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

Attached files

file	filename
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnrq420128-kcover.htm
EX-99.1 - COPY OF THE COMPANY'S EARNINGS RELEASE - RENAISSANCERE HOLDINGS LTD	rnrq42012earningsrelease.htm

RenaissanceRe Holdings Ltd.

Contents



		Page(s)

Basis of Presentation		i

Financial Highlights		1

Income Statements
a.	Summary Consolidated Statements of Operations	2 - 3
b.	Consolidated Segment Underwriting Results	4 - 5
c.	Reinsurance Segment - Unit Underwriting Results	6 - 7
d.	Gross Premiums Written and Managed Premiums	8 - 9
e.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	10 - 11

Balance Sheets
a.	Summary Consolidated Balance Sheets	12

Investments
a.	Investment Portfolio - Composition	13
b.	Summary of Other Investments	14
c.	Investment Income	15
d.	Investment Portfolio - Effective Yield and Credit Rating	16
e.	Investment Portfolio - Change in Portfolio Composition	17
f.	Fixed Maturity Investments - Corporate Sector	18
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	18

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	19
b.	Paid to Incurred Analysis	20

Other Items
a.	Earnings (Loss) per Share	21
b.	Equity in Earnings (Losses) of Other Ventures	22
c.	Other Income (Loss)	22
d.	Ratings	23

Comments on Regulation G		24 - 25

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income (loss) available (attributable) to RenaissanceRe common shareholders”, “operating income (loss) available (attributable) 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 24 and 25 for Comments on Regulation G.

As of December 31, 2012, the results of operations of the Company's former Insurance segment have been included in the Company's Other category, and all prior periods presented herein have been reclassified to conform with the current year presentation.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business consists of two reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Company's ventures unit, and (2) Lloyd's, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this 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 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						Twelve months ended
	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Highlights
Gross premiums written	$	83,745		$	42,970		$	1,551,591		$	1,434,976
Net premiums written	77,417			29,193			1,102,657			1,012,773
Net premiums earned	283,651			199,109			1,069,355			951,049
Net claims and claim expenses incurred	186,893			3,551			325,211			861,179
Underwriting income (loss)	4,252			127,089			451,301			(177,172		)
Net investment income	40,497			52,331			167,375			118,000
Net income (loss) available (attributable) to RenaissanceRe common shareholders	41,655			81,771			566,014			(92,235		)
Net realized and unrealized gains on investments	10,617			23,920			163,991			70,668
Net other-than-temporary impairments	—			(103		)	(343		)	(552		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	31,038			57,954			402,366			(162,393		)
Total assets	$	7,928,628		$	7,744,912		$	7,928,628		$	7,744,912
Total shareholders' equity attributable to RenaissanceRe	$	3,503,065		$	3,605,193		$	3,503,065		$	3,605,193
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.87		$	1.58		$	11.23		$	(1.84	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	0.65		$	1.11		$	7.93		$	(3.22	)
Dividends per common share	$	0.27		$	0.26		$	1.08		$	1.04
Book value per common share	$	68.14		$	59.27		$	68.14		$	59.27
Tangible book value per common share (1)	$	67.28		$	58.45		$	67.28		$	58.45
Tangible book value per common share plus accumulated dividends (1)	$	79.28		$	69.37		$	79.28		$	69.37
Change in tangible book value per common share plus change in accumulated dividends (1)	0.3		%	3.1		%	17.0		%	(1.8		)%
Financial ratios
Net claims and claim expense ratio - current accident year	78.7		%	19.1		%	45.2		%	104.4		%
Net claims and claim expense ratio - prior accident years	(12.8		)%	(17.3		)%	(14.8		)%	(13.8		)%
Net claims and claim expense ratio - calendar year	65.9		%	1.8		%	30.4		%	90.6		%
Underwriting expense ratio	32.6		%	34.4		%	27.4		%	28.0		%
Combined ratio	98.5		%	36.2		%	57.8		%	118.6		%
Operating return on average common equity - annualized (1)	3.9		%	7.7		%	12.6		%	(5.3		)%


(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
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	83,745		$	136,359		$	667,336		$	664,151		$	42,970
Net premiums written	$	77,417		$	105,035		$	427,630		$	492,575		$	29,193
Decrease (increase) in unearned premiums	206,234			157,588			(183,214		)	(213,910		)	169,916
Net premiums earned	283,651			262,623			244,416			278,665			199,109
Net investment income	40,497			45,164			14,743			66,971			52,331
Net foreign exchange gains (losses)	1,272			3,001			2,410			(1,460		)	(400		)
Equity in earnings (losses) of other ventures	6,612			4,310			6,846			5,470			(22,702		)
Other income (loss)	5,781			(881		)	11,289			(39,094		)	(43,648		)
Net realized and unrealized gains on investments	10,617			76,258			31,003			46,113			23,920
Total other-than-temporary impairments	—			—			(234		)	(161		)	(132		)
Portion recognized in other comprehensive income, before taxes	—			—			25			27			29
Net other-than-temporary impairments	—			—			(209		)	(134		)	(103		)
Total revenues	348,430			390,475			310,498			356,531			208,507
Expenses
Net claims and claim expenses incurred	186,893			73,215			49,551			15,552			3,551
Acquisition expenses	39,385			24,438			25,608			24,111			25,101
Operational expenses	53,121			42,390			41,407			42,383			43,368
Corporate expenses	3,964			3,850			4,067			4,811			8,607
Interest expense	5,772			5,891			5,716			5,718			5,721
Total expenses	289,135			149,784			126,349			92,575			86,348
Income from continuing operations before taxes	59,295			240,691			184,149			263,956			122,159
Income tax (expense) benefit	(424		)	(144		)	(898		)	37			(2,945		)
Income from continuing operations	58,871			240,547			183,251			263,993			119,214
Income (loss) from discontinued operations	1,121			(54		)	1,393			(173		)	(3,305		)
Net income	59,992			240,493			184,644			263,820			115,909
Net income attributable to noncontrolling interests	(9,692		)	(51,083		)	(33,624		)	(53,641		)	(25,388		)
Net income attributable to RenaissanceRe	50,300			189,410			151,020			210,179			90,521
Dividends on preference shares	(8,645		)	(8,750		)	(8,750		)	(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders	$	41,655		$	180,660		$	142,270		$	201,429		$	81,771
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	0.86		$	3.67		$	2.75		$	3.93		$	1.66
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.02			—			0.03			—			(0.07		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	0.88		$	3.67		$	2.78		$	3.93		$	1.59
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	0.85			3.62			2.72			$	3.88		$	1.64
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.02			—			0.03			—			(0.06		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	0.87		$	3.62		$	2.75		$	3.88		$	1.58
Operating income available to RenaissanceRe common shareholders per common share (1)	$	0.65		$	2.07		$	2.14		$	2.98		$	1.11
Operating return on average common equity - annualized (1)	3.9		%	12.7		%	13.7		%	19.7		%	7.7		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Twelve months ended
	December 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	1,551,591		$	1,434,976
Net premiums written	$	1,102,657		$	1,012,773
Increase in unearned premiums	(33,302		)	(61,724		)
Net premiums earned	1,069,355			951,049
Net investment income	167,375			118,000
Net foreign exchange gains (losses)	5,223			(6,911		)
Equity in earnings (losses) of other ventures	23,238			(36,533		)
Other loss	(22,905		)	(685		)
Net realized and unrealized gains on investments	163,991			70,668
Total other-than-temporary impairments	(395		)	(630		)
Portion recognized in other comprehensive income, before taxes	52			78
Net other-than-temporary impairments	(343		)	(552		)
Total revenues	1,405,934			1,095,036
Expenses
Net claims and claim expenses incurred	325,211			861,179
Acquisition expenses	113,542			97,376
Operational expenses	179,301			169,666
Corporate expenses	16,692			18,264
Interest expense	23,097			23,368
Total expenses	657,843			1,169,853
Income (loss) from continuing operations before taxes	748,091			(74,817		)
Income tax (expense) benefit	(1,429		)	315
Income (loss) from continuing operations	746,662			(74,502		)
Income (loss) from discontinued operations	2,287			(15,890		)
Net income (loss)	748,949			(90,392		)
Net (income) loss attributable to noncontrolling interests	(148,040		)	33,157
Net income (loss) attributable to RenaissanceRe	600,909			(57,235		)
Dividends on preference shares	(34,895		)	(35,000		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	566,014		$	(92,235	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	11.35		$	(1.53	)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.05			(0.31		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	11.40		$	(1.84	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	11.18			(1.53		)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.05			(0.31		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	11.23		$	(1.84	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	7.93		$	(3.22	)
Operating return on average common equity - annualized (1)	12.6		%	(5.3		)%


