RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2

Attached files

file	filename
EX-99.1 - EX-99.1 - RENAISSANCERE HOLDINGS LTD	rnrearningsrelease2018q4.htm
8-K - FORM 8-K - RENAISSANCERE HOLDINGS LTD	rnr8-kcover2018q4.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.	Investment Portfolio - Fixed Maturity Investments	9
c.	Summary of Other Investments	10
d.	Total Investment Result	11
e.	Investment Portfolio - Effective Yield and Credit Rating	12

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

Other Items
a.	Fee Income	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", "retained fixed maturity and short term investments, at fair value" 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 25 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															Year ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Highlights
Gross premiums written	$	547,755		$	625,677		$	977,343		$	1,159,652		$	407,766		$	3,310,427		$	2,797,540
Net premiums written	$	411,094		$	453,255		$	604,509		$	663,044		$	288,223		$	2,131,902		$	1,871,325
Net premiums earned	$	574,613		$	531,849		$	429,385		$	440,282		$	421,473		$	1,976,129		$	1,717,575
Net claims and claim expenses incurred	477,638			410,510			60,167			171,703			304,064			1,120,018			1,861,428
Acquisition expenses	120,465			109,761			105,052			97,711			98,598			432,989			346,892
Operating expenses	58,859			40,593			37,543			41,272			29,192			178,267			160,778
Underwriting (loss) income	$	(82,349	)	$	(29,015	)	$	226,623		$	129,596		$	(10,381	)	$	244,855		$	(651,523	)

Net investment income	$	53,338		$	80,696		$	71,356		$	56,476		$	73,464		$	261,866		$	222,209
Net realized and unrealized (losses) gains on investments	(88,654		)	13,630			(17,901		)	(82,144		)	(7,716		)	(175,069		)	135,822
Total investment result	$	(35,316	)	$	94,326		$	53,455		$	(25,668	)	$	65,748		$	86,797		$	358,031

Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(83,906	)	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	197,276		$	(244,770	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	1,168		$	20,587		$	209,631		$	135,209		$	41,353		$	366,595		$	(332,300	)

Total assets	$	18,676,196		$	17,096,394		$	17,023,378		$	15,922,202		$	15,226,131		$	18,676,196		$	15,226,131
Total shareholders' equity attributable to RenaissanceRe	$	5,045,080		$	4,886,521		$	4,860,061		$	4,436,253		$	4,391,375		$	5,045,080		$	4,391,375

Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(2.10	)	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	4.91		$	(6.15	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	0.02		$	0.52		$	5.23		$	3.40		$	1.05		$	9.17		$	(8.35	)
Dividends per common share	$	0.33		$	0.33		$	0.33		$	0.33		$	0.32		$	1.32		$	1.28
Book value per common share	$	104.13		$	105.21		$	104.56		$	100.29		$	99.72		$	104.13		$	99.72
Tangible book value per common share (1)	$	97.85		$	98.58		$	97.87		$	93.63		$	93.23		$	97.85		$	93.23
Tangible book value per common share plus accumulated dividends (1)	$	117.17		$	117.57		$	116.53		$	111.96		$	111.23		$	117.17		$	111.23
Change in tangible book value per common share plus change in accumulated dividends (1)	(0.4		)%	1.1		%	4.9		%	0.8		%	0.1		%	6.4		%	(7.2		)%

Financial ratios
Net claims and claim expense ratio - current accident year	96.0		%	79.0		%	50.4		%	46.1		%	81.0		%	70.4		%	110.8		%
Net claims and claim expense ratio - prior accident years	(12.9		)%	(1.8		)%	(36.4		)%	(7.1		)%	(8.9		)%	(13.7		)%	(2.4		)%
Net claims and claim expense ratio - calendar year	83.1		%	77.2		%	14.0		%	39.0		%	72.1		%	56.7		%	108.4		%
Underwriting expense ratio	31.2		%	28.3		%	33.2		%	31.6		%	30.4		%	30.9		%	29.5		%
Combined ratio	114.3		%	105.5		%	47.2		%	70.6		%	102.5		%	87.6		%	137.9		%
Return on average common equity - annualized	(7.8		)%	3.1		%	18.6		%	5.7		%	(0.3		)%	4.7		%	(5.7		)%
Operating return on average common equity - annualized (1)	0.1		%	1.9		%	20.3		%	13.5		%	4.2		%	8.8		%	(7.7		)%
Total investment return - annualized	(1.2		)%	3.3		%	2.0		%	(1.0		)%	2.6		%	0.8		%	3.6		%


(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															Year ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Revenues
Gross premiums written	$	547,755		$	625,677		$	977,343		$	1,159,652		$	407,766		$	3,310,427		$	2,797,540
Net premiums written	$	411,094		$	453,255		$	604,509		$	663,044		$	288,223		$	2,131,902		$	1,871,325
Decrease (increase) in unearned premiums	163,519			78,594			(175,124		)	(222,762		)	133,250			(155,773		)	(153,750		)
Net premiums earned	574,613			531,849			429,385			440,282			421,473			1,976,129			1,717,575
Net investment income	53,338			80,696			71,356			56,476			73,464			261,866			222,209
Net foreign exchange (losses) gains	(932		)	(4,566		)	(10,687		)	3,757			(490		)	(12,428		)	10,628
Equity in earnings of other ventures	4,143			7,648			5,826			857			2,200			18,474			8,030
Other income (loss)	5,489			497			1,225			(1,242		)	2,362			5,969			9,415
Net realized and unrealized (losses) gains on investments	(88,654		)	13,630			(17,901		)	(82,144		)	(7,716		)	(175,069		)	135,822
Total revenues	547,997			629,754			479,204			417,986			491,293			2,074,941			2,103,679
Expenses
Net claims and claim expenses incurred	477,638			410,510			60,167			171,703			304,064			1,120,018			1,861,428
Acquisition expenses	120,465			109,761			105,052			97,711			98,598			432,989			346,892
Operational expenses	58,859			40,593			37,543			41,272			29,192			178,267			160,778
Corporate expenses	12,108			6,841			8,301			6,733			4,237			33,983			18,572
Interest expense	11,765			11,769			11,768			11,767			11,777			47,069			44,193
Total expenses	680,835			579,474			222,831			329,186			447,868			1,812,326			2,431,863
(Loss) income before taxes	(132,838		)	50,280			256,373			88,800			43,425			262,615			(328,184		)
Income tax benefit (expense)	8,852			(1,451		)	(4,506		)	3,407			(41,226		)	6,302			(26,487		)
Net (loss) income	(123,986		)	48,829			251,867			92,207			2,199			268,917			(354,671		)
Net loss (income) attributable to noncontrolling interests	49,269			(6,440		)	(54,483		)	(29,899		)	(56		)	(41,553		)	132,282
Net (loss) income attributable to RenaissanceRe	(74,717		)	42,389			197,384			62,308			2,143			227,364			(222,389		)
Dividends on preference shares	(9,189		)	(9,708		)	(5,596		)	(5,595		)	(5,595		)	(30,088		)	(22,381		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(83,906	)	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	197,276		$	(244,770	)

