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

Attached files

file	filename
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnrq320128-kcover.htm
EX-99.1 - COPY OF THE COMPANY'S EARNINGS RELEASE - RENAISSANCERE HOLDINGS LTD	rnrq32012earningsrelease.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						Nine months ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Highlights
Gross premiums written	$	136,359		$	139,938		$	1,467,846		$	1,392,006
Net premiums written	105,035			103,010			1,025,240			983,580
Net premiums earned	262,623			229,224			785,704			751,940
Net claims and claim expenses incurred	73,215			77,830			138,318			857,628
Underwriting income (loss)	122,580			83,168			447,049			(304,261		)
Net investment income (loss)	45,164			(27,940		)	126,878			65,669
Net income (loss) available (attributable) to RenaissanceRe common shareholders	180,660			49,263			524,359			(174,006		)
Net realized and unrealized gains on investments	76,258			16,983			153,374			46,748
Net other-than-temporary impairments	—			(449		)	(343		)	(449		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	104,402			32,729			371,328			(220,347		)
Total assets	$	8,793,508		$	8,117,409		$	8,793,508		$	8,117,409
Total shareholders' equity attributable to RenaissanceRe	$	3,838,956		$	3,547,814		$	3,838,956		$	3,547,814
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.62		$	0.95		$	10.24		$	(3.44	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	2.07		$	0.62		$	7.21		$	(4.35	)
Dividends per common share	$	0.27		$	0.26		$	0.81		$	0.78
Book value per common share	$	68.20		$	57.89		$	68.20		$	57.89
Adjustment for goodwill and other intangibles (1)	(0.85		)	(0.94		)	(0.85		)	(0.94		)
Tangible book value per common share (1)	67.35			56.95			67.35			56.95
Accumulated dividends per common share	11.73			10.66			11.73			10.66
Tangible book value per common share plus accumulated dividends (1)	$	79.08		$	67.61		$	79.08		$	67.61
Financial ratios
Net claims and claim expense ratio - current accident year	35.6		%	37.7		%	33.1		%	127.0		%
Net claims and claim expense ratio - prior accident years	(7.7		)%	(3.7		)%	(15.5		)%	(12.9		)%
Net claims and claim expense ratio - calendar year	27.9		%	34.0		%	17.6		%	114.1		%
Underwriting expense ratio	25.4		%	29.7		%	25.5		%	26.4		%
Combined ratio	53.3		%	63.7		%	43.1		%	140.5		%
Operating return on average common equity - annualized (1)	12.7		%	4.4		%	15.4		%	(9.6		)%


(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
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Revenues
Gross premiums written	$	136,359		$	667,336		$	664,151		$	42,970		$	139,938
Net premiums written	$	105,035		$	427,630		$	492,575		$	29,193		$	103,010
Decrease (increase) in unearned premiums	157,588			(183,214		)	(213,910		)	169,916			126,214
Net premiums earned	262,623			244,416			278,665			199,109			229,224
Net investment income (loss)	45,164			14,743			66,971			52,331			(27,940		)
Net foreign exchange gains (losses)	3,001			2,410			(1,460		)	(400		)	(2,650		)
Equity in earnings (losses) of other ventures	4,310			6,846			5,470			(22,702		)	4,794
Other (loss) income	(881		)	11,289			(39,094		)	(43,648		)	(2,015		)
Net realized and unrealized gains on investments	76,258			31,003			46,113			23,920			16,983
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	390,475			310,498			356,531			208,507			217,947
Expenses
Net claims and claim expenses incurred	73,215			49,551			15,552			3,551			77,830
Acquisition expenses	24,438			25,608			24,111			25,101			26,057
Operational expenses	42,390			41,407			42,383			43,368			42,169
Corporate expenses	3,850			4,067			4,811			8,607			3,582
Interest expense	5,891			5,716			5,718			5,721			5,722
Total expenses	149,784			126,349			92,575			86,348			155,360
Income from continuing operations before taxes	240,691			184,149			263,956			122,159			62,587
Income tax (expense) benefit	(144		)	(898		)	37			(2,945		)	1,435
Income from continuing operations	240,547			183,251			263,993			119,214			64,022
(Loss) income from discontinued operations	(54		)	1,393			(173		)	(3,305		)	(965		)
Net income	240,493			184,644			263,820			115,909			63,057
Net income attributable to noncontrolling interests	(51,083		)	(33,624		)	(53,641		)	(25,388		)	(5,044		)
Net income attributable to RenaissanceRe	189,410			151,020			210,179			90,521			58,013
Dividends on preference shares	(8,750		)	(8,750		)	(8,750		)	(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders	$	180,660		$	142,270		$	201,429		$	81,771		$	49,263
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	3.67		$	2.75		$	3.93		$	1.66		$	0.98
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic	—			0.03			—			(0.07		)	(0.02		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	3.67		$	2.78		$	3.93		$	1.59		$	0.96
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	3.62			2.72			$	3.88		$	1.64		$	0.97
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted	—			0.03			—			(0.06		)	(0.02		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.62		$	2.75		$	3.88		$	1.58		$	0.95
Operating income available to RenaissanceRe common shareholders per common share (1)	$	2.07		$	2.14		$	2.98		$	1.11		$	0.62
Operating return on average common equity - annualized (1)	12.7		%	13.7		%	19.7		%	7.7		%	4.4		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Nine months ended
	September 30, 2012			September 30, 2011
Revenues
Gross premiums written	$	1,467,846		$	1,392,006
Net premiums written	$	1,025,240		$	983,580
Increase in unearned premiums	(239,536		)	(231,640		)
Net premiums earned	785,704			751,940
Net investment income	126,878			65,669
Net foreign exchange gains (losses)	3,951			(6,511		)
Equity in earnings (losses) of other ventures	16,626			(13,831		)
Other (loss) income	(28,686		)	42,963
Net realized and unrealized gains on investments	153,374			46,748
Total other-than-temporary impairments	(395		)	(498		)
Portion recognized in other comprehensive income, before taxes	52			49
Net other-than-temporary impairments	(343		)	(449		)
Total revenues	1,057,504			886,529
Expenses
Net claims and claim expenses incurred	138,318			857,628
Acquisition expenses	74,157			72,275
Operational expenses	126,180			126,298
Corporate expenses	12,728			9,657
Interest expense	17,325			17,647
Total expenses	368,708			1,083,505
Income (loss) from continuing operations before taxes	688,796			(196,976		)
Income tax (expense) benefit	(1,005		)	3,260
Income (loss) from continuing operations	687,791			(193,716		)
Income (loss) from discontinued operations	1,166			(12,585		)
Net income (loss)	688,957			(206,301		)
Net (income) loss attributable to noncontrolling interests	(138,348		)	58,545
Net income (loss) attributable to RenaissanceRe	550,609			(147,756		)
Dividends on preference shares	(26,250		)	(26,250		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	524,359		$	(174,006	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	10.36		$	(3.19	)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.02			(0.25		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	10.38		$	(3.44	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	10.22			(3.19		)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.02			(0.25		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	10.24		$	(3.44	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	7.21		$	(4.35	)
Operating return on average common equity - annualized (1)	15.4		%	(9.6		)%


