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

Attached files

file	filename
EX-99.1 - COPY OF THE COMPANY'S EARNINGS RELEASE - RENAISSANCERE HOLDINGS LTD	rnr2016q3earningsrelease.htm
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnr2016q38-kcover.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.	Gross Premiums Written and Managed Premiums	6 - 7
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	8 - 9

Balance Sheets
a.	Summary Consolidated Balance Sheets	10

Investments
a.	Investment Portfolio - Composition	11
b.	Summary of Other Investments	12
c.	Total Investment Result	13
d.	Investment Portfolio - Effective Yield and Credit Rating	14
e.	Investment Portfolio - Change in Portfolio Composition	15
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	16

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	17
b.	Paid to Incurred Analysis	18

Other Items
a.	Earnings per Share	19
b.	Equity in (Losses) Earnings of Other Ventures	20
c.	Other Income	20
d.	Ratings	21

Comments on Regulation G		22 - 23

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 22 and 23 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. ("RenaissanceRe" or the "Company") is a global provider of reinsurance and insurance. The Company has the following reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this financial supplement 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 U.S. 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, 2016			September 30, 2015			September 30, 2016			September 30, 2015
Highlights
Gross premiums written	$	430,224		$	369,642		$	2,051,485		$	1,675,217
Net premiums written	$	284,222		$	266,820		$	1,315,813		$	1,179,532
Net premiums earned	$	346,521		$	362,388		$	1,051,529		$	1,038,976
Net claims and claim expenses incurred	112,575			100,028			406,930			346,225
Acquisition expenses	80,580			78,126			215,177			183,193
Operating expenses	40,493			54,518			147,801			154,812
Underwriting income	$	112,873		$	129,716		$	281,621		$	354,746

Net investment income	$	51,423		$	28,338		$	134,410		$	106,649
Net realized and unrealized gains (losses) on investments	59,870			(41,138		)	191,295			(26,101		)
Change in net unrealized gains on fixed maturity investments available for sale	(113		)	(243		)	(472		)	(986		)
Total investment result	$	111,180		$	(13,043	)	$	325,233		$	79,562

Net income available to RenaissanceRe common shareholders	$	146,825		$	75,529		$	411,145		$	316,605
Operating income available to RenaissanceRe common shareholders (1)	$	86,955		$	116,667		$	219,850		$	342,706

Total assets	$	12,659,531		$	11,901,110		$	12,659,531		$	11,901,110
Total shareholders' equity attributable to RenaissanceRe	$	4,807,790		$	4,697,643		$	4,807,790		$	4,697,643

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.56		$	1.66		$	9.71		$	7.19
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.09		$	2.58		$	5.14		$	7.79
Dividends per common share	$	0.31		$	0.30		$	0.93		$	0.90
Book value per common share	$	107.10		$	97.41		$	107.10		$	97.41
Tangible book value per common share (1)	$	100.41		$	90.76		$	100.41		$	90.76
Tangible book value per common share plus accumulated dividends (1)	$	116.82		$	105.94		$	116.82		$	105.94
Change in tangible book value per common share plus change in accumulated dividends (1)	3.9		%	1.3		%	9.5		%	2.7		%

Financial ratios
Net claims and claim expense ratio - current accident year	45.7		%	47.0		%	46.0		%	45.4		%
Net claims and claim expense ratio - prior accident years	(13.2		)%	(19.4		)%	(7.3		)%	(12.1		)%
Net claims and claim expense ratio - calendar year	32.5		%	27.6		%	38.7		%	33.3		%
Underwriting expense ratio	34.9		%	36.6		%	34.5		%	32.6		%
Combined ratio	67.4		%	64.2		%	73.2		%	65.9		%
Return on average common equity - annualized	13.5		%	6.9		%	12.6		%	10.2		%
Operating return on average common equity - annualized (1)	8.0		%	10.7		%	6.7		%	11.0		%
Total investment return - annualized	4.9		%	(0.6		)%	4.7		%	1.2		%


(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, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Revenues
Gross premiums written	$	430,224		$	759,128		$	862,133		$	336,093		$	369,642
Net premiums written	$	284,222		$	519,916		$	511,675		$	236,651		$	266,820
Decrease (increase) in unearned premiums	62,299			(168,514		)	(158,069		)	124,924			95,568
Net premiums earned	346,521			351,402			353,606			361,575			362,388
Net investment income	51,423			54,124			28,863			45,918			28,338
Net foreign exchange (losses) gains	(5,986		)	(690		)	(1,692		)	1,203			616
Equity in (losses) earnings of other ventures	(11,630		)	6,022			1,611			3,296			5,730
Other income	2,268			2,654			4,079			8,200			2,306
Net realized and unrealized gains (losses) on investments	59,870			69,772			61,653			(42,817		)	(41,138		)
Total revenues	442,466			483,284			448,120			377,375			358,240
Expenses
Net claims and claim expenses incurred	112,575			167,750			126,605			102,013			100,028
Acquisition expenses	80,580			69,005			65,592			55,399			78,126
Operational expenses	40,493			51,073			56,235			64,300			54,518
Corporate expenses	11,537			5,752			8,225			10,791			7,322
Interest expense	10,536			10,536			10,538			10,550			10,542
Total expenses	255,721			304,116			267,195			243,053			250,536
Income before taxes	186,745			179,168			180,925			134,322			107,704
Income tax benefit (expense)	1,316			(6,612		)	(2,744		)	(8,453		)	4,573
Net income	188,061			172,556			178,181			125,869			112,277
Net income attributable to noncontrolling interests	(35,641		)	(30,635		)	(44,591		)	(28,068		)	(31,153		)
Net income attributable to RenaissanceRe	152,420			141,921			133,590			97,801			81,124
Dividends on preference shares	(5,595		)	(5,596		)	(5,595		)	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	146,825		$	136,325		$	127,995		$	92,206		$	75,529

Net income available to RenaissanceRe common shareholders per common share - basic	$	3.58		$	3.23		$	2.97		$	2.11		$	1.68
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.56		$	3.22		$	2.95		$	2.09		$	1.66
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.09		$	1.55		$	1.51		$	3.07		$	2.58

