Form 8-K RENAISSANCERE HOLDINGS For: Jul 28

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July 28, 2015 4:33 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2015

RenaissanceRe Holdings Ltd.

(Exact name of registrant as specified in its charter)




Bermuda	001-14428	98-014-1974
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)




Renaissance House 12 Crow Lane, Pembroke Bermuda		HM 19
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (441) 295-4513

Not Applicable

(Former name or former address, if changed since last report).

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02.	Results of Operations and Financial Condition.

On July 28, 2015, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2015 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.



Item 9.01.	Financial Statements and Exhibits.


(c)	Exhibits.



Exhibit #		Description
99.1*		Copy of the Company’s press release, issued July 28, 2015
99.2*		Copy of the Company’s Financial Supplement



*	Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	RENAISSANCERE HOLDINGS LTD.


Date:	By:	/s/ Jeffrey D. Kelly
July 28, 2015		Jeffrey D. Kelly
		Executive Vice President, Chief Financial Officer and Chief Operating Officer

INDEX TO EXHIBITS



Exhibit #		Description
99.1*		Copy of the Company’s press release, issued July 28, 2015
99.2*		Copy of the Company’s Financial Supplement



*	Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.

RenaissanceRe Reports Net Income of $73.2 Million for the Second Quarter of 2015 or $1.59 Per Diluted Common Share; Quarterly Operating Income of $99.9 Million or $2.18 Per Diluted Common Share

Pembroke, Bermuda, July 28, 2015 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $73.2 million, or $1.59 per diluted common share, in the second quarter of 2015, compared to $120.8 million, or $2.95, respectively, in the second quarter of 2014. Operating income available to RenaissanceRe common shareholders was $99.9 million, or $2.18 per diluted common share, for the second quarter of 2015, compared to $93.6 million, or $2.28, respectively, in the second quarter of 2014. The Company reported an annualized return on average common equity of 6.6% and an annualized operating return on average common equity of 9.1% in the second quarter of 2015, compared to 14.2% and 11.0%, respectively, in the second quarter of 2014. Book value per common share increased $1.22, or 1.3%, in the second quarter of 2015 to $96.43, compared to a 3.0% increase in the second quarter of 2014. Tangible book value per common share plus accumulated dividends increased 1.9% in the second quarter of 2015, compared to a 3.5% increase in the second quarter of 2014.

Kevin J. O'Donnell, CEO, commented: "I am pleased to report $99.9 million of operating income, an operating ROE of 9.1% and 1.9% growth in tangible book value per share plus accumulated dividends for the quarter. Each of our segments executed well during the quarter and we expanded our underwriting capabilities to support our clients, despite the competitive market conditions."

Mr. O'Donnell continued: "Our integration of Platinum has gone well. We are operating as one company with a consistent and united approach to the market. We remain committed to our goal of generating superior returns for our shareholders and third party capital providers over the long term by continuing to be market leaders in matching desirable risk with efficient capital."

SECOND QUARTER 2015 HIGHLIGHTS

•

Gross premiums written of $662.0 million increased $150.5 million, or 29.4%, in the second quarter of 2015, compared to the second quarter of 2014, with the Company’s Specialty Reinsurance and Lloyd’s segments experiencing increases of $108.5 million, or 210.4%, and $44.7 million, or 62.2%, respectively. The Company’s Catastrophe Reinsurance segment gross premiums written decreased by $2.7 million, or 0.7%, in the second quarter of 2015.

•

The Company generated underwriting income of $94.1 million and a combined ratio of 75.2% in the second quarter of 2015, compared to $99.7 million and 61.7%, respectively, in the second quarter of 2014. Underwriting income in the second quarter of 2015 was driven by an increase in net premiums earned, principally the result of increased gross premiums written in the Specialty Reinsurance segment, which was offset by higher current accident year net claims and claim expenses.

•

The Company’s total investment result, which principally includes the sum of net investment income, net realized and unrealized (losses) gains on investments, was $11.3 million in the second quarter of 2015, compared to $61.6 million in the second quarter of 2014. The decrease in the total investment result during the second quarter of 2015 of $50.2 million, compared to the second quarter of 2014, was primarily driven by rising interest rates across the yield curve in our portfolio of fixed maturity investments which resulted in net realized and unrealized losses, as well as lower returns in our portfolio of private equity investments. The lower returns in our portfolio of private equity investments was principally driven by weaker returns in the broader equity markets. Partially offsetting these decreases was a corresponding improvement in our net realized and unrealized gains on investments-related derivatives of $26.7 million related to the rising interest rate environment noted above, and improved returns in our portfolio of equity investments trading driven by an increase in the average invested assets of that portfolio.

Underwriting Results by Segment

Catastrophe Reinsurance Segment

Gross premiums written in the Catastrophe Reinsurance segment were $385.4 million in the second quarter of 2015, a decrease of $2.7 million, or 0.7%, compared to the second quarter of 2014. Market conditions remained challenging during the second quarter of 2015, and the Company continued to exercise underwriting discipline given prevailing terms and conditions, resulting in decreased gross premiums written on certain programs and transactions, offset in part by increased demand and growth in certain areas, including some new programs which provided opportunities for growth the Company believes to be attractive.

Managed catastrophe premiums increased $1.5 million, or 0.3%, to $439.3 million in the second quarter of 2015, compared to $437.9 million in the second quarter of 2014.

For the first six months of 2015, managed catastrophe premiums decreased $71.5 million, or 7.7%, to $862.4 million, compared to $933.9 million in the first six months of 2014.

The Catastrophe Reinsurance segment generated underwriting income of $65.9 million and a combined ratio of 59.5% in the second quarter of 2015, compared to $82.4 million and 48.2% in the second quarter of 2014, respectively. The $16.5 million decrease in underwriting income in the second quarter of 2015, compared to the second quarter of 2014, was driven by a $28.9 million increase in current accident year net claims and claim expenses primarily due to a number of weather events in the U.S., partially offset by a $10.2 million increase in favorable development on prior accident years net claims and claim expenses.

The Catastrophe Reinsurance segment experienced $12.0 million of favorable development on prior accident years net claims and claim expenses in the second quarter of 2015, compared to $1.7 million in the second quarter of 2014. The favorable development on prior accident years net claims and claim expenses in the second quarter of 2015 was principally driven by a $10.7 million reduction in reserves related to 2014 U.S. wind and thunderstorm events, with the remainder related to a number of other catastrophe events.

Specialty Reinsurance Segment

Gross premiums written in the Specialty Reinsurance segment were $160.0 million in the second quarter of 2015, an increase of $108.5 million, or 210.4%, compared to the second quarter of 2014, driven by increases across substantially all lines of business, most notably certain casualty and property other lines of business, principally due to the acquisition of Platinum Underwriters Holdings, Ltd. on March 2, 2015. The Company’s specialty reinsurance premiums are prone to significant volatility as this business can be influenced by a relatively small number of relatively large transactions.

For the first six months of 2015, gross premiums written in the Specialty Reinsurance segment increased $78.5 million, or 38.1%, to $284.3 million, compared to $205.8 million in the first six months of 2014.

The Specialty Reinsurance segment generated underwriting income of $22.5 million and a combined ratio of 85.5% in the second quarter of 2015, compared to $11.3 million and 78.9% in the second quarter of 2014, respectively. Impacting underwriting income in the Specialty Reinsurance segment for the second quarter of 2015, compared to the second quarter of 2014, was a $102.0 million increase in net premiums earned as a result of higher gross premiums written during the preceding twelve months and a $12.9 million increase in favorable development on prior accident years net claims and claim expenses; partially offset by a $24.8 million increase in underwriting expenses and a $78.9 million increase in current accident year net claims and claim expenses related to a higher level of attritional losses, each principally due to the increase in net premiums earned.

The Specialty Reinsurance segment experienced $18.3 million of favorable development on prior accident years net claims and claim expenses in the second quarter of 2015, compared to $5.4 million in the second quarter of 2014, principally as a result of better than expected claims emergence, partially offset by adverse development of $2.9 million associated with actuarial assumption changes.

Lloyd’s Segment

Gross premiums written in the Lloyd’s segment were $116.6 million in the second quarter of 2015, an increase of $44.7 million, or 62.2%, compared to the second quarter of 2014, primarily due to Syndicate 1458 continuing to grow organically in the Lloyd’s marketplace, notwithstanding challenging market conditions.

For the first six months of 2015, gross premiums written in the Lloyd’s segment increased $91.6 million, or 59.0%, to $246.7 million, compared to $155.2 million in the first six months of 2014.

The Lloyd’s segment generated underwriting income of $5.9 million and a combined ratio of 90.4% in the second quarter of 2015, compared to an underwriting loss of $0.6 million and a combined ratio 101.3% in the second quarter of 2014. Impacting underwriting income in the Lloyd’s segment during the second quarter of 2015 was a $13.9 million increase in net premiums earned as a result of the increase in gross premiums written; offset in part by a $4.1 million increase in acquisition expenses and a $2.6 million increase in net claims and claim expenses. The increases in net premiums earned and acquisition expenses were primarily the result of the increase in gross premiums written noted above. Also impacting acquisition expenses was the increased proportion of quota share and delegated authority business written, which generally carry higher acquisition expenses, compared to non-proportional business.

The Lloyd’s segment experienced $3.1 million of favorable development on prior accident years net claims and claim expenses in the second quarter of 2015, compared to $9.4 million in the second quarter of 2014, each principally due to reported claims activity coming in lower than expected on prior accident years events.

Other Items

•

On July 13, 2015, Standard & Poor’s Ratings Services (“S&P”) raised its counterparty credit and financial strength ratings on Renaissance Reinsurance U.S. Inc. (f.k.a. Platinum Underwriters Reinsurance, Inc.) to 'A+' from 'A-' and removed the ratings from credit watch, where S&P had placed them with positive implications on Nov. 24, 2014. S&P also affirmed its 'A-' counterparty credit and financial strength ratings on Platinum Underwriters Bermuda, Ltd. and removed the ratings from credit watch with positive implications, and affirmed its 'A+' counterparty credit and financial strength ratings on RenaissanceRe Specialty Risks Ltd. At the same time, S&P assigned 'A+' counterparty credit and financial strength ratings to RenaissanceRe Specialty U.S. Ltd. The outlook on all these entities is stable.