(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 September 30, 2012
	Reinsurance			Lloyd's			Insurance			Total
Gross premiums written	$	107,637		$	28,722		$	—		$	136,359
Net premiums written	$	78,164		$	26,982		$	(111	)	$	105,035
Net premiums earned	$	230,359		$	32,375		$	(111	)	$	262,623
Net claims and claim expenses incurred	47,080			26,331			(196		)	73,215
Acquisition expenses	18,258			6,051			129			24,438
Operational expenses	30,856			11,532			2			42,390
Underwriting income (loss)	$	134,165		$	(11,539	)	$	(46	)	$	122,580

Net claims and claim expenses incurred - current accident year	$	64,488		$	29,051		$	—		$	93,539
Net claims and claim expenses incurred - prior accident years	(17,408		)	(2,720		)	(196		)	(20,324		)
Net claims and claim expenses incurred - total	$	47,080		$	26,331		$	(196	)	$	73,215

Net claims and claim expense ratio - current accident year	28.0		%	89.7		%	—		%	35.6		%
Net claims and claim expense ratio - prior accident years	(7.6		)%	(8.4		)%	176.6		%	(7.7		)%
Net claims and claim expense ratio - calendar year	20.4		%	81.3		%	176.6		%	27.9		%
Underwriting expense ratio	21.4		%	54.3		%	(118.0		)%	25.4		%
Combined ratio	41.8		%	135.6		%	58.6		%	53.3		%

	Three months ended September 30, 2011
	Reinsurance			Lloyd's			Insurance			Total
Gross premiums written	$	122,811		$	17,127		$	—		$	139,938
Net premiums written	$	86,745		$	16,125		$	140		$	103,010
Net premiums earned	$	208,074		$	20,797		$	353		$	229,224
Net claims and claim expenses incurred	58,565			14,141			5,124			77,830
Acquisition expenses	21,964			4,013			80			26,057
Operational expenses	32,462			9,560			147			42,169
Underwriting income (loss)	$	95,083		$	(6,917	)	$	(4,998	)	$	83,168

Net claims and claim expenses incurred - current accident year	$	72,358		$	14,089		$	(17	)	$	86,430
Net claims and claim expenses incurred - prior accident years	(13,793		)	52			5,141			(8,600		)
Net claims and claim expenses incurred - total	$	58,565		$	14,141		$	5,124		$	77,830

Net claims and claim expense ratio - current accident year	34.8		%	67.7		%	(4.8		)%	37.7		%
Net claims and claim expense ratio - prior accident years	(6.7		)%	0.3		%	1,456.4		%	(3.7		)%
Net claims and claim expense ratio - calendar year	28.1		%	68.0		%	1,451.6		%	34.0		%
Underwriting expense ratio	26.2		%	65.3		%	64.3		%	29.7		%
Combined ratio	54.3		%	133.3		%	1,515.9		%	63.7		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2012
	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,334,438		$	133,836		$	—		$	(428	)	$	1,467,846
Net premiums written	$	916,171		$	109,429		$	(360	)				$	1,025,240
Net premiums earned	$	698,473		$	87,566		$	(335	)				$	785,704
Net claims and claim expenses incurred	90,892			50,292			(2,866		)				138,318
Acquisition expenses	57,742			16,229			186						74,157
Operational expenses	93,246			32,395			539						126,180
Underwriting income (loss)	$	456,593		$	(11,350	)	$	1,806					$	447,049

Net claims and claim expenses incurred - current accident year	$	196,263		$	63,697		$	—					$	259,960
Net claims and claim expenses incurred - prior accident years	(105,371		)	(13,405		)	(2,866		)				(121,642		)
Net claims and claim expenses incurred - total	$	90,892		$	50,292		$	(2,866	)				$	138,318

Net claims and claim expense ratio - current accident year	28.1		%	72.7		%	—		%				33.1		%
Net claims and claim expense ratio - prior accident years	(15.1		)%	(15.3		)%	855.5		%				(15.5		)%
Net claims and claim expense ratio - calendar year	13.0		%	57.4		%	855.5		%				17.6		%
Underwriting expense ratio	21.6		%	55.6		%	(216.4		)%				25.5		%
Combined ratio	34.6		%	113.0		%	639.1		%				43.1		%

	Nine months ended September 30, 2011
	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,303,897		$	87,873		$	313		$	(77	)	$	1,392,006
Net premiums written	$	906,167		$	76,946		$	467					$	983,580
Net premiums earned	$	696,964		$	53,704		$	1,272					$	751,940
Net claims and claim expenses incurred	797,188			53,283			7,157						857,628
Acquisition expenses	62,187			9,779			309						72,275
Operational expenses	97,726			27,167			1,405						126,298
Underwriting loss	$	(260,137	)	$	(36,525	)	$	(7,599	)				$	(304,261	)

Net claims and claim expenses incurred - current accident year	$	902,118		$	53,027		$	(86	)				$	955,059
Net claims and claim expenses incurred - prior accident years	(104,930		)	256			7,243						(97,431		)
Net claims and claim expenses incurred - total	$	797,188		$	53,283		$	7,157					$	857,628

Net claims and claim expense ratio - current accident year	129.4		%	98.7		%	(6.8		)%				127.0		%
Net claims and claim expense ratio - prior accident years	(15.0		)%	0.5		%	569.5		%				(12.9		)%
Net claims and claim expense ratio - calendar year	114.4		%	99.2		%	562.7		%				114.1		%
Underwriting expense ratio	22.9		%	68.8		%	134.7		%				26.4		%
Combined ratio	137.3		%	168.0		%	697.4		%				140.5		%

