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

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

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

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

SECOND QUARTER 2015 HIGHLIGHTS

• Gross premiums written of $662.0 million increased $150.5 million, or 29.4%, in the second quarter of 2015, compared to the second quarter of 2014, with the Company’s Specialty Reinsurance and Lloyd’s segments experiencing increases of $108.5 million, or 210.4%, and $44.7 million, or 62.2%, respectively. The Company’s Catastrophe Reinsurance segment gross premiums written decreased by $2.7 million, or 0.7%, in the second quarter of 2015.
• The Company generated underwriting income of $94.1 million and a combined ratio of 75.2% in the second quarter of 2015, compared to $99.7 million and 61.7%, respectively, in the second quarter of 2014. Underwriting income in the second quarter of 2015 was driven by an increase in net premiums earned, principally the result of increased gross premiums written in the Specialty Reinsurance segment, which was offset by higher current accident year net claims and claim expenses.
• The Company’s total investment result, which principally includes the sum of net investment income, net realized and unrealized (losses) gains on investments, was $11.3 million in the second quarter of 2015, compared to $61.6 million in the second quarter of 2014. The decrease in the total investment result during the second quarter of 2015 of $50.2 million, compared to the second quarter of 2014, was primarily driven by rising interest rates across the yield curve in our portfolio of fixed maturity investments which resulted in net realized and unrealized losses, as well as lower returns in our portfolio of private equity investments. The lower returns in our portfolio of private equity investments was principally driven by weaker returns in the broader equity markets. Partially offsetting these decreases was a corresponding improvement in our net realized and unrealized gains on investments-related derivatives of $26.7 million related to the rising interest rate environment noted above, and improved returns in our portfolio of equity investments trading driven by an increase in the average invested assets of that portfolio.

Underwriting Results by Segment

Catastrophe Reinsurance Segment

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

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

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

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

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

Specialty Reinsurance Segment

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

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

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

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

Lloyd’s Segment

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

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

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

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

Other Items

• On July 13, 2015, Standard & Poor’s Ratings Services (“S&P”) raised its counterparty credit and financial strength ratings on Renaissance Reinsurance U.S. Inc. (f.k.a. Platinum Underwriters Reinsurance, Inc.) to 'A+' from 'A-' and removed the ratings from credit watch, where S&P had placed them with positive implications on Nov. 24, 2014. S&P also affirmed its 'A-' counterparty credit and financial strength ratings on Platinum Underwriters Bermuda, Ltd. and removed the ratings from credit watch with positive implications, and affirmed its 'A+' counterparty credit and financial strength ratings on RenaissanceRe Specialty Risks Ltd. At the same time, S&P assigned 'A+' counterparty credit and financial strength ratings to RenaissanceRe Specialty U.S. Ltd. The outlook on all these entities is stable.
• During the second quarter of 2015, the Company repurchased an aggregate of 83 thousand common shares in open market transactions at an aggregate cost of $8.4 million and at an average share price of $101.98.
• Subsequent to June 30, 2015 and through the period ended July 27, 2015, the Company repurchased 67 thousand common shares in open market transactions at an aggregate cost of $6.9 million and at an average share price of $102.70.
• Net income attributable to noncontrolling interests in the second quarter of 2015 was $12.2 million, compared to $36.1 million in the second quarter of 2014, principally due to a decrease in the profitability of DaVinciRe Holdings Ltd. (“DaVinciRe”). The Company’s ownership in DaVinciRe was 26.3% at June 30, 2015, compared to 26.5% at June 30, 2014.
• During the second quarter of 2015, the Company recorded $7.8 million of corporate expenses associated with the acquisition of Platinum.

