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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - RENAISSANCERE HOLDINGS LTD	rnrearningsrelease2020.htm
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnr8-kcover2020q1.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	4
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	5

Balance Sheets
a.	Summary Consolidated Balance Sheets	6

Investments
a.	Investment Portfolio - Composition	7
b.	Investment Portfolio - Fixed Maturity Investments	8
c.	Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	9
d.	Total Investment Result	10

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	11
b.	Paid to Incurred Analysis	12

Other Items
a.	Fee Income	13
b.	Noncontrolling Interests	14
c.	Earnings per Share	15
d.	Ratings	16

Supplemental Information
a.	Gross Premiums Written	17
b.	Property Segment Supplemental Underwriting Results	18

Comments on Regulation G		19

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, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of RenaissanceRe Europe AG (formerly known as Tokio Millennium Re AG), RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) and their subsidiaries (collectively, “TMR”). The operating activities of TMR from the acquisition date through March 31, 2019 were not material and, as a result, were not included in the Company's consolidated statements of operations for the three months ended March 31, 2019.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") including “operating income available to RenaissanceRe common shareholders,” “operating income available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." 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 19 through 23 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, amounts are in thousands of United States Dollars, 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
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Highlights
Gross premiums written	$	2,025,721		$	905,479		$	861,068		$	1,476,908		$	1,564,295
Underwriting income (loss)	$	64,079		$	(65,157	)	$	(3,368	)	$	170,833		$	154,109

Net investment income	$	99,473		$	112,138		$	111,387		$	118,588		$	82,094
Net realized and unrealized (losses) gains on investments	(110,707		)	18,454			34,395			191,247			170,013
Total investment result	$	(11,234	)	$	130,592		$	145,782		$	309,835		$	252,107

Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(81,974	)	$	33,773		$	36,698		$	367,854		$	273,717
Operating income available to RenaissanceRe common shareholders (1)	$	33,410		$	12,623		$	32,681		$	198,839		$	153,608

Total investments	$	17,818,597		$	17,368,789		$	16,947,893		$	16,388,316		$	14,852,848
Total assets	$	27,465,519		$	26,330,094		$	25,644,210		$	26,086,961		$	24,559,600
Reserve for claims and claim expenses	$	9,406,707		$	9,384,349		$	8,602,437		$	8,484,848		$	8,391,484
Total shareholders' equity attributable to RenaissanceRe	$	5,683,526		$	5,971,367		$	5,951,235		$	5,912,842		$	5,554,033

Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(1.89	)	$	0.77		$	0.83		$	8.35		$	6.43
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	0.76		$	0.28		$	0.73		$	4.47		$	3.59
Book value per common share	$	117.15		$	120.53		$	120.07		$	119.17		$	111.05
Tangible book value per common share (1)	$	110.69		$	114.03		$	113.52		$	112.57		$	104.39
Tangible book value per common share plus accumulated dividends (1)	$	131.72		$	134.71		$	133.86		$	132.57		$	124.05
Change in tangible book value per common share plus change in accumulated dividends (1)	(2.6		)%	0.7		%	1.1		%	8.2		%	7.0		%

Financial ratios
Combined ratio	93.0		%	106.7		%	100.4		%	81.3		%	72.0		%
Return on average common equity - annualized	(6.3		)%	2.5		%	2.8		%	28.9		%	23.5		%
Operating return on average common equity - annualized (1)	2.6		%	0.9		%	2.5		%	15.6		%	13.1		%
Total investment return - annualized	(0.1		)%	3.1		%	3.6		%	8.0		%	8.0		%


(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
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Revenues
Gross premiums written	$	2,025,721		$	905,479		$	861,068		$	1,476,908		$	1,564,295
Net premiums written	$	1,269,808		$	725,367		$	704,130		$	1,022,965		$	929,031
(Increase) decrease in unearned premiums	(356,710		)	244,758			202,618			(111,463		)	(379,003		)
Net premiums earned	913,098			970,125			906,748			911,502			550,028
Net investment income	99,473			112,138			111,387			118,588			82,094
Net foreign exchange (losses) gains	(5,728		)	(1,126		)	(8,275		)	9,309			(2,846		)
Equity in earnings of other ventures	4,564			5,874			5,877			6,812			4,661
Other (loss) income	(4,436		)	(160		)	1,016			922			3,171
Net realized and unrealized (losses) gains on investments	(110,707		)	18,454			34,395			191,247			170,013
Total revenues	896,264			1,105,305			1,051,148			1,238,380			807,121
Expenses
Net claims and claim expenses incurred	570,954			762,093			654,520			453,373			227,035
Acquisition expenses	210,604			208,618			202,181			227,482			123,951
Operational expenses	67,461			64,571			53,415			59,814			44,933
Corporate expenses	15,991			17,642			13,844			23,847			38,789
Interest expense	14,927			15,496			15,580			15,534			11,754
Total expenses	879,937			1,068,420			939,540			780,050			446,462
Income before taxes	16,327			36,885			111,608			458,330			360,659
Income tax benefit (expense)	8,846			3,455			(3,664		)	(9,475		)	(7,531		)
Net income	25,173			40,340			107,944			448,855			353,128
Net (income) loss attributable to noncontrolling interests	(98,091		)	2,622			(62,057		)	(71,812		)	(70,222		)
Net (loss) income attributable to RenaissanceRe	(72,918		)	42,962			45,887			377,043			282,906
Dividends on preference shares	(9,056		)	(9,189		)	(9,189		)	(9,189		)	(9,189		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(81,974	)	$	33,773		$	36,698		$	367,854		$	273,717

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(1.89	)	$	0.77		$	0.83		$	8.36		$	6.43
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(1.89	)	$	0.77		$	0.83		$	8.35		$	6.43
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	0.76		$	0.28		$	0.73		$	4.52		$	3.59