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



	5



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended September 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	69,705		$	37,932		$	107,637
Net premiums written	$	40,935		$	37,229		$	78,164
Net premiums earned	$	190,806		$	39,553		$	230,359
Net claims and claim expenses incurred	11,518			35,562			47,080
Acquisition expenses	12,272			5,986			18,258
Operational expenses	24,185			6,671			30,856
Underwriting income (loss)	$	142,831		$	(8,666	)	$	134,165

Net claims and claim expenses incurred - current accident year	$	29,460		$	35,028		$	64,488
Net claims and claim expenses incurred - prior accident years	(17,942		)	534			(17,408		)
Net claims and claim expenses incurred - total	$	11,518		$	35,562		$	47,080

Net claims and claim expense ratio - current accident year	15.4		%	88.6		%	28.0		%
Net claims and claim expense ratio - prior accident years	(9.4		)%	1.3		%	(7.6		)%
Net claims and claim expense ratio - calendar year	6.0		%	89.9		%	20.4		%
Underwriting expense ratio	19.1		%	32.0		%	21.4		%
Combined ratio	25.1		%	121.9		%	41.8		%

	Three months ended September 30, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	97,217		$	25,594		$	122,811
Net premiums written	$	61,234		$	25,511		$	86,745
Net premiums earned	$	175,242		$	32,832		$	208,074
Net claims and claim expenses incurred	56,221			2,344			58,565
Acquisition expenses	17,149			4,815			21,964
Operational expenses	25,003			7,459			32,462
Underwriting income	$	76,869		$	18,214		$	95,083

Net claims and claim expenses incurred - current accident year	$	57,242		$	15,116		$	72,358
Net claims and claim expenses incurred - prior accident years	(1,021		)	(12,772		)	(13,793		)
Net claims and claim expenses incurred - total	$	56,221		$	2,344		$	58,565

Net claims and claim expense ratio - current accident year	32.7		%	46.0		%	34.8		%
Net claims and claim expense ratio - prior accident years	(0.6		)%	(38.9		)%	(6.7		)%
Net claims and claim expense ratio - calendar year	32.1		%	7.1		%	28.1		%
Underwriting expense ratio	24.0		%	37.4		%	26.2		%
Combined ratio	56.1		%	44.5		%	54.3		%



	6



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Nine months ended September 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	1,158,683		$	175,755		$	1,334,438
Net premiums written	$	747,684		$	168,487		$	916,171
Net premiums earned	$	576,498		$	121,975		$	698,473
Net claims and claim expenses incurred	27,780			63,112			90,892
Acquisition expenses	41,436			16,306			57,742
Operational expenses	72,758			20,488			93,246
Underwriting income	$	434,524		$	22,069		$	456,593

Net claims and claim expenses incurred - current accident year	$	113,864		$	82,399		$	196,263
Net claims and claim expenses incurred - prior accident years	(86,084		)	(19,287		)	(105,371		)
Net claims and claim expenses incurred - total	$	27,780		$	63,112		$	90,892

Net claims and claim expense ratio - current accident year	19.8		%	67.6		%	28.1		%
Net claims and claim expense ratio - prior accident years	(15.0		)%	(15.9		)%	(15.1		)%
Net claims and claim expense ratio - calendar year	4.8		%	51.7		%	13.0		%
Underwriting expense ratio	19.8		%	30.2		%	21.6		%
Combined ratio	24.6		%	81.9		%	34.6		%

	Nine months ended September 30, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	1,179,141		$	124,756		$	1,303,897
Net premiums written	$	786,910		$	119,257		$	906,167
Net premiums earned	$	598,040		$	98,924		$	696,964
Net claims and claim expenses incurred	770,113			27,075			797,188
Acquisition expenses	46,658			15,529			62,187
Operational expenses	75,464			22,262			97,726
Underwriting (loss) income	$	(294,195	)	$	34,058		$	(260,137	)

Net claims and claim expenses incurred - current accident year	$	802,630		$	99,488		$	902,118
Net claims and claim expenses incurred - prior accident years	(32,517		)	(72,413		)	(104,930		)
Net claims and claim expenses incurred - total	$	770,113		$	27,075		$	797,188

Net claims and claim expense ratio - current accident year	134.2		%	100.6		%	129.4		%
Net claims and claim expense ratio - prior accident years	(5.4		)%	(73.2		)%	(15.0		)%
Net claims and claim expense ratio - calendar year	128.8		%	27.4		%	114.4		%
Underwriting expense ratio	20.4		%	38.2		%	22.9		%
Combined ratio	149.2		%	65.6		%	137.3		%



	7



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011			September 30, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	44,699	$	345,094	$	330,427	$	(652	)	$	64,317
Renaissance specialty premiums	37,932		35,778		99,545		21,117			25,614
Total Renaissance premiums	82,631		380,872		429,972		20,465			89,931
DaVinci catastrophe premiums	25,006		234,644		178,813		(1,193		)	32,900
DaVinci specialty premiums	—		1,523		977		18			(20		)
Total DaVinci premiums	25,006		236,167		179,790		(1,175		)	32,880
Total catastrophe unit premiums	69,705		579,738		509,240		(1,845		)	97,217
Total specialty unit premiums	37,932		37,301		100,522		21,135			25,594
Total Reinsurance segment gross premiums written	$	107,637	$	617,039	$	609,762	$	19,290		$	122,811

Lloyd's Segment
Specialty	$	26,455	$	32,925	$	39,329	$	22,570		$	14,290
Catastrophe	2,267		17,372		15,488		1,141			2,837
Total Lloyd's segment gross premiums written	$	28,722	$	50,297	$	54,817	$	23,711		$	17,127

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

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	69,705	$	579,738	$	509,240	$	(1,845	)	$	97,217
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	5,382		31,180		34,305		1,497			12,379
Catastrophe premiums written in the Lloyd's segment	2,267		17,372		15,488		1,141			2,837
Total managed catastrophe premiums (1)	$	77,354	$	628,290	$	559,033	$	793		$	112,433

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

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



	8



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Nine months ended
	September 30, 2012		September 30, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	720,220	$	742,888
Renaissance specialty premiums	173,255		123,075
Total Renaissance premiums	893,475		865,963
DaVinci catastrophe premiums	438,463		436,253
DaVinci specialty premiums	2,500		1,681
Total DaVinci premiums	440,963		437,934
Total catastrophe unit premiums	1,158,683		1,179,141
Total specialty unit premiums	175,755		124,756
Total Reinsurance segment gross premiums written	$	1,334,438	$	1,303,897

Lloyd's Segment
Specialty	$	98,709	$	61,071
Catastrophe	35,127		26,802
Total Lloyd's segment gross premiums written	$	133,836	$	87,873