(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 December 31, 2012
	Reinsurance			Lloyd's			Other			Eliminations			Total
Gross premiums written	$	57,656		$	26,151		$	—		$	(62	)	$	83,745
Net premiums written	$	51,416		$	25,702		$	299					$	77,417
Net premiums earned	$	247,950		$	35,402		$	299					$	283,651
Net claims and claim expenses incurred	151,130			29,950			5,813						186,893
Acquisition expenses	32,749			6,635			1						39,385
Operational expenses	39,689			13,285			147						53,121
Underwriting income (loss)	$	24,382		$	(14,468	)	$	(5,662	)				$	4,252

Net claims and claim expenses incurred - current accident year	$	190,473		$	32,747		$	—					$	223,220
Net claims and claim expenses incurred - prior accident years	(39,343		)	(2,797		)	5,813						(36,327		)
Net claims and claim expenses incurred - total	$	151,130		$	29,950		$	5,813					$	186,893

Net claims and claim expense ratio - current accident year	76.8		%	92.5		%	—		%				78.7		%
Net claims and claim expense ratio - prior accident years	(15.8		)%	(7.9		)%	1,944.1		%				(12.8		)%
Net claims and claim expense ratio - calendar year	61.0		%	84.6		%	1,944.1		%				65.9		%
Underwriting expense ratio	29.2		%	56.3		%	49.5		%				32.6		%
Combined ratio	90.2		%	140.9		%	1,993.6		%				98.5		%

	Three months ended December 31, 2011
	Reinsurance			Lloyd's			Other			Eliminations			Total
Gross premiums written	$	19,290		$	23,711		$	(31	)	$	—		$	42,970
Net premiums written	$	7,332		$	21,671		$	190					$	29,193
Net premiums earned	$	176,124		$	22,682		$	303					$	199,109
Net claims and claim expenses incurred	(13,484		)	19,976			(2,941		)				3,551
Acquisition expenses	20,791			4,252			58						25,101
Operational expenses	33,525			9,565			278						43,368
Underwriting income (loss)	$	135,292		$	(11,111	)	$	2,908					$	127,089

Net claims and claim expenses incurred - current accident year	$	18,484		$	19,754		$	(129	)				$	38,109
Net claims and claim expenses incurred - prior accident years	(31,968		)	222			(2,812		)				(34,558		)
Net claims and claim expenses incurred - total	$	(13,484	)	$	19,976		$	(2,941	)				$	3,551

Net claims and claim expense ratio - current accident year	10.5		%	87.1		%	(42.6		)%				19.1		%
Net claims and claim expense ratio - prior accident years	(18.2		)%	1.0		%	(928.0		)%				(17.3		)%
Net claims and claim expense ratio - calendar year	(7.7		)%	88.1		%	(970.6		)%				1.8		%
Underwriting expense ratio	30.9		%	60.9		%	110.9		%				34.4		%
Combined ratio	23.2		%	149.0		%	(859.7		)%				36.2		%

(1) Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the three months ended December 31, 2012 (2011 - $Nil).



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Twelve months ended December 31, 2012
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	1,392,094		$	159,987		$	—		$	(490	)	$	1,551,591
Net premiums written	$	967,587		$	135,131		$	(61	)				$	1,102,657
Net premiums earned	$	946,423		$	122,968		$	(36	)				$	1,069,355
Net claims and claim expenses incurred	242,022			80,242			2,947						325,211
Acquisition expenses	90,491			22,864			187						113,542
Operational expenses	132,935			45,680			686						179,301
Underwriting income (loss)	$	480,975		$	(25,818	)	$	(3,856	)				$	451,301

Net claims and claim expenses incurred - current accident year	$	386,736		$	96,444		$	—					$	483,180
Net claims and claim expenses incurred - prior accident years	(144,714		)	(16,202		)	2,947						(157,969		)
Net claims and claim expenses incurred - total	$	242,022		$	80,242		$	2,947					$	325,211

Net claims and claim expense ratio - current accident year	40.9		%	78.4		%	—		%				45.2		%
Net claims and claim expense ratio - prior accident years	(15.3		)%	(13.1		)%	(8,186.1		)%				(14.8		)%
Net claims and claim expense ratio - calendar year	25.6		%	65.3		%	(8,186.1		)%				30.4		%
Underwriting expense ratio	23.6		%	55.7		%	(2,425.0		)%				27.4		%
Combined ratio	49.2		%	121.0		%	(10,611.1		)%				57.8		%

	Twelve months ended December 31, 2011
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	1,323,187		$	111,584		$	282		$	(77	)	$	1,434,976
Net premiums written	$	913,499		$	98,617		$	657					$	1,012,773
Net premiums earned	$	873,088		$	76,386		$	1,575					$	951,049
Net claims and claim expenses incurred	783,704			73,259			4,216						861,179
Acquisition expenses	82,978			14,031			367						97,376
Operational expenses	131,251			36,732			1,683						169,666
Underwriting loss	$	(124,845	)	$	(47,636	)	$	(4,691	)				$	(177,172	)

Net claims and claim expenses incurred - current accident year	$	920,602		$	72,781		$	(215	)				$	993,168
Net claims and claim expenses incurred - prior accident years	(136,898		)	478			4,431						(131,989		)
Net claims and claim expenses incurred - total	$	783,704		$	73,259		$	4,216					$	861,179

Net claims and claim expense ratio - current accident year	105.4		%	95.3		%	(13.7		)%				104.4		%
Net claims and claim expense ratio - prior accident years	(15.6		)%	0.6		%	281.4		%				(13.8		)%
Net claims and claim expense ratio - calendar year	89.8		%	95.9		%	267.7		%				90.6		%
Underwriting expense ratio	24.5		%	66.5		%	130.1		%				28.0		%
Combined ratio	114.3		%	162.4		%	397.8		%				118.6		%

(1) Represents $0.5 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the twelve months ended December 31, 2012 (2011 - $0.1 million).



