This financial supplement includes certain non-GAAP financial measures including ‘‘operating income,’’ ‘‘operating income per common share,’’ ‘‘operating return on average common equity (annualized)’’, ‘‘managed catastrophe premium’’ and ‘‘managed catastrophe premium, net of fully-collateralized joint ventures’’. 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 Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. Our business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by our subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk, which includes primary insurance and quota share reinsurance.

Cautionary Statement under ‘‘Safe Harbor’’ Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this news release contain information about the Company’s future business prospects. These statements may be considered ‘‘forward-looking.’’ These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the quarters ending March 31, June 30 and September 30, 2006.

All information contained herein is unaudited, except for the financial data relating to the balance sheet for the year ended December 31, 2005. Unless otherwise noted, dollar amounts are in thousands, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe Holdings Ltd. with the Securities and Exchange Commission, including the Annual Report on Form 10-K for 2005 and Quarterly Reports on Form 10-Q. Please refer to the Company’s website at renre.com for further information about RenaissanceRe Holdings Ltd.

RenaissanceRe Holdings Ltd.
Financial Highlights


	Three months ended December 31,								Twelve months ended December 31,
	2006				2005				2006				2005
Highlights
Gross premiums written		$	194,952			$	288,522			$	1,943,647			$	1,809,128
Net premiums written			156,846				249,481				1,529,620				1,543,287
Net premiums earned			380,088				414,107				1,529,777				1,402,709
Net claims and claim expenses incurred			97,280				662,480				446,230				1,635,656
Underwriting income (loss)			177,285				(343,689	)			693,264				(556,379	)
Net investment income			83,233				59,126				318,106				217,252
Net income (loss) available to common shareholders			201,135				(210,402	)			761,635				(281,413	)
Net realized gains (losses) on investments			2,489				(3,548	)			(34,464	)			(6,962	)
Operating income (loss) available to common shareholders (1)			198,646				(206,854	)			796,099				(274,451	)
Total assets		$	7,769,026			$	6,871,261			$	7,769,026			$	6,871,261
Total shareholders’ equity		$	3,280,497			$	2,253,840			$	3,280,497			$	2,253,840
Per share data
Net income (loss) available (attributable) to common shareholders per common share – diluted (2)		$	2.78			$	(2.97	)		$	10.57			$	(3.99	)
Operating income (loss) available (attributable) to common shareholders per common share – diluted (1) (2)		$	2.74			$	(2.92	)		$	11.05			$	(3.89	)
Dividends per common share		$	0.21			$	0.20			$	0.84			$	0.80
Book value per common share		$	34.38			$	24.52			$	34.38			$	24.52
Accumulated dividends per common share			6.12				5.28				6.12				5.28
Book value per common share plus accumulated dividends		$	40.50			$	29.80			$	40.50			$	29.80
Financial ratios
Net claims and claim expense ratio – current accident year			33.5	%			158.8	%			38.1	%			133.8	%
Net claims and claim expense ratio – prior accident years			(7.9	%)			1.2	%			(8.9	%)			(17.2	%)
Net claims and claim expense ratio – calendar year			25.6	%			160.0	%			29.2	%			116.6	%
Underwriting expense ratio			27.8	%			23.0	%			25.5	%			23.1	%
Combined ratio			53.4	%			183.0	%			54.7	%			139.7	%
Operating return on average common equity – annualized (1)			33.3	%			(44.2	%)			37.9	%			(13.3	%)


(1)	Operating income (loss) excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income (loss).


(2)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations – Quarter to Date


	Three months ended
	December 31, 2006				September 30, 2006				June 30, 2006				March 31, 2006				December 31, 2005
Revenues
Gross premiums written		$	194,952			$	257,752			$	742,551			$	748,392			$	288,522
Net premiums written		$	156,846			$	162,695			$	512,244			$	697,835			$	249,481
Decrease (increase) in unearned premiums			223,242				204,381				(81,303	)			(346,163	)			164,626
Net premiums earned			380,088				367,076				430,941				351,672				414,107
Net investment income			83,233				80,427				74,012				80,434				59,126
Net foreign exchange (losses) gains			(1,715	)			(2,160	)			(2,441	)			3,023				(4,394	)
Equity in earnings of other ventures			8,624				10,131				9,221				6,552				5,271
Other (loss) income			(4,160	)			2,006				(84	)			(1,679	)			11,032
Net realized gains (losses) on investments			2,489				4,151				(24,348	)			(16,756	)			(3,548	)
Total revenues			468,559				461,631				487,301				423,246				481,594
Expenses
Net claims and claim expenses incurred			97,280				42,436				207,336				99,178				662,480
Acquisition expenses			73,288				63,998				74,597				68,814				74,557
Operational expenses			32,235				27,364				29,056				20,931				20,759
Corporate expenses			7,987				5,121				5,571				5,739				29,965
Interest expense			8,439				9,492				10,370				9,301				7,710
Total expenses			219,229				148,411				326,930				203,963				795,471
Income (loss) before minority interest and taxes			249,330				313,220				160,371				219,283				(313,877	)
Minority interest – DaVinciRe Holdings			(38,665	)			(52,830	)			(21,207	)			(31,457	)			112,138
Income (loss) before taxes			210,665				260,390				139,164				187,826				(201,739	)
Income tax expense			(42	)			(616	)			(94	)			(183	)			—
Net income (loss)			210,623				259,774				139,070				187,643				(201,739	)
Dividends on preference shares			(9,488	)			(8,662	)			(8,662	)			(8,663	)			(8,663	)
Net income (loss) available (attributable) to common shareholders		$	201,135			$	251,112			$	130,408			$	178,980			$	(210,402	)
Operating income (loss) available (attributable) to common shareholders per Common Share – diluted (1) (2)		$	2.74			$	3.42			$	2.15			$	2.73			$	(2.92	)
Net income (loss) available (attributable) to common shareholders per Common Share – basic		$	2.83			$	3.53			$	1.84			$	2.52			$	(2.97	)
Net income (loss) available (attributable) to common shareholders per Common Share – diluted (2)		$	2.78			$	3.48			$	1.81			$	2.49			$	(2.97	)
Average shares outstanding – basic			71,178				71,093				71,049				70,935				70,793
Average shares outstanding – diluted (2)			72,467				72,115				71,926				71,786				70,793
Net claims and claim expense ratio			25.6	%			11.6	%			48.1	%			28.2	%			160.0	%
Underwriting expense ratio			27.8	%			24.9	%			24.1	%			25.5	%			23.0	%
Combined ratio			53.4	%			36.5	%			72.2	%			53.7	%			183.0	%
Operating return on average common equity – annualized (1)			33.3	%			45.6	%			31.3	%			42.7	%			(44.2	%)


