EX-99.2 3 rnrfinancialsupplement2017.htm COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT

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RenaissanceRe Holdings Ltd.

Contents

			Page(s)
Basis of Presentation			i
Financial Highlights			1
Statements of Operations
a.	Summary Consolidated Statements of Operations		2 - 3
b.	Consolidated Segment Underwriting Results		4 - 5
c.	Segment Underwriting Results		6
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations		7
Balance Sheets
a.	Summary Consolidated Balance Sheets		8
Investments
a.	Investment Portfolio - Composition		9
b.	Summary of Other Investments		10
c.	Total Investment Result		11
d.	Investment Portfolio - Effective Yield and Credit Rating		12
e.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value		13
Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses		14
b.	Paid to Incurred Analysis		15
Other Items
a.	Earnings per Share		16
b.	Equity in Earnings (Losses) of Other Ventures		17
c.	Other Income		17
d.	Ratings		18
Supplemental Information
a.	Gross Premiums Written		19
b.	Property Segment Supplemental Underwriting Results		20
c.	Lloyd's Platform Supplemental Underwriting Results		21
Comments on Regulation G			22 - 24

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RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, the United Kingdom, and the United States.

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 22 through 24 for Comments on Regulation G.

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

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

	i

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RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Highlights
Gross premiums written	$	640,269			$	827,415			$	922,090			$	323,091			$	430,224			$	2,389,774			$	2,051,485
Net premiums written	$	483,221			$	555,745			$	544,136			$	219,499			$	284,222			$	1,583,102			$	1,315,813
Net premiums earned	$	547,792			$	382,265			$	366,045			$	351,901			$	346,521			$	1,296,102			$	1,051,529
Net claims and claim expenses incurred	1,221,696				142,587				193,081				123,901				112,575				1,557,364				406,930
Acquisition expenses	76,761				88,251				83,282				74,146				80,580				248,294				215,177
Operating expenses	42,537				41,766				47,283				49,948				40,493				131,586				147,801
Underwriting (loss) income	$	(793,202	)		$	109,661			$	42,399			$	103,906			$	112,873			$	(641,142	)		$	281,621
Net investment income	$	40,257			$	54,163			$	54,325			$	47,316			$	51,423			$	148,745			$	134,410
Net realized and unrealized gains (losses) on investments	42,052				58,113				43,373				(49,967		)		59,870				143,538				191,295
Change in net unrealized gains on fixed maturity investments available for sale	—				—				—				(1,398		)		(113		)		—				(472		)
Total investment result	$	82,309			$	112,276			$	97,698			$	(4,049	)		$	111,180			$	292,283			$	325,233
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(504,812	)		$	171,142			$	92,352			$	69,436			$	146,825			$	(241,318	)		$	411,145
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)	$	(546,864	)		$	113,029			$	48,979			$	119,403			$	86,955			$	(384,856	)		$	219,850
Total assets	$	15,044,924			$	13,705,680			$	13,319,627			$	12,352,082			$	12,659,531			$	15,044,924			$	12,659,531
Total shareholders' equity attributable to RenaissanceRe	$	4,403,012			$	4,955,255			$	4,860,837			$	4,866,577			$	4,807,790			$	4,403,012			$	4,807,790
Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(12.75	)		$	4.24			$	2.25			$	1.69			$	3.56			$	(6.04	)		$	9.71
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(13.81	)		$	2.79			$	1.18			$	2.92			$	2.09			$	(9.63	)		$	5.14
Dividends per common share	$	0.32			$	0.32			$	0.32			$	0.31			$	0.31			$	0.96			$	0.93
Book value per common share	$	100.00			$	113.08			$	109.37			$	108.45			$	107.10			$	100.00			$	107.10
Tangible book value per common share (1)	$	93.45			$	106.52			$	102.82			$	101.87			$	100.41			$	93.45			$	100.41
Tangible book value per common share plus accumulated dividends (1)	$	111.13			$	123.88			$	119.86			$	118.59			$	116.82			$	111.13			$	116.82
Change in tangible book value per common share plus change in accumulated dividends (1)	(12.0		)%		3.9		%		1.2		%		1.8		%		3.9		%		(7.3		)%		9.5		%
Financial ratios
Net claims and claim expense ratio - current accident year	220.8		%		49.1		%		44.8		%		60.1		%		45.7		%		120.4		%		46.0		%
Net claims and claim expense ratio - prior accident years	2.2		%		(11.8		)%		7.9		%		(24.9		)%		(13.2		)%		(0.2		)%		(7.3		)%
Net claims and claim expense ratio - calendar year	223.0		%		37.3		%		52.7		%		35.2		%		32.5		%		120.2		%		38.7		%
Underwriting expense ratio	21.8		%		34.0		%		35.7		%		35.3		%		34.9		%		29.3		%		34.5		%
Combined ratio	244.8		%		71.3		%		88.4		%		70.5		%		67.4		%		149.5		%		73.2		%
Return on average common equity - annualized	(47.2		)%		15.2		%		8.3		%		6.3		%		13.5		%		(7.4		)%		12.6		%
Operating return on average common equity - annualized (1)	(51.1		)%		10.0		%		4.4		%		10.8		%		8.0		%		(11.7		)%		6.7		%
Total investment return - annualized	3.4		%		4.8		%		4.1		%		(0.2		)%		4.9		%		4.1		%		4.7		%

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

                 

	1

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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Three months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Revenues
Gross premiums written	$	640,269			$	827,415			$	922,090			$	323,091			$	430,224
Net premiums written	$	483,221			$	555,745			$	544,136			$	219,499			$	284,222
Decrease (increase) in unearned premiums	64,571				(173,480		)		(178,091		)		132,402				62,299
Net premiums earned	547,792				382,265				366,045				351,901				346,521
Net investment income	40,257				54,163				54,325				47,316				51,423
Net foreign exchange (losses) gains	(156		)		3,109				8,165				(5,420		)		(5,986		)
Equity in earnings (losses) of other ventures	1,794				5,543				(1,507		)		4,960				(11,630		)
Other income	2,996				2,392				1,665				5,177				2,268
Net realized and unrealized gains (losses) on investments	42,052				58,113				43,373				(49,967		)		59,870
Total revenues	634,735				505,585				472,066				353,967				442,466
Expenses
Net claims and claim expenses incurred	1,221,696				142,587				193,081				123,901				112,575
Acquisition expenses	76,761				88,251				83,282				74,146				80,580
Operational expenses	42,537				41,766				47,283				49,948				40,493
Corporate expenses	4,413				4,636				5,286				11,888				11,537
Interest expense	11,799				10,091				10,526				10,534				10,536
Total expenses	1,357,206				287,331				339,458				270,417				255,721
(Loss) income before taxes	(722,471		)		218,254				132,608				83,550				186,745
Income tax benefit (expense)	18,977				(3,904		)		(334		)		7,700				1,316
Net (loss) income	(703,494		)		214,350				132,274				91,250				188,061
Net loss (income) attributable to noncontrolling interests	204,277				(37,612		)		(34,327		)		(16,219		)		(35,641		)
Net (loss) income attributable to RenaissanceRe	(499,217		)		176,738				97,947				75,031				152,420
Dividends on preference shares	(5,595		)		(5,596		)		(5,595		)		(5,595		)		(5,595		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(504,812	)		$	171,142			$	92,352			$	69,436			$	146,825
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(12.75	)		$	4.25			$	2.26			$	1.70			$	3.58
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(12.75	)		$	4.24			$	2.25			$	1.69			$	3.56
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(13.81	)		$	2.79			$	1.18			$	2.92			$	2.09
Return on average common equity - annualized	(47.2		)%		15.2		%		8.3		%		6.3		%		13.5		%
Operating return on average common equity - annualized (1)	(51.1		)%		10.0		%		4.4		%		10.8		%		8.0		%

