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	rnr2017q1earningsrelease.htm
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnr2017q18-kcover.htm

RenaissanceRe Holdings Ltd.

Contents



		Page(s)

Basis of Presentation		i

Financial Highlights		1

Statements of Operations
a.	Summary Consolidated Statements of Operations	2
b.	Consolidated Segment Underwriting Results	3
c.	Segment Underwriting Results	4
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	5

Balance Sheets
a.	Summary Consolidated Balance Sheets	6

Investments
a.	Investment Portfolio - Composition	7
b.	Summary of Other Investments	8
c.	Total Investment Result	9
d.	Investment Portfolio - Effective Yield and Credit Rating	10
e.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	11

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	12
b.	Paid to Incurred Analysis	13

Other Items
a.	Earnings per Share	14
b.	Equity in (Losses) Earnings of Other Ventures	15
c.	Other Income	15
d.	Ratings	16

Supplemental Information
a.	Gross Premiums Written	17
b.	Property Segment Supplemental Underwriting Results	18
c.	Lloyd's Platform Supplemental Underwriting Results	19

Comments on Regulation G		20 - 22

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 20 through 22 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. ("RenaissanceRe" or the "Company") is a global provider of reinsurance and insurance. The Company’s business consists of two reportable segments: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company's operating subsidiaries and certain joint ventures managed by the Company's ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company's operating subsidiaries and certain joint ventures managed by the Company's ventures unit. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, the United Kingdom, and the United States.

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
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Highlights
Gross premiums written	$	922,090		$	323,091		$	430,224		$	759,128		$	862,133
Net premiums written	$	544,136		$	219,499		$	284,222		$	519,916		$	511,675
Net premiums earned	$	366,045		$	351,901		$	346,521		$	351,402		$	353,606
Net claims and claim expenses incurred	193,081			123,901			112,575			167,750			126,605
Acquisition expenses	83,282			74,146			80,580			69,005			65,592
Operating expenses	47,283			49,948			40,493			51,073			56,235
Underwriting income	$	42,399		$	103,906		$	112,873		$	63,574		$	105,174

Net investment income	$	54,325		$	47,316		$	51,423		$	54,124		$	28,863
Net realized and unrealized gains on investments	43,373			(49,967		)	59,870			69,772			61,653
Change in net unrealized gains on fixed maturity investments available for sale	—			(1,398		)	(113		)	(90		)	(269		)
Total investment result	$	97,698		$	(4,049	)	$	111,180		$	123,806		$	90,247

Net income available to RenaissanceRe common shareholders	$	92,352		$	69,436		$	146,825		$	136,325		$	127,995
Operating income available to RenaissanceRe common shareholders (1)	$	48,979		$	119,403		$	86,955		$	66,553		$	66,342

Total assets	$	13,319,627		$	12,352,082		$	12,659,531		$	12,544,763		$	12,153,913
Total shareholders' equity attributable to RenaissanceRe	$	4,860,837		$	4,866,577		$	4,807,790		$	4,703,217		$	4,760,593

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.25		$	1.69		$	3.56		$	3.22		$	2.95
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.18		$	2.92		$	2.09		$	1.55		$	1.51
Dividends per common share	$	0.32		$	0.31		$	0.31		$	0.31		$	0.31
Book value per common share	$	109.37		$	108.45		$	107.10		$	103.70		$	101.19
Tangible book value per common share (1)	$	102.82		$	101.87		$	100.41		$	96.97		$	94.60
Tangible book value per common share plus accumulated dividends (1)	$	119.86		$	118.59		$	116.82		$	113.07		$	110.39
Change in tangible book value per common share plus change in accumulated dividends (1)	1.2		%	1.8		%	3.9		%	2.8		%	2.6		%

Financial ratios
Net claims and claim expense ratio - current accident year	44.8		%	60.1		%	45.7		%	56.1		%	36.3		%
Net claims and claim expense ratio - prior accident years	7.9		%	(24.9		)%	(13.2		)%	(8.4		)%	(0.5		)%
Net claims and claim expense ratio - calendar year	52.7		%	35.2		%	32.5		%	47.7		%	35.8		%
Underwriting expense ratio	35.7		%	35.3		%	34.9		%	34.2		%	34.5		%
Combined ratio	88.4		%	70.5		%	67.4		%	81.9		%	70.3		%
Return on average common equity - annualized	8.3		%	6.3		%	13.5		%	12.6		%	11.8		%
Operating return on average common equity - annualized (1)	4.4		%	10.8		%	8.0		%	6.1		%	6.1		%
Total investment return - annualized	4.1		%	(0.2		)%	4.9		%	5.5		%	4.0		%


