RNR Q4 2014 Financial Supplement



		Page(s)

Basis of Presentation		i

Financial Highlights		1

Income Statements
a.	Summary Consolidated Statements of Operations	2 - 3
b.	Consolidated Segment Underwriting Results	4 - 5
c.	Gross Premiums Written and Managed Premiums	6 - 7
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	8 - 9

Balance Sheets
a.	Summary Consolidated Balance Sheets	10

Investments
a.	Investment Portfolio - Composition	11
b.	Summary of Other Investments	12
c.	Total Investment Result	13
d.	Investment Portfolio - Effective Yield and Credit Rating	14
e.	Investment Portfolio - Change in Portfolio Composition	15
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	16

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	17
b.	Paid to Incurred Analysis	18

Other Items
a.	Earnings per Share	19
b.	Equity in Earnings of Other Ventures	20
c.	Other Loss	20
d.	Ratings	21

Comments on Regulation G		22 - 23

During the third quarter of 2013, the Company made the strategic decision to divest its U.S.-based weather and weather-related energy risk management unit, which principally included RenRe Commodity Advisors LLC, Renaissance Trading Ltd. and RenRe Energy Advisors Ltd. (collectively referred to as "REAL"), in order to focus on the business encompassed within the Company's Catastrophe Reinsurance, Specialty Reinsurance and Lloyd's segments and its other businesses. REAL offered certain derivative-based risk management products primarily to address weather and energy risk and engaged in hedging and trading activities related to those transactions. On August 30, 2013, RenaissanceRe entered into a sale agreement with a subsidiary of Munich-American Holding Corporation ("Munich") to sell REAL and, on October 1, 2013, RenaissanceRe completed the sale of REAL to Munich. In the third quarter of 2013, the Company classified the assets and liabilities associated with this transaction as held for sale and the financial results are reflected in the Company's consolidated financial statements as “discontinued operations.” Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations. All prior periods presented have been reclassified to conform to this form of presentation.



RenaissanceRe Holdings Ltd.
Financial Highlights

	Three months ended						Twelve months ended
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
Highlights
Gross premiums written	$	132,780		$	84,122		$	1,550,572		$	1,605,412
Net premiums written	$	111,769		$	80,784		$	1,068,236		$	1,203,947
Net premiums earned	$	256,487		$	256,765		$	1,062,416		$	1,114,626
Net claims and claim expenses incurred	(12,003		)	(20,854		)	197,947			171,287
Acquisition expenses	39,749			31,026			144,476			125,501
Operating expenses	55,202			57,658			190,639			191,105
Underwriting income	$	173,539		$	188,935		$	529,354		$	626,733

Net investment income	$	25,886		$	78,732		$	124,316		$	208,028
Net realized and unrealized gains on investments	30,475			61,864			41,433			35,076
Change in net unrealized gains on fixed maturity investments available for sale	(292		)	(471		)	(855		)	(8,029		)
Total investment result	$	56,069		$	140,125		$	164,894		$	235,075

Net income available to RenaissanceRe common shareholders	$	170,767		$	268,656		$	510,337		$	665,676
Operating income available to RenaissanceRe common shareholders (1)	$	140,292		$	206,792		$	468,904		$	630,618

Total assets	$	8,203,550		$	8,179,131		$	8,203,550		$	8,179,131
Total shareholders' equity attributable to RenaissanceRe	$	3,865,715		$	3,904,384		$	3,865,715		$	3,904,384

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.42		$	6.05		$	12.60		$	14.87
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.62		$	4.64		$	11.56		$	14.08
Dividends per common share	$	0.29		$	0.28		$	1.16		$	1.12
Book value per common share	$	90.15		$	80.29		$	90.15		$	80.29
Tangible book value per common share (1)	$	89.29		$	79.44		$	89.29		$	79.44
Tangible book value per common share plus accumulated dividends (1)	$	103.57		$	92.56		$	103.57		$	92.56
Change in tangible book value per common share plus change in accumulated dividends (1)	5.5		%	8.1		%	13.9		%	19.7		%

Financial ratios
Net claims and claim expense ratio - current accident year	28.3		%	20.0		%	32.2		%	28.3		%
Net claims and claim expense ratio - prior accident years	(33.0		)%	(28.1		)%	(13.6		)%	(12.9		)%
Net claims and claim expense ratio - calendar year	(4.7		)%	(8.1		)%	18.6		%	15.4		%
Underwriting expense ratio	37.0		%	34.5		%	31.6		%	28.4		%
Combined ratio	32.3		%	26.4		%	50.2		%	43.8		%
Operating return on average common equity - annualized (1)	16.5		%	24.3		%	13.7		%	19.4		%
Total investment return - annualized	3.3		%	8.6		%	2.4		%	3.6		%



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Revenues
Gross premiums written	$	132,780		$	200,992		$	511,540		$	705,260		$	84,122
Net premiums written	$	111,769		$	159,713		$	346,407		$	450,347		$	80,784
Decrease (increase) in unearned premiums	144,718			99,266			(85,991		)	(163,813		)	175,981
Net premiums earned	256,487			258,979			260,416			286,534			256,765
Net investment income	25,886			24,941			34,541			38,948			78,732
Net foreign exchange (losses) gains	(107		)	5,036			2,392			(1,061		)	1,747
Equity in earnings of other ventures	4,838			9,806			7,232			4,199			6,274
Other income (loss)	1,219			(1,169		)	(535		)	62			(173		)
Net realized and unrealized gains (losses) on investments	30,475			(31,097		)	27,128			14,927			61,864
Total revenues	318,798			266,496			331,174			343,609			405,209
Expenses
Net claims and claim expenses incurred	(12,003		)	69,647			81,388			58,915			(20,854		)
Acquisition expenses	39,749			37,550			33,477			33,700			31,026
Operational expenses	55,202			46,972			45,841			42,624			57,658
Corporate expenses	10,583			3,905			3,954			4,545			3,304
Interest expense	4,289			4,290			4,292			4,293			4,297
Total expenses	97,820			162,364			168,952			144,077			75,431
Income before taxes	220,978			104,132			162,222			199,532			329,778
Income tax (expense) benefit	(401		)	(245		)	204			(166		)	(1,336		)
Net income	220,577			103,887			162,426			199,366			328,442
Net income attributable to noncontrolling interests	(44,215		)	(30,477		)	(36,078		)	(42,768		)	(54,191		)
Net income attributable to RenaissanceRe	176,362			73,410			126,348			156,598			274,251
Dividends on preference shares	(5,595		)	(5,595		)	(5,596		)	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	170,767		$	67,815		$	120,752		$	151,003		$	268,656
Net income available to RenaissanceRe common shareholders per common share - basic	$	4.46		$	1.72		$	3.00		$	3.61		$	6.14
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.42		$	1.70		$	2.95		$	3.56		$	6.05
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.62		$	2.49		$	2.28		$	3.20		$	4.64
Operating return on average common equity - annualized (1)	16.5		%	11.7		%	11.0		%	15.9		%	24.3		%