•	During the second quarter of 2015, the Company repurchased an aggregate of 83 thousand common shares in open market transactions at an aggregate cost of $8.4 million and at an average share price of $101.98.


•	Subsequent to June 30, 2015 and through the period ended July 27, 2015, the Company repurchased 67 thousand common shares in open market transactions at an aggregate cost of $6.9 million and at an average share price of $102.70.


•	Net income attributable to noncontrolling interests in the second quarter of 2015 was $12.2 million, compared to $36.1 million in the second quarter of 2014, principally due to a decrease in the profitability of DaVinciRe Holdings Ltd. (“DaVinciRe”). The Company’s ownership in DaVinciRe was 26.3% at June 30, 2015, compared to 26.5% at June 30, 2014.


•	During the second quarter of 2015, the Company recorded $7.8 million of corporate expenses associated with the acquisition of Platinum.

This Press Release 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 premiums”, “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.

Please refer to the “Investor Information - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, July 29, 2015 at 9:00 am (ET) to discuss this release. Live broadcast of the conference call will be available through the “Investor Information - Company Webcasts” section of RenaissanceRe’s website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of three 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.

Cautionary Statement Regarding Forward Looking Statements

Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the ability to recognize the benefits of the acquisition of Platinum; the frequency and severity of catastrophic and other events; uncertainties in RenaissanceRe’s reserving processes; the lowering or loss of any of the financial strength, claims paying or enterprise wide risk management ratings of RenaissanceRe, its subsidiaries or joint ventures; risks associated with appropriately modeling, pricing for, and contractually addressing new or potential factors in loss emergence; risks that RenaissanceRe or its subsidiaries might be bound to policyholder obligations beyond their underwriting intent; additional risks relating to RenaissanceRe’s acquisition of Platinum, including risks that RenaissanceRe’s future financial performance may differ from projections, risks relating to integration challenges and costs, and other risks that RenaissanceRe may not be able to effectively manage its expanded operations; risks due to RenaissanceRe’s reliance on a small and decreasing number of reinsurance brokers and other distribution services; risks relating to operating in a highly competitive environment; risks relating to deteriorating market conditions; the risk that customers may fail to make premium payments due to RenaissanceRe; the risk of failures of reinsurers, brokers or other counterparties to honor their obligations to RenaissanceRe; a contention by the United States Internal Revenue Service that Renaissance Reinsurance Ltd., Platinum Underwriters Bermuda, Ltd. or any of RenaissanceRe’s other Bermuda, or non-U.S., subsidiaries, is subject to U.S. taxation; other risks relating to potential adverse tax developments, including the risk that operating subsidiaries of RenaissanceRe could be deemed to be passive foreign investment companies under future rules, regulations or laws; risks relating to adverse legislative developments; risks associated with RenaissanceRe’s investment portfolios; changes in economic conditions or inflation; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.



INVESTOR CONTACT:	MEDIA CONTACT:
Rohan Pai	Kekst and Company
Director - Corporate Finance	Peter Hill or Dawn Dover
RenaissanceRe Holdings Ltd.	(212) 521-4800
(441) 295-4513



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
	Three months ended						Six months ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Revenues
Gross premiums written	$	661,997		$	511,540		$	1,305,575		$	1,216,800
Net premiums written	$	508,677		$	346,407		$	912,712		$	796,754
Increase in unearned premiums	(128,849		)	(85,991		)	(236,124		)	(249,804		)
Net premiums earned	379,828			260,416			676,588			546,950
Net investment income	38,604			34,541			78,311			73,489
Net foreign exchange (losses) gains	(1,740		)	2,392			(4,870		)	1,331
Equity in earnings of other ventures	6,160			7,232			11,455			11,431
Other income (loss)	1,427			(535		)	2,966			(473		)
Net realized and unrealized (losses) gains on investments	(26,712		)	27,128			15,037			42,055
Total revenues	397,567			331,174			779,487			674,783
Expenses
Net claims and claim expenses incurred	169,344			81,388			246,197			140,303
Acquisition expenses	61,666			33,477			105,067			67,177
Operational expenses	54,673			45,841			100,294			88,465
Corporate expenses	13,032			3,954			58,630			8,499
Interest expense	9,698			4,292			14,949			8,585
Total expenses	308,413			168,952			525,137			313,029
Income before taxes	89,154			162,222			254,350			361,754
Income tax (expense) benefit	1,842			204			49,746			38
Net income	90,996			162,426			304,096			361,792
Net income attributable to noncontrolling interests	(12,167		)	(36,078		)	(51,829		)	(78,846		)
Net income available to RenaissanceRe	78,829			126,348			252,267			282,946
Dividends on preference shares	(5,596		)	(5,596		)	(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	73,233		$	120,752		$	241,076		$	271,755

Net income available to RenaissanceRe common shareholders per common share - basic	$	1.60		$	3.00		$	5.61		$	6.62
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.59		$	2.95		$	5.56		$	6.52

Average shares outstanding - basic	45,303			39,736			42,467			40,487
Average shares outstanding - diluted	45,657			40,395			42,839			41,149

Net claims and claim expense ratio	44.6		%	31.3		%	36.4		%	25.7		%
Underwriting expense ratio	30.6		%	30.4		%	30.3		%	28.4		%
Combined ratio	75.2		%	61.7		%	66.7		%	54.1		%
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.18		$	2.28		$	5.21		$	5.50
Operating return on average common equity - annualized (1)	9.1		%	11.0		%	11.0		%	13.4		%


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



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)

	June 30, 2015		December 31, 2014
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value	$	6,591,434	$	4,756,685
Fixed maturity investments available for sale, at fair value	21,754		26,885
Total fixed maturity investments, at fair value	6,613,188		4,783,570
Short term investments, at fair value	1,543,191		1,013,222
Equity investments trading, at fair value	493,056		322,098
Other investments, at fair value	504,693		504,147
Investments in other ventures, under equity method	126,139		120,713
Total investments	9,280,267		6,743,750
Cash and cash equivalents	398,090		525,584
Premiums receivable	1,068,819		440,007
Prepaid reinsurance premiums	276,231		94,810
Reinsurance recoverable	136,464		66,694
Accrued investment income	37,480		26,509
Deferred acquisition costs	173,408		110,059
Receivable for investments sold	149,063		52,390
Other assets	257,621		135,845
Goodwill and other intangibles	275,743		7,902
Total assets	$	12,053,186	$	8,203,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,847,648	$	1,412,510
Unearned premiums	1,155,596		512,386
Debt	972,362		249,522
Reinsurance balances payable	512,019		454,580
Payable for investments purchased	511,251		203,021
Other liabilities	228,554		374,108
Total liabilities	6,227,430		3,206,127
Redeemable noncontrolling interest	988,812		1,131,708
Shareholders’ Equity
Preference shares	400,000		400,000
Common shares	46,013		38,442
Additional paid-in capital	750,484		—
Accumulated other comprehensive income	2,993		3,416
Retained earnings	3,637,454		3,423,857
Total shareholders’ equity attributable to RenaissanceRe	4,836,944		3,865,715
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,053,186	$	8,203,550

Book value per common share	$	96.43	$	90.15



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)

	Three months ended June 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	385,366		$	160,013		$	116,618		$	—		$	661,997
Net premiums written	$	270,490		$	139,867		$	98,320		$	—		$	508,677
Net premiums earned	$	162,705		$	155,584		$	61,539		$	—		$	379,828
Net claims and claim expenses incurred	55,376			86,062			27,683			223			169,344
Acquisition expenses	19,314			28,251			14,210			(109		)	61,666
Operational expenses	22,090			18,747			13,719			117			54,673
Underwriting income (loss)	$	65,925		$	22,524		$	5,927		$	(231	)	94,145
Net investment income										38,604			38,604
Net foreign exchange losses										(1,740		)	(1,740		)
Equity in earnings of other ventures										6,160			6,160
Other income										1,427			1,427
Net realized and unrealized losses on investments										(26,712		)	(26,712		)
Corporate expenses										(13,032		)	(13,032		)
Interest expense										(9,698		)	(9,698		)
Income before taxes and noncontrolling interests													89,154
Income tax expense										1,842			1,842
Net income attributable to noncontrolling interests										(12,167		)	(12,167		)
Dividends on preference shares										(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders													$	73,233

Net claims and claim expenses incurred – current accident year	$	67,334		$	104,315		$	30,771		$	—		$	202,420
Net claims and claim expenses incurred – prior accident years	(11,958		)	(18,253		)	(3,088		)	223			(33,076		)
Net claims and claim expenses incurred – total	$	55,376		$	86,062		$	27,683		$	223		$	169,344

Net claims and claim expense ratio – current accident year	41.4		%	67.0		%	50.0		%	—		%	53.3		%
Net claims and claim expense ratio – prior accident years	(7.4		)%	(11.7		)%	(5.0		)%	—		%	(8.7		)%
Net claims and claim expense ratio – calendar year	34.0		%	55.3		%	45.0		%	—		%	44.6		%
Underwriting expense ratio	25.5		%	30.2		%	45.4		%	—		%	30.6		%
Combined ratio	59.5		%	85.5		%	90.4		%	—		%	75.2		%