Return on average common equity - annualized	13.5		%	12.6		%	11.8		%	8.5		%	6.9		%
Operating return on average common equity - annualized (1)	8.0		%	6.1		%	6.1		%	12.5		%	10.7		%


(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, 2016			September 30, 2015
Revenues
Gross premiums written	$	2,051,485		$	1,675,217
Net premiums written	$	1,315,813		$	1,179,532
Increase in unearned premiums	(264,284		)	(140,556		)
Net premiums earned	1,051,529			1,038,976
Net investment income	134,410			106,649
Net foreign exchange losses	(8,368		)	(4,254		)
Equity in (losses) earnings of other ventures	(3,997		)	17,185
Other income	9,001			5,272
Net realized and unrealized gains (losses) on investments	191,295			(26,101		)
Total revenues	1,373,870			1,137,727
Expenses
Net claims and claim expenses incurred	406,930			346,225
Acquisition expenses	215,177			183,193
Operational expenses	147,801			154,812
Corporate expenses	25,514			65,723
Interest expense	31,610			25,720
Total expenses	827,032			775,673
Income before taxes	546,838			362,054
Income tax (expense) benefit	(8,040		)	54,319
Net income	538,798			416,373
Net income attributable to noncontrolling interests	(110,867		)	(82,982		)
Net income attributable to RenaissanceRe	427,931			333,391
Dividends on preference shares	(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders	$	411,145		$	316,605

Net income available to RenaissanceRe common shareholders per common share - basic	$	9.77		$	7.25
Net income available to RenaissanceRe common shareholders per common share - diluted	$	9.71		$	7.19
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	5.14		$	7.79

Return on average common equity - annualized	12.6		%	10.2		%
Operating return on average common equity - annualized (1)	6.7		%	11.0		%


(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, 2016
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	67,394		$	270,876		$	91,954		$	—		$	430,224
Net premiums written	$	37,526		$	177,331		$	69,365		$	—		$	284,222
Net premiums earned	$	121,062		$	150,766		$	74,693		$	—		$	346,521
Net claims and claim expenses incurred	927			82,113			29,337			198			112,575
Acquisition expenses	7,603			52,019			20,958			—			80,580
Operational expenses	16,355			15,360			8,760			18			40,493
Underwriting income (loss)	$	96,177		$	1,274		$	15,638		$	(216	)	$	112,873

Net claims and claim expenses incurred - current accident year	$	18,267		$	102,025		$	38,068		$	—		$	158,360
Net claims and claim expenses incurred - prior accident years	(17,340		)	(19,912		)	(8,731		)	198			(45,785		)
Net claims and claim expenses incurred - total	$	927		$	82,113		$	29,337		$	198		$	112,575

Net claims and claim expense ratio - current accident year	15.1		%	67.7		%	51.0		%				45.7		%
Net claims and claim expense ratio - prior accident years	(14.3		)%	(13.2		)%	(11.7		)%				(13.2		)%
Net claims and claim expense ratio - calendar year	0.8		%	54.5		%	39.3		%				32.5		%
Underwriting expense ratio	19.8		%	44.7		%	39.8		%				34.9		%
Combined ratio	20.6		%	99.2		%	79.1		%				67.4		%

	Three months ended September 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	81,692		$	214,372		$	73,578		$	—		$	369,642
Net premiums written	$	55,182		$	155,987		$	55,651		$	—		$	266,820
Net premiums earned	$	159,641		$	146,213		$	56,534		$	—		$	362,388
Net claims and claim expenses incurred	22,319			41,005			36,425			279			100,028
Acquisition expenses	14,048			50,432			13,654			(8		)	78,126
Operational expenses	23,513			17,542			13,427			36			54,518
Underwriting income (loss)	$	99,761		$	37,234		$	(6,972	)	$	(307	)	$	129,716

Net claims and claim expenses incurred - current accident year	$	36,244		$	96,737		$	37,397		$	—		$	170,378
Net claims and claim expenses incurred - prior accident years	(13,925		)	(55,732		)	(972		)	279			(70,350		)
Net claims and claim expenses incurred - total	$	22,319		$	41,005		$	36,425		$	279		$	100,028

Net claims and claim expense ratio - current accident year	22.7		%	66.2		%	66.1		%				47.0		%
Net claims and claim expense ratio - prior accident years	(8.7		)%	(38.2		)%	(1.7		)%				(19.4		)%
Net claims and claim expense ratio - calendar year	14.0		%	28.0		%	64.4		%				27.6		%
Underwriting expense ratio	23.5		%	46.5		%	47.9		%				36.6		%
Combined ratio	37.5		%	74.5		%	112.3		%				64.2		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2016
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	825,271		$	840,598		$	385,616		$	—		$	2,051,485
Net premiums written	$	481,956		$	569,842		$	264,015		$	—		$	1,315,813
Net premiums earned	$	399,663		$	443,252		$	208,614		$	—		$	1,051,529
Net claims and claim expenses incurred	64,878			241,666			100,185			201			406,930
Acquisition expenses	33,410			127,871			53,896			—			215,177
Operational expenses	55,308			57,092			35,302			99			147,801
Underwriting income (loss)	$	246,067		$	16,623		$	19,231		$	(300	)	$	281,621

Net claims and claim expenses incurred - current accident year	$	102,471		$	275,520		$	105,583		$	—		$	483,574
Net claims and claim expenses incurred - prior accident years	(37,593		)	(33,854		)	(5,398		)	201			(76,644		)
Net claims and claim expenses incurred - total	$	64,878		$	241,666		$	100,185		$	201		$	406,930

Net claims and claim expense ratio - current accident year	25.6		%	62.2		%	50.6		%				46.0		%
Net claims and claim expense ratio - prior accident years	(9.4		)%	(7.7		)%	(2.6		)%				(7.3		)%
Net claims and claim expense ratio - calendar year	16.2		%	54.5		%	48.0		%				38.7		%
Underwriting expense ratio	22.2		%	41.7		%	42.8		%				34.5		%
Combined ratio	38.4		%	96.2		%	90.8		%				73.2		%