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

                 

	2

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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Nine months ended
	September 30, 2017				September 30, 2016
Revenues
Gross premiums written	$	2,389,774			$	2,051,485
Net premiums written	$	1,583,102			$	1,315,813
Increase in unearned premiums	(287,000		)		(264,284		)
Net premiums earned	1,296,102				1,051,529
Net investment income	148,745				134,410
Net foreign exchange gains (losses)	11,118				(8,368		)
Equity in earnings (losses) of other ventures	5,830				(3,997		)
Other income	7,053				9,001
Net realized and unrealized gains on investments	143,538				191,295
Total revenues	1,612,386				1,373,870
Expenses
Net claims and claim expenses incurred	1,557,364				406,930
Acquisition expenses	248,294				215,177
Operational expenses	131,586				147,801
Corporate expenses	14,335				25,514
Interest expense	32,416				31,610
Total expenses	1,983,995				827,032
(Loss) income before taxes	(371,609		)		546,838
Income tax benefit (expense)	14,739				(8,040		)
Net (loss) income	(356,870		)		538,798
Net loss (income) attributable to noncontrolling interests	132,338				(110,867		)
Net (loss) income attributable to RenaissanceRe	(224,532		)		427,931
Dividends on preference shares	(16,786		)		(16,786		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(241,318	)		$	411,145
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(6.04	)		$	9.77
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(6.04	)		$	9.71
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(9.63	)		$	5.14
Return on average common equity - annualized	(7.4		)%		12.6		%
Operating return on average common equity - annualized (1)	(11.7		)%		6.7		%

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

                 

	3

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RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Three months ended September 30, 2017
	Property				Casualty and Specialty				Other				Total
Gross premiums written	$	325,395			$	314,881			$	(7	)		$	640,269
Net premiums written	$	269,393			$	213,835			$	(7	)		$	483,221
Net premiums earned	$	336,838			$	210,961			$	(7	)		$	547,792
Net claims and claim expenses incurred	1,044,418				177,433				(155		)		1,221,696
Acquisition expenses	17,514				59,248				(1		)		76,761
Operational expenses	25,123				17,389				25				42,537
Underwriting (loss) income	$	(750,217	)		$	(43,109	)		$	124			$	(793,202	)
Net claims and claim expenses incurred - current accident year	$	1,036,586			$	172,675			$	—			$	1,209,261
Net claims and claim expenses incurred - prior accident years	7,832				4,758				(155		)		12,435
Net claims and claim expenses incurred - total	$	1,044,418			$	177,433			$	(155	)		$	1,221,696
Net claims and claim expense ratio - current accident year	307.7		%		81.9		%						220.8		%
Net claims and claim expense ratio - prior accident years	2.4		%		2.2		%						2.2		%
Net claims and claim expense ratio - calendar year	310.1		%		84.1		%						223.0		%
Underwriting expense ratio	12.6		%		36.3		%						21.8		%
Combined ratio	322.7		%		120.4		%						244.8		%
	Three months ended September 30, 2016
	Property				Casualty and Specialty				Other				Total
Gross premiums written	$	119,904			$	310,320			$	—			$	430,224
Net premiums written	$	90,909			$	193,313			$	—			$	284,222
Net premiums earned	$	172,661			$	173,860			$	—			$	346,521
Net claims and claim expenses incurred	23,539				89,844				(808		)		112,575
Acquisition expenses	21,663				58,917				—				80,580
Operational expenses	24,258				16,217				18				40,493
Underwriting income	$	103,201			$	8,882			$	790			$	112,873
Net claims and claim expenses incurred - current accident year	$	42,062			$	116,298			$	—			$	158,360
Net claims and claim expenses incurred - prior accident years	(18,523		)		(26,454		)		(808		)		(45,785		)
Net claims and claim expenses incurred - total	$	23,539			$	89,844			$	(808	)		$	112,575
Net claims and claim expense ratio - current accident year	24.4		%		66.9		%						45.7		%
Net claims and claim expense ratio - prior accident years	(10.8		)%		(15.2		)%						(13.2		)%
Net claims and claim expense ratio - calendar year	13.6		%		51.7		%						32.5		%
Underwriting expense ratio	26.6		%		43.2		%						34.9		%
Combined ratio	40.2		%		94.9		%						67.4		%

                 

	4

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RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Nine months ended September 30, 2017
	Property				Casualty and Specialty				Other				Total
Gross premiums written	$	1,345,271			$	1,044,510			$	(7	)		$	2,389,774
Net premiums written	$	895,728			$	687,381			$	(7	)		$	1,583,102
Net premiums earned	$	716,024			$	580,085			$	(7	)		$	1,296,102
Net claims and claim expenses incurred	1,116,273				441,801				(710		)		1,557,364
Acquisition expenses	75,117				173,179				(2		)		248,294
Operational expenses	76,841				54,708				37				131,586
Underwriting (loss) income	$	(552,207	)		$	(89,603	)		$	668			$	(641,142	)
Net claims and claim expenses incurred - current accident year	$	1,133,241			$	427,786			$	—			$	1,561,027
Net claims and claim expenses incurred - prior accident years	(16,968		)		14,015				(710		)		(3,663		)
Net claims and claim expenses incurred - total	$	1,116,273			$	441,801			$	(710	)		$	1,557,364
Net claims and claim expense ratio - current accident year	158.3		%		73.7		%						120.4		%
Net claims and claim expense ratio - prior accident years	(2.4		)%		2.5		%						(0.2		)%
Net claims and claim expense ratio - calendar year	155.9		%		76.2		%						120.2		%
Underwriting expense ratio	21.2		%		39.2		%						29.3		%
Combined ratio	177.1		%		115.4		%						149.5		%
	Nine months ended September 30, 2016
	Property				Casualty and Specialty				Other				Total
Gross premiums written	$	1,058,816			$	992,669			$	—			$	2,051,485
Net premiums written	$	674,361			$	641,452			$	—			$	1,315,813
Net premiums earned	$	538,953			$	512,576			$	—			$	1,051,529
Net claims and claim expenses incurred	125,618				282,117				(805		)		406,930
Acquisition expenses	71,176				144,001				—				215,177
Operational expenses	79,441				68,261				99				147,801
Underwriting income	$	262,718			$	18,197			$	706			$	281,621
Net claims and claim expenses incurred - current accident year	$	163,130			$	320,444			$	—			$	483,574
Net claims and claim expenses incurred - prior accident years	(37,512		)		(38,327		)		(805		)		(76,644		)
Net claims and claim expenses incurred - total	$	125,618			$	282,117			$	(805	)		$	406,930
Net claims and claim expense ratio - current accident year	30.3		%		62.5		%						46.0		%
Net claims and claim expense ratio - prior accident years	(7.0		)%		(7.5		)%						(7.3		)%
Net claims and claim expense ratio - calendar year	23.3		%		55.0		%						38.7		%
Underwriting expense ratio	28.0		%		41.4		%						34.5		%
Combined ratio	51.3		%		96.4		%						73.2		%