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

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

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

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

Cautionary Statement Regarding Forward Looking Statements

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

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
			Three months ended										Six months ended
			June 30, 2015					June 30, 2014					June 30, 2015					June 30, 2014
Revenues
Gross premiums written			$	661,997				$	511,540				$	1,305,575				$	1,216,800
Net premiums written			$	508,677				$	346,407				$	912,712				$	796,754
Increase in unearned premiums			(128,849		)			(85,991		)			(236,124		)			(249,804		)
Net premiums earned			379,828					260,416					676,588					546,950
Net investment income			38,604					34,541					78,311					73,489
Net foreign exchange (losses) gains			(1,740		)			2,392					(4,870		)			1,331
Equity in earnings of other ventures			6,160					7,232					11,455					11,431
Other income (loss)			1,427					(535		)			2,966					(473		)
Net realized and unrealized (losses) gains on investments			(26,712		)			27,128					15,037					42,055
Total revenues			397,567					331,174					779,487					674,783
Expenses
Net claims and claim expenses incurred			169,344					81,388					246,197					140,303
Acquisition expenses			61,666					33,477					105,067					67,177
Operational expenses			54,673					45,841					100,294					88,465
Corporate expenses			13,032					3,954					58,630					8,499
Interest expense			9,698					4,292					14,949					8,585
Total expenses			308,413					168,952					525,137					313,029
Income before taxes			89,154					162,222					254,350					361,754
Income tax (expense) benefit			1,842					204					49,746					38
Net income			90,996					162,426					304,096					361,792
Net income attributable to noncontrolling interests			(12,167		)			(36,078		)			(51,829		)			(78,846		)
Net income available to RenaissanceRe			78,829					126,348					252,267					282,946
Dividends on preference shares			(5,596		)			(5,596		)			(11,191		)			(11,191		)
Net income available to RenaissanceRe common shareholders			$	73,233				$	120,752				$	241,076				$	271,755
Net income available to RenaissanceRe common shareholders per common share - basic			$	1.60				$	3.00				$	5.61				$	6.62
Net income available to RenaissanceRe common shareholders per common share - diluted			$	1.59				$	2.95				$	5.56				$	6.52
Average shares outstanding - basic			45,303					39,736					42,467					40,487
Average shares outstanding - diluted			45,657					40,395					42,839					41,149
Net claims and claim expense ratio			44.6		%			31.3		%			36.4		%			25.7		%
Underwriting expense ratio			30.6		%			30.4		%			30.3		%			28.4		%
Combined ratio			75.2		%			61.7		%			66.7		%			54.1		%
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)			$	2.18				$	2.28				$	5.21				$	5.50
Operating return on average common equity - annualized (1)			9.1		%			11.0		%			11.0		%			13.4		%

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

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
			June 30, 2015					December 31, 2014
Assets			(Unaudited)					(Audited)
Fixed maturity investments trading, at fair value			$	6,591,434				$	4,756,685
Fixed maturity investments available for sale, at fair value			21,754					26,885
Total fixed maturity investments, at fair value			6,613,188					4,783,570
Short term investments, at fair value			1,543,191					1,013,222
Equity investments trading, at fair value			493,056					322,098
Other investments, at fair value			504,693					504,147
Investments in other ventures, under equity method			126,139					120,713
Total investments			9,280,267					6,743,750
Cash and cash equivalents			398,090					525,584
Premiums receivable			1,068,819					440,007
Prepaid reinsurance premiums			276,231					94,810
Reinsurance recoverable			136,464					66,694
Accrued investment income			37,480					26,509
Deferred acquisition costs			173,408					110,059
Receivable for investments sold			149,063					52,390
Other assets			257,621					135,845
Goodwill and other intangibles			275,743					7,902
Total assets			$	12,053,186				$	8,203,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses			$	2,847,648				$	1,412,510
Unearned premiums			1,155,596					512,386
Debt			972,362					249,522
Reinsurance balances payable			512,019					454,580
Payable for investments purchased			511,251					203,021
Other liabilities			228,554					374,108
Total liabilities			6,227,430					3,206,127
Redeemable noncontrolling interest			988,812					1,131,708
Shareholders’ Equity
Preference shares			400,000					400,000
Common shares			46,013					38,442
Additional paid-in capital			750,484					—
Accumulated other comprehensive income			2,993					3,416
Retained earnings			3,637,454					3,423,857
Total shareholders’ equity attributable to RenaissanceRe			4,836,944					3,865,715
Total liabilities, noncontrolling interests and shareholders’ equity			$	12,053,186				$	8,203,550
Book value per common share			$	96.43				$	90.15