	Nine months ended September 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	856,305		$	498,676		$	320,326		$	(90	)	$	1,675,217
Net premiums written	$	548,312		$	399,769		$	231,540		$	(89	)	$	1,179,532
Net premiums earned	$	466,113		$	396,673		$	176,279		$	(89	)	$	1,038,976
Net claims and claim expenses incurred	85,289			166,655			93,951			330			346,225
Acquisition expenses	41,016			99,372			42,557			248			183,193
Operational expenses	65,966			49,579			39,086			181			154,812
Underwriting income (loss)	$	273,842		$	81,067		$	685		$	(848	)	$	354,746

Net claims and claim expenses incurred - current accident year	$	127,702		$	250,316		$	93,778		$	—		$	471,796
Net claims and claim expenses incurred - prior accident years	(42,413		)	(83,661		)	173			330			(125,571		)
Net claims and claim expenses incurred - total	$	85,289		$	166,655		$	93,951		$	330		$	346,225

Net claims and claim expense ratio - current accident year	27.4		%	63.1		%	53.2		%				45.4		%
Net claims and claim expense ratio - prior accident years	(9.1		)%	(21.1		)%	0.1		%				(12.1		)%
Net claims and claim expense ratio - calendar year	18.3		%	42.0		%	53.3		%				33.3		%
Underwriting expense ratio	22.9		%	37.6		%	46.3		%				32.6		%
Combined ratio	41.2		%	79.6		%	99.6		%				65.9		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $(0.1) million for the nine months ended September 30, 2015.



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	September 30, 2016		June 30, 2016			March 31, 2016			December 31, 2015		September 30, 2015
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	52,857	$	251,695		$	246,089		$	11,207	$	61,479
DaVinci catastrophe premiums	14,537		145,759			114,334			1,119		20,213
Total Catastrophe Reinsurance segment gross premiums written	$	67,394	$	397,454		$	360,423		$	12,326	$	81,692

Specialty Reinsurance Segment
Casualty	$	118,408	$	87,989		$	147,801		$	93,004	$	116,851
Credit	108,835		71,395			138,630			141,939		66,839
Property	25,163		18,235			39,624			14,176		10,405
Other	18,470		23,114			42,934			18,256		20,277
Total Specialty Reinsurance segment gross premiums written	$	270,876	$	200,733		$	368,989		$	267,375	$	214,372

Lloyd's Segment
Casualty	$	54,810	$	62,110		$	70,928		$	37,161	$	41,352
Property	19,334		38,662			21,879			14,578		18,717
Catastrophe	8,013		39,602			23,033			2,840		7,465
Credit	1,936		2,860			4,204			274		3,377
Other	7,861		17,707			12,677			1,539		2,667
Total Lloyd's segment gross premiums written	$	91,954	$	160,941		$	132,721		$	56,392	$	73,578

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	67,394	$	397,454		$	360,423		$	12,326	$	81,692
Catastrophe premiums written in the Lloyd's segment	8,013		39,602			23,033			2,840		7,465
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,493		25,689			11,096			1,923		1,089
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	—		(896		)	(8,367		)	—		—
Total managed catastrophe premiums (1)	$	76,900	$	461,849		$	386,185		$	17,089	$	90,246


(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.



	6



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Nine months ended
	September 30, 2016			September 30, 2015
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	550,641		$	570,455
DaVinci catastrophe premiums	274,630			285,850
Total Catastrophe Reinsurance segment gross premiums written	$	825,271		$	856,305

Specialty Reinsurance Segment
Casualty	$	354,198		$	263,909
Credit	318,860			115,461
Property	83,022			38,829
Other	84,518			80,477
Total Specialty Reinsurance segment gross premiums written	$	840,598		$	498,676

Lloyd's Segment
Casualty	$	187,848		$	151,749
Property	79,875			66,616
Catastrophe	70,648			66,489
Credit	9,000			7,496
Other	38,245			27,976
Total Lloyd's segment gross premiums written	$	385,616		$	320,326

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	825,271		$	856,305
Catastrophe premiums written in the Lloyd's segment	70,648			66,489
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	38,278			36,664
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(9,263		)	(6,785		)
Total managed catastrophe premiums (1)	$	924,934		$	952,673


(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.



	7



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Revenues
Gross premiums written	$	14,537		$	146,519		$	114,503		$	1,269		$	20,326
Net premiums written	$	8,932		$	133,513		$	88,506		$	1,244		$	14,598
Decrease (increase) in unearned premiums	48,490			(70,095		)	(30,106		)	61,795			47,452
Net premiums earned	57,422			63,418			58,400			63,039			62,050
Net investment income	7,213			7,162			6,869			7,241			7,171
Net foreign exchange (losses) gains	(474		)	594			407			(225		)	(233		)
Other loss	—			(86		)	—			—			—
Net realized and unrealized gains (losses) on investments	1,338			11,004			15,239			(13,120		)	(2,044		)
Total revenues	65,499			82,092			80,915			56,935			66,944
Expenses
Net claims and claim expenses incurred	(164		)	23,231			(518		)	(6,954		)	4,675
Acquisition expenses	16,223			12,916			16,096			16,883			15,683
Operational and corporate expenses	6,688			6,786			6,860			7,211			7,285
Interest expense	1,859			1,859			1,858			1,813			1,813
Total expenses	24,606			44,792			24,296			18,953			29,456
Income before taxes	40,893			37,300			56,619			37,982			37,488
Income tax (expense) benefit	(444		)	(84		)	(91		)	(2		)	188
Net income available to DaVinciRe common shareholders	$	40,449		$	37,216		$	56,528		$	37,980		$	37,676

Net claims and claim expenses incurred - current accident year	$	4,435		$	30,095		$	3,546		$	5,477		$	9,649
Net claims and claim expenses incurred - prior accident years	(4,599		)	(6,864		)	(4,064		)	(12,431		)	(4,974		)
Net claims and claim expenses incurred - total	$	(164	)	$	23,231		$	(518	)	$	(6,954	)	$	4,675