                 

	5

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RenaissanceRe Holdings Ltd.
Segment Underwriting Results
	Three months ended
Property Segment	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Gross premiums written	$	325,395			$	499,347			$	520,529			$	52,447			$	119,904
Net premiums written	$	269,393			$	336,464			$	289,871			$	50,960			$	90,909
Net premiums earned	$	336,838			$	192,198			$	186,988			$	181,998			$	172,661
Net claims and claim expenses incurred	1,044,418				33,017				38,838				25,927				23,539
Acquisition expenses	17,514				28,500				29,103				26,418				21,663
Operational expenses	25,123				24,053				27,665				29,201				24,258
Underwriting (loss) income	$	(750,217	)		$	106,628			$	91,382			$	100,452			$	103,201
Net claims and claim expenses incurred - current accident year	$	1,036,586			$	56,889			$	39,766			$	93,291			$	42,062
Net claims and claim expenses incurred - prior accident years	7,832				(23,872		)		(928		)		(67,364		)		(18,523		)
Net claims and claim expenses incurred - total	$	1,044,418			$	33,017			$	38,838			$	25,927			$	23,539
Net claims and claim expense ratio - current accident year	307.7		%		29.6		%		21.3		%		51.3		%		24.4		%
Net claims and claim expense ratio - prior accident years	2.4		%		(12.4		)%		(0.5		)%		(37.1		)%		(10.8		)%
Net claims and claim expense ratio - calendar year	310.1		%		17.2		%		20.8		%		14.2		%		13.6		%
Underwriting expense ratio	12.6		%		27.3		%		30.3		%		30.6		%		26.6		%
Combined ratio	322.7		%		44.5		%		51.1		%		44.8		%		40.2		%
	Three months ended
Casualty and Specialty Segment	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Gross premiums written	$	314,881			$	328,068			$	401,561			$	270,644			$	310,320
Net premiums written	$	213,835			$	219,281			$	254,265			$	168,396			$	193,313
Net premiums earned	$	210,961			$	190,065			$	179,059			$	169,761			$	173,860
Net claims and claim expenses incurred	177,433				109,797				154,571				98,279				89,844
Acquisition expenses	59,248				59,752				54,179				47,728				58,917
Operational expenses	17,389				17,712				19,607				20,723				16,217
Underwriting (loss) income	$	(43,109	)		$	2,804			$	(49,298	)		$	3,031			$	8,882
Net claims and claim expenses incurred - current accident year	$	172,675			$	130,802			$	124,309			$	118,092			$	116,298
Net claims and claim expenses incurred - prior accident years	4,758				(21,005		)		30,262				(19,813		)		(26,454		)
Net claims and claim expenses incurred - total	$	177,433			$	109,797			$	154,571			$	98,279			$	89,844
Net claims and claim expense ratio - current accident year	81.9		%		68.8		%		69.4		%		69.6		%		66.9		%
Net claims and claim expense ratio - prior accident years	2.2		%		(11.0		)%		16.9		%		(11.7		)%		(15.2		)%
Net claims and claim expense ratio - calendar year	84.1		%		57.8		%		86.3		%		57.9		%		51.7		%
Underwriting expense ratio	36.3		%		40.7		%		41.2		%		40.3		%		43.2		%
Combined ratio	120.4		%		98.5		%		127.5		%		98.2		%		94.9		%

                 

	6

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DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
	Three months ended																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Revenues
Gross premiums written	$	68,352			$	132,009			$	116,680			$	(731	)		$	14,537			$	317,041			$	275,559
Net premiums written	$	63,442			$	116,523			$	98,695			$	(580	)		$	8,932			$	278,660			$	230,951
Decrease (increase) in unearned premiums	41,278				(56,246		)		(42,492		)		59,119				48,490				(57,460		)		(51,711		)
Net premiums earned	104,720				60,277				56,203				58,539				57,422				221,200				179,240
Net investment income	8,334				8,065				7,756				7,597				7,213				24,155				21,244
Net foreign exchange (losses) gains	(66		)		224				348				(197		)		(474		)		506				527
Other income (loss)	—				679				1				—				—				680				(86		)
Net realized and unrealized gains (losses) on investments	528				2,207				2,061				(17,510		)		1,338				4,796				27,581
Total revenues	113,516				71,452				66,369				48,429				65,499				251,337				228,506
Expenses
Net claims and claim expenses incurred	415,669				(2,233		)		807				650				(164		)		414,243				22,549
Acquisition expenses	(53,773		)		17,525				15,892				16,967				16,223				(20,356		)		45,235
Operational and corporate expenses	6,441				6,976				6,579				6,804				6,688				19,996				20,334
Interest expense	1,859				1,858				1,858				1,859				1,859				5,575				5,576
Total expenses	370,196				24,126				25,136				26,280				24,606				419,458				93,694
(Loss) income before taxes	(256,680		)		47,326				41,233				22,149				40,893				(168,121		)		134,812
Income tax benefit (expense)	1,164				(273		)		(23		)		(111		)		(444		)		868				(619		)
Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(255,516	)		$	47,053			$	41,210			$	22,038			$	40,449			$	(167,253	)		$	134,193
Net claims and claim expenses incurred - current accident year	$	413,466			$	10,500			$	5,899			$	24,310			$	4,435			$	429,865			$	38,076
Net claims and claim expenses incurred - prior accident years	2,203				(12,733		)		(5,092		)		(23,660		)		(4,599		)		(15,622		)		(15,527		)
Net claims and claim expenses incurred - total	$	415,669			$	(2,233	)		$	807			$	650			$	(164	)		$	414,243			$	22,549
Net claims and claim expense ratio - current accident year	394.8		%		17.4		%		10.5		%		41.5		%		7.7		%		194.3		%		21.2		%
Net claims and claim expense ratio - prior accident years	2.1		%		(21.1		)%		(9.1		)%		(40.4		)%		(8.0		)%		(7.0		)%		(8.6		)%
Net claims and claim expense ratio - calendar year	396.9		%		(3.7		)%		1.4		%		1.1		%		(0.3		)%		187.3		%		12.6		%
Underwriting expense ratio	(45.2		)%		40.6		%		40.0		%		40.6		%		39.9		%		(0.2		)%		36.6		%
Combined ratio	351.7		%		36.9		%		41.4		%		41.7		%		39.6		%		187.1		%		49.2		%