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

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,158,683	$	1,179,141
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	70,867		53,986
Catastrophe premiums written in the Lloyd's segment	35,127		26,802
Total managed catastrophe premiums (1)	$	1,264,677	$	1,259,929

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

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



	9



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Revenues
Gross premiums written	$	25,006		$	236,167		$	179,790		$	(1,175	)	$	32,880
Net premiums written	$	18,554		$	185,088		$	154,680		$	(3,264	)	$	22,673
Decrease (increase) in unearned premiums	72,039			(104,070		)	(59,543		)	74,533			58,063
Net premiums earned	90,593			81,018			95,137			71,269			80,736
Net investment income (loss)	8,146			4,109			10,527			9,501			(700		)
Net foreign exchange gains (losses)	1,115			1,465			76			(461		)	(1,194		)
Other loss	(1,384		)	(1,222		)	(462		)	(799		)	(1,032		)
Net realized and unrealized gains (losses) on fixed maturity investments	21,553			7,025			16,666			5,915			(4,871		)
Total revenues	120,023			92,395			121,944			85,425			72,939
Expenses
Net claims and claim expenses incurred	10,170			14,213			1,924			12,566			35,332
Acquisition expenses	22,783			19,051			24,099			16,450			14,916
Operational and corporate expenses	10,740			11,902			12,301			10,655			11,655
Interest expense	1,980			1,985			2,040			1,936			1,873
Total expenses	45,673			47,151			40,364			41,607			63,776
Net income	74,350			45,244			81,580			43,818			9,163
Net income attributable to redeemable noncontrolling interest	(152		)	(95		)	(167		)	(91		)	(22		)
Net income available to DaVinciRe common shareholders	$	74,198		$	45,149		$	81,413		$	43,727		$	9,141

Net claims and claim expenses incurred - current accident year	$	14,330		$	24,454		$	14,826		$	24,413		$	33,096
Net claims and claim expenses incurred - prior accident years	(4,160		)	(10,241		)	(12,902		)	(11,847		)	2,236
Net claims and claim expenses incurred - total	$	10,170		$	14,213		$	1,924		$	12,566		$	35,332

Net claims and claim expense ratio - current accident year	15.8		%	30.2		%	15.6		%	34.3		%	41.0		%
Net claims and claim expense ratio - prior accident years	(4.6		)%	(12.7		)%	(13.6		)%	(16.7		)%	2.8		%
Net claims and claim expense ratio - calendar year	11.2		%	17.5		%	2.0		%	17.6		%	43.8		%
Underwriting expense ratio	37.0		%	38.2		%	38.3		%	38.1		%	32.9		%
Combined ratio	48.2		%	55.7		%	40.3		%	55.7		%	76.7		%



	10



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Nine months ended
	September 30, 2012			September 30, 2011
Revenues
Gross premiums written	$	440,963		$	437,934
Net premiums written	$	358,322		$	365,082
Increase in unearned premiums	(91,574		)	(85,918		)
Net premiums earned	266,748			279,164
Net investment income	22,782			12,463
Net foreign exchange gains (losses)	2,656			(1,445		)
Other (loss) income	(3,068		)	9,775
Net realized and unrealized gains on fixed maturity investments	45,244			4,715
Total revenues	334,362			304,672
Expenses
Net claims and claim expenses incurred	26,307			381,524
Acquisition expenses	65,933			1,957
Operational and corporate expenses	34,943			22,204
Interest expense	6,005			4,249
Total expenses	133,188			409,934
Net income (loss)	201,174			(105,262		)
Net (income) loss attributable to redeemable noncontrolling interest	(414		)	202
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	200,760		$	(105,060	)

Net claims and claim expenses incurred - current accident year	$	53,610		$	390,571
Net claims and claim expenses incurred - prior accident years	(27,303		)	(9,047		)
Net claims and claim expenses incurred - total	$	26,307		$	381,524

Net claims and claim expense ratio - current accident year	20.1		%	139.9		%
Net claims and claim expense ratio - prior accident years	(10.2		)%	(3.2		)%
Net claims and claim expense ratio - calendar year	9.9		%	136.7		%
Underwriting expense ratio	37.8		%	8.6		%
Combined ratio	47.7		%	145.3		%



	11



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011
Assets
Fixed maturity investments trading, at fair value	$	5,089,540	$	4,948,955	$	4,176,827	$	4,291,465	$	3,687,669
Fixed maturity investments available for sale, at fair value	94,826		108,102		125,292		142,052		149,969
Total fixed maturity investments, at fair value	5,184,366		5,057,057		4,302,119		4,433,517		3,837,638
Short term investments, at fair value	679,356		654,912		1,172,839		905,477		1,557,937
Equity investments trading, at fair value	57,617		55,381		53,080		50,560		45,607
Other investments, at fair value	752,000		743,568		806,782		748,984		736,757
Investments in other ventures, under equity method	82,212		79,692		76,723		70,714		78,071
Total investments	6,755,551		6,590,610		6,411,543		6,209,252		6,256,010
Cash and cash equivalents	249,123		264,232		260,982		216,984		235,058
Premiums receivable	701,240		971,546		703,932		471,878		695,163
Prepaid reinsurance premiums	189,592		278,242		143,690		58,522		164,547
Reinsurance recoverable	209,490		198,777		279,398		404,029		434,553
Accrued investment income	37,327		35,938		30,782		33,523		34,237
Deferred acquisition costs	83,222		106,027		71,162		43,721		71,225
Receivable for investments sold	344,367		311,658		237,372		117,117		33,791
Other assets	215,008		193,798		205,660		180,992		176,114
Goodwill and other intangibles	8,588		8,690		9,077		8,894		14,230
Assets of discontinued operations held for sale	—		—		—		—		2,481
Total assets	$	8,793,508	$	8,959,518	$	8,353,598	$	7,744,912	$	8,117,409
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,782,680	$	1,801,247	$	1,858,203	$	1,992,354	$	2,226,005
Unearned premiums	718,261		964,499		646,733		347,655		623,596
Debt	358,595		354,293		351,999		353,620		349,224
Reinsurance balances payable	356,136		396,669		285,207		256,883		317,627
Payable for investments purchased	576,052		519,619		361,460		303,264		233,282
Other liabilities	206,709		173,433		242,257		211,369		174,424
Liabilities of discontinued operations held for sale	1,318		1,959		12,539		13,507		9,098
Total liabilities	3,999,751		4,211,719		3,758,398		3,478,652		3,933,256
Redeemable noncontrolling interest - DaVinciRe	950,822		900,878		796,743		657,727		633,112
Shareholders' Equity
Preference shares	550,000		550,000		550,000		550,000		550,000
Common shares	48,228		50,609		51,765		51,543		51,787
Additional paid-in capital	—		—		379		—		9,331
Accumulated other comprehensive income	14,067		12,531		12,988		11,760		11,092
Retained earnings	3,226,661		3,229,870		3,179,433		2,991,890		2,925,604
Total shareholders' equity attributable to RenaissanceRe	3,838,956		3,843,010		3,794,565		3,605,193		3,547,814
Noncontrolling interest	3,979		3,911		3,892		3,340		3,227
Total shareholders' equity	3,842,935		3,846,921		3,798,457		3,608,533		3,551,041
Total liabilities, noncontrolling interests and shareholders' equity	$	8,793,508	$	8,959,518	$	8,353,598	$	7,744,912	$	8,117,409