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(2.10	)	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	4.91		$	(6.15	)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(2.10	)	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	4.91		$	(6.15	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	0.02		$	0.52		$	5.23		$	3.40		$	1.05		$	9.17		$	(8.35	)

Return on average common equity - annualized	(7.8		)%	3.1		%	18.6		%	5.7		%	(0.3		)%	4.7		%	(5.7		)%
Operating return on average common equity - annualized (1)	0.1		%	1.9		%	20.3		%	13.5		%	4.2		%	8.8		%	(7.7		)%


(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 December 31, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	199,918		$	347,837		$	—		$	547,755
Net premiums written	$	170,647		$	240,447		$	—		$	411,094
Net premiums earned	$	328,585		$	246,027		$	1		$	574,613
Net claims and claim expenses incurred	275,700			202,047			(109		)	477,638
Acquisition expenses	50,817			69,650			(2		)	120,465
Operational expenses	37,021			21,762			76			58,859
Underwriting (loss) income	$	(34,953	)	$	(47,432	)	$	36		$	(82,349	)

Net claims and claim expenses incurred - current accident year	$	324,118		$	227,289		$	—		$	551,407
Net claims and claim expenses incurred - prior accident years	(48,418		)	(25,242		)	(109		)	(73,769		)
Net claims and claim expenses incurred - total	$	275,700		$	202,047		$	(109	)	$	477,638

Net claims and claim expense ratio - current accident year	98.6		%	92.4		%				96.0		%
Net claims and claim expense ratio - prior accident years	(14.7		)%	(10.3		)%				(12.9		)%
Net claims and claim expense ratio - calendar year	83.9		%	82.1		%				83.1		%
Underwriting expense ratio	26.7		%	37.2		%				31.2		%
Combined ratio	110.6		%	119.3		%				114.3		%

	Three months ended December 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	95,166		$	312,600		$	—		$	407,766
Net premiums written	$	82,286		$	205,926		$	11		$	288,223
Net premiums earned	$	215,046		$	206,416		$	11		$	421,473
Net claims and claim expenses incurred	181,712			123,225			(873		)	304,064
Acquisition expenses	38,699			59,898			1			98,598
Operational expenses	17,353			11,840			(1		)	29,192
Underwriting (loss) income	$	(22,718	)	$	11,453		$	884		$	(10,381	)

Net claims and claim expenses incurred - current accident year	$	210,340		$	131,057		$	—		$	341,397
Net claims and claim expenses incurred - prior accident years	(28,628		)	(7,832		)	(873		)	(37,333		)
Net claims and claim expenses incurred - total	$	181,712		$	123,225		$	(873	)	$	304,064

Net claims and claim expense ratio - current accident year	97.8		%	63.5		%				81.0		%
Net claims and claim expense ratio - prior accident years	(13.3		)%	(3.8		)%				(8.9		)%
Net claims and claim expense ratio - calendar year	84.5		%	59.7		%				72.1		%
Underwriting expense ratio	26.1		%	34.8		%				30.4		%
Combined ratio	110.6		%	94.5		%				102.5		%



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Year ended December 31, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,760,926		$	1,549,501		$	—		$	3,310,427
Net premiums written	$	1,055,188		$	1,076,714		$	—		$	2,131,902
Net premiums earned	$	1,050,831		$	925,298		$	—		$	1,976,129
Net claims and claim expenses incurred	497,895			622,320			(197		)	1,120,018
Acquisition expenses	177,912			255,079			(2		)	432,989
Operational expenses	112,954			64,883			430			178,267
Underwriting income (loss)	$	262,070		$	(16,984	)	$	(231	)	$	244,855

Net claims and claim expenses incurred - current accident year	$	719,185		$	671,582		$	—		$	1,390,767
Net claims and claim expenses incurred - prior accident years	(221,290		)	(49,262		)	(197		)	(270,749		)
Net claims and claim expenses incurred - total	$	497,895		$	622,320		$	(197	)	$	1,120,018

Net claims and claim expense ratio - current accident year	68.4		%	72.6		%				70.4		%
Net claims and claim expense ratio - prior accident years	(21.0		)%	(5.3		)%				(13.7		)%
Net claims and claim expense ratio - calendar year	47.4		%	67.3		%				56.7		%
Underwriting expense ratio	27.7		%	34.5		%				30.9		%
Combined ratio	75.1		%	101.8		%				87.6		%

	Year ended December 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,440,437		$	1,357,110		$	(7	)	$	2,797,540
Net premiums written	$	978,014		$	893,307		$	4		$	1,871,325
Net premiums earned	$	931,070		$	786,501		$	4		$	1,717,575
Net claims and claim expenses incurred	1,297,985			565,026			(1,583		)	1,861,428
Acquisition expenses	113,816			233,077			(1		)	346,892
Operational expenses	94,194			66,548			36			160,778
Underwriting (loss) income	$	(574,925	)	$	(78,150	)	$	1,552		$	(651,523	)

Net claims and claim expenses incurred - current accident year	$	1,343,581		$	558,843		$	—		$	1,902,424
Net claims and claim expenses incurred - prior accident years	(45,596		)	6,183			(1,583		)	(40,996		)
Net claims and claim expenses incurred - total	$	1,297,985		$	565,026		$	(1,583	)	$	1,861,428

Net claims and claim expense ratio - current accident year	144.3		%	71.1		%				110.8		%
Net claims and claim expense ratio - prior accident years	(4.9		)%	0.7		%				(2.4		)%
Net claims and claim expense ratio - calendar year	139.4		%	71.8		%				108.4		%
Underwriting expense ratio	22.3		%	38.1		%				29.5		%
Combined ratio	161.7		%	109.9		%				137.9		%



