Exhibit



		Page

Basis of Presentation		i

Financial Highlights		1

Statements of Operations
a.	Summary Consolidated Statements of Operations	2
b.	Consolidated Segment Underwriting Results	3
c.	Segment Underwriting Results	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.	Investment Portfolio - Fixed Maturity Investments	8
c.	Summary of Other Investments	9
d.	Total Investment Result	10
e.	Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	11

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	12
b.	Paid to Incurred Analysis	13

Other Items
a.	Fee Income	14
b.	Earnings per Share	15
c.	Equity in Earnings of Other Ventures	16
d.	Other Income (Loss)	16
e.	Ratings	17

Supplemental Information
a.	Gross Premiums Written	18
b.	Property Segment Supplemental Underwriting Results	19

Comments on Regulation G		20

On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG), Tokio Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) and their subsidiaries (collectively, the “TMR Group Entities”) (the “TMR Stock Purchase”). The Company accounted for the acquisition of the TMR Group Entities under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic Business Combinations. The operating activities of the TMR Group Entities from the acquisition date, March 22, 2019, through March 31, 2019 were not material and as a result were not included in the Company’s consolidated statements of operations for the first quarter of 2019. As at March 31, 2019, the Company’s consolidated balance sheet reflects the combined entities.

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”, “tangible book value per common share”, “tangible book value per common share plus accumulated dividends", "retained fixed maturity and short term investments, at fair value" and “managed catastrophe premium.” 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 20 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.



RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Highlights
Gross premiums written	$	1,564,295		$	547,755		$	625,677		$	977,343		$	1,159,652
Net premiums written	$	929,031		$	411,094		$	453,255		$	604,509		$	663,044
Net premiums earned	$	550,028		$	574,613		$	531,849		$	429,385		$	440,282
Net claims and claim expenses incurred	227,035			477,638			410,510			60,167			171,703
Acquisition expenses	123,951			120,465			109,761			105,052			97,711
Operating expenses	44,933			58,859			40,593			37,543			41,272
Underwriting income (loss)	$	154,109		$	(82,349	)	$	(29,015	)	$	226,623		$	129,596

Net investment income	$	81,462		$	53,338		$	80,696		$	71,356		$	56,476
Net realized and unrealized gains (losses) on investments	170,645			(88,654		)	13,630			(17,901		)	(82,144		)
Total investment result	$	252,107		$	(35,316	)	$	94,326		$	53,455		$	(25,668	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	273,717		$	(83,906	)	$	32,681		$	191,788		$	56,713
Operating income available to RenaissanceRe common shareholders (1)	$	154,360		$	4,797		$	17,846		$	204,292		$	122,093

Total assets	$	24,559,600		$	18,676,196		$	17,096,394		$	17,023,378		$	15,922,202
Total shareholders' equity attributable to RenaissanceRe	$	5,554,033		$	5,045,080		$	4,886,521		$	4,860,061		$	4,436,253

Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	6.43		$	(2.10	)	$	0.82		$	4.78		$	1.42
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.60		$	0.11		$	0.45		$	5.10		$	3.07
Dividends per common share	$	0.34		$	0.33		$	0.33		$	0.33		$	0.33
Book value per common share	$	111.05		$	104.13		$	105.21		$	104.56		$	100.29
Tangible book value per common share (1)	$	104.39		$	97.85		$	98.58		$	97.87		$	93.63
Tangible book value per common share plus accumulated dividends (1)	$	124.05		$	117.17		$	117.57		$	116.53		$	111.96
Change in tangible book value per common share plus change in accumulated dividends (1)	7.0		%	(0.4		)%	1.1		%	4.9		%	0.8		%

Financial ratios
Net claims and claim expense ratio - current accident year	42.1		%	96.0		%	79.0		%	50.4		%	46.1		%
Net claims and claim expense ratio - prior accident years	(0.8		)%	(12.9		)%	(1.8		)%	(36.4		)%	(7.1		)%
Net claims and claim expense ratio - calendar year	41.3		%	83.1		%	77.2		%	14.0		%	39.0		%
Underwriting expense ratio	30.7		%	31.2		%	28.3		%	33.2		%	31.6		%
Combined ratio	72.0		%	114.3		%	105.5		%	47.2		%	70.6		%
Return on average common equity - annualized	23.5		%	(7.8		)%	3.1		%	18.6		%	5.7		%
Operating return on average common equity - annualized (1)	13.3		%	0.4		%	1.7		%	19.8		%	12.2		%
Total investment return - annualized	8.0		%	(1.2		)%	3.3		%	2.0		%	(1.0		)%



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Revenues
Gross premiums written	$	1,564,295		$	547,755		$	625,677		$	977,343		$	1,159,652
Net premiums written	$	929,031		$	411,094		$	453,255		$	604,509		$	663,044
(Increase) decrease in unearned premiums	(379,003		)	163,519			78,594			(175,124		)	(222,762		)
Net premiums earned	550,028			574,613			531,849			429,385			440,282
Net investment income	81,462			53,338			80,696			71,356			56,476
Net foreign exchange (losses) gains	(2,846		)	(932		)	(4,566		)	(10,687		)	3,757
Equity in earnings of other ventures	4,661			4,143			7,648			5,826			857
Other income (loss)	3,171			5,489			497			1,225			(1,242		)
Net realized and unrealized gains (losses) on investments	170,645			(88,654		)	13,630			(17,901		)	(82,144		)
Total revenues	807,121			547,997			629,754			479,204			417,986
Expenses
Net claims and claim expenses incurred	227,035			477,638			410,510			60,167			171,703
Acquisition expenses	123,951			120,465			109,761			105,052			97,711
Operational expenses	44,933			58,859			40,593			37,543			41,272
Corporate expenses	38,789			12,108			6,841			8,301			6,733
Interest expense	11,754			11,765			11,769			11,768			11,767
Total expenses	446,462			680,835			579,474			222,831			329,186
Income (loss) before taxes	360,659			(132,838		)	50,280			256,373			88,800
Income tax (expense) benefit	(7,531		)	8,852			(1,451		)	(4,506		)	3,407
Net income (loss)	353,128			(123,986		)	48,829			251,867			92,207
Net (income) loss attributable to noncontrolling interests	(70,222		)	49,269			(6,440		)	(54,483		)	(29,899		)
Net income (loss) attributable to RenaissanceRe	282,906			(74,717		)	42,389			197,384			62,308
Dividends on preference shares	(9,189		)	(9,189		)	(9,708		)	(5,596		)	(5,595		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	273,717		$	(83,906	)	$	32,681		$	191,788		$	56,713