Return on average common equity - annualized	(6.3		)%	2.5		%	2.8		%	28.9		%	23.5		%
Operating return on average common equity - annualized (1)	2.6		%	0.9		%	2.5		%	15.6		%	13.1		%


(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 March 31, 2020
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,220,526		$	805,195		$	—		$	2,025,721
Net premiums written	$	674,581		$	595,227		$	—		$	1,269,808
Net premiums earned	$	421,335		$	491,763		$	—		$	913,098
Net claims and claim expenses incurred	144,852			426,209			(107		)	570,954
Acquisition expenses	85,351			125,253			—			210,604
Operational expenses	44,007			23,454			—			67,461
Underwriting income (loss)	$	147,125		$	(83,153	)	$	107		$	64,079

Net claims and claim expenses incurred - current accident year	$	130,844		$	426,210		$	—		$	557,054
Net claims and claim expenses incurred - prior accident years	14,008			(1		)	(107		)	13,900
Net claims and claim expenses incurred - total	$	144,852		$	426,209		$	(107	)	$	570,954

Net claims and claim expense ratio - current accident year	31.1		%	86.7		%				61.0		%
Net claims and claim expense ratio - prior accident years	3.3		%	—		%				1.5		%
Net claims and claim expense ratio - calendar year	34.4		%	86.7		%				62.5		%
Underwriting expense ratio	30.7		%	30.2		%				30.5		%
Combined ratio	65.1		%	116.9		%				93.0		%

	Three months ended March 31, 2019
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,032,384		$	531,911		$	—		$	1,564,295
Net premiums written	$	564,230		$	364,801		$	—		$	929,031
Net premiums earned	$	290,745		$	259,283		$	—		$	550,028
Net claims and claim expenses incurred	56,083			170,933			19			227,035
Acquisition expenses	53,739			70,212			—			123,951
Operational expenses	28,544			16,389			—			44,933
Underwriting income (loss)	$	152,379		$	1,749		$	(19	)	$	154,109

Net claims and claim expenses incurred - current accident year	$	54,206		$	177,135		$	—		$	231,341
Net claims and claim expenses incurred - prior accident years	1,877			(6,202		)	19			(4,306		)
Net claims and claim expenses incurred - total	$	56,083		$	170,933		$	19		$	227,035

Net claims and claim expense ratio - current accident year	18.6		%	68.3		%				42.1		%
Net claims and claim expense ratio - prior accident years	0.7		%	(2.4		)%				(0.8		)%
Net claims and claim expense ratio - calendar year	19.3		%	65.9		%				41.3		%
Underwriting expense ratio	28.3		%	33.4		%				30.7		%
Combined ratio	47.6		%	99.3		%				72.0		%



	3



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Gross premiums written	$	1,220,526		$	245,001		$	314,400		$	839,200		$	1,032,384
Net premiums written	$	674,581		$	242,932		$	302,982		$	544,115		$	564,230
Net premiums earned	$	421,335		$	467,404		$	444,332		$	425,013		$	290,745
Net claims and claim expenses incurred	144,852			424,207			338,260			146,874			56,083
Acquisition expenses	85,351			90,790			79,521			89,711			53,739
Operational expenses	44,007			39,469			34,238			36,764			28,544
Underwriting income (loss)	$	147,125		$	(87,062	)	$	(7,687	)	$	151,664		$	152,379

Net claims and claim expenses incurred - current accident year	$	130,844		$	432,160		$	345,880		$	136,111		$	54,206
Net claims and claim expenses incurred - prior accident years	14,008			(7,953		)	(7,620		)	10,763			1,877
Net claims and claim expenses incurred - total	$	144,852		$	424,207		$	338,260		$	146,874		$	56,083

Net claims and claim expense ratio - current accident year	31.1		%	92.5		%	77.8		%	32.0		%	18.6		%
Net claims and claim expense ratio - prior accident years	3.3		%	(1.7		)%	(1.7		)%	2.6		%	0.7		%
Net claims and claim expense ratio - calendar year	34.4		%	90.8		%	76.1		%	34.6		%	19.3		%
Underwriting expense ratio	30.7		%	27.8		%	25.6		%	29.7		%	28.3		%
Combined ratio	65.1		%	118.6		%	101.7		%	64.3		%	47.6		%

	Three months ended
Casualty and Specialty Segment	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Gross premiums written	$	805,195		$	660,478		$	546,668		$	637,708		$	531,911
Net premiums written	$	595,227		$	482,435		$	401,148		$	478,850		$	364,801
Net premiums earned	$	491,763		$	502,721		$	462,416		$	486,489		$	259,283
Net claims and claim expenses incurred	426,209			338,104			316,099			306,501			170,933
Acquisition expenses	125,253			117,849			122,654			137,963			70,212
Operational expenses	23,454			25,943			19,198			23,016			16,389
Underwriting (loss) income	$	(83,153	)	$	20,825		$	4,465		$	19,009		$	1,749

Net claims and claim expenses incurred - current accident year	$	426,210		$	342,268		$	319,087		$	317,029		$	177,135
Net claims and claim expenses incurred - prior accident years	(1		)	(4,164		)	(2,988		)	(10,528		)	(6,202		)
Net claims and claim expenses incurred - total	$	426,209		$	338,104		$	316,099		$	306,501		$	170,933

Net claims and claim expense ratio - current accident year	86.7		%	68.1		%	69.0		%	65.2		%	68.3		%
Net claims and claim expense ratio - prior accident years	—		%	(0.8		)%	(0.6		)%	(2.2		)%	(2.4		)%
Net claims and claim expense ratio - calendar year	86.7		%	67.3		%	68.4		%	63.0		%	65.9		%
Underwriting expense ratio	30.2		%	28.6		%	30.6		%	33.1		%	33.4		%
Combined ratio	116.9		%	95.9		%	99.0		%	96.1		%	99.3		%