(1)	Operating income (loss) excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income (loss).


(2)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations – Year to Date


	Twelve months ended
	December 31, 2006				December 31, 2005
Revenues
Gross premiums written		$	1,943,647			$	1,809,128
Net premiums written		$	1,529,620			$	1,543,287
Decrease (increase) in unearned premiums			157				(140,578	)
Net premiums earned			1,529,777				1,402,709
Net investment income			318,106				217,252
Net foreign exchange (losses) gains			(3,293	)			5,183
Equity in earnings of other ventures			34,528				28,259
Other (loss) income			(3,917	)			9,466
Net realized (losses) gains on investments			(34,464	)			(6,962	)
Total revenues			1,840,737				1,655,907
Expenses
Net claims and claim expenses incurred			446,230				1,635,656
Acquisition expenses			280,697				237,594
Operational expenses			109,586				85,838
Corporate expenses			24,418				71,813
Interest expense			37,602				28,218
Total expenses			898,533				2,059,119
Income (loss) before minority interest and taxes			942,204				(403,212	)
Minority interest – DaVinciRe			(144,159	)			156,449
Income (loss) before taxes			798,045				(246,763	)
Income tax expense			(935	)			—
Net income (loss)			797,110				(246,763	)
Dividends on preference shares			(35,475	)			(34,650	)
Net income (loss) available (attributable) to common shareholders		$	761,635			$	(281,413	)
Operating income (loss) available (attributable) to common shareholders per Common Share – diluted (1) (2)		$	11.05			$	(3.89	)
Net income (loss) available (attributable) to common shareholders per Common Share – basic		$	10.72			$	(3.99	)
Net income (loss) available (attributable) to common shareholders per Common Share – diluted (2)		$	10.57			$	(3.99	)
Average shares outstanding – basic			71,064				70,592
Average shares outstanding – diluted (2)			72,073				70,592
Net claims and claim expense ratio			29.2	%			116.6	%
Underwriting expense ratio			25.5	%			23.1	%
Combined ratio			54.7	%			139.7	%
Operating return on average common equity – annualized (1)			37.9	%			(13.3	%)


(1)	Operating income (loss) excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income (loss).


(2)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results – Quarter to Date


	Three months ended December 31, 2006
	Reinsurance				Individual Risk				Eliminations (1)			Total
Gross premiums written		$	51,719			$	141,601			$	1,632		$	194,952
Net premiums written		$	52,026			$	104,820						$	156,846
Net premiums earned		$	244,273			$	135,815						$	380,088
Net claims and claim expenses incurred			54,183				43,097							97,280
Acquisition expenses			27,837				45,451							73,288
Operational expenses			21,603				10,632							32,235
Underwriting income		$	140,650			$	36,635						$	177,285
Net claims and claim expenses incurred – current accident year		$	79,666			$	47,507						$	127,173
Net claims and claim expenses incurred – prior accident years			(25,483	)			(4,410	)						(29,893	)
Net claims and claim expenses incurred – total		$	54,183			$	43,097						$	97,280
Net claims and claim expense ratio – current accident year			32.6	%			35.0	%						33.5	%
Net claims and claim expense ratio – prior accident years			(10.4	%)			(3.2	%)						(7.9	%)
Net claims and claim expense ratio – calendar year			22.2	%			31.8	%						25.6	%
Underwriting expense ratio			20.2	%			41.3	%						27.8	%
Combined ratio			42.4	%			73.1	%						53.4	%


