RNR Q1 2014 Financial Supplement



		Page(s)

Basis of Presentation		i

Financial Highlights		1

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

Balance Sheets
a.	Summary Consolidated Balance Sheets	6

Investments
a.	Investment Portfolio - Composition	7
b.	Summary of Other Investments	8
c.	Total Investment Result	9
d.	Investment Portfolio - Effective Yield and Credit Rating	10
e.	Investment Portfolio - Change in Portfolio Composition	11
f.	Fixed Maturity Investments - Corporate Sector	12
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	12

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

Other Items
a.	Earnings per Share	15
b.	Equity in Earnings of Other Ventures	16
c.	Other Income (Loss)	16
d.	Ratings	17

Comments on Regulation G		18 - 19

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
	March 31, 2014			March 31, 2013
Highlights
Gross premiums written	$	705,260		$	635,418
Net premiums written	450,347			436,813
Net premiums earned	286,534			271,255
Net claims and claim expenses incurred	58,915			27,251
Acquisition expenses	33,700			25,009
Operating expenses	42,624			45,986
Underwriting income	$	151,295		$	173,009

Net investment income	$	38,948		$	43,202
Net realized and unrealized gains on investments	14,927			14,269
Change in net unrealized gains on fixed maturity investments available for sale	(165		)	(6,067		)
Total investment result	$	53,710		$	51,404

Net income available to RenaissanceRe common shareholders	$	151,003		$	190,474
Operating income available to RenaissanceRe common shareholders (1)	$	136,076		$	176,203

Total assets	$	8,163,705		$	8,096,920
Total shareholders' equity attributable to RenaissanceRe	$	3,762,278		$	3,563,105

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.56		$	4.23
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.20		$	3.91
Dividends per common share	$	0.29		$	0.28
Book value per common share	$	82.30		$	71.07
Tangible book value per common share (1)	$	81.41		$	70.22
Tangible book value per common share plus accumulated dividends (1)	$	94.82		$	82.50
Change in tangible book value per common share plus change in accumulated dividends (1)	2.8		%	4.8		%

Financial ratios
Net claims and claim expense ratio - current accident year	26.4		%	23.9		%
Net claims and claim expense ratio - prior accident years	(5.8		)%	(13.9		)%
Net claims and claim expense ratio - calendar year	20.6		%	10.0		%
Underwriting expense ratio	26.6		%	26.2		%
Combined ratio	47.2		%	36.2		%
Operating return on average common equity - annualized (1)	15.9		%	22.5		%
Total investment return - annualized	3.2		%	3.2		%



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Gross premiums written	$	705,260		$	84,122		$	182,649		$	703,223		$	635,418
Net premiums written	$	450,347		$	80,784		$	127,241		$	559,109		$	436,813
(Increase) decrease in unearned premiums	(163,813		)	175,981			167,476			(267,220		)	(165,558		)
Net premiums earned	286,534			256,765			294,717			291,889			271,255
Net investment income	38,948			78,732			59,931			26,163			43,202
Net foreign exchange (losses) gains	(1,061		)	1,747			488			(932		)	614
Equity in earnings of other ventures	4,199			6,274			7,313			3,772			5,835
Other income (loss)	62			(173		)	651			(1,128		)	(1,709		)
Net realized and unrealized gains (losses) on investments	14,927			61,864			28,472			(69,529		)	14,269
Total revenues	343,609			405,209			391,572			250,235			333,466
Expenses
Net claims and claim expenses incurred	58,915			(20,854		)	60,928			103,962			27,251
Acquisition expenses	33,700			31,026			37,699			31,767			25,009
Operational expenses	42,624			57,658			44,672			42,789			45,986
Corporate expenses	4,545			3,304			4,307			21,529			4,482
Interest expense	4,293			4,297			4,298			4,300			5,034
Total expenses	144,077			75,431			151,904			204,347			107,762
Income from continuing operations before taxes	199,532			329,778			239,668			45,888			225,704
Income tax expense	(166		)	(1,336		)	(223		)	(11		)	(122		)
Income from continuing operations	199,366			328,442			239,445			45,877			225,582
(Loss) income from discontinued operations	—			—			(9,779		)	2,427			9,774
Net income	199,366			328,442			229,666			48,304			235,356
Net income attributable to noncontrolling interests	(42,768		)	(54,191		)	(44,331		)	(14,015		)	(38,607		)
Net income attributable to RenaissanceRe	156,598			274,251			185,335			34,289			196,749
Dividends on preference shares	(5,595		)	(5,595		)	(5,595		)	(7,483		)	(6,275		)
Net income available to RenaissanceRe common shareholders	$	151,003		$	268,656		$	179,740		$	26,806		$	190,474
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	3.61		$	6.14		$	4.32		$	0.55		$	4.10
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic	—			—			(0.23		)	0.06			0.22
Net income available to RenaissanceRe common shareholders per common share - basic	$	3.61		$	6.14		$	4.09		$	0.61		$	4.32
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	3.56			6.05			4.23			0.55			4.01
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted	—			—			(0.22		)	0.05			0.22
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.56		$	6.05		$	4.01		$	0.60		$	4.23
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.20		$	4.64		$	3.36		$	2.17		$	3.92
Operating return on average common equity - annualized (1)	15.9		%	24.3		%	18.7		%	12.2		%	22.5		%