	4



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Revenues
Gross premiums written	$	255,640		$	15,566		$	32,986		$	206,052		$	186,114
Net premiums written	$	241,641		$	15,210		$	30,605		$	165,394		$	167,919
(Increase) decrease in unearned premiums	(135,933		)	90,674			63,671			(78,769		)	(89,594		)
Net premiums earned	105,708			105,884			94,276			86,625			78,325
Net investment income	15,087			13,506			13,813			13,597			12,823
Net foreign exchange losses	(1,180		)	(399		)	(174		)	(936		)	(256		)
Other income	—			—			—			139			205
Net realized and unrealized gains (losses) on investments	18,529			(1,307		)	6,493			20,914			22,435
Total revenues	138,144			117,684			114,408			120,339			113,532
Expenses
Net claims and claim expenses incurred	(13,726		)	135,397			45,325			10,986			3,663
Acquisition expenses	30,112			1,313			15,762			21,211			16,966
Operational and corporate expenses	11,889			12,238			12,139			9,777			10,650
Interest expense	1,858			1,859			1,859			1,858			1,858
Total expenses	30,133			150,807			75,085			43,832			33,137
Income (loss) before taxes	108,011			(33,123		)	39,323			76,507			80,395
Income tax benefit (expense)	2			(6		)	(177		)	243			(142		)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	108,013		$	(33,129	)	$	39,146		$	76,750		$	80,253

Net claims and claim expenses incurred - current accident year	$	4,967		$	113,743		$	80,022		$	5,623		$	10,300
Net claims and claim expenses incurred - prior accident years	(18,693		)	21,654			(34,697		)	5,363			(6,637		)
Net claims and claim expenses incurred - total	$	(13,726	)	$	135,397		$	45,325		$	10,986		$	3,663

Net claims and claim expense ratio - current accident year	4.7		%	107.4		%	84.9		%	6.5		%	13.2		%
Net claims and claim expense ratio - prior accident years	(17.7		)%	20.5		%	(36.8		)%	6.2		%	(8.5		)%
Net claims and claim expense ratio - calendar year	(13.0		)%	127.9		%	48.1		%	12.7		%	4.7		%
Underwriting expense ratio	39.7		%	12.8		%	29.6		%	35.8		%	35.2		%
Combined ratio	26.7		%	140.7		%	77.7		%	48.5		%	39.9		%



	5



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	March 31, 2020			December 31, 2019			September 30, 2019		June 30, 2019			March 31, 2019
Assets
Fixed maturity investments trading, at fair value	$	11,045,801		$	11,171,655		$	11,386,228	$	10,479,666		$	9,473,160
Short term investments, at fair value	5,263,242			4,566,277			4,116,156		4,579,171			4,012,815
Equity investments trading, at fair value	360,444			436,931			379,422		273,646			389,937
Other investments, at fair value	1,058,714			1,087,377			962,109		955,437			878,373
Investments in other ventures, under equity method	90,396			106,549			103,978		100,396			98,563
Total investments	17,818,597			17,368,789			16,947,893		16,388,316			14,852,848
Cash and cash equivalents	896,216			1,379,068			871,251		670,626			1,021,275
Premiums receivable	3,105,441			2,599,896			2,799,954		3,140,688			2,753,098
Prepaid reinsurance premiums	1,151,926			767,781			972,047		1,158,534			1,086,027
Reinsurance recoverable	2,765,583			2,791,297			2,438,299		2,865,150			2,908,343
Accrued investment income	73,496			72,461			73,509		76,949			64,615
Deferred acquisition costs and value of business acquired	739,875			663,991			708,258		780,756			841,528
Receivable for investments sold	341,786			78,369			225,147		395,787			411,172
Other assets	312,523			346,216			344,593		344,938			353,543
Goodwill and other intangibles	260,076			262,226			263,259		265,217			267,151
Total assets	$	27,465,519		$	26,330,094		$	25,644,210	$	26,086,961		$	24,559,600
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	9,406,707		$	9,384,349		$	8,602,437	$	8,484,848		$	8,391,484
Unearned premiums	3,245,914			2,530,975			2,967,535		3,362,520			3,188,678
Debt	1,134,695			1,384,105			1,383,498		1,382,890			1,191,499
Reinsurance balances payable	3,775,375			2,830,691			2,910,601		3,280,048			3,009,492
Payable for investments purchased	636,136			225,275			654,685		554,696			679,596
Other liabilities	351,320			932,024			395,186		396,651			435,418
Total liabilities	18,550,147			17,287,419			16,913,942		17,461,653			16,896,167
Redeemable noncontrolling interest	3,231,846			3,071,308			2,779,033		2,712,466			2,109,400
Shareholders' Equity
Preference shares	525,000			650,000			650,000		650,000			650,000
Common shares	44,034			44,148			44,152		44,162			44,159
Additional paid-in capital	502,608			568,277			560,166		552,210			543,889
Accumulated other comprehensive (loss) income	(1,664		)	(1,939		)	4,988		(3,869		)	(1,470		)
Retained earnings	4,613,548			4,710,881			4,691,929		4,670,339			4,317,455
Total shareholders' equity attributable to RenaissanceRe	5,683,526			5,971,367			5,951,235		5,912,842			5,554,033
Total liabilities, noncontrolling interests and shareholders' equity	$	27,465,519		$	26,330,094		$	25,644,210	$	26,086,961		$	24,559,600