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Twelve months ended
	December 31, 2014			December 31, 2013
Revenues
Gross premiums written	$	1,550,572		$	1,605,412
Net premiums written	$	1,068,236		$	1,203,947
Increase in unearned premiums	(5,820		)	(89,321		)
Net premiums earned	1,062,416			1,114,626
Net investment income	124,316			208,028
Net foreign exchange gains	6,260			1,917
Equity in earnings of other ventures	26,075			23,194
Other loss	(423		)	(2,359		)
Net realized and unrealized gains on investments	41,433			35,076
Total revenues	1,260,077			1,380,482
Expenses
Net claims and claim expenses incurred	197,947			171,287
Acquisition expenses	144,476			125,501
Operational expenses	190,639			191,105
Corporate expenses	22,987			33,622
Interest expense	17,164			17,929
Total expenses	573,213			539,444
Income from continuing operations before taxes	686,864			841,038
Income tax expense	(608		)	(1,692		)
Income from continuing operations	686,256			839,346
Income from discontinued operations	—			2,422
Net income	686,256			841,768
Net income attributable to noncontrolling interests	(153,538		)	(151,144		)
Net income attributable to RenaissanceRe	532,718			690,624
Dividends on preference shares	(22,381		)	(24,948		)
Net income available to RenaissanceRe common shareholders	$	510,337		$	665,676
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	12.77		$	15.08
Income from discontinued operations available to RenaissanceRe common shareholders per common share - basic	—			0.06
Net income available to RenaissanceRe common shareholders per common share - basic	$	12.77		$	15.14
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	12.60			14.82
Income from discontinued operations available to RenaissanceRe common shareholders per common share - diluted	—			0.05
Net income available to RenaissanceRe common shareholders per common share - diluted	$	12.60		$	14.87
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	11.56		$	14.08
Operating return on average common equity - annualized (1)	13.7		%	19.4		%



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended December 31, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	9,923		$	71,911		$	50,637		$	309		$	132,780
Net premiums written	$	6,614		$	62,233		$	42,581		$	341		$	111,769
Net premiums earned	$	130,390		$	66,846		$	58,909		$	342		$	256,487
Net claims and claim expenses incurred	(40,762		)	10,587			23,406			(5,234		)	(12,003		)
Acquisition expenses	9,098			16,884			13,624			143			39,749
Operational expenses	29,078			12,516			13,549			59			55,202
Underwriting income	$	132,976		$	26,859		$	8,330		$	5,374		$	173,539

Net claims and claim expenses incurred - current accident year	$	6,605		$	30,602		$	35,472		$	—		$	72,679
Net claims and claim expenses incurred - prior accident years	(47,367		)	(20,015		)	(12,066		)	(5,234		)	(84,682		)
Net claims and claim expenses incurred - total	$	(40,762	)	$	10,587		$	23,406		$	(5,234	)	$	(12,003	)

Net claims and claim expense ratio - current accident year	5.1		%	45.8		%	60.2		%	—		%	28.3		%
Net claims and claim expense ratio - prior accident years	(36.4		)%	(30.0		)%	(20.5		)%	(1,530.4		)%	(33.0		)%
Net claims and claim expense ratio - calendar year	(31.3		)%	15.8		%	39.7		%	(1,530.4		)%	(4.7		)%
Underwriting expense ratio	29.3		%	44.0		%	46.2		%	59.1		%	37.0		%
Combined ratio	(2.0		)%	59.8		%	85.9		%	(1,471.3		)%	32.3		%

	Three months ended December 31, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	(17,859	)	$	58,464		$	43,517		$	—		$	84,122
Net premiums written	$	(21,507	)	$	59,978		$	42,116		$	197		$	80,784
Net premiums earned	$	152,155		$	55,246		$	49,167		$	197		$	256,765
Net claims and claim expenses incurred	(64,612		)	13,513			27,454			2,791			(20,854		)
Acquisition expenses	11,295			9,399			10,485			(153		)	31,026
Operational expenses	33,843			9,322			14,347			146			57,658
Underwriting income (loss)	$	171,629		$	23,012		$	(3,119	)	$	(2,587	)	$	188,935

Net claims and claim expenses incurred - current accident year	$	(5,641	)	$	24,364		$	32,675		$	—		$	51,398
Net claims and claim expenses incurred - prior accident years	(58,971		)	(10,851		)	(5,221		)	2,791			(72,252		)
Net claims and claim expenses incurred - total	$	(64,612	)	$	13,513		$	27,454		$	2,791		$	(20,854	)

Net claims and claim expense ratio - current accident year	(3.7		)%	44.1		%	66.5		%	—		%	20.0		%
Net claims and claim expense ratio - prior accident years	(38.8		)%	(19.6		)%	(10.7		)%	1,416.8		%	(28.1		)%
Net claims and claim expense ratio - calendar year	(42.5		)%	24.5		%	55.8		%	1,416.8		%	(8.1		)%
Underwriting expense ratio	29.7		%	33.8		%	50.5		%	(3.6		)%	34.5		%
Combined ratio	(12.8		)%	58.3		%	106.3		%	1,413.2		%	26.4		%