	5



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended December 31, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	23,524		$	34,132		$	57,656
Net premiums written	$	18,351		$	33,065		$	51,416
Net premiums earned	$	205,240		$	42,710		$	247,950
Net claims and claim expenses incurred	137,429			13,701			151,130
Acquisition expenses	25,229			7,520			32,749
Operational expenses	31,053			8,636			39,689
Underwriting income	$	11,529		$	12,853		$	24,382

Net claims and claim expenses incurred - current accident year	$	161,913		$	28,560		$	190,473
Net claims and claim expenses incurred - prior accident years	(24,484		)	(14,859		)	(39,343		)
Net claims and claim expenses incurred - total	$	137,429		$	13,701		$	151,130

Net claims and claim expense ratio - current accident year	78.9		%	66.9		%	76.8		%
Net claims and claim expense ratio - prior accident years	(11.9		)%	(34.8		)%	(15.8		)%
Net claims and claim expense ratio - calendar year	67.0		%	32.1		%	61.0		%
Underwriting expense ratio	27.4		%	37.8		%	29.2		%
Combined ratio	94.4		%	69.9		%	90.2		%

	Three months ended December 31, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	(1,845	)	$	21,135		$	19,290
Net premiums written	$	(13,350	)	$	20,682		$	7,332
Net premiums earned	$	139,505		$	36,619		$	176,124
Net claims and claim expenses incurred	237			(13,721		)	(13,484		)
Acquisition expenses	16,224			4,567			20,791
Operational expenses	25,468			8,057			33,525
Underwriting income	$	97,576		$	37,716		$	135,292

Net claims and claim expenses incurred - current accident year	$	26,857		$	(8,373	)	$	18,484
Net claims and claim expenses incurred - prior accident years	(26,620		)	(5,348		)	(31,968		)
Net claims and claim expenses incurred - total	$	237		$	(13,721	)	$	(13,484	)

Net claims and claim expense ratio - current accident year	19.3		%	(22.9		)%	10.5		%
Net claims and claim expense ratio - prior accident years	(19.1		)%	(14.6		)%	(18.2		)%
Net claims and claim expense ratio - calendar year	0.2		%	(37.5		)%	(7.7		)%
Underwriting expense ratio	29.9		%	34.5		%	30.9		%
Combined ratio	30.1		%	(3.0		)%	23.2		%



	6



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Twelve months ended December 31, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	1,182,207		$	209,887		$	1,392,094
Net premiums written	$	766,035		$	201,552		$	967,587
Net premiums earned	$	781,738		$	164,685		$	946,423
Net claims and claim expenses incurred	165,209			76,813			242,022
Acquisition expenses	66,665			23,826			90,491
Operational expenses	103,811			29,124			132,935
Underwriting income	$	446,053		$	34,922		$	480,975

Net claims and claim expenses incurred - current accident year	$	275,777		$	110,959		$	386,736
Net claims and claim expenses incurred - prior accident years	(110,568		)	(34,146		)	(144,714		)
Net claims and claim expenses incurred - total	$	165,209		$	76,813		$	242,022

Net claims and claim expense ratio - current accident year	35.3		%	67.4		%	40.9		%
Net claims and claim expense ratio - prior accident years	(14.2		)%	(20.8		)%	(15.3		)%
Net claims and claim expense ratio - calendar year	21.1		%	46.6		%	25.6		%
Underwriting expense ratio	21.8		%	32.2		%	23.6		%
Combined ratio	42.9		%	78.8		%	49.2		%

	Twelve months ended December 31, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	1,177,296		$	145,891		$	1,323,187
Net premiums written	$	773,560		$	139,939		$	913,499
Net premiums earned	$	737,545		$	135,543		$	873,088
Net claims and claim expenses incurred	770,350			13,354			783,704
Acquisition expenses	62,882			20,096			82,978
Operational expenses	100,932			30,319			131,251
Underwriting (loss) income	$	(196,619	)	$	71,774		$	(124,845	)

Net claims and claim expenses incurred - current accident year	$	829,487		$	91,115		$	920,602
Net claims and claim expenses incurred - prior accident years	(59,137		)	(77,761		)	(136,898		)
Net claims and claim expenses incurred - total	$	770,350		$	13,354		$	783,704

Net claims and claim expense ratio - current accident year	112.5		%	67.2		%	105.4		%
Net claims and claim expense ratio - prior accident years	(8.1		)%	(57.3		)%	(15.6		)%
Net claims and claim expense ratio - calendar year	104.4		%	9.9		%	89.8		%
Underwriting expense ratio	22.3		%	37.1		%	24.5		%
Combined ratio	126.7		%	47.0		%	114.3		%



	7



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	13,743	$	44,699	$	345,094	$	330,427	$	(652	)
Renaissance specialty premiums	34,132		37,932		35,778		99,545		21,117
Total Renaissance premiums	47,875		82,631		380,872		429,972		20,465
DaVinci catastrophe premiums	9,781		25,006		234,644		178,813		(1,193		)
DaVinci specialty premiums	—		—		1,523		977		18
Total DaVinci premiums	9,781		25,006		236,167		179,790		(1,175		)
Total catastrophe unit premiums	23,524		69,705		579,738		509,240		(1,845		)
Total specialty unit premiums	34,132		37,932		37,301		100,522		21,135
Total Reinsurance segment gross premiums written	$	57,656	$	107,637	$	617,039	$	609,762	$	19,290

Lloyd's Segment
Specialty	$	24,390	$	26,455	$	32,925	$	39,329	$	22,570
Catastrophe	1,761		2,267		17,372		15,488		1,141
Total Lloyd's segment gross premiums written	$	26,151	$	28,722	$	50,297	$	54,817	$	23,711

Other
Commercial property	$	—	$	—	$	—	$	—	$	(31	)
Total Other gross premiums written	$	—	$	—	$	—	$	—	$	(31	)

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	23,524	$	69,705	$	579,738	$	509,240	$	(1,845	)
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,781		5,382		31,180		34,305		1,497
Catastrophe premiums written in the Lloyd's segment	1,761		2,267		17,372		15,488		1,141
Total managed catastrophe premiums (1)	$	27,066	$	77,354	$	628,290	$	559,033	$	793

(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.