	Three months ended June 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	388,083		$	51,554		$	71,903		$	—		$	511,540
Net premiums written	$	233,698		$	46,254		$	66,452		$	3		$	346,407
Net premiums earned	$	159,152		$	53,588		$	47,672		$	4		$	260,416
Net claims and claim expenses incurred	36,730			20,075			25,111			(528		)	81,388
Acquisition expenses	17,806			11,699			10,122			(6,150		)	33,477
Operational expenses	22,200			10,514			13,058			69			45,841
Underwriting income (loss)	$	82,416		$	11,300		$	(619	)	$	6,613		99,710
Net investment income										34,541			34,541
Net foreign exchange gains										2,392			2,392
Equity in earnings of other ventures										7,232			7,232
Other loss										(535		)	(535		)
Net realized and unrealized gains on investments										27,128			27,128
Corporate expenses										(3,954		)	(3,954		)
Interest expense										(4,292		)	(4,292		)
Income before taxes and noncontrolling interests													162,222
Income tax benefit										204			204
Net income attributable to noncontrolling interests										(36,078		)	(36,078		)
Dividends on preference shares										(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders													$	120,752

Net claims and claim expenses incurred – current accident year	$	38,473		$	25,443		$	34,555		$	—		$	98,471
Net claims and claim expenses incurred – prior accident years	(1,743		)	(5,368		)	(9,444		)	(528		)	(17,083		)
Net claims and claim expenses incurred – total	$	36,730		$	20,075		$	25,111		$	(528	)	$	81,388

Net claims and claim expense ratio – current accident year	24.2		%	47.5		%	72.5		%	—		%	37.8		%
Net claims and claim expense ratio – prior accident years	(1.1		)%	(10.0		)%	(19.8		)%	(13,200.0		)%	(6.5		)%
Net claims and claim expense ratio – calendar year	23.1		%	37.5		%	52.7		%	(13,200.0		)%	31.3		%
Underwriting expense ratio	25.1		%	41.4		%	48.6		%	(152,025.0		)%	30.4		%
Combined ratio	48.2		%	78.9		%	101.3		%	(165,225.0		)%	61.7		%



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)

	Six months ended June 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	774,613		$	284,304		$	246,748		$	(90	)	$	1,305,575
Net premiums written	$	493,130		$	243,782		$	175,889		$	(89	)	$	912,712
Net premiums earned	$	306,472		$	250,460		$	119,745		$	(89	)	$	676,588
Net claims and claim expenses incurred	62,970			125,650			57,526			51			246,197
Acquisition expenses	26,968			48,940			28,903			256			105,067
Operational expenses	42,453			32,037			25,659			145			100,294
Underwriting income (loss)	$	174,081		$	43,833		$	7,657		$	(541	)	225,030
Net investment income										78,311			78,311
Net foreign exchange losses										(4,870		)	(4,870		)
Equity in earnings of other ventures										11,455			11,455
Other income										2,966			2,966
Net realized and unrealized gains on investments										15,037			15,037
Corporate expenses										(58,630		)	(58,630		)
Interest expense										(14,949		)	(14,949		)
Income before taxes and noncontrolling interests													254,350
Income tax benefit										49,746			49,746
Net income attributable to noncontrolling interests										(51,829		)	(51,829		)
Dividends on preference shares										(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders													$	241,076

Net claims and claim expenses incurred – current accident year	$	91,458		$	153,579		$	56,381		$	—		$	301,418
Net claims and claim expenses incurred – prior accident years	(28,488		)	(27,929		)	1,145			51			(55,221		)
Net claims and claim expenses incurred – total	$	62,970		$	125,650		$	57,526		$	51		$	246,197

Net claims and claim expense ratio – current accident year	29.8		%	61.3		%	47.1		%	—		%	44.5		%
Net claims and claim expense ratio – prior accident years	(9.3		)%	(11.1		)%	0.9		%	(57.3		)%	(8.1		)%
Net claims and claim expense ratio – calendar year	20.5		%	50.2		%	48.0		%	(57.3		)%	36.4		%
Underwriting expense ratio	22.7		%	32.3		%	45.6		%	(450.6		)%	30.3		%
Combined ratio	43.2		%	82.5		%	93.6		%	(507.9		)%	66.7		%


	Six months ended June 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	855,794		$	205,844		$	155,162		$	—		$	1,216,800
Net premiums written	$	493,187		$	171,743		$	131,821		$	3		$	796,754
Net premiums earned	$	323,736		$	123,218		$	99,969		$	27		$	546,950
Net claims and claim expenses incurred	43,185			46,156			51,392			(430		)	140,303
Acquisition expenses	24,932			28,246			20,689			(6,690		)	67,177
Operational expenses	42,619			20,620			25,091			135			88,465
Underwriting income	$	213,000		$	28,196		$	2,797		$	7,012		251,005
Net investment income										73,489			73,489
Net foreign exchange gains										1,331			1,331
Equity in earnings of other ventures										11,431			11,431
Other loss										(473		)	(473		)
Net realized and unrealized gains on investments										42,055			42,055
Corporate expenses										(8,499		)	(8,499		)
Interest expense										(8,585		)	(8,585		)
Income before taxes and noncontrolling interests													361,754
Income tax benefit										38			38
Net income attributable to noncontrolling interests										(78,846		)	(78,846		)
Dividends on preference shares										(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders													$	271,755

Net claims and claim expenses incurred – current accident year	$	51,002		$	67,365		$	55,712		$	—		$	174,079
Net claims and claim expenses incurred – prior accident years	(7,817		)	(21,209		)	(4,320		)	(430		)	(33,776		)
Net claims and claim expenses incurred – total	$	43,185		$	46,156		$	51,392		$	(430	)	$	140,303

Net claims and claim expense ratio – current accident year	15.8		%	54.7		%	55.7		%	—		%	31.8		%
Net claims and claim expense ratio – prior accident years	(2.5		)%	(17.2		)%	(4.3		)%	(1,592.6		)%	(6.1		)%
Net claims and claim expense ratio – calendar year	13.3		%	37.5		%	51.4		%	(1,592.6		)%	25.7		%
Underwriting expense ratio	20.9		%	39.6		%	45.8		%	(24,277.8		)%	28.4		%
Combined ratio	34.2		%	77.1		%	97.2		%	(25,870.4		)%	54.1		%

(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 six months ended June 30, 2015.



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written and Managed Premiums
(in thousands of United States Dollars)
(Unaudited)

	Three months ended					Six months ended
	June 30, 2015			June 30, 2014		June 30, 2015			June 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	243,246		$	240,137	$	508,976		$	562,885
DaVinci catastrophe premiums	142,120			147,946		265,637			292,909
Total Catastrophe Reinsurance segment gross premiums written	$	385,366		$	388,083	$	774,613		$	855,794

Specialty Reinsurance Segment
Casualty	$	84,953		$	24,472	$	147,058		$	51,833
Credit	19,911			14,378		48,622			112,152
Property Other	23,215			2,681		28,424			8,163
Other	31,934			10,023		60,200			33,696
Total Specialty Reinsurance segment gross premiums written	$	160,013		$	51,554	$	284,304		$	205,844

Lloyd’s Segment
Casualty	$	48,426		$	30,079	$	110,397		$	64,651
Catastrophe	33,379			26,665		59,024			48,220
Property Other	24,130			13,568		47,899			26,151
Credit	1,534			567		4,119			582
Other	9,149			1,024		25,309			15,558
Total Lloyd’s segment gross premiums written	$	116,618		$	71,903	$	246,748		$	155,162

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	385,366		$	388,083	$	774,613		$	855,794
Catastrophe premiums written on behalf of the Company’s joint venture, Top Layer Re (2)	21,411			23,110		35,575			37,225
Catastrophe premiums written in the Lloyd’s segment	33,379			26,665		59,024			48,220
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(835		)	—		(6,785		)	(7,355		)
Total managed catastrophe premiums (1)	$	439,321		$	437,858	$	862,427		$	933,884


(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.



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars)
(Unaudited)

	Three months ended						Six months ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Fixed maturity investments	$	33,791		$	26,372		$	59,730		$	50,232
Short term investments	297			286			494			476
Equity investments trading	1,913			779			4,517			1,575
Other investments
Hedge funds and private equity investments	5,425			8,340			15,838			20,657
Other	674			1,483			4,182			6,011
Cash and cash equivalents	127			93			275			184
	42,227			37,353			85,036			79,135
Investment expenses	(3,623		)	(2,812		)	(6,725		)	(5,646		)
Net investment income	38,604			34,541			78,311			73,489

Gross realized gains	8,672			12,166			30,204			25,633
Gross realized losses	(21,552		)	(2,587		)	(26,423		)	(8,151		)
Net realized (losses) gains on fixed maturity investments	(12,880		)	9,579			3,781			17,482
Net unrealized (losses) gains on fixed maturity investments trading	(48,104		)	29,918			(22,132		)	57,800
Net realized and unrealized gains (losses) on investments-related derivatives	19,816			(6,884		)	15,608			(17,783		)
Net realized gains on equity investments trading	8,832			5,134			16,313			5,055
Net unrealized gains (losses) on equity investments trading	5,624			(10,619		)	1,467			(20,499		)
Net realized and unrealized (losses) gains on investments	(26,712		)	27,128			15,037			42,055
Change in net unrealized gains on fixed maturity investments available for sale	(560		)	(96		)	(743		)	(261		)
Total investment result	$	11,332		$	61,573		$	92,605		$	115,283

Total investment return - annualized	0.5		%	3.7		%	2.2		%	3.4		%

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided these financial measurements in previous investor communications and the Company’s management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

The Company uses “operating income 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 from continuing and discontinued operations and net other-than-temporary impairments. 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 and equity investments trading. 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						Six months ended
(in thousands of United States Dollars, except percentages)	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Net income available to RenaissanceRe common shareholders	$	73,233		$	120,752		$	241,076		$	271,755
Adjustment for net realized and unrealized losses (gains) on investments	26,712			(27,128		)	(15,037		)	(42,055		)
Operating income available to RenaissanceRe common shareholders	$	99,945		$	93,624		$	226,039		$	229,700

Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.59		$	2.95		$	5.56		$	6.52
Adjustment for net realized and unrealized losses (gains) on investments	0.59			(0.67		)	(0.35		)	(1.02		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.18		$	2.28		$	5.21		$	5.50

Return on average common equity - annualized	6.6		%	14.2		%	11.8		%	15.8		%
Adjustment for net realized and unrealized losses (gains) on investments	2.5		%	(3.2		)%	(0.8		)%	(2.4		)%
Operating return on average common equity - annualized	9.1		%	11.0		%	11.0		%	13.4		%

The Company has also included in this Press Release “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.