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Twelve months ended December 31, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	933,969		$	346,638		$	269,656		$	309		$	1,550,572
Net premiums written	$	541,608		$	295,855		$	230,429		$	344		$	1,068,236
Net premiums earned	$	590,845		$	253,537		$	217,666		$	368		$	1,062,416
Net claims and claim expenses incurred	1,757			88,502			113,825			(6,137		)	197,947
Acquisition expenses	43,161			60,936			46,927			(6,548		)	144,476
Operational expenses	95,851			43,370			51,115			303			190,639
Underwriting income	$	450,076		$	60,729		$	5,799		$	12,750		$	529,354

Net claims and claim expenses incurred - current accident year	$	67,268		$	144,411		$	130,066		$	—		$	341,745
Net claims and claim expenses incurred - prior accident years	(65,511		)	(55,909		)	(16,241		)	(6,137		)	(143,798		)
Net claims and claim expenses incurred - total	$	1,757		$	88,502		$	113,825		$	(6,137	)	$	197,947

Net claims and claim expense ratio - current accident year	11.4		%	57.0		%	59.8		%	—		%	32.2		%
Net claims and claim expense ratio - prior accident years	(11.1		)%	(22.1		)%	(7.5		)%	(1,667.7		)%	(13.6		)%
Net claims and claim expense ratio - calendar year	0.3		%	34.9		%	52.3		%	(1,667.7		)%	18.6		%
Underwriting expense ratio	23.5		%	41.1		%	45.0		%	(1,697.0		)%	31.6		%
Combined ratio	23.8		%	76.0		%	97.3		%	(3,364.7		)%	50.2		%

	Twelve months ended December 31, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	1,120,379		$	259,489		$	226,532		$	(988	)	$	1,605,412
Net premiums written	$	753,078		$	248,562		$	201,697		$	610		$	1,203,947
Net premiums earned	$	723,705		$	214,306		$	176,029		$	586		$	1,114,626
Net claims and claim expenses incurred	7,908			67,236			95,693			450			171,287
Acquisition expenses	49,161			41,538			34,823			(21		)	125,501
Operational expenses	108,130			31,780			50,540			655			191,105
Underwriting income (loss)	$	558,506		$	73,752		$	(5,027	)	$	(498	)	$	626,733

Net claims and claim expenses incurred - current accident year	$	109,945		$	101,347		$	103,949		$	—		$	315,241
Net claims and claim expenses incurred - prior accident years	(102,037		)	(34,111		)	(8,256		)	450			(143,954		)
Net claims and claim expenses incurred - total	$	7,908		$	67,236		$	95,693		$	450		$	171,287

Net claims and claim expense ratio - current accident year	15.2		%	47.3		%	59.1		%	—		%	28.3		%
Net claims and claim expense ratio - prior accident years	(14.1		)%	(15.9		)%	(4.7		)%	76.8		%	(12.9		)%
Net claims and claim expense ratio - calendar year	1.1		%	31.4		%	54.4		%	76.8		%	15.4		%
Underwriting expense ratio	21.7		%	34.2		%	48.5		%	108.2		%	28.4		%
Combined ratio	22.8		%	65.6		%	102.9		%	185.0		%	43.8		%



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	December 31, 2014			September 30, 2014		June 30, 2014		March 31, 2014			December 31, 2013
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	10,569		$	49,480	$	240,137	$	322,748		$	(4,041	)
DaVinci catastrophe premiums	(646		)	18,772		147,946		144,963			(13,818		)
Total Catastrophe Reinsurance segment gross premiums written	$	9,923		$	68,252	$	388,083	$	467,711		$	(17,859	)

Specialty Reinsurance Segment
Renaissance specialty premiums	$	71,897		$	68,699	$	50,001	$	153,994		$	58,014
DaVinci specialty premiums	14			184		1,553		296			450
Total Specialty Reinsurance segment gross premiums written	$	71,911		$	68,883	$	51,554	$	154,290		$	58,464

Lloyd's Segment
Specialty	$	48,652		$	58,696	$	45,238	$	61,704		$	43,154
Catastrophe	1,985			5,161		26,665		21,555			363
Total Lloyd's segment gross premiums written	$	50,637		$	63,857	$	71,903	$	83,259		$	43,517

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	9,923		$	68,252	$	388,083	$	467,711		$	(17,859	)
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	3,162			2,169		23,110		14,115			3,694
Catastrophe premiums written in the Lloyd's segment	1,985			5,161		26,665		21,555			363
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	—			—		—		(7,355		)	—
Total managed catastrophe premiums (1)	$	15,070		$	75,582	$	437,858	$	496,026		$	(13,802	)



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Twelve months ended
	December 31, 2014			December 31, 2013
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	622,934		$	729,887
DaVinci catastrophe premiums	311,035			390,492
Total Catastrophe Reinsurance segment gross premiums written	$	933,969		$	1,120,379

Specialty Reinsurance Segment
Renaissance specialty premiums	$	344,591		$	256,354
DaVinci specialty premiums	2,047			3,135
Total Specialty Reinsurance segment gross premiums written	$	346,638		$	259,489

Lloyd's Segment
Specialty	$	214,290		$	188,663
Catastrophe	55,366			37,869
Total Lloyd's segment gross premiums written	$	269,656		$	226,532

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	933,969		$	1,120,379
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	42,556			63,721
Catastrophe premiums written in the Lloyd's segment	55,366			37,869
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(7,355		)	—
Total managed catastrophe premiums (1)	$	1,024,536		$	1,221,969



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Revenues
Gross premiums written	$	(632	)	$	18,956		$	149,499		$	145,259		$	(13,368	)
Net premiums written	$	(803	)	$	13,541		$	126,810		$	118,930		$	(15,415	)
Decrease (increase) in unearned premiums	62,175			48,594			(52,440		)	(41,068		)	88,096
Net premiums earned	61,372			62,135			74,370			77,862			72,681
Net investment income	7,599			7,082			6,875			7,054			7,164
Net foreign exchange gains	831			765			1,674			376			145
Net realized and unrealized (losses) gains on investments	(2,076		)	(8,918		)	6,628			2,540			1,942
Total revenues	67,726			61,064			89,547			87,832			81,932
Expenses
Net claims and claim expenses incurred	(21,995		)	(1,488		)	14,218			1,220			(28,625		)
Acquisition expenses	22,839			17,385			17,507			20,878			26,108
Operational and corporate expenses	7,467			7,492			8,335			8,803			9,392
Interest expense	933			934			933			937			937
Total expenses	9,244			24,323			40,993			31,838			7,812
Income before taxes	58,482			36,741			48,554			55,994			74,120
Income tax expense	(18		)	(20		)	(2		)	—			—
Net income	58,464			36,721			48,552			55,994			74,120
Net income attributable to redeemable noncontrolling interest	—			(75		)	(99		)	(114		)	(150		)
Net income available to DaVinciRe common shareholders	$	58,464		$	36,646		$	48,453		$	55,880		$	73,970