(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
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Revenues
Gross premiums written	$	922,090		$	323,091		$	430,224		$	759,128		$	862,133
Net premiums written	$	544,136		$	219,499		$	284,222		$	519,916		$	511,675
(Increase) decrease in unearned premiums	(178,091		)	132,402			62,299			(168,514		)	(158,069		)
Net premiums earned	366,045			351,901			346,521			351,402			353,606
Net investment income	54,325			47,316			51,423			54,124			28,863
Net foreign exchange gains (losses)	8,165			(5,420		)	(5,986		)	(690		)	(1,692		)
Equity in (losses) earnings of other ventures	(1,507		)	4,960			(11,630		)	6,022			1,611
Other income	1,665			5,177			2,268			2,654			4,079
Net realized and unrealized gains (losses) on investments	43,373			(49,967		)	59,870			69,772			61,653
Total revenues	472,066			353,967			442,466			483,284			448,120
Expenses
Net claims and claim expenses incurred	193,081			123,901			112,575			167,750			126,605
Acquisition expenses	83,282			74,146			80,580			69,005			65,592
Operational expenses	47,283			49,948			40,493			51,073			56,235
Corporate expenses	5,286			11,888			11,537			5,752			8,225
Interest expense	10,526			10,534			10,536			10,536			10,538
Total expenses	339,458			270,417			255,721			304,116			267,195
Income before taxes	132,608			83,550			186,745			179,168			180,925
Income tax (expense) benefit	(334		)	7,700			1,316			(6,612		)	(2,744		)
Net income	132,274			91,250			188,061			172,556			178,181
Net income attributable to noncontrolling interests	(34,327		)	(16,219		)	(35,641		)	(30,635		)	(44,591		)
Net income attributable to RenaissanceRe	97,947			75,031			152,420			141,921			133,590
Dividends on preference shares	(5,595		)	(5,595		)	(5,595		)	(5,596		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	92,352		$	69,436		$	146,825		$	136,325		$	127,995

Net income available to RenaissanceRe common shareholders per common share - basic	$	2.26		$	1.70		$	3.58		$	3.23		$	2.97
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.25		$	1.69		$	3.56		$	3.22		$	2.95
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.18		$	2.92		$	2.09		$	1.55		$	1.51

Return on average common equity - annualized	8.3		%	6.3		%	13.5		%	12.6		%	11.8		%
Operating return on average common equity - annualized (1)	4.4		%	10.8		%	8.0		%	6.1		%	6.1		%


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



	2



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended March 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	520,529		$	401,561		$	—		$	922,090
Net premiums written	$	289,871		$	254,265		$	—		$	544,136
Net premiums earned	$	186,988		$	179,059		$	(2	)	$	366,045
Net claims and claim expenses incurred	38,838			154,571			(328		)	193,081
Acquisition expenses	29,103			54,179			—			83,282
Operational expenses	27,665			19,607			11			47,283
Underwriting income (loss)	$	91,382		$	(49,298	)	$	315		$	42,399

Net claims and claim expenses incurred - current accident year	$	39,766		$	124,309		$	—		$	164,075
Net claims and claim expenses incurred - prior accident years	(928		)	30,262			(328		)	29,006
Net claims and claim expenses incurred - total	$	38,838		$	154,571		$	(328	)	$	193,081

Net claims and claim expense ratio - current accident year	21.3		%	69.4		%				44.8		%
Net claims and claim expense ratio - prior accident years	(0.5		)%	16.9		%				7.9		%
Net claims and claim expense ratio - calendar year	20.8		%	86.3		%				52.7		%
Underwriting expense ratio	30.3		%	41.2		%				35.7		%
Combined ratio	51.1		%	127.5		%				88.4		%

	Three months ended March 31, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	444,959		$	417,174		$	—		$	862,133
Net premiums written	$	232,859		$	278,816		$	—		$	511,675
Net premiums earned	$	175,232		$	178,374		$	—		$	353,606
Net claims and claim expenses incurred	21,804			104,883			(82		)	126,605
Acquisition expenses	20,124			45,468			—			65,592
Operational expenses	28,657			27,518			60			56,235
Underwriting income	$	104,647		$	505		$	22		$	105,174

Net claims and claim expenses incurred - current accident year	$	27,732		$	100,477		$	—		$	128,209
Net claims and claim expenses incurred - prior accident years	(5,928		)	4,406			(82		)	(1,604		)
Net claims and claim expenses incurred - total	$	21,804		$	104,883		$	(82	)	$	126,605

Net claims and claim expense ratio - current accident year	15.8		%	56.3		%				36.3		%
Net claims and claim expense ratio - prior accident years	(3.4		)%	2.5		%				(0.5		)%
Net claims and claim expense ratio - calendar year	12.4		%	58.8		%				35.8		%
Underwriting expense ratio	27.9		%	40.9		%				34.5		%
Combined ratio	40.3		%	99.7		%				70.3		%



	3



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Gross premiums written	$	520,529		$	52,447		$	119,904		$	493,953		$	444,959
Net premiums written	$	289,871		$	50,960		$	90,909		$	350,593		$	232,859
Net premiums earned	$	186,988		$	181,998		$	172,661		$	191,060		$	175,232
Net claims and claim expenses incurred	38,838			25,927			23,539			80,275			21,804
Acquisition expenses	29,103			26,418			21,663			29,389			20,124
Operational expenses	27,665			29,201			24,258			26,526			28,657
Underwriting income	$	91,382		$	100,452		$	103,201		$	54,870		$	104,647

Net claims and claim expenses incurred - current accident year	$	39,766		$	93,291		$	42,062		$	93,336		$	27,732
Net claims and claim expenses incurred - prior accident years	(928		)	(67,364		)	(18,523		)	(13,061		)	(5,928		)
Net claims and claim expenses incurred - total	$	38,838		$	25,927		$	23,539		$	80,275		$	21,804