	Three months ended December 31, 2005
	Reinsurance				Individual Risk				Eliminations (1)				Total
Gross premiums written		$	155,604			$	153,918			$	(21,000	)		$	288,522
Net premiums written		$	137,093			$	112,388							$	249,481
Net premiums earned		$	309,849			$	104,258							$	414,107
Net claims and claim expenses incurred			572,393				90,087								662,480
Acquisition expenses			30,196				44,361								74,557
Operational expenses			15,466				5,293								20,759
Underwriting loss		$	(308,206	)		$	(35,483	)						$	(343,689	)
Net claims and claim expenses incurred – current accident year		$	566,456			$	91,215							$	657,671
Net claims and claim expenses incurred – prior accident years			5,937				(1,128	)							4,809
Net claims and claim expenses incurred – total		$	572,393			$	90,087							$	662,480
Net claims and claim expense ratio – current accident year			182.8	%			87.5	%							158.8	%
Net claims and claim expense ratio – prior accident years			1.9	%			(1.1	%)							1.2	%
Net claims and claim expense ratio – calendar year			184.7	%			86.4	%							160.0	%
Underwriting expense ratio			14.7	%			47.6	%							23.0	%
Combined ratio			199.4	%			134.0	%							183.0	%


(1)	Represents gross premiums ceded from the Individual Risk segment to the Reinsurance segment.

Table of Contents

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results – Year to Date


	Twelve months ended December 31, 2006
	Reinsurance				Individual Risk				Eliminations (1)				Total
Gross premiums written		$	1,321,163			$	689,392			$	(66,908	)		$	1,943,647
Net premiums written		$	1,039,103			$	490,517							$	1,529,620
Net premiums earned		$	972,017			$	557,760							$	1,529,777
Net claims and claim expenses incurred			148,052				298,178								446,230
Acquisition expenses			115,324				165,373								280,697
Operational expenses			72,405				37,181								109,586
Underwriting income		$	636,236			$	57,028							$	693,264
Net claims and claim expenses incurred – current accident year		$	273,286			$	309,502							$	582,788
Net claims and claim expenses incurred – prior accident years			(125,234	)			(11,324	)							(136,558	)
Net claims and claim expenses incurred – total		$	148,052			$	298,178							$	446,230
Net claims and claim expense ratio – current accident year			28.1	%			55.5	%							38.1	%
Net claims and claim expense ratio – prior accident years			(12.9	%)			(2.0	%)							(8.9	%)
Net claims and claim expense ratio – calendar year			15.2	%			53.5	%							29.2	%
Underwriting expense ratio			19.3	%			36.3	%							25.5	%
Combined ratio			34.5	%			89.8	%							54.7	%


	Twelve months ended December 31, 2005
	Reinsurance				Individual Risk				Eliminations (1)				Total
Gross premiums written		$	1,202,975			$	651,430			$	(45,277	)		$	1,809,128
Net premiums written		$	1,024,010			$	519,277							$	1,543,287
Net premiums earned		$	947,389			$	455,320							$	1,402,709
Net claims and claim expenses incurred			1,252,644				383,012								1,635,656
Acquisition expenses			92,763				144,831								237,594
Operational expenses			63,522				22,316								85,838
Underwriting loss		$	(461,540	)		$	(94,839	)						$	(556,379	)
Net claims and claim expenses incurred – current accident year		$	1,483,981			$	393,137							$	1,877,118
Net claims and claim expenses incurred – prior accident years			(231,337	)			(10,125	)							(241,462	)
Net claims and claim expenses incurred – total		$	1,252,644			$	383,012							$	1,635,656
Net claims and claim expense ratio – current accident year			156.6	%			86.3	%							133.8	%
Net claims and claim expense ratio – prior accident years			(24.4	%)			(2.2	%)							(17.2	%)
Net claims and claim expense ratio – calendar year			132.2	%			84.1	%							116.6	%
Underwriting expense ratio			16.5	%			36.7	%							23.1	%
Combined ratio			148.7	%			120.8	%							139.7	%


(1)	Represents gross premiums ceded from the Individual Risk segment to the Reinsurance segment.

RenaissanceRe Holdings Ltd.
Reinsurance Segment – Catastrophe and Specialty Underwriting Results


	Three months ended December 31, 2006												Three months ended December 31, 2005
	Catastrophe				Specialty				Total				Catastrophe				Specialty				Total
Gross premiums written		$	23,184			$	28,535			$	51,719			$	120,154			$	35,450			$	155,604
Net premiums written		$	23,491			$	28,535			$	52,026			$	101,643			$	35,450			$	137,093
Net premiums earned		$	179,309			$	64,964			$	244,273			$	221,444			$	88,405			$	309,849
Net claims and claim expenses incurred			34,973				19,210				54,183				489,043				83,350				572,393
Acquisition expenses			20,337				7,500				27,837				19,386				10,810				30,196
Operational expenses			13,944				7,659				21,603				10,323				5,143				15,466
Underwriting income (loss)		$	110,055			$	30,595			$	140,650			$	(297,308	)		$	(10,898	)		$	(308,206	)
Net claims and claim expenses incurred – current accident year		$	38,433			$	41,233			$	79,666			$	467,392			$	99,064			$	566,456
Net claims and claim expenses incurred – prior accident years			(3,460	)			(22,023	)			(25,483	)			21,651				(15,714	)			5,937
Net claims and claim expenses incurred – total		$	34,973			$	19,210			$	54,183			$	489,043			$	83,350			$	572,393
Net claims and claim expense ratio – current accident year			21.4	%			63.5	%			32.6	%			211.1	%			112.1	%			182.8	%
Net claims and claim expense ratio – prior accident years			(1.9	%)			(33.9	%)			(10.4	%)			9.8	%			(17.8	%)			1.9	%
Net claims and claim expense ratio – calendar year			19.5	%			29.6	%			22.2	%			220.9	%			94.3	%			184.7	%
Underwriting expense ratio			19.1	%			23.3	%			20.2	%			13.4	%			18.0	%			14.7	%
Combined ratio			38.6	%			52.9	%			42.4	%			234.3	%			112.3	%			199.4	%