                 

	7

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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Assets
Fixed maturity investments trading, at fair value	$	7,092,969			$	7,282,264			$	7,259,851			$	6,891,244			$	7,088,419
Fixed maturity investments available for sale, at fair value	—				—				—				—				11,721
Total fixed maturity investments, at fair value	7,092,969				7,282,264				7,259,851				6,891,244				7,100,140
Short term investments, at fair value	1,497,262				1,070,950				1,199,797				1,368,379				1,136,660
Equity investments trading, at fair value	402,035				393,405				388,424				383,313				345,565
Other investments, at fair value	548,492				561,212				514,667				549,805				511,621
Investments in other ventures, under equity method	101,420				101,077				97,131				124,227				120,569
Total investments	9,642,178				9,408,908				9,459,870				9,316,968				9,214,555
Cash and cash equivalents	581,576				623,150				454,087				421,157				493,330
Premiums receivable	1,521,266				1,533,833				1,283,275				987,323				1,181,331
Prepaid reinsurance premiums	635,756				705,322				628,091				441,260				511,421
Reinsurance recoverable	1,588,304				370,586				325,819				279,564				240,769
Accrued investment income	38,366				40,118				40,547				38,076				37,245
Deferred acquisition costs	434,914				430,106				388,681				335,325				351,841
Receivable for investments sold	193,758				170,411				316,948				105,841				193,071
Other assets	164,019				176,816				173,984				175,382				181,290
Goodwill and other intangibles	244,787				246,430				248,325				251,186				254,678
Total assets	$	15,044,924			$	13,705,680			$	13,319,627			$	12,352,082			$	12,659,531
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	5,192,313			$	2,989,806			$	2,934,688			$	2,848,294			$	2,861,099
Unearned premiums	1,713,069				1,847,206				1,596,495				1,231,573				1,434,136
Debt	989,245				988,866				945,701				948,663				951,620
Reinsurance balances payable	1,034,454				1,052,494				972,266				673,983				774,660
Payable for investments purchased	377,543				407,312				604,613				305,714				437,826
Other liabilities	301,559				222,658				217,036				301,684				227,847
Total liabilities	9,608,183				7,508,342				7,270,799				6,309,911				6,687,188
Redeemable noncontrolling interest	1,033,729				1,242,083				1,187,991				1,175,594				1,164,553
Shareholders' Equity
Preference shares	400,000				400,000				400,000				400,000				400,000
Common shares	40,029				40,282				40,785				41,187				41,156
Additional paid-in capital	32,852				67,583				131,173				216,558				213,053
Accumulated other comprehensive (loss) income	161				(139		)		(358		)		1,133				2,621
Retained earnings	3,929,970				4,447,529				4,289,237				4,207,699				4,150,960
Total shareholders' equity attributable to RenaissanceRe	4,403,012				4,955,255				4,860,837				4,866,577				4,807,790
Total liabilities, noncontrolling interests and shareholders' equity	$	15,044,924			$	13,705,680			$	13,319,627			$	12,352,082			$	12,659,531
Book value per common share	$	100.00			$	113.08			$	109.37			$	108.45			$	107.10

                 

	8

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RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition
Type of Investment	September 30, 2017							June 30, 2017							March 31, 2017							December 31, 2016							September 30, 2016
U.S. treasuries	$	2,956,952			30.7	%		$	2,826,681			30.0	%		$	2,635,800			27.9	%		$	2,617,894			28.1	%		$	2,564,635			27.9	%
Agencies	41,109				0.5	%		83,343				0.9	%		86,373				0.9	%		90,972				1.0	%		120,761				1.3	%
Municipal	521,220				5.4	%		518,912				5.5	%		506,109				5.4	%		519,069				5.6	%		550,062				6.0	%
Non-U.S. government (Sovereign debt)	177,855				1.8	%		173,667				1.8	%		341,725				3.6	%		333,224				3.6	%		313,560				3.4	%
Non-U.S. government-backed corporate	121,892				1.3	%		74,620				0.8	%		118,092				1.2	%		133,300				1.4	%		129,423				1.4	%
Corporate	2,028,750				21.0	%		2,186,040				23.2	%		2,205,442				23.4	%		1,877,243				20.2	%		1,916,092				20.8	%
Agency mortgage-backed	499,310				5.2	%		567,560				6.0	%		505,829				5.3	%		462,493				5.0	%		521,987				5.7	%
Non-agency mortgage-backed	299,530				3.1	%		275,268				3.0	%		270,983				2.9	%		258,944				2.7	%		283,333				3.0	%
Commercial mortgage-backed	263,029				2.7	%		384,610				4.1	%		382,874				4.0	%		409,747				4.4	%		492,311				5.3	%
Asset-backed	183,322				1.9	%		191,563				2.0	%		206,624				2.1	%		188,358				2.0	%		207,976				2.2	%
Total fixed maturity investments, at fair value	7,092,969				73.6	%		7,282,264				77.3	%		7,259,851				76.7	%		6,891,244				74.0	%		7,100,140				77.0	%
Short term investments, at fair value	1,497,262				15.5	%		1,070,950				11.4	%		1,199,797				12.7	%		1,368,379				14.7	%		1,136,660				12.4	%
Equity investments trading, at fair value	402,035				4.2	%		393,405				4.2	%		388,424				4.1	%		383,313				4.1	%		345,565				3.8	%
Other investments, at fair value	548,492				5.6	%		561,212				6.0	%		514,667				5.4	%		549,805				5.9	%		511,621				5.5	%
Total managed investment portfolio	9,540,758				98.9	%		9,307,831				98.9	%		9,362,739				98.9	%		9,192,741				98.7	%		9,093,986				98.7	%
Investments in other ventures, under equity method	101,420				1.1	%		101,077				1.1	%		97,131				1.1	%		124,227				1.3	%		120,569				1.3	%
Total investments	$	9,642,178			100.0	%		$	9,408,908			100.0	%		$	9,459,870			100.0	%		$	9,316,968			100.0	%		$	9,214,555			100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	731,560			10.3	%		$	849,306			11.7	%		$	1,043,008			14.4	%		$	1,043,738			15.2	%		$	1,133,053			16.0	%
AA	4,073,325				57.4	%		4,056,958				55.7	%		3,832,632				52.8	%		3,768,485				54.7	%		3,830,792				54.0	%
A	755,457				10.7	%		743,633				10.2	%		727,568				10.0	%		644,150				9.3	%		684,455				9.6	%
BBB	546,821				7.7	%		578,823				7.9	%		598,997				8.3	%		567,672				8.2	%		542,674				7.6	%
Non-investment grade and not rated	985,806				13.9	%		1,053,544				14.5	%		1,057,646				14.5	%		867,199				12.6	%		909,166				12.8	%
Total fixed maturity investments, at fair value	$	7,092,969			100.0	%		$	7,282,264			100.0	%		$	7,259,851			100.0	%		$	6,891,244			100.0	%		$	7,100,140			100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	367,091			5.2	%		$	427,683			5.9	%		$	514,037			7.1	%		$	483,642			7.0	%		$	280,850			4.0	%
Due after one through five years	4,324,948				61.0	%		4,111,191				56.5	%		4,004,237				55.2	%		3,900,915				56.6	%		4,102,622				57.8	%
Due after five through ten years	1,001,975				14.1	%		1,153,811				15.8	%		1,182,697				16.3	%		1,028,249				14.9	%		1,044,737				14.7	%
Due after ten years	153,764				2.1	%		170,578				2.3	%		192,570				2.6	%		158,896				2.3	%		166,324				2.3	%
Mortgage-backed securities	1,061,869				15.0	%		1,227,438				16.9	%		1,159,686				16.0	%		1,131,184				16.4	%		1,297,631				18.3	%
Asset-backed securities	183,322				2.6	%		191,563				2.6	%		206,624				2.8	%		188,358				2.8	%		207,976				2.9	%
Total fixed maturity investments, at fair value	$	7,092,969			100.0	%		$	7,282,264			100.0	%		$	7,259,851			100.0	%		$	6,891,244			100.0	%		$	7,100,140			100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.2		%					2.3		%					2.3		%					2.1		%					1.8		%
Average duration of fixed maturities and short term investments	2.6							2.6							2.6							2.4							2.3