Net claims and claim expense ratio - current accident year	21.3		%	51.3		%	24.4		%	48.9		%	15.8		%
Net claims and claim expense ratio - prior accident years	(0.5		)%	(37.1		)%	(10.8		)%	(6.9		)%	(3.4		)%
Net claims and claim expense ratio - calendar year	20.8		%	14.2		%	13.6		%	42.0		%	12.4		%
Underwriting expense ratio	30.3		%	30.6		%	26.6		%	29.3		%	27.9		%
Combined ratio	51.1		%	44.8		%	40.2		%	71.3		%	40.3		%

	Three months ended
Casualty and Specialty Segment	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Gross premiums written	$	401,561		$	270,644		$	310,320		$	265,175		$	417,174
Net premiums written	$	254,265		$	168,396		$	193,313		$	169,323		$	278,816
Net premiums earned	$	179,059		$	169,761		$	173,860		$	160,342		$	178,374
Net claims and claim expenses incurred	154,571			98,279			89,844			87,390			104,883
Acquisition expenses	54,179			47,728			58,917			39,616			45,468
Operational expenses	19,607			20,723			16,217			24,526			27,518
Underwriting (loss) income	$	(49,298	)	$	3,031		$	8,882		$	8,810		$	505

Net claims and claim expenses incurred - current accident year	$	124,309		$	118,092		$	116,298		$	103,669		$	100,477
Net claims and claim expenses incurred - prior accident years	30,262			(19,813		)	(26,454		)	(16,279		)	4,406
Net claims and claim expenses incurred - total	$	154,571		$	98,279		$	89,844		$	87,390		$	104,883

Net claims and claim expense ratio - current accident year	69.4		%	69.6		%	66.9		%	64.7		%	56.3		%
Net claims and claim expense ratio - prior accident years	16.9		%	(11.7		)%	(15.2		)%	(10.2		)%	2.5		%
Net claims and claim expense ratio - calendar year	86.3		%	57.9		%	51.7		%	54.5		%	58.8		%
Underwriting expense ratio	41.2		%	40.3		%	43.2		%	40.0		%	40.9		%
Combined ratio	127.5		%	98.2		%	94.9		%	94.5		%	99.7		%



	4



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Revenues
Gross premiums written	$	116,680		$	(731	)	$	14,537		$	146,519		$	114,503
Net premiums written	$	98,695		$	(580	)	$	8,932		$	133,513		$	88,506
(Increase) decrease in unearned premiums	(42,492		)	59,119			48,490			(70,095		)	(30,106		)
Net premiums earned	56,203			58,539			57,422			63,418			58,400
Net investment income	7,756			7,597			7,213			7,162			6,869
Net foreign exchange gains (losses)	348			(197		)	(474		)	594			407
Other income (loss)	1			—			—			(86		)	—
Net realized and unrealized gains (losses) on investments	2,061			(17,510		)	1,338			11,004			15,239
Total revenues	66,369			48,429			65,499			82,092			80,915
Expenses
Net claims and claim expenses incurred	807			650			(164		)	23,231			(518		)
Acquisition expenses	15,892			16,967			16,223			12,916			16,096
Operational and corporate expenses	6,579			6,804			6,688			6,786			6,860
Interest expense	1,858			1,859			1,859			1,859			1,858
Total expenses	25,136			26,280			24,606			44,792			24,296
Income before taxes	41,233			22,149			40,893			37,300			56,619
Income tax expense	(23		)	(111		)	(444		)	(84		)	(91		)
Net income available to DaVinciRe common shareholders	$	41,210		$	22,038		$	40,449		$	37,216		$	56,528

Net claims and claim expenses incurred - current accident year	$	5,899		$	24,310		$	4,435		$	30,095		$	3,546
Net claims and claim expenses incurred - prior accident years	(5,092		)	(23,660		)	(4,599		)	(6,864		)	(4,064		)
Net claims and claim expenses incurred - total	$	807		$	650		$	(164	)	$	23,231		$	(518	)

Net claims and claim expense ratio - current accident year	10.5		%	41.5		%	7.7		%	47.5		%	6.1		%
Net claims and claim expense ratio - prior accident years	(9.1		)%	(40.4		)%	(8.0		)%	(10.9		)%	(7.0		)%
Net claims and claim expense ratio - calendar year	1.4		%	1.1		%	(0.3		)%	36.6		%	(0.9		)%
Underwriting expense ratio	40.0		%	40.6		%	39.9		%	31.1		%	39.3		%
Combined ratio	41.4		%	41.7		%	39.6		%	67.7		%	38.4		%