RenaissanceRe Holdings Ltd.
Reinsurance Segment – Catastrophe and Specialty Underwriting Results


	Twelve months ended December 31, 2006												Twelve months ended December 31, 2005
	Catastrophe				Specialty				Total				Catastrophe				Specialty				Total
Gross premiums written		$	1,099,114			$	222,049			$	1,321,163			$	775,573			$	427,402			$	1,202,975
Net premiums written		$	817,054			$	222,049			$	1,039,103			$	596,608			$	427,402			$	1,024,010
Net premiums earned		$	733,777			$	238,240			$	972,017			$	545,321			$	402,068			$	947,389
Net claims and claim expenses incurred			131,475				16,577				148,052				1,025,389				227,255				1,252,644
Acquisition expenses			82,936				32,388				115,324				47,620				45,143				92,763
Operational expenses			47,364				25,041				72,405				35,746				27,776				63,522
Underwriting income (loss)		$	472,002			$	164,234			$	636,236			$	(563,434	)		$	101,894			$	(461,540	)
Net claims and claim expenses incurred – current accident year		$	117,528			$	155,758			$	273,286			$	1,087,141			$	396,840			$	1,483,981
Net claims and claim expenses incurred – prior accident years			13,947				(139,181	)			(125,234	)			(61,752	)			(169,585	)			(231,337	)
Net claims and claim expenses incurred – total		$	131,475			$	16,577			$	148,052			$	1,025,389			$	227,255			$	1,252,644
Net claims and claim expense ratio – current accident year			16.0	%			65.4	%			28.1	%			199.3	%			98.7	%			156.6	%
Net claims and claim expense ratio – prior accident years			1.9	%			(58.4	%)			(12.9	%)			(11.3	%)			(42.2	%)			(24.4	%)
Net claims and claim expense ratio – calendar year			17.9	%			7.0	%			15.2	%			188.0	%			56.5	%			132.2	%
Underwriting expense ratio			17.8	%			24.1	%			19.3	%			15.3	%			18.1	%			16.5	%
Combined ratio			35.7	%			31.1	%			34.5	%			203.3	%			74.6	%			148.7	%

RenaissanceRe Holdings Ltd.
Reinsurance Segment Gross Premiums Written


	Three months ended
	Dec. 31, 2006			Sept. 30, 2006				June 30, 2006				March 31, 2006				Dec. 31, 2005
Renaissance catastrophe premiums		$	20,630		$	92,150			$	377,063			$	283,797			$	84,133
Renaissance specialty premiums			28,164			20,367				27,736				121,843				35,457
Total Renaissance premiums			48,794			112,517				404,799				405,640				119,590
DaVinci catastrophe premiums			2,554			10,578				155,430				156,913				36,021
DaVinci specialty premiums			371			250				2,096				21,221				(7	)
Total DaVinci premiums			2,925			10,828				157,526				178,134				36,014
Total Reinsurance premiums		$	51,719		$	123,345			$	562,325			$	583,774			$	155,604
Total specialty premiums (1)		$	28,535		$	20,617			$	29,832			$	143,064			$	35,450
Total catastrophe premiums		$	23,184		$	102,728			$	532,493			$	440,710			$	120,154
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)			—			1,189				24,270				25,785				—
Catastrophe premiums assumed from the Individual Risk segment			1,632			(31,109	)			(28,990	)			(6,106	)			(21,000	)
Total managed catastrophe premiums (3)			24,816			72,808				527,773				460,389				99,154
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures			322			(3,046	)			(111,253	)			—				—
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)		$	25,138		$	69,762			$	416,520			$	460,389			$	99,154


(1)	Total specialty premiums written includes $nil, $0.7 million, $1.6 million, $nil and $nil of premiums assumed from the Individual Risk segment for the three months ended December 31, 2006, September 30, 2006, June 30, 2006, March 31, 2006 and December 31, 2005, respectively.


(2)	Top Layer Re is accounted for under the equity method of accounting.


(3)	See Comments on Regulaton G.

RenaissanceRe Holdings Ltd.
Reinsurance Segment Gross Premiums Written


	Twelve months ended
	Dec. 31, 2006				Dec. 31, 2005
Renaissance catastrophe premiums		$	773,638			$	573,393
Renaissance specialty premiums			198,111				402,207
Total Renaissance premiums			971,749				975,600
DaVinci catastrophe premiums			325,476				202,180
DaVinci specialty premiums			23,938				25,195
Total DaVinci premiums			349,414				227,375
Total Reinsurance premiums		$	1,321,163			$	1,202,975
Total specialty premiums (1)		$	222,049			$	427,402
Total catastrophe premiums		$	1,099,114			$	775,573
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)			51,244				59,908
Catastrophe premiums assumed from the Individual Risk segment			(64,573	)			(43,594	)
Total managed catastrophe premiums (3)			1,085,785				791,887
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures			(113,977	)			—
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)		$	971,808			$	791,887


(1)	Total specialty premiums written includes $2.3 million and $1.7 million of premiums assumed from the Individual Risk segment for the years ended December 31, 2006 and 2005, respectively.