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended March 31, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	467,711		$	154,290		$	83,259		$	—		$	705,260
Net premiums written	$	259,489		$	125,489		$	65,369		$	—		$	450,347
Net premiums earned	$	164,584		$	69,630		$	52,297		$	23		$	286,534
Net claims and claim expenses incurred	6,455			26,081			26,281			98			58,915
Acquisition expenses	7,126			16,547			10,567			(540		)	33,700
Operational expenses	20,419			10,106			12,033			66			42,624
Underwriting income	$	130,584		$	16,896		$	3,416		$	399		$	151,295

Net claims and claim expenses incurred - current accident year	$	12,529		$	41,922		$	21,157		$	—		$	75,608
Net claims and claim expenses incurred - prior accident years	(6,074		)	(15,841		)	5,124			98			(16,693		)
Net claims and claim expenses incurred - total	$	6,455		$	26,081		$	26,281		$	98		$	58,915

Net claims and claim expense ratio - current accident year	7.6		%	60.2		%	40.5		%	—		%	26.4		%
Net claims and claim expense ratio - prior accident years	(3.7		)%	(22.7		)%	9.8		%	426.1		%	(5.8		)%
Net claims and claim expense ratio - calendar year	3.9		%	37.5		%	50.3		%	426.1		%	20.6		%
Underwriting expense ratio	16.8		%	38.2		%	43.2		%	(2,060.9		)%	26.6		%
Combined ratio	20.7		%	75.7		%	93.5		%	(1,634.8		)%	47.2		%

	Three months ended March 31, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	478,796		$	82,330		$	74,292		$	—		$	635,418
Net premiums written	$	305,353		$	75,519		$	55,924		$	17		$	436,813
Net premiums earned	$	186,651		$	46,809		$	37,779		$	16		$	271,255
Net claims and claim expenses incurred	2,708			10,692			14,528			(677		)	27,251
Acquisition expenses	9,620			8,439			6,916			34			25,009
Operational expenses	26,115			7,560			12,178			133			45,986
Underwriting income	$	148,208		$	20,118		$	4,157		$	526		$	173,009

Net claims and claim expenses incurred - current accident year	$	21,176		$	25,853		$	17,871		$	—		$	64,900
Net claims and claim expenses incurred - prior accident years	(18,468		)	(15,161		)	(3,343		)	(677		)	(37,649		)
Net claims and claim expenses incurred - total	$	2,708		$	10,692		$	14,528		$	(677	)	$	27,251

Net claims and claim expense ratio - current accident year	11.3		%	55.2		%	47.3		%	—		%	23.9		%
Net claims and claim expense ratio - prior accident years	(9.8		)%	(32.4		)%	(8.8		)%	(4,231.3		)%	(13.9		)%
Net claims and claim expense ratio - calendar year	1.5		%	22.8		%	38.5		%	(4,231.3		)%	10.0		%
Underwriting expense ratio	19.1		%	34.2		%	50.5		%	1,218.8		%	26.2		%
Combined ratio	20.6		%	57.0		%	89.0		%	(3,012.5		)%	36.2		%



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	March 31, 2014			December 31, 2013			September 30, 2013		June 30, 2013		March 31, 2013
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	322,748		$	(4,041	)	$	55,849	$	368,077	$	310,002
DaVinci catastrophe premiums	144,963			(13,818		)	26,690		208,826		168,794
Total Catastrophe Reinsurance segment gross premiums written	$	467,711		$	(17,859	)	$	82,539	$	576,903	$	478,796

Specialty Reinsurance Segment
Renaissance specialty premiums	$	153,994		$	58,014		$	60,156	$	56,567	$	81,617
DaVinci specialty premiums	296			450			—		1,972		713
Total Specialty Reinsurance segment gross premiums written	$	154,290		$	58,464		$	60,156	$	58,539	$	82,330