Net claims and claim expense ratio - current accident year	7.7		%	47.5		%	6.1		%	8.7		%	15.6		%
Net claims and claim expense ratio - prior accident years	(8.0		)%	(10.9		)%	(7.0		)%	(19.7		)%	(8.1		)%
Net claims and claim expense ratio - calendar year	(0.3		)%	36.6		%	(0.9		)%	(11.0		)%	7.5		%
Underwriting expense ratio	39.9		%	31.1		%	39.3		%	38.2		%	37.0		%
Combined ratio	39.6		%	67.7		%	38.4		%	27.2		%	44.5		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Nine months ended
	September 30, 2016			September 30, 2015
Revenues
Gross premiums written	$	275,559		$	287,993
Net premiums written	$	230,951		$	244,940
Increase in unearned premiums	(51,711		)	(57,956		)
Net premiums earned	179,240			186,984
Net investment income	21,244			20,198
Net foreign exchange gains (losses)	527			(827		)
Other loss	(86		)	—
Net realized and unrealized gains on investments	27,581			1,364
Total revenues	228,506			207,719
Expenses
Net claims and claim expenses incurred	22,549			29,464
Acquisition expenses	45,235			45,926
Operational and corporate expenses	20,334			21,604
Interest expense	5,576			4,256
Total expenses	93,694			101,250
Income before taxes	134,812			106,469
Income tax expense	(619		)	(1		)
Net income available to DaVinciRe common shareholders	$	134,193		$	106,468

Net claims and claim expenses incurred - current accident year	$	38,076		$	46,590
Net claims and claim expenses incurred - prior accident years	(15,527		)	(17,126		)
Net claims and claim expenses incurred - total	$	22,549		$	29,464

Net claims and claim expense ratio - current accident year	21.2		%	24.9		%
Net claims and claim expense ratio - prior accident years	(8.6		)%	(9.1		)%
Net claims and claim expense ratio - calendar year	12.6		%	15.8		%
Underwriting expense ratio	36.6		%	36.1		%
Combined ratio	49.2		%	51.9		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015
Assets
Fixed maturity investments trading, at fair value	$	7,088,419	$	7,073,129	$	6,890,592	$	6,765,005	$	6,905,302
Fixed maturity investments available for sale, at fair value	11,721		12,434		13,985		17,813		19,905
Total fixed maturity investments, at fair value	7,100,140		7,085,563		6,904,577		6,782,818		6,925,207
Short term investments, at fair value	1,136,660		1,000,206		1,171,523		1,208,401		998,906
Equity investments trading, at fair value	345,565		301,298		335,509		393,877		462,198
Other investments, at fair value	511,621		489,702		496,900		481,621		483,958
Investments in other ventures, under equity method	120,569		133,448		131,692		132,351		129,495
Total investments	9,214,555		9,010,217		9,040,201		8,999,068		8,999,764
Cash and cash equivalents	493,330		455,521		449,149		506,885		524,546
Premiums receivable	1,181,331		1,332,667		1,094,116		778,009		864,198
Prepaid reinsurance premiums	511,421		533,092		444,954		230,671		258,445
Reinsurance recoverable	240,769		222,006		167,228		134,526		141,416
Accrued investment income	37,245		37,900		37,492		39,749		40,855
Deferred acquisition costs	351,841		331,152		287,291		199,380		213,599
Receivable for investments sold	193,071		203,165		204,306		220,834		321,756
Other assets	181,290		160,873		167,514		181,011		266,318
Goodwill and other intangibles	254,678		258,170		261,662		265,154		270,213
Total assets	$	12,659,531	$	12,544,763	$	12,153,913	$	11,555,287	$	11,901,110
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,861,099	$	2,844,243	$	2,811,523	$	2,767,045	$	2,796,062
Unearned premiums	1,434,136		1,518,106		1,261,454		889,102		1,042,012
Debt	951,620		954,577		957,536		960,495		963,610
Reinsurance balances payable	774,660		753,699		618,344		523,974		533,174
Payable for investments purchased	437,826		432,926		454,593		391,378		602,576
Other liabilities	227,847		215,592		208,533		245,145		244,005
Total liabilities	6,687,188		6,719,143		6,311,983		5,777,139		6,181,439
Redeemable noncontrolling interest	1,164,553		1,122,403		1,081,337		1,045,964		1,022,028
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	41,156		41,496		43,095		43,701		44,121
Additional paid-in capital	213,053		242,561		422,422		507,674		551,683
Accumulated other comprehensive income	2,621		2,337		1,665		2,108		2,260
Retained earnings	4,150,960		4,016,823		3,893,411		3,778,701		3,699,579
Total shareholders' equity attributable to RenaissanceRe	4,807,790		4,703,217		4,760,593		4,732,184		4,697,643
Total liabilities, noncontrolling interests and shareholders' equity	$	12,659,531	$	12,544,763	$	12,153,913	$	11,555,287	$	11,901,110