Book value per common share	$	68.20	$	65.07	$	62.68	$	59.27	$	57.89



	12



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011
TYPE OF INVESTMENT
U.S. treasuries	$	1,178,345		17.4	%	$	1,126,759		17.1	%	$	1,309,243		20.4	%	$	885,152		14.3	%	$	428,865		6.9	%
Agencies	426,067			6.3	%	436,691			6.7	%	343,575			5.4	%	158,561			2.6	%	127,063			2.0	%
Non-U.S. government (Sovereign debt)	156,473			2.3	%	177,231			2.7	%	130,899			2.0	%	227,912			3.7	%	402,288			6.4	%
FDIC guaranteed corporate	14,105			0.2	%	29,386			0.4	%	103,554			1.6	%	423,630			6.8	%	183,314			2.9	%
Non-U.S. government-backed corporate	371,186			5.5	%	393,875			6.0	%	501,160			7.8	%	641,082			10.3	%	594,897			9.6	%
Corporate	1,719,627			25.5	%	1,664,722			25.3	%	1,146,211			17.9	%	1,206,904			19.4	%	1,294,442			20.7	%
Agency mortgage-backed	580,823			8.6	%	592,355			9.0	%	319,215			5.0	%	441,749			7.1	%	363,814			5.8	%
Non-agency mortgage-backed	224,619			3.3	%	153,674			2.3	%	108,047			1.7	%	104,771			1.7	%	104,541			1.7	%
Commercial mortgage-backed	499,491			7.4	%	470,167			7.1	%	329,343			5.1	%	325,729			5.2	%	318,805			5.1	%
Asset-backed	13,630			0.2	%	12,197			0.2	%	10,872			0.2	%	18,027			0.3	%	19,609			0.3	%
Total fixed maturity investments, at fair value	5,184,366			76.7	%	5,057,057			76.8	%	4,302,119			67.1	%	4,433,517			71.4	%	3,837,638			61.4	%
Short term investments, at fair value	679,356			10.1	%	654,912			9.9	%	1,172,839			18.3	%	905,477			14.6	%	1,557,937			24.9	%
Equity investments trading, at fair value	57,617			0.9	%	55,381			0.8	%	53,080			0.8	%	50,560			0.8	%	45,607			0.7	%
Other investments, at fair value	752,000			11.1	%	743,568			11.3	%	806,782			12.6	%	748,984			12.1	%	736,757			11.8	%
Total managed investment portfolio	6,673,339			98.7	%	6,510,918			98.9	%	6,334,820			98.8	%	6,138,538			98.9	%	6,177,939			98.8	%
Investments in other ventures, under equity method	82,212			1.2	%	79,692			1.2	%	76,723			1.2	%	70,714			1.1	%	78,071			1.2	%
Total investments	$	6,755,551		100.0	%	$	6,590,610		100.0	%	$	6,411,543		100.0	%	$	6,209,252		100.0	%	$	6,256,010		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	801,827		15.5	%	$	842,146		16.7	%	$	742,577		17.2	%	$	1,023,890		23.1	%	$	1,099,221		28.6	%
AA (1)	2,690,342			51.9	%	2,626,291			51.9	%	2,459,756			57.2	%	2,244,016			50.6	%	1,607,177			41.9	%
A	936,264			18.0	%	917,152			18.1	%	574,809			13.4	%	631,479			14.2	%	619,229			16.1	%
BBB	336,207			6.5	%	319,760			6.3	%	272,616			6.3	%	335,002			7.6	%	329,213			8.6	%
Non-investment grade and not rated	419,726			8.1	%	351,708			7.0	%	252,361			5.9	%	199,130			4.5	%	182,798			4.8	%
Total fixed maturity investments, at fair value	$	5,184,366		100.0	%	$	5,057,057		100.0	%	$	4,302,119		100.0	%	$	4,433,517		100.0	%	$	3,837,638		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	417,722		8.0	%	$	405,636		8.0	%	$	386,259		9.0	%	$	619,845		14.0	%	$	168,557		4.4	%
Due after one through five years	2,633,322			50.8	%	2,624,676			52.0	%	2,367,344			55.0	%	2,035,383			45.9	%	1,893,416			49.3	%
Due after five through ten years	671,408			13.0	%	652,909			12.9	%	646,091			15.0	%	742,050			16.7	%	831,196			21.7	%
Due after ten years	143,351			2.8	%	145,443			2.9	%	134,948			3.1	%	145,963			3.3	%	137,700			3.6	%
Mortgage-backed securities	1,304,933			25.2	%	1,216,196			24.0	%	756,605			17.6	%	872,249			19.7	%	787,160			20.5	%
Asset-backed securities	13,630			0.2	%	12,197			0.2	%	10,872			0.3	%	18,027			0.4	%	19,609			0.5	%
Total fixed maturity investments, at fair value	$	5,184,366		100.0	%	$	5,057,057		100.0	%	$	4,302,119		100.0	%	$	4,433,517		100.0	%	$	3,837,638		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.4		%			1.8		%			1.6		%			1.9		%			2.0		%
Average duration of fixed maturities and short term investments	2.2					2.2					2.3					2.6					2.5


(1)	Included in the AA rating category at September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 is $1,618.5 million, $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

	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
TYPE OF INVESTMENT
Private equity partnerships	$	359,880		$	360,268		$	389,451		$	367,909		$	345,986
Senior secured bank loan funds	279,839			269,317			266,141			257,870			243,766
Catastrophe bonds	106,319			106,470			95,827			70,999			85,800
Hedge funds	5,962			6,243			22,310			21,344			26,810
Non-U.S. fixed income funds	—			—			31,713			28,862			29,440
Miscellaneous other investments	—			1,270			1,340			2,000			4,955
Total other investments, at fair value	$	752,000		$	743,568		$	806,782		$	748,984		$	736,757