Lloyd's Segment
Specialty	$	61,704		$	43,154		$	36,545	$	53,207	$	55,757
Catastrophe	21,555			363			3,409		15,562		18,535
Total Lloyd's segment gross premiums written	$	83,259		$	43,517		$	39,954	$	68,769	$	74,292

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	467,711		$	(17,859	)	$	82,539	$	576,903	$	478,796
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	14,115			3,694			1,963		25,682		32,382
Catastrophe premiums written in the Lloyd's segment	21,555			363			3,409		15,562		18,535
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(7,355		)	—			—		—		—
Total managed catastrophe premiums (1)	$	496,026		$	(13,802	)	$	87,911	$	618,147	$	529,713



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Revenues
Gross premiums written	$	145,259		$	(13,368	)	$	26,690		$	210,798		$	169,507
Net premiums written	$	118,930		$	(15,415	)	$	14,302		$	203,698		$	137,522
(Increase) decrease in unearned premiums	(41,068		)	88,096			73,078			(107,972		)	(45,906		)
Net premiums earned	77,862			72,681			87,380			95,726			91,616
Net investment income	7,054			7,164			7,263			6,283			7,681
Net foreign exchange gains (losses)	376			145			(380		)	526			130
Other loss	—			—			—			(169		)	(548		)
Net realized and unrealized gains (losses) on investments	2,540			1,942			8,708			(24,529		)	(1,718		)
Total revenues	87,832			81,932			102,971			77,837			97,161
Expenses
Net claims and claim expenses incurred	1,220			(28,625		)	3,999			27,283			3,710
Acquisition expenses	20,878			26,108			22,708			18,926			24,274
Operational and corporate expenses	8,803			9,392			9,967			9,812			10,400
Interest expense	937			937			943			946			952
Total expenses	31,838			7,812			37,617			56,967			39,336
Net income	55,994			74,120			65,354			20,870			57,825
Net income attributable to redeemable noncontrolling interest	(114		)	(150		)	(133		)	(43		)	(118		)
Net income available to DaVinciRe common shareholders	$	55,880		$	73,970		$	65,221		$	20,827		$	57,707

Net claims and claim expenses incurred - current accident year	$	5,106		$	(4,023	)	$	8,438		$	34,523		$	10,283
Net claims and claim expenses incurred - prior accident years	(3,886		)	(24,602		)	(4,439		)	(7,240		)	(6,573		)
Net claims and claim expenses incurred - total	$	1,220		$	(28,625	)	$	3,999		$	27,283		$	3,710

Net claims and claim expense ratio - current accident year	6.6		%	(5.5		)%	9.7		%	36.1		%	11.2		%
Net claims and claim expense ratio - prior accident years	(5.0		)%	(33.9		)%	(5.1		)%	(7.6		)%	(7.2		)%
Net claims and claim expense ratio - calendar year	1.6		%	(39.4		)%	4.6		%	28.5		%	4.0		%
Underwriting expense ratio	38.1		%	48.9		%	37.4		%	30.0		%	37.9		%
Combined ratio	39.7		%	9.5		%	42.0		%	58.5		%	41.9		%