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
			Three months ended June 30, 2015
			Catastrophe					Specialty
			Reinsurance					Reinsurance					Lloyd’s					Other					Total
Gross premiums written			$	385,366				$	160,013				$	116,618				$	—				$	661,997
Net premiums written			$	270,490				$	139,867				$	98,320				$	—				$	508,677
Net premiums earned			$	162,705				$	155,584				$	61,539				$	—				$	379,828
Net claims and claim expenses incurred			55,376					86,062					27,683					223					169,344
Acquisition expenses			19,314					28,251					14,210					(109		)			61,666
Operational expenses			22,090					18,747					13,719					117					54,673
Underwriting income (loss)			$	65,925				$	22,524				$	5,927				$	(231	)			94,145
Net investment income																		38,604					38,604
Net foreign exchange losses																		(1,740		)			(1,740		)
Equity in earnings of other ventures																		6,160					6,160
Other income																		1,427					1,427
Net realized and unrealized losses on investments																		(26,712		)			(26,712		)
Corporate expenses																		(13,032		)			(13,032		)
Interest expense																		(9,698		)			(9,698		)
Income before taxes and noncontrolling interests																							89,154
Income tax expense																		1,842					1,842
Net income attributable to noncontrolling interests																		(12,167		)			(12,167		)
Dividends on preference shares																		(5,596		)			(5,596		)
Net income available to RenaissanceRe common shareholders																							$	73,233
Net claims and claim expenses incurred – current accident year			$	67,334				$	104,315				$	30,771				$	—				$	202,420
Net claims and claim expenses incurred – prior accident years			(11,958		)			(18,253		)			(3,088		)			223					(33,076		)
Net claims and claim expenses incurred – total			$	55,376				$	86,062				$	27,683				$	223				$	169,344
Net claims and claim expense ratio – current accident year			41.4		%			67.0		%			50.0		%			—		%			53.3		%
Net claims and claim expense ratio – prior accident years			(7.4		)%			(11.7		)%			(5.0		)%			—		%			(8.7		)%
Net claims and claim expense ratio – calendar year			34.0		%			55.3		%			45.0		%			—		%			44.6		%
Underwriting expense ratio			25.5		%			30.2		%			45.4		%			—		%			30.6		%
Combined ratio			59.5		%			85.5		%			90.4		%			—		%			75.2		%
			Three months ended June 30, 2014
			Catastrophe					Specialty
			Reinsurance					Reinsurance					Lloyd’s					Other					Total
Gross premiums written			$	388,083				$	51,554				$	71,903				$	—				$	511,540
Net premiums written			$	233,698				$	46,254				$	66,452				$	3				$	346,407
Net premiums earned			$	159,152				$	53,588				$	47,672				$	4				$	260,416
Net claims and claim expenses incurred			36,730					20,075					25,111					(528		)			81,388
Acquisition expenses			17,806					11,699					10,122					(6,150		)			33,477
Operational expenses			22,200					10,514					13,058					69					45,841
Underwriting income (loss)			$	82,416				$	11,300				$	(619	)			$	6,613				99,710
Net investment income																		34,541					34,541
Net foreign exchange gains																		2,392					2,392
Equity in earnings of other ventures																		7,232					7,232
Other loss																		(535		)			(535		)
Net realized and unrealized gains on investments																		27,128					27,128
Corporate expenses																		(3,954		)			(3,954		)
Interest expense																		(4,292		)			(4,292		)
Income before taxes and noncontrolling interests																							162,222
Income tax benefit																		204					204
Net income attributable to noncontrolling interests																		(36,078		)			(36,078		)
Dividends on preference shares																		(5,596		)			(5,596		)
Net income available to RenaissanceRe common shareholders																							$	120,752
Net claims and claim expenses incurred – current accident year			$	38,473				$	25,443				$	34,555				$	—				$	98,471
Net claims and claim expenses incurred – prior accident years			(1,743		)			(5,368		)			(9,444		)			(528		)			(17,083		)
Net claims and claim expenses incurred – total			$	36,730				$	20,075				$	25,111				$	(528	)			$	81,388
Net claims and claim expense ratio – current accident year			24.2		%			47.5		%			72.5		%			—		%			37.8		%
Net claims and claim expense ratio – prior accident years			(1.1		)%			(10.0		)%			(19.8		)%			(13,200.0		)%			(6.5		)%
Net claims and claim expense ratio – calendar year			23.1		%			37.5		%			52.7		%			(13,200.0		)%			31.3		%
Underwriting expense ratio			25.1		%			41.4		%			48.6		%			(152,025.0		)%			30.4		%
Combined ratio			48.2		%			78.9		%			101.3		%			(165,225.0		)%			61.7		%