	4



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Gross premiums written	$	199,918		$	301,413		$	552,627		$	706,968		$	95,166
Net premiums written	$	170,647		$	232,632		$	297,832		$	354,077		$	82,286
Net premiums earned	$	328,585		$	293,059		$	204,138		$	225,049		$	215,046
Net claims and claim expenses incurred	275,700			265,857			(74,269		)	30,607			181,712
Acquisition expenses	50,817			45,524			40,850			40,721			38,699
Operational expenses	37,021			25,577			23,810			26,546			17,353
Underwriting (loss) income	$	(34,953	)	$	(43,899	)	$	213,747		$	127,175		$	(22,718	)

Net claims and claim expenses incurred - current accident year	$	324,118		$	268,022		$	68,876		$	58,169		$	210,340
Net claims and claim expenses incurred - prior accident years	(48,418		)	(2,165		)	(143,145		)	(27,562		)	(28,628		)
Net claims and claim expenses incurred - total	$	275,700		$	265,857		$	(74,269	)	$	30,607		$	181,712

Net claims and claim expense ratio - current accident year	98.6		%	91.5		%	33.7		%	25.8		%	97.8		%
Net claims and claim expense ratio - prior accident years	(14.7		)%	(0.8		)%	(70.1		)%	(12.2		)%	(13.3		)%
Net claims and claim expense ratio - calendar year	83.9		%	90.7		%	(36.4		)%	13.6		%	84.5		%
Underwriting expense ratio	26.7		%	24.3		%	31.7		%	29.9		%	26.1		%
Combined ratio	110.6		%	115.0		%	(4.7		)%	43.5		%	110.6		%

	Three months ended
Casualty and Specialty Segment	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Gross premiums written	$	347,837		$	324,264		$	424,716		$	452,684		$	312,600
Net premiums written	$	240,447		$	220,623		$	306,677		$	308,967		$	205,926
Net premiums earned	$	246,027		$	238,791		$	225,247		$	215,233		$	206,416
Net claims and claim expenses incurred	202,047			144,671			134,524			141,078			123,225
Acquisition expenses	69,650			64,238			64,201			56,990			59,898
Operational expenses	21,762			14,976			13,552			14,593			11,840
Underwriting (loss) income	$	(47,432	)	$	14,906		$	12,970		$	2,572		$	11,453

Net claims and claim expenses incurred - current accident year	$	227,289		$	151,904		$	147,520		$	144,869		$	131,057
Net claims and claim expenses incurred - prior accident years	(25,242		)	(7,233		)	(12,996		)	(3,791		)	(7,832		)
Net claims and claim expenses incurred - total	$	202,047		$	144,671		$	134,524		$	141,078		$	123,225

Net claims and claim expense ratio - current accident year	92.4		%	63.6		%	65.5		%	67.3		%	63.5		%
Net claims and claim expense ratio - prior accident years	(10.3		)%	(3.0		)%	(5.8		)%	(1.8		)%	(3.8		)%
Net claims and claim expense ratio - calendar year	82.1		%	60.6		%	59.7		%	65.5		%	59.7		%
Underwriting expense ratio	37.2		%	33.2		%	34.5		%	33.3		%	34.8		%
Combined ratio	119.3		%	93.8		%	94.2		%	98.8		%	94.5		%



	5



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended															Year ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Revenues
Gross premiums written	$	33,940		$	53,328		$	159,864		$	139,664		$	5,145		$	386,796		$	322,186
Net premiums written	$	26,108		$	50,994		$	123,074		$	116,996		$	2,832		$	317,172		$	281,492
Decrease (increase) in unearned premiums	72,709			39,717			(68,497		)	(52,623		)	60,210			(8,694		)	2,750
Net premiums earned	98,817			90,711			54,577			64,373			63,042			308,478			284,242
Net investment income	13,543			12,327			11,111			10,078			9,488			47,059			33,643
Net foreign exchange (losses) gains	(244		)	131			50			505			(70		)	442			436
Other income	209			210			69			1			—			489			680
Net realized and unrealized gains (losses) on investments	427			(3,517		)	(6,853		)	(16,832		)	(10,641		)	(26,775		)	(5,845		)
Total revenues	112,752			99,862			58,954			58,125			61,819			329,693			313,156
Expenses
Net claims and claim expenses incurred	169,716			72,818			(39,479		)	4,592			61,444			207,647			475,687
Acquisition expenses	(2,591		)	9,284			22,616			16,007			7,518			45,316			(12,838		)
Operational and corporate expenses	4,490			11,560			8,721			8,409			719			33,180			20,715
Interest expense	1,859			1,859			1,858			1,858			1,859			7,434			7,434
Total expenses	173,474			95,521			(6,284		)	30,866			71,540			293,577			490,998
(Loss) income before taxes	(60,722		)	4,341			65,238			27,259			(9,721		)	36,116			(177,842		)
Income tax benefit (expense)	21			448			(747		)	(368		)	(157		)	(646		)	711
Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(60,701	)	$	4,789		$	64,491		$	26,891		$	(9,878	)	$	35,470		$	(177,131	)

Net claims and claim expenses incurred - current accident year	$	206,323		$	74,632		$	9,867		$	7,943		$	68,096		$	298,765		$	497,961
Net claims and claim expenses incurred - prior accident years	(36,607		)	(1,814		)	(49,346		)	(3,351		)	(6,652		)	(91,118		)	(22,274		)
Net claims and claim expenses incurred - total	$	169,716		$	72,818		$	(39,479	)	$	4,592		$	61,444		$	207,647		$	475,687

Net claims and claim expense ratio - current accident year	208.8		%	82.3		%	18.1		%	12.3		%	108.0		%	96.9		%	175.2		%
Net claims and claim expense ratio - prior accident years	(37.1		)%	(2.0		)%	(90.4		)%	(5.2		)%	(10.5		)%	(29.6		)%	(7.8		)%
Net claims and claim expense ratio - calendar year	171.7		%	80.3		%	(72.3		)%	7.1		%	97.5		%	67.3		%	167.4		%
Underwriting expense ratio	2.0		%	23.0		%	57.4		%	38.0		%	13.0		%	25.5		%	2.7		%
Combined ratio	173.7		%	103.3		%	(14.9		)%	45.1		%	110.5		%	92.8		%	170.1		%