                 

	9

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RenaissanceRe Holdings Ltd.
Summary of Other Investments
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Type of Investment
Catastrophe bonds	$	332,044			$	348,353			$	298,564			$	335,209			$	298,408
Private equity partnerships	196,280				194,331				192,975				191,061				192,217
Senior secured bank loan fund	19,572				17,321				21,748				22,040				19,440
Hedge funds	596				1,207				1,380				1,495				1,556
Total other investments, at fair value	$	548,492			$	561,212			$	514,667			$	549,805			$	511,621
Type of Investment
Catastrophe bonds	60.5		%		62.1		%		58.0		%		61.0		%		58.3		%
Private equity partnerships	35.8		%		34.6		%		37.5		%		34.7		%		37.6		%
Senior secured bank loan fund	3.6		%		3.1		%		4.2		%		4.0		%		3.8		%
Hedge funds	0.1		%		0.2		%		0.3		%		0.3		%		0.3		%
Total other investments, at fair value	100.0		%		100.0		%		100.0		%		100.0		%		100.0		%

                 

	10

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RenaissanceRe Holdings Ltd.
Total Investment Result
	Three months ended																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Fixed maturity investments	$	45,305			$	44,356			$	43,419			$	38,605			$	39,959			$	133,080			$	122,056
Short term investments	2,771				2,981				1,724				1,726				1,174				7,476				3,401
Equity investments trading	930				889				811				910				797				2,630				3,325
Other investments
Private equity investments	6,371				6,611				7,802				6,585				4,572				20,784				(430		)
Other	(11,491		)		2,899				4,072				3,072				8,765				(4,520		)		17,109
Cash and cash equivalents	352				295				189				204				246				836				584
	44,238				58,031				58,017				51,102				55,513				160,286				146,045
Investment expenses	(3,981		)		(3,868		)		(3,692		)		(3,786		)		(4,090		)		(11,541		)		(11,635		)
Net investment income	40,257				54,163				54,325				47,316				51,423				148,745				134,410
Gross realized gains	16,343				15,249				11,461				11,945				20,383				43,053				60,794
Gross realized losses	(6,126		)		(7,243		)		(16,533		)		(12,483		)		(3,363		)		(29,902		)		(25,832		)
Net realized gains (losses) on fixed maturity investments	10,217				8,006				(5,072		)		(538		)		17,020				13,151				34,962
Net unrealized gains (losses) on fixed maturity investments trading	5,545				18,760				24,635				(98,547		)		(4,235		)		48,940				125,501
Net realized and unrealized (losses) gains on investments-related derivatives	(4,020		)		(268		)		(56		)		11,459				1,727				(4,344		)		(26,873		)
Net realized gains on equity investments trading	13,675				15,146				20,915				152				127				49,736				14,038
Net unrealized gains on equity investments trading	16,635				16,469				2,951				37,507				45,231				36,055				43,667
Net realized and unrealized gains (losses) on investments	42,052				58,113				43,373				(49,967		)		59,870				143,538				191,295
Change in net unrealized gains on fixed maturity investments available for sale	—				—				—				(1,398		)		(113		)		—				(472		)
Total investment result	$	82,309			$	112,276			$	97,698			$	(4,049	)		$	111,180			$	292,283			$	325,233
Total investment return - annualized	3.4		%		4.8		%		4.1		%		(0.2		)%		4.9		%		4.1		%		4.7		%

                 

	11

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RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
															Credit Rating (1)
September 30, 2017	Amortized Cost				Fair Value				% of Total Investment Portfolio			Weighted Average Effective Yield			AAA				AA				A				BBB				Non- Investment Grade				Not Rated
Short term investments	$	1,497,262			$	1,497,262			15.5	%		1.1	%		$	1,490,571			$	1,999			$	3,889			$	512			$	—			$	291
					100.0		%								99.6		%		0.1		%		0.3		%		—		%		—		%		—		%
Fixed maturity investments
U.S. treasuries	2,966,393				2,956,952				30.7	%		1.6	%		—				2,956,952				—				—				—				—
Agencies
Fannie Mae and Freddie Mac	15,537				15,435				0.2	%		1.7	%		—				15,435				—				—				—				—
Other agencies	25,718				25,674				0.3	%		1.6	%		—				25,674				—				—				—				—
Total agencies	41,255				41,109				0.5	%		1.6	%		—				41,109				—				—				—				—
Municipal	514,746				521,220				5.4	%		1.9	%		106,747				251,911				124,930				37,632				—				—
Non-U.S. government (Sovereign debt)	177,148				177,855				1.8	%		1.7	%		139,505				20,963				17,081				306				—				—
Non-U.S. government-backed corporate	121,673				121,892				1.3	%		1.9	%		37,538				74,140				7,186				1,491				1,537				—
Corporate	2,010,061				2,028,750				21.0	%		3.5	%		60,001				151,093				596,677				489,912				703,166				27,901
Mortgage-backed
Residential mortgage-backed
Agency securities	504,276				499,310				5.2	%		2.9	%		—				499,310				—				—				—				—
Non-agency securities - Alt A	224,569				239,173				2.5	%		3.7	%		8,023				8,566				4,024				12,269				186,901				19,390
Non-agency securities - Prime	56,961				60,357				0.6	%		3.8	%		3,473				4,217				2,678				3,078				45,772				1,139
Total residential mortgage-backed	785,806				798,840				8.3	%		3.2	%		11,496				512,093				6,702				15,347				232,673				20,529
Commercial mortgage-backed	261,870				263,029				2.7	%		3.1	%		222,780				40,003				246				—				—				—
Total mortgage-backed	1,047,676				1,061,869				11.0	%		3.2	%		234,276				552,096				6,948				15,347				232,673				20,529
Asset-backed
Collateralized loan obligations	145,075				145,793				1.5	%		2.5	%		119,819				25,061				913				—				—				—
Credit cards	16,092				16,121				0.2	%		1.8	%		16,121				—				—				—				—				—
Auto loans	13,841				13,809				0.1	%		1.9	%		13,809				—				—				—				—				—
Student loans	989				995				—	%		2.3	%		995				—				—				—				—				—
Other	6,538				6,604				0.1	%		2.6	%		2,749				—				1,722				2,133				—				—
Total asset-backed	182,535				183,322				1.9	%		2.4	%		153,493				25,061				2,635				2,133				—				—
Total securitized assets	1,230,211				1,245,191				12.9	%		3.1	%		387,769				577,157				9,583				17,480				232,673				20,529
Total fixed maturity investments	7,061,487				7,092,969				73.6	%		2.4	%		731,560				4,073,325				755,457				546,821				937,376				48,430
					100.0		%								10.3		%		57.4		%		10.7		%		7.7		%		13.2		%		0.7		%
Equity investments trading					402,035				4.2	%					—				—				—				—				—				402,035
					100.0		%								—		%		—		%		—		%		—		%		—		%		100.0		%
Other investments
Catastrophe bonds					332,044				3.4	%					—				—				—				—				332,044				—
Private equity partnerships					196,280				2.0	%					—				—				—				—				—				196,280
Senior secured bank loan fund					19,572				0.2	%					—				—				—				—				—				19,572
Hedge funds					596				—	%					—				—				—				—				—				596
Total other investments					548,492				5.6	%					—				—				—				—				332,044				216,448
					100.0		%								—		%		—		%		—		%		—		%		60.5		%		39.5		%
Investments in other ventures					101,420				1.1	%					—				—				—				—				—				101,420
					100.0		%								—		%		—		%		—		%		—		%		—		%		100.0		%
Total investment portfolio					$	9,642,178			100.0	%					$	2,222,131			$	4,075,324			$	759,346			$	547,333			$	1,269,420			$	768,624
					100.0		%								23.0		%		42.3		%		7.9		%		5.7		%		13.1		%		8.0		%