Book value per common share	$	107.10	$	103.70	$	101.19	$	99.13	$	97.41



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	September 30, 2016					June 30, 2016					March 31, 2016					December 31, 2015					September 30, 2015
U.S. treasuries	$	2,564,635		27.9	%	$	2,660,051		29.5	%	$	2,475,747		27.4	%	$	2,064,944		23.0	%	$	1,984,841		22.1	%
Agencies	120,761			1.3	%	126,549			1.4	%	85,270			0.9	%	137,976			1.5	%	131,524			1.5	%
Municipal	550,062			6.0	%	561,456			6.2	%	564,555			6.3	%	583,282			6.5	%	675,349			7.5	%
Non-U.S. government (Sovereign debt)	313,560			3.4	%	313,699			3.5	%	353,756			3.9	%	334,981			3.7	%	393,320			4.4	%
Non-U.S. government-backed corporate	129,423			1.4	%	157,606			1.7	%	164,724			1.8	%	138,994			1.5	%	172,548			1.9	%
Corporate	1,916,092			20.8	%	1,840,407			20.5	%	1,833,825			20.3	%	2,055,323			22.9	%	2,141,859			23.8	%
Agency mortgage-backed	521,987			5.7	%	513,666			5.7	%	498,093			5.5	%	504,518			5.6	%	497,092			5.5	%
Non-agency mortgage-backed	283,333			3.0	%	258,507			2.8	%	256,572			2.8	%	270,763			3.0	%	268,389			3.0	%
Commercial mortgage-backed	492,311			5.3	%	503,475			5.6	%	540,940			6.0	%	561,496			6.2	%	552,617			6.1	%
Asset-backed	207,976			2.2	%	150,147			1.7	%	131,095			1.5	%	130,541			1.4	%	107,668			1.2	%
Total fixed maturity investments, at fair value	7,100,140			77.0	%	7,085,563			78.6	%	6,904,577			76.4	%	6,782,818			75.3	%	6,925,207			77.0	%
Short term investments, at fair value	1,136,660			12.4	%	1,000,206			11.1	%	1,171,523			13.0	%	1,208,401			13.4	%	998,906			11.1	%
Equity investments trading, at fair value	345,565			3.8	%	301,298			3.4	%	335,509			3.7	%	393,877			4.4	%	462,198			5.1	%
Other investments, at fair value	511,621			5.5	%	489,702			5.4	%	496,900			5.4	%	481,621			5.4	%	483,958			5.3	%
Total managed investment portfolio	9,093,986			98.7	%	8,876,769			98.5	%	8,908,509			98.5	%	8,866,717			98.5	%	8,870,269			98.5	%
Investments in other ventures, under equity method	120,569			1.3	%	133,448			1.5	%	131,692			1.5	%	132,351			1.5	%	129,495			1.5	%
Total investments	$	9,214,555		100.0	%	$	9,010,217		100.0	%	$	9,040,201		100.0	%	$	8,999,068		100.0	%	$	8,999,764		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,133,053		16.0	%	$	1,006,357		14.2	%	$	1,104,041		16.0	%	$	1,017,693		15.0	%	$	1,029,717		14.9	%
AA	3,830,792			54.0	%	4,018,887			56.7	%	3,757,452			54.4	%	3,495,895			51.5	%	3,551,893			51.3	%
A	684,455			9.6	%	669,716			9.5	%	712,348			10.3	%	779,637			11.5	%	1,020,516			14.7	%
BBB	542,674			7.6	%	527,498			7.5	%	521,656			7.6	%	765,988			11.3	%	659,789			9.5	%
Non-investment grade and not rated	909,166			12.8	%	863,105			12.1	%	809,080			11.7	%	723,605			10.7	%	663,292			9.6	%
Total fixed maturity investments, at fair value	$	7,100,140		100.0	%	$	7,085,563		100.0	%	$	6,904,577		100.0	%	$	6,782,818		100.0	%	$	6,925,207		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	280,850		4.0	%	$	266,356		3.8	%	$	215,975		3.1	%	$	252,257		3.7	%	$	265,366		3.8	%
Due after one through five years	4,102,622			57.8	%	4,163,134			58.8	%	4,011,832			58.1	%	3,833,261			56.5	%	3,876,482			56.0	%
Due after five through ten years	1,044,737			14.7	%	1,049,939			14.8	%	1,035,877			15.0	%	1,011,132			14.9	%	1,028,728			14.9	%
Due after ten years	166,324			2.3	%	180,339			2.5	%	214,193			3.1	%	218,850			3.3	%	328,865			4.7	%
Mortgage-backed securities	1,297,631			18.3	%	1,275,648			18.0	%	1,295,605			18.8	%	1,336,777			19.7	%	1,318,098			19.0	%
Asset-backed securities	207,976			2.9	%	150,147			2.1	%	131,095			1.9	%	130,541			1.9	%	107,668			1.6	%
Total fixed maturity investments, at fair value	$	7,100,140		100.0	%	$	7,085,563		100.0	%	$	6,904,577		100.0	%	$	6,782,818		100.0	%	$	6,925,207		100.0	%
Weighted average effective yield of fixed maturity and short term investments	1.8		%			1.8		%			2.0		%			2.2		%			1.9		%
Average duration of fixed maturities and short term investments	2.3					2.2					2.2					2.3					2.3



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
TYPE OF INVESTMENT
Catastrophe bonds	$	298,408		$	275,553		$	272,397		$	241,253		$	233,223
Private equity partnerships	192,217			190,316			200,465			214,848			226,000
Senior secured bank loan fund	19,440			22,212			22,334			23,231			22,345
Hedge funds	1,556			1,621			1,704			2,289			2,390
Total other investments, at fair value	$	511,621		$	489,702		$	496,900		$	481,621		$	483,958

TYPE OF INVESTMENT
Catastrophe bonds	58.3		%	56.3		%	54.8		%	50.1		%	48.2		%
Private equity partnerships	37.6		%	38.9		%	40.4		%	44.6		%	46.7		%
Senior secured bank loan fund	3.8		%	4.5		%	4.5		%	4.8		%	4.6		%
Hedge funds	0.3		%	0.3		%	0.3		%	0.5		%	0.5		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	12



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Nine months ended
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			September 30, 2016			September 30, 2015
Fixed maturity investments	$	39,959		$	46,091		$	36,006		$	38,047		$	37,023		$	122,056		$	96,753
Short term investments	1,174			1,227			1,000			466			267			3,401			761
Equity investments trading	797			865			1,663			2,038			1,791			3,325			6,308
Other investments
Private equity investments	4,572			4,356			(9,358		)	8,260			(14,505		)	(430		)	1,333
Other	8,765			5,035			3,309			891			7,264			17,109			11,443
Cash and cash equivalents	246			209			129			112			80			584			355
	55,513			57,783			32,749			49,814			31,917			146,045			116,953
Investment expenses	(4,090		)	(3,659		)	(3,886		)	(3,896		)	(3,579		)	(11,635		)	(10,304		)
Net investment income	51,423			54,124			28,863			45,918			28,338			134,410			106,649