	6



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018		December 31, 2017
Assets
Fixed maturity investments trading, at fair value	$	8,088,870		$	7,814,779		$	7,420,778		$	7,404,761	$	7,426,555
Short term investments, at fair value	2,586,520			2,461,415			2,031,943			1,616,597		991,863
Equity investments trading, at fair value	310,252			413,271			432,804			387,462		388,254
Other investments, at fair value	784,933			738,919			713,200			692,652		594,793
Investments in other ventures, under equity method	115,172			117,307			111,935			120,232		101,974
Total investments	11,885,747			11,545,691			10,710,660			10,221,704		9,503,439
Cash and cash equivalents	1,107,922			453,041			548,472			647,973		1,361,592
Premiums receivable	1,537,188			1,787,095			1,959,647			1,684,630		1,304,622
Prepaid reinsurance premiums	616,185			795,496			925,501			794,921		533,546
Reinsurance recoverable	2,372,221			1,204,059			1,454,991			1,572,321		1,586,630
Accrued investment income	51,311			46,690			44,810			43,069		42,235
Deferred acquisition costs	476,661			497,733			511,155			477,010		426,551
Receivable for investments sold	256,416			406,062			505,907			111,431		103,145
Other assets	135,127			121,724			122,048			127,571		121,226
Goodwill and other intangibles	237,418			238,803			240,187			241,572		243,145
Total assets	$	18,676,196		$	17,096,394		$	17,023,378		$	15,922,202	$	15,226,131
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	6,076,271		$	4,952,498		$	4,702,345		$	4,912,727	$	5,080,408
Unearned premiums	1,716,021			2,058,851			2,267,450			1,961,746		1,477,609
Debt	991,127			990,749			990,371			989,995		989,623
Reinsurance balances payable	1,902,056			1,970,913			2,085,034			1,758,948		989,090
Payable for investments purchased	380,332			555,556			490,589			306,664		208,749
Other liabilities	513,609			147,328			134,100			130,505		792,771
Total liabilities	11,579,416			10,675,895			10,669,889			10,060,585		9,538,250
Redeemable noncontrolling interest	2,051,700			1,533,978			1,493,428			1,425,364		1,296,506
Shareholders' Equity
Preference shares	650,000			650,000			650,000			400,000		400,000
Common shares	42,207			40,266			40,263			40,246		40,024
Additional paid-in capital	296,099			42,395			35,094			38,552		37,355
Accumulated other comprehensive (loss) income	(1,433		)	(1,483		)	(1,101		)	194		224
Retained earnings	4,058,207			4,155,343			4,135,805			3,957,261		3,913,772
Total shareholders' equity attributable to RenaissanceRe	5,045,080			4,886,521			4,860,061			4,436,253		4,391,375
Total liabilities, noncontrolling interests and shareholders' equity	$	18,676,196		$	17,096,394		$	17,023,378		$	15,922,202	$	15,226,131

Book value per common share	$	104.13		$	105.21		$	104.56		$	100.29	$	99.72



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	December 31, 2018					September 30, 2018					June 30, 2018					March 31, 2018					December 31, 2017
U.S. treasuries	$	3,331,411		28.0	%	$	3,117,911		27.0	%	$	2,968,855		27.7	%	$	2,834,487		27.7	%	$	3,168,763		33.3	%
Agencies	174,883			1.5	%	143,980			1.2	%	55,199			0.5	%	45,365			0.5	%	47,646			0.5	%
Municipal	6,854			0.1	%	7,061			0.1	%	6,164			0.1	%	506,470			5.0	%	509,802			5.4	%
Non-U.S. government	279,818			2.4	%	254,169			2.2	%	298,811			2.8	%	303,056			3.0	%	287,660			3.0	%
Non-U.S. government-backed corporate	160,063			1.3	%	137,512			1.2	%	185,640			1.7	%	191,202			1.9	%	163,651			1.7	%
Corporate	2,450,244			20.6	%	2,448,795			21.2	%	2,280,080			21.3	%	2,147,578			21.0	%	2,063,459			21.7	%
Agency mortgage-backed	817,880			6.8	%	836,376			7.2	%	762,077			7.1	%	693,377			6.8	%	500,456			5.3	%
Non-agency mortgage-backed	278,680			2.4	%	289,649			2.5	%	300,311			2.8	%	302,638			2.9	%	300,331			3.1	%
Commercial mortgage-backed	282,294			2.4	%	257,434			2.2	%	248,590			2.3	%	197,126			1.9	%	202,062			2.1	%
Asset-backed	306,743			2.6	%	321,892			2.9	%	315,051			3.0	%	183,462			1.7	%	182,725			2.0	%
Total fixed maturity investments, at fair value	8,088,870			68.1	%	7,814,779			67.7	%	7,420,778			69.3	%	7,404,761			72.4	%	7,426,555			78.1	%
Short term investments, at fair value	2,586,520			21.8	%	2,461,415			21.3	%	2,031,943			19.0	%	1,616,597			15.8	%	991,863			10.4	%
Total consolidated fixed maturity and short term investments, at fair value	10,675,390			89.9	%	10,276,194			89.0	%	9,452,721			88.3	%	9,021,358			88.2	%	8,418,418			88.5	%
Equity investments trading, at fair value	310,252			2.6	%	413,271			3.6	%	432,804			4.1	%	387,462			3.8	%	388,254			4.1	%
Other investments, at fair value	784,933			6.5	%	738,919			6.4	%	713,200			6.6	%	692,652			6.8	%	594,793			6.3	%
Total managed investment portfolio	11,770,575			99.0	%	11,428,384			99.0	%	10,598,725			99.0	%	10,101,472			98.8	%	9,401,465			98.9	%
Investments in other ventures, under equity method	115,172			1.0	%	117,307			1.0	%	111,935			1.0	%	120,232			1.2	%	101,974			1.1	%
Total investments	$	11,885,747		100.0	%	$	11,545,691		100.0	%	$	10,710,660		100.0	%	$	10,221,704		100.0	%	$	9,503,439		100.0	%

Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	10,675,390				$	10,276,194				$	9,452,721				$	9,021,358				$	8,418,418
Weighted average yield to maturity of fixed maturity and short term investments	3.2		%			3.1		%			3.0		%			2.9		%			2.5		%
Average duration of fixed maturities and short term investments	2.1					2.0					2.2					2.4					2.5
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	7,647,460				$	7,600,044				$	7,056,577				$	6,804,618				$	6,760,383
Weighted average yield to maturity of retained fixed maturity and short term investments	3.4		%			3.3		%			3.1		%			3.0		%			2.6		%
Average duration of retained fixed maturities and short term investments	2.3					2.4					2.3					2.5					2.5


(1)	Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.


