245			7,101			30,346
Underwriting income	$	112,967		$	15,397		$	128,364

Net claims and claim expenses incurred - current accident year	$	52,781		$	23,850		$	76,631
Net claims and claim expenses incurred - prior accident years	(33,203		)	(7,940		)	(41,143		)
Net claims and claim expenses incurred - total	$	19,578		$	15,910		$	35,488

Net claims and claim expense ratio - current accident year	30.9		%	54.6		%	35.8		%
Net claims and claim expense ratio - prior accident years	(19.4		)%	(18.2		)%	(19.2		)%
Net claims and claim expense ratio - calendar year	11.5		%	36.4		%	16.6		%
Underwriting expense ratio	22.3		%	28.3		%	23.5		%
Combined ratio	33.8		%	64.7		%	40.1		%

	Three months ended June 30, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	583,246		$	24,158		$	607,404
Net premiums written	$	373,039		$	22,817		$	395,856
Net premiums earned	$	167,509		$	31,952		$	199,461
Net claims and claim expenses incurred	127,374			15,845			143,219
Acquisition expenses	5,896			4,535			10,431
Operational expenses	25,460			7,441			32,901
Underwriting income	$	8,779		$	4,131		$	12,910

Net claims and claim expenses incurred - current accident year	$	139,161		$	23,237		$	162,398
Net claims and claim expenses incurred - prior accident years	(11,787		)	(7,392		)	(19,179		)
Net claims and claim expenses incurred - total	$	127,374		$	15,845		$	143,219

Net claims and claim expense ratio - current accident year	83.1		%	72.7		%	81.4		%
Net claims and claim expense ratio - prior accident years	(7.1		)%	(23.1		)%	(9.6		)%
Net claims and claim expense ratio - calendar year	76.0		%	49.6		%	71.8		%
Underwriting expense ratio	18.8		%	37.5		%	21.7		%
Combined ratio	94.8		%	87.1		%	93.5		%



	6



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Six months ended June 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	1,088,978		$	137,823		$	1,226,801
Net premiums written	$	706,749		$	131,258		$	838,007
Net premiums earned	$	385,692		$	82,422		$	468,114
Net claims and claim expenses incurred	16,262			27,550			43,812
Acquisition expenses	29,164			10,320			39,484
Operational expenses	48,573			13,817			62,390
Underwriting income	$	291,693		$	30,735		$	322,428

Net claims and claim expenses incurred - current accident year	$	84,404		$	47,371		$	131,775
Net claims and claim expenses incurred - prior accident years	(68,142		)	(19,821		)	(87,963		)
Net claims and claim expenses incurred - total	$	16,262		$	27,550		$	43,812

Net claims and claim expense ratio - current accident year	21.9		%	57.5		%	28.2		%
Net claims and claim expense ratio - prior accident years	(17.7		)%	(24.1		)%	(18.8		)%
Net claims and claim expense ratio - calendar year	4.2		%	33.4		%	9.4		%
Underwriting expense ratio	20.2		%	29.3		%	21.7		%
Combined ratio	24.4		%	62.7		%	31.1		%

	Six months ended June 30, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	1,081,924		$	99,162		$	1,181,086
Net premiums written	$	725,676		$	93,746		$	819,422
Net premiums earned	$	422,798		$	66,092		$	488,890
Net claims and claim expenses incurred	713,892			24,731			738,623
Acquisition expenses	29,509			10,714			40,223
Operational expenses	50,461			14,803			65,264
Underwriting (loss) income	$	(371,064	)	$	15,844		$	(355,220	)

Net claims and claim expenses incurred - current accident year	$	745,388		$	84,372		$	829,760
Net claims and claim expenses incurred - prior accident years	(31,496		)	(59,641		)	(91,137		)
Net claims and claim expenses incurred - total	$	713,892		$	24,731		$	738,623

Net claims and claim expense ratio - current accident year	176.3		%	127.7		%	169.7		%
Net claims and claim expense ratio - prior accident years	(7.5		)%	(90.3		)%	(18.6		)%
Net claims and claim expense ratio - calendar year	168.8		%	37.4		%	151.1		%
Underwriting expense ratio	19.0		%	38.6		%	21.6		%
Combined ratio	187.8		%	76.0		%	172.7		%



	7



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	June 30, 2012		March 31, 2012		December 31, 2011			September 30, 2011			June 30, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	345,094	$	330,427	$	(652	)	$	64,317		$	366,929
Renaissance specialty premiums	35,778		99,545		21,117			25,614			23,066
Total Renaissance premiums	380,872		429,972		20,465			89,931			389,995
DaVinci catastrophe premiums	234,644		178,813		(1,193		)	32,900			216,317
DaVinci specialty premiums	1,523		977		18			(20		)	1,092
Total DaVinci premiums	236,167		179,790		(1,175		)	32,880			217,409
Total catastrophe unit premiums	579,738		509,240		(1,845		)	97,217			583,246
Total specialty unit premiums	37,301		100,522		21,135			25,594			24,158
Total Reinsurance segment gross premiums written	$	617,039	$	609,762	$	19,290		$	122,811		$	607,404