	5



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	March 31, 2017			December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016
Assets
Fixed maturity investments trading, at fair value	$	7,259,851		$	6,891,244	$	7,088,419	$	7,073,129	$	6,890,592
Fixed maturity investments available for sale, at fair value	—			—		11,721		12,434		13,985
Total fixed maturity investments, at fair value	7,259,851			6,891,244		7,100,140		7,085,563		6,904,577
Short term investments, at fair value	1,199,797			1,368,379		1,136,660		1,000,206		1,171,523
Equity investments trading, at fair value	388,424			383,313		345,565		301,298		335,509
Other investments, at fair value	514,667			549,805		511,621		489,702		496,900
Investments in other ventures, under equity method	97,131			124,227		120,569		133,448		131,692
Total investments	9,459,870			9,316,968		9,214,555		9,010,217		9,040,201
Cash and cash equivalents	454,087			421,157		493,330		455,521		449,149
Premiums receivable	1,283,275			987,323		1,181,331		1,332,667		1,094,116
Prepaid reinsurance premiums	628,091			441,260		511,421		533,092		444,954
Reinsurance recoverable	325,819			279,564		240,769		222,006		167,228
Accrued investment income	40,547			38,076		37,245		37,900		37,492
Deferred acquisition costs	388,681			335,325		351,841		331,152		287,291
Receivable for investments sold	316,948			105,841		193,071		203,165		204,306
Other assets	173,984			175,382		181,290		160,873		167,514
Goodwill and other intangibles	248,325			251,186		254,678		258,170		261,662
Total assets	$	13,319,627		$	12,352,082	$	12,659,531	$	12,544,763	$	12,153,913
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,934,688		$	2,848,294	$	2,861,099	$	2,844,243	$	2,811,523
Unearned premiums	1,596,495			1,231,573		1,434,136		1,518,106		1,261,454
Debt	945,701			948,663		951,620		954,577		957,536
Reinsurance balances payable	972,266			673,983		774,660		753,699		618,344
Payable for investments purchased	604,613			305,714		437,826		432,926		454,593
Other liabilities	217,036			301,684		227,847		215,592		208,533
Total liabilities	7,270,799			6,309,911		6,687,188		6,719,143		6,311,983
Redeemable noncontrolling interest	1,187,991			1,175,594		1,164,553		1,122,403		1,081,337
Shareholders' Equity
Preference shares	400,000			400,000		400,000		400,000		400,000
Common shares	40,785			41,187		41,156		41,496		43,095
Additional paid-in capital	131,173			216,558		213,053		242,561		422,422
Accumulated other comprehensive (loss) income	(358		)	1,133		2,621		2,337		1,665
Retained earnings	4,289,237			4,207,699		4,150,960		4,016,823		3,893,411
Total shareholders' equity attributable to RenaissanceRe	4,860,837			4,866,577		4,807,790		4,703,217		4,760,593
Total liabilities, noncontrolling interests and shareholders' equity	$	13,319,627		$	12,352,082	$	12,659,531	$	12,544,763	$	12,153,913

Book value per common share	$	109.37		$	108.45	$	107.10	$	103.70	$	101.19



	6



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	March 31, 2017					December 31, 2016					September 30, 2016					June 30, 2016					March 31, 2016
U.S. treasuries	$	2,635,800		27.9	%	$	2,617,894		28.1	%	$	2,564,635		27.9	%	$	2,660,051		29.5	%	$	2,475,747		27.4	%
Agencies	86,373			0.9	%	90,972			1.0	%	120,761			1.3	%	126,549			1.4	%	85,270			0.9	%
Municipal	506,109			5.4	%	519,069			5.6	%	550,062			6.0	%	561,456			6.2	%	564,555			6.3	%
Non-U.S. government (Sovereign debt)	341,725			3.6	%	333,224			3.6	%	313,560			3.4	%	313,699			3.5	%	353,756			3.9	%
Non-U.S. government-backed corporate	118,092			1.2	%	133,300			1.4	%	129,423			1.4	%	157,606			1.7	%	164,724			1.8	%
Corporate	2,205,442			23.4	%	1,877,243			20.2	%	1,916,092			20.8	%	1,840,407			20.5	%	1,833,825			20.3	%
Agency mortgage-backed	505,829			5.3	%	462,493			5.0	%	521,987			5.7	%	513,666			5.7	%	498,093			5.5	%
Non-agency mortgage-backed	270,983			2.9	%	258,944			2.7	%	283,333			3.0	%	258,507			2.8	%	256,572			2.8	%
Commercial mortgage-backed	382,874			4.0	%	409,747			4.4	%	492,311			5.3	%	503,475			5.6	%	540,940			6.0	%
Asset-backed	206,624			2.1	%	188,358			2.0	%	207,976			2.2	%	150,147			1.7	%	131,095			1.5	%
Total fixed maturity investments, at fair value	7,259,851			76.7	%	6,891,244			74.0	%	7,100,140			77.0	%	7,085,563			78.6	%	6,904,577			76.4	%
Short term investments, at fair value	1,199,797			12.7	%	1,368,379			14.7	%	1,136,660			12.4	%	1,000,206			11.1	%	1,171,523			13.0	%
Equity investments trading, at fair value	388,424			4.1	%	383,313			4.1	%	345,565			3.8	%	301,298			3.4	%	335,509			3.7	%
Other investments, at fair value	514,667			5.4	%	549,805			5.9	%	511,621			5.5	%	489,702			5.4	%	496,900			5.4	%
Total managed investment portfolio	9,362,739			98.9	%	9,192,741			98.7	%	9,093,986			98.7	%	8,876,769			98.5	%	8,908,509			98.5	%
Investments in other ventures, under equity method	97,131			1.1	%	124,227			1.3	%	120,569			1.3	%	133,448			1.5	%	131,692			1.5	%
Total investments	$	9,459,870		100.0	%	$	9,316,968		100.0	%	$	9,214,555		100.0	%	$	9,010,217		100.0	%	$	9,040,201		100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	1,043,008		14.4	%	$	1,043,738		15.2	%	$	1,133,053		16.0	%	$	1,006,357		14.2	%	$	1,104,041		16.0	%
AA	3,832,632			52.8	%	3,768,485			54.7	%	3,830,792			54.0	%	4,018,887			56.7	%	3,757,452			54.4	%
A	727,568			10.0	%	644,150			9.3	%	684,455			9.6	%	669,716			9.5	%	712,348			10.3	%
BBB	598,997			8.3	%	567,672			8.2	%	542,674			7.6	%	527,498			7.5	%	521,656			7.6	%
Non-investment grade and not rated	1,057,646			14.5	%	867,199			12.6	%	909,166			12.8	%	863,105			12.1	%	809,080			11.7	%
Total fixed maturity investments, at fair value	$	7,259,851		100.0	%	$	6,891,244		100.0	%	$	7,100,140		100.0	%	$	7,085,563		100.0	%	$	6,904,577		100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	514,037		7.1	%	$	483,642		7.0	%	$	280,850		4.0	%	$	266,356		3.8	%	$	215,975		3.1	%
Due after one through five years	4,004,237			55.2	%	3,900,915			56.6	%	4,102,622			57.8	%	4,163,134			58.8	%	4,011,832			58.1	%
Due after five through ten years	1,182,697			16.3	%	1,028,249			14.9	%	1,044,737			14.7	%	1,049,939			14.8	%	1,035,877			15.0	%
Due after ten years	192,570			2.6	%	158,896			2.3	%	166,324			2.3	%	180,339			2.5	%	214,193			3.1	%
Mortgage-backed securities	1,159,686			16.0	%	1,131,184			16.4	%	1,297,631			18.3	%	1,275,648			18.0	%	1,295,605			18.8	%
Asset-backed securities	206,624			2.8	%	188,358			2.8	%	207,976			2.9	%	150,147			2.1	%	131,095			1.9	%
Total fixed maturity investments, at fair value	$	7,259,851		100.0	%	$	6,891,244		100.0	%	$	7,100,140		100.0	%	$	7,085,563		100.0	%	$	6,904,577		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.3		%			2.1		%			1.8		%			1.8		%			2.0		%
Average duration of fixed maturities and short term investments	2.6					2.4					2.3					2.2					2.2