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
			Six months ended June 30, 2015
			Catastrophe					Specialty
			Reinsurance					Reinsurance					Lloyd’s					Other					Total
Gross premiums written (1)			$	774,613				$	284,304				$	246,748				$	(90	)			$	1,305,575
Net premiums written			$	493,130				$	243,782				$	175,889				$	(89	)			$	912,712
Net premiums earned			$	306,472				$	250,460				$	119,745				$	(89	)			$	676,588
Net claims and claim expenses incurred			62,970					125,650					57,526					51					246,197
Acquisition expenses			26,968					48,940					28,903					256					105,067
Operational expenses			42,453					32,037					25,659					145					100,294
Underwriting income (loss)			$	174,081				$	43,833				$	7,657				$	(541	)			225,030
Net investment income																		78,311					78,311
Net foreign exchange losses																		(4,870		)			(4,870		)
Equity in earnings of other ventures																		11,455					11,455
Other income																		2,966					2,966
Net realized and unrealized gains on investments																		15,037					15,037
Corporate expenses																		(58,630		)			(58,630		)
Interest expense																		(14,949		)			(14,949		)
Income before taxes and noncontrolling interests																							254,350
Income tax benefit																		49,746					49,746
Net income attributable to noncontrolling interests																		(51,829		)			(51,829		)
Dividends on preference shares																		(11,191		)			(11,191		)
Net income available to RenaissanceRe common shareholders																							$	241,076
Net claims and claim expenses incurred – current accident year			$	91,458				$	153,579				$	56,381				$	—				$	301,418
Net claims and claim expenses incurred – prior accident years			(28,488		)			(27,929		)			1,145					51					(55,221		)
Net claims and claim expenses incurred – total			$	62,970				$	125,650				$	57,526				$	51				$	246,197
Net claims and claim expense ratio – current accident year			29.8		%			61.3		%			47.1		%			—		%			44.5		%
Net claims and claim expense ratio – prior accident years			(9.3		)%			(11.1		)%			0.9		%			(57.3		)%			(8.1		)%
Net claims and claim expense ratio – calendar year			20.5		%			50.2		%			48.0		%			(57.3		)%			36.4		%
Underwriting expense ratio			22.7		%			32.3		%			45.6		%			(450.6		)%			30.3		%
Combined ratio			43.2		%			82.5		%			93.6		%			(507.9		)%			66.7		%
			Six months ended June 30, 2014
			Catastrophe					Specialty
			Reinsurance					Reinsurance					Lloyd’s					Other					Total
Gross premiums written			$	855,794				$	205,844				$	155,162				$	—				$	1,216,800
Net premiums written			$	493,187				$	171,743				$	131,821				$	3				$	796,754
Net premiums earned			$	323,736				$	123,218				$	99,969				$	27				$	546,950
Net claims and claim expenses incurred			43,185					46,156					51,392					(430		)			140,303
Acquisition expenses			24,932					28,246					20,689					(6,690		)			67,177
Operational expenses			42,619					20,620					25,091					135					88,465
Underwriting income			$	213,000				$	28,196				$	2,797				$	7,012				251,005
Net investment income																		73,489					73,489
Net foreign exchange gains																		1,331					1,331
Equity in earnings of other ventures																		11,431					11,431
Other loss																		(473		)			(473		)
Net realized and unrealized gains on investments																		42,055					42,055
Corporate expenses																		(8,499		)			(8,499		)
Interest expense																		(8,585		)			(8,585		)
Income before taxes and noncontrolling interests																							361,754
Income tax benefit																		38					38
Net income attributable to noncontrolling interests																		(78,846		)			(78,846		)
Dividends on preference shares																		(11,191		)			(11,191		)
Net income available to RenaissanceRe common shareholders																							$	271,755
Net claims and claim expenses incurred – current accident year			$	51,002				$	67,365				$	55,712				$	—				$	174,079
Net claims and claim expenses incurred – prior accident years			(7,817		)			(21,209		)			(4,320		)			(430		)			(33,776		)
Net claims and claim expenses incurred – total			$	43,185				$	46,156				$	51,392				$	(430	)			$	140,303
Net claims and claim expense ratio – current accident year			15.8		%			54.7		%			55.7		%			—		%			31.8		%
Net claims and claim expense ratio – prior accident years			(2.5		)%			(17.2		)%			(4.3		)%			(1,592.6		)%			(6.1		)%
Net claims and claim expense ratio – calendar year			13.3		%			37.5		%			51.4		%			(1,592.6		)%			25.7		%
Underwriting expense ratio			20.9		%			39.6		%			45.8		%			(24,277.8		)%			28.4		%
Combined ratio			34.2		%			77.1		%			97.2		%			(25,870.4		)%			54.1		%