	8



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Twelve months ended
	December 31, 2012		December 31, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	733,963	$	742,236
Renaissance specialty premiums	207,387		144,192
Total Renaissance premiums	941,350		886,428
DaVinci catastrophe premiums	448,244		435,060
DaVinci specialty premiums	2,500		1,699
Total DaVinci premiums	450,744		436,759
Total catastrophe unit premiums	1,182,207		1,177,296
Total specialty unit premiums	209,887		145,891
Total Reinsurance segment gross premiums written	$	1,392,094	$	1,323,187

Lloyd's Segment
Specialty	$	123,099	$	83,641
Catastrophe	36,888		27,943
Total Lloyd's segment gross premiums written	$	159,987	$	111,584

Other
Commercial property	$	—	$	282
Total Other gross premiums written	$	—	$	282

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,182,207	$	1,177,296
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	72,648		55,483
Catastrophe premiums written in the Lloyd's segment	36,888		27,943
Total managed catastrophe premiums (1)	$	1,291,743	$	1,260,722

(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.



	9



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	9,781		$	25,006		$	236,167		$	179,790		$	(1,175	)
Net premiums written	$	7,012		$	18,554		$	185,088		$	154,680		$	(3,264	)
Decrease (increase) in unearned premiums	89,922			72,039			(104,070		)	(59,543		)	74,533
Net premiums earned	96,934			90,593			81,018			95,137			71,269
Net investment income	8,036			8,146			4,109			10,527			9,501
Net foreign exchange gains (losses)	804			1,115			1,465			76			(461		)
Other loss	(1,161		)	(1,384		)	(1,222		)	(462		)	(799		)
Net realized and unrealized gains on fixed maturity investments	790			21,553			7,025			16,666			5,915
Total revenues	105,403			120,023			92,395			121,944			85,425
Expenses
Net claims and claim expenses incurred	66,994			10,170			14,213			1,924			12,566
Acquisition expenses	14,528			22,783			19,051			24,099			16,450
Operational and corporate expenses	10,291			10,740			11,902			12,301			10,655
Interest expense	1,833			1,980			1,985			2,040			1,936
Total expenses	93,646			45,673			47,151			40,364			41,607
Net income	11,757			74,350			45,244			81,580			43,818
Net income attributable to redeemable noncontrolling interest	(28		)	(152		)	(95		)	(167		)	(91		)
Net income available to DaVinciRe common shareholders	$	11,729		$	74,198		$	45,149		$	81,413		$	43,727

Net claims and claim expenses incurred - current accident year	$	76,030		$	14,330		$	24,454		$	14,826		$	24,413
Net claims and claim expenses incurred - prior accident years	(9,036		)	(4,160		)	(10,241		)	(12,902		)	(11,847		)
Net claims and claim expenses incurred - total	$	66,994		$	10,170		$	14,213		$	1,924		$	12,566

Net claims and claim expense ratio - current accident year	78.4		%	15.8		%	30.2		%	15.6		%	34.3		%
Net claims and claim expense ratio - prior accident years	(9.3		)%	(4.6		)%	(12.7		)%	(13.6		)%	(16.7		)%
Net claims and claim expense ratio - calendar year	69.1		%	11.2		%	17.5		%	2.0		%	17.6		%
Underwriting expense ratio	25.6		%	37.0		%	38.2		%	38.3		%	38.1		%
Combined ratio	94.7		%	48.2		%	55.7		%	40.3		%	55.7		%



	10



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Twelve months ended
	December 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	450,744		$	436,759
Net premiums written	$	365,334		$	361,818
Increase in unearned premiums	(1,652		)	(11,385		)
Net premiums earned	363,682			350,433
Net investment income	30,818			21,964
Net foreign exchange gains (losses)	3,460			(1,906		)
Other (loss) income	(4,229		)	8,976
Net realized and unrealized gains on fixed maturity investments	46,034			10,630
Total revenues	439,765			390,097
Expenses
Net claims and claim expenses incurred	93,301			394,090
Acquisition expenses	80,461			18,407
Operational and corporate expenses	45,234			32,859
Interest expense	7,838			6,185
Total expenses	226,834			451,541
Net income (loss)	212,931			(61,444		)
Net (income) loss attributable to redeemable noncontrolling interest	(442		)	111
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	212,489		$	(61,333	)

Net claims and claim expenses incurred - current accident year	$	129,640		$	414,984
Net claims and claim expenses incurred - prior accident years	(36,339		)	(20,894		)
Net claims and claim expenses incurred - total	$	93,301		$	394,090

Net claims and claim expense ratio - current accident year	35.6		%	118.4		%
Net claims and claim expense ratio - prior accident years	(9.9		)%	(5.9		)%
Net claims and claim expense ratio - calendar year	25.7		%	112.5		%
Underwriting expense ratio	34.5		%	14.6		%
Combined ratio	60.2		%	127.1		%



	11



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
Assets
Fixed maturity investments trading, at fair value	$	4,665,421	$	5,089,540	$	4,948,955	$	4,176,827	$	4,291,465
Fixed maturity investments available for sale, at fair value	83,442		94,826		108,102		125,292		142,052
Total fixed maturity investments, at fair value	4,748,863		5,184,366		5,057,057		4,302,119		4,433,517
Short term investments, at fair value	821,163		679,356		654,912		1,172,839		905,477
Equity investments trading, at fair value	58,186		57,617		55,381		53,080		50,560
Other investments, at fair value	644,711		752,000		743,568		806,782		748,984
Investments in other ventures, under equity method	87,724		82,212		79,692		76,723		70,714
Total investments	6,360,647		6,755,551		6,590,610		6,411,543		6,209,252
Cash and cash equivalents	325,358		249,123		264,232		260,982		216,984
Premiums receivable	491,365		701,240		971,546		703,932		471,878
Prepaid reinsurance premiums	77,082		189,592		278,242		143,690		58,522
Reinsurance recoverable	192,512		209,490		198,777		279,398		404,029
Accrued investment income	33,478		37,327		35,938		30,782		33,523
Deferred acquisition costs	52,622		83,222		106,027		71,162		43,721
Receivable for investments sold	168,673		344,367		311,658		237,372		117,117
Other assets	218,405		215,008		193,798		205,660		180,992
Goodwill and other intangibles	8,486		8,588		8,690		9,077		8,894
Total assets	$	7,928,628	$	8,793,508	$	8,959,518	$	8,353,598	$	7,744,912
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,879,377	$	1,782,680	$	1,801,247	$	1,858,203	$	1,992,354
Unearned premiums	399,517		718,261		964,499		646,733		347,655
Debt	351,775		358,595		354,293		351,999		353,620
Reinsurance balances payable	290,419		356,136		396,669		285,207		256,883
Payable for investments purchased	278,787		576,052		519,619		361,460		303,264
Other liabilities	253,438		206,709		173,433		242,257		211,369
Liabilities of discontinued operations held for sale	—		1,318		1,959		12,539		13,507
Total liabilities	3,453,313		3,999,751		4,211,719		3,758,398		3,478,652
Redeemable noncontrolling interest - DaVinciRe	968,259		950,822		900,878		796,743		657,727
Shareholders' Equity
Preference shares	400,000		550,000		550,000		550,000		550,000
Common shares	45,542		48,228		50,609		51,765		51,543
Additional paid-in capital	—		—		—		379		—
Accumulated other comprehensive income	13,622		14,067		12,531		12,988		11,760
Retained earnings	3,043,901		3,226,661		3,229,870		3,179,433		2,991,890
Total shareholders' equity attributable to RenaissanceRe	3,503,065		3,838,956		3,843,010		3,794,565		3,605,193
Noncontrolling interest	3,991		3,979		3,911		3,892		3,340
Total shareholders' equity	3,507,056		3,842,935		3,846,921		3,798,457		3,608,533
Total liabilities, noncontrolling interests and shareholders' equity	$	7,928,628	$	8,793,508	$	8,959,518	$	8,353,598	$	7,744,912

