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

Attached files

file	filename
EX-99.1 - COPY OF THE COMPANY'S EARNINGS RELEASE - RENAISSANCERE HOLDINGS LTD	rnrearningsrelease2018q3.htm
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnr8-kcover2018q3.htm

RenaissanceRe Holdings Ltd.

Contents



		Page

Basis of Presentation		i

Financial Highlights		1

Statements of Operations
a.	Summary Consolidated Statements of Operations	2
b.	Consolidated Segment Underwriting Results	3
c.	Segment Underwriting Results	5
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	6

Balance Sheets
a.	Summary Consolidated Balance Sheets	7

Investments
a.	Investment Portfolio - Composition	8
b.	Summary of Other Investments	9
c.	Total Investment Result	10
d.	Investment Portfolio - Effective Yield and Credit Rating	11
e.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	12

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	13
b.	Paid to Incurred Analysis	14

Other Items
a.	Fee Income (Loss)	15
b.	Earnings per Share	16
c.	Equity in Earnings of Other Ventures	17
d.	Other Income (Loss)	17
e.	Ratings	18

Supplemental Information
a.	Gross Premiums Written	19
b.	Property Segment Supplemental Underwriting Results	20

Comments on Regulation G		21

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

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”, “tangible book value per common share”, “tangible book value per common share plus accumulated dividends" and “managed catastrophe premium.” 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 21 through 24 for Comments on Regulation G.

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

All information contained herein is unaudited. Unless otherwise noted, dollar amounts are in thousands, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. 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.



	i



RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Highlights
Gross premiums written	$	625,677		$	977,343		$	1,159,652		$	407,766		$	640,269		$	2,762,672		$	2,389,774
Net premiums written	$	453,255		$	604,509		$	663,044		$	288,223		$	483,221		$	1,720,808		$	1,583,102
Net premiums earned	$	531,849		$	429,385		$	440,282		$	421,473		$	547,792		$	1,401,516		$	1,296,102
Net claims and claim expenses incurred	410,510			60,167			171,703			304,064			1,221,696			642,380			1,557,364
Acquisition expenses	109,761			105,052			97,711			98,598			76,761			312,524			248,294
Operating expenses	40,593			37,543			41,272			29,192			42,537			119,408			131,586
Underwriting (loss) income	$	(29,015	)	$	226,623		$	129,596		$	(10,381	)	$	(793,202	)	$	327,204		$	(641,142	)

Net investment income	$	80,696		$	71,356		$	56,476		$	73,464		$	40,257		$	208,528		$	148,745
Net realized and unrealized gains (losses) on investments	13,630			(17,901		)	(82,144		)	(7,716		)	42,052			(86,415		)	143,538
Total investment result	$	94,326		$	53,455		$	(25,668	)	$	65,748		$	82,309		$	122,113		$	292,283

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	281,182		$	(241,318	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	20,587		$	209,631		$	135,209		$	41,353		$	(544,153	)	$	365,427		$	(373,653	)

Total assets	$	17,096,394		$	17,023,378		$	15,922,202		$	15,226,131		$	15,044,924		$	17,096,394		$	15,044,924
Total shareholders' equity attributable to RenaissanceRe	$	4,886,521		$	4,860,061		$	4,436,253		$	4,391,375		$	4,403,012		$	4,886,521		$	4,403,012

Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	7.02		$	(6.04	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	0.52		$	5.23		$	3.40		$	1.05		$	(13.74	)	$	9.15		$	(9.35	)
Dividends per common share	$	0.33		$	0.33		$	0.33		$	0.32		$	0.32		$	0.99		$	0.96
Book value per common share	$	105.21		$	104.56		$	100.29		$	99.72		$	100.00		$	105.21		$	100.00
Tangible book value per common share (1)	$	98.58		$	97.87		$	93.63		$	93.23		$	93.45		$	98.58		$	93.45
Tangible book value per common share plus accumulated dividends (1)	$	117.57		$	116.53		$	111.96		$	111.23		$	111.13		$	117.57		$	111.13
Change in tangible book value per common share plus change in accumulated dividends (1)	1.1		%	4.9		%	0.8		%	0.1		%	(12.0		)%	6.8		%	(7.3		)%

Financial ratios
Net claims and claim expense ratio - current accident year	79.0		%	50.4		%	46.1		%	81.0		%	220.8		%	59.9		%	120.4		%
Net claims and claim expense ratio - prior accident years	(1.8		)%	(36.4		)%	(7.1		)%	(8.9		)%	2.2		%	(14.1		)%	(0.2		)%
Net claims and claim expense ratio - calendar year	77.2		%	14.0		%	39.0		%	72.1		%	223.0		%	45.8		%	120.2		%
Underwriting expense ratio	28.3		%	33.2		%	31.6		%	30.4		%	21.8		%	30.9		%	29.3		%
Combined ratio	105.5		%	47.2		%	70.6		%	102.5		%	244.8		%	76.7		%	149.5		%
Return on average common equity - annualized	3.1		%	18.6		%	5.7		%	(0.3		)%	(47.2		)%	9.1		%	(7.4		)%
Operating return on average common equity - annualized (1)	1.9		%	20.3		%	13.5		%	4.2		%	(50.8		)%	11.8		%	(11.4		)%
Total investment return - annualized	3.3		%	2.0		%	(1.0		)%	2.6		%	3.4		%	1.5		%	4.1		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Revenues
Gross premiums written	$	625,677		$	977,343		$	1,159,652		$	407,766		$	640,269		$	2,762,672		$	2,389,774
Net premiums written	$	453,255		$	604,509		$	663,044		$	288,223		$	483,221		$	1,720,808		$	1,583,102
Decrease (increase) in unearned premiums	78,594			(175,124		)	(222,762		)	133,250			64,571			(319,292		)	(287,000		)
Net premiums earned	531,849			429,385			440,282			421,473			547,792			1,401,516			1,296,102
Net investment income	80,696			71,356			56,476			73,464			40,257			208,528			148,745
Net foreign exchange (losses) gains	(4,566		)	(10,687		)	3,757			(490		)	(156		)	(11,496		)	11,118
Equity in earnings of other ventures	7,648			5,826			857			2,200			1,794			14,331			5,830
Other income (loss)	497			1,225			(1,242		)	2,362			2,996			480			7,053
Net realized and unrealized gains (losses) on investments	13,630			(17,901		)	(82,144		)	(7,716		)	42,052			(86,415		)	143,538
Total revenues	629,754			479,204			417,986			491,293			634,735			1,526,944			1,612,386
Expenses
Net claims and claim expenses incurred	410,510			60,167			171,703			304,064			1,221,696			642,380			1,557,364
Acquisition expenses	109,761			105,052			97,711			98,598			76,761			312,524			248,294
Operational expenses	40,593			37,543			41,272			29,192			42,537			119,408			131,586
Corporate expenses	6,841			8,301			6,733			4,237			4,413			21,875			14,335
Interest expense	11,769			11,768			11,767			11,777			11,799			35,304			32,416
Total expenses	579,474			222,831			329,186			447,868			1,357,206			1,131,491			1,983,995
Income (loss) before taxes	50,280			256,373			88,800			43,425			(722,471		)	395,453			(371,609		)
Income tax (expense) benefit	(1,451		)	(4,506		)	3,407			(41,226		)	18,977			(2,550		)	14,739
Net income (loss)	48,829			251,867			92,207			2,199			(703,494		)	392,903			(356,870		)
Net (income) loss attributable to noncontrolling interests	(6,440		)	(54,483		)	(29,899		)	(56		)	204,277			(90,822		)	132,338
Net income (loss) attributable to RenaissanceRe	42,389			197,384			62,308			2,143			(499,217		)	302,081			(224,532		)
Dividends on preference shares	(9,708		)	(5,596		)	(5,595		)	(5,595		)	(5,595		)	(20,899		)	(16,786		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	281,182		$	(241,318	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	7.02		$	(6.04	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	7.02		$	(6.04	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	0.52		$	5.23		$	3.40		$	1.05		$	(13.74	)	$	9.15		$	(9.35	)