	7



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Type of Investment
Catastrophe bonds	$	298,564		$	335,209		$	298,408		$	275,553		$	272,397
Private equity partnerships	192,975			191,061			192,217			190,316			200,465
Senior secured bank loan fund	21,748			22,040			19,440			22,212			22,334
Hedge funds	1,380			1,495			1,556			1,621			1,704
Total other investments, at fair value	$	514,667		$	549,805		$	511,621		$	489,702		$	496,900

Type of Investment
Catastrophe bonds	58.0		%	61.0		%	58.3		%	56.3		%	54.8		%
Private equity partnerships	37.5		%	34.7		%	37.6		%	38.9		%	40.4		%
Senior secured bank loan fund	4.2		%	4.0		%	3.8		%	4.5		%	4.5		%
Hedge funds	0.3		%	0.3		%	0.3		%	0.3		%	0.3		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	8



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Fixed maturity investments	$	43,419		$	38,605		$	39,959		$	46,091		$	36,006
Short term investments	1,724			1,726			1,174			1,227			1,000
Equity investments trading	811			910			797			865			1,663
Other investments
Private equity investments	7,802			6,585			4,572			4,356			(9,358		)
Other	4,072			3,072			8,765			5,035			3,309
Cash and cash equivalents	189			204			246			209			129
	58,017			51,102			55,513			57,783			32,749
Investment expenses	(3,692		)	(3,786		)	(4,090		)	(3,659		)	(3,886		)
Net investment income	54,325			47,316			51,423			54,124			28,863

Gross realized gains	11,461			11,945			20,383			22,661			17,750
Gross realized losses	(16,533		)	(12,483		)	(3,363		)	(7,804		)	(14,665		)
Net realized (losses) gains on fixed maturity investments	(5,072		)	(538		)	17,020			14,857			3,085
Net unrealized gains (losses) on fixed maturity investments trading	24,635			(98,547		)	(4,235		)	44,271			85,465
Net realized and unrealized (losses) gains on investments-related derivatives	(56		)	11,459			1,727			(9,151		)	(19,449		)
Net realized gains (losses) on equity investments trading	20,915			152			127			14,729			(818		)
Net unrealized gains (losses) on equity investments trading	2,951			37,507			45,231			5,066			(6,630		)
Net realized and unrealized gains (losses) on investments	43,373			(49,967		)	59,870			69,772			61,653
Change in net unrealized gains on fixed maturity investments available for sale	—			(1,398		)	(113		)	(90		)	(269		)
Total investment result	$	97,698		$	(4,049	)	$	111,180		$	123,806		$	90,247