Book value per common share	$	68.14	$	68.20	$	65.07	$	62.68	$	59.27



	12



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
TYPE OF INVESTMENT
U.S. treasuries	$	1,259,800		19.8	%	$	1,178,345		17.4	%	$	1,126,759		17.1	%	$	1,309,243		20.4	%	$	885,152		14.3	%
Agencies	315,154			5.0	%	426,067			6.3	%	436,691			6.7	%	343,575			5.4	%	158,561			2.6	%
Non-U.S. government (Sovereign debt)	133,198			2.1	%	156,473			2.3	%	177,231			2.7	%	130,899			2.0	%	227,912			3.7	%
FDIC guaranteed corporate	—			—	%	14,105			0.2	%	29,386			0.4	%	103,554			1.6	%	423,630			6.8	%
Non-U.S. government-backed corporate	349,514			5.5	%	371,186			5.5	%	393,875			6.0	%	501,160			7.8	%	641,082			10.3	%
Corporate	1,615,207			25.4	%	1,719,627			25.5	%	1,664,722			25.3	%	1,146,211			17.9	%	1,206,904			19.4	%
Agency mortgage-backed	408,531			6.4	%	580,823			8.6	%	592,355			9.0	%	319,215			5.0	%	441,749			7.1	%
Non-agency mortgage-backed	248,339			3.9	%	224,619			3.3	%	153,674			2.3	%	108,047			1.7	%	104,771			1.7	%
Commercial mortgage-backed	406,166			6.4	%	499,491			7.4	%	470,167			7.1	%	329,343			5.1	%	325,729			5.2	%
Asset-backed	12,954			0.2	%	13,630			0.2	%	12,197			0.2	%	10,872			0.2	%	18,027			0.3	%
Total fixed maturity investments, at fair value	4,748,863			74.7	%	5,184,366			76.7	%	5,057,057			76.8	%	4,302,119			67.1	%	4,433,517			71.4	%
Short term investments, at fair value	821,163			12.9	%	679,356			10.1	%	654,912			9.9	%	1,172,839			18.3	%	905,477			14.6	%
Equity investments trading, at fair value	58,186			0.9	%	57,617			0.9	%	55,381			0.8	%	53,080			0.8	%	50,560			0.8	%
Other investments, at fair value	644,711			10.1	%	752,000			11.1	%	743,568			11.3	%	806,782			12.6	%	748,984			12.1	%
Total managed investment portfolio	6,272,923			98.6	%	6,673,339			98.7	%	6,510,918			98.9	%	6,334,820			98.8	%	6,138,538			98.9	%
Investments in other ventures, under equity method	87,724			1.4	%	82,212			1.2	%	79,692			1.2	%	76,723			1.2	%	70,714			1.1	%
Total investments	$	6,360,647		100.0	%	$	6,755,551		100.0	%	$	6,590,610		100.0	%	$	6,411,543		100.0	%	$	6,209,252		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	680,892		14.3	%	$	801,827		15.5	%	$	842,146		16.7	%	$	742,577		17.2	%	$	1,023,890		23.1	%
AA	2,429,172			51.2	%	2,690,342			51.9	%	2,626,291			51.9	%	2,459,756			57.2	%	2,244,016			50.6	%
A	844,698			17.8	%	936,264			18.0	%	917,152			18.1	%	574,809			13.4	%	631,479			14.2	%
BBB	322,527			6.8	%	336,207			6.5	%	319,760			6.3	%	272,616			6.3	%	335,002			7.6	%
Non-investment grade and not rated	471,574			9.9	%	419,726			8.1	%	351,708			7.0	%	252,361			5.9	%	199,130			4.5	%
Total fixed maturity investments, at fair value	$	4,748,863		100.0	%	$	5,184,366		100.0	%	$	5,057,057		100.0	%	$	4,302,119		100.0	%	$	4,433,517		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	433,074		9.1	%	$	417,722		8.0	%	$	405,636		8.0	%	$	386,259		9.0	%	$	619,845		14.0	%
Due after one through five years	2,389,856			50.3	%	2,633,322			50.8	%	2,624,676			52.0	%	2,367,344			55.0	%	2,035,383			45.9	%
Due after five through ten years	711,844			15.0	%	671,408			13.0	%	652,909			12.9	%	646,091			15.0	%	742,050			16.7	%
Due after ten years	138,099			2.9	%	143,351			2.8	%	145,443			2.9	%	134,948			3.1	%	145,963			3.3	%
Mortgage-backed securities	1,063,036			22.4	%	1,304,933			25.2	%	1,216,196			24.0	%	756,605			17.6	%	872,249			19.7	%
Asset-backed securities	12,954			0.3	%	13,630			0.2	%	12,197			0.2	%	10,872			0.3	%	18,027			0.4	%
Total fixed maturity investments, at fair value	$	4,748,863		100.0	%	$	5,184,366		100.0	%	$	5,057,057		100.0	%	$	4,302,119		100.0	%	$	4,433,517		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.4		%			1.4		%			1.8		%			1.6		%			1.9		%
Average duration of fixed maturities and short term investments	2.2					2.2					2.2					2.3					2.6



	13



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
TYPE OF INVESTMENT
Private equity partnerships	$	344,669		$	359,880		$	360,268		$	389,451		$	367,909
Senior secured bank loan funds	202,929			279,839			269,317			266,141			257,870
Catastrophe bonds	91,310			106,319			106,470			95,827			70,999
Hedge funds	5,803			5,962			6,243			22,310			21,344
Non-U.S. fixed income funds	—			—			—			31,713			28,862
Miscellaneous other investments	—			—			1,270			1,340			2,000
Total other investments, at fair value	$	644,711		$	752,000		$	743,568		$	806,782		$	748,984

TYPE OF INVESTMENT
Private equity partnerships	53.4		%	47.9		%	48.5		%	48.2		%	49.1		%
Senior secured bank loan funds	31.5		%	37.2		%	36.2		%	33.0		%	34.4		%
Catastrophe bonds	14.2		%	14.1		%	14.3		%	11.9		%	9.5		%
Hedge funds	0.9		%	0.8		%	0.8		%	2.8		%	2.8		%
Non-U.S. fixed income funds	—		%	—		%	—		%	3.9		%	3.9		%
Miscellaneous other investments	—		%	—		%	0.2		%	0.2		%	0.3		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	14