Gross realized gains	20,383			22,661			17,750			11,124			9,160			60,794			39,364
Gross realized losses	(3,363		)	(7,804		)	(14,665		)	(13,487		)	(13,720		)	(25,832		)	(40,143		)
Net realized gains (losses) on fixed maturity investments	17,020			14,857			3,085			(2,363		)	(4,560		)	34,962			(779		)
Net unrealized (losses) gains on fixed maturity investments trading	(4,235		)	44,271			85,465			(52,984		)	10,208			125,501			(11,924		)
Net realized and unrealized gains (losses) on investments-related derivatives	1,727			(9,151		)	(19,449		)	6,447			(16,612		)	(26,873		)	(1,004		)
Net realized gains (losses) on equity investments trading	127			14,729			(818		)	149			(114		)	14,038			16,199
Net unrealized gains (losses) on equity investments trading	45,231			5,066			(6,630		)	5,934			(30,060		)	43,667			(28,593		)
Net realized and unrealized gains (losses) on investments	59,870			69,772			61,653			(42,817		)	(41,138		)	191,295			(26,101		)
Change in net unrealized gains on fixed maturity investments available for sale	(113		)	(90		)	(269		)	(257		)	(243		)	(472		)	(986		)
Total investment result	$	111,180		$	123,806		$	90,247		$	2,844		$	(13,043	)	$	325,233		$	79,562

Total investment return - annualized	4.9		%	5.5		%	4.0		%	0.1		%	(0.6		)%	4.7		%	1.2		%



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
September 30, 2016	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,136,660	$	1,136,660		12.4	%	0.5	%	$	1,129,209		$	5,834		$	1,368		$	—		$	249		$	—
			100.0		%					99.4		%	0.5		%	0.1		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	2,549,023		2,564,635			27.9	%	0.9	%	—			2,564,635			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	61,091		61,146			0.7	%	1.2	%	—			61,146			—			—			—			—
Other agencies	58,543		59,615			0.6	%	1.5	%	—			59,615			—			—			—			—
Total agencies	119,634		120,761			1.3	%	1.3	%	—			120,761			—			—			—			—
Municipal	537,683		550,062			6.0	%	1.7	%	136,876			291,506			91,740			29,940			—			—
Non-U.S. government (Sovereign debt)	315,771		313,560			3.4	%	1.1	%	272,784			16,724			11,683			12,369			—			—
Non-U.S. government-backed corporate	130,800		129,423			1.4	%	1.0	%	88,131			39,486			—			1,806			—			—
Corporate	1,884,978		1,916,092			20.8	%	3.5	%	47,714			143,254			557,527			477,504			663,946			26,147
Mortgage-backed
Residential mortgage-backed
Agency securities	521,154		521,987			5.7	%	2.1	%	—			521,987			—			—			—			—
Non-agency securities - Alt A	200,197		205,262			2.2	%	5.0	%	8,469			16,883			6,932			12,601			155,153			5,224
Non-agency securities - Prime	75,586		78,071			0.8	%	4.2	%	3,758			8,045			2,234			5,338			55,706			2,990
Total residential mortgage-backed	796,937		805,320			8.7	%	3.1	%	12,227			546,915			9,166			17,939			210,859			8,214
Commercial mortgage-backed	483,254		492,311			5.3	%	2.3	%	381,042			95,543			12,610			3,116			—			—
Total mortgage-backed	1,280,191		1,297,631			14.0	%	2.8	%	393,269			642,458			21,776			21,055			210,859			8,214
Asset-backed
Collateralized loan obligations	146,964		147,553			1.6	%	2.4	%	136,555			10,998			—			—			—			—
Credit cards	30,314		30,746			0.3	%	1.5	%	30,746			—			—			—			—			—
Auto loans	20,445		20,578			0.2	%	1.4	%	20,578			—			—			—			—			—
Student loans	6,654		6,631			0.1	%	1.7	%	5,661			970			—			—			—			—
Other	2,430		2,468			—	%	2.5	%	739			—			1,729			—			—			—
Total asset-backed	206,807		207,976			2.2	%	2.1	%	194,279			11,968			1,729			—			—			—
Total securitized assets	1,486,998		1,505,607			16.2	%	2.7	%	587,548			654,426			23,505			21,055			210,859			8,214
Total fixed maturity investments	7,024,887		7,100,140			77.0	%	2.1	%	1,133,053			3,830,792			684,455			542,674			874,805			34,361
			100.0		%					16.0		%	54.0		%	9.6		%	7.6		%	12.3		%	0.5		%
Equity investments trading			345,565			3.8	%			—			—			—			—			—			345,565
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			298,408			3.2	%			—			—			—			—			298,408			—
Private equity partnerships			192,217			2.1	%			—			—			—			—			—			192,217
Senior secured bank loan fund			19,440			0.2	%			—			—			—			—			—			19,440
Hedge funds			1,556			—	%			—			—			—			—			—			1,556
Total other investments			511,621			5.5	%			—			—			—			—			298,408			213,213
			100.0		%					—		%	—		%	—		%	—		%	58.3		%	41.7		%
Investments in other ventures			120,569			1.3	%			—			—			—			—			—			120,569
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,214,555		100.0	%			$	2,262,262		$	3,836,626		$	685,823		$	542,674		$	1,173,462		$	713,708
			100.0		%					24.6		%	41.7		%	7.4		%	5.9		%	12.7		%	7.7		%

(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.