(2)	Top Layer Re is accounted for under the equity method of accounting.


(3)	See Comments on Regulation G.

RenaissanceRe Holdings Ltd.
Individual Risk Segment Gross Premiums Written


	Three months ended
	Dec. 31, 2006			Sept. 30, 2006			June 30, 2006				March 31, 2006			Dec. 31, 2005
By Type of Business
Commercial multi-line		$	62,942		$	92,056		$	137,162			$	66,827		$	69,468
Commercial property			47,199			46,597			78,407				54,002			38,338
Personal lines property			31,460			27,585			(4,740	)			49,895			46,112
Total Individual Risk premiums		$	141,601		$	166,238		$	210,829			$	170,724		$	153,918


	Twelve months ended
	Dec. 31, 2006			Dec. 31, 2005
By Type of Business
Commercial multi-line		$	358,987		$	316,553
Commercial property			226,205			123,236
Personal lines property			104,200			211,641
Total Individual Risk premiums		$	689,392		$	651,430

DaVinciRe Holdings Ltd and Subsidiary
Consolidated Statements of Operations


	Three months ended December 31,								Twelve months ended December 31,
	2006				2005				2006				2005
Revenues
Gross premiums written		$	2,925			$	36,014			$	349,414			$	227,375
Net premiums written		$	3,117			$	36,014			$	310,500			$	226,547
Decrease (increase) in unearned premiums			66,821				49,136				(30,952	)			(8,854	)
Net premiums earned			69,938				85,150				279,548				217,693
Net investment income			16,572				8,298				59,067				28,051
Net foreign exchange losses			(1,428	)			(792	)			(4,066	)			(1,131	)
Other (loss) income			(1,045	)			37				(2,129	)			45
Net realized gains (losses) on investments			646				(7,014	)			(7,740	)			(10,258	)
Total revenues			84,683				85,679				324,680				234,400
Expenses
Net claims and claim expenses incurred			9,251				222,692				46,574				400,588
Acquisition expenses			16,567				5,610				58,326				17,957
Operational and corporate expenses			8,154				6,231				29,928				20,971
Interest expense			2,469				1,119				8,549				4,138
Total expenses			36,441				235,652				143,377				443,654
Income (loss) before minority interest			48,242				(149,973	)			181,303				(209,254	)
Minority interest			(103	)			298				(382	)			410
Net income (loss)		$	48,139			$	(149,675	)		$	180,921			$	(208,844	)
Net claims and claim expense ratio – current accident year			16.3	%			254.3	%			14.7	%			189.7	%
Net claims and claim expense ratio – prior accident years			(3.1	%)			7.2	%			1.9	%			(5.7	%)
Net claims and claim expense ratio – calendar year			13.2	%			261.5	%			16.6	%			184.0	%
Underwriting expense ratio			35.3	%			13.9	%			31.6	%			17.9	%
Combined ratio			48.5	%			275.4	%			48.2	%			201.9	%

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets


	Dec. 31, 2006			Sept. 30, 2006			June 30, 2006			March 31, 2006			Dec. 31, 2005
Assets
Fixed maturity investments available for sale, at fair value		$	3,111,930		$	3,176,045		$	3,079,855		$	3,101,935		$	2,872,294
Short term investments, at cost			2,410,971			1,841,330			1,911,693			1,621,623			1,653,618
Other investments, at fair value			592,829			559,256			526,844			506,974			586,467
Investments in other ventures, under equity method			227,075			195,787			186,979			172,618			178,774
Total investments			6,342,805			5,772,418			5,705,371			5,403,150			5,291,153
Cash and cash equivalents			214,399			245,817			187,340			240,684			174,001
Premiums receivable			419,150			623,869			857,687			566,956			363,105
Ceded reinsurance balances			133,971			232,439			241,315			62,856			57,134
Losses recoverable			301,854			394,335			464,556			625,697			673,190
Accrued investment income			41,234			38,437			37,639			31,785			25,808
Deferred acquisition costs			106,918			138,922			158,600			138,802			107,951
Other assets			208,695			93,320			86,121			88,332			178,919
Total assets		$	7,769,026		$	7,539,557		$	7,738,629		$	7,158,262		$	6,871,261
Liabilities, Minority Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses		$	2,098,155		$	2,155,213		$	2,347,525		$	2,419,252		$	2,614,551
Reserve for unearned premiums			578,424			900,133			1,113,391			853,629			501,744
Debt			450,000			410,000			485,000			500,000			500,000
Subordinated obligation to capital trust			103,093			103,093			103,093			103,093			103,093
Reinsurance balances payable			395,083			437,653			477,477			268,620			292,307
Other liabilities			213,490			123,827			118,191			65,850			142,815
Total liabilities			3,838,245			4,129,919			4,644,677			4,210,444			4,154,510
Minority interest – DaVinciRe Holdings			650,284			612,431			555,433			531,929			462,911
Shareholders’ Equity
Preference shares			800,000			500,000			500,000			500,000			500,000
Common shares and additional paid-in capital			356,263			358,700			356,462			352,055			351,285
Accumulated other comprehensive income			25,217			25,472			4,993			2,088			4,760
Retained earnings			2,099,017			1,913,035			1,677,064			1,561,746			1,397,795
Total shareholders’ equity			3,280,497			2,797,207			2,538,519			2,415,889			2,253,840
Total liabilities, minority interest and shareholders’ equity		$	7,769,026		$	7,539,557		$	7,738,629		$	7,158,262		$	6,871,261
Book value per common share		$	34.38		$	31.86		$	28.37		$	26.65		$	24.52
Common shares outstanding			72,140			72,108			71,849			71,881			71,523