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

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written and Managed Premiums
(in thousands of United States Dollars)
(Unaudited)
			Three months ended										Six months ended
			June 30, 2015					June 30, 2014					June 30, 2015					June 30, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums			$	243,246				$	240,137				$	508,976				$	562,885
DaVinci catastrophe premiums			142,120					147,946					265,637					292,909
Total Catastrophe Reinsurance segment gross premiums written			$	385,366				$	388,083				$	774,613				$	855,794
Specialty Reinsurance Segment
Casualty			$	84,953				$	24,472				$	147,058				$	51,833
Credit			19,911					14,378					48,622					112,152
Property Other			23,215					2,681					28,424					8,163
Other			31,934					10,023					60,200					33,696
Total Specialty Reinsurance segment gross premiums written			$	160,013				$	51,554				$	284,304				$	205,844
Lloyd’s Segment
Casualty			$	48,426				$	30,079				$	110,397				$	64,651
Catastrophe			33,379					26,665					59,024					48,220
Property Other			24,130					13,568					47,899					26,151
Credit			1,534					567					4,119					582
Other			9,149					1,024					25,309					15,558
Total Lloyd’s segment gross premiums written			$	116,618				$	71,903				$	246,748				$	155,162
Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written			$	385,366				$	388,083				$	774,613				$	855,794
Catastrophe premiums written on behalf of the Company’s joint venture, Top Layer Re (2)			21,411					23,110					35,575					37,225
Catastrophe premiums written in the Lloyd’s segment			33,379					26,665					59,024					48,220
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re			(835		)			—					(6,785		)			(7,355		)
Total managed catastrophe premiums (1)			$	439,321				$	437,858				$	862,427				$	933,884

(1) See Comments on Regulation G for a reconciliation of non-GAAP financial measures.(2) Top Layer Re is accounted for under the equity method of accounting.