(1)

The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P").  When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

                 

	12

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RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value
										September 30, 2017
Issuer										Total				Short term investments				Fixed maturity investments
Goldman Sachs Group Inc.										$	39,878			$	—			$	39,878
Morgan Stanley										38,036				—				38,036
JP Morgan Chase & Co.										37,800				—				37,800
Bank of America Corp.										32,620				—				32,620
Wells Fargo & Co.										29,937				—				29,937
HSBC Holdings PLC										26,148				—				26,148
Citigroup Inc.										22,155				—				22,155
The Bank of Nova Scotia										18,917				—				18,917
Sumitomo Mitsui Financial Group										18,714				—				18,714
Charter Communications Inc.										17,489				—				17,489
Total (1)										$	281,694			$	—			$	281,694

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

                 

	13

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RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses
	Case Reserves				Additional Case Reserves				IBNR				Total
September 30, 2017
Property	$	310,871			$	416,758			$	1,917,573			$	2,645,202
Casualty and Specialty	655,328				132,755				1,734,475				2,522,558
Other	9,904				—				14,649				24,553
Total	$	976,103			$	549,513			$	3,666,697			$	5,192,313
June 30, 2017
Property	$	221,898			$	167,510			$	216,163			$	605,571
Casualty and Specialty	635,834				111,021				1,619,915				2,366,770
Other	2,532				—				14,933				17,465
Total	$	860,264			$	278,531			$	1,851,011			$	2,989,806
March 31, 2017
Property	$	212,770			$	171,257			$	231,586			$	615,613
Casualty and Specialty	587,083				139,183				1,574,435				2,300,701
Other	2,255				—				16,119				18,374
Total	$	802,108			$	310,440			$	1,822,140			$	2,934,688
December 31, 2016
Property	$	214,954			$	186,308			$	226,512			$	627,774
Casualty and Specialty	591,705				105,419				1,498,002				2,195,126
Other	6,935				—				18,459				25,394
Total	$	813,594			$	291,727			$	1,742,973			$	2,848,294
September 30, 2016
Property	$	245,328			$	184,758			$	239,235			$	669,321
Casualty and Specialty	584,189				100,589				1,481,092				2,165,870
Other	2,883				—				23,025				25,908
Total	$	832,400			$	285,347			$	1,743,352			$	2,861,099

                 

	14

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RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis
	Three months ended September 30, 2017												Three months ended September 30, 2016
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for claims and claim expenses, beginning of period	$	2,989,806			$	370,586			$	2,619,220			$	2,844,243			$	222,006			$	2,622,237
Incurred claims and claim expenses
Current year	2,460,842				1,251,581				1,209,261				205,372				47,012				158,360
Prior years	21,668				9,233				12,435				(51,526		)		(5,741		)		(45,785		)
Total incurred claims and claim expenses	2,482,510				1,260,814				1,221,696				153,846				41,271				112,575
Paid claims and claim expenses
Current year	147,669				8,869				138,800				30,439				1,538				28,901
Prior years	145,617				34,252				111,365				114,021				20,690				93,331
Total paid claims and claim expenses	293,286				43,121				250,165				144,460				22,228				122,232
Foreign exchange	13,283				25				13,258				7,470				(280		)		7,750
Reserve for claims and claim expenses, end of period	$	5,192,313			$	1,588,304			$	3,604,009			$	2,861,099			$	240,769			$	2,620,330
	Nine months ended September 30, 2017												Nine months ended September 30, 2016
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for claims and claim expenses, beginning of period	$	2,848,294			$	279,564			$	2,568,730			$	2,767,045			$	134,526			$	2,632,519
Incurred claims and claim expenses
Current year	2,926,525				1,365,498				1,561,027				611,100				127,526				483,574
Prior years	(2,308		)		1,355				(3,663		)		(70,404		)		6,240				(76,644		)
Total incurred claims and claim expenses	2,924,217				1,366,853				1,557,364				540,696				133,766				406,930
Paid claims and claim expenses
Current year	169,657				10,972				158,685				42,179				2,208				39,971
Prior years	443,657				47,246				396,411				416,276				25,229				391,047
Total paid claims and claim expenses	613,314				58,218				555,096				458,455				27,437				431,018
Foreign exchange	33,116				105				33,011				11,813				(86		)		11,899
Reserve for claims and claim expenses, end of period	$	5,192,313			$	1,588,304			$	3,604,009			$	2,861,099			$	240,769			$	2,620,330

                 

	15

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RenaissanceRe Holdings Ltd.
Earnings per Share
	Three months ended
(common shares in thousands)	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(504,812	)		$	171,142			$	92,352			$	69,436			$	146,825
Amount allocated to participating common shareholders (1)	(116		)		(1,585		)		(907		)		(789		)		(1,770		)
	$	(504,928	)		$	169,557			$	91,445			$	68,647			$	145,055
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	39,591				39,937				40,408				40,474				40,513
Per common share equivalents of employee stock options and restricted shares	—				87				215				233				220
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,591				40,024				40,623				40,707				40,733
Basic (loss) income per RenaissanceRe common share	$	(12.75	)		$	4.25			$	2.26			$	1.70			$	3.58
Diluted (loss) income per RenaissanceRe common share	$	(12.75	)		$	4.24			$	2.25			$	1.69			$	3.56
	Nine months ended
(common shares in thousands)	September 30, 2017				September 30, 2016
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(241,318	)		$	411,145
Amount allocated to participating common shareholders (1)	(344		)		(4,939		)
	$	(241,662	)		$	406,206
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	39,979				41,594
Per common share equivalents of employee stock options and restricted shares	—				248
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,979				41,842
Basic (loss) income per RenaissanceRe common share	$	(6.04	)		$	9.77
Diluted (loss) income per RenaissanceRe common share	$	(6.04	)		$	9.71

(1)	Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors.