Return on average common equity - annualized	3.1		%	18.6		%	5.7		%	(0.3		)%	(47.2		)%	9.1		%	(7.4		)%
Operating return on average common equity - annualized (1)	1.9		%	20.3		%	13.5		%	4.2		%	(50.8		)%	11.8		%	(11.4		)%


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



	2



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended September 30, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	301,413		$	324,264		$	—		$	625,677
Net premiums written	$	232,632		$	220,623		$	—		$	453,255
Net premiums earned	$	293,059		$	238,791		$	(1	)	$	531,849
Net claims and claim expenses incurred	265,857			144,671			(18		)	410,510
Acquisition expenses	45,524			64,238			(1		)	109,761
Operational expenses	25,577			14,976			40			40,593
Underwriting (loss) income	$	(43,899	)	$	14,906		$	(22	)	$	(29,015	)

Net claims and claim expenses incurred - current accident year	$	268,022		$	151,904		$	—		$	419,926
Net claims and claim expenses incurred - prior accident years	(2,165		)	(7,233		)	(18		)	(9,416		)
Net claims and claim expenses incurred - total	$	265,857		$	144,671		$	(18	)	$	410,510

Net claims and claim expense ratio - current accident year	91.5		%	63.6		%				79.0		%
Net claims and claim expense ratio - prior accident years	(0.8		)%	(3.0		)%				(1.8		)%
Net claims and claim expense ratio - calendar year	90.7		%	60.6		%				77.2		%
Underwriting expense ratio	24.3		%	33.2		%				28.3		%
Combined ratio	115.0		%	93.8		%				105.5		%

	Three months ended September 30, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	325,395		$	314,881		$	(7	)	$	640,269
Net premiums written	$	269,393		$	213,835		$	(7	)	$	483,221
Net premiums earned	$	336,838		$	210,961		$	(7	)	$	547,792
Net claims and claim expenses incurred	1,044,418			177,433			(155		)	1,221,696
Acquisition expenses	17,514			59,248			(1		)	76,761
Operational expenses	25,123			17,389			25			42,537
Underwriting (loss) income	$	(750,217	)	$	(43,109	)	$	124		$	(793,202	)

Net claims and claim expenses incurred - current accident year	$	1,036,586		$	172,675		$	—		$	1,209,261
Net claims and claim expenses incurred - prior accident years	7,832			4,758			(155		)	12,435
Net claims and claim expenses incurred - total	$	1,044,418		$	177,433		$	(155	)	$	1,221,696

Net claims and claim expense ratio - current accident year	307.7		%	81.9		%				220.8		%
Net claims and claim expense ratio - prior accident years	2.4		%	2.2		%				2.2		%
Net claims and claim expense ratio - calendar year	310.1		%	84.1		%				223.0		%
Underwriting expense ratio	12.6		%	36.3		%				21.8		%
Combined ratio	322.7		%	120.4		%				244.8		%



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,561,008		$	1,201,664		$	—		$	2,762,672
Net premiums written	$	884,541		$	836,267		$	—		$	1,720,808
Net premiums earned	$	722,246		$	679,271		$	(1	)	$	1,401,516
Net claims and claim expenses incurred	222,195			420,273			(88		)	642,380
Acquisition expenses	127,095			185,429			—			312,524
Operational expenses	75,933			43,121			354			119,408
Underwriting income (loss)	$	297,023		$	30,448		$	(267	)	$	327,204

Net claims and claim expenses incurred - current accident year	$	395,067		$	444,293		$	—		$	839,360
Net claims and claim expenses incurred - prior accident years	(172,872		)	(24,020		)	(88		)	(196,980		)
Net claims and claim expenses incurred - total	$	222,195		$	420,273		$	(88	)	$	642,380

Net claims and claim expense ratio - current accident year	54.7		%	65.4		%				59.9		%
Net claims and claim expense ratio - prior accident years	(23.9		)%	(3.5		)%				(14.1		)%
Net claims and claim expense ratio - calendar year	30.8		%	61.9		%				45.8		%
Underwriting expense ratio	28.1		%	33.6		%				30.9		%
Combined ratio	58.9		%	95.5		%				76.7		%

	Nine months ended September 30, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,345,271		$	1,044,510		$	(7	)	$	2,389,774
Net premiums written	$	895,728		$	687,381		$	(7	)	$	1,583,102
Net premiums earned	$	716,024		$	580,085		$	(7	)	$	1,296,102
Net claims and claim expenses incurred	1,116,273			441,801			(710		)	1,557,364
Acquisition expenses	75,117			173,179			(2		)	248,294
Operational expenses	76,841			54,708			37			131,586
Underwriting (loss) income	$	(552,207	)	$	(89,603	)	$	668		$	(641,142	)

Net claims and claim expenses incurred - current accident year	$	1,133,241		$	427,786		$	—		$	1,561,027
Net claims and claim expenses incurred - prior accident years	(16,968		)	14,015			(710		)	(3,663		)
Net claims and claim expenses incurred - total	$	1,116,273		$	441,801		$	(710	)	$	1,557,364

Net claims and claim expense ratio - current accident year	158.3		%	73.7		%				120.4		%
Net claims and claim expense ratio - prior accident years	(2.4		)%	2.5		%				(0.2		)%
Net claims and claim expense ratio - calendar year	155.9		%	76.2		%				120.2		%
Underwriting expense ratio	21.2		%	39.2		%				29.3		%
Combined ratio	177.1		%	115.4		%				149.5		%