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	March 31, 2014		December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013
Assets
Fixed maturity investments trading, at fair value	$	4,587,412	$	4,809,036	$	4,751,237	$	4,366,080	$	4,506,644
Fixed maturity investments available for sale, at fair value	30,205		34,241		38,530		40,785		45,254
Total fixed maturity investments, at fair value	4,617,617		4,843,277		4,789,767		4,406,865		4,551,898
Short term investments, at fair value	977,778		1,044,779		925,329		924,843		997,889
Equity investments trading, at fair value	245,267		254,776		113,986		108,620		555
Other investments, at fair value	576,099		573,264		500,770		629,396		652,802
Investments in other ventures, under equity method	106,332		105,616		97,660		93,049		92,054
Total investments	6,523,093		6,821,712		6,427,512		6,162,773		6,295,198
Cash and cash equivalents	327,163		408,032		266,350		234,906		290,080
Premiums receivable	668,788		474,087		735,937		954,142		654,368
Prepaid reinsurance premiums	207,752		66,132		166,340		214,804		170,216
Reinsurance recoverable	98,962		101,025		149,201		175,103		162,948
Accrued investment income	27,351		34,065		26,887		26,658		29,915
Deferred acquisition costs	121,890		81,684		103,844		125,682		77,914
Receivable for investments sold	84,396		75,845		240,191		311,783		163,584
Other assets	96,251		108,438		113,159		102,413		85,248
Goodwill and other intangibles	8,059		8,111		8,978		8,282		8,384
Assets of discontinued operations held for sale	—		—		115,556		150,837		159,065
Total assets	$	8,163,705	$	8,179,131	$	8,353,955	$	8,467,383	$	8,096,920
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,532,883	$	1,563,730	$	1,683,709	$	1,710,408	$	1,755,783
Unearned premiums	783,321		477,888		754,077		970,017		658,209
Debt	249,453		249,430		249,407		249,385		249,362
Reinsurance balances payable	468,644		293,022		358,988		387,425		380,939
Payable for investments purchased	179,519		193,221		407,788		463,923		397,517
Other liabilities	200,626		397,596		183,362		169,559		140,418
Liabilities of discontinued operations held for sale	—		—		56,275		47,553		72,070
Total liabilities	3,414,446		3,174,887		3,693,606		3,998,270		3,654,298
Redeemable noncontrolling interest	986,981		1,099,860		945,915		897,123		875,770
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	40,856		43,646		44,391		44,385		44,510
Accumulated other comprehensive income	3,963		4,131		4,566		4,909		6,050
Retained earnings	3,317,459		3,456,607		3,261,757		3,119,003		3,112,545
Total shareholders' equity attributable to RenaissanceRe	3,762,278		3,904,384		3,710,714		3,568,297		3,563,105
Noncontrolling interest	—		—		3,720		3,693		3,747
Total shareholders' equity	3,762,278		3,904,384		3,714,434		3,571,990		3,566,852
Total liabilities, noncontrolling interests and shareholders' equity	$	8,163,705	$	8,179,131	$	8,353,955	$	8,467,383	$	8,096,920

Book value per common share	$	82.30	$	80.29	$	74.58	$	71.38	$	71.07



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	March 31, 2014					December 31, 2013					September 30, 2013					June 30, 2013					March 31, 2013
TYPE OF INVESTMENT
U.S. treasuries	$	1,539,995		23.6	%	$	1,352,413		19.8	%	$	1,322,367		20.5	%	$	1,195,182		19.4	%	$	1,181,501		18.8	%
Agencies	134,461			2.1	%	186,050			2.7	%	197,047			3.1	%	227,017			3.7	%	285,969			4.5	%
Non-U.S. government (Sovereign debt)	298,080			4.6	%	334,580			4.9	%	353,810			5.5	%	265,033			4.3	%	199,561			3.2	%
Non-U.S. government-backed corporate	220,727			3.4	%	237,479			3.5	%	229,687			3.6	%	238,254			3.9	%	291,077			4.6	%
Corporate	1,495,481			22.9	%	1,803,415			26.4	%	1,687,118			26.2	%	1,500,576			24.3	%	1,603,571			25.5	%
Agency mortgage-backed	300,448			4.6	%	341,908			5.0	%	436,024			6.8	%	435,233			7.1	%	440,538			7.0	%
Non-agency mortgage-backed	265,372			4.0	%	257,938			3.8	%	246,163			3.8	%	233,468			3.8	%	240,217			3.8	%
Commercial mortgage-backed	344,590			5.3	%	314,236			4.6	%	302,803			4.7	%	298,996			4.8	%	297,101			4.7	%
Asset-backed	18,463			0.3	%	15,258			0.2	%	14,748			0.3	%	13,106			0.2	%	12,363			0.2	%
Total fixed maturity investments, at fair value	4,617,617			70.8	%	4,843,277			70.9	%	4,789,767			74.5	%	4,406,865			71.5	%	4,551,898			72.3	%
Short term investments, at fair value	977,778			15.0	%	1,044,779			15.3	%	925,329			14.4	%	924,843			15.0	%	997,889			15.8	%
Equity investments trading, at fair value	245,267			3.8	%	254,776			3.7	%	113,986			1.8	%	108,620			1.8	%	555			—	%
Other investments, at fair value	576,099			8.8	%	573,264			8.5	%	500,770			7.8	%	629,396			10.2	%	652,802			10.4	%
Total managed investment portfolio	6,416,761			98.4	%	6,716,096			98.4	%	6,329,852			98.5	%	6,069,724			98.5	%	6,203,144			98.5	%
Investments in other ventures, under equity method	106,332			1.6	%	105,616			1.6	%	97,660			1.5	%	93,049			1.5	%	92,054			1.5	%
Total investments	$	6,523,093		100.0	%	$	6,821,712		100.0	%	$	6,427,512		100.0	%	$	6,162,773		100.0	%	$	6,295,198		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	643,735		14.0	%	$	638,049		13.2	%	$	648,065		13.5	%	$	616,559		14.0	%	$	599,727		13.2	%
AA	2,370,814			51.3	%	2,414,857			49.8	%	2,463,789			51.4	%	2,308,313			52.4	%	2,333,364			51.3	%
A	646,095			14.0	%	836,425			17.3	%	778,552			16.3	%	732,659			16.6	%	791,902			17.4	%
BBB	367,622			8.0	%	383,508			7.9	%	330,481			6.9	%	296,386			6.7	%	305,241			6.7	%
Non-investment grade and not rated	589,351			12.7	%	570,438			11.8	%	568,880			11.9	%	452,948			10.3	%	521,664			11.4	%
Total fixed maturity investments, at fair value	$	4,617,617		100.0	%	$	4,843,277		100.0	%	$	4,789,767		100.0	%	$	4,406,865		100.0	%	$	4,551,898		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	119,599		2.6	%	$	160,760		3.3	%	$	166,583		3.5	%	$	200,706		4.6	%	$	215,538		4.7	%
Due after one through five years	2,963,494			64.2	%	3,118,799			64.4	%	2,877,644			60.1	%	2,578,703			58.5	%	2,633,817			57.9	%
Due after five through ten years	504,919			10.9	%	551,007			11.4	%	630,582			13.2	%	530,724			12.0	%	569,929			12.5	%
Due after ten years	100,732			2.2	%	83,371			1.7	%	115,220			2.4	%	115,929			2.6	%	142,395			3.1	%
Mortgage-backed securities	910,410			19.7	%	914,082			18.9	%	984,990			20.5	%	967,697			22.0	%	977,856			21.5	%
Asset-backed securities	18,463			0.4	%	15,258			0.3	%	14,748			0.3	%	13,106			0.3	%	12,363			0.3	%
Total fixed maturity investments, at fair value	$	4,617,617		100.0	%	$	4,843,277		100.0	%	$	4,789,767		100.0	%	$	4,406,865		100.0	%	$	4,551,898		100.0	%