RenaissanceRe Holdings Ltd.
Investment Income

	Three months ended															Twelve months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Fixed maturity investments	$	28,922		$	24,785		$	22,436		$	26,333		$	26,084		$	102,476		$	89,858
Short term investments	54			219			234			500			357			1,007			1,666
Equity investments trading	554			181			181			170			174			1,086			471
Other investments
Hedge funds and private equity investments	8,192			10,383			(10,413		)	28,473			21,506			36,635			27,541
Other	5,902			12,737			4,975			14,170			6,458			37,784			8,458
Cash and cash equivalents	51			63			54			26			11			194			163
	43,675			48,368			17,467			69,672			54,590			179,182			128,157
Investment expenses	(3,178		)	(3,204		)	(2,724		)	(2,701		)	(2,259		)	(11,807		)	(10,157		)
Net investment income	40,497			45,164			14,743			66,971			52,331			167,375			118,000

Gross realized gains	22,152			19,891			19,458			36,286			15,312			97,787			79,358
Gross realized losses	(3,650		)	(2,811		)	(3,294		)	(6,950		)	(7,787		)	(16,705		)	(30,659		)
Net realized gains on fixed maturity investments	18,502			17,080			16,164			29,336			7,525			81,082			48,699
Net unrealized (losses) gains on fixed maturity investments trading	(8,454		)	56,942			12,538			14,257			11,441			75,283			19,404
Net unrealized gains on equity investments trading	569			2,236			2,301			2,520			4,954			7,626			2,565
Net realized and unrealized gains on investments	10,617			76,258			31,003			46,113			23,920			163,991			70,668
Total other-than-temporary impairments	—			—			(234		)	(161		)	(132		)	(395		)	(630		)
Portion recognized in other comprehensive income, before taxes	—			—			25			27			29			52			78
Net other-than-temporary impairments	—			—			(209		)	(134		)	(103		)	(343		)	(552		)

Change in net unrealized gains on fixed maturity investments available for sale	(784		)	1,326			(706		)	778			697			614			(7,985		)

Total investment income	$	50,330		$	122,748		$	44,831		$	113,728		$	76,845		$	331,637		$	180,131



	15



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2012	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	821,163	$	821,163		12.9	%	0.2	%	$	753,883		$	63,737		$	163		$	3,371		$	9		$	—
			100.0		%					91.8		%	7.8		%	—		%	0.4		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,256,607		1,259,800			19.8	%	0.4	%	—			1,259,800			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	289,884		292,098			4.6	%	0.6	%	—			292,098			—			—			—			—
Other agencies	22,865		23,056			0.4	%	0.7	%	—			23,056			—			—			—			—
Total agencies	312,749		315,154			5.0	%	0.7	%	—			315,154			—			—			—			—
Non-U.S. government (Sovereign debt)	128,207		133,198			2.1	%	1.9	%	66,653			23,914			6,828			21,767			13,793			243
Non-U.S. government-backed corporate	343,924		349,514			5.5	%	0.7	%	287,288			56,059			6,167			—			—			—
Corporate	1,552,194		1,615,207			25.4	%	2.6	%	25,361			263,541			765,050			280,598			265,045			15,612
Mortgage-backed
Residential mortgage-backed
Agency securities	404,423		408,531			6.4	%	1.3	%	—			408,531			—			—			—			—
Non-agency securities - Prime	124,832		131,819			2.1	%	3.6	%	17,159			7,402			6,247			8,286			92,725			—
Non-agency securities - Alt A	107,485		116,520			1.8	%	5.2	%	5,152			1,951			13,385			11,876			84,156			—
Total residential mortgage-backed	636,740		656,870			10.3	%	2.5	%	22,311			417,884			19,632			20,162			176,881			—
Commercial mortgage-backed	383,176		406,166			6.4	%	1.7	%	266,325			92,820			47,021			—			—			—
Total mortgage-backed	1,019,916		1,063,036			16.7	%	2.2	%	288,636			510,704			66,653			20,162			176,881			—
Asset-backed
Credit cards	4,270		4,623			0.1	%	1.7	%	4,623			—			—			—			—			—
Auto loans	2,119		2,238			—	%	0.9	%	2,238			—			—			—			—			—
Student loans	1,626		1,650			—	%	1.0	%	1,650			—			—			—			—			—
Other	4,195		4,443			0.1	%	2.7	%	4,443			—			—			—			—			—
Total asset-backed	12,210		12,954			0.2	%	1.8	%	12,954			—			—			—			—			—
Total securitized assets	1,032,126		1,075,990			16.9	%	2.2	%	301,590			510,704			66,653			20,162			176,881			—
Total fixed maturity investments	4,625,807		4,748,863			74.7	%	1.6	%	680,892			2,429,172			844,698			322,527			455,719			15,855
			100.0		%					14.3		%	51.2		%	17.8		%	6.8		%	9.6		%	0.3		%
Equity investments trading			58,186			0.9	%			—			—			—			—			—			58,186
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			344,669			5.4	%			—			—			—			—			—			344,669
Senior secured bank loan funds			202,929			3.2	%			—			—			—			—			172,334			30,595
Catastrophe bonds			91,310			1.4	%			—			—			—			—			91,310			—
Hedge funds			5,803			0.1	%			—			—			—			—			—			5,803
Total other investments			644,711			10.1	%			—			—			—			—			263,644			381,067
			100.0		%					—		%	—		%	—		%	—		%	40.9		%	59.1		%
Investments in other ventures			87,724			1.4	%			—			—			—			—			—			87,724
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,360,647		100.0	%			$	1,434,775		$	2,492,909		$	844,861		$	325,898		$	719,372		$	542,832
			100.0		%					22.6		%	39.2		%	13.3		%	5.1		%	11.3		%	8.5		%

(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.