The Company has also included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets per share. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets.

The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:



	At
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Book value per common share	$	96.43		$	95.21		$	90.15		$	85.78		$	84.79
Adjustment for goodwill and other intangibles (1)	(6.51		)	(6.64		)	(0.86		)	(0.88		)	(0.86		)
Tangible book value per common share	89.92			88.57			89.29			84.90			83.93
Adjustment for accumulated dividends	14.88			14.58			14.28			13.99			13.70
Tangible book value per common share plus accumulated dividends	$	104.80		$	103.15		$	103.57		$	98.89		$	97.63

Quarterly change in book value per common share	1.3		%	5.6		%	5.1		%	1.2		%	3.0		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.9		%	(0.5		)%	5.5		%	1.5		%	3.5		%
Year to date change in book value per common share	7.0		%										5.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends	1.4		%										6.4		%


(1)	At June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, goodwill and other intangibles included $23.5 million, $24.4 million, $25.3 million, $26.1 million and $27.0 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

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 Earnings of Other Ventures	20
c.	Other Income (Loss)	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”).

On November 23, 2014, RenaissanceRe entered into a definitive merger agreement with Platinum Underwriters Holdings, Ltd. (“Platinum") and the transaction closed on March 2, 2015. As a result of the acquisition, Platinum and its subsidiaries became wholly-owned subsidiaries of RenaissanceRe, including Platinum Underwriters Bermuda, Ltd. ("Platinum Bermuda") and Renaissance Reinsurance U.S. Inc., formerly known as Platinum Underwriters Reinsurance, Inc. ("Renaissance Reinsurance U.S."). The Company accounted for the acquisition of Platinum under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic Business Combinations and the Company's consolidated results of operations include those of Platinum from March 2, 2015.

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this release contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the 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						Six months ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Highlights
Gross premiums written	$	661,997		$	511,540		$	1,305,575		$	1,216,800
Net premiums written	$	508,677		$	346,407		$	912,712		$	796,754
Net premiums earned	$	379,828		$	260,416		$	676,588		$	546,950
Net claims and claim expenses incurred	169,344			81,388			246,197			140,303
Acquisition expenses	61,666			33,477			105,067			67,177
Operating expenses	54,673			45,841			100,294			88,465
Underwriting income	$	94,145		$	99,710		$	225,030		$	251,005

Net investment income	$	38,604		$	34,541		$	78,311		$	73,489
Net realized and unrealized (losses) gains on investments	(26,712		)	27,128			15,037			42,055
Change in net unrealized gains on fixed maturity investments available for sale	(560		)	(96		)	(743		)	(261		)
Total investment result	$	11,332		$	61,573		$	92,605		$	115,283

Net income available to RenaissanceRe common shareholders	$	73,233		$	120,752		$	241,076		$	271,755
Operating income available to RenaissanceRe common shareholders (1)	$	99,945		$	93,624		$	226,039		$	229,700

Total assets	$	12,053,186		$	8,515,625		$	12,053,186		$	8,515,625
Total shareholders' equity attributable to RenaissanceRe	$	4,836,944		$	3,835,941		$	4,836,944		$	3,835,941

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.59		$	2.95		$	5.56		$	6.52
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.18		$	2.28		$	5.21		$	5.50
Dividends per common share	$	0.30		$	0.29		$	0.60		$	0.58
Book value per common share	$	96.43		$	84.79		$	96.43		$	84.79
Tangible book value per common share (1)	$	89.92		$	83.93		$	89.92		$	83.93
Tangible book value per common share plus accumulated dividends (1)	$	104.80		$	97.63		$	104.80		$	97.63
Change in tangible book value per common share plus change in accumulated dividends (1)	1.9		%	3.5		%	1.4		%	6.4		%

Financial ratios
Net claims and claim expense ratio - current accident year	53.3		%	37.8		%	44.5		%	31.8		%
Net claims and claim expense ratio - prior accident years	(8.7		)%	(6.5		)%	(8.1		)%	(6.1		)%
Net claims and claim expense ratio - calendar year	44.6		%	31.3		%	36.4		%	25.7		%
Underwriting expense ratio	30.6		%	30.4		%	30.3		%	28.4		%
Combined ratio	75.2		%	61.7		%	66.7		%	54.1		%
Operating return on average common equity - annualized (1)	9.1		%	11.0		%	11.0		%	13.4		%
Total investment return - annualized	0.5		%	3.7		%	2.2		%	3.4		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Gross premiums written	$	661,997		$	643,578		$	132,780		$	200,992		$	511,540
Net premiums written	$	508,677		$	404,035		$	111,769		$	159,713		$	346,407
(Increase) decrease in unearned premiums	(128,849		)	(107,275		)	144,718			99,266			(85,991		)
Net premiums earned	379,828			296,760			256,487			258,979			260,416
Net investment income	38,604			39,707			25,886			24,941			34,541
Net foreign exchange (losses) gains	(1,740		)	(3,130		)	(107		)	5,036			2,392
Equity in earnings of other ventures	6,160			5,295			4,838			9,806			7,232
Other income (loss)	1,427			1,539			1,219			(1,169		)	(535		)
Net realized and unrealized (losses) gains on investments	(26,712		)	41,749			30,475			(31,097		)	27,128
Total revenues	397,567			381,920			318,798			266,496			331,174
Expenses
Net claims and claim expenses incurred	169,344			76,853			(12,003		)	69,647			81,388
Acquisition expenses	61,666			43,401			39,749			37,550			33,477
Operational expenses	54,673			45,621			55,202			46,972			45,841
Corporate expenses	13,032			45,598			10,583			3,905			3,954
Interest expense	9,698			5,251			4,289			4,290			4,292
Total expenses	308,413			216,724			97,820			162,364			168,952
Income before taxes	89,154			165,196			220,978			104,132			162,222
Income tax (expense) benefit	1,842			47,904			(401		)	(245		)	204
Net income	90,996			213,100			220,577			103,887			162,426
Net income attributable to noncontrolling interests	(12,167		)	(39,662		)	(44,215		)	(30,477		)	(36,078		)
Net income attributable to RenaissanceRe	78,829			173,438			176,362			73,410			126,348
Dividends on preference shares	(5,596		)	(5,595		)	(5,595		)	(5,595		)	(5,596		)
Net income available to RenaissanceRe common shareholders	$	73,233		$	167,843		$	170,767		$	67,815		$	120,752

Net income available to RenaissanceRe common shareholders per common share - basic	$	1.60		$	4.18		$	4.46		$	1.72		$	3.00
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.59		$	4.14		$	4.42		$	1.70		$	2.95
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.18		$	3.10		$	3.62		$	2.49		$	2.28

Operating return on average common equity - annualized (1)	9.1		%	12.9		%	16.5		%	11.7		%	11.0		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Six months ended
	June 30, 2015			June 30, 2014
Revenues
Gross premiums written	$	1,305,575		$	1,216,800
Net premiums written	$	912,712		$	796,754
Increase in unearned premiums	(236,124		)	(249,804		)
Net premiums earned	676,588			546,950
Net investment income	78,311			73,489
Net foreign exchange (losses) gains	(4,870		)	1,331
Equity in earnings of other ventures	11,455			11,431
Other income (loss)	2,966			(473		)
Net realized and unrealized gains on investments	15,037			42,055
Total revenues	779,487			674,783
Expenses
Net claims and claim expenses incurred	246,197			140,303
Acquisition expenses	105,067			67,177
Operational expenses	100,294			88,465
Corporate expenses	58,630			8,499
Interest expense	14,949			8,585
Total expenses	525,137			313,029
Income before taxes	254,350			361,754
Income tax benefit	49,746			38
Net income	304,096			361,792
Net income attributable to noncontrolling interests	(51,829		)	(78,846		)
Net income attributable to RenaissanceRe	252,267			282,946
Dividends on preference shares	(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	241,076		$	271,755

Net income available to RenaissanceRe common shareholders per common share - basic	$	5.61		$	6.62
Net income available to RenaissanceRe common shareholders per common share - diluted	$	5.56		$	6.52
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	5.21		$	5.50

Operating return on average common equity - annualized (1)	11.0		%	13.4		%


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended June 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	385,366		$	160,013		$	116,618		$	—		$	661,997
Net premiums written	$	270,490		$	139,867		$	98,320		$	—		$	508,677
Net premiums earned	$	162,705		$	155,584		$	61,539		$	—		$	379,828
Net claims and claim expenses incurred	55,376			86,062			27,683			223			169,344
Acquisition expenses	19,314			28,251			14,210			(109		)	61,666
Operational expenses	22,090			18,747			13,719			117			54,673
Underwriting income (loss)	$	65,925		$	22,524		$	5,927		$	(231	)	$	94,145

Net claims and claim expenses incurred - current accident year	$	67,334		$	104,315		$	30,771		$	—		$	202,420
Net claims and claim expenses incurred - prior accident years	(11,958		)	(18,253		)	(3,088		)	223			(33,076		)
Net claims and claim expenses incurred - total	$	55,376		$	86,062		$	27,683		$	223		$	169,344

Net claims and claim expense ratio - current accident year	41.4		%	67.0		%	50.0		%	—		%	53.3		%
Net claims and claim expense ratio - prior accident years	(7.4		)%	(11.7		)%	(5.0		)%	—		%	(8.7		)%
Net claims and claim expense ratio - calendar year	34.0		%	55.3		%	45.0		%	—		%	44.6		%
Underwriting expense ratio	25.5		%	30.2		%	45.4		%	—		%	30.6		%
Combined ratio	59.5		%	85.5		%	90.4		%	—		%	75.2		%