	4



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Gross premiums written	$	301,413		$	552,627		$	706,968		$	95,166		$	325,395
Net premiums written	$	232,632		$	297,832		$	354,077		$	82,286		$	269,393
Net premiums earned	$	293,059		$	204,138		$	225,049		$	215,046		$	336,838
Net claims and claim expenses incurred	265,857			(74,269		)	30,607			181,712			1,044,418
Acquisition expenses	45,524			40,850			40,721			38,699			17,514
Operational expenses	25,577			23,810			26,546			17,353			25,123
Underwriting (loss) income	$	(43,899	)	$	213,747		$	127,175		$	(22,718	)	$	(750,217	)

Net claims and claim expenses incurred - current accident year	$	268,022		$	68,876		$	58,169		$	210,340		$	1,036,586
Net claims and claim expenses incurred - prior accident years	(2,165		)	(143,145		)	(27,562		)	(28,628		)	7,832
Net claims and claim expenses incurred - total	$	265,857		$	(74,269	)	$	30,607		$	181,712		$	1,044,418

Net claims and claim expense ratio - current accident year	91.5		%	33.7		%	25.8		%	97.8		%	307.7		%
Net claims and claim expense ratio - prior accident years	(0.8		)%	(70.1		)%	(12.2		)%	(13.3		)%	2.4		%
Net claims and claim expense ratio - calendar year	90.7		%	(36.4		)%	13.6		%	84.5		%	310.1		%
Underwriting expense ratio	24.3		%	31.7		%	29.9		%	26.1		%	12.6		%
Combined ratio	115.0		%	(4.7		)%	43.5		%	110.6		%	322.7		%

	Three months ended
Casualty and Specialty Segment	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Gross premiums written	$	324,264		$	424,716		$	452,684		$	312,600		$	314,881
Net premiums written	$	220,623		$	306,677		$	308,967		$	205,926		$	213,835
Net premiums earned	$	238,791		$	225,247		$	215,233		$	206,416		$	210,961
Net claims and claim expenses incurred	144,671			134,524			141,078			123,225			177,433
Acquisition expenses	64,238			64,201			56,990			59,898			59,248
Operational expenses	14,976			13,552			14,593			11,840			17,389
Underwriting income (loss)	$	14,906		$	12,970		$	2,572		$	11,453		$	(43,109	)

Net claims and claim expenses incurred - current accident year	$	151,904		$	147,520		$	144,869		$	131,057		$	172,675
Net claims and claim expenses incurred - prior accident years	(7,233		)	(12,996		)	(3,791		)	(7,832		)	4,758
Net claims and claim expenses incurred - total	$	144,671		$	134,524		$	141,078		$	123,225		$	177,433

Net claims and claim expense ratio - current accident year	63.6		%	65.5		%	67.3		%	63.5		%	81.9		%
Net claims and claim expense ratio - prior accident years	(3.0		)%	(5.8		)%	(1.8		)%	(3.8		)%	2.2		%
Net claims and claim expense ratio - calendar year	60.6		%	59.7		%	65.5		%	59.7		%	84.1		%
Underwriting expense ratio	33.2		%	34.5		%	33.3		%	34.8		%	36.3		%
Combined ratio	93.8		%	94.2		%	98.8		%	94.5		%	120.4		%



	5



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Revenues
Gross premiums written	$	53,328		$	159,864		$	139,664		$	5,145		$	68,352		$	352,856		$	317,041
Net premiums written	$	50,994		$	123,074		$	116,996		$	2,832		$	63,442		$	291,064		$	278,660
Decrease (increase) in unearned premiums	39,717			(68,497		)	(52,623		)	60,210			41,278			(81,403		)	(57,460		)
Net premiums earned	90,711			54,577			64,373			63,042			104,720			209,661			221,200
Net investment income	12,327			11,111			10,078			9,488			8,334			33,516			24,155
Net foreign exchange gains (losses)	131			50			505			(70		)	(66		)	686			506
Other income	210			69			1			—			—			280			680
Net realized and unrealized (losses) gains on investments	(3,517		)	(6,853		)	(16,832		)	(10,641		)	528			(27,202		)	4,796
Total revenues	99,862			58,954			58,125			61,819			113,516			216,941			251,337
Expenses
Net claims and claim expenses incurred	72,818			(39,479		)	4,592			61,444			415,669			37,931			414,243
Acquisition expenses	9,284			22,616			16,007			7,518			(53,773		)	47,907			(20,356		)
Operational and corporate expenses	11,560			8,721			8,409			719			6,441			28,690			19,996
Interest expense	1,859			1,858			1,858			1,859			1,859			5,575			5,575
Total expenses	95,521			(6,284		)	30,866			71,540			370,196			120,103			419,458
Income (loss) before taxes	4,341			65,238			27,259			(9,721		)	(256,680		)	96,838			(168,121		)
Income tax benefit (expense)	448			(747		)	(368		)	(157		)	1,164			(667		)	868
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	4,789		$	64,491		$	26,891		$	(9,878	)	$	(255,516	)	$	96,171		$	(167,253	)

Net claims and claim expenses incurred - current accident year	$	74,632		$	9,867		$	7,943		$	68,096		$	413,466		$	92,442		$	429,865
Net claims and claim expenses incurred - prior accident years	(1,814		)	(49,346		)	(3,351		)	(6,652		)	2,203			(54,511		)	(15,622		)
Net claims and claim expenses incurred - total	$	72,818		$	(39,479	)	$	4,592		$	61,444		$	415,669		$	37,931		$	414,243

Net claims and claim expense ratio - current accident year	82.3		%	18.1		%	12.3		%	108.0		%	394.8		%	44.1		%	194.3		%
Net claims and claim expense ratio - prior accident years	(2.0		)%	(90.4		)%	(5.2		)%	(10.5		)%	2.1		%	(26.0		)%	(7.0		)%
Net claims and claim expense ratio - calendar year	80.3		%	(72.3		)%	7.1		%	97.5		%	396.9		%	18.1		%	187.3		%
Underwriting expense ratio	23.0		%	57.4		%	38.0		%	13.0		%	(45.2		)%	36.5		%	(0.2		)%
Combined ratio	103.3		%	(14.9		)%	45.1		%	110.5		%	351.7		%	54.6		%	187.1		%