Lloyd's Segment
Specialty	$	32,925	$	39,329	$	22,570		$	14,290		$	17,546
Catastrophe	17,372		15,488		1,141			2,837			16,580
Total Lloyd's segment gross premiums written	$	50,297	$	54,817	$	23,711		$	17,127		$	34,126

Insurance Segment
Commercial property	$	—	$	—	$	(31	)	$	—		$	33
Total Insurance segment gross premiums written	$	—	$	—	$	(31	)	$	—		$	33

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	579,738	$	509,240	$	(1,845	)	$	97,217		$	583,246
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	31,180		34,305		1,497			12,379			19,079
Catastrophe premiums written in the Lloyd's unit	17,372		15,488		1,141			2,837			16,580
Total managed catastrophe premiums (1)	$	628,290	$	559,033	$	793		$	112,433		$	618,905

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

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



	8



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Six months ended
	June 30, 2012		June 30, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	675,521	$	678,571
Renaissance specialty premiums	135,323		97,461
Total Renaissance premiums	810,844		776,032
DaVinci catastrophe premiums	413,457		403,353
DaVinci specialty premiums	2,500		1,701
Total DaVinci premiums	415,957		405,054
Total catastrophe unit premiums	1,088,978		1,081,924
Total specialty unit premiums	137,823		99,162
Total Reinsurance segment gross premiums written	$	1,226,801	$	1,181,086

Lloyd's Segment
Specialty	$	72,254	$	46,781
Catastrophe	32,860		23,965
Total Lloyd's segment gross premiums written	$	105,114	$	70,746

Insurance Segment
Commercial property	$	—	$	313
Total Insurance segment gross premiums written	$	—	$	313

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,088,978	$	1,081,924
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	65,485		41,607
Catastrophe premiums written in the Lloyd's unit	32,860		23,965
Total managed catastrophe premiums (1)	$	1,187,323	$	1,147,496

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

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



	9



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Revenues
Gross premiums written	$	236,167		$	179,790		$	(1,175	)	$	32,880		$	217,409
Net premiums written	$	185,088		$	154,680		$	(3,264	)	$	22,673		$	174,427
(Increase) decrease in unearned premiums	(104,070		)	(59,543		)	74,533			58,063			(92,821		)
Net premiums earned	81,018			95,137			71,269			80,736			81,606
Net investment income (loss)	4,109			10,527			9,501			(700		)	6,189
Net foreign exchange gains (losses)	1,465			76			(461		)	(1,194		)	(1,126		)
Other loss	(1,222		)	(462		)	(799		)	(1,032		)	(230		)
Net realized and unrealized gains (losses) on fixed maturity investments	7,025			16,666			5,915			(4,871		)	10,339
Total revenues	92,395			121,944			85,425			72,939			96,778
Expenses
Net claims and claim expenses incurred	14,213			1,924			12,566			35,332			61,911
Acquisition expenses	19,051			24,099			16,450			14,916			(11,905		)
Operational and corporate expenses	11,902			12,301			10,655			11,655			6,059
Interest expense	1,985			2,040			1,936			1,873			1,907
Total expenses	47,151			40,364			41,607			63,776			57,972
Net income	45,244			81,580			43,818			9,163			38,806
Net income attributable to redeemable noncontrolling interest	(95		)	(167		)	(91		)	(22		)	(81		)
Net income available to DaVinciRe common shareholders	$	45,149		$	81,413		$	43,727		$	9,141		$	38,725

Net claims and claim expenses incurred - current accident year	$	24,454		$	14,826		$	24,413		$	33,096		$	66,248
Net claims and claim expenses incurred - prior accident years	(10,241		)	(12,902		)	(11,847		)	2,236			(4,337		)
Net claims and claim expenses incurred - total	$	14,213		$	1,924		$	12,566		$	35,332		$	61,911

Net claims and claim expense ratio - current accident year	30.2		%	15.6		%	34.3		%	41.0		%	81.2		%
Net claims and claim expense ratio - prior accident years	(12.7		)%	(13.6		)%	(16.7		)%	2.8		%	(5.3%)
Net claims and claim expense ratio - calendar year	17.5		%	2.0		%	17.6		%	43.8		%	75.9		%
Underwriting expense ratio	38.2		%	38.3		%	38.1		%	32.9		%	(7.2%)
Combined ratio	55.7		%	40.3		%	55.7		%	76.7		%	68.7		%



	10



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Six months ended
	June 30, 2012			June 30, 2011
Revenues
Gross premiums written	$	415,957		$	405,054
Net premiums written	$	339,768		$	342,409
Increase in unearned premiums	(163,613		)	(143,981		)
Net premiums earned	176,155			198,428
Net investment income	14,636			13,163
Net foreign exchange gains (losses)	1,541			(251		)
Other (loss) income	(1,684		)	10,807
Net realized and unrealized gains on fixed maturity investments	23,691			9,586
Total revenues	214,339			231,733
Expenses
Net claims and claim expenses incurred	16,137			346,192
Acquisition expenses	43,150			(12,959		)
Operational and corporate expenses	24,203			10,549
Interest expense	4,025			2,376
Total expenses	87,515			346,158
Net income (loss)	126,824			(114,425		)
Net (income) loss attributable to redeemable noncontrolling interest	(262		)	224
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	126,562		$	(114,201	)