Book value per common share	$	117.15		$	120.53		$	120.07	$	119.17		$	111.05



	6



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	March 31, 2020					December 31, 2019					September 30, 2019					June 30, 2019					March 31, 2019
U.S. treasuries	$	3,915,130		22.0	%	$	4,467,345		25.7	%	$	4,314,006		25.4	%	$	3,961,306		24.2	%	$	3,097,089		20.9	%
Agencies	537,490			3.1	%	343,031			1.9	%	507,903			3.0	%	334,923			2.0	%	182,904			1.2	%
Municipal	—			—	%	—			—	%	1,629			—	%	2,859			—	%	256,967			1.7	%
Non-U.S. government	635,282			3.6	%	497,392			2.9	%	379,154			2.2	%	370,505			2.3	%	687,021			4.6	%
Non-U.S. government-backed corporate	283,577			1.6	%	321,356			1.9	%	263,170			1.6	%	207,668			1.3	%	286,331			1.9	%
Corporate	3,259,780			18.3	%	3,075,660			17.7	%	3,453,222			20.4	%	3,268,511			19.9	%	2,971,018			20.0	%
Agency mortgage-backed	1,056,272			5.9	%	1,148,499			6.6	%	1,248,722			7.4	%	1,167,735			7.1	%	955,616			6.4	%
Non-agency mortgage-backed	275,026			1.6	%	294,604			1.7	%	261,850			1.5	%	266,963			1.6	%	272,880			1.8	%
Commercial mortgage-backed	540,502			3.0	%	468,698			2.7	%	406,268			2.4	%	374,584			2.3	%	245,323			1.7	%
Asset-backed	542,742			3.1	%	555,070			3.2	%	550,304			3.3	%	524,612			3.2	%	518,011			3.5	%
Total fixed maturity investments, at fair value	11,045,801			62.2	%	11,171,655			64.3	%	11,386,228			67.2	%	10,479,666			63.9	%	9,473,160			63.7	%
Short term investments, at fair value	5,263,242			29.4	%	4,566,277			26.3	%	4,116,156			24.3	%	4,579,171			28.0	%	4,012,815			27.1	%
Total consolidated fixed maturity and short term investments, at fair value	16,309,043			91.6	%	15,737,932			90.6	%	15,502,384			91.5	%	15,058,837			91.9	%	13,485,975			90.8	%
Equity investments trading, at fair value	360,444			2.0	%	436,931			2.5	%	379,422			2.2	%	273,646			1.7	%	389,937			2.6	%
Other investments, at fair value	1,058,714			5.9	%	1,087,377			6.3	%	962,109			5.7	%	955,437			5.8	%	878,373			5.9	%
Total managed investment portfolio	17,728,201			99.5	%	17,262,240			99.4	%	16,843,915			99.4	%	16,287,920			99.4	%	14,754,285			99.3	%
Investments in other ventures, under equity method	90,396			0.5	%	106,549			0.6	%	103,978			0.6	%	100,396			0.6	%	98,563			0.7	%
Total investments	$	17,818,597		100.0	%	$	17,368,789		100.0	%	$	16,947,893		100.0	%	$	16,388,316		100.0	%	$	14,852,848		100.0	%

Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	16,309,043				$	15,737,932				$	15,502,384				$	15,058,837				$	13,485,975
Weighted average yield to maturity of fixed maturity and short term investments	1.5		%			2.1		%			2.2		%			2.4		%			2.7		%
Average duration of fixed maturities and short term investments	2.8					2.9					2.8					2.7					2.5
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	11,124,214				$	11,154,174				$	11,075,699				$	10,787,618				$	9,811,977
Weighted average yield to maturity of retained fixed maturity and short term investments	1.9		%			2.2		%			2.3		%			2.5		%			2.8		%
Average duration of retained fixed maturities and short term investments	3.5					3.6					3.5					3.1					3.0


(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.



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	March 31, 2020				December 31, 2019				September 30, 2019				June 30, 2019				March 31, 2019
AAA	$	1,590,824	14.4	%	$	1,338,265	12.0	%	$	1,215,518	10.7	%	$	1,121,450	10.7	%	$	1,221,347	12.9	%
AA	6,212,689		56.3	%	6,677,219		59.8	%	6,699,860		58.8	%	6,073,777		58.0	%	5,302,980		56.0	%
A	1,491,504		13.5	%	1,453,212		13.0	%	1,671,934		14.7	%	1,548,705		14.8	%	1,385,193		14.6	%
BBB	915,375		8.3	%	874,730		7.8	%	967,928		8.5	%	898,740		8.6	%	758,720		8.0	%
Non-investment grade and not rated	835,409		7.5	%	828,229		7.4	%	830,988		7.3	%	836,994		7.9	%	804,920		8.5	%
Total fixed maturity investments, at fair value	$	11,045,801	100.0	%	$	11,171,655	100.0	%	$	11,386,228	100.0	%	$	10,479,666	100.0	%	$	9,473,160	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	723,397	6.5	%	$	544,636	4.9	%	$	603,806	5.3	%	$	616,578	5.9	%	$	744,030	7.8	%
Due after one through five years	5,039,456		45.7	%	5,522,769		49.4	%	5,893,946		51.8	%	5,176,183		49.4	%	5,301,425		56.0	%
Due after five through ten years	2,612,031		23.7	%	2,420,602		21.7	%	2,232,264		19.6	%	1,896,176		18.1	%	1,154,682		12.2	%
Due after ten years	256,375		2.3	%	216,777		1.9	%	189,068		1.7	%	456,835		4.3	%	281,193		3.0	%
Mortgage-backed securities	1,871,800		16.9	%	1,911,801		17.1	%	1,916,840		16.8	%	1,809,282		17.3	%	1,473,819		15.5	%
Asset-backed securities	542,742		4.9	%	555,070		5.0	%	550,304		4.8	%	524,612		5.0	%	518,011		5.5	%
Total fixed maturity investments, at fair value	$	11,045,801	100.0	%	$	11,171,655	100.0	%	$	11,386,228	100.0	%	$	10,479,666	100.0	%	$	9,473,160	100.0	%