	14



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	September 30, 2016				December 31, 2015				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,136,660	12.4	%	$	1,208,401	13.4	%	$	(71,741	)	(1.0	)%
Fixed maturity investments
U.S. treasuries	2,564,635		27.9	%	2,064,944		23.0	%	499,691			4.9	%
Agencies
Fannie Mae and Freddie Mac	61,146		0.7	%	65,390		0.7	%	(4,244		)	—	%
Other agencies	59,615		0.6	%	72,586		0.8	%	(12,971		)	(0.2	)%
Total agencies	120,761		1.3	%	137,976		1.5	%	(17,215		)	(0.2	)%
Municipal	550,062		6.0	%	583,282		6.5	%	(33,220		)	(0.5	)%
Non-U.S. government (Sovereign debt)	313,560		3.4	%	334,981		3.7	%	(21,421		)	(0.3	)%
Non-U.S. government-backed corporate	129,423		1.4	%	138,994		1.5	%	(9,571		)	(0.1	)%
Corporate	1,916,092		20.8	%	2,055,323		22.9	%	(139,231		)	(2.1	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	521,987		5.7	%	504,518		5.6	%	17,469			0.1	%
Non-agency securities - Alt A	205,262		2.2	%	178,843		2.0	%	26,419			0.2	%
Non-agency securities - Prime	78,071		0.8	%	91,920		1.0	%	(13,849		)	(0.2	)%
Total residential mortgage-backed	805,320		8.7	%	775,281		8.6	%	30,039			0.1	%
Commercial mortgage-backed	492,311		5.3	%	561,496		6.2	%	(69,185		)	(0.9	)%
Total mortgage-backed	1,297,631		14.0	%	1,336,777		14.8	%	(39,146		)	(0.8	)%
Asset-backed
Collateralized loan obligations	147,553		1.6	%	65,298		0.7	%	82,255			0.9	%
Credit cards	30,746		0.3	%	31,320		0.3	%	(574		)	—	%
Auto loans	20,578		0.2	%	17,977		0.2	%	2,601			—	%
Student loans	6,631		0.1	%	6,335		0.1	%	296			—	%
Other	2,468		—	%	9,611		0.1	%	(7,143		)	(0.1	)%
Total asset-backed	207,976		2.2	%	130,541		1.4	%	77,435			0.8	%
Total securitized assets	1,505,607		16.2	%	1,467,318		16.2	%	38,289			—	%
Total fixed maturity investments	7,100,140		77.0	%	6,782,818		75.3	%	317,322			1.7	%
Equity investments trading	345,565		3.8	%	393,877		4.4	%	(48,312		)	(0.6	)%
Other investments
Catastrophe bonds	298,408		3.2	%	241,253		2.7	%	57,155			0.5	%
Private equity partnerships	192,217		2.1	%	214,848		2.4	%	(22,631		)	(0.3	)%
Senior secured bank loan fund	19,440		0.2	%	23,231		0.3	%	(3,791		)	(0.1	)%
Hedge funds	1,556		—	%	2,289		—	%	(733		)	—	%
Total other investments	511,621		5.5	%	481,621		5.4	%	30,000			0.1	%
Investments in other ventures	120,569		1.3	%	132,351		1.5	%	(11,782		)	(0.2	)%
Total managed investment portfolio	$	9,214,555	100.0	%	$	8,999,068	100.0	%	$	215,487



	15



RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	September 30, 2016
Issuer	Total		Short term investments		Fixed maturity investments
Morgan Stanley	$	38,209	$	—	$	38,209
JP Morgan Chase & Co.	37,574		—		37,574
Bank of America Corp.	35,297		—		35,297
Goldman Sachs Group Inc.	34,725		—		34,725
Wells Fargo & Co.	26,408		—		26,408
HSBC Holdings PLC	22,728		—		22,728
Royal Bank of Canada	19,892		—		19,892
Credit Suisse Group AG	16,797		—		16,797
Honda Motor Co., Ltd.	14,790		—		14,790
BP PLC	14,395		—		14,395
Total (1)	$	260,815	$	—	$	260,815


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



	16



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2016
Catastrophe Reinsurance	$	187,001	$	168,572	$	179,203	$	534,776
Specialty Reinsurance	542,413		100,009		1,201,246		1,843,668
Lloyd's	100,103		16,766		339,878		456,747
Other	2,883		—		23,025		25,908
Total	$	832,400	$	285,347	$	1,743,352	$	2,861,099

June 30, 2016
Catastrophe Reinsurance	$	210,686	$	175,022	$	183,196	$	568,904
Specialty Reinsurance	532,590		130,255		1,150,158		1,813,003
Lloyd's	91,755		27,908		311,673		431,336
Other	6,332		—		24,668		31,000
Total	$	841,363	$	333,185	$	1,669,695	$	2,844,243

March 31, 2016
Catastrophe Reinsurance	$	229,357	$	149,688	$	176,094	$	555,139
Specialty Reinsurance	538,163		136,748		1,152,798		1,827,709
Lloyd's	88,551		24,233		285,410		398,194
Other	2,737		—		27,744		30,481
Total	$	858,808	$	310,669	$	1,642,046	$	2,811,523

December 31, 2015
Catastrophe Reinsurance	$	237,345	$	146,969	$	179,947	$	564,261
Specialty Reinsurance	529,952		126,650		1,148,015		1,804,617
Lloyd's	84,964		22,085		263,440		370,489
Other	2,071		—		25,607		27,678
Total	$	854,332	$	295,704	$	1,617,009	$	2,767,045

September 30, 2015
Catastrophe Reinsurance	$	259,614	$	168,296	$	189,096	$	617,006
Specialty Reinsurance	516,315		123,991		1,153,278		1,793,584
Lloyd's	73,016		24,410		250,573		347,999
Other	3,132		2,129		32,212		37,473
Total	$	852,077	$	318,826	$	1,625,159	$	2,796,062



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended September 30, 2016									Three months ended September 30, 2015
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,844,243		$	222,006		$	2,622,237		$	2,847,648		$	136,464		$	2,711,184
Incurred claims and claim expenses
Current year	205,372			47,012			158,360			200,646			30,268			170,378
Prior years	(51,526		)	(5,741		)	(45,785		)	(78,902		)	(8,552		)	(70,350		)
Total incurred claims and claim expenses	153,846			41,271			112,575			121,744			21,716			100,028
Paid claims and claim expenses
Current year	30,439			1,624			28,815			4,364			11,322			(6,958		)
Prior years	106,551			20,884			85,667			168,966			5,442			163,524
Total paid claims and claim expenses	136,990			22,508			114,482			173,330			16,764			156,566
Reserve for claims and claim expenses, end of period	$	2,861,099		$	240,769		$	2,620,330		$	2,796,062		$	141,416		$	2,654,646

	Nine months ended September 30, 2016									Nine months ended September 30, 2015
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,767,045		$	134,526		$	2,632,519		$	1,412,510		$	66,694		$	1,345,816
Incurred claims and claim expenses
Current year	611,100			127,526			483,574			565,734			93,938			471,796
Prior years	(70,404		)	6,240			(76,644		)	(132,176		)	(6,605		)	(125,571		)
Total incurred claims and claim expenses	540,696			133,766			406,930			433,558			87,333			346,225
Paid claims and claim expenses
Current year	42,179			2,294			39,885			86,439			11,355			75,084
Prior years	404,463			25,229			379,234			361,412			4,984			356,428
Total paid claims and claim expenses	446,642			27,523			419,119			447,851			16,339			431,512
Amounts acquired (1)	—			—			—			1,397,845			3,728			1,394,117
Reserve for claims and claim expenses, end of period	$	2,861,099		$	240,769		$	2,620,330		$	2,796,062		$	141,416		$	2,654,646

(1) Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015.