Net claims and claim expenses incurred - current accident year	$	39,280		$	357,475
Net claims and claim expenses incurred - prior accident years	(23,143		)	(11,283		)
Net claims and claim expenses incurred - total	$	16,137		$	346,192

Net claims and claim expense ratio - current accident year	22.3		%	180.2		%
Net claims and claim expense ratio - prior accident years	(13.1		)%	(5.7		)%
Net claims and claim expense ratio - calendar year	9.2		%	174.5		%
Underwriting expense ratio	38.2		%	(1.2		)%
Combined ratio	47.4		%	173.3		%



	11



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011
Assets
Fixed maturity investments trading, at fair value	$	4,948,955	$	4,176,827	$	4,291,465	$	3,687,669	$	3,864,205
Fixed maturity investments available for sale, at fair value	108,102		125,292		142,052		149,969		202,769
Total fixed maturity investments, at fair value	5,057,057		4,302,119		4,433,517		3,837,638		4,066,974
Short term investments, at fair value	654,912		1,172,839		905,477		1,557,937		774,421
Equity investments trading, at fair value	55,381		53,080		50,560		45,607		32,252
Other investments, at fair value	743,568		806,782		748,984		736,757		839,643
Investments in other ventures, under equity method	79,692		76,723		70,714		78,071		82,197
Total investments	6,590,610		6,411,543		6,209,252		6,256,010		5,795,487
Cash and cash equivalents	264,232		260,982		216,984		235,058		237,737
Premiums receivable	971,546		703,932		471,878		695,163		933,519
Prepaid reinsurance premiums	278,242		143,690		58,522		164,547		245,676
Reinsurance recoverable	198,777		279,398		404,029		434,553		333,245
Accrued investment income	35,938		30,782		33,523		34,237		36,266
Deferred acquisition costs	106,027		71,162		43,721		71,225		90,858
Receivable for investments sold	311,658		237,372		117,117		33,791		257,075
Other assets	193,798		205,660		180,992		176,114		219,226
Goodwill and other intangibles	8,690		9,077		8,894		14,230		14,383
Assets of discontinued operations held for sale	—		—		—		2,481		2,868
Total assets	$	8,959,518	$	8,353,598	$	7,744,912	$	8,117,409	$	8,166,340
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,801,247	$	1,858,203	$	1,992,354	$	2,226,005	$	2,170,728
Unearned premiums	964,499		646,733		347,655		623,596		830,939
Debt	354,293		351,999		353,620		349,224		349,201
Reinsurance balances payable	396,669		285,207		256,883		317,627		403,152
Payable for investments purchased	519,619		361,460		303,264		233,282		102,545
Other liabilities	173,433		242,257		211,369		174,424		152,853
Liabilities of discontinued operations held for sale	1,959		12,539		13,507		9,098		10,220
Total liabilities	4,211,719		3,758,398		3,478,652		3,933,256		4,019,638
Redeemable noncontrolling interest - DaVinciRe	900,878		796,743		657,727		633,112		628,001
Shareholders' Equity
Preference shares	550,000		550,000		550,000		550,000		550,000
Common shares	50,609		51,765		51,543		51,787		51,753
Additional paid-in capital	—		379		—		9,331		5,768
Accumulated other comprehensive income	12,531		12,988		11,760		11,092		18,031
Retained earnings	3,229,870		3,179,433		2,991,890		2,925,604		2,889,719
Total shareholders' equity attributable to RenaissanceRe	3,843,010		3,794,565		3,605,193		3,547,814		3,515,271
Noncontrolling interest	3,911		3,892		3,340		3,227		3,430
Total shareholders' equity	3,846,921		3,798,457		3,608,533		3,551,041		3,518,701
Total liabilities, noncontrolling interests and shareholders' equity	$	8,959,518	$	8,353,598	$	7,744,912	$	8,117,409	$	8,166,340

