EX-99.2 3 dex992.htm SLIDE PRESENTATION Slide Presentation
RenaissanceRe Holdings Ltd.
Investor Presentation
February  2008
Exhibit 99.2

Table of Contents
Consistent Strategy
Identifying Opportunities
Leveraging Our Franchise
Enterprise Risk Management
Hurricane Risk Mitigation
Well-Positioned for the Future

3
Our focus and strategy remain the same
We focus on four key business areas:
Property Cat Reinsurance
Specialty Reinsurance
Individual Risk
Joint Ventures and Strategic Investments
Four core strategies are key to our success:
Superior risk selection –
underwriting discipline, proprietary tools, risk
management culture
Superior marketing –
to get the business that we select
Superior capital
management
–
to
match
capital
with
risk
Superior joint ventures-
to maximize capital efficiency for clients, capital providers
and RNR shareholders

4
Key Competitive Advantages
Discipline
-
Disciplined underwriter with proven track record in hard and soft
markets; history of identifying market inefficiencies
Talent & Culture
-
Experienced management team; risk management culture;
shared strategic vision
Use Of Technology
–
Proprietary models to analyze and aggregate risk; large
databases to support decision making; recognize limits of modeling
Relationships
-
Excellent customer and broker relationships; recognized market
leader; focus on adding value
Capital
-
Strong capitalization; strong loss reserves; multiple channels by which to
access capital; disciplined capital management

Table of Contents
Consistent Strategy
Identifying Opportunities
Leveraging Our Franchise
Enterprise Risk Management
Hurricane Risk Mitigation
Well-Positioned for the Future

6
While our strategy will remain consistent,
our business focus will evolve
We operate today with the same culture and principles as when
the company was formed
By staying
disciplined
and
focused
we
have
been
able
to
leverage
our
approach
to build a more diversified business model
We will continue to evaluate new opportunities and hope to add additional
franchises, but
are
committed
to
maintaining
our
culture
and
our
standards
for growing book value per share
We will
only
add
businesses
that
we
believe
will
earn
attractive
risk-adjusted
returns and will exit businesses that no longer do the same

7
We screen new opportunities with
a consistent framework
We look for new business opportunities that meet our return hurdles and fit our
business model.

8
We’ve used this approach to grow from a Cat company
to four successful business units
0
500
1,000
1,500
2,000
2,500
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
*2008
proj.
RenRe Cat
RenRe Specialty
Joint Venture
Individual Risk
Projected as of Q1
Information concerning the reconciliation of Non-GAAP measures can be found at the end of this presentation.
*2008 projected Managed Catastrophe and Specialty Premiums are based on February 2008 premium estimates of managed catastrophe premiums
down 10%, Individual Risk premiums down 5%  and specialty reinsurance premiums written down 25%.
Gross written managed premium

Table of Contents
Consistent Strategy
Identifying Opportunities
Leveraging Our Franchise
Enterprise Risk Management
Hurricane Risk Mitigation
Well-Positioned for the Future

10
We are leveraging off of our market-leading
franchise in Property Cat
•
Consistent pricing
•
Quick response
•
Customized products
•
Capacity for large lines
•
Advice on Cat risk management
•
Superior credit quality and
willingness to pay
•
Normal “open
market”
position
•
Plus preferred signings on open
market transactions
•
Plus private market transactions
•
Option to renew business
written for fully collateralized
vehicles
RNR delivers value
RNR gets preferred status

11
2001 Specialty Premium
$77 million
2007 Specialty Premium
$287 million
2005 Specialty Premium
$427 million
33%
41%
26%
32%
19%
19%
7%
11%
12%
14%
7%
43%
15%
13%
8%
Since 2001, we’ve built a more diversified Specialty portfolio
while remaining disciplined in 2007’s softening market

12
Individual Risk premium has grown significantly since 2004, yet we
remained disciplined in 2007’s softening market
$0
$100
$200
$300
$400
$500
$600
$700
$800
2004
2005
2006
2007
2008 proj.
Commercial Property
Personal Lines Property
Commercial Multi -Lines
Individual Risk Gross Written Premium
by Major Type of Business
Information concerning the reconciliation of Non-GAAP measures can be found at the end of this presentation.
*2008 projected premiums  are based on February 2008 premium estimates of  Individual Risk premiums down 5%.

