Form 8-K RENAISSANCERE HOLDINGS For: Nov 04

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November 4, 2015 4:19 PM EST

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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): November 4, 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 November 4, 2015, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 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 November 4, 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
November 4, 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 November 4, 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 $75.5 Million for the Third Quarter of 2015 or $1.66 Per Diluted Common Share; Quarterly Operating Income of $116.7 Million or $2.58 Per Diluted Common Share

Pembroke, Bermuda, November 4, 2015 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $75.5 million, or $1.66 per diluted common share, in the third quarter of 2015, compared to $67.8 million, or $1.70, respectively, in the third quarter of 2014. Operating income available to RenaissanceRe common shareholders was $116.7 million, or $2.58 per diluted common share, in the third quarter of 2015, compared to $98.9 million, or $2.49, respectively, in the third quarter of 2014. The Company reported an annualized return on average common equity of 6.9% and an annualized operating return on average common equity of 10.7% in the third quarter of 2015, compared to 8.0% and 11.7%, respectively, in the third quarter of 2014. Book value per common share increased $0.98, or 1.0%, in the third quarter of 2015 to $97.41, compared to a 1.2% increase in the third quarter of 2014. Tangible book value per common share plus accumulated dividends increased 1.3% in the third quarter of 2015, compared to a 1.5% increase in the third quarter of 2014.

Kevin J. O'Donnell, CEO, commented: "I am pleased to report $116.7 million of operating income, an annualized operating ROE of 10.7% and 1.3% growth in tangible book value per share plus accumulated dividends for the quarter. Our results benefited from the absence of land falling U.S. hurricanes and favorable reserve development, offset in part by mark-to-market investment losses."

Mr. O'Donnell continued: "Our strategy of matching desirable risk with efficient capital within an integrated system continues to serve us well. We are a stronger company following the acquisition and integration of Platinum. We remain committed to generating superior returns for our shareholders and third party capital providers over the long term and look forward to meeting our customers’ needs during the upcoming renewal period."

THIRD QUARTER 2015 HIGHLIGHTS


•	Gross premiums written of $369.6 million increased $168.7 million, or 83.9%, in the third quarter of 2015, compared to the third quarter of 2014, with the Company’s Specialty Reinsurance, Catastrophe Reinsurance and Lloyd’s segments experiencing increases of $145.5 million, or 211.2%, $13.4 million, or 19.7%, and $9.7 million, or 15.2%, respectively, in the third quarter of 2015.

•

The Company generated underwriting income of $129.7 million and a combined ratio of 64.2% in the third quarter of 2015, compared to $104.8 million and 59.5%, respectively, in the third quarter of 2014. Favorable development on prior accident years claims and claim expenses totaled $70.4 million in the third quarter of 2015, compared to $25.3 million in the third quarter of 2014. Underwriting income in the third quarter of 2015 was impacted by $28.1 million of underwriting losses associated with the explosion in Tianjin, China (the “Tianjin Explosion”), which resulted in $26.0 million of net negative impact⁽¹⁾ to the Company.

•

The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized (losses) gains on investments, was negative $13.0 million in the third quarter of 2015, compared to negative $6.5 million in the third quarter of 2014. The total investment result during the third quarter of 2015 was primarily driven by net realized and unrealized losses in our portfolio of equity investments trading and other investments as a result of the broad downturn in the equity markets during the quarter and net realized and unrealized losses on investments-related derivatives due to the decreasing interest rate environment. Offsetting these items was an increase in net realized and unrealized gains, and net investment income, in the Company’s portfolio of fixed maturity investments, driven primarily by the decreasing interest rate environment at the long end of the yield curve in that portfolio, and an increase in average invested assets, respectively.

•

During the third quarter of 2015, the Company repurchased an aggregate of 1.9 million common shares in open market transactions at an aggregate cost of $203.1 million and at an average share price of $104.49. Subsequent to September 30, 2015 and through the period ended November 3, 2015, the Company repurchased 286 thousand common shares in open market transactions at an aggregate cost of $30.6 million and at an average share price of $107.11.

Underwriting Results by Segment

Catastrophe Reinsurance Segment

Gross premiums written in the Catastrophe Reinsurance segment were $81.7 million in the third quarter of 2015, an increase of $13.4 million, or 19.7%, compared to the third quarter of 2014. Market conditions remained challenging during the third quarter of 2015, and the Company continued to exercise underwriting discipline given prevailing terms and conditions. However, the Company was able to identify and underwrite certain new programs which provided opportunities for growth the Company believes to be attractive.

Managed catastrophe premiums increased $14.7 million, or 19.4%, to $90.2 million in the third quarter of 2015, compared to $75.6 million in the third quarter of 2014. For the first nine months of 2015, managed catastrophe premiums decreased $56.8 million, or 5.6%, to $952.7 million, compared to $1,009.5 million in the first nine months of 2014.

The Catastrophe Reinsurance segment generated underwriting income of $99.8 million and a combined ratio of 37.5% in the third quarter of 2015, compared to $104.1 million and 23.9% in the third quarter of 2014, respectively. The $4.3 million decrease in underwriting income in the third quarter of 2015, compared to the third quarter of 2014, was driven by a $26.6 million increase in current accident year net claims and claim expenses primarily due to $21.7 million of net claims and claim expenses related to the Tianjin Explosion, partially offset by a $22.9 million increase in net premiums earned. The Catastrophe Reinsurance segment recorded $19.1 million of net negative impact to its underwriting result in the third quarter of 2015 related to the Tianjin Explosion.

The Catastrophe Reinsurance segment experienced $13.9 million of favorable development on prior accident years net claims and claim expenses in the third quarter of 2015, compared to $10.3 million in the third quarter of 2014.

Specialty Reinsurance Segment

Gross premiums written in the Specialty Reinsurance segment were $214.4 million in the third quarter of 2015, an increase of $145.5 million, or 211.2%, compared to the third quarter of 2014, primarily driven by increases across the Company’s casualty and specialty credit lines of business, principally driven by the acquisition of Platinum Underwriters Holdings, Ltd. on March 2, 2015, and new business opportunities. The Company’s Specialty Reinsurance segment premiums are prone to significant volatility as this business can be influenced by a relatively small number of relatively large transactions.

For the first nine months of 2015, gross premiums written in the Specialty Reinsurance segment increased $223.9 million, or 81.5%, to $498.7 million, compared to $274.7 million in the first nine months of 2014.

The Specialty Reinsurance segment generated underwriting income of $37.2 million and a combined ratio of 74.5% in the third quarter of 2015, compared to $5.7 million and 91.1%, respectively, in the third quarter of 2014. Impacting underwriting income in the Specialty Reinsurance segment for the third quarter of 2015, compared to the third quarter of 2014, was an $82.7 million increase in net premiums earned as a result of higher net premiums written during the preceding twelve months and a $41.0 million increase in favorable development on prior accident years net claims and claim expenses; partially offset by a $41.9 million increase in underwriting expenses and a $50.3 million increase in current accident year net claims and claim expenses primarily related to a higher level of attritional losses, each principally due to the increase in net premiums earned. Current accident year net claims and claim expenses included $7.7 million related to the Tianjin Explosion.

Also included in the Specialty Reinsurance segment’s underwriting results for the third quarter of 2015 is the restructure and renewal of a large multi-year transaction which increased gross premiums written by $39.5 million, reduced net claims and claim expenses by $13.0 million, including $10.4 million of favorable development on prior accident years net claims and claim expenses, and increased net acquisition expenses by $14.8 million. The corresponding impact on the Specialty Reinsurance segment’s net claims and claim expense ratio and underwriting expense ratio in the third quarter of 2015 was a decrease of 10.3 percentage points and an increase of 9.3 percentage points, respectively. The net impact on the Specialty Reinsurance segment’s underwriting result of the above transaction was $3.5 million of underwriting income for the third quarter of 2015.

The Specialty Reinsurance segment experienced $55.7 million of favorable development on prior accident years net claims and claim expenses in the third quarter of 2015, compared to $14.7 million in the third quarter of 2014, principally as a result of better than expected claims emergence.

Lloyd’s Segment

Gross premiums written in the Lloyd’s segment were $73.6 million in the third quarter of 2015, an increase of $9.7 million, or 15.2%, compared to the third quarter of 2014, primarily due to Syndicate 1458 continuing to grow organically in the Lloyd’s marketplace, notwithstanding challenging market conditions.