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars)
(Unaudited)
			Three months ended										Six months ended
			June 30, 2015					June 30, 2014					June 30, 2015					June 30, 2014
Fixed maturity investments			$	33,791				$	26,372				$	59,730				$	50,232
Short term investments			297					286					494					476
Equity investments trading			1,913					779					4,517					1,575
Other investments
Hedge funds and private equity investments			5,425					8,340					15,838					20,657
Other			674					1,483					4,182					6,011
Cash and cash equivalents			127					93					275					184
			42,227					37,353					85,036					79,135
Investment expenses			(3,623		)			(2,812		)			(6,725		)			(5,646		)
Net investment income			38,604					34,541					78,311					73,489
Gross realized gains			8,672					12,166					30,204					25,633
Gross realized losses			(21,552		)			(2,587		)			(26,423		)			(8,151		)
Net realized (losses) gains on fixed maturity investments			(12,880		)			9,579					3,781					17,482
Net unrealized (losses) gains on fixed maturity investments trading			(48,104		)			29,918					(22,132		)			57,800
Net realized and unrealized gains (losses) on investments-related derivatives			19,816					(6,884		)			15,608					(17,783		)
Net realized gains on equity investments trading			8,832					5,134					16,313					5,055
Net unrealized gains (losses) on equity investments trading			5,624					(10,619		)			1,467					(20,499		)
Net realized and unrealized (losses) gains on investments			(26,712		)			27,128					15,037					42,055
Change in net unrealized gains on fixed maturity investments available for sale			(560		)			(96		)			(743		)			(261		)
Total investment result			$	11,332				$	61,573				$	92,605				$	115,283
Total investment return - annualized			0.5		%			3.7		%			2.2		%			3.4		%

Comments on Regulation G

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

The Company uses “operating income available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments from continuing and discontinued operations and net other-than-temporary impairments. The Company’s management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s fixed maturity investment portfolio and equity investments trading. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:

			Three months ended										Six months ended
(in thousands of United States Dollars, except percentages)			June 30, 2015					June 30, 2014					June 30, 2015					June 30, 2014
Net income available to RenaissanceRe common shareholders			$	73,233				$	120,752				$	241,076				$	271,755
Adjustment for net realized and unrealized losses (gains) on investments			26,712					(27,128		)			(15,037		)			(42,055		)
Operating income available to RenaissanceRe common shareholders			$	99,945				$	93,624				$	226,039				$	229,700
Net income available to RenaissanceRe common shareholders per common share - diluted			$	1.59				$	2.95				$	5.56				$	6.52
Adjustment for net realized and unrealized losses (gains) on investments			0.59					(0.67		)			(0.35		)			(1.02		)
Operating income available to RenaissanceRe common shareholders per common share - diluted			$	2.18				$	2.28				$	5.21				$	5.50
Return on average common equity - annualized			6.6		%			14.2		%			11.8		%			15.8		%
Adjustment for net realized and unrealized losses (gains) on investments			2.5		%			(3.2		)%			(0.8		)%			(2.4		)%
Operating return on average common equity - annualized			9.1		%			11.0		%			11.0		%			13.4		%

The Company has also included in this Press Release “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, and the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment. The Company’s management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures.

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

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

			At
			June 30, 2015					March 31, 2015					December 31, 2014					September 30, 2014					June 30, 2014
Book value per common share			$	96.43				$	95.21				$	90.15				$	85.78				$	84.79
Adjustment for goodwill and other intangibles (1)			(6.51		)			(6.64		)			(0.86		)			(0.88		)			(0.86		)
Tangible book value per common share			89.92					88.57					89.29					84.90					83.93
Adjustment for accumulated dividends			14.88					14.58					14.28					13.99					13.70
Tangible book value per common share plus accumulated dividends			$	104.80				$	103.15				$	103.57				$	98.89				$	97.63
Quarterly change in book value per common share			1.3		%			5.6		%			5.1		%			1.2		%			3.0		%
Quarterly change in tangible book value per common share plus change in accumulated dividends			1.9		%			(0.5		)%			5.5		%			1.5		%			3.5		%
Year to date change in book value per common share			7.0		%																		5.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends			1.4		%																		6.4		%

(1)

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

View source version on businesswire.com: http://www.businesswire.com/news/home/20150728006793/en/

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

Source: RenaissanceRe Holdings Ltd.

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