Weighted average effective yield of fixed maturity and short term investments	1.6		%			1.7		%			1.7		%			1.8		%			1.4		%
Average duration of fixed maturities and short term investments	2.2					2.1					2.1					2.4					2.3



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
TYPE OF INVESTMENT
Private equity partnerships	$	325,711		$	322,391		$	327,245		$	335,732		$	345,666
Catastrophe bonds	233,321			229,016			102,141			81,042			75,019
Senior secured bank loan funds	13,656			18,048			19,395			178,040			204,114
Hedge funds	3,411			3,809			4,022			4,683			5,219
Miscellaneous other investments	—			—			47,967			29,899			22,784
Total other investments, at fair value	$	576,099		$	573,264		$	500,770		$	629,396		$	652,802

TYPE OF INVESTMENT
Private equity partnerships	56.5		%	56.2		%	65.3		%	53.3		%	52.9		%
Catastrophe bonds	40.5		%	40.0		%	20.4		%	12.9		%	11.5		%
Senior secured bank loan funds	2.4		%	3.1		%	3.9		%	28.3		%	31.3		%
Hedge funds	0.6		%	0.7		%	0.8		%	0.7		%	0.8		%
Miscellaneous other investments	—		%	—		%	9.6		%	4.8		%	3.5		%
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
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Fixed maturity investments	$	23,860		$	24,759		$	24,423		$	22,839		$	23,886
Short term investments	190			380			563			426			329
Equity investments trading	796			1,245			706			344			—
Other investments
Hedge funds and private equity investments	12,317			14,514			14,179			2,237			14,880
Other	4,528			40,818			22,735			3,144			6,995
Cash and cash equivalents	91			83			47			9			52
	41,782			81,799			62,653			28,999			46,142
Investment expenses	(2,834		)	(3,067		)	(2,722		)	(2,836		)	(2,940		)
Net investment income	38,948			78,732			59,931			26,163			43,202

Gross realized gains	13,467			12,055			8,813			17,548			34,076
Gross realized losses	(5,564		)	(8,810		)	(22,241		)	(14,601		)	(4,554		)
Net realized gains (losses) on fixed maturity investments	7,903			3,245			(13,428		)	2,947			29,522
Net unrealized gains (losses) on fixed maturity investments trading	27,882			(2,489		)	33,405			(95,680		)	(23,063		)
Net realized and unrealized (losses) gains on investments-related derivatives	(10,899		)	6,570			3,557			20,510			421
Net realized (losses) gains on equity investments trading	(79		)	8,455			560			74			17,561
Net unrealized (losses) gains on equity investments trading	(9,880		)	46,083			4,378			2,620			(10,172		)
Net realized and unrealized gains (losses) on investments	14,927			61,864			28,472			(69,529		)	14,269
Change in net unrealized gains on fixed maturity investments available for sale	(165		)	(471		)	(252		)	(1,239		)	(6,067		)
Total investment result	$	53,710		$	140,125		$	88,151		$	(44,605	)	$	51,404