Book value per common share	$	65.07	$	62.68	$	59.27	$	57.89	$	57.30



	12



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011
TYPE OF INVESTMENT
U.S. treasuries	$	1,126,759		17.1	%	$	1,309,243		20.4	%	$	885,152		14.3	%	$	428,865		6.9	%	$	454,148		7.8	%
Agencies	436,691			6.7	%	343,575			5.4	%	158,561			2.6	%	127,063			2.0	%	189,765			3.3	%
Non-U.S. government (Sovereign debt)	177,231			2.7	%	130,899			2.0	%	227,912			3.7	%	402,288			6.4	%	340,430			5.9	%
FDIC guaranteed corporate	29,386			0.4	%	103,554			1.6	%	423,630			6.8	%	183,314			2.9	%	232,992			4.0	%
Non-U.S. government-backed corporate	393,875			6.0	%	501,160			7.8	%	641,082			10.3	%	594,897			9.6	%	409,443			7.1	%
Corporate	1,664,722			25.3	%	1,146,211			17.9	%	1,206,904			19.4	%	1,294,442			20.7	%	1,651,688			28.4	%
Agency mortgage-backed	592,355			9.0	%	319,215			5.0	%	441,749			7.1	%	363,814			5.8	%	296,627			5.1	%
Non-agency mortgage-backed	153,674			2.3	%	108,047			1.7	%	104,771			1.7	%	104,541			1.7	%	105,581			1.8	%
Commercial mortgage-backed	470,167			7.1	%	329,343			5.1	%	325,729			5.2	%	318,805			5.1	%	340,610			5.9	%
Asset-backed	12,197			0.2	%	10,872			0.2	%	18,027			0.3	%	19,609			0.3	%	45,690			0.8	%
Total fixed maturity investments, at fair value	5,057,057			76.8	%	4,302,119			67.1	%	4,433,517			71.4	%	3,837,638			61.4	%	4,066,974			70.1	%
Short term investments, at fair value	654,912			9.9	%	1,172,839			18.3	%	905,477			14.6	%	1,557,937			24.9	%	774,421			13.4	%
Equity investments trading, at fair value	55,381			0.8	%	53,080			0.8	%	50,560			0.8	%	45,607			0.7	%	32,252			0.6	%
Other investments, at fair value	743,568			11.3	%	806,782			12.6	%	748,984			12.1	%	736,757			11.8	%	839,643			14.5	%
Total managed investment portfolio	6,510,918			98.9	%	6,334,820			98.8	%	6,138,538			98.9	%	6,177,939			98.8	%	5,713,290			98.6	%
Investments in other ventures, under equity method	79,692			1.2	%	76,723			1.2	%	70,714			1.1	%	78,071			1.2	%	82,197			1.4	%
Total investments	$	6,590,610		100.0	%	$	6,411,543		100.0	%	$	6,209,252		100.0	%	$	6,256,010		100.0	%	$	5,795,487		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	842,146		16.7	%	$	742,577		17.2	%	$	1,023,890		23.1	%	$	1,099,221		28.6	%	$	2,197,397		54.1	%
AA (1)	2,626,291			51.9	%	2,459,756			57.2	%	2,244,016			50.6	%	1,607,177			41.9	%	481,789			11.8	%
A	917,152			18.1	%	574,809			13.4	%	631,479			14.2	%	619,229			16.1	%	790,594			19.4	%
BBB	319,760			6.3	%	272,616			6.3	%	335,002			7.6	%	329,213			8.6	%	398,354			9.8	%
Non-investment grade and not rated	351,708			7.0	%	252,361			5.9	%	199,130			4.5	%	182,798			4.8	%	198,840			4.9	%
Total fixed maturity investments, at fair value	$	5,057,057		100.0	%	$	4,302,119		100.0	%	$	4,433,517		100.0	%	$	3,837,638		100.0	%	$	4,066,974		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	405,636		8.0	%	$	386,259		9.0	%	$	619,845		14.0	%	$	168,557		4.4	%	$	201,681		5.0	%
Due after one through five years	2,624,676			52.0	%	2,367,344			55.0	%	2,035,383			45.9	%	1,893,416			49.3	%	1,986,843			48.8	%
Due after five through ten years	652,909			12.9	%	646,091			15.0	%	742,050			16.7	%	831,196			21.7	%	923,919			22.7	%
Due after ten years	145,443			2.9	%	134,948			3.1	%	145,963			3.3	%	137,700			3.6	%	166,023			4.1	%
Mortgage-backed securities	1,216,196			24.0	%	756,605			17.6	%	872,249			19.7	%	787,160			20.5	%	742,818			18.3	%
Asset-backed securities	12,197			0.2	%	10,872			0.3	%	18,027			0.4	%	19,609			0.5	%	45,690			1.1	%
Total fixed maturity investments, at fair value	$	5,057,057		100.0	%	$	4,302,119		100.0	%	$	4,433,517		100.0	%	$	3,837,638		100.0	%	$	4,066,974		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.8		%			1.6		%			1.9		%			2.0		%			2.4		%
Average duration of fixed maturities and short term investments	2.2					2.3					2.6					2.5					2.7


(1)	Included in the AA rating category at June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 is $1,592.8 million, $1,756.4 million, $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

	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
TYPE OF INVESTMENT
Private equity partnerships	$	360,268		$	389,451		$	367,909		$	345,986		$	363,688
Senior secured bank loan funds	269,317			266,141			257,870			243,766			247,528
Catastrophe bonds	106,470			95,827			70,999			85,800			93,805
Hedge funds	6,243			22,310			21,344			26,810			39,753
Non-U.S. fixed income funds	—			31,713			28,862			29,440			88,962
Miscellaneous other investments	1,270			1,340			2,000			4,955			5,907
Total other investments, at fair value	$	743,568		$	806,782		$	748,984		$	736,757		$	839,643