(2)	Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See Comments on Regulation G for a reconciliation of non-GAAP financial measures.



	8



RenaissanceRe Holdings Ltd.
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018				December 31, 2017
AAA	$	769,757	9.5	%	$	732,294	9.4	%	$	792,956	10.7	%	$	723,897	9.7	%	$	739,822	10.0	%
AA	4,745,307		58.7	%	4,496,120		57.5	%	4,181,431		56.3	%	4,204,030		56.8	%	4,341,541		58.5	%
A	928,205		11.5	%	880,744		11.3	%	853,862		11.5	%	889,814		12.0	%	813,953		11.0	%
BBB	658,825		8.1	%	631,290		8.1	%	516,911		7.0	%	540,639		7.3	%	522,601		7.0	%
Non-investment grade and not rated	986,776		12.2	%	1,074,331		13.7	%	1,075,618		14.5	%	1,046,381		14.2	%	1,008,638		13.5	%
Total fixed maturity investments, at fair value	$	8,088,870	100.0	%	$	7,814,779	100.0	%	$	7,420,778	100.0	%	$	7,404,761	100.0	%	$	7,426,555	100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	507,728	6.3	%	$	301,817	3.9	%	$	383,353	5.2	%	$	495,143	6.7	%	$	546,255	7.3	%
Due after one through five years	4,762,712		58.9	%	4,694,059		60.0	%	4,421,536		59.5	%	4,324,744		58.4	%	4,521,930		60.9	%
Due after five through ten years	1,056,087		13.1	%	1,020,157		13.1	%	904,070		12.2	%	1,064,575		14.4	%	1,007,656		13.6	%
Due after ten years	76,746		0.9	%	93,395		1.2	%	85,790		1.2	%	143,696		1.9	%	165,140		2.2	%
Mortgage-backed securities	1,378,854		17.0	%	1,383,459		17.7	%	1,310,978		17.7	%	1,193,141		16.1	%	1,002,849		13.5	%
Asset-backed securities	306,743		3.8	%	321,892		4.1	%	315,051		4.2	%	183,462		2.5	%	182,725		2.5	%
Total fixed maturity investments, at fair value	$	8,088,870	100.0	%	$	7,814,779	100.0	%	$	7,420,778	100.0	%	$	7,404,761	100.0	%	$	7,426,555	100.0	%



	9



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Type of Investment
Catastrophe bonds	$	516,571		$	525,126		$	501,025		$	476,534		$	380,475
Private equity investments	242,647			185,121			186,200			190,067			196,220
Senior secured bank loan funds	14,482			17,057			14,414			13,771			17,574
Hedge funds	11,233			11,615			11,561			12,280			524
Total other investments, at fair value	$	784,933		$	738,919		$	713,200		$	692,652		$	594,793

Type of Investment
Catastrophe bonds	65.9		%	71.1		%	70.3		%	68.8		%	64.0		%
Private equity investments	30.9		%	25.0		%	26.1		%	27.4		%	32.9		%
Senior secured bank loan funds	1.8		%	2.3		%	2.0		%	2.0		%	3.0		%
Hedge funds	1.4		%	1.6		%	1.6		%	1.8		%	0.1		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	10



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Year ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Fixed maturity investments	$	60,189		$	55,725		$	50,416		$	45,643		$	46,544		$	211,973		$	179,624
Short term investments	11,231			9,403			7,633			5,304			3,606			33,571			11,082
Equity investments trading	1,383			903			1,490			698			998			4,474			3,628
Other investments
Private equity investments	(11,672		)	8,723			3,860			(434		)	13,215			477			33,999
Other	(4,871		)	8,665			10,658			8,023			12,587			22,475			8,067
Cash and cash equivalents	1,102			1,104			1,039			565			360			3,810			1,196
	57,362			84,523			75,096			59,799			77,310			276,780			237,596
Investment expenses	(4,024		)	(3,827		)	(3,740		)	(3,323		)	(3,846		)	(14,914		)	(15,387		)
Net investment income	53,338			80,696			71,356			56,476			73,464			261,866			222,209

Gross realized gains	6,339			5,229			5,133			4,583			6,068			21,284			49,121
Gross realized losses	(23,399		)	(15,327		)	(26,519		)	(25,853		)	(8,930		)	(91,098		)	(38,832		)
Net realized (losses) gains on fixed maturity investments	(17,060		)	(10,098		)	(21,386		)	(21,270		)	(2,862		)	(69,814		)	10,289
Net unrealized gains (losses) on fixed maturity investments trading	16,212			(8,730		)	(9,420		)	(55,372		)	(40,461		)	(57,310		)	8,479
Net realized and unrealized (losses) gains on investments-related derivatives	(8,021		)	2,563			1,038			(4,364		)	1,854			(8,784		)	(2,490		)
Net realized gains on equity investments trading	5,898			21,259			348			234			30,291			27,739			80,027
Net unrealized (losses) gains on equity investments trading	(85,683		)	8,636			11,519			(1,372		)	3,462			(66,900		)	39,517
Net realized and unrealized (losses) gains on investments	(88,654		)	13,630			(17,901		)	(82,144		)	(7,716		)	(175,069		)	135,822
Total investment result	$	(35,316	)	$	94,326		$	53,455		$	(25,668	)	$	65,748		$	86,797		$	358,031

Total investment return - annualized	(1.2		)%	3.3		%	2.0		%	(1.0		)%	2.6		%	0.8		%	3.6		%