Net claims and claim expenses incurred - current accident year	$	701		$	3,341		$	19,370		$	5,106		$	(4,023	)
Net claims and claim expenses incurred - prior accident years	(22,696		)	(4,829		)	(5,152		)	(3,886		)	(24,602		)
Net claims and claim expenses incurred - total	$	(21,995	)	$	(1,488	)	$	14,218		$	1,220		$	(28,625	)

Net claims and claim expense ratio - current accident year	1.1		%	5.4		%	26.0		%	6.6		%	(5.5		)%
Net claims and claim expense ratio - prior accident years	(36.9		)%	(7.8		)%	(6.9		)%	(5.0		)%	(33.9		)%
Net claims and claim expense ratio - calendar year	(35.8		)%	(2.4		)%	19.1		%	1.6		%	(39.4		)%
Underwriting expense ratio	49.3		%	40.0		%	34.8		%	38.1		%	48.9		%
Combined ratio	13.5		%	37.6		%	53.9		%	39.7		%	9.5		%



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Twelve months ended
	December 31, 2014			December 31, 2013
Revenues
Gross premiums written	$	313,082		$	393,627
Net premiums written	$	258,478		$	340,107
Decrease in unearned premiums	17,261			7,296
Net premiums earned	275,739			347,403
Net investment income	28,610			28,391
Net foreign exchange gains	3,646			421
Other loss	—			(717		)
Net realized and unrealized losses on investments	(1,826		)	(15,597		)
Total revenues	306,169			359,901
Expenses
Net claims and claim expenses incurred	(8,045		)	6,367
Acquisition expenses	78,609			92,016
Operational and corporate expenses	32,097			39,571
Interest expense	3,737			3,778
Total expenses	106,398			141,732
Income before taxes	199,771			218,169
Income tax expense	(40		)	—
Net income	199,731			218,169
Net income attributable to redeemable noncontrolling interest	(288		)	(444		)
Net income available to DaVinciRe common shareholders	$	199,443		$	217,725

Net claims and claim expenses incurred - current accident year	$	28,518		$	49,221
Net claims and claim expenses incurred - prior accident years	(36,563		)	(42,854		)
Net claims and claim expenses incurred - total	$	(8,045	)	$	6,367

Net claims and claim expense ratio - current accident year	10.3		%	14.2		%
Net claims and claim expense ratio - prior accident years	(13.2		)%	(12.4		)%
Net claims and claim expense ratio - calendar year	(2.9		)%	1.8		%
Underwriting expense ratio	40.1		%	37.9		%
Combined ratio	37.2		%	39.7		%



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014		December 31, 2013
Assets
Fixed maturity investments trading, at fair value	$	4,756,685	$	4,750,766	$	4,841,609	$	4,587,412	$	4,809,036
Fixed maturity investments available for sale, at fair value	26,885		28,069		29,219		30,205		34,241
Total fixed maturity investments, at fair value	4,783,570		4,778,835		4,870,828		4,617,617		4,843,277
Short term investments, at fair value	1,013,222		1,031,143		957,698		977,778		1,044,779
Equity investments trading, at fair value	322,098		301,714		254,408		245,267		254,776
Other investments, at fair value	504,147		501,487		513,614		576,099		573,264
Investments in other ventures, under equity method	120,713		118,245		110,354		106,332		105,616
Total investments	6,743,750		6,731,424		6,706,902		6,523,093		6,821,712
Cash and cash equivalents	525,584		300,547		294,457		327,163		408,032
Premiums receivable	440,007		630,718		837,116		668,788		474,087
Prepaid reinsurance premiums	94,810		195,978		267,963		207,752		66,132
Reinsurance recoverable	66,694		79,043		85,115		98,962		101,025
Accrued investment income	26,509		25,514		28,019		27,351		34,065
Deferred acquisition costs	110,059		130,108		140,765		121,890		81,684
Receivable for investments sold	52,390		147,206		58,205		84,396		75,845
Other assets	135,845		108,443		89,076		96,251		108,438
Goodwill and other intangibles	7,902		7,954		8,007		8,059		8,111
Total assets	$	8,203,550	$	8,356,935	$	8,515,625	$	8,163,705	$	8,179,131
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,412,510	$	1,532,780	$	1,552,618	$	1,532,883	$	1,563,730
Unearned premiums	512,386		758,272		929,523		783,321		477,888
Debt	249,522		249,499		249,476		249,453		249,430
Reinsurance balances payable	454,580		501,155		558,185		468,644		293,022
Payable for investments purchased	203,021		284,295		201,340		179,519		193,221
Other liabilities	374,108		203,908		164,650		200,626		397,596
Total liabilities	3,206,127		3,529,909		3,655,792		3,414,446		3,174,887
Redeemable noncontrolling interest	1,131,708		1,091,166		1,023,892		986,981		1,099,860
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	38,442		38,888		40,523		40,856		43,646
Accumulated other comprehensive income	3,416		3,829		3,918		3,963		4,131
Retained earnings	3,423,857		3,293,143		3,391,500		3,317,459		3,456,607
Total shareholders' equity attributable to RenaissanceRe	3,865,715		3,735,860		3,835,941		3,762,278		3,904,384
Total liabilities, noncontrolling interests and shareholders' equity	$	8,203,550	$	8,356,935	$	8,515,625	$	8,163,705	$	8,179,131