	Three months ended June 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	388,083		$	51,554		$	71,903		$	—		$	511,540
Net premiums written	$	233,698		$	46,254		$	66,452		$	3		$	346,407
Net premiums earned	$	159,152		$	53,588		$	47,672		$	4		$	260,416
Net claims and claim expenses incurred	36,730			20,075			25,111			(528		)	81,388
Acquisition expenses	17,806			11,699			10,122			(6,150		)	33,477
Operational expenses	22,200			10,514			13,058			69			45,841
Underwriting income (loss)	$	82,416		$	11,300		$	(619	)	$	6,613		$	99,710

Net claims and claim expenses incurred - current accident year	$	38,473		$	25,443		$	34,555		$	—		$	98,471
Net claims and claim expenses incurred - prior accident years	(1,743		)	(5,368		)	(9,444		)	(528		)	(17,083		)
Net claims and claim expenses incurred - total	$	36,730		$	20,075		$	25,111		$	(528	)	$	81,388

Net claims and claim expense ratio - current accident year	24.2		%	47.5		%	72.5		%	—		%	37.8		%
Net claims and claim expense ratio - prior accident years	(1.1		)%	(10.0		)%	(19.8		)%	(13,200.0		)%	(6.5		)%
Net claims and claim expense ratio - calendar year	23.1		%	37.5		%	52.7		%	(13,200.0		)%	31.3		%
Underwriting expense ratio	25.1		%	41.4		%	48.6		%	(152,025.0		)%	30.4		%
Combined ratio	48.2		%	78.9		%	101.3		%	(165,225.0		)%	61.7		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	774,613		$	284,304		$	246,748		$	(90	)	$	1,305,575
Net premiums written	$	493,130		$	243,782		$	175,889		$	(89	)	$	912,712
Net premiums earned	$	306,472		$	250,460		$	119,745		$	(89	)	$	676,588
Net claims and claim expenses incurred	62,970			125,650			57,526			51			246,197
Acquisition expenses	26,968			48,940			28,903			256			105,067
Operational expenses	42,453			32,037			25,659			145			100,294
Underwriting income (loss)	$	174,081		$	43,833		$	7,657		$	(541	)	$	225,030

Net claims and claim expenses incurred - current accident year	$	91,458		$	153,579		$	56,381		$	—		$	301,418
Net claims and claim expenses incurred - prior accident years	(28,488		)	(27,929		)	1,145			51			(55,221		)
Net claims and claim expenses incurred - total	$	62,970		$	125,650		$	57,526		$	51		$	246,197

Net claims and claim expense ratio - current accident year	29.8		%	61.3		%	47.1		%	—		%	44.5		%
Net claims and claim expense ratio - prior accident years	(9.3		)%	(11.1		)%	0.9		%	(57.3		)%	(8.1		)%
Net claims and claim expense ratio - calendar year	20.5		%	50.2		%	48.0		%	(57.3		)%	36.4		%
Underwriting expense ratio	22.7		%	32.3		%	45.6		%	(450.6		)%	30.3		%
Combined ratio	43.2		%	82.5		%	93.6		%	(507.9		)%	66.7		%

	Six months ended June 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	855,794		$	205,844		$	155,162		$	—		$	1,216,800
Net premiums written	$	493,187		$	171,743		$	131,821		$	3		$	796,754
Net premiums earned	$	323,736		$	123,218		$	99,969		$	27		$	546,950
Net claims and claim expenses incurred	43,185			46,156			51,392			(430		)	140,303
Acquisition expenses	24,932			28,246			20,689			(6,690		)	67,177
Operational expenses	42,619			20,620			25,091			135			88,465
Underwriting income	$	213,000		$	28,196		$	2,797		$	7,012		$	251,005

Net claims and claim expenses incurred - current accident year	$	51,002		$	67,365		$	55,712		$	—		$	174,079
Net claims and claim expenses incurred - prior accident years	(7,817		)	(21,209		)	(4,320		)	(430		)	(33,776		)
Net claims and claim expenses incurred - total	$	43,185		$	46,156		$	51,392		$	(430	)	$	140,303

Net claims and claim expense ratio - current accident year	15.8		%	54.7		%	55.7		%	—		%	31.8		%
Net claims and claim expense ratio - prior accident years	(2.5		)%	(17.2		)%	(4.3		)%	(1,592.6		)%	(6.1		)%
Net claims and claim expense ratio - calendar year	13.3		%	37.5		%	51.4		%	(1,592.6		)%	25.7		%
Underwriting expense ratio	20.9		%	39.6		%	45.8		%	(24,277.8		)%	28.4		%
Combined ratio	34.2		%	77.1		%	97.2		%	(25,870.4		)%	54.1		%

(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 six months ended June 30, 2015.



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014		June 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	243,246		$	265,730		$	10,569		$	49,480	$	240,137
DaVinci catastrophe premiums	142,120			123,517			(646		)	18,772		147,946
Total Catastrophe Reinsurance segment gross premiums written	$	385,366		$	389,247		$	9,923		$	68,252	$	388,083

Specialty Reinsurance Segment
Casualty	$	84,953		$	62,105		$	40,150		$	40,552	$	24,472
Credit	19,911			28,711			19,401			16,167		14,378
Property Other	23,215			5,209			7,652			6,109		2,681
Other	31,934			28,266			4,708			6,055		10,023
Total Specialty Reinsurance segment gross premiums written	$	160,013		$	124,291		$	71,911		$	68,883	$	51,554

Lloyd's Segment
Casualty	$	48,426		$	61,971		$	30,562		$	36,759	$	30,079
Catastrophe	33,379			25,645			1,985			5,161		26,665
Property Other	24,130			23,769			17,179			20,301		13,568
Credit	1,534			2,585			(119		)	278		567
Other	9,149			16,160			1,030			1,358		1,024
Total Lloyd's segment gross premiums written	$	116,618		$	130,130		$	50,637		$	63,857	$	71,903

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	385,366		$	389,247		$	9,923		$	68,252	$	388,083
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	21,411			14,164			3,162			2,169		23,110
Catastrophe premiums written in the Lloyd's segment	33,379			25,645			1,985			5,161		26,665
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(835		)	(5,950		)	—			—		—
Total managed catastrophe premiums (1)	$	439,321		$	423,106		$	15,070		$	75,582	$	437,858


(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

	Six months ended
	June 30, 2015			June 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	508,976		$	562,885
DaVinci catastrophe premiums	265,637			292,909
Total Catastrophe Reinsurance segment gross premiums written	$	774,613		$	855,794

Specialty Reinsurance Segment
Casualty	$	147,058		$	51,833
Credit	48,622			112,152
Property Other	28,424			8,163
Other	60,200			33,696
Total Specialty Reinsurance segment gross premiums written	$	284,304		$	205,844

Lloyd's Segment
Casualty	$	110,397		$	64,651
Catastrophe	59,024			48,220
Property Other	47,899			26,151
Credit	4,119			582
Other	25,309			15,558
Total Lloyd's segment gross premiums written	$	246,748		$	155,162

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	774,613		$	855,794
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	35,575			37,225
Catastrophe premiums written in the Lloyd's segment	59,024			48,220
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(6,785		)	(7,355		)
Total managed catastrophe premiums (1)	$	862,427		$	933,884


(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
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Gross premiums written	$	143,456		$	124,211		$	(632	)	$	18,956		$	149,499
Net premiums written	$	132,977		$	97,365		$	(803	)	$	13,541		$	126,810
(Increase) decrease in unearned premiums	(69,088		)	(36,320		)	62,175			48,594			(52,440		)
Net premiums earned	63,889			61,045			61,372			62,135			74,370
Net investment income	6,812			6,215			7,599			7,082			6,875
Net foreign exchange (losses) gains	(9		)	(585		)	831			765			1,674
Net realized and unrealized (losses) gains on investments	(8,630		)	12,038			(2,076		)	(8,918		)	6,628
Total revenues	62,062			78,713			67,726			61,064			89,547
Expenses
Net claims and claim expenses incurred	22,852			1,937			(21,995		)	(1,488		)	14,218
Acquisition expenses	13,703			16,540			22,839			17,385			17,507
Operational and corporate expenses	7,081			7,238			7,467			7,492			8,335
Interest expense	1,504			939			933			934			933
Total expenses	45,140			26,654			9,244			24,323			40,993
Income before taxes	16,922			52,059			58,482			36,741			48,554
Income tax expense	(153		)	(36		)	(18		)	(20		)	(2		)
Net income	16,769			52,023			58,464			36,721			48,552
Net income attributable to redeemable noncontrolling interest	—			—			—			(75		)	(99		)
Net income available to DaVinciRe common shareholders	$	16,769		$	52,023		$	58,464		$	36,646		$	48,453

Net claims and claim expenses incurred - current accident year	$	26,832		$	10,109		$	701		$	3,341		$	19,370
Net claims and claim expenses incurred - prior accident years	(3,980		)	(8,172		)	(22,696		)	(4,829		)	(5,152		)
Net claims and claim expenses incurred - total	$	22,852		$	1,937		$	(21,995	)	$	(1,488	)	$	14,218

Net claims and claim expense ratio - current accident year	42.0		%	16.6		%	1.1		%	5.4		%	26.0		%
Net claims and claim expense ratio - prior accident years	(6.2		)%	(13.4		)%	(36.9		)%	(7.8		)%	(6.9		)%
Net claims and claim expense ratio - calendar year	35.8		%	3.2		%	(35.8		)%	(2.4		)%	19.1		%
Underwriting expense ratio	32.5		%	38.9		%	49.3		%	40.0		%	34.8		%
Combined ratio	68.3		%	42.1		%	13.5		%	37.6		%	53.9		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Six months ended
	June 30, 2015			June 30, 2014
Revenues
Gross premiums written	$	267,667		$	294,758
Net premiums written	$	230,342		$	245,740
Increase in unearned premiums	(105,408		)	(93,508		)
Net premiums earned	124,934			152,232
Net investment income	13,027			13,929
Net foreign exchange (losses) gains	(594		)	2,050
Net realized and unrealized gains on investments	3,408			9,168
Total revenues	140,775			177,379
Expenses
Net claims and claim expenses incurred	24,789			15,438
Acquisition expenses	30,243			38,385
Operational and corporate expenses	14,319			17,138
Interest expense	2,443			1,870
Total expenses	71,794			72,831
Income before taxes	68,981			104,548
Income tax expense	(189		)	(2		)
Net income	68,792			104,546
Net income attributable to redeemable noncontrolling interest	—			(213		)
Net income available to DaVinciRe common shareholders	$	68,792		$	104,333