RenaissanceRe Holdings Ltd.
Composition of Investment Portfolio


	Dec. 31, 2006					Sept. 30, 2006					June 30, 2006					Mar. 31, 2006					Dec. 31, 2005
TYPE OF INVESTMENT
U.S. treasuries and agencies		$	1,180,064	18.6	%		$	1,403,475	24.2	%		$	1,388,386	24.3	%		$	1,524,192	28.1	%		$	1,040,432	19.6	%
Non-U.S. government			154,848	2.4	%			153,396	2.7	%			147,249	2.6	%			132,996	2.5	%			127,961	2.4	%
Corporate			995,410	15.7	%			855,272	14.8	%			817,097	14.3	%			599,597	11.1	%			554,666	10.5	%
Mortgage-backed			397,741	6.3	%			389,868	6.8	%			396,794	7.0	%			489,805	9.1	%			739,053	14.0	%
Asset-backed			383,867	6.1	%			374,034	6.5	%			330,329	5.8	%			355,345	6.6	%			410,182	7.8	%
Total fixed maturities available for sale			3,111,930	49.1	%			3,176,045	55.0	%			3,079,855	54.0	%			3,101,935	57.4	%			2,872,294	54.3	%
Short term investments, at cost			2,410,971	38.0	%			1,841,330	31.9	%			1,911,693	33.5	%			1,621,623	30.0	%			1,653,618	31.2	%
Other investments, at fair value			592,829	9.3	%			559,256	9.7	%			526,844	9.2	%			506,974	9.4	%			586,467	11.1	%
Total managed investment portfolio			6,115,730	96.4	%			5,576,631	96.6	%			5,518,392	96.7	%			5,230,532	96.8	%			5,112,379	96.6	%
Investments in other ventures, under equity method			227,075	3.6	%			195,787	3.4	%			186,979	3.3	%			172,618	3.2	%			178,774	3.4	%
Total investments		$	6,342,805	100.0	%		$	5,772,418	100.0	%		$	5,705,371	100.0	%		$	5,403,150	100.0	%		$	5,291,153	100.0	%
CREDIT QUALITY OF FIXED MATURITIES
AAA		$	2,248,182	72.2	%		$	2,455,167	77.3	%		$	2,392,763	77.7	%		$	2,578,170	83.2	%		$	2,356,609	82.1	%
AA			479,340	15.4	%			339,209	10.7	%			308,840	10.0	%			201,560	6.5	%			202,417	7.0	%
A			167,068	5.4	%			172,119	5.4	%			181,165	5.9	%			124,810	4.0	%			132,120	4.6	%
BBB			139,453	4.5	%			138,423	4.4	%			130,218	4.2	%			131,444	4.2	%			111,001	3.9	%
Non-investment grade			77,887	2.5	%			71,127	2.2	%			66,869	2.2	%			65,951	2.1	%			70,147	2.4	%
Total fixed maturities available for sale		$	3,111,930	100.0	%		$	3,176,045	100.0	%		$	3,079,855	100.0	%		$	3,101,935	100.0	%		$	2,872,294	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year		$	508,982	16.4	%		$	329,405	10.4	%		$	299,264	9.7	%		$	317,280	10.3	%		$	241,954	8.4	%
Due after one through five years			1,539,509	49.5	%			1,777,781	55.9	%			1,769,729	57.4	%			1,679,450	54.1	%			1,220,387	42.5	%
Due after five through ten years			178,143	5.7	%			215,586	6.8	%			199,011	6.5	%			171,807	5.5	%			175,930	6.1	%
Due after 10 years			103,688	3.3	%			89,371	2.8	%			84,728	2.8	%			88,248	2.8	%			84,788	3.0	%
U.S. mortgage-backed securities			397,741	12.8	%			389,868	12.3	%			396,794	12.9	%			489,805	15.8	%			739,053	25.7	%
U.S. asset-backed securities			383,867	12.3	%			374,034	11.8	%			330,329	10.7	%			355,345	11.5	%			410,182	14.3	%
Total fixed maturities available for sale		$	3,111,930	100.0	%		$	3,176,045	100.0	%		$	3,079,855	100.0	%		$	3,101,935	100.0	%		$	2,872,294	100.0	%


	As of or for the three months ended
	Dec. 31, 2006			Sept. 30, 2006			June 30, 2006			Mar. 31, 2006			Dec. 31, 2005
Average yield to maturity of fixed maturities and short term investments		5.3	%		5.2	%		5.5	%		5.0	%		4.6	%
Average duration of fixed maturities and short term investments		1.3			1.4			1.4			1.4			1.4
Average credit quality of fixed maturities and short term investments		AA			AA			AA			AA			AA