For the first nine months of 2015, gross premiums written in the Lloyd’s segment increased $101.3 million, or 46.3%, to $320.3 million, compared to $219.0 million in the first nine months of 2014.

The Lloyd’s segment incurred an underwriting loss of $7.0 million and a combined ratio of 112.3% in the third quarter of 2015, compared to an underwriting loss of $5.3 million and a combined ratio of 109.1% in the third quarter of 2014. Impacting the underwriting loss in the Lloyd’s segment during the third quarter of 2015 was a $2.3 million decrease in net premiums earned driven by an increase in ceded premiums earned and a $1.0 million increase in acquisition expenses, partially offset by a $2.6 million decrease in net claims and claim expenses.

The Lloyd’s segment experienced $1.0 million of favorable development on prior accident years net claims and claim expenses in the third quarter of 2015, compared to adverse development of $0.1 million in the third quarter of 2014, principally due to reported claims activity coming in relatively in line with expectations on prior accident years.

Other Items


•	During the three and nine months ended September 30, 2015, the Company recorded $3.4 million and $51.9 million, respectively, of corporate expenses associated with the acquisition and integration 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 Thursday, November 5, 2015 at 10:00 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.

(1)

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, profit commissions and redeemable noncontrolling interest. The Company’s estimates are based on a review of its potential exposures, preliminary discussions with certain counterparties and modeling techniques. Given the magnitude and recent occurrence of this event, delays in receiving claims data, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other uncertainties inherent in loss estimation, meaningful uncertainty remains regarding losses from this event. Accordingly, the Company’s actual net negative impact from this event will vary from these preliminary estimates, perhaps materially so. Changes in these estimates will be recorded in the period in which they occur.

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 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; the ability to recognize the benefits of the acquisition of Platinum; 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						Nine months ended
	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Revenues
Gross premiums written	$	369,642		$	200,992		$	1,675,217		$	1,417,792
Net premiums written	$	266,820		$	159,713		$	1,179,532		$	956,467
Decrease (increase) in unearned premiums	95,568			99,266			(140,556		)	(150,538		)
Net premiums earned	362,388			258,979			1,038,976			805,929
Net investment income	28,338			24,941			106,649			98,430
Net foreign exchange gains (losses)	616			5,036			(4,254		)	6,367
Equity in earnings of other ventures	5,730			9,806			17,185			21,237
Other income (loss)	2,306			(1,169		)	5,272			(1,642		)
Net realized and unrealized (losses) gains on investments	(41,138		)	(31,097		)	(26,101		)	10,958
Total revenues	358,240			266,496			1,137,727			941,279
Expenses
Net claims and claim expenses incurred	100,028			69,647			346,225			209,950
Acquisition expenses	78,126			37,550			183,193			104,727
Operational expenses	54,518			46,972			154,812			135,437
Corporate expenses	7,502			3,905			66,132			12,404
Interest expense	10,362			4,290			25,311			12,875
Total expenses	250,536			162,364			775,673			475,393
Income before taxes	107,704			104,132			362,054			465,886
Income tax benefit (expense)	4,573			(245		)	54,319			(207		)
Net income	112,277			103,887			416,373			465,679
Net income attributable to noncontrolling interests	(31,153		)	(30,477		)	(82,982		)	(109,323		)
Net income available to RenaissanceRe	81,124			73,410			333,391			356,356
Dividends on preference shares	(5,595		)	(5,595		)	(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders	$	75,529		$	67,815		$	316,605		$	339,570

Net income available to RenaissanceRe common shareholders per common share - basic	$	1.68		$	1.72		$	7.25		$	8.38
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.66		$	1.70		$	7.19		$	8.26

Average shares outstanding - basic	44,564			38,975			43,166			39,983
Average shares outstanding - diluted	44,913			39,433			43,531			40,578

Net claims and claim expense ratio	27.6		%	26.9		%	33.3		%	26.1		%
Underwriting expense ratio	36.6		%	32.6		%	32.6		%	29.8		%
Combined ratio	64.2		%	59.5		%	65.9		%	55.9		%
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.58		$	2.49		$	7.79		$	7.99
Operating return on average common equity - annualized (1)	10.7		%	11.7		%	11.0		%	12.9		%


(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)

	September 30, 2015		December 31, 2014
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value	$	6,905,302	$	4,756,685
Fixed maturity investments available for sale, at fair value	19,905		26,885
Total fixed maturity investments, at fair value	6,925,207		4,783,570
Short term investments, at fair value	998,906		1,013,222
Equity investments trading, at fair value	462,198		322,098
Other investments, at fair value	483,958		504,147
Investments in other ventures, under equity method	129,495		120,713
Total investments	8,999,764		6,743,750
Cash and cash equivalents	524,546		525,584
Premiums receivable	864,198		440,007
Prepaid reinsurance premiums	258,445		94,810
Reinsurance recoverable	141,416		66,694
Accrued investment income	40,855		26,509
Deferred acquisition costs	213,599		110,059
Receivable for investments sold	321,756		52,390
Other assets	271,929		135,845
Goodwill and other intangibles	270,213		7,902
Total assets	$	11,906,721	$	8,203,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,796,062	$	1,412,510
Unearned premiums	1,042,012		512,386
Debt	969,221		249,522
Reinsurance balances payable	533,174		454,580
Payable for investments purchased	602,576		203,021
Other liabilities	244,005		374,108
Total liabilities	6,187,050		3,206,127
Redeemable noncontrolling interest	1,022,028		1,131,708
Shareholders’ Equity
Preference shares	400,000		400,000
Common shares	44,121		38,442
Additional paid-in capital	551,683		—
Accumulated other comprehensive income	2,260		3,416
Retained earnings	3,699,579		3,423,857
Total shareholders’ equity attributable to RenaissanceRe	4,697,643		3,865,715
Total liabilities, noncontrolling interests and shareholders’ equity	$	11,906,721	$	8,203,550

Book value per common share	$	97.41	$	90.15



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

	Three months ended September 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	81,692		$	214,372		$	73,578		$	—		$	369,642
Net premiums written	$	55,182		$	155,987		$	55,651		$	—		$	266,820
Net premiums earned	$	159,641		$	146,213		$	56,534		$	—		$	362,388
Net claims and claim expenses incurred	22,319			41,005			36,425			279			100,028
Acquisition expenses	14,048			50,432			13,654			(8		)	78,126
Operational expenses	23,513			17,542			13,427			36			54,518
Underwriting income (loss)	$	99,761		$	37,234		$	(6,972	)	$	(307	)	129,716
Net investment income										28,338			28,338
Net foreign exchange gains										616			616
Equity in earnings of other ventures										5,730			5,730
Other income										2,306			2,306
Net realized and unrealized losses on investments										(41,138		)	(41,138		)
Corporate expenses										(7,502		)	(7,502		)
Interest expense										(10,362		)	(10,362		)
Income before taxes and noncontrolling interests													107,704
Income tax expense										4,573			4,573
Net income attributable to noncontrolling interests										(31,153		)	(31,153		)
Dividends on preference shares										(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders													$	75,529

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

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


	Three months ended September 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	68,252		$	68,883		$	63,857		$	—		$	200,992
Net premiums written	$	41,807		$	61,879		$	56,027		$	—		$	159,713
Net premiums earned	$	136,719		$	63,473		$	58,788		$	(1	)	$	258,979
Net claims and claim expenses incurred	(666		)	31,759			39,027			(473		)	69,647
Acquisition expenses	9,131			15,806			12,614			(1		)	37,550
Operational expenses	24,154			10,234			12,475			109			46,972
Underwriting income (loss)	$	104,100		$	5,674		$	(5,328	)	$	364		104,810
Net investment income										24,941			24,941
Net foreign exchange gains										5,036			5,036
Equity in earnings of other ventures										9,806			9,806
Other loss										(1,169		)	(1,169		)
Net realized and unrealized losses on investments										(31,097		)	(31,097		)
Corporate expenses										(3,905		)	(3,905		)
Interest expense										(4,290		)	(4,290		)
Income before taxes and noncontrolling interests													104,132
Income tax expense										(245		)	(245		)
Net income attributable to noncontrolling interests										(30,477		)	(30,477		)
Dividends on preference shares										(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders													$	67,815