Total investment return - annualized	3.2		%	8.6		%	5.7		%	(2.8		)%	3.2		%



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
March 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	$	977,778	$	977,778		15.0	%	0.1	%	$	958,433		$	19,345		$	—		$	—		$	—		$	—
			100.0		%					98.0		%	2.0		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,543,018		1,539,995			23.6	%	0.9	%	—			1,539,995			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	108,886		108,387			1.7	%	1.6	%	—			108,387			—			—			—			—
Other agencies	26,272		26,074			0.4	%	1.7	%	—			26,074			—			—			—			—
Total agencies	135,158		134,461			2.1	%	1.6	%	—			134,461			—			—			—			—
Non-U.S. government (Sovereign debt)	295,754		298,080			4.6	%	1.1	%	230,880			41,936			8,151			16,797			316			—
Non-U.S. government-backed corporate	216,527		220,727			3.4	%	1.3	%	161,204			52,541			4,151			2,235			596			—
Corporate	1,460,443		1,495,481			22.9	%	2.9	%	24,503			167,842			585,155			319,964			363,916			34,101
Mortgage-backed
Residential mortgage-backed
Agency securities	302,539		300,448			4.6	%	2.7	%	—			300,448			—			—			—			—
Non-agency securities - Alt A	133,179		144,874			2.2	%	4.3	%	4,925			6,415			17,431			12,173			86,135			17,795
Non-agency securities - Prime	113,762		120,498			1.8	%	3.3	%	10,581			5,600			7,426			10,399			77,283			9,209
Total residential mortgage-backed	549,480		565,820			8.6	%	3.2	%	15,506			312,463			24,857			22,572			163,418			27,004
Commercial mortgage-backed	340,416		344,590			5.3	%	2.1	%	193,943			120,812			23,781			6,054			—			—
Total mortgage-backed	889,896		910,410			13.9	%	2.8	%	209,449			433,275			48,638			28,626			163,418			27,004
Asset-backed
Student loans	4,823		4,890			0.1	%	1.1	%	4,126			764			—			—			—			—
Credit cards	4,270		4,404			0.1	%	2.5	%	4,404			—			—			—			—			—
Auto loans	1,705		1,787			—	%	0.6	%	1,787			—			—			—			—			—
Other	7,189		7,382			0.1	%	1.8	%	7,382			—			—			—			—			—
Total asset-backed	17,987		18,463			0.3	%	1.6	%	17,699			764			—			—			—			—
Total securitized assets	907,883		928,873			14.2	%	2.8	%	227,148			434,039			48,638			28,626			163,418			27,004
Total fixed maturity investments	4,558,783		4,617,617			70.8	%	2.0	%	643,735			2,370,814			646,095			367,622			528,246			61,105
			100.0		%					14.0		%	51.3		%	14.0		%	8.0		%	11.4		%	1.3		%
Equity investments trading			245,267			3.8	%			—			—			—			—			—			245,267
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			325,711			5.0	%			—			—			—			—			—			325,711
Catastrophe bonds			233,321			3.5	%			—			—			—			—			233,321			—
Senior secured bank loan funds			13,656			0.2	%			—			—			—			—			—			13,656
Hedge funds			3,411			0.1	%			—			—			—			—			—			3,411
Total other investments			576,099			8.8	%			—			—			—			—			233,321			342,778
			100.0		%					—		%	—		%	—		%	—		%	40.5		%	59.5		%
Investments in other ventures			106,332			1.6	%			—			—			—			—			—			106,332
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,523,093		100.0	%			$	1,602,168		$	2,390,159		$	646,095		$	367,622		$	761,567		$	755,482
			100.0		%					24.6		%	36.6		%	9.9		%	5.6		%	11.7		%	11.6		%