Book value per common share	$	90.15	$	85.78	$	84.79	$	82.30	$	80.29



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	December 31, 2014					September 30, 2014					June 30, 2014					March 31, 2014					December 31, 2013
TYPE OF INVESTMENT
U.S. treasuries	$	1,671,471		24.8	%	$	1,636,326		24.3	%	$	1,706,929		25.5	%	$	1,539,995		23.6	%	$	1,352,413		19.8	%
Agencies	96,208			1.4	%	120,025			1.8	%	121,650			1.8	%	134,461			2.1	%	186,050			2.7	%
Non-U.S. government (Sovereign debt)	280,651			4.2	%	282,326			4.2	%	271,495			4.0	%	298,080			4.6	%	334,580			4.9	%
Non-U.S. government-backed corporate	146,467			2.2	%	141,159			2.1	%	163,911			2.4	%	220,727			3.4	%	237,479			3.5	%
Corporate	1,610,442			23.9	%	1,572,168			23.4	%	1,580,038			23.6	%	1,495,481			22.9	%	1,803,415			26.4	%
Agency mortgage-backed	316,620			4.7	%	325,138			4.8	%	326,304			4.9	%	300,448			4.6	%	341,908			5.0	%
Non-agency mortgage-backed	253,050			3.7	%	264,455			3.9	%	265,340			3.9	%	265,372			4.0	%	257,938			3.8	%
Commercial mortgage-backed	381,051			5.7	%	405,635			6.0	%	400,288			6.0	%	344,590			5.3	%	314,236			4.6	%
Asset-backed	27,610			0.4	%	31,603			0.5	%	34,873			0.5	%	18,463			0.3	%	15,258			0.2	%
Total fixed maturity investments, at fair value	4,783,570			71.0	%	4,778,835			71.0	%	4,870,828			72.6	%	4,617,617			70.8	%	4,843,277			70.9	%
Short term investments, at fair value	1,013,222			15.0	%	1,031,143			15.3	%	957,698			14.3	%	977,778			15.0	%	1,044,779			15.3	%
Equity investments trading, at fair value	322,098			4.8	%	301,714			4.5	%	254,408			3.8	%	245,267			3.8	%	254,776			3.7	%
Other investments, at fair value	504,147			7.5	%	501,487			7.5	%	513,614			7.6	%	576,099			8.8	%	573,264			8.5	%
Total managed investment portfolio	6,623,037			98.3	%	6,613,179			98.3	%	6,596,548			98.3	%	6,416,761			98.4	%	6,716,096			98.4	%
Investments in other ventures, under equity method	120,713			1.7	%	118,245			1.7	%	110,354			1.7	%	106,332			1.6	%	105,616			1.6	%
Total investments	$	6,743,750		100.0	%	$	6,731,424		100.0	%	$	6,706,902		100.0	%	$	6,523,093		100.0	%	$	6,821,712		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	561,208		11.7	%	$	579,663		12.2	%	$	608,811		12.5	%	$	643,735		14.0	%	$	638,049		13.2	%
AA	2,506,760			52.4	%	2,521,251			52.8	%	2,573,467			52.8	%	2,370,814			51.3	%	2,414,857			49.8	%
A	727,639			15.2	%	713,648			14.9	%	705,334			14.5	%	646,095			14.0	%	836,425			17.3	%
BBB	444,132			9.3	%	402,318			8.4	%	401,664			8.2	%	367,622			8.0	%	383,508			7.9	%
Non-investment grade and not rated	543,831			11.4	%	561,955			11.7	%	581,552			12.0	%	589,351			12.7	%	570,438			11.8	%
Total fixed maturity investments, at fair value	$	4,783,570		100.0	%	$	4,778,835		100.0	%	$	4,870,828		100.0	%	$	4,617,617		100.0	%	$	4,843,277		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	151,803		3.2	%	$	97,868		2.0	%	$	100,765		2.1	%	$	119,599		2.6	%	$	160,760		3.3	%
Due after one through five years	2,969,828			62.1	%	2,949,329			61.7	%	3,080,879			63.3	%	2,963,494			64.2	%	3,118,799			64.4	%
Due after five through ten years	537,636			11.2	%	593,633			12.4	%	529,811			10.9	%	504,919			10.9	%	551,007			11.4	%
Due after ten years	145,972			3.0	%	111,174			2.4	%	132,568			2.7	%	100,732			2.2	%	83,371			1.7	%
Mortgage-backed securities	950,721			19.9	%	995,228			20.8	%	991,932			20.4	%	910,410			19.7	%	914,082			18.9	%
Asset-backed securities	27,610			0.6	%	31,603			0.7	%	34,873			0.7	%	18,463			0.4	%	15,258			0.3	%
Total fixed maturity investments, at fair value	$	4,783,570		100.0	%	$	4,778,835		100.0	%	$	4,870,828		100.0	%	$	4,617,617		100.0	%	$	4,843,277		100.0	%

Weighted average effective yield of fixed maturity and short term investments	1.7		%			1.7		%			1.5		%			1.6		%			1.7		%
Average duration of fixed maturities and short term investments	2.1					2.2					2.2					2.2					2.1



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
TYPE OF INVESTMENT
Private equity partnerships	$	281,932		$	300,800		$	314,983		$	325,711		$	322,391
Catastrophe bonds	200,329			179,246			179,465			233,321			229,016
Senior secured bank loan funds	19,316			18,723			15,976			13,656			18,048
Hedge funds	2,570			2,718			3,190			3,411			3,809
Total other investments, at fair value	$	504,147		$	501,487		$	513,614		$	576,099		$	573,264