Net claims and claim expenses incurred – current accident year	$	9,661		$	46,444		$	38,882		$	—		$	94,987
Net claims and claim expenses incurred – prior accident years	(10,327		)	(14,685		)	145			(473		)	(25,340		)
Net claims and claim expenses incurred – total	$	(666	)	$	31,759		$	39,027		$	(473	)	$	69,647

Net claims and claim expense ratio – current accident year	7.1		%	73.2		%	66.1		%				36.7		%
Net claims and claim expense ratio – prior accident years	(7.6		)%	(23.2		)%	0.3		%				(9.8		)%
Net claims and claim expense ratio – calendar year	(0.5		)%	50.0		%	66.4		%				26.9		%
Underwriting expense ratio	24.4		%	41.1		%	42.7		%				32.6		%
Combined ratio	23.9		%	91.1		%	109.1		%				59.5		%



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

	Nine months ended September 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	856,305		$	498,676		$	320,326		$	(90	)	$	1,675,217
Net premiums written	$	548,312		$	399,769		$	231,540		$	(89	)	$	1,179,532
Net premiums earned	$	466,113		$	396,673		$	176,279		$	(89	)	$	1,038,976
Net claims and claim expenses incurred	85,289			166,655			93,951			330			346,225
Acquisition expenses	41,016			99,372			42,557			248			183,193
Operational expenses	65,966			49,579			39,086			181			154,812
Underwriting income (loss)	$	273,842		$	81,067		$	685		$	(848	)	354,746
Net investment income										106,649			106,649
Net foreign exchange losses										(4,254		)	(4,254		)
Equity in earnings of other ventures										17,185			17,185
Other income										5,272			5,272
Net realized and unrealized losses on investments										(26,101		)	(26,101		)
Corporate expenses										(66,132		)	(66,132		)
Interest expense										(25,311		)	(25,311		)
Income before taxes and noncontrolling interests													362,054
Income tax benefit										54,319			54,319
Net income attributable to noncontrolling interests										(82,982		)	(82,982		)
Dividends on preference shares										(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders													$	316,605

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

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


	Nine months ended September 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	924,046		$	274,727		$	219,019		$	—		$	1,417,792
Net premiums written	$	534,994		$	233,622		$	187,848		$	3		$	956,467
Net premiums earned	$	460,455		$	186,691		$	158,757		$	26		$	805,929
Net claims and claim expenses incurred	42,519			77,915			90,419			(903		)	209,950
Acquisition expenses	34,063			44,052			33,303			(6,691		)	104,727
Operational expenses	66,773			30,854			37,566			244			135,437
Underwriting income (loss)	$	317,100		$	33,870		$	(2,531	)	$	7,376		355,815
Net investment income										98,430			98,430
Net foreign exchange gains										6,367			6,367
Equity in earnings of other ventures										21,237			21,237
Other loss										(1,642		)	(1,642		)
Net realized and unrealized gains on investments										10,958			10,958
Corporate expenses										(12,404		)	(12,404		)
Interest expense										(12,875		)	(12,875		)
Income before taxes and noncontrolling interests													465,886
Income tax expense										(207		)	(207		)
Net income attributable to noncontrolling interests										(109,323		)	(109,323		)
Dividends on preference shares										(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders													$	339,570

Net claims and claim expenses incurred – current accident year	$	60,663		$	113,809		$	94,594		$	—		$	269,066
Net claims and claim expenses incurred – prior accident years	(18,144		)	(35,894		)	(4,175		)	(903		)	(59,116		)
Net claims and claim expenses incurred – total	$	42,519		$	77,915		$	90,419		$	(903	)	$	209,950

Net claims and claim expense ratio – current accident year	13.2		%	61.0		%	59.6		%				33.4		%
Net claims and claim expense ratio – prior accident years	(4.0		)%	(19.3		)%	(2.6		)%				(7.3		)%
Net claims and claim expense ratio – calendar year	9.2		%	41.7		%	57.0		%				26.1		%
Underwriting expense ratio	21.9		%	40.2		%	44.6		%				29.8		%
Combined ratio	31.1		%	81.9		%	101.6		%				55.9		%

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



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

	Three months ended				Nine months ended
	September 30, 2015		September 30, 2014		September 30, 2015			September 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	61,479	$	49,480	$	570,455		$	612,365
DaVinci catastrophe premiums	20,213		18,772		285,850			311,681
Total Catastrophe Reinsurance segment gross premiums written	$	81,692	$	68,252	$	856,305		$	924,046

Specialty Reinsurance Segment
Casualty	$	116,851	$	40,552	$	263,909		$	92,385
Credit	66,839		16,167		115,461			128,319
Property Other	10,405		6,109		38,829			14,272
Other	20,277		6,055		80,477			39,751
Total Specialty Reinsurance segment gross premiums written	$	214,372	$	68,883	$	498,676		$	274,727

Lloyd’s Segment
Casualty	$	41,352	$	36,759	$	151,749		$	101,410
Property Other	18,717		20,301		66,616			46,452
Catastrophe	7,465		5,161		66,489			53,381
Credit	3,377		278		7,496			860
Other	2,667		1,358		27,976			16,916
Total Lloyd’s segment gross premiums written	$	73,578	$	63,857	$	320,326		$	219,019

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	81,692	$	68,252	$	856,305		$	924,046
Catastrophe premiums written in the Lloyd’s segment	7,465		5,161		66,489			53,381
Catastrophe premiums written on behalf of the Company’s joint venture, Top Layer Re (2)	1,089		2,169		36,664			39,394
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)	$	90,246	$	75,582	$	952,673		$	1,009,466


(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						Nine months ended
	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Fixed maturity investments	$	37,023		$	24,519		$	96,753		$	74,751
Short term investments	267			251			761			727
Equity investments trading	1,791			736			6,308			2,311
Other investments
Hedge funds and private equity investments	(14,505		)	(3,320		)	1,333			17,337
Other	7,261			5,547			11,443			11,558
Cash and cash equivalents	80			116			355			300
	31,917			27,849			116,953			106,984
Investment expenses	(3,579		)	(2,908		)	(10,304		)	(8,554		)
Net investment income	28,338			24,941			106,649			98,430

Gross realized gains	9,160			7,962			39,364			33,595
Gross realized losses	(13,720		)	(2,720		)	(40,143		)	(10,871		)
Net realized (losses) gains on fixed maturity investments	(4,560		)	5,242			(779		)	22,724
Net unrealized gains (losses) on fixed maturity investments trading	10,208			(36,600		)	(11,924		)	21,200
Net realized and unrealized losses on investments-related derivatives	(16,612		)	(1,868		)	(1,004		)	(19,651		)
Net realized (losses) gains on equity investments trading	(114		)	3,523			16,199			8,578
Net unrealized losses on equity investments trading	(30,060		)	(1,394		)	(28,593		)	(21,893		)
Net realized and unrealized (losses) gains on investments	(41,138		)	(31,097		)	(26,101		)	10,958
Change in net unrealized gains on fixed maturity investments available for sale	(243		)	(302		)	(986		)	(563		)
Total investment result	$	(13,043	)	$	(6,458	)	$	79,562		$	108,825

Total investment return - annualized	(0.6		)%	(0.4		)%	1.2		%	2.1		%

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						Nine months ended
(in thousands of United States Dollars, except percentages)	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Net income available to RenaissanceRe common shareholders	$	75,529		$	67,815		$	316,605		$	339,570
Adjustment for net realized and unrealized losses (gains) on investments	41,138			31,097			26,101			(10,958		)
Operating income available to RenaissanceRe common shareholders	$	116,667		$	98,912		$	342,706		$	328,612

Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.66		$	1.70		$	7.19		$	8.26
Adjustment for net realized and unrealized losses (gains) on investments	0.92			0.79			0.60			(0.27		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.58		$	2.49		$	7.79		$	7.99

Return on average common equity - annualized	6.9		%	8.0		%	10.2		%	13.3		%
Adjustment for net realized and unrealized losses (gains) on investments	3.8		%	3.7		%	0.8		%	(0.4		)%
Operating return on average common equity - annualized	10.7		%	11.7		%	11.0		%	12.9		%

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
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Book value per common share	$	97.41		$	96.43		$	95.21		$	90.15		$	85.78
Adjustment for goodwill and other intangibles (1)	(6.65		)	(6.51		)	(6.64		)	(0.86		)	(0.88		)
Tangible book value per common share	90.76			89.92			88.57			89.29			84.90
Adjustment for accumulated dividends	15.18			14.88			14.58			14.28			13.99
Tangible book value per common share plus accumulated dividends	$	105.94		$	104.80		$	103.15		$	103.57		$	98.89