                 

	16

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RenaissanceRe Holdings Ltd.
Equity in Earnings (Losses) of Other Ventures
	Three months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Top Layer Re	$	2,722			$	2,658			$	2,484			$	1,707			$	(14,951	)
Tower Hill Companies	(383		)		3,206				(4,058		)		2,860				3,422
Other	(545		)		(321		)		67				393				(101		)
Total equity in earnings (losses) of other ventures	$	1,794			$	5,543			$	(1,507	)		$	4,960			$	(11,630	)
	Nine months ended
	September 30, 2017				September 30, 2016
Top Layer Re	$	7,864			$	(10,283	)
Tower Hill Companies	(1,235		)		7,519
Other	(799		)		(1,233		)
Total equity in earnings (losses) of other ventures	$	5,830			$	(3,997	)
Other Income
	Three months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	2,793			$	3,134			$	1,498			$	4,720			$	2,195
Other items	203				(742		)		167				457				73
Total other income	$	2,996			$	2,392			$	1,665			$	5,177			$	2,268
	Nine months ended
	September 30, 2017				September 30, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	7,425			$	9,526
Other items	(372		)		(525		)
Total other income	$	7,053			$	9,001

                 

	17

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RenaissanceRe Holdings Ltd.
Ratings
	A.M. Best		S&P		Moody's		Fitch
Renaissance Reinsurance (1)	A+		AA-		A1		A+
DaVinci (1)	A		AA-		A3		—
Renaissance Reinsurance U.S. (1)	A		AA-		—		—
RenaissanceRe Specialty U.S. (1)	A		AA-		—		—
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) The A.M. Best, S&P, Moody's and Fitch ratings for these companies set forth in the table above reflect the insurer's financial strength rating and, in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent its financial strength rating.

(3) The S&P rating for RenaissanceRe represents the rating on its Enterprise Risk Management practices.

                 

	18

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RenaissanceRe Holdings Ltd.
Gross Premiums Written
	Three months ended																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Property Segment
Catastrophe	$	243,514			$	411,500			$	414,424			$	7,705			$	71,606			$	1,069,438			$	876,656
Other property	81,881				87,847				106,105				44,742				48,298				275,833				182,160
Property segment gross premiums written	$	325,395			$	499,347			$	520,529			$	52,447			$	119,904			$	1,345,271			$	1,058,816
Casualty and Specialty Segment
General casualty (1)	$	107,055			$	107,994			$	122,293			$	79,669			$	82,234			$	337,342			$	248,270
Professional liability (2)	101,482				101,447				132,306				83,804				90,984				335,235				293,776
Financial lines (3)	66,186				69,314				85,143				85,208				110,771				220,643				327,860
Other (4)	40,158				49,313				61,819				21,963				26,331				151,290				122,763
Casualty and Specialty segment gross premiums written	$	314,881			$	328,068			$	401,561			$	270,644			$	310,320			$	1,044,510			$	992,669

(1)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)	Includes directors and officers, medical malpractice, and professional indemnity.

(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

                 

	19

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RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results
	Three months ended September 30, 2017												Three months ended September 30, 2016
	Catastrophe				Other Property				Total				Catastrophe				Other Property				Total
Gross premiums written	$	243,514			$	81,881			$	325,395			$	71,606			$	48,298			$	119,904
Net premiums written	$	194,550			$	74,843			$	269,393			$	42,033			$	48,876			$	90,909
Net premiums earned	$	280,490			$	56,348			$	336,838			$	130,014			$	42,647			$	172,661
Net claims and claim expenses incurred	930,989				113,429				1,044,418				1,906				21,633				23,539
Acquisition expenses	(2,861		)		20,375				17,514				9,195				12,468				21,663
Operational expenses	20,685				4,438				25,123				19,208				5,050				24,258
Underwriting (loss) income	$	(668,323	)		$	(81,894	)		$	(750,217	)		$	99,705			$	3,496			$	103,201
Net claims and claim expenses incurred - current accident year	$	921,526			$	115,060			$	1,036,586			$	18,275			$	23,787			$	42,062
Net claims and claim expenses incurred - prior accident years	9,463				(1,631		)		7,832				(16,369		)		(2,154		)		(18,523		)
Net claims and claim expenses incurred - total	$	930,989			$	113,429			$	1,044,418			$	1,906			$	21,633			$	23,539
Net claims and claim expense ratio - current accident year	328.5		%		204.2		%		307.7		%		14.1		%		55.8		%		24.4		%
Net claims and claim expense ratio - prior accident years	3.4		%		(2.9		)%		2.4		%		(12.6		)%		(5.1		)%		(10.8		)%
Net claims and claim expense ratio - calendar year	331.9		%		201.3		%		310.1		%		1.5		%		50.7		%		13.6		%
Underwriting expense ratio	6.4		%		44.0		%		12.6		%		21.8		%		41.1		%		26.6		%
Combined ratio	338.3		%		245.3		%		322.7		%		23.3		%		91.8		%		40.2		%
	Nine months ended September 30, 2017												Nine months ended September 30, 2016
	Catastrophe				Other Property				Total				Catastrophe				Other Property				Total
Gross premiums written	$	1,069,438			$	275,833			$	1,345,271			$	876,656			$	182,160			$	1,058,816
Net premiums written	$	672,043			$	223,685			$	895,728			$	516,495			$	157,866			$	674,361
Net premiums earned	$	550,302			$	165,722			$	716,024			$	424,326			$	114,627			$	538,953
Net claims and claim expenses incurred	938,139				178,134				1,116,273				66,133				59,485				125,618
Acquisition expenses	18,141				56,976				75,117				38,841				32,335				71,176
Operational expenses	63,122				13,719				76,841				63,338				16,103				79,441
Underwriting (loss) income	$	(469,100	)		$	(83,107	)		$	(552,207	)		$	256,014			$	6,704			$	262,718
Net claims and claim expenses incurred - current accident year	$	962,528			$	170,713			$	1,133,241			$	102,938			$	60,192			$	163,130
Net claims and claim expenses incurred - prior accident years	(24,389		)		7,421				(16,968		)		(36,805		)		(707		)		(37,512		)
Net claims and claim expenses incurred - total	$	938,139			$	178,134			$	1,116,273			$	66,133			$	59,485			$	125,618
Net claims and claim expense ratio - current accident year	174.9		%		103.0		%		158.3		%		24.3		%		52.5		%		30.3		%
Net claims and claim expense ratio - prior accident years	(4.4		)%		4.5		%		(2.4		)%		(8.7		)%		(0.6		)%		(7.0		)%
Net claims and claim expense ratio - calendar year	170.5		%		107.5		%		155.9		%		15.6		%		51.9		%		23.3		%
Underwriting expense ratio	14.7		%		42.6		%		21.2		%		24.1		%		42.3		%		28.0		%
Combined ratio	185.2		%		150.1		%		177.1		%		39.7		%		94.2		%		51.3		%