	8



RenaissanceRe Holdings Ltd.
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
										Credit Rating (1)
March 31, 2020	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	$	5,263,242	$	5,263,242		29.4	%	0.5	%	$	4,845,167		$	408,920		$	1,258		$	4,870		$	1,965		$	1,062
			100.0		%					92.1		%	7.8		%	—		%	0.1		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	3,713,475		3,915,130			22.0	%	0.4	%	—			3,915,130			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	200,585		205,530			1.2	%	1.0	%	—			205,530			—			—			—			—
Other agencies	323,842		331,960			1.9	%	1.0	%	—			331,960			—			—			—			—
Total agencies	524,427		537,490			3.1	%	1.0	%	—			537,490			—			—			—			—
Non-U.S. government	619,620		635,282			3.6	%	0.8	%	419,541			199,192			6,108			9,504			937			—
Non-U.S. government-backed corporate	280,712		283,577			1.6	%	1.2	%	181,395			79,884			21,773			525			—			—
Corporate	3,369,559		3,259,780			18.3	%	3.8	%	48,059			247,072			1,453,523			861,621			633,996			15,509
Mortgage-backed
Residential mortgage-backed
Agency securities	1,022,760		1,056,272			5.9	%	1.4	%	—			1,056,272			—			—			—			—
Non-agency securities - Alt A	229,184		211,511			1.2	%	6.3	%	42,467			5,850			1,754			7,040			125,232			29,168
Non-agency securities - Prime	67,597		63,515			0.4	%	5.6	%	28,720			2,724			2,241			462			17,083			12,285
Total residential mortgage-backed	1,319,541		1,331,298			7.5	%	2.4	%	71,187			1,064,846			3,995			7,502			142,315			41,453
Commercial mortgage-backed	542,523		540,502			3.0	%	3.1	%	443,952			80,412			3,848			11,091			1,199			—
Total mortgage-backed	1,862,064		1,871,800			10.5	%	2.6	%	515,139			1,145,258			7,843			18,593			143,514			41,453
Asset-backed
Collateralized loan obligations	507,903		478,923			2.7	%	4.7	%	367,468			88,663			—			22,792			—			—
Credit cards	15,372		15,331			0.1	%	2.0	%	15,331			—			—			—			—			—
Auto loans	38,371		38,403			0.2	%	2.3	%	38,403			—			—			—			—			—
Other	10,169		10,085			0.1	%	3.8	%	5,488			—			2,257			2,340			—			—
Total asset-backed	571,815		542,742			3.1	%	4.4	%	426,690			88,663			2,257			25,132			—			—
Total securitized assets	2,433,879		2,414,542			13.6	%	3.0	%	941,829			1,233,921			10,100			43,725			143,514			41,453
Total fixed maturity investments	10,941,672		11,045,801			62.2	%	2.0	%	1,590,824			6,212,689			1,491,504			915,375			778,447			56,962
			100.0		%					14.4		%	56.3		%	13.5		%	8.3		%	7.0		%	0.5		%
Weighted average yield to maturity of fixed maturity and short term investments								1.5	%
Equity investments trading			360,444			2.0	%			—			—			—			—			—			360,444
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			786,531			4.4	%			—			—			—			—			786,531			—
Private equity investments			240,277			1.3	%			—			—			—			—			—			240,277
Senior secured bank loan funds			22,579			0.1	%			—			—			—			—			—			22,579
Hedge funds			9,327			0.1	%			—			—			—			—			—			9,327
Total other investments			1,058,714			5.9	%			—			—			—			—			786,531			272,183
			100.0		%					—		%	—		%	—		%	—		%	74.3		%	25.7		%
Investments in other ventures			90,396			0.5	%			—			—			—			—			—			90,396
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	17,818,597		100.0	%			$	6,435,991		$	6,621,609		$	1,492,762		$	920,245		$	1,566,943		$	781,047
			100.0		%					36.0		%	37.2		%	8.4		%	5.2		%	8.8		%	4.4		%

(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.



	9



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Fixed maturity investments	$	73,338		$	85,937		$	82,977		$	88,106		$	61,483
Short term investments	12,092			11,552			15,061			17,807			11,844
Equity investments trading	1,551			1,539			1,326			916			1,027
Other investments
Catastrophe bonds	14,139			12,870			12,812			11,781			8,691
Other	1,629			2,221			2,672			1,914			1,640
Cash and cash equivalents	1,504			1,875			1,978			2,306			1,517
	104,253			115,994			116,826			122,830			86,202
Investment expenses	(4,780		)	(3,856		)	(5,439		)	(4,242		)	(4,108		)
Net investment income	99,473			112,138			111,387			118,588			82,094

Gross realized gains	68,847			45,814			34,710			28,512			24,373
Gross realized losses	(11,360		)	(8,380		)	(4,609		)	(7,217		)	(22,943		)
Net realized gains on fixed maturity investments	57,487			37,434			30,101			21,295			1,430
Net unrealized (losses) gains on fixed maturity investments trading	(20,345		)	(72,956		)	17,226			121,991			103,922
Net realized and unrealized gains (losses) on investments-related derivatives	33,181			(3,212		)	11,134			37,173			13,796
Net realized (losses) gains on equity investments trading	(15,047		)	396			(72		)	31,899			(1,161		)
Net unrealized (losses) gains on equity investments trading	(105,937		)	56,235			(26,451		)	(18,355		)	52,658
Net realized and unrealized (losses) gains on other investments - catastrophe bonds	(14,352		)	(4,522		)	9,242			(11,902		)	(2,210		)
Net realized and unrealized (losses) gains on other investments - other	(45,694		)	5,079			(6,785		)	9,146			1,578
Net realized and unrealized (losses) gains on investments	(110,707		)	18,454			34,395			191,247			170,013
Total investment result	$	(11,234	)	$	130,592		$	145,782		$	309,835		$	252,107

Total investment return - annualized	(0.1		)%	3.1		%	3.6		%	8.0		%	8.0		%

Retained total investment result (1)
Retained net investment income	$	72,603		$	87,739		$	86,408		$	95,400		$	61,442
Retained net realized and unrealized (losses) gains on investments	(113,261		)	21,751			21,764			183,357			154,328
Retained total investment result	$	(40,658	)	$	109,490		$	108,172		$	278,757		$	215,770


(1)	Includes total investment return, less the portion 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.