	6



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	September 30, 2018			June 30, 2018			March 31, 2018		December 31, 2017		September 30, 2017
Assets
Fixed maturity investments trading, at fair value	$	7,814,779		$	7,420,778		$	7,404,761	$	7,426,555	$	7,092,969
Short term investments, at fair value	2,461,415			2,031,943			1,616,597		991,863		1,497,262
Equity investments trading, at fair value	413,271			432,804			387,462		388,254		402,035
Other investments, at fair value	738,919			713,200			692,652		594,793		548,492
Investments in other ventures, under equity method	117,307			111,935			120,232		101,974		101,420
Total investments	11,545,691			10,710,660			10,221,704		9,503,439		9,642,178
Cash and cash equivalents	453,041			548,472			647,973		1,361,592		581,576
Premiums receivable	1,787,095			1,959,647			1,684,630		1,304,622		1,521,266
Prepaid reinsurance premiums	795,496			925,501			794,921		533,546		635,756
Reinsurance recoverable	1,204,059			1,454,991			1,572,321		1,586,630		1,588,304
Accrued investment income	46,690			44,810			43,069		42,235		38,366
Deferred acquisition costs	497,733			511,155			477,010		426,551		434,914
Receivable for investments sold	406,062			505,907			111,431		103,145		193,758
Other assets	121,724			122,048			127,571		121,226		164,019
Goodwill and other intangibles	238,803			240,187			241,572		243,145		244,787
Total assets	$	17,096,394		$	17,023,378		$	15,922,202	$	15,226,131	$	15,044,924
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	4,952,498		$	4,702,345		$	4,912,727	$	5,080,408	$	5,192,313
Unearned premiums	2,058,851			2,267,450			1,961,746		1,477,609		1,713,069
Debt	990,749			990,371			989,995		989,623		989,245
Reinsurance balances payable	1,970,913			2,085,034			1,758,948		989,090		1,034,454
Payable for investments purchased	555,556			490,589			306,664		208,749		377,543
Other liabilities	147,328			134,100			130,505		792,771		301,559
Total liabilities	10,675,895			10,669,889			10,060,585		9,538,250		9,608,183
Redeemable noncontrolling interest	1,533,978			1,493,428			1,425,364		1,296,506		1,033,729
Shareholders' Equity
Preference shares	650,000			650,000			400,000		400,000		400,000
Common shares	40,266			40,263			40,246		40,024		40,029
Additional paid-in capital	42,395			35,094			38,552		37,355		32,852
Accumulated other comprehensive (loss) income	(1,483		)	(1,101		)	194		224		161
Retained earnings	4,155,343			4,135,805			3,957,261		3,913,772		3,929,970
Total shareholders' equity attributable to RenaissanceRe	4,886,521			4,860,061			4,436,253		4,391,375		4,403,012
Total liabilities, noncontrolling interests and shareholders' equity	$	17,096,394		$	17,023,378		$	15,922,202	$	15,226,131	$	15,044,924

Book value per common share	$	105.21		$	104.56		$	100.29	$	99.72	$	100.00



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	September 30, 2018					June 30, 2018					March 31, 2018					December 31, 2017					September 30, 2017
U.S. treasuries	$	3,117,911		27.0	%	$	2,968,855		27.7	%	$	2,834,487		27.7	%	$	3,168,763		33.3	%	$	2,956,952		30.7	%
Agencies	143,980			1.2	%	55,199			0.5	%	45,365			0.5	%	47,646			0.5	%	41,109			0.5	%
Municipal	7,061			0.1	%	6,164			0.1	%	506,470			5.0	%	509,802			5.4	%	521,220			5.4	%
Non-U.S. government (Sovereign debt)	254,169			2.2	%	298,811			2.8	%	303,056			3.0	%	287,660			3.0	%	177,855			1.8	%
Non-U.S. government-backed corporate	137,512			1.2	%	185,640			1.7	%	191,202			1.9	%	163,651			1.7	%	121,892			1.3	%
Corporate	2,448,795			21.2	%	2,280,080			21.3	%	2,147,578			21.0	%	2,063,459			21.7	%	2,028,750			21.0	%
Agency mortgage-backed	836,376			7.2	%	762,077			7.1	%	693,377			6.8	%	500,456			5.3	%	499,310			5.2	%
Non-agency mortgage-backed	289,649			2.5	%	300,311			2.8	%	302,638			2.9	%	300,331			3.1	%	299,530			3.1	%
Commercial mortgage-backed	257,434			2.2	%	248,590			2.3	%	197,126			1.9	%	202,062			2.1	%	263,029			2.7	%
Asset-backed	321,892			2.9	%	315,051			3.0	%	183,462			1.7	%	182,725			2.0	%	183,322			1.9	%
Total fixed maturity investments, at fair value	7,814,779			67.7	%	7,420,778			69.3	%	7,404,761			72.4	%	7,426,555			78.1	%	7,092,969			73.6	%
Short term investments, at fair value	2,461,415			21.3	%	2,031,943			19.0	%	1,616,597			15.8	%	991,863			10.4	%	1,497,262			15.5	%
Equity investments trading, at fair value	413,271			3.6	%	432,804			4.1	%	387,462			3.8	%	388,254			4.1	%	402,035			4.2	%
Other investments, at fair value	738,919			6.4	%	713,200			6.6	%	692,652			6.8	%	594,793			6.3	%	548,492			5.6	%
Total managed investment portfolio	11,428,384			99.0	%	10,598,725			99.0	%	10,101,472			98.8	%	9,401,465			98.9	%	9,540,758			98.9	%
Investments in other ventures, under equity method	117,307			1.0	%	111,935			1.0	%	120,232			1.2	%	101,974			1.1	%	101,420			1.1	%
Total investments	$	11,545,691		100.0	%	$	10,710,660		100.0	%	$	10,221,704		100.0	%	$	9,503,439		100.0	%	$	9,642,178		100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	732,294		9.4	%	$	792,956		10.7	%	$	723,897		9.7	%	$	739,822		10.0	%	$	731,560		10.3	%
AA	4,496,120			57.5	%	4,181,431			56.3	%	4,204,030			56.8	%	4,341,541			58.5	%	4,073,325			57.4	%
A	880,744			11.3	%	853,862			11.5	%	889,814			12.0	%	813,953			11.0	%	755,457			10.7	%
BBB	631,290			8.1	%	516,911			7.0	%	540,639			7.3	%	522,601			7.0	%	546,821			7.7	%
Non-investment grade and not rated	1,074,331			13.7	%	1,075,618			14.5	%	1,046,381			14.2	%	1,008,638			13.5	%	985,806			13.9	%
Total fixed maturity investments, at fair value	$	7,814,779		100.0	%	$	7,420,778		100.0	%	$	7,404,761		100.0	%	$	7,426,555		100.0	%	$	7,092,969		100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	301,817		3.9	%	$	383,353		5.2	%	$	495,143		6.7	%	$	546,255		7.3	%	$	367,091		5.2	%
Due after one through five years	4,694,059			60.0	%	4,421,536			59.5	%	4,324,744			58.4	%	4,521,930			60.9	%	4,324,948			61.0	%
Due after five through ten years	1,020,157			13.1	%	904,070			12.2	%	1,064,575			14.4	%	1,007,656			13.6	%	1,001,975			14.1	%
Due after ten years	93,395			1.2	%	85,790			1.2	%	143,696			1.9	%	165,140			2.2	%	153,764			2.1	%
Mortgage-backed securities	1,383,459			17.7	%	1,310,978			17.7	%	1,193,141			16.1	%	1,002,849			13.5	%	1,061,869			15.0	%
Asset-backed securities	321,892			4.1	%	315,051			4.2	%	183,462			2.5	%	182,725			2.5	%	183,322			2.6	%
Total fixed maturity investments, at fair value	$	7,814,779		100.0	%	$	7,420,778		100.0	%	$	7,404,761		100.0	%	$	7,426,555		100.0	%	$	7,092,969		100.0	%
Weighted average yield to maturity of fixed maturity and short term investments	3.1		%			3.0		%			2.9		%			2.5		%			2.2		%
Average duration of fixed maturities and short term investments	2.0					2.2					2.4					2.5					2.6