13
Individual Risk is selectively focused
with a small group of partners
Our Individual Risk Unit is focused on high-margin primary insurance and quota
share reinsurance where we evaluate the “Individual Risk”
(i.e. underwriting
policies as distinguished from portfolios)
We partner with other insurance companies and program managers
(intermediaries) who source the risk and provide back office support
We target a small number of partners with the following characteristics:
–
Leaders in their classes of risk
–
Large premium volume
–
Efficient back offices
–
Focused on data, systems and rigorous risk analytics
We are developing proprietary risk modeling tools to track and evaluate exposures

14
Ventures has developed three areas of competence
•
Catastrophe Portfolio
Participation CPPs -
Participation in the results
of our Property Cat book
•
Starbound
I
& II (Florida)
•
Timicuan Re (Florida)
•
Cat Bonds
•
Other
•
Platinum (2002) –
IPO spin-off
of St. Paul’s reinsurance
operations 
•
ChannelRe Holdings Ltd.
(2004) –
Financial guarantee
reinsurer in partnership with
MBIA, Partner Re and Koch
Financial
•
Tower Hill (2005) -
Recapitalization of Florida
primary insurance companies
•
Top Layer Re
•
DaVinci Re
•
OPCat
Examples
•
Custom packaging
and selling of risk
•
Strategic investments to
capitalize upon market
dislocations
•
Attractive businesses that we
prefer to invest in rather than
operate
•
Continue to selectively
consider large deals or other
classes of business
•
Leveraging RenRe’s
capabilities and reputation
as the leading Property Cat
reinsurer
•
Very active role in the
management, oversight
and corporate governance
of the entities
Business
3) Customized Reinsurance
2) Strategic Investments
1) Property Cat Joint Ventures

15
The period following the 2004 and 2005 storms highlighted
the importance
of
Ventures’
role
within
RenaissanceRe
In 2006 and 2007 we executed four significant capital raises to bring capacity to
our clients
Our joint venture track record since 1999 demonstrates RenaissanceRe’s ability to
add value = generate alpha
DaVinci and
Top
Layer
Re
remain
strategic
components
of
our
core
business
Opportunistic joint
ventures
such
as
TimRe
and
Starbound
I
have
produced >40%
returns to investors, Starbound II
is projected to return >40% to investors
We expanded on our inventory of relationships with investors and
advisors
We believe that our reputation with our clients, the option value of the renewal
business, the return we produced for our investors and the fee income will
continue to benefit us for years into the future
We remain differentiated in our approach and the resources we dedicate which
leaves us well positioned

Table of Contents
Consistent Strategy
Identifying Opportunities
Leveraging Our Franchise
Enterprise Risk Management
Hurricane Risk Mitigation
Well-Positioned for the Future

17
Why bother with ERM?
Good risk management can provide a significant competitive advantage
Avoiding surprises allows you to take better advantage of the opportunities created by
dislocated markets
Communicating accurate expectations maintains your credibility with your key
stakeholders
Disciplined measurement
and
aggregation
of
risk
decreases
the
‘mortality’
rate
for
your
franchise
Good risk tools allow you to pursue the best opportunities in a very inefficient business

18
What does good ERM look like?
Corporate culture that embraces the goals of risk management
Expertise and tools to assess and evaluate risk-reward decisions
Robust systems and frameworks to measure and monitor the aggregation of risk
Defined tolerance for acceptable levels of risk; processes to avoid or eliminate certain
types of risks
Focus on qualitative as well as quantitative aspects of risk; seek to manage
operational risk; recognize the limits of quantitative modeling
Rough proxies for risk instead of ignoring risk
Constant process to enhance and improve; journey not a destination
Emphasis on performance vs. tolerances and modeled expectations rather than
purely results
Regular communication about risk with key internal and external stakeholders
(management, rating agencies, board of directors)

19
Risk management is more than modeling               
–
management expertise and corporate culture are critical
Avoid
Surprises
Proactive
Response
to Market
Opportunities
Superior Risk Management
Highly talented
individuals
Underwriters
understand models
Clear accountability
Tight control
of authority
Peer review
Ownership mentality
REMS
©
Computer
System
Clean database
User friendly
system
Multiple vendor
models
Many
unique
custom features
Management
Procedures
and Culture