Net claims and claim expenses incurred - current accident year	$	36,941		$	24,476
Net claims and claim expenses incurred - prior accident years	(12,152		)	(9,038		)
Net claims and claim expenses incurred - total	$	24,789		$	15,438

Net claims and claim expense ratio - current accident year	29.6		%	16.1		%
Net claims and claim expense ratio - prior accident years	(9.8		)%	(6.0		)%
Net claims and claim expense ratio - calendar year	19.8		%	10.1		%
Underwriting expense ratio	35.7		%	36.5		%
Combined ratio	55.5		%	46.6		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Assets
Fixed maturity investments trading, at fair value	$	6,591,434	$	5,982,843	$	4,756,685	$	4,750,766	$	4,841,609
Fixed maturity investments available for sale, at fair value	21,754		25,086		26,885		28,069		29,219
Total fixed maturity investments, at fair value	6,613,188		6,007,929		4,783,570		4,778,835		4,870,828
Short term investments, at fair value	1,543,191		1,775,819		1,013,222		1,031,143		957,698
Equity investments trading, at fair value	493,056		261,656		322,098		301,714		254,408
Other investments, at fair value	504,693		514,906		504,147		501,487		513,614
Investments in other ventures, under equity method	126,139		123,743		120,713		118,245		110,354
Total investments	9,280,267		8,684,053		6,743,750		6,731,424		6,706,902
Cash and cash equivalents	398,090		557,618		525,584		300,547		294,457
Premiums receivable	1,068,819		866,418		440,007		630,718		837,116
Prepaid reinsurance premiums	276,231		233,062		94,810		195,978		267,963
Reinsurance recoverable	136,464		82,696		66,694		79,043		85,115
Accrued investment income	37,480		40,583		26,509		25,514		28,019
Deferred acquisition costs	173,408		146,053		110,059		130,108		140,765
Receivable for investments sold	149,063		121,530		52,390		147,206		58,205
Other assets	257,621		273,851		135,845		108,443		89,076
Goodwill and other intangibles	275,743		281,334		7,902		7,954		8,007
Total assets	$	12,053,186	$	11,287,198	$	8,203,550	$	8,356,935	$	8,515,625
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,847,648	$	2,781,568	$	1,412,510	$	1,532,780	$	1,552,618
Unearned premiums	1,155,596		983,137		512,386		758,272		929,523
Debt	972,362		826,774		249,522		249,499		249,476
Reinsurance balances payable	512,019		495,045		454,580		501,155		558,185
Payable for investments purchased	511,251		217,986		203,021		284,295		201,340
Other liabilities	228,554		231,968		374,108		203,908		164,650
Total liabilities	6,227,430		5,536,478		3,206,127		3,529,909		3,655,792
Redeemable noncontrolling interest	988,812		968,431		1,131,708		1,091,166		1,023,892
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	46,013		46,026		38,442		38,888		40,523
Additional paid-in capital	750,484		754,941		—		—		—
Accumulated other comprehensive income	2,993		3,342		3,416		3,829		3,918
Retained earnings	3,637,454		3,577,980		3,423,857		3,293,143		3,391,500
Total shareholders' equity attributable to RenaissanceRe	4,836,944		4,782,289		3,865,715		3,735,860		3,835,941
Total liabilities, noncontrolling interests and shareholders' equity	$	12,053,186	$	11,287,198	$	8,203,550	$	8,356,935	$	8,515,625

Book value per common share	$	96.43	$	95.21	$	90.15	$	85.78	$	84.79



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	June 30, 2015					March 31, 2015					December 31, 2014					September 30, 2014					June 30, 2014
U.S. treasuries	$	2,020,746		21.8	%	$	1,535,746		17.7	%	$	1,671,471		24.8	%	$	1,636,326		24.3	%	$	1,706,929		25.5	%
Agencies	144,947			1.6	%	152,272			1.8	%	96,208			1.4	%	120,025			1.8	%	121,650			1.8	%
Municipal	806,724			8.7	%	1,220,206			14.1	%	—			—	%	—			—	%	—			—	%
Non-U.S. government (Sovereign debt)	370,613			4.0	%	329,626			3.8	%	280,651			4.2	%	282,326			4.2	%	271,495			4.0	%
Non-U.S. government-backed corporate	172,381			1.9	%	151,446			1.7	%	146,467			2.2	%	141,159			2.1	%	163,911			2.4	%
Corporate	1,865,369			20.1	%	1,603,024			18.5	%	1,610,442			23.9	%	1,572,168			23.4	%	1,580,038			23.6	%
Agency mortgage-backed	475,870			5.1	%	342,461			3.9	%	316,620			4.7	%	325,138			4.8	%	326,304			4.9	%
Non-agency mortgage-backed	263,329			2.8	%	268,102			3.1	%	253,050			3.7	%	264,455			3.9	%	265,340			3.9	%
Commercial mortgage-backed	426,895			4.6	%	361,812			4.2	%	381,051			5.7	%	405,635			6.0	%	400,288			6.0	%
Asset-backed	66,314			0.7	%	43,234			0.5	%	27,610			0.4	%	31,603			0.5	%	34,873			0.5	%
Total fixed maturity investments, at fair value	6,613,188			71.3	%	6,007,929			69.3	%	4,783,570			71.0	%	4,778,835			71.0	%	4,870,828			72.6	%
Short term investments, at fair value	1,543,191			16.6	%	1,775,819			20.4	%	1,013,222			15.0	%	1,031,143			15.3	%	957,698			14.3	%
Equity investments trading, at fair value	493,056			5.3	%	261,656			3.0	%	322,098			4.8	%	301,714			4.5	%	254,408			3.8	%
Other investments, at fair value	504,693			5.4	%	514,906			5.9	%	504,147			7.5	%	501,487			7.5	%	513,614			7.6	%
Total managed investment portfolio	9,154,128			98.6	%	8,560,310			98.6	%	6,623,037			98.3	%	6,613,179			98.3	%	6,596,548			98.3	%
Investments in other ventures, under equity method	126,139			1.4	%	123,743			1.4	%	120,713			1.7	%	118,245			1.7	%	110,354			1.7	%
Total investments	$	9,280,267		100.0	%	$	8,684,053		100.0	%	$	6,743,750		100.0	%	$	6,731,424		100.0	%	$	6,706,902		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	850,676		12.9	%	$	860,185		14.3	%	$	561,208		11.7	%	$	579,663		12.2	%	$	608,811		12.5	%
AA	3,622,348			54.8	%	3,077,887			51.2	%	2,506,760			52.4	%	2,521,251			52.8	%	2,573,467			52.8	%
A	979,776			14.8	%	989,205			16.5	%	727,639			15.2	%	713,648			14.9	%	705,334			14.5	%
BBB	558,221			8.4	%	515,885			8.6	%	444,132			9.3	%	402,318			8.4	%	401,664			8.2	%
Non-investment grade and not rated	602,167			9.1	%	564,767			9.4	%	543,831			11.4	%	561,955			11.7	%	581,552			12.0	%
Total fixed maturity investments, at fair value	$	6,613,188		100.0	%	$	6,007,929		100.0	%	$	4,783,570		100.0	%	$	4,778,835		100.0	%	$	4,870,828		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	219,382		3.3	%	$	209,392		3.5	%	$	151,803		3.2	%	$	97,868		2.0	%	$	100,765		2.1	%
Due after one through five years	3,859,616			58.4	%	3,220,154			53.6	%	2,969,828			62.1	%	2,949,329			61.7	%	3,080,879			63.2	%
Due after five through ten years	970,723			14.7	%	1,018,252			16.9	%	537,636			11.2	%	593,633			12.4	%	529,811			10.9	%
Due after ten years	331,059			5.0	%	544,522			9.1	%	145,972			3.0	%	111,174			2.4	%	132,568			2.7	%
Mortgage-backed securities	1,166,094			17.6	%	972,375			16.2	%	950,721			19.9	%	995,228			20.8	%	991,932			20.4	%
Asset-backed securities	66,314			1.0	%	43,234			0.7	%	27,610			0.6	%	31,603			0.7	%	34,873			0.7	%
Total fixed maturity investments, at fair value	$	6,613,188		100.0	%	$	6,007,929		100.0	%	$	4,783,570		100.0	%	$	4,778,835		100.0	%	$	4,870,828		100.0	%
Weighted average effective yield of fixed maturity and short term investments	1.7		%			1.6		%			1.7		%			1.7		%			1.5		%
Average duration of fixed maturities and short term investments	2.3					2.3					2.1					2.2					2.2



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
TYPE OF INVESTMENT
Private equity partnerships	$	250,796		$	271,074		$	281,932		$	300,800		$	314,983
Catastrophe bonds	228,998			221,780			200,329			179,246			179,465
Senior secured bank loan funds	22,561			19,679			19,316			18,723			15,976
Hedge funds	2,338			2,373			2,570			2,718			3,190
Total other investments, at fair value	$	504,693		$	514,906		$	504,147		$	501,487		$	513,614