TYPE OF INVESTMENT
Private equity partnerships	47.9		%	48.5		%	48.2		%	49.1		%	47.0		%
Senior secured bank loan funds	37.2		%	36.2		%	33.0		%	34.4		%	33.1		%
Catastrophe bonds	14.1		%	14.3		%	11.9		%	9.5		%	11.6		%
Hedge funds	0.8		%	0.8		%	2.8		%	2.8		%	3.6		%
Non-U.S. fixed income funds	—		%	—		%	3.9		%	3.9		%	4.0		%
Miscellaneous other investments	—		%	0.2		%	0.2		%	0.3		%	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															Nine months ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			September 30, 2012			September 30, 2011
Fixed maturity investments	$	24,785		$	22,436		$	26,333		$	26,084		$	11,435		$	73,554		$	63,774
Short term investments	219			234			500			357			281			953			1,309
Equity investments trading	181			181			170			174			171			532			297
Other investments
Hedge funds and private equity investments	10,383			(10,413		)	28,473			21,506			(25,702		)	28,443			6,035
Other	12,737			4,975			14,170			6,458			(11,665		)	31,882			2,000
Cash and cash equivalents	63			54			26			11			66			143			152
	48,368			17,467			69,672			54,590			(25,414		)	135,507			73,567
Investment expenses	(3,204		)	(2,724		)	(2,701		)	(2,259		)	(2,526		)	(8,629		)	(7,898		)
Net investment income (loss)	45,164			14,743			66,971			52,331			(27,940		)	126,878			65,669

Gross realized gains	19,891			19,458			36,286			15,312			38,054			75,635			64,046
Gross realized losses	(2,811		)	(3,294		)	(6,950		)	(7,787		)	(6,099		)	(13,055		)	(22,872		)
Net realized gains on fixed maturity investments	17,080			16,164			29,336			7,525			31,955			62,580			41,174
Net unrealized gains (losses) on fixed maturity investments trading	56,942			12,538			14,257			11,441			(13,007		)	83,737			7,963
Net unrealized gains (losses) on equity investments trading	2,236			2,301			2,520			4,954			(1,965		)	7,057			(2,389		)
Net realized and unrealized gains on investments	76,258			31,003			46,113			23,920			16,983			153,374			46,748
Total other-than-temporary impairments	—			(234		)	(161		)	(132		)	(498		)	(395		)	(498		)
Portion recognized in other comprehensive income, before taxes	—			25			27			29			49			52			49
Net other-than-temporary impairments	—			(209		)	(134		)	(103		)	(449		)	(343		)	(449		)

Change in net unrealized gains on fixed maturity investments available for sale	1,326			(706		)	778			697			(7,171		)	1,398			(8,682		)

Total investment income (loss)	$	122,748		$	44,831		$	113,728		$	76,845		$	(18,577	)	$	281,307		$	103,286



	15



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
September 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	$	679,356	$	679,356		10.1	%	0.2	%	$	646,623		$	28,177		$	2,948		$	1,599		$	9		$	—
			100.0		%					95.2		%	4.2		%	0.4		%	0.2		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,173,659		1,178,345			17.4	%	0.4	%	—			1,178,345			—			—			—			—
Agencies
	393,697		396,997			5.9	%	0.6	%	—			396,997			—			—			—			—
Other agencies	28,706		29,070			0.4	%	0.7	%	—			29,070			—			—			—			—
Total agencies	422,403		426,067			6.3	%	0.6	%	—			426,067			—			—			—			—
Non-U.S. government (Sovereign debt)	151,392		156,473			2.3	%	1.8	%	78,336			35,630			6,897			22,558			12,357			695
FDIC guaranteed corporate	14,096		14,105			0.2	%	0.5	%	—			14,105			—			—			—			—
Non-U.S. government-backed corporate	365,781		371,186			5.5	%	0.8	%	308,802			55,654			6,730			—			—			—
Corporate	1,656,505		1,719,627			25.5	%	2.5	%	27,068			310,905			812,263			310,382			246,251			12,758
Mortgage-backed
Residential mortgage-backed
Agency securities	572,323		580,823			8.6	%	0.9	%	—			580,823			—			—			—			—
Non-agency securities - Prime	110,107		115,785			1.7	%	3.8	%	31,470			3,933			3,483			1,814			75,085			—
Non-agency securities - Alt A	100,659		108,834			1.6	%	5.4	%	17,071			2,586			15,144			1,453			72,580			—
Total residential mortgage-backed	783,089		805,442			11.9	%	1.9	%	48,541			587,342			18,627			3,267			147,665			—
Commercial mortgage-backed	473,264		499,491			7.4	%	1.8	%	325,450			82,294			91,747			—			—			—
Total mortgage-backed	1,256,353		1,304,933			19.3	%	1.9	%	373,991			669,636			110,374			3,267			147,665			—
Asset-backed
Credit cards	4,270		4,618			0.1	%	1.8	%	4,618			—			—			—			—			—
Auto loans	2,635		2,722			—	%	1.1	%	2,722			—			—			—			—			—
Student loans	1,714		1,667			—	%	1.8	%	1,667			—			—			—			—			—
Other	4,353		4,623			0.1	%	2.4	%	4,623			—			—			—			—			—
Total asset-backed	12,972		13,630			0.2	%	1.9	%	13,630			—			—			—			—			—
Total securitized assets	1,269,325		1,318,563			19.5	%	1.9	%	387,621			669,636			110,374			3,267			147,665			—
Total fixed maturity investments	5,053,161		5,184,366			76.7	%	1.5	%	801,827			2,690,342			936,264			336,207			406,273			13,453
			100.0		%					15.5		%	51.9		%	18.0		%	6.5		%	7.8		%	0.3		%
Equity investments trading			57,617			0.9	%			—			—			—			—			—			57,617
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			359,880			5.3	%			—			—			—			—			—			359,880
Senior secured bank loan funds			279,839			4.1	%			—			—			—			—			252,809			27,030
Catastrophe bonds			106,319			1.6	%			—			—			—			—			106,319			—
Hedge funds			5,962			0.1	%			—			—			—			—			—			5,962
Miscellaneous other investments			—			—	%			—			—			—			—			—			—
Total other investments			752,000			11.1	%			—			—			—			—			359,128			392,872
			100.0		%					—		%	—		%	—		%	—		%	47.8		%	52.2		%
Investments in other ventures			82,212			1.2	%			—			—			—			—			—			82,212
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,755,551		100.0	%			$	1,448,450		$	2,718,519		$	939,212		$	337,806		$	765,410		$	546,154
			100.0		%					21.5		%	40.2		%	13.9		%	5.0		%	11.3		%	8.1		%