Table of Contents
Consistent Strategy
Identifying Opportunities
Leveraging Our Franchise
Enterprise Risk Management
Hurricane Risk Mitigation
Well-Positioned for the Future

21
Hurricane risk mitigation -
Quantifying, managing catastrophic risk
RenaissanceRe has been investigating the damage patterns and economic impact of           
catastrophic storms
for
many
years.
By
contributing
to
hurricane
risk
mitigation
efforts,
we  
are seeking to:
–
Increase the resiliency of storm-exposed communities by introducing them to
the most effective mitigation techniques and products
–
Reduce the frequency of claims and the severity of the financial
impact of
storms to the (re)insurance industry
Our current hurricane risk mitigation efforts include:
–
RenaissanceRe Wall of Wind
–
AeroEdge™
–
“StormStruck™”
–
Hurricane Risk Mitigation Leadership Forum
If every home in Florida could be built to withstand
winds of up to 130 mph with minimal damage, we
believe that expected windstorm losses to the insurance
industry would be reduced by at least 80%.

22
RenaissanceRe Wall of Wind–
A positive force for change

Table of Contents
Consistent Strategy
Identifying Opportunities
Leveraging Our Franchise
Enterprise Risk Management
Hurricane Risk Mitigation
Well-Positioned for the Future

24
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Our goal remains long-term growth in tangible book
value per share plus accumulated dividends
Tangible book value per share plus accumulated dividends has grown at an
annualized rate of 17.5% from 1998 through 2007 –
driven by a track record of
strong Operating ROE
While the 2004 and 2005 results were disappointing, 2005’s result is consistent
with our models that indicate we should expect to lose money every ten to fifteen
years
-20%
-10%
0%
10%
20%
30%
40%
50%
Operating ROE*
Tangible Book Value Per Share plus
Accumulated Dividends*
* Information concerning the reconciliation of Non-GAAP measures can be found at the end of this presentation.

25
RenaissanceRe is well-positioned
As we approach our 15
th
anniversary, our balance sheet and capital base are
strong -
our capital position is stronger than at any point in our history
Our organization has been strengthened with new talent, bringing
unprecedented breadth of expertise
Our distinctive corporate culture remains a key competitive advantage
We continue to strengthen our position as the market leader in property cat
reinsurance; ahead of peers on risk analytics
We view ourselves as a capital provider to our clients and provide capital
principally in the form of reinsurance, alternative forms of capital are provided
to meet clients’
evolving needs
We are well positioned for 2008 but we will remain disciplined and will not
seek growth unless we find attractive opportunities

26
Safe Harbour Statement
Cautionary Statement
under
"Safe
Harbor”
Provisions
of
the
Private
Securities
Litigation
Reform
Act of 1995:
Statements made in this presentation contain information about the Company's future business
prospects.
These
statements
may
be
considered
"forward-looking."
These
statements
are
subject
to risks and uncertainties that could cause actual results to differ materially from those set forth in
or implied
by
such
forward-looking
statements.
For
further
information
regarding
cautionary
statements and
factors
affecting
future
results,
please
refer
to
RenaissanceRe
Holdings
Ltd.’s
filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2006 and its Form 10-Qs for the quarters ended March 31, 2007,
June 30, 2007 and September 30, 2007.
This
presentation includes certain non-GAAP financial measures within the meaning of Regulation
G including "operating
return
on
equity",
"tangible
book
value
per
share
plus
accumulated
dividends”
and
“gross
written
managed
premium”.
A
definition
of
such
measures
and
a
reconciliation of
these
measures
to
the
most
comparable
GAAP
figures
in
accordance
with
Regulation G is
available in the Company's 2006, 2005, 2004 and 2003 Annual Reports and the
February 6, 2007, May 1, 2007, July 31, 2007, October 30, 2007 and February 5, 2008 Press
Releases
which
are
located
on
the
Company's
website
www.renre.com.

RenaissanceRe Holdings Ltd.
Renaissance House
8 –
20 East Broadway
Pembroke, HM 19
Bermuda
Tel: (441) 295-4513
www.renre.com