TYPE OF INVESTMENT
Private equity partnerships	49.6		%	52.6		%	56.0		%	60.1		%	61.4		%
Catastrophe bonds	45.4		%	43.1		%	39.7		%	35.7		%	34.9		%
Senior secured bank loan funds	4.5		%	3.8		%	3.8		%	3.7		%	3.1		%
Hedge funds	0.5		%	0.5		%	0.5		%	0.5		%	0.6		%
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															Six months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			June 30, 2015			June 30, 2014
Fixed maturity investments	$	33,791		$	25,939		$	26,104		$	24,519		$	26,372		$	59,730		$	50,232
Short term investments	297			197			217			251			286			494			476
Equity investments trading	1,913			2,604			1,139			736			779			4,517			1,575
Other investments
Hedge funds and private equity investments	5,425			10,413			1,530			(3,320		)	8,340			15,838			20,657
Other	674			3,508			(414		)	5,547			1,483			4,182			6,011
Cash and cash equivalents	127			148			95			116			93			275			184
	42,227			42,809			28,671			27,849			37,353			85,036			79,135
Investment expenses	(3,623		)	(3,102		)	(2,785		)	(2,908		)	(2,812		)	(6,725		)	(5,646		)
Net investment income	38,604			39,707			25,886			24,941			34,541			78,311			73,489

Gross realized gains	8,672			21,532			11,973			7,962			12,166			30,204			25,633
Gross realized losses	(21,552		)	(4,871		)	(3,997		)	(2,720		)	(2,587		)	(26,423		)	(8,151		)
Net realized (losses) gains on fixed maturity investments	(12,880		)	16,661			7,976			5,242			9,579			3,781			17,482
Net unrealized (losses) gains on fixed maturity investments trading	(48,104		)	25,972			(1,520		)	(36,600		)	29,918			(22,132		)	57,800
Net realized and unrealized gains (losses) on investments-related derivatives	19,816			(4,208		)	(11,280		)	(1,868		)	(6,884		)	15,608			(17,783		)
Net realized gains on equity investments trading	8,832			7,481			2,330			3,523			5,134			16,313			5,055
Net unrealized gains (losses) on equity investments trading	5,624			(4,157		)	32,969			(1,394		)	(10,619		)	1,467			(20,499		)
Net realized and unrealized (losses) gains on investments	(26,712		)	41,749			30,475			(31,097		)	27,128			15,037			42,055
Change in net unrealized gains on fixed maturity investments available for sale	(560		)	(183		)	(292		)	(302		)	(96		)	(743		)	(261		)
Total investment result	$	11,332		$	81,273		$	56,069		$	(6,458	)	$	61,573		$	92,605		$	115,283

Total investment return - annualized	0.5		%	4.2		%	3.3		%	(0.4		)%	3.7		%	2.2		%	3.4		%



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
June 30, 2015	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,543,191	$	1,543,191		16.6	%	0.1	%	$	1,497,407		$	45,125		$	—		$	659		$	—		$	—
			100.0		%					97.0		%	3.0		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	2,017,082		2,020,746			21.8	%	1.0	%	—			2,020,746			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	69,361		69,413			0.8	%	1.0	%	—			69,413			—			—			—			—
Other agencies	75,925		75,534			0.8	%	2.3	%	—			75,534			—			—			—			—
Total agencies	145,286		144,947			1.6	%	1.7	%	—			144,947			—			—			—			—
Municipal	815,917		806,724			8.7	%	2.4	%	159,501			522,659			123,249			—			1,315			—
Non-U.S. government (Sovereign debt)	377,362		370,613			4.0	%	1.2	%	192,038			141,910			18,175			18,490			—			—
Non-U.S. government-backed corporate	172,018		172,381			1.9	%	1.1	%	93,783			66,893			10,542			1,163			—			—
Corporate	1,876,760		1,865,369			20.1	%	3.2	%	30,545			128,068			781,863			503,551			414,322			7,020
Mortgage-backed
Residential mortgage-backed
Agency securities	478,063		475,870			5.1	%	2.2	%	—			475,870			—			—			—			—
Non-agency securities - Alt A	149,851		159,312			1.7	%	4.1	%	4,555			25,585			11,028			17,472			86,583			14,089
Non-agency securities - Prime	99,517		104,017			1.1	%	3.4	%	6,796			8,003			6,091			7,453			69,065			6,609
Total residential mortgage-backed	727,431		739,199			7.9	%	2.8	%	11,351			509,458			17,119			24,925			155,648			20,698
Commercial mortgage-backed	424,863		426,895			4.6	%	2.4	%	298,035			86,776			28,828			10,092			—			3,164
Total mortgage-backed	1,152,294		1,166,094			12.5	%	2.7	%	309,386			596,234			45,947			35,017			155,648			23,862
Asset-backed
Auto loans	13,065		13,068			0.1	%	1.2	%	12,668			400			—			—			—			—
Credit cards	23,350		23,470			0.3	%	1.6	%	23,470			—			—			—			—			—
Student loans	6,681		6,607			0.1	%	0.9	%	6,116			491			—			—			—			—
Other	23,061		23,169			0.2	%	1.5	%	23,169			—			—			—			—			—
Total asset-backed	66,157		66,314			0.7	%	1.4	%	65,423			891			—			—			—			—
Total securitized assets	1,218,451		1,232,408			13.2	%	2.6	%	374,809			597,125			45,947			35,017			155,648			23,862
Total fixed maturity investments	6,622,876		6,613,188			71.3	%	2.1	%	850,676			3,622,348			979,776			558,221			571,285			30,882
			100.0		%					12.9		%	54.8		%	14.8		%	8.4		%	8.6		%	0.5		%
Equity investments trading			493,056			5.3	%			—			—			—			—			—			493,056
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			250,796			2.7	%			—			—			—			—			—			250,796
Catastrophe bonds			228,998			2.5	%			—			—			—			—			228,998			—
Senior secured bank loan fund			22,561			0.2	%			—			—			—			—			—			22,561
Hedge funds			2,338			—	%			—			—			—			—			—			2,338
Total other investments			504,693			5.4	%			—			—			—			—			228,998			275,695
			100.0		%					—		%	—		%	—		%	—		%	45.4		%	54.6		%
Investments in other ventures			126,139			1.4	%			—			—			—			—			—			126,139
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,280,267		100.0	%			$	2,348,083		$	3,667,473		$	979,776		$	558,880		$	800,283		$	925,772
			100.0		%					25.3		%	39.5		%	10.6		%	6.0		%	8.6		%	10.0		%

(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

	June 30, 2015				December 31, 2014				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,543,191	16.6	%	$	1,013,222	15.0	%	$	529,969		1.6	%
Fixed maturity investments
U.S. treasuries	2,020,746		21.8	%	1,671,471		24.8	%	349,275			(3.0	)%
Agencies
Fannie Mae and Freddie Mac	69,413		0.8	%	89,919		1.3	%	(20,506		)	(0.5	)%
Other agencies	75,534		0.8	%	6,289		0.1	%	69,245			0.7	%
Total agencies	144,947		1.6	%	96,208		1.4	%	48,739			0.2	%
Municipal	806,724		8.7	%	—		—	%	806,724			8.7	%
Non-U.S. government (Sovereign debt)	370,613		4.0	%	280,651		4.2	%	89,962			(0.2	)%
Non-U.S. government-backed corporate	172,381		1.9	%	146,467		2.2	%	25,914			(0.3	)%
Corporate	1,865,369		20.1	%	1,610,442		23.9	%	254,927			(3.8	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	475,870		5.1	%	316,620		4.7	%	159,250			0.4	%
Non-agency securities - Alt A	159,312		1.7	%	149,754		2.2	%	9,558			(0.5	)%
Non-agency securities - Prime	104,017		1.1	%	103,296		1.5	%	721			(0.4	)%
Total residential mortgage-backed	739,199		7.9	%	569,670		8.4	%	169,529			(0.5	)%
Commercial mortgage-backed	426,895		4.6	%	381,051		5.7	%	45,844			(1.1	)%
Total mortgage-backed	1,166,094		12.5	%	950,721		14.1	%	215,373			(1.6	)%
Asset-backed
Auto loans	13,068		0.1	%	10,380		0.2	%	2,688			(0.1	)%
Credit cards	23,470		0.3	%	9,686		0.1	%	13,784			0.2	%
Student loans	6,607		0.1	%	585		—	%	6,022			0.1	%
Other	23,169		0.2	%	6,959		0.1	%	16,210			0.1	%
Total asset-backed	66,314		0.7	%	27,610		0.4	%	38,704			0.3	%
Total securitized assets	1,232,408		13.2	%	978,331		14.5	%	254,077			(1.3	)%
Total fixed maturity investments	6,613,188		71.3	%	4,783,570		71.0	%	1,829,618			0.3	%
Equity investments trading	493,056		5.3	%	322,098		4.8	%	170,958			0.5	%
Other investments
Private equity partnerships	250,796		2.7	%	281,932		4.2	%	(31,136		)	(1.5	)%
Catastrophe bonds	228,998		2.5	%	200,329		3.0	%	28,669			(0.5	)%
Senior secured bank loan funds	22,561		0.2	%	19,316		0.3	%	3,245			(0.1	)%
Hedge funds	2,338		—	%	2,570		—	%	(232		)	—	%
Total other investments	504,693		5.4	%	504,147		7.5	%	546			(2.1	)%
Investments in other ventures	126,139		1.4	%	120,713		1.7	%	5,426			(0.3	)%
Total managed investment portfolio	$	9,280,267	100.0	%	$	6,743,750	100.0	%	$	2,536,517



	15



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

	June 30, 2015
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	67,779	$	—	$	67,779
JP Morgan Chase & Co.	57,209		—		57,209
Goldman Sachs Group Inc.	56,154		—		56,154
Morgan Stanley	48,993		—		48,993
Citigroup Inc.	34,262		—		34,262
HSBC Holdings PLC	32,459		—		32,459
Ford Motor Co.	21,605		—		21,605
General Electric Company	21,524		—		21,524
Verizon Communications Inc.	19,649		—		19,649
Royal Bank of Canada	19,414		—		19,414
Total (1)	$	379,048	$	—	$	379,048