TYPE OF INVESTMENT
Private equity partnerships	56.0		%	60.1		%	61.4		%	56.5		%	56.2		%
Catastrophe bonds	39.7		%	35.7		%	34.9		%	40.5		%	40.0		%
Senior secured bank loan funds	3.8		%	3.7		%	3.1		%	2.4		%	3.1		%
Hedge funds	0.5		%	0.5		%	0.6		%	0.6		%	0.7		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Twelve months ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
Fixed maturity investments	$	26,104		$	24,519		$	26,372		$	23,860		$	24,759		$	100,855		$	95,907
Short term investments	217			251			286			190			380			944			1,698
Equity investments trading	1,139			736			779			796			1,245			3,450			2,295
Other investments
Hedge funds and private equity investments	1,530			(3,320		)	8,340			12,317			14,514			18,867			45,810
Other	(414		)	5,547			1,483			4,528			40,818			11,144			73,692
Cash and cash equivalents	95			116			93			91			83			395			191
	28,671			27,849			37,353			41,782			81,799			135,655			219,593
Investment expenses	(2,785		)	(2,908		)	(2,812		)	(2,834		)	(3,067		)	(11,339		)	(11,565		)
Net investment income	25,886			24,941			34,541			38,948			78,732			124,316			208,028

Gross realized gains	11,973			7,962			12,166			13,467			12,055			45,568			72,492
Gross realized losses	(3,997		)	(2,720		)	(2,587		)	(5,564		)	(8,810		)	(14,868		)	(50,206		)
Net realized gains on fixed maturity investments	7,976			5,242			9,579			7,903			3,245			30,700			22,286
Net unrealized (losses) gains on fixed maturity investments trading	(1,520		)	(36,600		)	29,918			27,882			(2,489		)	19,680			(87,827		)
Net realized and unrealized (losses) gains on investments-related derivatives	(11,280		)	(1,868		)	(6,884		)	(10,899		)	6,570			(30,931		)	31,058
Net realized gains (losses) on equity investments trading	2,330			3,523			5,134			(79		)	8,455			10,908			26,650
Net unrealized gains (losses) on equity investments trading	32,969			(1,394		)	(10,619		)	(9,880		)	46,083			11,076			42,909
Net realized and unrealized gains (losses) on investments	30,475			(31,097		)	27,128			14,927			61,864			41,433			35,076
Change in net unrealized gains on fixed maturity investments available for sale	(292		)	(302		)	(96		)	(165		)	(471		)	(855		)	(8,029		)
Total investment result	$	56,069		$	(6,458	)	$	61,573		$	53,710		$	140,125		$	164,894		$	235,075

Total investment return - annualized	3.3		%	(0.4		)%	3.7		%	3.2		%	8.6		%	2.4		%	3.6		%



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2014	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,013,222	$	1,013,222		15.0	%	0.1	%	$	988,449		$	22,187		$	2,083		$	—		$	503		$	—
			100.0		%					97.6		%	2.2		%	0.2		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,672,441		1,671,471			24.8	%	1.0	%	—			1,671,471			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	90,009		89,919			1.3	%	1.1	%	—			89,919			—			—			—			—
Other agencies	6,262		6,289			0.1	%	1.6	%	—			3,511			2,778			—			—			—
Total agencies	96,271		96,208			1.4	%	1.2	%	—			93,430			2,778			—			—			—
Non-U.S. government (Sovereign debt)	287,856		280,651			4.2	%	1.1	%	124,381			127,162			16,925			12,183			—			—
Non-U.S. government-backed corporate	146,691		146,467			2.2	%	1.1	%	94,871			44,477			6,518			601			—			—
Corporate	1,611,172		1,610,442			23.9	%	3.2	%	26,536			151,571			663,933			398,871			353,664			15,867
Mortgage-backed
Residential mortgage-backed
Agency securities	315,911		316,620			4.7	%	2.3	%	—			316,620			—			—			—			—
Non-agency securities - Alt A	139,765		149,754			2.2	%	4.3	%	5,532			18,800			16,155			10,797			82,692			15,778
Non-agency securities - Prime	98,126		103,296			1.5	%	3.4	%	7,562			4,325			6,590			8,989			68,722			7,108
Total residential mortgage-backed	553,802		569,670			8.4	%	3.0	%	13,094			339,745			22,745			19,786			151,414			22,886
Commercial mortgage-backed	377,792		381,051			5.7	%	2.1	%	276,476			78,319			13,565			12,691			—			—
Total mortgage-backed	931,594		950,721			14.1	%	2.6	%	289,570			418,064			36,310			32,477			151,414			22,886
Asset-backed
Auto loans	10,423		10,380			0.2	%	1.0	%	10,380			—			—			—			—			—
Credit cards	9,479		9,686			0.1	%	2.0	%	9,686			—			—			—			—			—
Student loans	624		585			—	%	1.2	%	—			585			—			—			—			—
Other	6,834		6,959			0.1	%	1.8	%	5,784			—			1,175			—			—			—
Total asset-backed	27,360		27,610			0.4	%	1.5	%	25,850			585			1,175			—			—			—
Total securitized assets	958,954		978,331			14.5	%	2.6	%	315,420			418,649			37,485			32,477			151,414			22,886
Total fixed maturity investments	4,773,385		4,783,570			71.0	%	2.1	%	561,208			2,506,760			727,639			444,132			505,078			38,753
			100.0		%					11.7		%	52.4		%	15.2		%	9.3		%	10.6		%	0.8		%
Equity investments trading			322,098			4.8	%			—			—			—			—			—			322,098
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			281,932			4.2	%			—			—			—			—			—			281,932
Catastrophe bonds			200,329			3.0	%			—			—			—			—			200,329			—
Senior secured bank loan fund			19,316			0.3	%			—			—			—			—			—			19,316
Hedge funds			2,570			—	%			—			—			—			—			—			2,570
Total other investments			504,147			7.5	%			—			—			—			—			200,329			303,818
			100.0		%					—		%	—		%	—		%	—		%	39.7		%	60.3		%
Investments in other ventures			120,713			1.7	%			—			—			—			—			—			120,713
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,743,750		100.0	%			$	1,549,657		$	2,528,947		$	729,722		$	444,132		$	705,910		$	785,382
			100.0		%					23.0		%	37.5		%	10.8		%	6.6		%	10.5		%	11.6		%