	16



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	December 31, 2012				December 31, 2011				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	821,163	12.9	%	$	905,477	14.6	%	$	(84,314	)	(1.7	)%
Fixed maturity investments
U.S. treasuries	1,259,800		19.8	%	885,152		14.3	%	374,648			5.5	%
Agencies
Fannie Mae & Freddie Mac	292,098		4.6	%	143,562		2.4	%	148,536			2.2	%
Other agencies	23,056		0.4	%	14,999		0.2	%	8,057			0.2	%
Total agencies	315,154		5.0	%	158,561		2.6	%	156,593			2.4	%
Non-U.S. government (Sovereign debt)	133,198		2.1	%	227,912		3.7	%	(94,714		)	(1.6	)%
FDIC guaranteed corporate	—		—	%	423,630		6.8	%	(423,630		)	(6.8	)%
Non-U.S. government-backed corporate	349,514		5.5	%	641,082		10.3	%	(291,568		)	(4.8	)%
Corporate	1,615,207		25.4	%	1,206,904		19.4	%	408,303			6.0	%
Mortgage-backed
Residential mortgage-backed
Agency securities	408,531		6.4	%	441,749		7.1	%	(33,218		)	(0.7	)%
Non-agency securities - Prime	131,819		2.1	%	68,678		1.1	%	63,141			1.0	%
Non-agency securities - Alt A	116,520		1.8	%	36,093		0.6	%	80,427			1.2	%
Total residential mortgage-backed	656,870		10.3	%	546,520		8.8	%	110,350			1.5	%
Commercial mortgage-backed	406,166		6.4	%	325,729		5.2	%	80,437			1.2	%
Total mortgage-backed	1,063,036		16.7	%	872,249		14.0	%	190,787			2.7	%
Asset-backed
Credit cards	4,623		0.1	%	8,955		0.2	%	(4,332		)	(0.1	)%
Auto loans	2,238		—	%	—		—	%	2,238			—	%
Student loans	1,650		—	%	1,287		—	%	363			—	%
Other	4,443		0.1	%	7,785		0.1	%	(3,342		)	—	%
Total asset-backed	12,954		0.2	%	18,027		0.3	%	(5,073		)	(0.1	)%
Total securitized assets	1,075,990		16.9	%	890,276		14.3	%	185,714			2.6	%
Total fixed maturity investments	4,748,863		74.7	%	4,433,517		71.4	%	315,346			3.3	%
Equity investments trading	58,186		0.9	%	50,560		0.8	%	7,626			0.1	%
Other investments
Private equity partnerships	344,669		5.4	%	367,909		5.9	%	(23,240		)	(0.5	)%
Senior secured bank loan funds	202,929		3.2	%	257,870		4.2	%	(54,941		)	(1.0	)%
Catastrophe bonds	91,310		1.4	%	70,999		1.1	%	20,311			0.3	%
Hedge funds	5,803		0.1	%	21,344		0.3	%	(15,541		)	(0.2	)%
Non-U.S. fixed income funds	—		—	%	28,862		0.5	%	(28,862		)	(0.5	)%
Miscellaneous other investments	—		—	%	2,000		—	%	(2,000		)	—	%
Total other investments	644,711		10.1	%	748,984		12.1	%	(104,273		)	(2.0	)%
Investments in other ventures	87,724		1.4	%	70,714		1.1	%	17,010			0.3	%
Total managed investment portfolio	$	6,360,647	100.0	%	$	6,209,252	100.0	%	$	151,395



	17



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	December 31, 2012
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	697,161	$	15,908	$	148,549	$	417,084	$	61,095	$	41,534	$	12,991
Industrial, utilities and energy	342,474		6,908		32,997		125,294		103,725		71,852		1,698
Communications and technology	229,444		1,656		13,866		106,747		51,493		55,682		—
Consumer	157,828		—		11,036		54,766		37,648		53,533		845
Health care	110,827		—		52,523		30,802		3,372		24,130		—
Basic materials	60,068		—		—		22,649		21,258		16,083		78
Other	17,405		889		4,570		7,708		2,007		2,231		—
Total corporate fixed maturity investments, at fair value (1)	$	1,615,207	$	25,361	$	263,541	$	765,050	$	280,598	$	265,045	$	15,612

Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	December 31, 2012
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	64,532	$	1,552	$	62,980
General Electric Company	56,039		—		56,039
Bank of America Corp.	53,290		163		53,127
Goldman Sachs Group Inc.	52,126		—		52,126
Citigroup Inc.	47,160		—		47,160
HSBC Holdings PLC	37,872		—		37,872
Morgan Stanley	32,984		—		32,984
AT&T Inc.	27,881		—		27,881
BP PLC	21,920		—		21,920
Wells Fargo & Co.	20,587		—		20,587
Total (2)	$	414,391	$	1,715	$	412,676


(1)	Excludes non-U.S. government-backed corporate fixed maturity investments, at fair value.


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



	18



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2012
Catastrophe	$	706,264	$	222,208	$	255,786	$	1,184,258
Specialty	111,234		80,971		286,108		478,313
Total Reinsurance	817,498		303,179		541,894		1,662,571
Lloyd's	29,260		10,548		109,662		149,470
Other	17,016		8,522		41,798		67,336
Total	$	863,774	$	322,249	$	693,354	$	1,879,377

September 30, 2012
Catastrophe	$	703,573	$	229,511	$	168,185	$	1,101,269
Specialty	121,427		88,538		272,481		482,446
Total Reinsurance	825,000		318,049		440,666		1,583,715
Lloyd's	26,631		7,528		92,413		126,572
Other	19,556		8,478		44,359		72,393
Total	$	871,187	$	334,055	$	577,438	$	1,782,680

June 30, 2012
Catastrophe	$	698,335	$	306,158	$	160,478	$	1,164,971
Specialty	123,978		87,277		247,290		458,545
Total Reinsurance	822,313		393,435		407,768		1,623,516
Lloyd's	19,219		7,920		74,411		101,550
Other	21,605		8,336		46,240		76,181
Total	$	863,137	$	409,691	$	528,419	$	1,801,247

March 31, 2012
Catastrophe	$	633,228	$	243,651	$	350,708	$	1,227,587
Specialty	135,492		53,045		270,225		458,762
Total Reinsurance	768,720		296,696		620,933		1,686,349
Lloyd's	18,421		7,579		67,101		93,101
Other	20,810		5,338		52,605		78,753
Total	$	807,951	$	309,613	$	740,639	$	1,858,203

December 31, 2011
Catastrophe	$	681,771	$	271,990	$	388,147	$	1,341,908
Specialty	120,189		49,840		301,589		471,618
Total Reinsurance	801,960		321,830		689,736		1,813,526
Lloyd's	17,909		14,459		55,127		87,495
Other	32,944		3,515		54,874		91,333
Total	$	852,813	$	339,804	$	799,737	$	1,992,354



	19



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2012									Three months ended December 31, 2011
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,782,680		$	209,490		$	1,573,190		$	2,226,005		$	434,553		$	1,791,452
Incurred losses and loss expenses
Current year	272,586			49,366			223,220			95,744			57,635			38,109
Prior years	(37,667		)	(1,340		)	(36,327		)	(32,914		)	1,644			(34,558		)
Total incurred losses and loss expenses	234,919			48,026			186,893			62,830			59,279			3,551
Paid losses and loss expenses
Current year	44,757			—			44,757			246,969			55,972			190,997
Prior years	93,465			65,004			28,461			49,512			33,831			15,681
Total paid losses and loss expenses	138,222			65,004			73,218			296,481			89,803			206,678
Reserve for losses and loss expenses, end of period	$	1,879,377		$	192,512		$	1,686,865		$	1,992,354		$	404,029		$	1,588,325