Quarterly change in book value per common share	1.0		%	1.3		%	5.6		%	5.1		%	1.2		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.3		%	1.9		%	(0.5		)%	5.5		%	1.5		%
Year to date change in book value per common share	8.1		%										6.8		%
Year to date change in tangible book value per common share plus change in accumulated dividends	2.7		%										8.0		%


(1)	At September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, goodwill and other intangibles included $22.9 million, $23.5 million, $24.4 million, $25.3 million and $26.1 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						Nine months ended
	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Highlights
Gross premiums written	$	369,642		$	200,992		$	1,675,217		$	1,417,792
Net premiums written	$	266,820		$	159,713		$	1,179,532		$	956,467
Net premiums earned	$	362,388		$	258,979		$	1,038,976		$	805,929
Net claims and claim expenses incurred	100,028			69,647			346,225			209,950
Acquisition expenses	78,126			37,550			183,193			104,727
Operating expenses	54,518			46,972			154,812			135,437
Underwriting income	$	129,716		$	104,810		$	354,746		$	355,815

Net investment income	$	28,338		$	24,941		$	106,649		$	98,430
Net realized and unrealized (losses) gains on investments	(41,138		)	(31,097		)	(26,101		)	10,958
Change in net unrealized gains on fixed maturity investments available for sale	(243		)	(302		)	(986		)	(563		)
Total investment result	$	(13,043	)	$	(6,458	)	$	79,562		$	108,825

Net income available to RenaissanceRe common shareholders	$	75,529		$	67,815		$	316,605		$	339,570
Operating income available to RenaissanceRe common shareholders (1)	$	116,667		$	98,912		$	342,706		$	328,612

Total assets	$	11,906,721		$	8,356,935		$	11,906,721		$	8,356,935
Total shareholders' equity attributable to RenaissanceRe	$	4,697,643		$	3,735,860		$	4,697,643		$	3,735,860

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.66		$	1.70		$	7.19		$	8.26
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.58		$	2.49		$	7.79		$	7.99
Dividends per common share	$	0.30		$	0.29		$	0.90		$	0.87
Book value per common share	$	97.41		$	85.78		$	97.41		$	85.78
Tangible book value per common share (1)	$	90.76		$	84.90		$	90.76		$	84.90
Tangible book value per common share plus accumulated dividends (1)	$	105.94		$	98.89		$	105.94		$	98.89
Change in tangible book value per common share plus change in accumulated dividends (1)	1.3		%	1.5		%	2.7		%	8.0		%

Financial ratios
Net claims and claim expense ratio - current accident year	47.0		%	36.7		%	45.4		%	33.4		%
Net claims and claim expense ratio - prior accident years	(19.4		)%	(9.8		)%	(12.1		)%	(7.3		)%
Net claims and claim expense ratio - calendar year	27.6		%	26.9		%	33.3		%	26.1		%
Underwriting expense ratio	36.6		%	32.6		%	32.6		%	29.8		%
Combined ratio	64.2		%	59.5		%	65.9		%	55.9		%
Operating return on average common equity - annualized (1)	10.7		%	11.7		%	11.0		%	12.9		%
Total investment return - annualized	(0.6		)%	(0.4		)%	1.2		%	2.1		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Revenues
Gross premiums written	$	369,642		$	661,997		$	643,578		$	132,780		$	200,992
Net premiums written	$	266,820		$	508,677		$	404,035		$	111,769		$	159,713
Decrease (increase) in unearned premiums	95,568			(128,849		)	(107,275		)	144,718			99,266
Net premiums earned	362,388			379,828			296,760			256,487			258,979
Net investment income	28,338			38,604			39,707			25,886			24,941
Net foreign exchange gains (losses)	616			(1,740		)	(3,130		)	(107		)	5,036
Equity in earnings of other ventures	5,730			6,160			5,295			4,838			9,806
Other income (loss)	2,306			1,427			1,539			1,219			(1,169		)
Net realized and unrealized (losses) gains on investments	(41,138		)	(26,712		)	41,749			30,475			(31,097		)
Total revenues	358,240			397,567			381,920			318,798			266,496
Expenses
Net claims and claim expenses incurred	100,028			169,344			76,853			(12,003		)	69,647
Acquisition expenses	78,126			61,666			43,401			39,749			37,550
Operational expenses	54,518			54,673			45,621			55,202			46,972
Corporate expenses	7,502			13,032			45,598			10,583			3,905
Interest expense	10,362			9,698			5,251			4,289			4,290
Total expenses	250,536			308,413			216,724			97,820			162,364
Income before taxes	107,704			89,154			165,196			220,978			104,132
Income tax benefit (expense)	4,573			1,842			47,904			(401		)	(245		)
Net income	112,277			90,996			213,100			220,577			103,887
Net income attributable to noncontrolling interests	(31,153		)	(12,167		)	(39,662		)	(44,215		)	(30,477		)
Net income attributable to RenaissanceRe	81,124			78,829			173,438			176,362			73,410
Dividends on preference shares	(5,595		)	(5,596		)	(5,595		)	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	75,529		$	73,233		$	167,843		$	170,767		$	67,815

Net income available to RenaissanceRe common shareholders per common share - basic	$	1.68		$	1.60		$	4.18		$	4.46		$	1.72
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.66		$	1.59		$	4.14		$	4.42		$	1.70
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.58		$	2.18		$	3.10		$	3.62		$	2.49

Operating return on average common equity - annualized (1)	10.7		%	9.1		%	12.9		%	16.5		%	11.7		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Nine months ended
	September 30, 2015			September 30, 2014
Revenues
Gross premiums written	$	1,675,217		$	1,417,792
Net premiums written	$	1,179,532		$	956,467
Increase in unearned premiums	(140,556		)	(150,538		)
Net premiums earned	1,038,976			805,929
Net investment income	106,649			98,430
Net foreign exchange (losses) gains	(4,254		)	6,367
Equity in earnings of other ventures	17,185			21,237
Other income (loss)	5,272			(1,642		)
Net realized and unrealized (losses) gains on investments	(26,101		)	10,958
Total revenues	1,137,727			941,279
Expenses
Net claims and claim expenses incurred	346,225			209,950
Acquisition expenses	183,193			104,727
Operational expenses	154,812			135,437
Corporate expenses	66,132			12,404
Interest expense	25,311			12,875
Total expenses	775,673			475,393
Income before taxes	362,054			465,886
Income tax benefit (expense)	54,319			(207		)
Net income	416,373			465,679
Net income attributable to noncontrolling interests	(82,982		)	(109,323		)
Net income attributable to RenaissanceRe	333,391			356,356
Dividends on preference shares	(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders	$	316,605		$	339,570

Net income available to RenaissanceRe common shareholders per common share - basic	$	7.25		$	8.38
Net income available to RenaissanceRe common shareholders per common share - diluted	$	7.19		$	8.26
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	7.79		$	7.99

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


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

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

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

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

	Three months ended September 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	68,252		$	68,883		$	63,857		$	—		$	200,992
Net premiums written	$	41,807		$	61,879		$	56,027		$	—		$	159,713
Net premiums earned	$	136,719		$	63,473		$	58,788		$	(1	)	$	258,979
Net claims and claim expenses incurred	(666		)	31,759			39,027			(473		)	69,647
Acquisition expenses	9,131			15,806			12,614			(1		)	37,550
Operational expenses	24,154			10,234			12,475			109			46,972
Underwriting income (loss)	$	104,100		$	5,674		$	(5,328	)	$	364		$	104,810

Net claims and claim expenses incurred - current accident year	$	9,661		$	46,444		$	38,882		$	—		$	94,987
Net claims and claim expenses incurred - prior accident years	(10,327		)	(14,685		)	145			(473		)	(25,340		)
Net claims and claim expenses incurred - total	$	(666	)	$	31,759		$	39,027		$	(473	)	$	69,647

Net claims and claim expense ratio - current accident year	7.1		%	73.2		%	66.1		%				36.7		%
Net claims and claim expense ratio - prior accident years	(7.6		)%	(23.2		)%	0.3		%				(9.8		)%
Net claims and claim expense ratio - calendar year	(0.5		)%	50.0		%	66.4		%				26.9		%
Underwriting expense ratio	24.4		%	41.1		%	42.7		%				32.6		%
Combined ratio	23.9		%	91.1		%	109.1		%				59.5		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