(1)

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



	16



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	September 30, 2012				December 31, 2011				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	679,356	10.1	%	$	905,477	14.6	%	$	(226,121	)	(4.5	)%
Fixed maturity investments
U.S. treasuries	1,178,345		17.4	%	885,152		14.3	%	293,193			3.1	%
Agencies
Fannie Mae & Freddie Mac	396,997		5.9	%	143,562		2.4	%	253,435			3.5	%
Other agencies	29,070		0.4	%	14,999		0.2	%	14,071			0.2	%
Total agencies	426,067		6.3	%	158,561		2.6	%	267,506			3.7	%
Non-U.S. government (Sovereign debt)	156,473		2.3	%	227,912		3.7	%	(71,439		)	(1.4	)%
FDIC guaranteed corporate	14,105		0.2	%	423,630		6.8	%	(409,525		)	(6.6	)%
Non-U.S. government-backed corporate	371,186		5.5	%	641,082		10.3	%	(269,896		)	(4.8	)%
Corporate	1,719,627		25.5	%	1,206,904		19.4	%	512,723			6.1	%
Mortgage-backed
Residential mortgage-backed
Agency securities	580,823		8.6	%	441,749		7.1	%	139,074			1.5	%
Non-agency securities - Prime	115,785		1.7	%	68,678		1.1	%	47,107			0.6	%
Non-agency securities - Alt A	108,834		1.6	%	36,093		0.6	%	72,741			1.0	%
Total residential mortgage-backed	805,442		11.9	%	546,520		8.8	%	258,922			3.1	%
Commercial mortgage-backed	499,491		7.4	%	325,729		5.2	%	173,762			2.2	%
Total mortgage-backed	1,304,933		19.3	%	872,249		14.0	%	432,684			5.3	%
Asset-backed
Credit cards	4,618		0.1	%	8,955		0.2	%	(4,337		)	(0.1	)%
Auto loans	2,722		—	%	—		—	%	2,722			—	%
Student loans	1,667		—	%	1,287		—	%	380			—	%
Other	4,623		0.1	%	7,785		0.1	%	(3,162		)	—	%
Total asset-backed	13,630		0.2	%	18,027		0.3	%	(4,397		)	(0.1	)%
Total securitized assets	1,318,563		19.5	%	890,276		14.3	%	428,287			5.2	%
Total fixed maturity investments	5,184,366		76.7	%	4,433,517		71.4	%	750,849			5.3	%
Equity investments trading	57,617		0.9	%	50,560		0.8	%	7,057			0.1	%
Other investments
Private equity partnerships	359,880		5.3	%	367,909		5.9	%	(8,029		)	(0.6	)%
Senior secured bank loan funds	279,839		4.1	%	257,870		4.2	%	21,969			(0.1	)%
Catastrophe bonds	106,319		1.6	%	70,999		1.1	%	35,320			0.5	%
Hedge funds	5,962		0.1	%	21,344		0.3	%	(15,382		)	(0.2	)%
Non-U.S. fixed income funds	—		—	%	28,862		0.5	%	(28,862		)	(0.5	)%
Miscellaneous other investments	—		—	%	2,000		—	%	(2,000		)	—	%
Total other investments	752,000		11.1	%	748,984		12.1	%	3,016			(1.0	)%
Investments in other ventures	82,212		1.2	%	70,714		1.1	%	11,498			0.1	%
Total managed investment portfolio	$	6,755,551	100.0	%	$	6,209,252	100.0	%	$	546,299



	17



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	September 30, 2012
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	724,674	$	14,553	$	176,041	$	422,579	$	64,406	$	36,444	$	10,651
Industrial, utilities and energy	350,452		7,007		32,652		145,045		98,950		66,574		224
Communications and technology	238,926		4,622		13,934		101,599		65,858		52,231		682
Consumer	179,153		—		21,881		67,486		42,810		46,011		965
Basic materials	74,499		—		—		27,045		27,043		20,175		236
Health care	134,216		—		61,674		40,235		9,268		23,039		—
Other	17,707		886		4,723		8,274		2,047		1,777		—
Total corporate fixed maturity investments, at fair value (1)	$	1,719,627	$	27,068	$	310,905	$	812,263	$	310,382	$	246,251	$	12,758

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

	September 30, 2012
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	68,408	$	1,554	$	66,854
Citigroup Inc.	58,937		—		58,937
Goldman Sachs Group Inc.	55,639		—		55,639
General Electric Company	51,007		—		51,007
Bank of America Corp.	48,567		165		48,402
HSBC Holdings PLC	40,850		—		40,850
Morgan Stanley	31,005		—		31,005
AT&T Inc.	25,294		—		25,294
Credit Suisse Group AG	24,182		—		24,182
BP PLC	23,855		—		23,855
Total (2)	$	427,744	$	1,719	$	426,025


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


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



	18



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2012
Catastrophe	$	703,573	$	229,511	$	168,185	$	1,101,269
Specialty	121,427		88,538		272,481		482,446
Total Reinsurance	825,000		318,049		440,666		1,583,715
Lloyd's	26,631		7,528		92,413		126,572
Insurance	19,556		8,478		44,359		72,393
Total	$	871,187	$	334,055	$	577,438	$	1,782,680

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



	19



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended September 30, 2012									Three months ended September 30, 2011
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,801,247		$	198,777		$	1,602,470		$	2,170,728		$	333,245		$	1,837,483
Incurred losses and loss expenses
Current year	99,427			5,888			93,539			194,781			108,351			86,430
Prior years	(16,238		)	4,086			(20,324		)	(15,116		)	(6,516		)	(8,600		)
Total incurred losses and loss expenses	83,189			9,974			73,215			179,665			101,835			77,830
Paid losses and loss expenses
Current year	20,395			33			20,362			56,724			—			56,724
Prior years	81,361			(772		)	82,133			67,664			527			67,137
Total paid losses and loss expenses	101,756			(739		)	102,495			124,388			527			123,861
Reserve for losses and loss expenses, end of period	$	1,782,680		$	209,490		$	1,573,190		$	2,226,005		$	434,553		$	1,791,452