	10



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2020
Property	$	1,095,840	$	1,707,754	$	958,827	$	3,762,421
Casualty and Specialty	1,644,402		105,505		3,894,049		5,643,956
Other	330		—		—		330
Total	$	2,740,572	$	1,813,259	$	4,852,876	$	9,406,707

December 31, 2019
Property	$	1,253,406	$	1,631,223	$	1,189,221	$	4,073,850
Casualty and Specialty	1,596,426		129,720		3,583,913		5,310,059
Other	440		—		—		440
Total	$	2,850,272	$	1,760,943	$	4,773,134	$	9,384,349

September 30, 2019
Property	$	1,170,009	$	1,493,600	$	916,314	$	3,579,923
Casualty and Specialty	1,475,505		151,555		3,389,344		5,016,404
Other	2,944		—		3,166		6,110
Total	$	2,648,458	$	1,645,155	$	4,308,824	$	8,602,437

June 30, 2019
Property	$	1,191,810	$	1,635,595	$	791,628	$	3,619,033
Casualty and Specialty	1,450,805		128,701		3,280,133		4,859,639
Other	3,010		—		3,166		6,176
Total	$	2,645,625	$	1,764,296	$	4,074,927	$	8,484,848

March 31, 2019
Property	$	1,243,455	$	1,598,283	$	844,681	$	3,686,419
Casualty and Specialty	1,454,164		121,165		3,125,166		4,700,495
Other	1,404		—		3,166		4,570
Total (1)	$	2,699,023	$	1,719,448	$	3,973,013	$	8,391,484


(1)	Included in the Company’s reserves for claims and claim expenses balance at March 31, 2019 is $2.4 billion of gross reserves for claims and claim expenses, at fair value, acquired as a result of the acquisition of TMR.



	11



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended March 31, 2020									Three months ended March 31, 2019
	Gross			Recoveries			Net			Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	9,384,349		$	2,791,297		$	6,593,052		$	6,076,271	$	2,372,221	$	3,704,050
Incurred claims and claim expenses
Current year	790,010			232,956			557,054			300,561		69,220		231,341
Prior years	(42,295		)	(56,195		)	13,900			37,558		41,864		(4,306		)
Total incurred claims and claim expenses	747,715			176,761			570,954			338,119		111,084		227,035
Paid claims and claim expenses
Current year	34,310			3,109			31,201			9,339		1,190		8,149
Prior years	635,378			199,092			436,286			403,340		103,220		300,120
Total paid claims and claim expenses	669,688			202,201			467,487			412,679		104,410		308,269
Amounts acquired (1)	—			—			—			2,388,210		529,435		1,858,775
Foreign exchange (2)	(55,669		)	(274		)	(55,395		)	1,563		13		1,550
Reserve for claims and claim expenses, end of period	$	9,406,707		$	2,765,583		$	6,641,124		$	8,391,484	$	2,908,343	$	5,483,141


(1)	Represents the fair value of TMR's reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.


(2)	Reflects the impact of the foreign exchange revaluation of net reserves denominated in non-U.S. dollars as at the balance sheet date.



	12

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., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.



	Three months ended
	March 31, 2020		December 31, 2019			September 30, 2019		June 30, 2019		March 31, 2019
Management fee income
Joint ventures	$	11,781	$	11,858		$	11,434	$	9,519	$	9,735
Structured reinsurance products and other	8,597		8,252			8,765		9,976		8,245
Managed funds	6,418		3,814			4,558		6,467		3,797
Total management fee income	26,796		23,924			24,757		25,962		21,777

Performance fee income (loss)
Structured reinsurance products and other	8,375		(5,314		)	275		8,541		4,191
Joint ventures	7,828		(3,374		)	5,278		5,218		2,538
Managed funds	2,363		(2,036		)	1,688		470		298
Total performance fee income (loss) (1)	18,566		(10,724		)	7,241		14,229		7,027

Total fee income	$	45,362	$	13,200		$	31,998	$	40,191	$	28,804


(1)	Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.



	13

RenaissanceRe Holdings Ltd.

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Vehicles"), in its consolidated statements of operations. Net (income) loss attributable to redeemable noncontrolling interests represents the portion of the (income) loss associated with the Company's Consolidated Vehicles included in the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Vehicles. A negative number in the table below represents the allocation of net income earned by the Company's Consolidated Vehicles to third-party investors, with a corresponding decrease (increase) to the Company's net income (loss) attributable to RenaissanceRe. Conversely, a positive number in the table below represents the allocation of net losses incurred by the Company's Consolidated Vehicles to third-party investors, with a corresponding increase (decrease) to the Company's net (loss) income attributable to RenaissanceRe.