	8



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Type of Investment
Catastrophe bonds	$	525,126		$	501,025		$	476,534		$	380,475		$	332,044
Private equity partnerships	185,121			186,200			190,067			196,220			196,280
Senior secured bank loan funds	17,057			14,414			13,771			17,574			19,572
Hedge funds	11,615			11,561			12,280			524			596
Total other investments, at fair value	$	738,919		$	713,200		$	692,652		$	594,793		$	548,492

Type of Investment
Catastrophe bonds	71.1		%	70.3		%	68.8		%	64.0		%	60.5		%
Private equity partnerships	25.0		%	26.1		%	27.4		%	32.9		%	35.8		%
Senior secured bank loan funds	2.3		%	2.0		%	2.0		%	3.0		%	3.6		%
Hedge funds	1.6		%	1.6		%	1.8		%	0.1		%	0.1		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	9



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Fixed maturity investments	$	55,725		$	50,416		$	45,643		$	46,544		$	45,305		$	151,784		$	133,080
Short term investments	9,403			7,633			5,304			3,606			2,771			22,340			7,476
Equity investments trading	903			1,490			698			998			930			3,091			2,630
Other investments
Private equity investments	8,723			3,860			(434		)	13,215			6,371			12,149			20,784
Other	8,665			10,658			8,023			12,587			(11,491		)	27,346			(4,520		)
Cash and cash equivalents	1,104			1,039			565			360			352			2,708			836
	84,523			75,096			59,799			77,310			44,238			219,418			160,286
Investment expenses	(3,827		)	(3,740		)	(3,323		)	(3,846		)	(3,981		)	(10,890		)	(11,541		)
Net investment income	80,696			71,356			56,476			73,464			40,257			208,528			148,745

Gross realized gains	5,229			5,133			4,583			6,068			16,343			14,945			43,053
Gross realized losses	(15,327		)	(26,519		)	(25,853		)	(8,930		)	(6,126		)	(67,699		)	(29,902		)
Net realized (losses) gains on fixed maturity investments	(10,098		)	(21,386		)	(21,270		)	(2,862		)	10,217			(52,754		)	13,151
Net unrealized (losses) gains on fixed maturity investments trading	(8,730		)	(9,420		)	(55,372		)	(40,461		)	5,545			(73,522		)	48,940
Net realized and unrealized gains (losses) on investments-related derivatives	2,563			1,038			(4,364		)	1,854			(4,020		)	(763		)	(4,344		)
Net realized gains on equity investments trading	21,259			348			234			30,291			13,675			21,841			49,736
Net unrealized gains (losses) on equity investments trading	8,636			11,519			(1,372		)	3,462			16,635			18,783			36,055
Net realized and unrealized gains (losses) on investments	13,630			(17,901		)	(82,144		)	(7,716		)	42,052			(86,415		)	143,538
Total investment result	$	94,326		$	53,455		$	(25,668	)	$	65,748		$	82,309		$	122,113		$	292,283

Total investment return - annualized	3.3		%	2.0		%	(1.0		)%	2.6		%	3.4		%	1.5		%	4.1		%



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
September 30, 2018	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	2,461,415	$	2,461,415		21.3	%	1.8	%	$	2,397,413		$	61,873		$	249		$	169		$	823		$	888
			100.0		%					97.5		%	2.5		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	3,164,220		3,117,911			27.0	%	2.8	%	—			3,117,911			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	98,606		97,886			0.8	%	3.2	%	—			97,886			—			—			—			—
Other agencies	46,487		46,094			0.4	%	2.9	%	—			46,094			—			—			—			—
Total agencies	145,093		143,980			1.2	%	3.1	%	—			143,980			—			—			—			—
Municipal	6,075		7,061			0.1	%	4.0	%	—			1,054			4,555			492			—			960
Non-U.S. government (Sovereign debt)	259,483		254,169			2.2	%	2.9	%	181,180			51,851			19,117			482			1,539			—
Non-U.S. government-backed corporate	139,485		137,512			1.2	%	3.2	%	45,416			57,143			34,383			570			—			—
Corporate	2,473,932		2,448,795			21.2	%	4.3	%	43,488			179,897			815,660			584,614			785,480			39,656
Mortgage-backed
Residential mortgage-backed
Agency securities	856,267		836,376			7.2	%	3.7	%	—			836,376			—			—			—			—
Non-agency securities - Alt A	222,170		236,460			2.0	%	4.1	%	9,448			9,833			2,670			10,031			181,869			22,609
Non-agency securities - Prime	50,587		53,189			0.5	%	4.2	%	6,346			3,282			1,496			2,385			26,465			13,215
Total residential mortgage-backed	1,129,024		1,126,025			9.7	%	3.8	%	15,794			849,491			4,166			12,416			208,334			35,824
Commercial mortgage-backed	261,910		257,434			2.2	%	3.6	%	200,364			45,737			1,192			8,647			—			1,494
Total mortgage-backed	1,390,934		1,383,459			11.9	%	3.7	%	216,158			895,228			5,358			21,063			208,334			37,318
Asset-backed
Collateralized loan obligations	275,727		275,356			2.4	%	3.8	%	203,423			49,056			—			22,126			—			751
Credit cards	18,073		17,990			0.2	%	3.0	%	17,990			—			—			—			—			—
Auto loans	18,394		18,153			0.2	%	3.1	%	18,153			—			—			—			—			—
Student loans	2,246		2,236			—	%	3.2	%	2,236			—			—			—			—			—
Other	8,222		8,157			0.1	%	3.9	%	4,250			—			1,671			1,943			—			293
Total asset-backed	322,662		321,892			2.9	%	3.7	%	246,052			49,056			1,671			24,069			—			1,044
Total securitized assets	1,713,596		1,705,351			14.8	%	3.7	%	462,210			944,284			7,029			45,132			208,334			38,362
Total fixed maturity investments	7,901,884		7,814,779			67.7	%	3.5	%	732,294			4,496,120			880,744			631,290			995,353			78,978
			100.0		%					9.4		%	57.5		%	11.3		%	8.1		%	12.7		%	1.0		%
Equity investments trading			413,271			3.6	%			—			—			—			—			—			413,271
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			525,126			4.6	%			—			—			—			—			525,126			—
Private equity partnerships			185,121			1.6	%			—			—			—			—			—			185,121
Senior secured bank loan funds			17,057			0.1	%			—			—			—			—			—			17,057
Hedge funds			11,615			0.1	%			—			—			—			—			—			11,615
Total other investments			738,919			6.4	%			—			—			—			—			525,126			213,793
			100.0		%					—		%	—		%	—		%	—		%	71.1		%	28.9		%
Investments in other ventures			117,307			1.0	%			—			—			—			—			—			117,307
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	11,545,691		100.0	%			$	3,129,707		$	4,557,993		$	880,993		$	631,459		$	1,521,302		$	824,237
			100.0		%					27.1		%	39.5		%	7.6		%	5.5		%	13.2		%	7.1		%