	11



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 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	$	2,586,520	$	2,586,520		21.8	%	2.1	%	$	2,579,900		$	2,541		$	553		$	1,511		$	751		$	1,264
			100.0		%					99.8		%	0.1		%	—		%	0.1		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	3,336,969		3,331,411			28.0	%	2.5	%	—			3,331,411			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	118,638		118,476			1.0	%	3.1	%	—			118,476			—			—			—			—
Other agencies	56,547		56,407			0.5	%	2.9	%	—			56,407			—			—			—			—
Total agencies	175,185		174,883			1.5	%	3.0	%	—			174,883			—			—			—			—
Municipal	6,070		6,854			0.1	%	4.8	%	—			1,044			4,546			504			—			760
Non-U.S. government	284,965		279,818			2.4	%	2.7	%	207,103			61,233			8,216			—			3,266			—
Non-U.S. government-backed corporate	160,286		160,063			1.3	%	2.8	%	55,843			49,635			54,188			397			—			—
Corporate	2,513,434		2,450,244			20.6	%	4.9	%	41,668			197,653			854,801			607,745			719,459			28,918
Mortgage-backed
Residential mortgage-backed
Agency securities	825,365		817,880			6.8	%	3.5	%	262			817,618			—			—			—			—
Non-agency securities - Alt A	213,888		223,889			1.9	%	4.7	%	11,407			9,312			2,448			9,132			155,553			36,037
Non-agency securities - Prime	52,817		54,791			0.5	%	4.4	%	7,114			3,173			1,442			2,084			22,416			18,562
Total residential mortgage-backed	1,092,070		1,096,560			9.2	%	3.8	%	18,783			830,103			3,890			11,216			177,969			54,599
Commercial mortgage-backed	284,495		282,294			2.4	%	3.6	%	214,161			57,704			895			9,534			—			—
Total mortgage-backed	1,376,565		1,378,854			11.6	%	3.7	%	232,944			887,807			4,785			20,750			177,969			54,599
Asset-backed
Collateralized loan obligations	269,947		266,389			2.2	%	4.5	%	197,084			41,641			—			27,664			—			—
Credit cards	11,864		11,857			0.1	%	3.0	%	11,857			—			—			—			—			—
Auto loans	18,065		17,942			0.2	%	3.1	%	17,942			—			—			—			—			—
Student loans	2,559		2,557			—	%	3.3	%	2,557			—			—			—			—			—
Other	8,053		7,998			0.1	%	3.7	%	2,759			—			1,669			1,765			—			1,805
Total asset-backed	310,488		306,743			2.6	%	4.3	%	232,199			41,641			1,669			29,429			—			1,805
Total securitized assets	1,687,053		1,685,597			14.2	%	3.8	%	465,143			929,448			6,454			50,179			177,969			56,404
Total fixed maturity investments	8,163,962		8,088,870			68.1	%	3.5	%	769,757			4,745,307			928,205			658,825			900,694			86,082
			100.0		%					9.5		%	58.7		%	11.5		%	8.1		%	11.1		%	1.1		%
Equity investments trading			310,252			2.6	%			—			—			—			—			—			310,252
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			516,571			4.3	%			—			—			—			—			516,571			—
Private equity investments			242,647			2.0	%			—			—			—			—			—			242,647
Senior secured bank loan funds			14,482			0.1	%			—			—			—			—			—			14,482
Hedge funds			11,233			0.1	%			—			—			—			—			—			11,233
Total other investments			784,933			6.5	%			—			—			—			—			516,571			268,362
			100.0		%					—		%	—		%	—		%	—		%	65.8		%	34.2		%
Investments in other ventures			115,172			1.0	%			—			—			—			—			—			115,172
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	11,885,747		100.0	%			$	3,349,657		$	4,747,848		$	928,758		$	660,336		$	1,418,016		$	781,132
			100.0		%					28.2		%	39.9		%	7.8		%	5.6		%	11.9		%	6.6		%

(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.



	12



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2018
Property	$	690,718	$	1,308,307	$	1,087,229	$	3,086,254
Casualty and Specialty	771,537		116,877		2,096,979		2,985,393
Other	1,458		—		3,166		4,624
Total	$	1,463,713	$	1,425,184	$	3,187,374	$	6,076,271

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



	13



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2018									Three months ended December 31, 2017
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	4,952,498		$	1,204,059		$	3,748,439		$	5,192,313		$	1,588,304		$	3,604,009
Incurred claims and claim expenses
Current year	1,843,454			1,292,047			551,407			538,023			196,626			341,397
Prior years	(82,478		)	(8,709		)	(73,769		)	(41,852		)	(4,519		)	(37,333		)
Total incurred claims and claim expenses	1,760,976			1,283,338			477,638			496,171			192,107			304,064
Paid claims and claim expenses
Current year	386,378			43,392			342,986			472,687			180,845			291,842
Prior years	248,798			71,782			177,016			140,827			12,940			127,887
Total paid claims and claim expenses	635,176			115,174			520,002			613,514			193,785			419,729
Foreign exchange	(2,027		)	(2		)	(2,025		)	5,438			4			5,434
Reserve for claims and claim expenses, end of period	$	6,076,271		$	2,372,221		$	3,704,050		$	5,080,408		$	1,586,630		$	3,493,778

	Year ended December 31, 2018									Year ended December 31, 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	2,910,525			1,519,758			1,390,767			3,464,548			1,562,124			1,902,424
Prior years	(331,989		)	(61,240		)	(270,749		)	(44,160		)	(3,164		)	(40,996		)
Total incurred claims and claim expenses	2,578,536			1,458,518			1,120,018			3,420,388			1,558,960			1,861,428
Paid claims and claim expenses
Current year	445,756			54,695			391,061			642,344			191,817			450,527
Prior years	1,121,930			618,222			503,708			584,484			60,186			524,298
Total paid claims and claim expenses	1,567,686			672,917			894,769			1,226,828			252,003			974,825
Foreign exchange	(14,987		)	(10		)	(14,977		)	38,554			109			38,445
Reserve for claims and claim expenses, end of period	$	6,076,271		$	2,372,221		$	3,704,050		$	5,080,408		$	1,586,630		$	3,493,778



	14

RenaissanceRe Holdings Ltd.