TYPE OF INVESTMENT
Private equity partnerships	48.5		%	48.2		%	49.1		%	47.0		%	43.3		%
Senior secured bank loan funds	36.2		%	33.0		%	34.4		%	33.1		%	29.5		%
Catastrophe bonds	14.3		%	11.9		%	9.5		%	11.6		%	11.2		%
Hedge funds	0.8		%	2.8		%	2.8		%	3.6		%	4.7		%
Non-U.S. fixed income funds	—		%	3.9		%	3.9		%	4.0		%	10.6		%
Miscellaneous other investments	0.2		%	0.2		%	0.3		%	0.7		%	0.7		%
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															Six months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			June 30, 2012			June 30, 2011
Fixed maturity investments	$	22,436		$	26,333		$	26,084		$	11,435		$	24,426		$	48,769		$	52,339
Short term investments	234			500			357			281			433			734			1,028
Equity investments trading	181			170			174			171			112			351			126
Other investments
Hedge funds and private equity investments	(10,413		)	28,473			21,506			(25,702		)	8,230			18,060			31,737
Other	4,975			14,170			6,458			(11,665		)	2,838			19,145			13,665
Cash and cash equivalents	54			26			11			66			45			80			86
	17,467			69,672			54,590			(25,414		)	36,084			87,139			98,981
Investment expenses	(2,724		)	(2,701		)	(2,259		)	(2,526		)	(2,756		)	(5,425		)	(5,372		)
Net investment income (loss)	14,743			66,971			52,331			(27,940		)	33,328			81,714			93,609

Gross realized gains	19,458			36,286			15,312			38,054			15,430			55,744			25,992
Gross realized losses	(3,294		)	(6,950		)	(7,787		)	(6,099		)	(4,156		)	(10,244		)	(16,773		)
Net realized gains (losses) on fixed maturity investments	16,164			29,336			7,525			31,955			11,274			45,500			9,219
Net unrealized gains (losses) on fixed maturity investments trading	12,538			14,257			11,441			(13,007		)	24,728			26,795			20,970
Net unrealized gains (losses) on equity investments trading	2,301			2,520			4,954			(1,965		)	(1,023		)	4,821			(424		)
Net realized and unrealized gains (losses) on investments	31,003			46,113			23,920			16,983			34,979			77,116			29,765
Total other-than-temporary impairments	(234		)	(161		)	(132		)	(498		)	—			(395		)	—
Portion recognized in other comprehensive income, before taxes	25			27			29			49			—			52			—
Net other-than-temporary impairments	(209		)	(134		)	(103		)	(449		)	—			(343		)	—

Change in net unrealized gains on fixed maturity investments available for sale	(706		)	778			697			(7,171		)	(1,763		)	72			(1,511		)

Total investment income (loss)	$	44,831		$	113,728		$	76,845		$	(18,577	)	$	66,544		$	158,559		$	121,863



	15



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
June 30, 2012	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	654,912	$	654,912		9.9	%	0.2	%	$	626,005		$	22,119		$	3,140		$	3,639		$	9		$	—
			100.0		%					95.5		%	3.4		%	0.5		%	0.6		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,123,992		1,126,759			17.1	%	0.5	%	—			1,126,759			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	417,398		419,257			6.4	%	0.7	%	—			419,257			—			—			—			—
Other agencies	17,159		17,434			0.3	%	0.9	%	—			17,434			—			—			—			—
Total agencies	434,557		436,691			6.7	%	0.7	%	—			436,691			—			—			—			—
Non-U.S. government (Sovereign debt)	174,317		177,231			2.7	%	2.2	%	102,272			29,782			11,474			20,163			12,921			619
FDIC guaranteed corporate	29,309		29,386			0.4	%	0.3	%	—			29,386			—			—			—			—
Non-U.S. government-backed corporate	391,915		393,875			6.0	%	1.2	%	331,773			59,057			3,045			—			—			—
Corporate	1,630,316		1,664,722			25.3	%	3.1	%	38,553			265,990			809,496			297,930			239,892			12,861
Mortgage-backed
Residential mortgage-backed
Agency securities	585,994		592,355			9.0	%	1.5	%	—			592,355			—			—			—			—
Non-agency securities - Prime	92,084		91,455			1.4	%	5.2	%	31,633			3,989			2,342			926			52,565			—
Non-agency securities - Alt A	59,516		62,219			0.9	%	7.0	%	19,053			2,502			7,073			741			32,850			—
Total residential mortgage-backed	737,594		746,029			11.3	%	2.4	%	50,686			598,846			9,415			1,667			85,415			—
Commercial mortgage-backed	453,044		470,167			7.1	%	2.5	%	306,665			79,780			83,722			—			—			—
Total mortgage-backed	1,190,638		1,216,196			18.4	%	2.5	%	357,351			678,626			93,137			1,667			85,415			—
Asset-backed
Credit cards	4,270		4,468			0.1	%	2.4	%	4,468			—			—			—			—			—
Student loans	1,816		1,729			—	%	2.5	%	1,729			—			—			—			—			—
Auto loans	1,270		1,269			—	%	1.4	%	1,269			—			—			—			—			—
Other	4,498		4,731			0.1	%	2.8	%	4,731			—			—			—			—			—
Total asset-backed	11,854		12,197			0.2	%	2.5	%	12,197			—			—			—			—			—
Total securitized assets	1,202,492		1,228,393			18.6	%	2.5	%	369,548			678,626			93,137			1,667			85,415			—
Total fixed maturity investments	4,986,898		5,057,057			76.8	%	2.0	%	842,146			2,626,291			917,152			319,760			338,228			13,480
			100.0		%					16.7		%	51.9		%	18.1		%	6.3		%	6.7		%	0.3		%
Equity investments trading			55,381			0.8	%			—			—			—			—			—			55,381
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			360,268			5.5	%			—			—			—			—			—			360,268
Senior secured bank loan funds			269,317			4.1	%			—			—			—			—			269,317			—
Catastrophe bonds			106,470			1.6	%			—			—			—			—			106,470			—
Hedge funds			6,243			0.1	%			—			—			—			—			—			6,243
Miscellaneous other investments			1,270			—	%			—			—			—			—			—			1,270
Total other investments			743,568			11.3	%			—			—			—			—			375,787			367,781
			100.0		%					—		%	—		%	—		%	—		%	50.5		%	49.5		%
Investments in other ventures			79,692			1.2	%			—			—			—			—			—			79,692
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,590,610		100.0	%			$	1,468,151		$	2,648,410		$	920,292		$	323,399		$	714,024		$	516,334
			100.0		%					22.3		%	40.2		%	14.0		%	4.9		%	10.8		%	7.8		%