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

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

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

	Nine months ended September 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	924,046		$	274,727		$	219,019		$	—		$	1,417,792
Net premiums written	$	534,994		$	233,622		$	187,848		$	3		$	956,467
Net premiums earned	$	460,455		$	186,691		$	158,757		$	26		$	805,929
Net claims and claim expenses incurred	42,519			77,915			90,419			(903		)	209,950
Acquisition expenses	34,063			44,052			33,303			(6,691		)	104,727
Operational expenses	66,773			30,854			37,566			244			135,437
Underwriting income (loss)	$	317,100		$	33,870		$	(2,531	)	$	7,376		$	355,815

Net claims and claim expenses incurred - current accident year	$	60,663		$	113,809		$	94,594		$	—		$	269,066
Net claims and claim expenses incurred - prior accident years	(18,144		)	(35,894		)	(4,175		)	(903		)	(59,116		)
Net claims and claim expenses incurred - total	$	42,519		$	77,915		$	90,419		$	(903	)	$	209,950

Net claims and claim expense ratio - current accident year	13.2		%	61.0		%	59.6		%				33.4		%
Net claims and claim expense ratio - prior accident years	(4.0		)%	(19.3		)%	(2.6		)%				(7.3		)%
Net claims and claim expense ratio - calendar year	9.2		%	41.7		%	57.0		%				26.1		%
Underwriting expense ratio	21.9		%	40.2		%	44.6		%				29.8		%
Combined ratio	31.1		%	81.9		%	101.6		%				55.9		%

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



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	September 30, 2015		June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	61,479	$	243,246		$	265,730		$	10,569		$	49,480
DaVinci catastrophe premiums	20,213		142,120			123,517			(646		)	18,772
Total Catastrophe Reinsurance segment gross premiums written	$	81,692	$	385,366		$	389,247		$	9,923		$	68,252

Specialty Reinsurance Segment
Casualty	$	116,851	$	84,953		$	62,105		$	40,150		$	40,552
Credit	66,839		19,911			28,711			19,401			16,167
Property Other	10,405		23,215			5,209			7,652			6,109
Other	20,277		31,934			28,266			4,708			6,055
Total Specialty Reinsurance segment gross premiums written	$	214,372	$	160,013		$	124,291		$	71,911		$	68,883

Lloyd's Segment
Casualty	$	41,352	$	48,426		$	61,971		$	30,562		$	36,759
Property Other	18,717		24,130			23,769			17,179			20,301
Catastrophe	7,465		33,379			25,645			1,985			5,161
Credit	3,377		1,534			2,585			(119		)	278
Other	2,667		9,149			16,160			1,030			1,358
Total Lloyd's segment gross premiums written	$	73,578	$	116,618		$	130,130		$	50,637		$	63,857

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	81,692	$	385,366		$	389,247		$	9,923		$	68,252
Catastrophe premiums written in the Lloyd's segment	7,465		33,379			25,645			1,985			5,161
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,089		21,411			14,164			3,162			2,169
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)	$	90,246	$	439,321		$	423,106		$	15,070		$	75,582


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


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



	6



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Nine months ended
	September 30, 2015			September 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	570,455		$	612,365
DaVinci catastrophe premiums	285,850			311,681
Total Catastrophe Reinsurance segment gross premiums written	$	856,305		$	924,046

Specialty Reinsurance Segment
Casualty	$	263,909		$	92,385
Credit	115,461			128,319
Property Other	38,829			14,272
Other	80,477			39,751
Total Specialty Reinsurance segment gross premiums written	$	498,676		$	274,727

Lloyd's Segment
Casualty	$	151,749		$	101,410
Property Other	66,616			46,452
Catastrophe	66,489			53,381
Credit	7,496			860
Other	27,976			16,916
Total Lloyd's segment gross premiums written	$	320,326		$	219,019

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	856,305		$	924,046
Catastrophe premiums written in the Lloyd's segment	66,489			53,381
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	36,664			39,394
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)	$	952,673		$	1,009,466


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


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



	7



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Revenues
Gross premiums written	$	20,326		$	143,456		$	124,211		$	(632	)	$	18,956
Net premiums written	$	14,598		$	132,977		$	97,365		$	(803	)	$	13,541
Decrease (increase) in unearned premiums	47,452			(69,088		)	(36,320		)	62,175			48,594
Net premiums earned	62,050			63,889			61,045			61,372			62,135
Net investment income	7,171			6,812			6,215			7,599			7,082
Net foreign exchange (losses) gains	(233		)	(9		)	(585		)	831			765
Net realized and unrealized (losses) gains on investments	(2,044		)	(8,630		)	12,038			(2,076		)	(8,918		)
Total revenues	66,944			62,062			78,713			67,726			61,064
Expenses
Net claims and claim expenses incurred	4,675			22,852			1,937			(21,995		)	(1,488		)
Acquisition expenses	15,683			13,703			16,540			22,839			17,385
Operational and corporate expenses	7,285			7,081			7,238			7,467			7,492
Interest expense	1,813			1,504			939			933			934
Total expenses	29,456			45,140			26,654			9,244			24,323
Income before taxes	37,488			16,922			52,059			58,482			36,741
Income tax benefit (expense)	188			(153		)	(36		)	(18		)	(20		)
Net income	37,676			16,769			52,023			58,464			36,721
Net income attributable to redeemable noncontrolling interest	—			—			—			—			(75		)
Net income available to DaVinciRe common shareholders	$	37,676		$	16,769		$	52,023		$	58,464		$	36,646

Net claims and claim expenses incurred - current accident year	$	9,649		$	26,832		$	10,109		$	701		$	3,341
Net claims and claim expenses incurred - prior accident years	(4,974		)	(3,980		)	(8,172		)	(22,696		)	(4,829		)
Net claims and claim expenses incurred - total	$	4,675		$	22,852		$	1,937		$	(21,995	)	$	(1,488	)

Net claims and claim expense ratio - current accident year	15.6		%	42.0		%	16.6		%	1.1		%	5.4		%
Net claims and claim expense ratio - prior accident years	(8.1		)%	(6.2		)%	(13.4		)%	(36.9		)%	(7.8		)%
Net claims and claim expense ratio - calendar year	7.5		%	35.8		%	3.2		%	(35.8		)%	(2.4		)%
Underwriting expense ratio	37.0		%	32.5		%	38.9		%	49.3		%	40.0		%
Combined ratio	44.5		%	68.3		%	42.1		%	13.5		%	37.6		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Nine months ended
	September 30, 2015			September 30, 2014
Revenues
Gross premiums written	$	287,993		$	313,714
Net premiums written	$	244,940		$	259,281
Increase in unearned premiums	(57,956		)	(44,914		)
Net premiums earned	186,984			214,367
Net investment income	20,198			21,011
Net foreign exchange (losses) gains	(827		)	2,815
Net realized and unrealized gains on investments	1,364			250
Total revenues	207,719			238,443
Expenses
Net claims and claim expenses incurred	29,464			13,950
Acquisition expenses	45,926			55,770
Operational and corporate expenses	21,604			24,630
Interest expense	4,256			2,804
Total expenses	101,250			97,154
Income before taxes	106,469			141,289
Income tax expense	(1		)	(22		)
Net income	106,468			141,267
Net income attributable to redeemable noncontrolling interest	—			(288		)
Net income available to DaVinciRe common shareholders	$	106,468		$	140,979

Net claims and claim expenses incurred - current accident year	$	46,590		$	27,817
Net claims and claim expenses incurred - prior accident years	(17,126		)	(13,867		)
Net claims and claim expenses incurred - total	$	29,464		$	13,950