A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:



	Three months ended
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Redeemable noncontrolling interest - DaVinciRe	$	(84,906	)	$	25,862		$	(30,558	)	$	(59,855	)	$	(62,533	)
Redeemable noncontrolling interest - Medici	4,678			(6,363		)	(15,211		)	(1,704		)	(2,481		)
Redeemable noncontrolling interest - Vermeer	(17,863		)	(16,877		)	(16,288		)	(10,253		)	(5,208		)
Net (income) loss attributable to redeemable noncontrolling interests	$	(98,091	)	$	2,622		$	(62,057	)	$	(71,812	)	$	(70,222	)

A summary of the redeemable noncontrolling economic ownership of third parties in the Company's consolidated Consolidated Vehicles is set forth below:



	March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
DaVinciRe	78.6	%	78.1	%	78.1	%	78.1	%	77.9	%
Medici	88.8	%	87.9	%	86.3	%	86.1	%	82.9	%
Vermeer	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%



	14



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(81,974	)	$	33,773		$	36,698		$	367,854		$	273,717
Amount allocated to participating common shareholders (1)	(146		)	(409		)	(446		)	(4,393		)	(3,121		)
	$	(82,120	)	$	33,364		$	36,252		$	363,461		$	270,596
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	43,441			43,467			43,462			43,483			42,065
Per common share equivalents of employee stock options and non-vested shares	—			85			75			38			26
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	43,441			43,552			43,537			43,521			42,091

Basic (loss) income per RenaissanceRe common share	$	(1.89	)	$	0.77		$	0.83		$	8.36		$	6.43
Diluted (loss) income per RenaissanceRe common share	$	(1.89	)	$	0.77		$	0.83		$	8.35		$	6.43


(1)	Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.



	15



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best (1)	S&P (2)	Moody's (3)	Fitch (4)

Renaissance Reinsurance Ltd.	A+	A+	A1	A+
DaVinci Reinsurance Ltd.	A	A+	A3	—
Renaissance Reinsurance of Europe Unlimited Company	A+	A+	—	—
Renaissance Reinsurance U.S. Inc.	A+	A+	—	—
RenaissanceRe Europe AG	A+	A+	—	—
RenaissanceRe Specialty U.S.	A+	A+	—	—
Top Layer Reinsurance Ltd.	A+	AA	—	—
Vermeer Reinsurance Ltd.	A	—	—	—

RenaissanceRe Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating	A	A+	—	AA-

RenaissanceRe	Very Strong	Very Strong	—	—

Ratings as of May 4, 2020.

(1) The A.M. Best ratings for the Company's principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. The A.M. Best rating for RenaissanceRe represents the Company’s Enterprise Risk Management (“ERM”) score.

(2) The S&P ratings for the Company's principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating and the issuer’s long-term issuer credit rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. The S&P rating for RenaissanceRe represents the rating on its ERM practices.


(3)	The Moody’s ratings represent the insurer’s financial strength rating.


(4)	The Fitch rating for Renaissance Reinsurance represents the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating.



	16



RenaissanceRe Holdings Ltd.
Gross Premiums Written

	Three months ended
	March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Property Segment
Catastrophe	$	936,190	$	44,824	$	102,779	$	602,656	$	845,213
Other property	284,336		200,177		211,621		236,544		187,171
Property segment gross premiums written	$	1,220,526	$	245,001	$	314,400	$	839,200	$	1,032,384

Casualty and Specialty Segment
General casualty (1)	$	246,667	$	197,338	$	191,447	$	258,357	$	153,334
Professional liability (2)	230,487		189,838		151,754		167,206		149,377
Financial lines (3)	147,079		126,983		111,459		91,202		127,356
Other (4)	180,962		146,319		92,008		120,943		101,844
Casualty and Specialty segment gross premiums written	$	805,195	$	660,478	$	546,668	$	637,708	$	531,911



(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.



	17



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended March 31, 2020									Three months ended March 31, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	936,190		$	284,336		$	1,220,526		$	845,213		$	187,171		$	1,032,384
Net premiums written	$	477,457		$	197,124		$	674,581		$	444,016		$	120,214		$	564,230
Net premiums earned	$	220,655		$	200,680		$	421,335		$	180,237		$	110,508		$	290,745
Net claims and claim expenses incurred	(2,094		)	146,946			144,852			(13,994		)	70,077			56,083
Acquisition expenses	28,707			56,644			85,351			24,327			29,412			53,739
Operational expenses	35,545			8,462			44,007			23,612			4,932			28,544
Underwriting income (loss)	$	158,497		$	(11,372	)	$	147,125		$	146,292		$	6,087		$	152,379

Net claims and claim expenses incurred - current accident year	$	23,382		$	107,462		$	130,844		$	3,490		$	50,716		$	54,206
Net claims and claim expenses incurred - prior accident years	(25,476		)	39,484			14,008			(17,484		)	19,361			1,877
Net claims and claim expenses incurred - total	$	(2,094	)	$	146,946		$	144,852		$	(13,994	)	$	70,077		$	56,083

Net claims and claim expense ratio - current accident year	10.6		%	53.5		%	31.1		%	1.9		%	45.9		%	18.6		%
Net claims and claim expense ratio - prior accident years	(11.5		)%	19.7		%	3.3		%	(9.7		)%	17.5		%	0.7		%
Net claims and claim expense ratio - calendar year	(0.9		)%	73.2		%	34.4		%	(7.8		)%	63.4		%	19.3		%
Underwriting expense ratio	29.1		%	32.5		%	30.7		%	26.6		%	31.1		%	28.3		%
Combined ratio	28.2		%	105.7		%	65.1		%	18.8		%	94.5		%	47.6		%



	18

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.

Operating Income Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating income available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net (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, excluding net realized and unrealized gains and losses on other investments - catastrophe bonds, net foreign exchange gains and losses, transaction and integration expenses associated with the acquisition of TMR, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: fluctuations in the fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; certain transaction and integration expenses associated with the acquisition of TMR; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to Company's redeemable noncontrolling interests. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net (loss) income (attributable) available to RenaissanceRe common shareholders to "operating income available to RenaissanceRe common shareholders"; (2) net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted to "operating income available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized". Comparative information for all prior periods has been updated to conform to the current methodology and presentation.