Fee Income

The table below reflects the total fee income 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												Year ended
	December 31, 2018			September 30, 2018			June 30, 2018		March 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Management fee income
Joint ventures	$	3,628		$	9,265		$	7,125	$	6,369	$	423	$	26,387	$	15,358
Managed funds	3,051			3,260			2,745		2,406		713		11,462		3,659
Structured reinsurance products	8,213			8,530			7,958		8,611		8,944		33,312		31,177
Total management fee income	14,892			21,055			17,828		17,386		10,080		71,161		50,194

Performance fee income (loss)
Joint ventures	3,193			853			6,869		4,178		845		15,093		9,429
Managed funds	(4,430		)	2,539			1,175		778		145		62		197
Structured reinsurance products	(5,020		)	(1,568		)	6,802		3,366		1,185		3,580		4,719
Total performance fee (loss) income (1)	(6,257		)	1,824			14,846		8,322		2,175		18,735		14,345

Total fee income	$	8,635		$	22,879		$	32,674	$	25,708	$	12,255	$	89,896	$	64,539


(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)	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(83,906	)	$	32,681		$	191,788		$	56,713		$	(3,452	)
Amount allocated to participating common shareholders (1)	(157		)	(294		)	(2,174		)	(546		)	(113		)
	$	(84,063	)	$	32,387		$	189,614		$	56,167		$	(3,565	)
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	40,111			39,624			39,641			39,552			39,478
Per common share equivalents of employee stock options and restricted shares	—			13			13			47			—
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,111			39,637			39,654			39,599			39,478

Basic (loss) income per RenaissanceRe common share	$	(2.10	)	$	0.82		$	4.78		$	1.42		$	(0.09	)
Diluted (loss) income per RenaissanceRe common share	$	(2.10	)	$	0.82		$	4.78		$	1.42		$	(0.09	)

	Year ended
(common shares in thousands)	December 31, 2018			December 31, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	197,276		$	(244,770	)
Amount allocated to participating common shareholders (1)	(2,121		)	(457		)
	$	195,155		$	(245,227	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	39,732			39,854
Per common share equivalents of employee stock options and restricted shares	23			—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,755			39,854

Basic income (loss) per RenaissanceRe common share	$	4.91		$	(6.15	)
Diluted income (loss) per RenaissanceRe common share	$	4.91		$	(6.15	)


(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														Year ended
	December 31, 2018		September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018		December 31, 2017
Tower Hill Companies	$	1,331	$	4,629		$	4,555		$	(910	)	$	(412	)	$	9,605	$	(1,647	)
Top Layer Re	2,650		2,170			1,999			2,033			1,987			8,852		9,851
Other	162		849			(728		)	(266		)	625			17		(174		)
Total equity in earnings of other ventures	$	4,143	$	7,648		$	5,826		$	857		$	2,200		$	18,474	$	8,030


Other Income (Loss)

	Three months ended														Year ended
	December 31, 2018		September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018		December 31, 2017
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	5,000	$	543		$	787		$	(1,523	)	$	1,230		$	4,807	$	8,655
Other items	489		(46		)	438			281			1,132			1,162		760
Total other income (loss)	$	5,489	$	497		$	1,225		$	(1,242	)	$	2,362		$	5,969	$	9,415



	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	—	—
Vermeer Reinsurance Ltd. (1)	A	—	—	—

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										Year ended
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Property Segment
Catastrophe	$	108,937	$	212,330	$	437,720	$	590,337	$	35,012	$	1,349,324	$	1,104,450
Other property	90,981		89,083		114,907		116,631		60,154		411,602		335,987
Property segment gross premiums written	$	199,918	$	301,413	$	552,627	$	706,968	$	95,166	$	1,760,926	$	1,440,437

Casualty and Specialty Segment
Professional liability (1)	$	119,391	$	111,536	$	97,811	$	157,113	$	117,075	$	485,851	$	452,310
General casualty (2)	75,797		97,026		153,648		126,626		80,538		453,097		417,880
Financial lines (3)	102,167		69,253		88,215		93,267		83,157		352,902		303,800
Other (4)	50,482		46,449		85,042		75,678		31,830		257,651		183,120
Casualty and Specialty segment gross premiums written	$	347,837	$	324,264	$	424,716	$	452,684	$	312,600	$	1,549,501	$	1,357,110



(1)	Includes directors and officers, medical malpractice, and professional indemnity.
(2)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability
(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 December 31, 2018									Three months ended December 31, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	108,937		$	90,981		$	199,918		$	35,012		$	60,154		$	95,166
Net premiums written	$	79,209		$	91,438		$	170,647		$	22,564		$	59,722		$	82,286
Net premiums earned	$	233,107		$	95,478		$	328,585		$	150,688		$	64,358		$	215,046
Net claims and claim expenses incurred	192,810			82,890			275,700			145,237			36,475			181,712
Acquisition expenses	23,165			27,652			50,817			18,787			19,912			38,699
Operational expenses	30,984			6,037			37,021			13,930			3,423			17,353
Underwriting (loss) income	$	(13,852	)	$	(21,101	)	$	(34,953	)	$	(27,266	)	$	4,548		$	(22,718	)

Net claims and claim expenses incurred - current accident year	$	238,402		$	85,716		$	324,118		$	165,171		$	45,169		$	210,340
Net claims and claim expenses incurred - prior accident years	(45,592		)	(2,826		)	(48,418		)	(19,934		)	(8,694		)	(28,628		)
Net claims and claim expenses incurred - total	$	192,810		$	82,890		$	275,700		$	145,237		$	36,475		$	181,712

Net claims and claim expense ratio - current accident year	102.3		%	89.8		%	98.6		%	109.6		%	70.2		%	97.8		%
Net claims and claim expense ratio - prior accident years	(19.6		)%	(3.0		)%	(14.7		)%	(13.2		)%	(13.5		)%	(13.3		)%
Net claims and claim expense ratio - calendar year	82.7		%	86.8		%	83.9		%	96.4		%	56.7		%	84.5		%
Underwriting expense ratio	23.2		%	35.3		%	26.7		%	21.7		%	36.2		%	26.1		%
Combined ratio	105.9		%	122.1		%	110.6		%	118.1		%	92.9		%	110.6		%

	Year ended December 31, 2018									Year ended December 31, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,349,324		$	411,602		$	1,760,926		$	1,104,450		$	335,987		$	1,440,437
Net premiums written	$	699,255		$	355,933		$	1,055,188		$	694,607		$	283,407		$	978,014
Net premiums earned	$	710,417		$	340,414		$	1,050,831		$	700,990		$	230,080		$	931,070
Net claims and claim expenses incurred	282,713			215,182			497,895			1,083,376			214,609			1,297,985
Acquisition expenses	77,950			99,962			177,912			36,928			76,888			113,816
Operational expenses	93,897			19,057			112,954			77,052			17,142			94,194
Underwriting income (loss)	$	255,857		$	6,213		$	262,070		$	(496,366	)	$	(78,559	)	$	(574,925	)