Net claims and claim expense ratio - current accident year	24.9		%	13.0		%
Net claims and claim expense ratio - prior accident years	(9.1		)%	(6.5		)%
Net claims and claim expense ratio - calendar year	15.8		%	6.5		%
Underwriting expense ratio	36.1		%	37.5		%
Combined ratio	51.9		%	44.0		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014
Assets
Fixed maturity investments trading, at fair value	$	6,905,302	$	6,591,434	$	5,982,843	$	4,756,685	$	4,750,766
Fixed maturity investments available for sale, at fair value	19,905		21,754		25,086		26,885		28,069
Total fixed maturity investments, at fair value	6,925,207		6,613,188		6,007,929		4,783,570		4,778,835
Short term investments, at fair value	998,906		1,543,191		1,775,819		1,013,222		1,031,143
Equity investments trading, at fair value	462,198		493,056		261,656		322,098		301,714
Other investments, at fair value	483,958		504,693		514,906		504,147		501,487
Investments in other ventures, under equity method	129,495		126,139		123,743		120,713		118,245
Total investments	8,999,764		9,280,267		8,684,053		6,743,750		6,731,424
Cash and cash equivalents	524,546		398,090		557,618		525,584		300,547
Premiums receivable	864,198		1,068,819		866,418		440,007		630,718
Prepaid reinsurance premiums	258,445		276,231		233,062		94,810		195,978
Reinsurance recoverable	141,416		136,464		82,696		66,694		79,043
Accrued investment income	40,855		37,480		40,583		26,509		25,514
Deferred acquisition costs	213,599		173,408		146,053		110,059		130,108
Receivable for investments sold	321,756		149,063		121,530		52,390		147,206
Other assets	271,929		257,621		273,851		135,845		108,443
Goodwill and other intangibles	270,213		275,743		281,334		7,902		7,954
Total assets	$	11,906,721	$	12,053,186	$	11,287,198	$	8,203,550	$	8,356,935
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,796,062	$	2,847,648	$	2,781,568	$	1,412,510	$	1,532,780
Unearned premiums	1,042,012		1,155,596		983,137		512,386		758,272
Debt	969,221		972,362		826,774		249,522		249,499
Reinsurance balances payable	533,174		512,019		495,045		454,580		501,155
Payable for investments purchased	602,576		511,251		217,986		203,021		284,295
Other liabilities	244,005		228,554		231,968		374,108		203,908
Total liabilities	6,187,050		6,227,430		5,536,478		3,206,127		3,529,909
Redeemable noncontrolling interest	1,022,028		988,812		968,431		1,131,708		1,091,166
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	44,121		46,013		46,026		38,442		38,888
Additional paid-in capital	551,683		750,484		754,941		—		—
Accumulated other comprehensive income	2,260		2,993		3,342		3,416		3,829
Retained earnings	3,699,579		3,637,454		3,577,980		3,423,857		3,293,143
Total shareholders' equity attributable to RenaissanceRe	4,697,643		4,836,944		4,782,289		3,865,715		3,735,860
Total liabilities, noncontrolling interests and shareholders' equity	$	11,906,721	$	12,053,186	$	11,287,198	$	8,203,550	$	8,356,935

Book value per common share	$	97.41	$	96.43	$	95.21	$	90.15	$	85.78



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	September 30, 2015					June 30, 2015					March 31, 2015					December 31, 2014					September 30, 2014
U.S. treasuries	$	1,984,841		22.1	%	$	2,020,746		21.8	%	$	1,535,746		17.7	%	$	1,671,471		24.8	%	$	1,636,326		24.3	%
Agencies	131,524			1.5	%	144,947			1.6	%	152,272			1.8	%	96,208			1.4	%	120,025			1.8	%
Municipal	675,349			7.5	%	806,724			8.7	%	1,220,206			14.1	%	—			—	%	—			—	%
Non-U.S. government (Sovereign debt)	393,320			4.4	%	370,613			4.0	%	329,626			3.8	%	280,651			4.2	%	282,326			4.2	%
Non-U.S. government-backed corporate	172,548			1.9	%	172,381			1.9	%	151,446			1.7	%	146,467			2.2	%	141,159			2.1	%
Corporate	2,141,859			23.8	%	1,865,369			20.1	%	1,603,024			18.5	%	1,610,442			23.9	%	1,572,168			23.4	%
Agency mortgage-backed	497,092			5.5	%	475,870			5.1	%	342,461			3.9	%	316,620			4.7	%	325,138			4.8	%
Non-agency mortgage-backed	268,389			3.0	%	263,329			2.8	%	268,102			3.1	%	253,050			3.7	%	264,455			3.9	%
Commercial mortgage-backed	552,617			6.1	%	426,895			4.6	%	361,812			4.2	%	381,051			5.7	%	405,635			6.0	%
Asset-backed	107,668			1.2	%	66,314			0.7	%	43,234			0.5	%	27,610			0.4	%	31,603			0.5	%
Total fixed maturity investments, at fair value	6,925,207			77.0	%	6,613,188			71.3	%	6,007,929			69.3	%	4,783,570			71.0	%	4,778,835			71.0	%
Short term investments, at fair value	998,906			11.1	%	1,543,191			16.6	%	1,775,819			20.4	%	1,013,222			15.0	%	1,031,143			15.3	%
Equity investments trading, at fair value	462,198			5.1	%	493,056			5.3	%	261,656			3.0	%	322,098			4.8	%	301,714			4.5	%
Other investments, at fair value	483,958			5.3	%	504,693			5.4	%	514,906			5.9	%	504,147			7.5	%	501,487			7.5	%
Total managed investment portfolio	8,870,269			98.5	%	9,154,128			98.6	%	8,560,310			98.6	%	6,623,037			98.3	%	6,613,179			98.3	%
Investments in other ventures, under equity method	129,495			1.5	%	126,139			1.4	%	123,743			1.4	%	120,713			1.7	%	118,245			1.7	%
Total investments	$	8,999,764		100.0	%	$	9,280,267		100.0	%	$	8,684,053		100.0	%	$	6,743,750		100.0	%	$	6,731,424		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,029,717		14.9	%	$	850,676		12.9	%	$	860,185		14.3	%	$	561,208		11.7	%	$	579,663		12.2	%
AA	3,551,893			51.3	%	3,622,348			54.8	%	3,077,887			51.2	%	2,506,760			52.4	%	2,521,251			52.8	%
A	1,020,516			14.7	%	979,776			14.8	%	989,205			16.5	%	727,639			15.2	%	713,648			14.9	%
BBB	659,789			9.5	%	558,221			8.4	%	515,885			8.6	%	444,132			9.3	%	402,318			8.4	%
Non-investment grade and not rated	663,292			9.6	%	602,167			9.1	%	564,767			9.4	%	543,831			11.4	%	561,955			11.7	%
Total fixed maturity investments, at fair value	$	6,925,207		100.0	%	$	6,613,188		100.0	%	$	6,007,929		100.0	%	$	4,783,570		100.0	%	$	4,778,835		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	265,366		3.8	%	$	219,382		3.3	%	$	209,392		3.5	%	$	151,803		3.2	%	$	97,868		2.0	%
Due after one through five years	3,876,482			56.0	%	3,859,616			58.4	%	3,220,154			53.6	%	2,969,828			62.1	%	2,949,329			61.7	%
Due after five through ten years	1,028,728			14.9	%	970,723			14.7	%	1,018,252			16.9	%	537,636			11.2	%	593,633			12.4	%
Due after ten years	328,865			4.7	%	331,059			5.0	%	544,522			9.1	%	145,972			3.0	%	111,174			2.4	%
Mortgage-backed securities	1,318,098			19.0	%	1,166,094			17.6	%	972,375			16.2	%	950,721			19.9	%	995,228			20.8	%
Asset-backed securities	107,668			1.6	%	66,314			1.0	%	43,234			0.7	%	27,610			0.6	%	31,603			0.7	%
Total fixed maturity investments, at fair value	$	6,925,207		100.0	%	$	6,613,188		100.0	%	$	6,007,929		100.0	%	$	4,783,570		100.0	%	$	4,778,835		100.0	%
Weighted average effective yield of fixed maturity and short term investments	1.9		%			1.7		%			1.6		%			1.7		%			1.7		%
Average duration of fixed maturities and short term investments	2.3					2.3					2.3					2.1					2.2



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
TYPE OF INVESTMENT
Catastrophe bonds	$	233,223		$	228,998		$	221,780		$	200,329		$	179,246
Private equity partnerships	226,000			250,796			271,074			281,932			300,800
Senior secured bank loan funds	22,345			22,561			19,679			19,316			18,723
Hedge funds	2,390			2,338			2,373			2,570			2,718
Total other investments, at fair value	$	483,958		$	504,693		$	514,906		$	504,147		$	501,487