Total investment return - annualized	4.1		%	(0.2		)%	4.9		%	5.5		%	4.0		%



	9



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
March 31, 2017	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,199,797	$	1,199,797		12.7	%	0.9	%	$	1,162,814		$	30,267		$	2,569		$	1,461		$	2,193		$	493
			100.0		%					97.0		%	2.5		%	0.2		%	0.1		%	0.2		%	—		%
Fixed maturity investments
U.S. treasuries	2,646,951		2,635,800			27.9	%	1.4	%	—			2,635,800			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	26,256		25,884			0.3	%	1.6	%	—			25,884			—			—			—			—
Other agencies	60,900		60,489			0.6	%	2.2	%	—			60,489			—			—			—			—
Total agencies	87,156		86,373			0.9	%	2.0	%	—			86,373			—			—			—			—
Municipal	506,023		506,109			5.4	%	2.1	%	118,833			263,818			91,620			31,838			—			—
Non-U.S. government (Sovereign debt)	345,569		341,725			3.6	%	1.6	%	287,234			26,531			15,566			11,882			512			—
Non-U.S. government-backed corporate	120,604		118,092			1.2	%	1.6	%	69,172			45,628			1,956			1,336			—			—
Corporate	2,191,565		2,205,442			23.4	%	3.7	%	52,680			172,998			603,358			536,334			803,956			36,116
Mortgage-backed
Residential mortgage-backed
Agency securities	511,925		505,829			5.3	%	3.0	%	—			505,829			—			—			—			—
Non-agency securities - Alt A	200,542		206,060			2.2	%	5.0	%	8,730			11,665			4,379			10,815			166,912			3,559
Non-agency securities - Prime	62,306		64,923			0.7	%	4.1	%	5,042			5,018			2,298			5,974			46,591			—
Total residential mortgage-backed	774,773		776,812			8.2	%	3.6	%	13,772			522,512			6,677			16,789			213,503			3,559
Commercial mortgage-backed	382,531		382,874			4.0	%	2.7	%	318,420			57,937			5,699			818			—			—
Total mortgage-backed	1,157,304		1,159,686			12.2	%	3.3	%	332,192			580,449			12,376			17,607			213,503			3,559
Asset-backed
Collateralized loan obligations	160,999		161,715			1.7	%	2.5	%	139,762			20,951			1,002			—			—			—
Credit cards	20,105		20,107			0.2	%	1.8	%	20,107			—			—			—			—			—
Auto loans	18,738		18,694			0.2	%	1.8	%	18,694			—			—			—			—			—
Student loans	1,486		1,491			—	%	2.3	%	1,407			84			—			—			—			—
Other	4,640		4,617			—	%	2.8	%	2,927			—			1,690			—			—			—
Total asset-backed	205,968		206,624			2.1	%	2.3	%	182,897			21,035			2,692			—			—			—
Total securitized assets	1,363,272		1,366,310			14.3	%	3.2	%	515,089			601,484			15,068			17,607			213,503			3,559
Total fixed maturity investments	7,261,140		7,259,851			76.7	%	2.5	%	1,043,008			3,832,632			727,568			598,997			1,017,971			39,675
			100.0		%					14.4		%	52.8		%	10.0		%	8.3		%	14.0		%	0.5		%
Equity investments trading			388,424			4.1	%			—			—			—			—			—			388,424
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			298,564			3.2	%			—			—			—			—			298,564			—
Private equity partnerships			192,975			2.0	%			—			—			—			—			—			192,975
Senior secured bank loan fund			21,748			0.2	%			—			—			—			—			—			21,748
Hedge funds			1,380			—	%			—			—			—			—			—			1,380
Total other investments			514,667			5.4	%			—			—			—			—			298,564			216,103
			100.0		%					—		%	—		%	—		%	—		%	58.0		%	42.0		%
Investments in other ventures			97,131			1.1	%			—			—			—			—			—			97,131
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,459,870		100.0	%			$	2,205,822		$	3,862,899		$	730,137		$	600,458		$	1,318,728		$	741,826
			100.0		%					23.3		%	40.9		%	7.7		%	6.4		%	13.9		%	7.8		%

(1)

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



	10



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

	March 31, 2017
Issuer	Total		Short term investments		Fixed maturity investments
Morgan Stanley	$	45,146	$	—	$	45,146
Goldman Sachs Group Inc.	43,480		—		43,480
JP Morgan Chase & Co.	42,524		—		42,524
Wells Fargo & Co.	37,547		—		37,547
Bank of America Corp.	32,689		—		32,689
HSBC Holdings PLC	26,856		—		26,856
Honda Motor Co., Ltd.	22,705		—		22,705
Credit Suisse Group AG	22,552		—		22,552
Citigroup Inc.	22,543		—		22,543
PNC Financial Services Group Inc.	19,512		—		19,512
Total (1)	$	315,554	$	—	$	315,554


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



	11



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2017
Property	$	212,770	$	171,257	$	231,586	$	615,613
Casualty and Specialty	587,083		139,183		1,574,435		2,300,701
Other	2,255		—		16,119		18,374
Total	$	802,108	$	310,440	$	1,822,140	$	2,934,688

December 31, 2016
Property	$	214,954	$	186,308	$	226,512	$	627,774
Casualty and Specialty	591,705		105,419		1,498,002		2,195,126
Other	6,935		—		18,459		25,394
Total	$	813,594	$	291,727	$	1,742,973	$	2,848,294

September 30, 2016
Property	$	245,328	$	184,758	$	239,235	$	669,321
Casualty and Specialty	584,189		100,589		1,481,092		2,165,870
Other	2,883		—		23,025		25,908
Total	$	832,400	$	285,347	$	1,743,352	$	2,861,099

June 30, 2016
Property	$	264,872	$	190,905	$	241,442	$	697,219
Casualty and Specialty	570,159		142,280		1,403,585		2,116,024
Other	6,332		—		24,668		31,000
Total	$	841,363	$	333,185	$	1,669,695	$	2,844,243

March 31, 2016
Property	$	287,006	$	164,779	$	231,270	$	683,055
Casualty and Specialty	569,065		145,890		1,383,032		2,097,987
Other	2,737		—		27,744		30,481
Total	$	858,808	$	310,669	$	1,642,046	$	2,811,523