	18



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	146,825		$	136,325		$	127,995		$	92,206		$	75,529
Amount allocated to participating common shareholders (1)	(1,770		)	(1,561		)	(1,601		)	(1,076		)	(867		)
	$	145,055		$	134,764		$	126,394		$	91,130		$	74,662
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	40,513			41,693			42,577			43,131			44,564
Per common share equivalents of employee stock options and restricted shares	220			192			335			382			349
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,733			41,885			42,912			43,513			44,913

Basic income per RenaissanceRe common share	$	3.58		$	3.23		$	2.97		$	2.11		$	1.68
Diluted income per RenaissanceRe common share	$	3.56		$	3.22		$	2.95		$	2.09		$	1.66

	Nine months ended
(common shares in thousands)	September 30, 2016			September 30, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	411,145		$	316,605
Amount allocated to participating common shareholders (1)	(4,939		)	(3,642		)
	$	406,206		$	312,963
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	41,594			43,166
Per common share equivalents of employee stock options and restricted shares	248			365
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	41,842			43,531

Basic income per RenaissanceRe common share	$	9.77		$	7.25
Diluted income per RenaissanceRe common share	$	9.71		$	7.19


(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors.



	19



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

	Three months ended
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Tower Hill Companies	$	3,422		$	3,846		$	251		$	1,676		$	4,135
Top Layer Re	(14,951		)	2,265			2,403			1,498			1,738
Other	(101		)	(89		)	(1,043		)	122			(143		)
Total equity in (losses) earnings of other ventures	$	(11,630	)	$	6,022		$	1,611		$	3,296		$	5,730

	Nine months ended
	September 30, 2016			September 30, 2015
Top Layer Re	$	(10,283	)	$	6,528
Tower Hill Companies	7,519			11,440
Other	(1,233		)	(783		)
Total equity in (losses) earnings of other ventures	$	(3,997	)	$	17,185

Other Income

	Three months ended
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	2,195		$	3,492		$	3,839		$	8,306		$	1,749
Other items	73			(838		)	240			(106		)	557
Total other income	$	2,268		$	2,654		$	4,079		$	8,200		$	2,306

	Nine months ended
	September 30, 2016			September 30, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	9,526		$	4,228
Other items	(525		)	1,044
Total other income	$	9,001		$	5,272



	20



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P	Moody's	Fitch

Renaissance Reinsurance (1)	A+	AA-	A1	A+
DaVinci (1)	A	AA-	A3	—
Renaissance Reinsurance U.S. (1)	A	A+	—	—
RenaissanceRe Specialty U.S. (1)	A	A+	—	—
Renaissance Reinsurance of Europe (1)	A+	AA-	—	—
Top Layer Re (1)	A+	AA	—	—

Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	AA-

RenaissanceRe (3)	—	Very Strong	—	—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for these companies reflect the insurer's financial strength rating and, in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit 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 the rating on its Enterprise Risk Management practices.



	21

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 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 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 available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income available 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. The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio, equity investments trading and investments-related derivatives. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:



	Three months ended															Nine months ended
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			September 30, 2016			September 30, 2015
Net income available to RenaissanceRe common shareholders	$	146,825		$	136,325		$	127,995		$	92,206		$	75,529		$	411,145		$	316,605
Adjustment for net realized and unrealized (gains) losses on investments	(59,870		)	(69,772		)	(61,653		)	42,817			41,138			(191,295		)	26,101
Operating income available to RenaissanceRe common shareholders	$	86,955		$	66,553		$	66,342		$	135,023		$	116,667		$	219,850		$	342,706

Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.56		$	3.22		$	2.95		$	2.09		$	1.66		$	9.71		$	7.19
Adjustment for net realized and unrealized (gains) losses on investments	(1.47		)	(1.67		)	(1.44		)	0.98			0.92			(4.57		)	0.60
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.09		$	1.55		$	1.51		$	3.07		$	2.58		$	5.14		$	7.79

Return on average common equity - annualized	13.5		%	12.6		%	11.8		%	8.5		%	6.9		%	12.6		%	10.2		%
Adjustment for net realized and unrealized (gains) losses on investments	(5.5		)%	(6.4		)%	(5.7		)%	4.0		%	3.8		%	(5.9		)%	0.8		%
Operating return on average common equity - annualized	8.0		%	6.1		%	6.1		%	12.5		%	10.7		%	6.7		%	11.0		%



	22

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 the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment 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 assumed by the Company through its consolidated subsidiaries and related joint ventures. A reconciliation of “managed catastrophe premiums” to Catastrophe Reinsurance segment gross premiums written is included on pages 6 and 7 of this Financial Supplement.

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. 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, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Book value per common share	$	107.10		$	103.70		$	101.19		$	99.13		$	97.41
Adjustment for goodwill and other intangibles (1)	(6.69		)	(6.73		)	(6.59		)	(6.59		)	(6.65		)
Tangible book value per common share	100.41			96.97			94.60			92.54			90.76
Adjustment for accumulated dividends	16.41			16.10			15.79			15.48			15.18
Tangible book value per common share plus accumulated dividends	$	116.82		$	113.07		$	110.39		$	108.02		$	105.94

Quarterly change in book value per common share	3.3		%	2.5		%	2.1		%	1.8		%	1.0		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	3.9		%	2.8		%	2.6		%	2.3		%	1.3		%
Year to date change in book value per common share	8.0		%										8.1		%
Year to date change in tangible book value per common share plus change in accumulated dividends	9.5		%										2.7		%


(1)	At September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, goodwill and other intangibles included $20.6 million, $21.4 million, $22.3 million, $23.2 million and $22.9 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - November 1, 2016

Attached files

RENAISSANCERE HOLDINGS LTD Reports