	Twelve months ended December 31, 2012									Twelve months ended December 31, 2011
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,992,354		$	404,029		$	1,588,325		$	1,257,843		$	101,711		$	1,156,132
Incurred losses and loss expenses
Current year	555,410			72,230			483,180			1,415,144			421,976			993,168
Prior years	(151,919		)	6,050			(157,969		)	(144,657		)	(12,668		)	(131,989		)
Total incurred losses and loss expenses	403,491			78,280			325,211			1,270,487			409,308			861,179
Paid losses and loss expenses
Current year	84,089			33			84,056			355,271			55,972			299,299
Prior years	432,379			289,764			142,615			180,705			51,018			129,687
Total paid losses and loss expenses	516,468			289,797			226,671			535,976			106,990			428,986
Reserve for losses and loss expenses, end of period	$	1,879,377		$	192,512		$	1,686,865		$	1,992,354		$	404,029		$	1,588,325



	20



RenaissanceRe Holdings Ltd.
Earnings (Loss) per Share

	Three months ended
(common shares in thousands)	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Numerator:
Net income available to RenaissanceRe common shareholders	$	41,655		$	180,660		$	142,270		$	201,429		$	81,771
Amount allocated to participating common shareholders (1)	(640		)	(2,787		)	(2,236		)	(3,404		)	(1,433		)
	$	41,015		$	177,873		$	140,034		$	198,025		$	80,338
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	46,442			48,394			50,278			50,377			50,501
Per common share equivalents of employee stock options and restricted shares	855			725			734			604			359
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	47,297			49,119			51,012			50,981			50,860

Basic income per RenaissanceRe common share	$	0.88		$	3.67		$	2.78		$	3.93		$	1.59
Diluted income per RenaissanceRe common share	$	0.87		$	3.62		$	2.75		$	3.88		$	1.58

	Twelve months ended
(common shares in thousands)	December 31, 2012			December 31, 2011
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	566,014		$	(92,235	)
Amount allocated to participating common shareholders (1)	(8,973		)	(990		)
	$	557,041		$	(93,225	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	48,873			50,747
Per common share equivalents of employee stock options and restricted shares	730			—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	49,603			50,747

Basic income (loss) per RenaissanceRe common share	$	11.40		$	(1.84	)
Diluted income (loss) per RenaissanceRe common share (2)	$	11.23		$	(1.84	)


(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.


(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.



	21



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

	Three months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Top Layer Re	$	5,972		$	4,970		$	5,113		$	4,737		$	(22,617	)
Tower Hill Companies	174			1,930			1,744			1,117			(348		)
Other	466			(2,590		)	(11		)	(384		)	263
Total equity in earnings (losses) of other ventures	$	6,612		$	4,310		$	6,846		$	5,470		$	(22,702	)

	Twelve months ended
	December 31, 2012			December 31, 2011
Top Layer Re	$	20,792		$	(37,471	)
Tower Hill Companies	4,965			2,923
Other	(2,519		)	(1,985		)
Total equity in earnings (losses) of other ventures	$	23,238		$	(36,533	)

Other Income (Loss)

	Three months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Weather and energy risk management operations	$	8,631		$	172		$	5,875		$	(35,463	)	$	(41,314	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(3,255		)	(3,696		)	4,082			(1,779		)	(2,381		)
Other items	405			2,643			1,332			(1,852		)	47
Total other income (loss)	$	5,781		$	(881	)	$	11,289		$	(39,094	)	$	(43,648	)

	Twelve months ended
	December 31, 2012			December 31, 2011
Gain on sale of NBIC	$	—		$	4,836
Mark-to-market on Platinum warrant	—			2,975
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(4,648		)	37,414
Weather and energy risk management operations	(20,785		)	(45,030		)
Other items	2,528			(880		)
Total other loss	$	(22,905	)	$	(685	)



	22



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P (4)	Moody's	Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	A+
DaVinci	A	A+	A3	—
Glencoe	A	A	—	—
Top Layer Re	A+	AA	—	—
Renaissance Reinsurance of Europe	A+	AA-	—	—

LLOYD'S SEGMENT
Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	A+

RENAISSANCERE (3)	—	Excellent	—	—

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

(4) The S&P ratings for the companies in the Reinsurance segment reflect, in addition to the insurer's financial strength rating, the insurer's issuer credit rating.



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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 in this Financial Supplement 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 (loss) available (attributable) 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 (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) 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, net other-than-temporary impairments from continuing and discontinued operations. The Company's management believes that “operating income (loss) available (attributable) 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 (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) 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 (loss) available (attributable) to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to operating income (loss) available (attributable) 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															Twelve months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	41,655		$	180,660		$	142,270		$	201,429		$	81,771		$	566,014		$	(92,235	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(10,617		)	(76,258		)	(31,003		)	(46,113		)	(23,920		)	(163,991		)	(70,668		)
Adjustment for net other-than-temporary impairments of continuing operations	—			—			209			134			103			343			552
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations	—			—			—			—			—			—			(42		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	31,038		$	104,402		$	111,476		$	155,450		$	57,954		$	402,366		$	(162,393	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.87		$	3.62		$	2.75		$	3.88		$	1.58		$	11.23		$	(1.84	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(0.22		)	(1.55		)	(0.61		)	(0.90		)	(0.47		)	(3.31		)	(1.39		)
Adjustment for net other-than-temporary impairments of continuing operations	—			—			—			—			—			0.01			0.01
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.65		$	2.07		$	2.14		$	2.98		$	1.11		$	7.93		$	(3.22	)

Return on average common equity - annualized	5.2		%	22.0		%	17.5		%	25.6		%	10.8		%	17.7		%	(3.0		)%
Adjustment for net realized and unrealized gains on investments of continuing operations	(1.3		)%	(9.3		)%	(3.8		)%	(5.9		)%	(3.1		)%	(5.1		)%	(2.3		)%
Adjustment for net other-than-temporary impairments of continuing operations	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	3.9		%	12.7		%	13.7		%	19.7		%	7.7		%	12.6		%	(5.3		)%



	24

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 Renaissance Reinsurance and its related joint ventures. “Managed catastrophe premiums” differs from total catastrophe unit 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, as applicable, 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
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Book value per common share	$	68.14		$	68.20		$	65.07		$	62.68		$	59.27
Adjustment for goodwill and other intangibles (1)	(0.86		)	(0.85		)	(0.83		)	(0.84		)	(0.82		)
Tangible book value per common share	67.28			67.35			64.24			61.84			58.45
Adjustment for accumulated dividends	12.00			11.73			11.46			11.19			10.92
Tangible book value per common share plus accumulated dividends	$	79.28		$	79.08		$	75.70		$	73.03		$	69.37

Quarter change in book value per common share	(0.1		)%	4.8		%	3.8		%	5.8		%	2.4		%
Quarter change in tangible book value per common share plus change in accumulated dividends	0.3		%	5.3		%	4.3		%	6.3		%	3.1		%
Annual change in book value per common share	15.0		%										(5.3		)%
Annual change in tangible book value per common share plus change in accumulated dividends	17.0		%										(1.8		)%


(1)	At December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, goodwill and other intangibles included $30.4 million, $32.2 million, $33.3 million, $34.5 million and $33.5 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	25

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