(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 an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.



	11



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

	September 30, 2018
Issuer	Total		Short term investments		Fixed maturity investments
Goldman Sachs Group Inc.	$	56,112	$	—	$	56,112
JP Morgan Chase & Co.	49,222		—		49,222
Bank of America Corp.	47,359		—		47,359
Morgan Stanley	46,520		—		46,520
Wells Fargo & Co.	38,565		—		38,565
HSBC Holdings PLC	35,984		—		35,984
Citigroup Inc.	26,999		—		26,999
UBS Group AG	26,692		—		26,692
Sumitomo Mitsui Financial Group	23,851		—		23,851
Mitsubishi UFJ Financial Group	23,018		—		23,018
Total (1)	$	374,322	$	—	$	374,322


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



	12



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2018
Property	$	610,932	$	744,391	$	774,220	$	2,129,543
Casualty and Specialty	773,732		102,631		1,940,244		2,816,607
Other	3,240		—		3,108		6,348
Total	$	1,387,904	$	847,022	$	2,717,572	$	4,952,498

June 30, 2018
Property	$	631,642	$	766,450	$	568,642	$	1,966,734
Casualty and Specialty	750,149		105,066		1,871,468		2,726,683
Other	4,433		—		4,495		8,928
Total	$	1,386,224	$	871,516	$	2,444,605	$	4,702,345

March 31, 2018
Property	$	701,202	$	850,498	$	687,209	$	2,238,909
Casualty and Specialty	740,809		118,380		1,801,361		2,660,550
Other	4,999		—		8,269		13,268
Total	$	1,447,010	$	968,878	$	2,496,839	$	4,912,727

December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408

September 30, 2017
Property	$	310,871	$	416,758	$	1,917,573	$	2,645,202
Casualty and Specialty	655,328		132,755		1,734,475		2,522,558
Other	9,904		—		14,649		24,553
Total	$	976,103	$	549,513	$	3,666,697	$	5,192,313



	13



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended September 30, 2018									Three months ended September 30, 2017
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	4,702,345		$	1,454,991		$	3,247,354		$	2,989,806		$	370,586	$	2,619,220
Incurred claims and claim expenses
Current year	516,637			96,711			419,926			2,460,842			1,251,581		1,209,261
Prior years	(1,764		)	7,652			(9,416		)	21,668			9,233		12,435
Total incurred claims and claim expenses	514,873			104,363			410,510			2,482,510			1,260,814		1,221,696
Paid claims and claim expenses
Current year	31,346			7,173			24,173			147,669			8,869		138,800
Prior years	229,019			348,117			(119,098		)	145,617			34,252		111,365
Total paid claims and claim expenses	260,365			355,290			(94,925		)	293,286			43,121		250,165
Foreign exchange	(4,355		)	(5		)	(4,350		)	13,283			25		13,258
Reserve for claims and claim expenses, end of period	$	4,952,498		$	1,204,059		$	3,748,439		$	5,192,313		$	1,588,304	$	3,604,009

	Nine months ended September 30, 2018									Nine months ended September 30, 2017
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	5,080,408		$	1,586,630		$	3,493,778		$	2,848,294		$	279,564	$	2,568,730
Incurred claims and claim expenses
Current year	1,067,071			227,711			839,360			2,926,525			1,365,498		1,561,027
Prior years	(249,511		)	(52,531		)	(196,980		)	(2,308		)	1,355		(3,663		)
Total incurred claims and claim expenses	817,560			175,180			642,380			2,924,217			1,366,853		1,557,364
Paid claims and claim expenses
Current year	59,378			11,303			48,075			169,657			10,972		158,685
Prior years	873,132			546,440			326,692			443,657			47,246		396,411
Total paid claims and claim expenses	932,510			557,743			374,767			613,314			58,218		555,096
Foreign exchange	(12,960		)	(8		)	(12,952		)	33,116			105		33,011
Reserve for claims and claim expenses, end of period	$	4,952,498		$	1,204,059		$	3,748,439		$	5,192,313		$	1,588,304	$	3,604,009



	14

RenaissanceRe Holdings Ltd.

Fee Income (Loss)

The table below reflects the total fee income (loss) earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd. ("Top Layer Re") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. Structured reinsurance products include Fibonacci Reinsurance Ltd., as well as certain other reinsurance contracts which transfer risk to capital.



	Three months ended												Nine months ended				Year ended
	September 30, 2018			June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017			September 30, 2018		September 30, 2017		December 31, 2017		December 31, 2016		December 31, 2015		December 31, 2014
Management fee income
Joint ventures	$	9,265		$	7,125	$	6,369	$	423	$	4,960		$	22,759	$	14,935	$	15,358	$	19,919	$	20,686	$	23,881
Managed funds	3,260			2,745		2,406		713		970			8,411		2,945		3,659		2,381		2,638		3,473
Structured reinsurance products	8,530			7,958		8,611		8,944		6,664			25,099		22,232		31,177		28,643		24,894		30,876
Total management fee income	21,055			17,828		17,386		10,080		12,594			56,269		40,112		50,194		50,943		48,218		58,230

Performance fee income (loss)
Joint ventures	853			6,869		4,178		845		(4,105		)	11,900		8,584		9,429		19,429		21,988		27,189
Managed funds	2,539			1,175		778		145		(971		)	4,492		53		197		1,758		3,204		5,553
Structured reinsurance products	(1,568		)	6,802		3,366		1,185		(15,390		)	8,600		3,533		4,719		30,231		26,226		42,746
Total performance fee income (loss) (1)	1,824			14,846		8,322		2,175		(20,466		)	24,992		12,170		14,345		51,418		51,418		75,488

Total fee income (loss)	$	22,879		$	32,674	$	25,708	$	12,255	$	(7,872	)	$	81,261	$	52,282	$	64,539	$	102,361	$	99,636	$	133,718


(1)	Performance fees are based on the performance of the individual vehicles and/or product, and could be negative in any given quarter when large losses occur, which can result in the reversal of previously accrued performance fees.