	Nine months ended September 30, 2012									Nine months ended September 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	282,824			22,864			259,960			1,319,400			364,341			955,059
Prior years	(114,252		)	7,390			(121,642		)	(111,743		)	(14,312		)	(97,431		)
Total incurred losses and loss expenses	168,572			30,254			138,318			1,207,657			350,029			857,628
Paid losses and loss expenses
Current year	39,332			33			39,299			108,302			—			108,302
Prior years	338,914			224,760			114,154			131,193			17,187			114,006
Total paid losses and loss expenses	378,246			224,793			153,453			239,495			17,187			222,308
Reserve for losses and loss expenses, end of period	$	1,782,680		$	209,490		$	1,573,190		$	2,226,005		$	434,553		$	1,791,452



	20



RenaissanceRe Holdings Ltd.
Earnings (Loss) per Share

	Three months ended
(common shares in thousands)	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Numerator:
Net income available to RenaissanceRe common shareholders	$	180,660		$	142,270		$	201,429		$	81,771		$	49,263
Amount allocated to participating common shareholders (1)	(2,787		)	(2,236		)	(3,404		)	(1,433		)	(911		)
	$	177,873		$	140,034		$	198,025		$	80,338		$	48,352
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	48,394			50,278			50,377			50,501			50,501
Per common share equivalents of employee stock options and restricted shares	725			734			604			359			472
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	49,119			51,012			50,981			50,860			50,973

Basic income per RenaissanceRe common share	$	3.67		$	2.78		$	3.93		$	1.59		$	0.96
Diluted income per RenaissanceRe common share	$	3.62		$	2.75		$	3.88		$	1.58		$	0.95

	Nine months ended
(common shares in thousands)	September 30, 2012			September 30, 2011
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	524,359		$	(174,006	)
Amount allocated to participating common shareholders (1)	(8,395		)	(761		)
	$	515,964		$	(174,767	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	49,683			50,830
Per common share equivalents of employee stock options and restricted shares	687			—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	50,370			50,830

Basic income (loss) per RenaissanceRe common share	$	10.38		$	(3.44	)
Diluted income (loss) per RenaissanceRe common share (2)	$	10.24		$	(3.44	)


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


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



	21



RenaissanceRe Holdings Ltd.
Equity in Earnings (Losses) of Other Ventures

	Three months ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Top Layer Re	$	4,970		$	5,113		$	4,737		$	(22,617	)	$	3,688
Tower Hill Companies	1,930			1,744			1,117			(348		)	2,504
Other	(2,590		)	(11		)	(384		)	263			(1,398		)
Total equity in earnings (losses) of other ventures	$	4,310		$	6,846		$	5,470		$	(22,702	)	$	4,794

	Nine months ended
	September 30, 2012			September 30, 2011
Top Layer Re	$	14,820		$	(14,854	)
Tower Hill Companies	4,791			3,271
Other	(2,985		)	(2,248		)
Total equity in earnings (losses) of other ventures	$	16,626		$	(13,831	)

Other (Loss) Income

	Three months ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Weather and energy risk management operations	$	172		$	5,875		$	(35,463	)	$	(41,314	)	$	(3,232	)
Gain on sale of NBIC	—			—			—			—			4,836
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(3,696		)	4,082			(1,779		)	(2,381		)	(2,704		)
Other items	2,643			1,332			(1,852		)	47			(915		)
Total other (loss) income	$	(881	)	$	11,289		$	(39,094	)	$	(43,648	)	$	(2,015	)

	Nine months ended
	September 30, 2012			September 30, 2011
Gain on sale of NBIC	$	—		$	4,836
Mark-to-market on Platinum warrant	—			2,975
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(1,393		)	39,795
Weather and energy risk management operations	(29,416		)	(3,716		)
Other items	2,123			(927		)
Total other (loss) income	$	(28,686	)	$	42,963



	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	—
Glencoe	A	A	—	—
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+

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															Nine months ended
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			September 30, 2012			September 30, 2011
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	180,660		$	142,270		$	201,429		$	81,771		$	49,263		$	524,359		$	(174,006	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(76,258		)	(31,003		)	(46,113		)	(23,920		)	(16,983		)	(153,374		)	(46,748		)
Adjustment for net other-than-temporary impairments of continuing operations	—			209			134			103			449			343			449
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	$	104,402		$	111,476		$	155,450		$	57,954		$	32,729		$	371,328		$	(220,347	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.62		$	2.75		$	3.88		$	1.58		$	0.95		$	10.24		$	(3.44	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(1.55		)	(0.61		)	(0.90		)	(0.47		)	(0.34		)	(3.04		)	(0.92		)
Adjustment for net other-than-temporary impairments of continuing operations	—			—			—			—			0.01			0.01			0.01
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.07		$	2.14		$	2.98		$	1.11		$	0.62		$	7.21		$	(4.35	)

Return on average common equity - annualized	22.0		%	17.5		%	25.6		%	10.8		%	6.6		%	21.7		%	(7.5		)%
Adjustment for net realized and unrealized gains on investments of continuing operations	(9.3		)%	(3.8		)%	(5.9		)%	(3.1		)%	(2.3		)%	(6.3		)%	(2.1		)%
Adjustment for net other-than-temporary impairments of continuing operations	—		%	—		%	—		%	—		%	0.1		%	—		%	—		%
Operating return on average common equity - annualized	12.7		%	13.7		%	19.7		%	7.7		%	4.4		%	15.4		%	(9.6		)%



	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
	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
Book value per common share	$	68.20		$	65.07		$	62.68		$	59.27		$	57.89
Adjustment for goodwill and other intangibles (1)	(0.85		)	(0.83		)	(0.84		)	(0.82		)	(0.94		)
Tangible book value per common share	67.35			64.24			61.84			58.45			56.95
Adjustment for accumulated dividends	11.73			11.46			11.19			10.92			10.66
Tangible book value per common share plus accumulated dividends	$	79.08		$	75.70		$	73.03		$	69.37		$	67.61

Quarter change in book value per common share	4.8		%	3.8		%	5.8		%	2.4		%	1.0		%
Quarter change in tangible book value per common share plus change in accumulated dividends	5.3		%	4.3		%	6.3		%	3.1		%	1.5		%


(1)	At September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011, goodwill and other intangibles included $32.2 million, $33.3 million, $34.5 million, $33.5 million and $34.2 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 - November 1, 2012

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RENAISSANCERE HOLDINGS LTD Reports