(1)

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



	16



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	June 30, 2012				December 31, 2011				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	654,912	9.9	%	$	905,477	14.6	%	$	(250,565	)	(4.7	)%
Fixed maturity investments
U.S. treasuries	1,126,759		17.1	%	885,152		14.3	%	241,607			2.8	%
Agencies
Fannie Mae & Freddie Mac	419,257		6.4	%	143,562		2.4	%	275,695			4.0	%
Other agencies	17,434		0.3	%	14,999		0.2	%	2,435			0.1	%
Total agencies	436,691		6.7	%	158,561		2.6	%	278,130			4.1	%
Non-U.S. government (Sovereign debt)	177,231		2.7	%	227,912		3.7	%	(50,681		)	(1.0	)%
FDIC guaranteed corporate	29,386		0.4	%	423,630		6.8	%	(394,244		)	(6.4	)%
Non-U.S. government-backed corporate	393,875		6.0	%	641,082		10.3	%	(247,207		)	(4.3	)%
Corporate	1,664,722		25.3	%	1,206,904		19.4	%	457,818			5.9	%
Mortgage-backed
Residential mortgage-backed
Agency securities	592,355		9.0	%	441,749		7.1	%	150,606			1.9	%
Non-agency securities - Prime	91,455		1.4	%	68,678		1.1	%	22,777			0.3	%
Non-agency securities - Alt A	62,219		0.9	%	36,093		0.6	%	26,126			0.3	%
Total residential mortgage-backed	746,029		11.3	%	546,520		8.8	%	199,509			2.5	%
Commercial mortgage-backed	470,167		7.1	%	325,729		5.2	%	144,438			1.9	%
Total mortgage-backed	1,216,196		18.4	%	872,249		14.0	%	343,947			4.4	%
Asset-backed
Credit cards	4,468		0.1	%	8,955		0.2	%	(4,487		)	(0.1	)%
Student loans	1,729		—	%	1,287		—	%	442			—	%
Auto loans	1,269		—	%	—		—	%	1,269			—	%
Other	4,731		0.1	%	7,785		0.1	%	(3,054		)	—	%
Total asset-backed	12,197		0.2	%	18,027		0.3	%	(5,830		)	(0.1	)%
Total securitized assets	1,228,393		18.6	%	890,276		14.3	%	338,117			4.3	%
Total fixed maturity investments	5,057,057		76.8	%	4,433,517		71.4	%	623,540			5.4	%
Equity investments trading	55,381		0.8	%	50,560		0.8	%	4,821			—	%
Other investments
Private equity partnerships	360,268		5.5	%	367,909		5.9	%	(7,641		)	(0.4	)%
Senior secured bank loan funds	269,317		4.1	%	257,870		4.2	%	11,447			(0.1	)%
Catastrophe bonds	106,470		1.6	%	70,999		1.1	%	35,471			0.5	%
Hedge funds	6,243		0.1	%	21,344		0.3	%	(15,101		)	(0.2	)%
Non-U.S. fixed income funds	—		—	%	28,862		0.5	%	(28,862		)	(0.5	)%
Miscellaneous other investments	1,270		—	%	2,000		—	%	(730		)	—	%
Total other investments	743,568		11.3	%	748,984		12.1	%	(5,416		)	(0.8	)%
Investments in other ventures	79,692		1.2	%	70,714		1.1	%	8,978			0.1	%
Total managed investment portfolio	$	6,590,610	100.0	%	$	6,209,252	100.0	%	$	381,358