RenaissanceRe Holdings Ltd.
Summary of Other Investments


	Dec. 31, 2006				Sept. 30, 2006				June 30, 2006				Mar 31 2006				Dec. 31, 2005
TYPE OF INVESTMENT
Private equity partnerships		$	223,245			$	208,583			$	194,280			$	174,181			$	167,864
Catastrophe bonds			114,614				50,041				—				—				—
Senior secured bank loan fund			81,428				79,831				78,535				77,771				76,451
Hedge funds			72,439				125,262				159,837				162,433				214,669
Non-U.S. convertible fund			36,080				32,815				32,149				31,077				28,083
European high yield credit fund			31,919				29,620				29,022				27,447				64,885
Medium term note representing an interest in a pool of European fixed income securities			30,000				30,000				30,000				30,000				30,000
Miscellaneous other investments			3,104				3,104				3,021				4,065				4,515
Total other investments		$	592,829			$	559,256			$	526,844			$	506,974			$	586,467
TYPE OF INVESTMENT
Private equity partnerships			37.7	%			37.2	%			36.9	%			34.5	%			28.6	%
Catastrophe bonds			19.3	%			8.9	%			0.0	%			0.0	%			0.0	%
Senior secured bank loan fund			13.7	%			14.3	%			14.9	%			15.3	%			13.0	%
Hedge funds			12.2	%			22.4	%			30.3	%			32.0	%			36.6	%
Non-U.S. convertible fund			6.1	%			5.9	%			6.1	%			6.1	%			4.8	%
European high yield credit fund			5.4	%			5.3	%			5.5	%			5.4	%			11.1	%
Medium term note representing an interest in a pool of European fixed income securities			5.1	%			5.4	%			5.7	%			5.9	%			5.1	%
Miscellaneous other investments			0.5	%			0.6	%			0.6	%			0.8	%			0.8	%
Total other investments			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%

RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses


December 31, 2006	Case Reserves			Additional Case Reserves			IBNR			Total
Property catastrophe reinsurance		$	366,337		$	282,544		$	226,579		$	875,460
Specialty reinsurance			104,010			77,315			412,466			593,791
Total Reinsurance			470,347			359,859			639,045			1,469,251
Individual Risk			272,119			15,611			341,174			628,904
Total		$	742,466		$	375,470		$	980,219		$	2,098,155
September 30, 2006
Property catastrophe reinsurance		$	432,924		$	265,016		$	221,404		$	919,344
Specialty reinsurance			104,298			75,811			414,250			594,359
Total Reinsurance			537,222			340,827			635,654			1,513,703
Individual Risk			286,624			19,774			335,112			641,510
Total		$	823,846		$	360,601		$	970,766		$	2,155,213
June 30, 2006
Property catastrophe reinsurance		$	498,426		$	309,485		$	224,725		$	1,032,636
Specialty reinsurance			175,937			88,563			414,323			678,823
Total Reinsurance			674,363			398,048			639,048			1,711,459
Individual Risk			284,780			15,566			335,720			636,066
Total		$	959,143		$	413,614		$	974,768		$	2,347,525
March 31, 2006
Property catastrophe reinsurance		$	555,631		$	428,796		$	158,488		$	1,142,915
Specialty reinsurance			158,410			103,011			403,464			664,885
Total Reinsurance			714,041			531,807			561,952			1,807,800
Individual Risk			240,624			—			370,828			611,452
Total		$	954,665		$	531,807		$	932,780		$	2,419,252
December 31, 2005
Property catastrophe reinsurance		$	544,750		$	576,992		$	207,087		$	1,328,829
Specialty reinsurance			180,868			95,312			414,445			690,625
Total Reinsurance			725,618			672,304			621,532			2,019,454
Individual Risk			194,016			—			401,081			595,097
Total		$	919,634		$	672,304		$	1,022,613		$	2,614,551

RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis


	Three months ended December 31, 2006												Three months ended December 31, 2005
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for losses and loss expenses, beginning of period		$	2,155,213			$	394,335			$	1,760,878			$	2,300,231			$	543,460			$	1,756,771
Incurred losses and loss expenses
Current year			164,809				37,636				127,173				886,731				229,060				657,671
Prior years			(36,784	)			(6,891	)			(29,893	)			1				(4,808	)			4,809
Total incurred losses and loss expenses			128,025				30,745				97,280				886,732				224,252				662,480
Paid losses and loss expenses
Current year			59,962				20,590				39,372				495,546				23,250				472,296
Prior years			125,121				102,636				22,485				76,866				71,272				5,594
Total paid losses and loss expenses			185,083				123,226				61,857				572,412				94,522				477,890
Reserve for losses and loss expenses, end of period		$	2,098,155			$	301,854			$	1,796,301			$	2,614,551			$	673,190			$	1,941,361
	Twelve months ended December 31, 2006												Twelve months ended December 31, 2005
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for losses and loss expenses, beginning of period		$	2,614,551			$	673,190			$	1,941,361			$	1,459,398			$	217,788			$	1,241,610
Incurred losses and loss expenses
Current year			668,941				86,153				582,788				2,423,783				546,665				1,877,118
Prior years			(164,831	)			(28,273	)			(136,558	)			(219,421	)			22,041				(241,462	)
Total incurred losses and loss expenses			504,110				57,880				446,230				2,204,362				568,706				1,635,656
Paid losses and loss expenses
Current year			172,800				33,532				139,268				624,971				27,974				596,997
Prior years			847,706				395,684				452,022				424,238				85,330				338,908
Total paid losses and loss expenses			1,020,506				429,216				591,290				1,049,209				113,304				935,905
Reserve for losses and loss expenses, end of period		$	2,098,155			$	301,854			$	1,796,301			$	2,614,551			$	673,190			$	1,941,361

RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures


	Three months ended
	December 31, 2006				September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Channel Re		$	5,653			$	5,142		$	4,639		$	3,663		$	4,320
Top Layer Re			3,232				3,176			3,506			2,789			1,404
Starbound			880				941			305			—			—
Tower Hill			(1,141	)			872			771			100			(453	)
Total equity in earnings of other ventures		$	8,624			$	10,131		$	9,221		$	6,552		$	5,271


	Year ended
	December 31, 2006			December 31, 2005
Channel Re		$	19,097		$	15,388
Top Layer Re			12,703			12,524
Starbound			2,126			—
Tower Hill			602			347
Total equity in earnings of other ventures		$	34,528		$	28,259

RenaissanceRe Holdings Ltd.
Ratings

At December 31, 2006

S&P

A.M. Best

Moody’s

REINSURANCE SEGMENT¹

Renaissance Reinsurance

A+

DaVinci

—

Top Layer Re

A+

—

Renaissance Europe

—

INDIVIDUAL RISK SEGMENT¹

Glencoe

—

A−

—

Stonington

—

A−

—

Stonington Lloyds

—

A−

—

Lantana

—

A−

—

RENAISSANCERE²

A−

—

Baa1


1	The A.M. Best, S&P and Moody’s ratings for the companies in the Reinsurance and Individual Risk segments reflect the insurer’s financial strength rating.


2	The S&P and Moody’s ratings for RenaissanceRe represent the credit ratings on its senior unsecured debt.

RenaissanceRe Holdings Ltd.
Comments on Regulation G

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

The Company uses ‘‘operating income (loss)’’ 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)’’ as used herein differs from ‘‘net income (loss) available (attributable) to common shareholders’’, which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized gains and losses on investments. In addition, the Company’s management believes that ‘‘operating income (loss)’’ 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 investment portfolio, which is not considered by management to be a relevant indicator of business operations. The Company also uses ‘‘operating income (loss)’’ to calculate ‘‘operating income (loss) per common share’’ and ‘‘operating return on average common equity, annualized’’. The following is a reconciliation of 1) net income (loss) available (attributable) to common shareholders to operating income (loss) available (attributable) to common shareholders; 2) net income (loss) available (attributable) to common shareholders per common share to operating income (loss) available (attributable) to common shareholders per common share; and 3) return on average common equity, annualized to operating return on average common equity, annualized:


	Three months ended																				Year ended
	Dec. 31, 2006				Sept. 30, 2006				June 30, 2006				March 31, 2006				Dec. 31, 2005				Dec. 31, 2006				Dec. 31, 2005
Net income (loss) available (attributable) to common shareholders		$	201,135			$	251,112			$	130,408			$	178,980			$	(210,402	)		$	761,635			$	(281,413	)
Adjustment for net realized losses (gains) on investments			(2,489	)			(4,151	)			24,348				16,756				3,548				34,464				6,962
Operating income (loss) available (attributable) to common shareholders		$	198,646			$	246,961			$	154,756			$	195,736			$	(206,854	)		$	796,099			$	(274,451	)
Net income (loss) available (attributable) to common shareholders per common share – diluted (1)		$	2.78			$	3.48			$	1.81			$	2.49			$	(2.97	)		$	10.57			$	(3.99	)
Adjustment for net realized losses (gains) on investments (1)			(0.04	)			(0.06	)			0.34				0.24				0.05				0.48				0.10
Operating income (loss) available (attributable) to common shareholders per common share – diluted (1)		$	2.74			$	3.42			$	2.15			$	2.73			$	(2.92	)		$	11.05			$	(3.89	)
Return on average common equity, annualized			33.7	%			46.3	%			26.4	%			39.0	%			(45.0	%)			36.3	%			(13.6	%)
Adjustment for net realized losses (gains) on investments			(0.4	%)			(0.7	%)			4.9	%			3.7	%			0.8	%			1.6	%			0.3	%
Operating return on average common equity, annualized			33.3	%			45.6	%			31.3	%			42.7	%			(44.2	%)			37.9	%			(13.3	%)


(1)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

The Company has also included in this Press Release ‘‘managed catastrophe premiums’’ and ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures.’’ ‘‘Managed catastrophe premiums’’ is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Company’s Individual Risk segment. ‘‘Managed catastrophe premiums’’ differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting and the exclusion of catastrophe premiums assumed from the Company’s Individual Risk segment. ‘‘Managed catastrophe premiums, net of fully-collateralized joint ventures’’ differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to: 1) 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; 2) the exclusion of catastrophe premiums assumed from the Company’s Individual Risk segment; and 3) the deduction of catastrophe premiums that are written by the Company and ceded directly to the Company’s fully-collateralized joint ventures which include Starbound Re and Timicuan Reinsurance Ltd. The Company’s management believes ‘‘managed catastrophe premiums’’ is useful to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. The Company believes ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures’’ is also a useful measure to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures, net of catastrophe premiums assumed from the Company’s Individual Risk segment and net of catastrophe premiums written directly on behalf of the Company’s fully-collateralized joint ventures.