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	December 31, 2014				December 31, 2013				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,013,222	15.0	%	$	1,044,779	15.3	%	$	(31,557	)	(0.3	)%
Fixed maturity investments
U.S. treasuries	1,671,471		24.8	%	1,352,413		19.8	%	319,058			5.0	%
Agencies
Fannie Mae and Freddie Mac	89,919		1.3	%	182,738		2.7	%	(92,819		)	(1.4	)%
Other agencies	6,289		0.1	%	3,312		—	%	2,977			0.1	%
Total agencies	96,208		1.4	%	186,050		2.7	%	(89,842		)	(1.3	)%
Non-U.S. government (Sovereign debt)	280,651		4.2	%	334,580		4.9	%	(53,929		)	(0.7	)%
Non-U.S. government-backed corporate	146,467		2.2	%	237,479		3.5	%	(91,012		)	(1.3	)%
Corporate	1,610,442		23.9	%	1,803,415		26.4	%	(192,973		)	(2.5	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	316,620		4.7	%	341,908		5.0	%	(25,288		)	(0.3	)%
Non-agency securities - Alt A	149,754		2.2	%	136,734		2.0	%	13,020			0.2	%
Non-agency securities - Prime	103,296		1.5	%	121,204		1.8	%	(17,908		)	(0.3	)%
Total residential mortgage-backed	569,670		8.4	%	599,846		8.8	%	(30,176		)	(0.4	)%
Commercial mortgage-backed	381,051		5.7	%	314,236		4.6	%	66,815			1.1	%
Total mortgage-backed	950,721		14.1	%	914,082		13.4	%	36,639			0.7	%
Asset-backed
Auto loans	10,380		0.2	%	3,109		—	%	7,271			0.2	%
Credit cards	9,686		0.1	%	4,385		0.1	%	5,301			—	%
Student loans	585		—	%	2,947		—	%	(2,362		)	—	%
Other	6,959		0.1	%	4,817		0.1	%	2,142			—	%
Total asset-backed	27,610		0.4	%	15,258		0.2	%	12,352			0.2	%
Total securitized assets	978,331		14.5	%	929,340		13.6	%	48,991			0.9	%
Total fixed maturity investments	4,783,570		71.0	%	4,843,277		70.9	%	(59,707		)	0.1	%
Equity investments trading	322,098		4.8	%	254,776		3.7	%	67,322			1.1	%
Other investments
Private equity partnerships	281,932		4.2	%	322,391		4.7	%	(40,459		)	(0.5	)%
Catastrophe bonds	200,329		3.0	%	229,016		3.4	%	(28,687		)	(0.4	)%
Senior secured bank loan funds	19,316		0.3	%	18,048		0.3	%	1,268			—	%
Hedge funds	2,570		—	%	3,809		0.1	%	(1,239		)	(0.1	)%
Total other investments	504,147		7.5	%	573,264		8.5	%	(69,117		)	(1.0	)%
Investments in other ventures	120,713		1.7	%	105,616		1.5	%	15,097			0.2	%
Total managed investment portfolio	$	6,743,750	100.0	%	$	6,821,712	100.0	%	$	(77,962	)



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2014
Catastrophe Reinsurance	$	253,431	$	150,825	$	138,411	$	542,667
Specialty Reinsurance	106,293		79,457		357,960		543,710
Lloyd's	65,295		14,168		204,984		284,447
Other	5,212		2,354		34,120		41,686
Total	$	430,231	$	246,804	$	735,475	$	1,412,510

September 30, 2014
Catastrophe Reinsurance	$	282,923	$	186,653	$	178,243	$	647,819
Specialty Reinsurance	111,774		83,196		359,069		554,039
Lloyd's	54,142		21,464		207,463		283,069
Other	8,097		2,324		37,432		47,853
Total	$	456,936	$	293,637	$	782,207	$	1,532,780

June 30, 2014
Catastrophe Reinsurance	$	327,537	$	201,716	$	191,059	$	720,312
Specialty Reinsurance	100,033		89,949		340,106		530,088
Lloyd's	48,242		19,763		184,120		252,125
Other	9,505		2,323		38,265		50,093
Total	$	485,317	$	313,751	$	753,550	$	1,552,618

March 31, 2014
Catastrophe Reinsurance	$	350,606	$	183,216	$	184,685	$	718,507
Specialty Reinsurance	111,914		85,568		325,468		522,950
Lloyd's	47,137		17,560		171,492		236,189
Other	14,358		2,324		38,555		55,237
Total	$	524,015	$	288,668	$	720,200	$	1,532,883

December 31, 2013
Catastrophe Reinsurance	$	430,166	$	177,518	$	173,303	$	780,987
Specialty Reinsurance	113,188		81,251		311,829		506,268
Lloyd's	45,355		14,265		158,747		218,367
Other	14,915		2,324		40,869		58,108
Total	$	603,624	$	275,358	$	684,748	$	1,563,730



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2014									Three months ended December 31, 2013
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,532,780		$	79,043		$	1,453,737		$	1,683,709		$	149,201		$	1,534,508
Incurred losses and loss expenses
Current year	78,910			6,231			72,679			50,760			(638		)	51,398
Prior years	(92,516		)	(7,834		)	(84,682		)	(83,326		)	(11,074		)	(72,252		)
Total incurred losses and loss expenses	(13,606		)	(1,603		)	(12,003		)	(32,566		)	(11,712		)	(20,854		)
Paid losses and loss expenses
Current year	35,475			14,876			20,599			12,456			10,794			1,662
Prior years	71,189			(4,130		)	75,319			74,957			25,670			49,287
Total paid losses and loss expenses	106,664			10,746			95,918			87,413			36,464			50,949
Reserve for losses and loss expenses, end of period	$	1,412,510		$	66,694		$	1,345,816		$	1,563,730		$	101,025		$	1,462,705

	Twelve months ended December 31, 2014									Twelve months ended December 31, 2013
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,563,730		$	101,025		$	1,462,705		$	1,879,377		$	192,512		$	1,686,865
Incurred losses and loss expenses
Current year	377,310			35,565			341,745			342,770			27,529			315,241
Prior years	(148,729		)	(4,931		)	(143,798		)	(157,631		)	(13,677		)	(143,954		)
Total incurred losses and loss expenses	228,581			30,634			197,947			185,139			13,852			171,287
Paid losses and loss expenses
Current year	54,832			15,002			39,830			44,940			12,728			32,212
Prior years	324,969			49,963			275,006			455,846			92,611			363,235
Total paid losses and loss expenses	379,801			64,965			314,836			500,786			105,339			395,447
Reserve for losses and loss expenses, end of period	$	1,412,510		$	66,694		$	1,345,816		$	1,563,730		$	101,025		$	1,462,705