TYPE OF INVESTMENT
Catastrophe bonds	48.2		%	45.4		%	43.1		%	39.7		%	35.7		%
Private equity partnerships	46.7		%	49.6		%	52.6		%	56.0		%	60.1		%
Senior secured bank loan funds	4.6		%	4.5		%	3.8		%	3.8		%	3.7		%
Hedge funds	0.5		%	0.5		%	0.5		%	0.5		%	0.5		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	12



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Nine months ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			September 30, 2015			September 30, 2014
Fixed maturity investments	$	37,023		$	33,791		$	25,939		$	26,104		$	24,519		$	96,753		$	74,751
Short term investments	267			297			197			217			251			761			727
Equity investments trading	1,791			1,913			2,604			1,139			736			6,308			2,311
Other investments
Hedge funds and private equity investments	(14,505		)	5,425			10,413			1,530			(3,320		)	1,333			17,337
Other	7,261			674			3,508			(414		)	5,547			11,443			11,558
Cash and cash equivalents	80			127			148			95			116			355			300
	31,917			42,227			42,809			28,671			27,849			116,953			106,984
Investment expenses	(3,579		)	(3,623		)	(3,102		)	(2,785		)	(2,908		)	(10,304		)	(8,554		)
Net investment income	28,338			38,604			39,707			25,886			24,941			106,649			98,430

Gross realized gains	9,160			8,672			21,532			11,973			7,962			39,364			33,595
Gross realized losses	(13,720		)	(21,552		)	(4,871		)	(3,997		)	(2,720		)	(40,143		)	(10,871		)
Net realized (losses) gains on fixed maturity investments	(4,560		)	(12,880		)	16,661			7,976			5,242			(779		)	22,724
Net unrealized gains (losses) on fixed maturity investments trading	10,208			(48,104		)	25,972			(1,520		)	(36,600		)	(11,924		)	21,200
Net realized and unrealized (losses) gains on investments-related derivatives	(16,612		)	19,816			(4,208		)	(11,280		)	(1,868		)	(1,004		)	(19,651		)
Net realized (losses) gains on equity investments trading	(114		)	8,832			7,481			2,330			3,523			16,199			8,578
Net unrealized (losses) gains on equity investments trading	(30,060		)	5,624			(4,157		)	32,969			(1,394		)	(28,593		)	(21,893		)
Net realized and unrealized (losses) gains on investments	(41,138		)	(26,712		)	41,749			30,475			(31,097		)	(26,101		)	10,958
Change in net unrealized gains on fixed maturity investments available for sale	(243		)	(560		)	(183		)	(292		)	(302		)	(986		)	(563		)
Total investment result	$	(13,043	)	$	11,332		$	81,273		$	56,069		$	(6,458	)	$	79,562		$	108,825

Total investment return - annualized	(0.6		)%	0.5		%	4.2		%	3.3		%	(0.4		)%	1.2		%	2.1		%



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
September 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	$	998,906	$	998,906		11.1	%	0.1	%	$	967,982		$	28,858		$	—		$	1,820		$	86		$	160
			100.0		%					96.9		%	2.9		%	—		%	0.2		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,974,341		1,984,841			22.1	%	0.9	%	—			1,984,841			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	76,794		77,125			0.9	%	0.9	%	—			77,125			—			—			—			—
Other agencies	53,982		54,399			0.6	%	2.0	%	—			54,399			—			—			—			—
Total agencies	130,776		131,524			1.5	%	1.3	%	—			131,524			—			—			—			—
Municipal	675,039		675,349			7.5	%	2.3	%	154,569			433,219			85,347			1,101			1,113			—
Non-U.S. government (Sovereign debt)	405,041		393,320			4.4	%	1.1	%	229,310			130,062			18,878			15,070			—			—
Non-U.S. government-backed corporate	174,086		172,548			1.9	%	1.0	%	90,986			75,322			4,062			2,178			—			—
Corporate	2,166,217		2,141,859			23.8	%	3.4	%	26,631			155,022			870,269			610,173			454,752			25,012
Mortgage-backed
Residential mortgage-backed
Agency securities	496,726		497,092			5.5	%	2.4	%	—			497,092			—			—			—			—
Non-agency securities - Alt A	161,425		170,589			1.9	%	4.5	%	4,001			24,164			10,432			16,617			102,329			13,046
Non-agency securities - Prime	93,803		97,800			1.1	%	3.4	%	7,862			10,818			5,440			6,640			64,010			3,030
Total residential mortgage-backed	751,954		765,481			8.5	%	3.0	%	11,863			532,074			15,872			23,257			166,339			16,076
Commercial mortgage-backed	548,452		552,617			6.1	%	2.4	%	416,045			102,474			26,088			8,010			—			—
Total mortgage-backed	1,300,406		1,318,098			14.6	%	2.8	%	427,908			634,548			41,960			31,267			166,339			16,076
Asset-backed
Credit cards	30,439		30,717			0.3	%	1.4	%	30,717			—			—			—			—			—
Auto loans	17,003		17,070			0.2	%	1.5	%	16,870			200			—			—			—			—
Student loans	5,981		5,862			0.1	%	1.4	%	5,406			456			—			—			—			—
Other	53,952		54,019			0.6	%	1.8	%	47,320			6,699			—			—			—			—
Total asset-backed	107,375		107,668			1.2	%	1.6	%	100,313			7,355			—			—			—			—
Total securitized assets	1,407,781		1,425,766			15.8	%	2.7	%	528,221			641,903			41,960			31,267			166,339			16,076
Total fixed maturity investments	6,933,281		6,925,207			77.0	%	2.2	%	1,029,717			3,551,893			1,020,516			659,789			622,204			41,088
			100.0		%					14.9		%	51.3		%	14.7		%	9.5		%	9.0		%	0.6		%
Equity investments trading			462,198			5.1	%			—			—			—			—			—			462,198
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			233,223			2.6	%			—			—			—			—			233,223			—
Private equity partnerships			226,000			2.5	%			—			—			—			—			—			226,000
Senior secured bank loan fund			22,345			0.2	%			—			—			—			—			—			22,345
Hedge funds			2,390			—	%			—			—			—			—			—			2,390
Total other investments			483,958			5.3	%			—			—			—			—			233,223			250,735
			100.0		%					—		%	—		%	—		%	—		%	48.2		%	51.8		%
Investments in other ventures			129,495			1.5	%			—			—			—			—			—			129,495
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	8,999,764		100.0	%			$	1,997,699		$	3,580,751		$	1,020,516		$	661,609		$	855,513		$	883,676
			100.0		%					22.2		%	39.8		%	11.3		%	7.4		%	9.5		%	9.8		%

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



	14



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	September 30, 2015				December 31, 2014				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	998,906	11.1	%	$	1,013,222	15.0	%	$	(14,316	)	(3.9	)%
Fixed maturity investments
U.S. treasuries	1,984,841		22.1	%	1,671,471		24.8	%	313,370			(2.7	)%
Agencies
Fannie Mae and Freddie Mac	77,125		0.9	%	89,919		1.3	%	(12,794		)	(0.4	)%
Other agencies	54,399		0.6	%	6,289		0.1	%	48,110			0.5	%
Total agencies	131,524		1.5	%	96,208		1.4	%	35,316			0.1	%
Municipal	675,349		7.5	%	—		—	%	675,349			7.5	%
Non-U.S. government (Sovereign debt)	393,320		4.4	%	280,651		4.2	%	112,669			0.2	%
Non-U.S. government-backed corporate	172,548		1.9	%	146,467		2.2	%	26,081			(0.3	)%
Corporate	2,141,859		23.8	%	1,610,442		23.9	%	531,417			(0.1	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	497,092		5.5	%	316,620		4.7	%	180,472			0.8	%
Non-agency securities - Alt A	170,589		1.9	%	149,754		2.2	%	20,835			(0.3	)%
Non-agency securities - Prime	97,800		1.1	%	103,296		1.5	%	(5,496		)	(0.4	)%
Total residential mortgage-backed	765,481		8.5	%	569,670		8.4	%	195,811			0.1	%
Commercial mortgage-backed	552,617		6.1	%	381,051		5.7	%	171,566			0.4	%
Total mortgage-backed	1,318,098		14.6	%	950,721		14.1	%	367,377			0.5	%
Asset-backed
Credit cards	30,717		0.3	%	9,686		0.1	%	21,031			0.2	%
Auto loans	17,070		0.2	%	10,380		0.2	%	6,690			—	%
Student loans	5,862		0.1	%	585		—	%	5,277			0.1	%
Other	54,019		0.6	%	6,959		0.1	%	47,060			0.5	%
Total asset-backed	107,668		1.2	%	27,610		0.4	%	80,058			0.8	%
Total securitized assets	1,425,766		15.8	%	978,331		14.5	%	447,435			1.3	%
Total fixed maturity investments	6,925,207		77.0	%	4,783,570		71.0	%	2,141,637			6.0	%
Equity investments trading	462,198		5.1	%	322,098		4.8	%	140,100			0.3	%
Other investments
Catastrophe bonds	233,223		2.6	%	200,329		3.0	%	32,894			(0.4	)%
Private equity partnerships	226,000		2.5	%	281,932		4.2	%	(55,932		)	(1.7	)%
Senior secured bank loan fund	22,345		0.2	%	19,316		0.3	%	3,029			(0.1	)%
Hedge funds	2,390		—	%	2,570		—	%	(180		)	—	%
Total other investments	483,958		5.3	%	504,147		7.5	%	(20,189		)	(2.2	)%
Investments in other ventures	129,495		1.5	%	120,713		1.7	%	8,782			(0.2	)%
Total managed investment portfolio	$	8,999,764	100.0	%	$	6,743,750	100.0	%	$	2,256,014