	17



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	June 30, 2012
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	752,889	$	17,193	$	153,729	$	476,816	$	60,450	$	33,725	$	10,976
Industrial, utilities and energy	286,009		7,074		28,195		109,690		79,520		61,530		—
Communications and technology	251,585		9,290		10,264		108,776		67,193		55,006		1,056
Consumer	172,449		—		16,934		55,657		50,201		49,553		104
Basic materials	70,416		—		—		18,943		31,620		19,625		228
Health care	107,759		—		49,383		32,059		6,890		19,427		—
Other	23,615		4,996		7,485		7,555		2,056		1,026		497
Total corporate fixed maturity investments, at fair value (1)	$	1,664,722	$	38,553	$	265,990	$	809,496	$	297,930	$	239,892	$	12,861

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

	June 30, 2012
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	63,874	$	1,633	$	62,241
Citigroup Inc.	54,932		—		54,932
Bank of America Corp.	53,339		165		53,174
General Electric Company	52,532		—		52,532
Goldman Sachs Group Inc.	48,308		—		48,308
HSBC Holdings PLC	43,062		—		43,062
Morgan Stanley	33,510		—		33,510
AT&T Inc.	27,302		—		27,302
Wells Fargo & Co.	25,487		—		25,487
Credit Suisse Group AG	24,222		—		24,222
Total (2)	$	426,568	$	1,798	$	424,770


(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
June 30, 2012
Catastrophe	$	698,335	$	306,158	$	160,478	$	1,164,971
Specialty	123,978		87,277		247,290		458,545
Total Reinsurance	822,313		393,435		407,768		1,623,516
Lloyd's	19,219		7,920		74,411		101,550
Insurance	21,605		8,336		46,240		76,181
Total	$	863,137	$	409,691	$	528,419	$	1,801,247

March 31, 2012
Catastrophe	$	633,228	$	243,651	$	350,708	$	1,227,587
Specialty	135,492		53,045		270,225		458,762
Total Reinsurance	768,720		296,696		620,933		1,686,349
Lloyd's	18,421		7,579		67,101		93,101
Insurance	20,810		5,338		52,605		78,753
Total	$	807,951	$	309,613	$	740,639	$	1,858,203

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



	19



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2012								Three months ended June 30, 2011
	Gross			Recoveries		Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,858,203		$	279,398	$	1,578,805		$	2,070,095		$	324,124		$	1,745,971
Incurred losses and loss expenses
Current year	105,466			10,469		94,997			187,402			15,470			171,932
Prior years	(35,365		)	10,081		(45,446		)	(22,733		)	(2,062		)	(20,671		)
Total incurred losses and loss expenses	70,101			20,550		49,551			164,669			13,408			151,261
Paid losses and loss expenses
Current year	11,280			—		11,280			51,066			—			51,066
Prior years	115,777			101,171		14,606			12,970			4,287			8,683
Total paid losses and loss expenses	127,057			101,171		25,886			64,036			4,287			59,749
Reserve for losses and loss expenses, end of period	$	1,801,247		$	198,777	$	1,602,470		$	2,170,728		$	333,245		$	1,837,483

	Six months ended June 30, 2012								Six months ended June 30, 2011
	Gross			Recoveries		Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,992,354		$	404,029	$	1,588,325		$	1,257,843		$	101,711		$	1,156,132
Incurred losses and loss expenses
Current year	183,397			16,976		166,421			1,124,619			255,990			868,629
Prior years	(98,014		)	3,304		(101,318		)	(96,627		)	(7,796		)	(88,831		)
Total incurred losses and loss expenses	85,383			20,280		65,103			1,027,992			248,194			779,798
Paid losses and loss expenses
Current year	18,937			—		18,937			51,578			—			51,579
Prior years	257,553			225,532		32,021			63,529			16,660			46,869
Total paid losses and loss expenses	276,490			225,532		50,958			115,107			16,660			98,447
Reserve for losses and loss expenses, end of period	$	1,801,247		$	198,777	$	1,602,470		$	2,170,728		$	333,245		$	1,837,483



	20



RenaissanceRe Holdings Ltd.
Earnings (Loss) per Share

	Three months ended
(common shares in thousands)	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Numerator:
Net income available to RenaissanceRe common shareholders	$	142,270		$	201,429		$	81,771		$	49,263		$	24,764
Amount allocated to participating common shareholders (1)	(2,236		)	(3,404		)	(1,433		)	(911		)	(461		)
	$	140,034		$	198,025		$	80,338		$	48,352		$	24,303
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	50,278			50,377			50,501			50,501			50,493
Per common share equivalents of employee stock options and restricted shares	734			604			359			472			557
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	51,012			50,981			50,860			50,973			51,050