	12



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended March 31, 2017						Three months ended March 31, 2016
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	2,848,294	$	279,564	$	2,568,730	$	2,767,045	$	134,526	$	2,632,519
Incurred claims and claim expenses
Current year	219,860		55,785		164,075		154,338		26,129		128,209
Prior years	31,944		2,938		29,006		7,660		9,264		(1,604		)
Total incurred claims and claim expenses	251,804		58,723		193,081		161,998		35,393		126,605
Paid claims and claim expenses
Current year	9,124		1,395		7,729		1,520		30		1,490
Prior years	158,633		11,133		147,500		127,236		2,825		124,411
Total paid claims and claim expenses	167,757		12,528		155,229		128,756		2,855		125,901
Foreign exchange	2,347		60		2,287		11,236		164		11,072
Reserve for claims and claim expenses, end of period	$	2,934,688	$	325,819	$	2,608,869	$	2,811,523	$	167,228	$	2,644,295



	13



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Numerator:
Net income available to RenaissanceRe common shareholders	$	92,352		$	69,436		$	146,825		$	136,325		$	127,995
Amount allocated to participating common shareholders (1)	(907		)	(789		)	(1,770		)	(1,561		)	(1,601		)
	$	91,445		$	68,647		$	145,055		$	134,764		$	126,394
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	40,408			40,474			40,513			41,693			42,577
Per common share equivalents of employee stock options and restricted shares	215			233			220			192			335
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,623			40,707			40,733			41,885			42,912

Basic income per RenaissanceRe common share	$	2.26		$	1.70		$	3.58		$	3.23		$	2.97
Diluted income per RenaissanceRe common share	$	2.25		$	1.69		$	3.56		$	3.22		$	2.95


(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.



	14



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

	Three months ended
	March 31, 2017			December 31, 2016		September 30, 2016			June 30, 2016			March 31, 2016
Top Layer Re	$	2,484		$	1,707	$	(14,951	)	$	2,265		$	2,403
Tower Hill Companies	(4,058		)	2,860		3,422			3,846			251
Other	67			393		(101		)	(89		)	(1,043		)
Total equity in (losses) earnings of other ventures	$	(1,507	)	$	4,960	$	(11,630	)	$	6,022		$	1,611

Other Income

	Three months ended
	March 31, 2017			December 31, 2016		September 30, 2016			June 30, 2016			March 31, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	1,498		$	4,720	$	2,195		$	3,492		$	3,839
Other items	167			457		73			(838		)	240
Total other income	$	1,665		$	5,177	$	2,268		$	2,654		$	4,079



	15



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	AA-	—	—
RenaissanceRe Specialty U.S. (1)	A	AA-	—	—
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 set forth in the table above 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.



	16



RenaissanceRe Holdings Ltd.
Gross Premiums Written

	Three months ended
	March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016
Property Segment
Catastrophe	$	414,424	$	7,705	$	71,606	$	432,033	$	373,017
Other property	106,105		44,742		48,298		61,920		71,942
Property segment gross premiums written	$	520,529	$	52,447	$	119,904	$	493,953	$	444,959

Casualty and Specialty Segment
Professional liability (1)	$	132,306	$	83,804	$	90,984	$	97,000	$	105,792
General casualty (2)	122,293		79,669		82,234		53,099		112,937
Financial lines (3)	85,143		85,208		110,771		74,255		142,834
Other (4)	61,819		21,963		26,331		40,821		55,611
Casualty and Specialty segment gross premiums written	$	401,561	$	270,644	$	310,320	$	265,175	$	417,174


(1)	Includes directors and officers, medical malpractice, and professional indemnity.


(2)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.


(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.


(4)	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite, terrorism. Lines of business such as regional multi line and whole account may have characteristics of various other classes of business, and are allocated accordingly.



	17



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended March 31, 2017
	Catastrophe			Other Property			Total
Gross premiums written	$	414,424		$	106,105		$	520,529
Net premiums written	$	220,898		$	68,973		$	289,871
Net premiums earned	$	133,179		$	53,809		$	186,988
Net claims and claim expenses incurred	6,923			31,915			38,838
Acquisition expenses	9,814			19,289			29,103
Operational expenses	22,476			5,189			27,665
Underwriting income (loss)	$	93,966		$	(2,584	)	$	91,382

Net claims and claim expenses incurred - current accident year	$	15,174		$	24,592		$	39,766
Net claims and claim expenses incurred - prior accident years	(8,251		)	7,323			(928		)
Net claims and claim expenses incurred - total	$	6,923		$	31,915		$	38,838

Net claims and claim expense ratio - current accident year	11.4		%	45.7		%	21.3		%
Net claims and claim expense ratio - prior accident years	(6.2		)%	13.6		%	(0.5		)%
Net claims and claim expense ratio - calendar year	5.2		%	59.3		%	20.8		%
Underwriting expense ratio	24.2		%	45.5		%	30.3		%
Combined ratio	29.4		%	104.8		%	51.1		%

	Three months ended March 31, 2016
	Catastrophe			Other Property			Total
Gross premiums written	$	373,017		$	71,942		$	444,959
Net premiums written	$	184,267		$	48,592		$	232,859
Net premiums earned	$	143,111		$	32,121		$	175,232
Net claims and claim expenses incurred	4,722			17,082			21,804
Acquisition expenses	10,829			9,295			20,124
Operational expenses	23,050			5,607			28,657
Underwriting income	$	104,510		$	137		$	104,647