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	March 31, 2014				December 31, 2013				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	977,778	15.0	%	$	1,044,779	15.3	%	$	(67,001	)	(0.3	)%
Fixed maturity investments
U.S. treasuries	1,539,995		23.6	%	1,352,413		19.8	%	187,582			3.8	%
Agencies
Fannie Mae & Freddie Mac	108,387		1.7	%	182,738		2.7	%	(74,351		)	(1.0	)%
Other agencies	26,074		0.4	%	3,312		—	%	22,762			0.4	%
Total agencies	134,461		2.1	%	186,050		2.7	%	(51,589		)	(0.6	)%
Non-U.S. government (Sovereign debt)	298,080		4.6	%	334,580		4.9	%	(36,500		)	(0.3	)%
Non-U.S. government-backed corporate	220,727		3.4	%	237,479		3.5	%	(16,752		)	(0.1	)%
Corporate	1,495,481		22.9	%	1,803,415		26.4	%	(307,934		)	(3.5	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	300,448		4.6	%	341,908		5.0	%	(41,460		)	(0.4	)%
Non-agency securities - Alt A	144,874		2.2	%	136,734		2.0	%	8,140			0.2	%
Non-agency securities - Prime	120,498		1.8	%	121,204		1.8	%	(706		)	—	%
Total residential mortgage-backed	565,820		8.6	%	599,846		8.8	%	(34,026		)	(0.2	)%
Commercial mortgage-backed	344,590		5.3	%	314,236		4.6	%	30,354			0.7	%
Total mortgage-backed	910,410		13.9	%	914,082		13.4	%	(3,672		)	0.5	%
Asset-backed
Student loans	4,890		0.1	%	2,947		—	%	1,943			0.1	%
Credit cards	4,404		0.1	%	4,385		0.1	%	19			—	%
Auto loans	1,787		—	%	3,109		—	%	(1,322		)	—	%
Other	7,382		0.1	%	4,817		0.1	%	2,565			—	%
Total asset-backed	18,463		0.3	%	15,258		0.2	%	3,205			0.1	%
Total securitized assets	928,873		14.2	%	929,340		13.6	%	(467		)	0.6	%
Total fixed maturity investments	4,617,617		70.8	%	4,843,277		70.9	%	(225,660		)	(0.1	)%
Equity investments trading	245,267		3.8	%	254,776		3.7	%	(9,509		)	0.1	%
Other investments
Private equity partnerships	325,711		5.0	%	322,391		4.7	%	3,320			0.3	%
Catastrophe bonds	233,321		3.5	%	229,016		3.4	%	4,305			0.1	%
Senior secured bank loan funds	13,656		0.2	%	18,048		0.3	%	(4,392		)	(0.1	)%
Hedge funds	3,411		0.1	%	3,809		0.1	%	(398		)	—	%
Total other investments	576,099		8.8	%	573,264		8.5	%	2,835			0.3	%
Investments in other ventures	106,332		1.6	%	105,616		1.5	%	716			0.1	%
Total managed investment portfolio	$	6,523,093	100.0	%	$	6,821,712	100.0	%	$	(298,619	)



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	March 31, 2014
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	553,943	$	21,187	$	61,624	$	357,513	$	54,334	$	31,629	$	27,656
Industrial, utilities and energy	375,902		2,079		54,844		101,854		121,465		94,253		1,407
Communications and technology	212,305		389		12,096		46,466		53,132		97,536		2,686
Consumer	181,508		—		7,901		41,117		38,898		91,720		1,872
Health care	99,504		—		25,454		20,600		21,763		31,687		—
Basic materials	59,328		—		—		13,697		30,372		14,779		480
Other	12,991		848		5,923		3,908		—		2,312		—
Total corporate fixed maturity investments, at fair value (1)	$	1,495,481	$	24,503	$	167,842	$	585,155	$	319,964	$	363,916	$	34,101

Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	March 31, 2014
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	53,443	$	—	$	53,443
Goldman Sachs Group Inc.	48,117		—		48,117
JP Morgan Chase & Co.	44,480		—		44,480
Morgan Stanley	29,894		—		29,894
General Electric Company	29,106		—		29,106
Citigroup Inc.	28,555		—		28,555
Ford Motor Co.	24,439		—		24,439
HSBC Holdings PLC	21,498		—		21,498
BNP Paribas SA	19,893		—		19,893
Verizon Communications Inc.	16,486		—		16,486
Total (2)	$	315,911	$	—	$	315,911



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
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

September 30, 2013
Catastrophe Reinsurance	$	465,221	$	247,282	$	211,040	$	923,543
Specialty Reinsurance	112,003		82,795		306,792		501,590
Lloyd's	39,316		11,518		148,149		198,983
Other	17,846		2,214		39,533		59,593
Total	$	634,386	$	343,809	$	705,514	$	1,683,709

June 30, 2013
Catastrophe Reinsurance	$	502,756	$	264,712	$	214,308	$	981,776
Specialty Reinsurance	105,868		89,695		295,221		490,784
Lloyd's	31,984		13,476		134,782		180,242
Other	15,103		2,642		39,861		57,606
Total	$	655,711	$	370,525	$	684,172	$	1,710,408