	15



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	(504,812	)
Amount allocated to participating common shareholders (1)	(294		)	(2,174		)	(546		)	(113		)	(116		)
	$	32,387		$	189,614		$	56,167		$	(3,565	)	$	(504,928	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	39,624			39,641			39,552			39,478			39,591
Per common share equivalents of employee stock options and restricted shares	13			13			47			—			—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,637			39,654			39,599			39,478			39,591

Basic income (loss) per RenaissanceRe common share	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	(12.75	)
Diluted income (loss) per RenaissanceRe common share	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	(12.75	)

	Nine months ended
(common shares in thousands)	September 30, 2018			September 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	281,182		$	(241,318	)
Amount allocated to participating common shareholders (1)	(2,977		)	(344		)
	$	278,205		$	(241,662	)
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	39,606			39,979
Per common share equivalents of employee stock options and restricted shares	21			—
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,627			39,979

Basic income (loss) per RenaissanceRe common share	$	7.02		$	(6.04	)
Diluted income (loss) per RenaissanceRe common share	$	7.02		$	(6.04	)


(1)	Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors.



	16



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Tower Hill Companies	$	4,629		$	4,555		$	(910	)	$	(412	)	$	(383	)	$	8,274		$	(1,235	)
Top Layer Re	2,170			1,999			2,033			1,987			2,722			6,202			7,864
Other	849			(728		)	(266		)	625			(545		)	(145		)	(799		)
Total equity in earnings of other ventures	$	7,648		$	5,826		$	857		$	2,200		$	1,794		$	14,331		$	5,830


Other Income (Loss)

	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	543		$	787		$	(1,523	)	$	1,230		$	2,793		$	(193	)	$	7,425
Other items	(46		)	438			281			1,132			203			673			(372		)
Total other income (loss)	$	497		$	1,225		$	(1,242	)	$	2,362		$	2,996		$	480		$	7,053



	17



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P	Moody's	Fitch

Renaissance Reinsurance (1)	A+	A+	A1	A+
DaVinci (1)	A	A+	A3	—
Renaissance Reinsurance U.S. (1)	A+	A+	—	—
RenaissanceRe Specialty U.S. (1)	A+	A+	—	—
Renaissance Reinsurance of Europe (1)	A+	A+	—	—
Top Layer Re (1)	A+	AA	—	—

Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	AA-

RenaissanceRe (3)	Very Strong	Very Strong	—	—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies set forth in the table above reflect the insurer's financial strength rating and, in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent Syndicate 1458's financial strength rating.

(3) The A.M. Best rating for RenaissanceRe refers to the Enterprise Risk Management ("ERM") A.M. Best score within A.M. Best’s credit ratings methodology. The S&P rating for RenaissanceRe represents the rating on its ERM practices.



	18



RenaissanceRe Holdings Ltd.
Gross Premiums Written

	Three months ended										Nine months ended
	September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017		September 30, 2018		September 30, 2017
Property Segment
Catastrophe	$	212,330	$	437,720	$	590,337	$	35,012	$	243,514	$	1,240,387	$	1,069,438
Other property	89,083		114,907		116,631		60,154		81,881		320,621		275,833
Property segment gross premiums written	$	301,413	$	552,627	$	706,968	$	95,166	$	325,395	$	1,561,008	$	1,345,271

Casualty and Specialty Segment
General casualty (1)	$	97,026	$	153,648	$	126,626	$	80,538	$	107,055	$	377,300	$	337,342
Professional liability (2)	111,536		97,811		157,113		117,075		101,482		366,460		335,235
Financial lines (3)	69,253		88,215		93,267		83,157		66,186		250,735		220,643
Other (4)	46,449		85,042		75,678		31,830		40,158		207,169		151,290
Casualty and Specialty segment gross premiums written	$	324,264	$	424,716	$	452,684	$	312,600	$	314,881	$	1,201,664	$	1,044,510



(1)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability
(2)	Includes directors and officers, medical malpractice, and professional indemnity.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.



	19



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended September 30, 2018									Three months ended September 30, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	212,330		$	89,083		$	301,413		$	243,514		$	81,881		$	325,395
Net premiums written	$	147,196		$	85,436		$	232,632		$	194,550		$	74,843		$	269,393
Net premiums earned	$	210,260		$	82,799		$	293,059		$	280,490		$	56,348		$	336,838
Net claims and claim expenses incurred	192,652			73,205			265,857			930,989			113,429			1,044,418
Acquisition expenses	20,771			24,753			45,524			(2,861		)	20,375			17,514
Operational expenses	20,896			4,681			25,577			20,685			4,438			25,123
Underwriting loss	$	(24,059	)	$	(19,840	)	$	(43,899	)	$	(668,323	)	$	(81,894	)	$	(750,217	)

Net claims and claim expenses incurred - current accident year	$	194,282		$	73,740		$	268,022		$	921,526		$	115,060		$	1,036,586
Net claims and claim expenses incurred - prior accident years	(1,630		)	(535		)	(2,165		)	9,463			(1,631		)	7,832
Net claims and claim expenses incurred - total	$	192,652		$	73,205		$	265,857		$	930,989		$	113,429		$	1,044,418

Net claims and claim expense ratio - current accident year	92.4		%	89.1		%	91.5		%	328.5		%	204.2		%	307.7		%
Net claims and claim expense ratio - prior accident years	(0.8		)%	(0.7		)%	(0.8		)%	3.4		%	(2.9		)%	2.4		%
Net claims and claim expense ratio - calendar year	91.6		%	88.4		%	90.7		%	331.9		%	201.3		%	310.1		%
Underwriting expense ratio	19.8		%	35.6		%	24.3		%	6.4		%	44.0		%	12.6		%
Combined ratio	111.4		%	124.0		%	115.0		%	338.3		%	245.3		%	322.7		%