                 

	20

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RenaissanceRe Holdings Ltd.
Lloyd's Platform Supplemental Underwriting Results
	Three months ended																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Gross premiums written	$	146,453			$	177,230			$	176,788			$	96,861			$	91,954			$	500,471			$	385,616
Net premiums written	$	107,755			$	144,278			$	74,709			$	70,705			$	69,365			$	326,742			$	264,015
Net premiums earned	$	103,387			$	87,491			$	78,816			$	78,324			$	74,693			$	269,694			$	208,614
Net claims and claim expenses incurred	124,216				51,738				59,923				49,634				29,337				235,877				100,185
Acquisition expenses	24,173				24,120				22,921				19,402				20,958				71,214				53,896
Operational expenses	10,955				10,424				11,711				11,231				8,760				33,090				35,302
Underwriting (loss) income	$	(55,957	)		$	1,209			$	(15,739	)		$	(1,943	)		$	15,638			$	(70,487	)		$	19,231
Net claims and claim expenses incurred - current accident year	$	123,494			$	36,731			$	35,679			$	49,408			$	38,068			$	195,904			$	105,583
Net claims and claim expenses incurred - prior accident years	722				15,007				24,244				226				(8,731		)		39,973				(5,398		)
Net claims and claim expenses incurred - total	$	124,216			$	51,738			$	59,923			$	49,634			$	29,337			$	235,877			$	100,185
Net claims and claim expense ratio - current accident year	119.4		%		42.0		%		45.3		%		63.1		%		51.0		%		72.6		%		50.6		%
Net claims and claim expense ratio - prior accident years	0.7		%		17.1		%		30.7		%		0.3		%		(11.7		)%		14.9		%		(2.6		)%
Net claims and claim expense ratio - calendar year	120.1		%		59.1		%		76.0		%		63.4		%		39.3		%		87.5		%		48.0		%
Underwriting expense ratio	34.0		%		39.5		%		44.0		%		39.1		%		39.8		%		38.6		%		42.8		%
Combined ratio	154.1		%		98.6		%		120.0		%		102.5		%		79.1		%		126.1		%		90.8		%

                 

	21

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RenaissanceRe Holdings Ltd.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial 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 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 (loss) income (attributable) 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 (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net (loss) income (attributable) available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments. The Company's management believes that “operating (loss) income (attributable) 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, equity investments trading and investments-related derivatives. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) 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 (loss) income (attributable) available to RenaissanceRe common shareholders to operating (loss) income (attributable) available to RenaissanceRe common shareholders; 2) net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted to operating (loss) income (attributable) 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																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(504,812	)		$	171,142			$	92,352			$	69,436			$	146,825			$	(241,318	)		$	411,145
Adjustment for net realized and unrealized (gains) losses on investments	(42,052		)		(58,113		)		(43,373		)		49,967				(59,870		)		(143,538		)		(191,295		)
Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(546,864	)		$	113,029			$	48,979			$	119,403			$	86,955			$	(384,856	)		$	219,850
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(12.75	)		$	4.24			$	2.25			$	1.69			$	3.56			$	(6.04	)		$	9.71
Adjustment for net realized and unrealized (gains) losses on investments	(1.06		)		(1.45		)		(1.07		)		1.23				(1.47		)		(3.59		)		(4.57		)
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(13.81	)		$	2.79			$	1.18			$	2.92			$	2.09			$	(9.63	)		$	5.14
Return on average common equity - annualized	(47.2		)%		15.2		%		8.3		%		6.3		%		13.5		%		(7.4		)%		12.6		%
Adjustment for net realized and unrealized (gains) losses on investments	(3.9		)%		(5.2		)%		(3.9		)%		4.5		%		(5.5		)%		(4.3		)%		(5.9		)%
Operating return on average common equity - annualized	(51.1		)%		10.0		%		4.4		%		10.8		%		8.0		%		(11.7		)%		6.7		%

                 

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RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following 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
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016
Book value per common share	$	100.00			$	113.08			$	109.37			$	108.45			$	107.10
Adjustment for goodwill and other intangibles (1)	(6.55		)		(6.56		)		(6.55		)		(6.58		)		(6.69		)
Tangible book value per common share	93.45				106.52				102.82				101.87				100.41
Adjustment for accumulated dividends	17.68				17.36				17.04				16.72				16.41
Tangible book value per common share plus accumulated dividends	$	111.13			$	123.88			$	119.86			$	118.59			$	116.82
Quarterly change in book value per common share	(11.6		)%		3.4		%		0.8		%		1.3		%		3.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	(12.0		)%		3.9		%		1.2		%		1.8		%		3.9		%
Year to date change in book value per common share	(7.8		)%		4.3		%		0.8		%		9.4		%		8.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(7.3		)%		5.2		%		1.2		%		11.4		%		9.5		%

(1)	At September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, goodwill and other intangibles included $17.4 million, $18.1 million, $18.9 million, $19.7 million and $20.6 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

                 

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RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “managed catastrophe premiums” which is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from Property segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of other property gross premiums written and the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Reinsurance Ltd. ("Top Layer Re"), which is accounted for under the equity method of accounting. 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. A reconciliation of “managed catastrophe premiums” to Property segment gross premiums written is included below:

	Three months ended																				Nine months ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016				September 30, 2016				September 30, 2017				September 30, 2016
Property Segment
Catastrophe	$	243,514			$	411,500			$	414,424			$	7,705			$	71,606			$	1,069,438			$	876,656
Other property	81,881				87,847				106,105				44,742				48,298				275,833				182,160
Property segment gross premiums written	$	325,395			$	499,347			$	520,529			$	52,447			$	119,904			$	1,345,271			$	1,058,816
Managed Catastrophe Premiums
Property segment gross premiums written	$	325,395			$	499,347			$	520,529			$	52,447			$	119,904			$	1,345,271			$	1,058,816
Other property gross premiums written	(81,881		)		(87,847		)		(106,105		)		(44,742		)		(48,298		)		(275,833		)		(182,160		)
Catastrophe gross premiums written	$	243,514			$	411,500			$	414,424			$	7,705			$	71,606			$	1,069,438			$	876,656
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	1,510				26,337				12,385				1,389				1,493				40,232				38,278
Catastrophe premiums written by the Company and ceded to Top Layer Re	—				—				—				—				—				—				(9,263		)
Managed catastrophe premiums	$	245,024			$	437,837			$	426,809			$	9,094			$	73,099			$	1,109,670			$	905,671

                 

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