RenaissanceRe Holdings Ltd.

Comments on Regulation G



	Three months ended
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(81,974	)	$	33,773		$	36,698		$	367,854		$	273,717
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds	96,355			(22,976		)	(25,153		)	(203,149		)	(172,223		)
Adjustment for net foreign exchange losses (gains)	5,728			1,126			8,275			(9,309		)	2,846
Adjustment for transaction and integration expenses associated with the acquisition of TMR	4,423			5,700			4,022			14,483			25,520
Adjustment for income tax (benefit) expense (1)	(4,141		)	(3,707		)	5,298			10,442			8,334
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	13,019			(1,293		)	3,541			18,518			15,414
Operating income available to RenaissanceRe common shareholders	$	33,410		$	12,623		$	32,681		$	198,839		$	153,608

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(1.89	)	$	0.77		$	0.83		$	8.35		$	6.43
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds	2.22			(0.53		)	(0.58		)	(4.67		)	(4.09		)
Adjustment for net foreign exchange losses (gains)	0.13			0.03			0.19			(0.21		)	0.07
Adjustment for transaction and integration expenses associated with the acquisition of TMR	0.10			0.13			0.09			0.33			0.61
Adjustment for income tax (benefit) expense (1)	(0.10		)	(0.09		)	0.12			0.24			0.20
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	0.30			(0.03		)	0.08			0.43			0.37
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	0.76		$	0.28		$	0.73		$	4.47		$	3.59

Return on average common equity - annualized	(6.3		)%	2.5		%	2.8		%	28.9		%	23.5		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds	7.5		%	(1.7		)%	(1.9		)%	(16.0		)%	(14.8		)%
Adjustment for net foreign exchange losses (gains)	0.4		%	0.1		%	0.6		%	(0.7		)%	0.2		%
Adjustment for transaction and integration expenses associated with the acquisition of TMR	0.3		%	0.4		%	0.3		%	1.1		%	2.2		%
Adjustment for income tax (benefit) expense (1)	(0.3		)%	(0.3		)%	0.4		%	0.8		%	0.7		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	1.0		%	(0.1		)%	0.3		%	1.5		%	1.3		%
Operating return on average common equity - annualized	2.6		%	0.9		%	2.5		%	15.6		%	13.1		%


(1)	Adjustment for income tax (benefit) expense represents the income tax benefit (expense) associated with the adjustments to net (loss) income (attributable) available to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.


(2)	Adjustment for net income (loss) attributable to redeemable noncontrolling interests represents the portion of these adjustments attributable to the Company's redeemable noncontrolling interests associated with the adjustments to net (loss) income (attributable) available to RenaissanceRe common shareholders, including the income tax impact of those adjustments.



	19

RenaissanceRe Holdings Ltd.

Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

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 table 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
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Book value per common share	$	117.15		$	120.53		$	120.07		$	119.17		$	111.05
Adjustment for goodwill and other intangibles (1)	(6.46		)	(6.50		)	(6.55		)	(6.60		)	(6.66		)
Tangible book value per common share	110.69			114.03			113.52			112.57			104.39
Adjustment for accumulated dividends	21.03			20.68			20.34			20.00			19.66
Tangible book value per common share plus accumulated dividends	$	131.72		$	134.71		$	133.86		$	132.57		$	124.05

Quarterly change in book value per common share	(2.8		)%	0.4		%	0.8		%	7.3		%	6.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	(2.6		)%	0.7		%	1.1		%	8.2		%	7.0		%
Year to date change in book value per common share	(2.8		)%	15.7		%	15.3		%	14.4		%	6.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(2.6		)%	17.9		%	17.1		%	15.7		%	7.0		%


(1)	At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, goodwill and other intangibles included $24.2 million, $24.9 million, $25.6 million, $26.3 million and $27.0 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

Retained Fixed Maturity and Short Term Investments, at Fair Value

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 result included in net (loss) income (attributable) available to RenaissanceRe common shareholders. The following table is 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.”



	At
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Fixed maturity investments, at fair value	$	11,045,801		$	11,171,655		$	11,386,228		$	10,479,666		$	9,473,160
Short term investments, at fair value	5,263,242			4,566,277			4,116,156			4,579,171			4,012,815
Total consolidated fixed maturity and short term investments, at fair value	$	16,309,043		$	15,737,932		$	15,502,384		$	15,058,837		$	13,485,975
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,184,829		)	(4,583,758		)	(4,426,685		)	(4,271,219		)	(3,673,998		)
Retained fixed maturity and short term investments, at fair value	$	11,124,214		$	11,154,174		$	11,075,699		$	10,787,618		$	9,811,977



	21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

Retained Total Investment Result

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



	Three months ended
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Net investment income	$	99,473		$	112,138		111,387			$	118,588		$	82,094
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(26,870		)	(24,399		)	$	(24,979	)	(23,188		)	(20,652		)
Retained net investment income	72,603			87,739			86,408			95,400			61,442

Net realized and unrealized (losses) gains on investments	(110,707		)	18,454			34,395			191,247			170,013
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(2,554		)	3,297			(12,631		)	(7,890		)	(15,685		)
Retained net realized and unrealized gains on investments	(113,261		)	21,751			21,764			183,357			154,328

Total investment result	(11,234		)	130,592			145,782			309,835			252,107
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(29,424		)	(21,102		)	(37,610		)	(31,078		)	(36,337		)
Retained total investment result	$	(40,658	)	$	109,490		$	108,172		$	278,757		$	215,770



	22

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 6, 2020

Attached files

RENAISSANCERE HOLDINGS LTD Reports