Net claims and claim expenses incurred - current accident year	$	476,190		$	242,995		$	719,185		$	1,127,699		$	215,882		$	1,343,581
Net claims and claim expenses incurred - prior accident years	(193,477		)	(27,813		)	(221,290		)	(44,323		)	(1,273		)	(45,596		)
Net claims and claim expenses incurred - total	$	282,713		$	215,182		$	497,895		$	1,083,376		$	214,609		$	1,297,985

Net claims and claim expense ratio - current accident year	67.0		%	71.4		%	68.4		%	160.9		%	93.8		%	144.3		%
Net claims and claim expense ratio - prior accident years	(27.2		)%	(8.2		)%	(21.0		)%	(6.4		)%	(0.5		)%	(4.9		)%
Net claims and claim expense ratio - calendar year	39.8		%	63.2		%	47.4		%	154.5		%	93.3		%	139.4		%
Underwriting expense ratio	24.2		%	35.0		%	27.7		%	16.3		%	40.8		%	22.3		%
Combined ratio	64.0		%	98.2		%	75.1		%	170.8		%	134.1		%	161.7		%



	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 (loss) income (attributable) available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, 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 (loss) income (attributable) available to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net (loss) income (attributable) available 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															Year ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(83,906	)	$	32,681		$	191,788		$	56,713		$	(3,452	)	$	197,276		$	(244,770	)
Adjustment for net realized and unrealized losses (gains) on investments	88,654			(13,630		)	17,901			82,144			7,716			175,069			(135,822		)
Adjustment for deferred tax asset write-down (1)	—			—			—			—			36,705			—			36,705
Adjustment for income tax (benefit) expense (2)	(3,580		)	1,536			(58		)	(3,648		)	384			(5,750		)	11,587
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	1,168		$	20,587		$	209,631		$	135,209		$	41,353		$	366,595		$	(332,300	)

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(2.10	)	$	0.82		$	4.78		$	1.42		$	(0.09	)	$	4.91		$	(6.15	)
Adjustment for net realized and unrealized losses (gains) on investments	2.21			(0.34		)	0.45			2.07			0.20			4.40			(3.41		)
Adjustment for deferred tax asset write-down (1)	—			—			—			—			0.93			—			0.92
Adjustment for income tax (benefit) expense (2)	(0.09		)	0.04			—			(0.09		)	0.01			(0.14		)	0.29
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.02		$	0.52		$	5.23		$	3.40		$	1.05		$	9.17		$	(8.35	)

Return on average common equity - annualized	(7.8		)%	3.1		%	18.6		%	5.7		%	(0.3		)%	4.7		%	(5.7		)%
Adjustment for net realized and unrealized losses (gains) on investments	8.2		%	(1.3		)%	1.7		%	8.2		%	0.8		%	4.2		%	(3.2		)%
Adjustment for deferred tax asset write-down (1)	—		%	—		%	—		%	—		%	3.7		%	—		%	0.9		%
Adjustment for income tax (benefit) expense (2)	(0.3		)%	0.1		%	—		%	(0.4		)%	—		%	(0.1		)%	0.3		%
Operating return on average common equity - annualized	0.1		%	1.9		%	20.3		%	13.5		%	4.2		%	8.8		%	(7.7		)%


(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 (benefit) expense represents the income tax benefit (expense) associated with the adjustment for net realized and unrealized losses (gains) 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
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Book value per common share	$	104.13		$	105.21		$	104.56		$	100.29		$	99.72
Adjustment for goodwill and other intangibles (1)	(6.28		)	(6.63		)	(6.69		)	(6.66		)	(6.49		)
Tangible book value per common share	97.85			98.58			97.87			93.63			93.23
Adjustment for accumulated dividends	19.32			18.99			18.66			18.33			18.00
Tangible book value per common share plus accumulated dividends	$	117.17		$	117.57		$	116.53		$	111.96		$	111.23

Quarterly change in book value per common share	(1.0		)%	0.6		%	4.3		%	0.6		%	(0.3		)%
Quarterly change in tangible book value per common share plus change in accumulated dividends	(0.4		)%	1.1		%	4.9		%	0.8		%	0.1		%
Year to date change in book value per common share	4.4		%	5.5		%	4.9		%	0.6		%	(8.0		)%
Year to date change in tangible book value per common share plus change in accumulated dividends	6.4		%	6.8		%	5.7		%	0.8		%	(7.2		)%


(1)	At December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, goodwill and other intangibles included $27.7 million, $28.4 million, $29.1 million, $26.3 million and $16.7 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	22

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment results included in net (loss) income (attributable) available to RenaissanceRe common shareholders. A reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value” is included below:



	At
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017

Fixed maturity investments, at fair value	$	8,088,870		$	7,814,779		$	7,420,778		$	7,404,761		$	7,426,555
Short term investments, at fair value	2,586,520			2,461,415			2,031,943			1,616,597			991,863
Total consolidated fixed maturity and short term investments, at fair value	$	10,675,390		$	10,276,194		$	9,452,721		$	9,021,358		$	8,418,418
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures	(3,027,930		)	(2,676,150		)	(2,396,144		)	(2,216,740		)	(1,658,035		)
Retained fixed maturity and short term investments, at fair value	$	7,647,460		$	7,600,044		$	7,056,577		$	6,804,618		$	6,760,383



	23

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															Year ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Property Segment
Catastrophe	$	108,937		$	212,330		$	437,720		$	590,337		$	35,012		$	1,349,324		$	1,104,450
Other property	90,981			89,083			114,907			116,631			60,154			411,602			335,987
Property segment gross premiums written	$	199,918		$	301,413		$	552,627		$	706,968		$	95,166		$	1,760,926		$	1,440,437

Managed Catastrophe Premiums
Property segment gross premiums written	$	199,918		$	301,413		$	552,627		$	706,968		$	95,166		$	1,760,926		$	1,440,437
Other property gross premiums written	(90,981		)	(89,083		)	(114,907		)	(116,631		)	(60,154		)	(411,602		)	(335,987		)
Catastrophe gross premiums written	$	108,937		$	212,330		$	437,720		$	590,337		$	35,012		$	1,349,324		$	1,104,450
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	797			1,475			26,027			13,660			1,540			41,959			41,772
Managed catastrophe premiums	$	109,734		$	213,805		$	463,747		$	603,997		$	36,552		$	1,391,283		$	1,146,222



	24

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - January 29, 2019

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RENAISSANCERE HOLDINGS LTD Reports