(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
June 30, 2015
Catastrophe Reinsurance	$	298,100	$	160,903	$	184,729	$	643,732
Specialty Reinsurance	537,224		104,897		1,202,717		1,844,838
Lloyd's	68,525		20,867		231,272		320,664
Other	3,697		2,139		32,578		38,414
Total	$	907,546	$	288,806	$	1,651,296	$	2,847,648

March 31, 2015
Catastrophe Reinsurance	$	284,684	$	158,165	$	179,342	$	622,191
Specialty Reinsurance	542,201		97,281		1,182,865		1,822,347
Lloyd's	61,703		17,064		218,952		297,719
Other	3,515		2,354		33,442		39,311
Total	$	892,103	$	274,864	$	1,614,601	$	2,781,568

December 31, 2014
Catastrophe Reinsurance	$	253,431	$	150,825	$	138,411	$	542,667
Specialty Reinsurance	106,293		79,457		357,960		543,710
Lloyd's	65,295		14,168		204,984		284,447
Other	5,212		2,354		34,120		41,686
Total	$	430,231	$	246,804	$	735,475	$	1,412,510

September 30, 2014
Catastrophe Reinsurance	$	282,923	$	186,653	$	178,243	$	647,819
Specialty Reinsurance	111,774		83,196		359,069		554,039
Lloyd's	54,142		21,464		207,463		283,069
Other	8,097		2,324		37,432		47,853
Total	$	456,936	$	293,637	$	782,207	$	1,532,780

June 30, 2014
Catastrophe Reinsurance	$	327,537	$	201,716	$	191,059	$	720,312
Specialty Reinsurance	100,033		89,949		340,106		530,088
Lloyd's	48,242		19,763		184,120		252,125
Other	9,505		2,323		38,265		50,093
Total	$	485,317	$	313,751	$	753,550	$	1,552,618



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2015									Three months ended June 30, 2014
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	2,781,568		$	82,696		$	2,698,872		$	1,532,883		$	98,962	$	1,433,921
Incurred claims and claim expenses
Current year	253,649			51,229			202,420			113,964			15,493		98,471
Prior years	(30,830		)	2,246			(33,076		)	(16,900		)	183		(17,083		)
Total incurred claims and claim expenses	222,819			53,475			169,344			97,064			15,676		81,388
Paid claims and claim expenses
Current year	48,263			33			48,230			725			12		713
Prior years	108,476			(326		)	108,802			76,604			29,511		47,093
Total paid claims and claim expenses	156,739			(293		)	157,032			77,329			29,523		47,806
Amounts acquired (1)	—			—			—			—			—		—
Reserve for claims and claim expenses, end of period	$	2,847,648		$	136,464		$	2,711,184		$	1,552,618		$	85,115	$	1,467,503

	Six months ended June 30, 2015									Six months ended June 30, 2014
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	1,412,510		$	66,694		$	1,345,816		$	1,563,730		$	101,025	$	1,462,705
Incurred claims and claim expenses
Current year	365,088			63,670			301,418			193,890			19,811		174,079
Prior years	(53,274		)	1,947			(55,221		)	(28,676		)	5,100		(33,776		)
Total incurred claims and claim expenses	311,814			65,617			246,197			165,214			24,911		140,303
Paid claims and claim expenses
Current year	82,075			33			82,042			1,777			12		1,765
Prior years	192,446			(458		)	192,904			174,549			40,809		133,740
Total paid claims and claim expenses	274,521			(425		)	274,946			176,326			40,821		135,505
Amounts acquired (1)	1,397,845			3,728			1,394,117			—			—		—
Reserve for claims and claim expenses, end of period	$	2,847,648		$	136,464		$	2,711,184		$	1,552,618		$	85,115	$	1,467,503

(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)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Numerator:
Net income available to RenaissanceRe common shareholders	$	73,233		$	167,843		$	170,767		$	67,815		$	120,752
Amount allocated to participating common shareholders (1)	(819		)	(2,025		)	(2,312		)	(904		)	(1,557		)
	$	72,414		$	165,818		$	168,455		$	66,911		$	119,195
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	45,303			39,631			37,752			38,975			39,736
Per common share equivalents of employee stock options and restricted shares	354			390			393			458			659
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	45,657			40,021			38,145			39,433			40,395

Basic income per RenaissanceRe common share	$	1.60		$	4.18		$	4.46		$	1.72		$	3.00
Diluted income per RenaissanceRe common share	$	1.59		$	4.14		$	4.42		$	1.70		$	2.95

	Six months ended
(common shares in thousands)	June 30, 2015			June 30, 2014
Numerator:
Net income available to RenaissanceRe common shareholders	$	241,076		$	271,755
Amount allocated to participating common shareholders (1)	(2,781		)	(3,577		)
	$	238,295		$	268,178
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	42,467			40,487
Per common share equivalents of employee stock options and restricted shares	372			662
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	42,839			41,149

Basic income per RenaissanceRe common share	$	5.61		$	6.62
Diluted income per RenaissanceRe common share (2)	$	5.56		$	6.52


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



	19



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Tower Hill Companies	$	4,294		$	3,011		$	4,276		$	6,912		$	5,202
Top Layer Re	2,174			2,616			2,364			3,108			2,494
Other	(308		)	(332		)	(1,802		)	(214		)	(464		)
Total equity in earnings of other ventures	$	6,160		$	5,295		$	4,838		$	9,806		$	7,232

	Six months ended
	June 30, 2015			June 30, 2014
Tower Hill Companies	$	7,305		$	7,188
Top Layer Re	4,790			4,939
Other	(640		)	(696		)
Total equity in earnings of other ventures	$	11,455		$	11,431

Other Income (Loss)

	Three months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	1,162		$	1,317		$	1,044		$	239		$	17
Other items	265			222			175			(1,408		)	(552		)
Total other income (loss)	$	1,427		$	1,539		$	1,219		$	(1,169	)	$	(535	)

	Six months ended
	June 30, 2015			June 30, 2014
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	2,479		$	38
Other items	487			(511		)
Total other income (loss)	$	2,966		$	(473	)



	20



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best (4)	S&P	Moody's (5)	Fitch

Renaissance Reinsurance (1)	A+	AA-	A1	A+
DaVinci (1)	A	AA-	A3	—
Platinum Bermuda (1)	A	A-	—	—
Renaissance Reinsurance U.S. (1)	A	A+	—	—
RenaissanceRe Specialty Risks (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.

(4) On November 25, 2014, following the announcement that RenaissanceRe would acquire Platinum, A.M. Best affirmed its respective ratings of RenaissanceRe and RenaissanceRe’s existing operating subsidiaries and placed the ratings under review with negative implications. On April 16, 2015, A.M. Best removed from under review with negative implications, and affirmed its respective ratings of, RenaissanceRe and RenaissanceRe’s existing operating subsidiaries. The outlook for Renaissance Reinsurance's and Renaissance Reinsurance of Europe's issuer financial strength ratings is negative, while the outlook for RenaissanceRe's other existing operating subsidiaries is stable. In addition, A.M. Best removed from under review with developing implications, affirmed its respective ratings of, and assigned an outlook of positive to, the issuer financial strength ratings of Platinum Bermuda and Renaissance Reinsurance U.S.

(5) On November 25, 2014, following the announcement that RenaissanceRe would acquire Platinum, Moody's affirmed its respective ratings of RenaissanceRe and RenaissanceRe’s existing operating subsidiaries. However, Moody's changed its outlook to negative, from stable, reflecting Moody’s opinion of the uncertain benefits and higher financial leverage of the combined entity.



	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 the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

The Company uses “operating income 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 from continuing and discontinued operations and net other-than-temporary impairments. 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 and equity investments trading. 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															Six months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			June 30, 2015			June 30, 2014
Net income available to RenaissanceRe common shareholders	$	73,233		$	167,843		$	170,767		$	67,815		$	120,752		$	241,076		$	271,755
Adjustment for net realized and unrealized losses (gains) on investments	26,712			(41,749		)	(30,475		)	31,097			(27,128		)	(15,037		)	(42,055		)
Operating income available to RenaissanceRe common shareholders	$	99,945		$	126,094		$	140,292		$	98,912		$	93,624		$	226,039		$	229,700

Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.59		$	4.14		$	4.42		$	1.70		$	2.95		$	5.56		$	6.52
Adjustment for net realized and unrealized losses (gains) on investments	0.59			(1.04		)	(0.80		)	0.79			(0.67		)	(0.35		)	(1.02		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.18		$	3.10		$	3.62		$	2.49		$	2.28		$	5.21		$	5.50

Return on average common equity - annualized	6.6		%	17.1		%	20.1		%	8.0		%	14.2		%	11.8		%	15.8		%
Adjustment for net realized and unrealized losses (gains) on investments	2.5		%	(4.3		)%	(3.6		)%	3.7		%	(3.2		)%	(0.8		)%	(2.4		)%
Operating return on average common equity - annualized	9.1		%	12.9		%	16.5		%	11.7		%	11.0		%	11.0		%	13.4		%



	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.

The Company has also included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets per share. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:



	At
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Book value per common share	$	96.43		$	95.21		$	90.15		$	85.78		$	84.79
Adjustment for goodwill and other intangibles (1)	(6.51		)	(6.64		)	(0.86		)	(0.88		)	(0.86		)
Tangible book value per common share	89.92			88.57			89.29			84.90			83.93
Adjustment for accumulated dividends	14.88			14.58			14.28			13.99			13.70
Tangible book value per common share plus accumulated dividends	$	104.80		$	103.15		$	103.57		$	98.89		$	97.63

Quarterly change in book value per common share	1.3		%	5.6		%	5.1		%	1.2		%	3.0		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.9		%	(0.5		)%	5.5		%	1.5		%	3.5		%
Year to date change in book value per common share	7.0		%										5.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends	1.4		%										6.4		%


(1)	At June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, goodwill and other intangibles included $23.5 million, $24.4 million, $25.3 million, $26.1 million and $27.0 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

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