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Numerator:
Net income available to RenaissanceRe common shareholders	$	170,767		$	67,815		$	120,752		$	151,003		$	268,656
Amount allocated to participating common shareholders (1)	(2,312		)	(904		)	(1,557		)	(2,031		)	(3,709		)
	$	168,455		$	66,911		$	119,195		$	148,972		$	264,947
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	37,752			38,975			39,736			41,238			43,160
Per common share equivalents of employee stock options and restricted shares	393			458			659			665			609
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	38,145			39,433			40,395			41,903			43,769

Basic income per RenaissanceRe common share	$	4.46		$	1.72		$	3.00		$	3.61		$	6.14
Diluted income per RenaissanceRe common share	$	4.42		$	1.70		$	2.95		$	3.56		$	6.05

	Twelve months ended
(common shares in thousands)	December 31, 2014			December 31, 2013
Numerator:
Net income available to RenaissanceRe common shareholders	$	510,337		$	665,676
Amount allocated to participating common shareholders (1)	(6,760		)	(9,520		)
	$	503,577		$	656,156
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	39,425			43,349
Per common share equivalents of employee stock options and restricted shares	543			779
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,968			44,128

Basic income per RenaissanceRe common share	$	12.77		$	15.14
Diluted income per RenaissanceRe common share (2)	$	12.60		$	14.87



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Tower Hill Companies	$	4,276		$	6,912		$	5,202		$	1,986		$	2,989
Top Layer Re	2,364			3,108			2,494			2,445			3,374
Other	(1,802		)	(214		)	(464		)	(232		)	(89		)
Total equity in earnings of other ventures	$	4,838		$	9,806		$	7,232		$	4,199		$	6,274

	Twelve months ended
	December 31, 2014			December 31, 2013
Tower Hill Companies	$	18,376		$	10,270
Top Layer Re	10,411			13,836
Other	(2,712		)	(912		)
Total equity in earnings of other ventures	$	26,075		$	23,194

Other Loss

	Three months ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	1,044		$	239		$	17		$	21		$	26
Other items	175			(1,408		)	(552		)	41			(199		)
Total other income (loss)	$	1,219		$	(1,169	)	$	(535	)	$	62		$	(173	)

	Twelve months ended
	December 31, 2014			December 31, 2013
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	1,321		$	(2,517	)
Other items	(1,744		)	158
Total other loss	$	(423	)	$	(2,359	)

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 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 income 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 from continuing and discontinued operations and net other-than-temporary impairments. 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 Company's fixed maturity investment portfolio and equity investments trading. 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 is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income 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:



	Three months ended															Twelve months ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
Net income available to RenaissanceRe common shareholders	$	170,767		$	67,815		$	120,752		$	151,003		$	268,656		$	510,337		$	665,676
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(30,475		)	31,097			(27,128		)	(14,927		)	(61,864		)	(41,433		)	(35,076		)
Adjustment for net realized and unrealized losses on investments from discontinued operations	—			—			—			—			—			—			18
Operating income available to RenaissanceRe common shareholders	$	140,292		$	98,912		$	93,624		$	136,076		$	206,792		$	468,904		$	630,618

Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.42		$	1.70		$	2.95		$	3.56		$	6.05		$	12.60		$	14.87
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(0.80		)	0.79			(0.67		)	(0.36		)	(1.41		)	(1.04		)	(0.79		)
Adjustment for net realized and unrealized losses on investments from discontinued operations	—			—			—			—			—			—			—
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.62		$	2.49		$	2.28		$	3.20		$	4.64		$	11.56		$	14.08

Return on average common equity - annualized	20.1		%	8.0		%	14.2		%	17.6		%	31.5		%	14.9		%	20.5		%
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(3.6		)%	3.7		%	(3.2		)%	(1.7		)%	(7.3		)%	(1.2		)%	(1.1		)%
Adjustment for net realized and unrealized losses on investments from discontinued operations	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	16.5		%	11.7		%	11.0		%	15.9		%	24.3		%	13.7		%	19.4		%

The Company has also included in this Financial Supplement “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment gross premiums written, 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 inclusion of catastrophe premiums written on behalf of the Company's Lloyd's segment. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures.

The Company has also 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. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets per share. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:



	At
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Book value per common share	$	90.15		$	85.78		$	84.79		$	82.30		$	80.29
Adjustment for goodwill and other intangibles (1)	(0.86		)	(0.88		)	(0.86		)	(0.89		)	(0.85		)
Tangible book value per common share	89.29			84.90			83.93			81.41			79.44
Adjustment for accumulated dividends	14.28			13.99			13.70			13.41			13.12
Tangible book value per common share plus accumulated dividends	$	103.57		$	98.89		$	97.63		$	94.82		$	92.56

Quarterly change in book value per common share	5.1		%	1.2		%	3.0		%	2.5		%	7.7		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	5.5		%	1.5		%	3.5		%	2.8		%	8.1		%
Year to date change in book value per common share	12.3		%										17.8		%
Year to date change in tangible book value per common share plus change in accumulated dividends	13.9		%										19.7		%



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

	December 31, 2014
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	58,968	$	—	$	58,968
Goldman Sachs Group Inc.	52,923		—		52,923
JP Morgan Chase & Co.	52,773		—		52,773
Morgan Stanley	33,133		—		33,133
Citigroup Inc.	31,317		—		31,317
HSBC Holdings PLC	28,992		—		28,992
Verizon Communications Inc.	26,186		—		26,186
Ford Motor Co.	22,886		—		22,886
General Electric Company	18,706		—		18,706
Wells Fargo & Co.	17,797		—		17,797
Total (1)	$	343,681	$	—	$	343,681



RenaissanceRe Holdings Ltd.
Ratings

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

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

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

RenaissanceRe (3)	—	Very Strong	—	—


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


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


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


(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.


(1)	At December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, goodwill and other intangibles included $25.3 million, $26.1 million, $27.0 million, $28.3 million and $29.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.