Net claims and claim expenses incurred - current accident year	$	11,352		$	16,380		$	27,732
Net claims and claim expenses incurred - prior accident years	(6,630		)	702			(5,928		)
Net claims and claim expenses incurred - total	$	4,722		$	17,082		$	21,804

Net claims and claim expense ratio - current accident year	7.9		%	51.0		%	15.8		%
Net claims and claim expense ratio - prior accident years	(4.6		)%	2.2		%	(3.4		)%
Net claims and claim expense ratio - calendar year	3.3		%	53.2		%	12.4		%
Underwriting expense ratio	23.7		%	46.4		%	27.9		%
Combined ratio	27.0		%	99.6		%	40.3		%



	18



RenaissanceRe Holdings Ltd.
Lloyd's Platform Supplemental Underwriting Results

	Three months ended
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Gross premiums written	$	176,788		$	96,861		$	91,954		$	160,941		$	132,721
Net premiums written	$	74,709		$	70,705		$	69,365		$	131,851		$	62,799
Net premiums earned	$	78,816		$	78,324		$	74,693		$	72,618		$	61,303
Net claims and claim expenses incurred	59,923			49,634			29,337			43,832			27,016
Acquisition expenses	22,921			19,402			20,958			18,651			14,287
Operational expenses	11,711			11,231			8,760			12,408			14,134
Underwriting (loss) income	$	(15,739	)	$	(1,943	)	$	15,638		$	(2,273	)	$	5,866

Net claims and claim expenses incurred - current accident year	$	35,679		$	49,408		$	38,068		$	41,567		$	25,948
Net claims and claim expenses incurred - prior accident years	24,244			226			(8,731		)	2,265			1,068
Net claims and claim expenses incurred - total	$	59,923		$	49,634		$	29,337		$	43,832		$	27,016

Net claims and claim expense ratio - current accident year	45.3		%	63.1		%	51.0		%	57.2		%	42.3		%
Net claims and claim expense ratio - prior accident years	30.7		%	0.3		%	(11.7		)%	3.2		%	1.8		%
Net claims and claim expense ratio - calendar year	76.0		%	63.4		%	39.3		%	60.4		%	44.1		%
Underwriting expense ratio	44.0		%	39.1		%	39.8		%	42.7		%	46.3		%
Combined ratio	120.0		%	102.5		%	79.1		%	103.1		%	90.4		%



	19

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
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Net income available to RenaissanceRe common shareholders	$	92,352		$	69,436		$	146,825		$	136,325		$	127,995
Adjustment for net realized and unrealized (gains) losses on investments	(43,373		)	49,967			(59,870		)	(69,772		)	(61,653		)
Operating income available to RenaissanceRe common shareholders	$	48,979		$	119,403		$	86,955		$	66,553		$	66,342

Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.25		$	1.69		$	3.56		$	3.22		$	2.95
Adjustment for net realized and unrealized (gains) losses on investments	(1.07		)	1.23			(1.47		)	(1.67		)	(1.44		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	1.18		$	2.92		$	2.09		$	1.55		$	1.51

Return on average common equity - annualized	8.3		%	6.3		%	13.5		%	12.6		%	11.8		%
Adjustment for net realized and unrealized (gains) losses on investments	(3.9		)%	4.5		%	(5.5		)%	(6.4		)%	(5.7		)%
Operating return on average common equity - annualized	4.4		%	10.8		%	8.0		%	6.1		%	6.1		%



	20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has 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
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Book value per common share	$	109.37		$	108.45		$	107.10		$	103.70		$	101.19
Adjustment for goodwill and other intangibles (1)	(6.55		)	(6.58		)	(6.69		)	(6.73		)	(6.59		)
Tangible book value per common share	102.82			101.87			100.41			96.97			94.60
Adjustment for accumulated dividends	17.04			16.72			16.41			16.10			15.79
Tangible book value per common share plus accumulated dividends	$	119.86		$	118.59		$	116.82		$	113.07		$	110.39

Quarterly change in book value per common share	0.8		%	1.3		%	3.3		%	2.5		%	2.1		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.2		%	1.8		%	3.9		%	2.8		%	2.6		%


(1)	At March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016, goodwill and other intangibles included $18.9 million, $19.7 million, $20.6 million, $21.4 million and $22.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “managed catastrophe premiums” which is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from Property segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of other property gross premiums written and the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Reinsurance Ltd. ("Top Layer Re"), which is accounted for under the equity method of accounting. 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 Property segment gross premiums written is included below:



	Three months ended
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Property Segment
Catastrophe	$	414,424		$	7,705		$	71,606		$	432,033		$	373,017
Other property	106,105			44,742			48,298			61,920			71,942
Property segment gross premiums written	$	520,529		$	52,447		$	119,904		$	493,953		$	444,959

Managed Catastrophe Premiums
Property segment gross premiums written	$	520,529		$	52,447		$	119,904		$	493,953		$	444,959
Other property gross premiums written	(106,105		)	(44,742		)	(48,298		)	(61,920		)	(71,942		)
Catastrophe gross premiums written	$	414,424		$	7,705		$	71,606		$	432,033		$	373,017
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	12,385			1,389			1,493			25,689			11,096
Catastrophe premiums written by the Company and ceded to Top Layer Re	—			—			—			(896		)	(8,367		)
Managed catastrophe premiums	$	426,809		$	9,094		$	73,099		$	456,826		$	375,746



	22

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - May 2, 2017

Attached files

RENAISSANCERE HOLDINGS LTD Reports