	Nine months ended September 30, 2018									Nine months ended September 30, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,240,387		$	320,621		$	1,561,008		$	1,069,438		$	275,833		$	1,345,271
Net premiums written	$	620,046		$	264,495		$	884,541		$	672,043		$	223,685		$	895,728
Net premiums earned	$	477,310		$	244,936		$	722,246		$	550,302		$	165,722		$	716,024
Net claims and claim expenses incurred	89,903			132,292			222,195			938,139			178,134			1,116,273
Acquisition expenses	54,785			72,310			127,095			18,141			56,976			75,117
Operational expenses	62,913			13,020			75,933			63,122			13,719			76,841
Underwriting income (loss)	$	269,709		$	27,314		$	297,023		$	(469,100	)	$	(83,107	)	$	(552,207	)

Net claims and claim expenses incurred - current accident year	$	237,788		$	157,279		$	395,067		$	962,528		$	170,713		$	1,133,241
Net claims and claim expenses incurred - prior accident years	(147,885		)	(24,987		)	(172,872		)	(24,389		)	7,421			(16,968		)
Net claims and claim expenses incurred - total	$	89,903		$	132,292		$	222,195		$	938,139		$	178,134		$	1,116,273

Net claims and claim expense ratio - current accident year	49.8		%	64.2		%	54.7		%	174.9		%	103.0		%	158.3		%
Net claims and claim expense ratio - prior accident years	(31.0		)%	(10.2		)%	(23.9		)%	(4.4		)%	4.5		%	(2.4		)%
Net claims and claim expense ratio - calendar year	18.8		%	54.0		%	30.8		%	170.5		%	107.5		%	155.9		%
Underwriting expense ratio	24.7		%	34.8		%	28.1		%	14.7		%	42.6		%	21.2		%
Combined ratio	43.5		%	88.8		%	58.9		%	185.2		%	150.1		%	177.1		%



	20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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

The Company uses “operating income (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, and the associated income tax expense or benefit, and the exclusion of the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the "Tax Bill"), which was enacted on December 22, 2017. 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, equity investments trading and investments-related derivatives, the associated income tax expense or benefit of those fluctuations, and the non-recurring impact of the write-down of a portion of the Company's deferred tax assets as a result of the Tax Bill. 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															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	281,182		$	(241,318	)
Adjustment for net realized and unrealized (gains) losses on investments	(13,630		)	17,901			82,144			7,716			(42,052		)	86,415			(143,538		)
Adjustment for deferred tax asset write-down (1)	—			—			—			36,705			—			—			—
Adjustment for income tax expense (benefit) (2)	1,536			(58		)	(3,648		)	384			2,711			(2,170		)	11,203
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	20,587		$	209,631		$	135,209		$	41,353		$	(544,153	)	$	365,427		$	(373,653	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	7.02		$	(6.04	)
Adjustment for net realized and unrealized (gains) losses on investments	(0.34		)	0.45			2.07			0.20			(1.06		)	2.18			(3.59		)
Adjustment for deferred tax asset write-down (1)	—			—			—			0.93			—			—			—
Adjustment for income tax expense (benefit) (2)	0.04			—			(0.09		)	0.01			0.07			(0.05		)	0.28
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.52		$	5.23		$	3.40		$	1.05		$	(13.74	)	$	9.15		$	(9.35	)

Return on average common equity - annualized	3.1		%	18.6		%	5.7		%	(0.3		)%	(47.2		)%	9.1		%	(7.4		)%
Adjustment for net realized and unrealized (gains) losses on investments	(1.3		)%	1.7		%	8.2		%	0.8		%	(3.9		)%	2.8		%	(4.3		)%
Adjustment for deferred tax asset write-down (1)	—		%	—		%	—		%	3.7		%	—		%	—		%	—		%
Adjustment for income tax expense (benefit) (2)	0.1		%	—		%	(0.4		)%	—		%	0.3		%	(0.1		)%	0.3		%
Operating return on average common equity - annualized	1.9		%	20.3		%	13.5		%	4.2		%	(50.8		)%	11.8		%	(11.4		)%


(1)	Adjustment for deferred tax asset write-down represents the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Bill, which was enacted on December 22, 2017.


(2)	Adjustment for income tax expense (benefit) represents the income tax expense (benefit) associated with the adjustment for net realized and unrealized (gains) losses on investments. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.



	21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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



	At
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Book value per common share	$	105.21		$	104.56		$	100.29		$	99.72		$	100.00
Adjustment for goodwill and other intangibles (1)	(6.63		)	(6.69		)	(6.66		)	(6.49		)	(6.55		)
Tangible book value per common share	98.58			97.87			93.63			93.23			93.45
Adjustment for accumulated dividends	18.99			18.66			18.33			18.00			17.68
Tangible book value per common share plus accumulated dividends	$	117.57		$	116.53		$	111.96		$	111.23		$	111.13

Quarterly change in book value per common share	0.6		%	4.3		%	0.6		%	(0.3		)%	(11.6		)%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.1		%	4.9		%	0.8		%	0.1		%	(12.0		)%
Year to date change in book value per common share	5.5		%	4.9		%	0.6		%	(8.0		)%	(7.8		)%
Year to date change in tangible book value per common share plus change in accumulated dividends	6.8		%	5.7		%	0.8		%	(7.2		)%	(7.3		)%


(1)	At September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017 and September 30, 2017, goodwill and other intangibles included $28.4 million, $29.1 million, $26.3 million, $16.7 million and $17.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	22

RenaissanceRe Holdings Ltd.

Comments on Regulation G

From time to time, the Company discusses “managed catastrophe premiums” which is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from Property segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of other property gross premiums written and the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Re, which is accounted for under the equity method of accounting. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. A reconciliation of “managed catastrophe premiums” to Property segment gross premiums written is included below:



	Three months ended															Nine months ended
	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			September 30, 2018			September 30, 2017
Property Segment
Catastrophe	$	212,330		$	437,720		$	590,337		$	35,012		$	243,514		$	1,240,387		$	1,069,438
Other property	89,083			114,907			116,631			60,154			81,881			320,621			275,833
Property segment gross premiums written	$	301,413		$	552,627		$	706,968		$	95,166		$	325,395		$	1,561,008		$	1,345,271

Managed Catastrophe Premiums
Property segment gross premiums written	$	301,413		$	552,627		$	706,968		$	95,166		$	325,395		$	1,561,008		$	1,345,271
Other property gross premiums written	(89,083		)	(114,907		)	(116,631		)	(60,154		)	(81,881		)	(320,621		)	(275,833		)
Catastrophe gross premiums written	$	212,330		$	437,720		$	590,337		$	35,012		$	243,514		$	1,240,387		$	1,069,438
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	1,475			26,027			13,660			1,540			1,510			41,162			40,232
Managed catastrophe premiums	$	213,805		$	463,747		$	603,997		$	36,552		$	245,024		$	1,281,549		$	1,109,670



	23

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - October 30, 2018

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RENAISSANCERE HOLDINGS LTD Reports