March 31, 2013
Catastrophe Reinsurance	$	608,907	$	216,050	$	240,581	$	1,065,538
Specialty Reinsurance	104,771		76,732		289,515		471,018
Lloyd's	29,325		11,615		116,850		157,790
Other	15,534		6,635		39,268		61,437
Total	$	758,537	$	311,032	$	686,214	$	1,755,783



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended March 31, 2014								Three months ended March 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	79,926			4,318		75,608			69,994			5,094		64,900
Prior years	(11,776		)	4,917		(16,693		)	(35,996		)	1,653		(37,649		)
Total incurred losses and loss expenses	68,150			9,235		58,915			33,998			6,747		27,251
Paid losses and loss expenses
Current year	1,052			—		1,052			1,139			—		1,139
Prior years	97,945			11,298		86,647			156,453			36,311		120,142
Total paid losses and loss expenses	98,997			11,298		87,699			157,592			36,311		121,281
Reserve for losses and loss expenses, end of period	$	1,532,883		$	98,962	$	1,433,921		$	1,755,783		$	162,948	$	1,592,835



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Numerator:
Net income available to RenaissanceRe common shareholders	$	151,003		$	268,656		$	179,740		$	26,806		$	190,474
Amount allocated to participating common shareholders (1)	(2,031		)	(3,709		)	(2,539		)	(376		)	(2,918		)
	$	148,972		$	264,947		$	177,201		$	26,430		$	187,556
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	41,238			43,160			43,330			43,372			43,461
Per common share equivalents of employee stock options and restricted shares	665			609			805			871			829
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	41,903			43,769			44,135			44,243			44,290

Basic income per RenaissanceRe common share	$	3.61		$	6.14		$	4.09		$	0.61		$	4.32
Diluted income per RenaissanceRe common share	$	3.56		$	6.05		$	4.01		$	0.60		$	4.23



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Top Layer Re	$	2,445		$	3,374		$	3,608		$	2,728		$	4,126
Tower Hill Companies	1,986			2,989			3,885			1,815			1,581
Other	(232		)	(89		)	(180		)	(771		)	128
Total equity in earnings of other ventures	$	4,199		$	6,274		$	7,313		$	3,772		$	5,835

Other Income (Loss)

	Three months ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	21		$	26		$	30		$	(642	)	$	(1,931	)
Other items	41			(199		)	621			(486		)	222
Total other income (loss)	$	62		$	(173	)	$	651		$	(1,128	)	$	(1,709	)

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
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Net income available to RenaissanceRe common shareholders	$	151,003		$	268,656		$	179,740		$	26,806		$	190,474
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(14,927		)	(61,864		)	(28,472		)	69,529			(14,269		)
Adjustment for net realized and unrealized losses (gains) on investments from discontinued operations	—			—			5			15			(2		)
Operating income available to RenaissanceRe common shareholders	$	136,076		$	206,792		$	151,273		$	96,350		$	176,203

Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.56		$	6.05		$	4.01		$	0.60		$	4.23
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(0.36		)	(1.41		)	(0.65		)	1.57			(0.32		)
Adjustment for net realized and unrealized losses (gains) on investments from discontinued operations	—			—			—			—			—
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.20		$	4.64		$	3.36		$	2.17		$	3.91

Return on average common equity - annualized	17.6		%	31.5		%	22.2		%	3.4		%	24.3		%
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(1.7		)%	(7.3		)%	(3.5		)%	8.8		%	(1.8		)%
Adjustment for net realized and unrealized losses (gains) on investments from discontinued operations	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	15.9		%	24.3		%	18.7		%	12.2		%	22.5		%

The Company has also included in this Financial Supplement “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by Renaissance Reinsurance 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
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Book value per common share	$	82.30		$	80.29		$	74.58		$	71.38		$	71.07
Adjustment for goodwill and other intangibles (1)	(0.89		)	(0.85		)	(0.84		)	(0.85		)	(0.85		)
Tangible book value per common share	81.41			79.44			73.74			70.53			70.22
Adjustment for accumulated dividends	13.41			13.12			12.84			12.56			12.28
Tangible book value per common share plus accumulated dividends	$	94.82		$	92.56		$	86.58		$	83.09		$	82.50

Quarterly change in book value per common share	2.5		%	7.7		%	4.5		%	0.4		%	4.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	2.8		%	8.1		%	4.9		%	0.8		%	4.8		%



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+	—	A+

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, 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 March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013, goodwill and other intangibles included $28.3 million, $29.2 million, $28.5 million, $29.3 million and $29.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.