	15



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

	September 30, 2015
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	73,697	$	—	$	73,697
Goldman Sachs Group Inc.	62,588		—		62,588
JP Morgan Chase & Co.	56,478		—		56,478
Morgan Stanley	53,585		—		53,585
Citigroup Inc.	39,672		—		39,672
HSBC Holdings PLC	36,582		—		36,582
Ford Motor Co.	26,352		—		26,352
Wells Fargo & Co.	26,024		—		26,024
Verizon Communications Inc.	24,938		—		24,938
Royal Bank of Canada	22,272		—		22,272
Total (1)	$	422,188	$	—	$	422,188


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



	16



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

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

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



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended September 30, 2015									Three months ended September 30, 2014
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,847,648		$	136,464		$	2,711,184		$	1,552,618		$	85,115		$	1,467,503
Incurred claims and claim expenses
Current year	200,646			30,268			170,378			104,510			9,523			94,987
Prior years	(78,902		)	(8,552		)	(70,350		)	(27,537		)	(2,197		)	(25,340		)
Total incurred claims and claim expenses	121,744			21,716			100,028			76,973			7,326			69,647
Paid claims and claim expenses
Current year	35,909			11,322			24,587			17,580			114			17,466
Prior years	137,421			5,442			131,979			79,231			13,284			65,947
Total paid claims and claim expenses	173,330			16,764			156,566			96,811			13,398			83,413
Reserve for claims and claim expenses, end of period	$	2,796,062		$	141,416		$	2,654,646		$	1,532,780		$	79,043		$	1,453,737

	Nine months ended September 30, 2015									Nine months ended September 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	565,734			93,938			471,796			298,400			29,334			269,066
Prior years	(132,176		)	(6,605		)	(125,571		)	(56,213		)	2,903			(59,116		)
Total incurred claims and claim expenses	433,558			87,333			346,225			242,187			32,237			209,950
Paid claims and claim expenses
Current year	117,984			11,355			106,629			19,357			126			19,231
Prior years	329,867			4,984			324,883			253,780			54,093			199,687
Total paid claims and claim expenses	447,851			16,339			431,512			273,137			54,219			218,918
Amounts acquired (1)	1,397,845			3,728			1,394,117			—			—			—
Reserve for claims and claim expenses, end of period	$	2,796,062		$	141,416		$	2,654,646		$	1,532,780		$	79,043		$	1,453,737

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



	18



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Numerator:
Net income available to RenaissanceRe common shareholders	$	75,529		$	73,233		$	167,843		$	170,767		$	67,815
Amount allocated to participating common shareholders (1)	(867		)	(819		)	(2,025		)	(2,312		)	(904		)
	$	74,662		$	72,414		$	165,818		$	168,455		$	66,911
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	44,564			45,303			39,631			37,752			38,975
Per common share equivalents of employee stock options and restricted shares	349			354			390			393			458
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,913			45,657			40,021			38,145			39,433

Basic income per RenaissanceRe common share	$	1.68		$	1.60		$	4.18		$	4.46		$	1.72
Diluted income per RenaissanceRe common share	$	1.66		$	1.59		$	4.14		$	4.42		$	1.70

	Nine months ended
(common shares in thousands)	September 30, 2015			September 30, 2014
Numerator:
Net income available to RenaissanceRe common shareholders	$	316,605		$	339,570
Amount allocated to participating common shareholders (1)	(3,642		)	(4,466		)
	$	312,963		$	335,104
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,166			39,983
Per common share equivalents of employee stock options and restricted shares	365			595
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	43,531			40,578

Basic income per RenaissanceRe common share	$	7.25		$	8.38
Diluted income per RenaissanceRe common share (2)	$	7.19		$	8.26


(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
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Tower Hill Companies	$	4,135		$	4,294		$	3,011		$	4,276		$	6,912
Top Layer Re	1,738			2,174			2,616			2,364			3,108
Other	(143		)	(308		)	(332		)	(1,802		)	(214		)
Total equity in earnings of other ventures	$	5,730		$	6,160		$	5,295		$	4,838		$	9,806

	Nine months ended
	September 30, 2015			September 30, 2014
Tower Hill Companies	$	11,440		$	14,100
Top Layer Re	6,528			8,047
Other	(783		)	(910		)
Total equity in earnings of other ventures	$	17,185		$	21,237

Other Income (Loss)

	Three months ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	1,749		$	1,162		$	1,317		$	1,044		$	239
Other items	557			265			222			175			(1,408		)
Total other income (loss)	$	2,306		$	1,427		$	1,539		$	1,219		$	(1,169	)

	Nine months ended
	September 30, 2015			September 30, 2014
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	4,228		$	277
Other items	1,044			(1,919		)
Total other income (loss)	$	5,272		$	(1,642	)



	20



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P	Moody's (4)	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, 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															Nine months ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			September 30, 2015			September 30, 2014
Net income available to RenaissanceRe common shareholders	$	75,529		$	73,233		$	167,843		$	170,767		$	67,815		$	316,605		$	339,570
Adjustment for net realized and unrealized losses (gains) on investments	41,138			26,712			(41,749		)	(30,475		)	31,097			26,101			(10,958		)
Operating income available to RenaissanceRe common shareholders	$	116,667		$	99,945		$	126,094		$	140,292		$	98,912		$	342,706		$	328,612

Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.66		$	1.59		$	4.14		$	4.42		$	1.70		$	7.19		$	8.26
Adjustment for net realized and unrealized losses (gains) on investments	0.92			0.59			(1.04		)	(0.80		)	0.79			0.60			(0.27		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.58		$	2.18		$	3.10		$	3.62		$	2.49		$	7.79		$	7.99

Return on average common equity - annualized	6.9		%	6.6		%	17.1		%	20.1		%	8.0		%	10.2		%	13.3		%
Adjustment for net realized and unrealized losses (gains) on investments	3.8		%	2.4		%	(4.3		)%	(3.6		)%	3.7		%	0.8		%	(0.4		)%
Operating return on average common equity - annualized	10.7		%	9.1		%	12.9		%	16.5		%	11.7		%	11.0		%	12.9		%



	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
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Book value per common share	$	97.41		$	96.43		$	95.21		$	90.15		$	85.78
Adjustment for goodwill and other intangibles (1)	(6.65		)	(6.51		)	(6.64		)	(0.86		)	(0.88		)
Tangible book value per common share	90.76			89.92			88.57			89.29			84.90
Adjustment for accumulated dividends	15.18			14.88			14.58			14.28			13.99
Tangible book value per common share plus accumulated dividends	$	105.94		$	104.80		$	103.15		$	103.57		$	98.89

Quarterly change in book value per common share	1.0		%	1.3		%	5.6		%	5.1		%	1.2		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.3		%	1.9		%	(0.5		)%	5.5		%	1.5		%
Year to date change in book value per common share	8.1		%										6.8		%
Year to date change in tangible book value per common share plus change in accumulated dividends	2.7		%										8.0		%


(1)	At September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, goodwill and other intangibles included $22.9 million, $23.5 million, $24.4 million, $25.3 million and $26.1 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

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