Basic income per RenaissanceRe common share	$	2.78		$	3.93		$	1.59		$	0.96		$	0.48
Diluted income per RenaissanceRe common share	$	2.75		$	3.88		$	1.58		$	0.95		$	0.48

	Six months ended
(common shares in thousands)	June 30, 2012			June 30, 2011
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	343,699		$	(223,269	)
Amount allocated to participating common shareholders (1)	(5,601		)	(514		)
	$	338,098		$	(223,783	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	50,328			50,994
Per common share equivalents of employee stock options and restricted shares	669			—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	50,997			50,994

Basic income (loss) per RenaissanceRe common share	$	6.72		$	(4.39	)
Diluted income (loss) per RenaissanceRe common share (2)	$	6.63		$	(4.39	)


(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
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Top Layer Re	$	5,113		$	4,737		$	(22,617	)	$	3,688		$	3,967
Tower Hill Companies	1,744			1,117			(348		)	2,504			1,216
Other	(11		)	(384		)	263			(1,398		)	(55		)
Total equity in earnings (losses) of other ventures	$	6,846		$	5,470		$	(22,702	)	$	4,794		$	5,128

	Six months ended
	June 30, 2012			June 30, 2011
Top Layer Re	$	9,850		$	(18,542	)
Tower Hill Companies	2,861			767
Other	(395		)	(850		)
Total equity in earnings (losses) of other ventures	$	12,316		$	(18,625	)

Other (Loss) Income

	Three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Weather and energy risk management operations	$	5,875		$	(35,463	)	$	(41,314	)	$	(3,232	)	$	(3,779	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	4,082			(1,779		)	(2,381		)	(2,704		)	(1,022		)
Gain on sale of NBIC	—			—			—			4,836			—
Other items	1,332			(1,852		)	47			(915		)	(366		)
Total other income (loss)	$	11,289		$	(39,094	)	$	(43,648	)	$	(2,015	)	$	(5,167	)

	Six months ended
	June 30, 2012			June 30, 2011
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	2,303		$	42,499
Mark-to-market on Platinum warrant	—			2,975
Weather and energy risk management operations	(29,588		)	(484		)
Other items	(520		)	(12		)
Total other (loss) income	$	(27,805	)	$	44,978



	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 Reinsurance of 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. 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															Six months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			June 30, 2012			June 30, 2011
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	142,270		$	201,429		$	81,771		$	49,263		$	24,764		$	343,699		$	(223,269	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(31,003		)	(46,113		)	(23,920		)	(16,983		)	(34,979		)	(77,116		)	(29,765		)
Adjustment for net other-than-temporary impairments of continuing operations	209			134			103			449			—			343			—
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations	—			—			—			—			—			—			(42		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	111,476		$	155,450		$	57,954		$	32,729		$	(10,215	)	$	266,926		$	(253,076	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.75		$	3.88		$	1.58		$	0.95		$	0.48		$	6.63		$	(4.39	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(0.61		)	(0.90		)	(0.47		)	(0.34		)	(0.69		)	(1.51		)	(0.58		)
Adjustment for net other-than-temporary impairments of continuing operations	—			—			—			0.01			—			0.01			—
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.14		$	2.98		$	1.11		$	0.62		$	(0.21	)	$	5.13		$	(4.97	)

Return on average common equity - annualized	17.5		%	25.6		%	10.8		%	6.6		%	3.3		%	21.5		%	(14.4		)%
Adjustment for net realized and unrealized gains on investments of continuing operations	(3.8		)%	(5.9		)%	(3.1		)%	(2.3%)			(4.7%)			(4.8		)%	(1.9		)%
Adjustment for net other-than-temporary impairments of continuing operations	—		%	—		%	—		%	0.1		%	—		%	—		%	—		%
Operating return on average common equity - annualized	13.7		%	19.7		%	7.7		%	4.4		%	(1.4%)			16.7		%	(16.3		)%



	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. “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 and the inclusion of catastrophe premiums written on behalf of the Company's Lloyd's 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.

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 per share; “tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, 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 per share. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:



	At
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Book value per common share	$	65.07		$	62.68		$	59.27		$	57.89		$	57.30
Adjustment for goodwill and other intangibles (1)	(0.83		)	(0.84		)	(0.82		)	(0.94		)	(0.96		)
Tangible book value per common share	64.24			61.84			58.45			56.95			56.34
Adjustment for accumulated dividends	11.46			11.19			10.92			10.66			10.40
Tangible book value per common share plus accumulated dividends	$	75.70		$	73.03		$	69.37		$	67.61		$	66.74

Quarter change in book value per common share	3.8		%	5.8		%	2.4		%	1.0		%	0.5		%
Quarter change in tangible book value per common share plus change in accumulated dividends	4.3		%	6.3		%	3.1		%	1.5		%	1.0		%


(1)	At June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011, goodwill and other intangibles included $33.3 million, $34.5 million, $33.5 million, $34.2 million and $35.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	25

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - July 31, 2012

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RENAISSANCERE HOLDINGS LTD Reports