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	6.43		$	(2.10	)	$	0.82		$	4.78		$	1.42
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	6.43		$	(2.10	)	$	0.82		$	4.78		$	1.42
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.60		$	0.11		$	0.45		$	5.10		$	3.07

Return on average common equity - annualized	23.5		%	(7.8		)%	3.1		%	18.6		%	5.7		%
Operating return on average common equity - annualized (1)	13.3		%	0.4		%	1.7		%	19.8		%	12.2		%



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended March 31, 2019
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,032,384		$	531,911		$	—		$	1,564,295
Net premiums written	$	564,230		$	364,801		$	—		$	929,031
Net premiums earned	$	290,745		$	259,283		$	—		$	550,028
Net claims and claim expenses incurred	56,083			170,933			19			227,035
Acquisition expenses	53,739			70,212			—			123,951
Operational expenses	28,544			16,389			—			44,933
Underwriting income (loss)	$	152,379		$	1,749		$	(19	)	$	154,109

Net claims and claim expenses incurred - current accident year	$	54,206		$	177,135		$	—		$	231,341
Net claims and claim expenses incurred - prior accident years	1,877			(6,202		)	19			(4,306		)
Net claims and claim expenses incurred - total	$	56,083		$	170,933		$	19		$	227,035

Net claims and claim expense ratio - current accident year	18.6		%	68.3		%				42.1		%
Net claims and claim expense ratio - prior accident years	0.7		%	(2.4		)%				(0.8		)%
Net claims and claim expense ratio - calendar year	19.3		%	65.9		%				41.3		%
Underwriting expense ratio	28.3		%	33.4		%				30.7		%
Combined ratio	47.6		%	99.3		%				72.0		%

	Three months ended March 31, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	706,968		$	452,684		$	—		$	1,159,652
Net premiums written	$	354,077		$	308,967		$	—		$	663,044
Net premiums earned	$	225,049		$	215,233		$	—		$	440,282
Net claims and claim expenses incurred	30,607			141,078			18			171,703
Acquisition expenses	40,721			56,990			—			97,711
Operational expenses	26,546			14,593			133			41,272
Underwriting income (loss)	$	127,175		$	2,572		$	(151	)	$	129,596

Net claims and claim expenses incurred - current accident year	$	58,169		$	144,869		$	—		$	203,038
Net claims and claim expenses incurred - prior accident years	(27,562		)	(3,791		)	18			(31,335		)
Net claims and claim expenses incurred - total	$	30,607		$	141,078		$	18		$	171,703

Net claims and claim expense ratio - current accident year	25.8		%	67.3		%				46.1		%
Net claims and claim expense ratio - prior accident years	(12.2		)%	(1.8		)%				(7.1		)%
Net claims and claim expense ratio - calendar year	13.6		%	65.5		%				39.0		%
Underwriting expense ratio	29.9		%	33.3		%				31.6		%
Combined ratio	43.5		%	98.8		%				70.6		%



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Gross premiums written	$	1,032,384		$	199,918		$	301,413		$	552,627		$	706,968
Net premiums written	$	564,230		$	170,647		$	232,632		$	297,832		$	354,077
Net premiums earned	$	290,745		$	328,585		$	293,059		$	204,138		$	225,049
Net claims and claim expenses incurred	56,083			275,700			265,857			(74,269		)	30,607
Acquisition expenses	53,739			50,817			45,524			40,850			40,721
Operational expenses	28,544			37,021			25,577			23,810			26,546
Underwriting income (loss)	$	152,379		$	(34,953	)	$	(43,899	)	$	213,747		$	127,175

Net claims and claim expenses incurred - current accident year	$	54,206		$	324,118		$	268,022		$	68,876		$	58,169
Net claims and claim expenses incurred - prior accident years	1,877			(48,418		)	(2,165		)	(143,145		)	(27,562		)
Net claims and claim expenses incurred - total	$	56,083		$	275,700		$	265,857		$	(74,269	)	$	30,607

Net claims and claim expense ratio - current accident year	18.6		%	98.6		%	91.5		%	33.7		%	25.8		%
Net claims and claim expense ratio - prior accident years	0.7		%	(14.7		)%	(0.8		)%	(70.1		)%	(12.2		)%
Net claims and claim expense ratio - calendar year	19.3		%	83.9		%	90.7		%	(36.4		)%	13.6		%
Underwriting expense ratio	28.3		%	26.7		%	24.3		%	31.7		%	29.9		%
Combined ratio	47.6		%	110.6		%	115.0		%	(4.7		)%	43.5		%

	Three months ended
Casualty and Specialty Segment	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Gross premiums written	$	531,911		$	347,837		$	324,264		$	424,716		$	452,684
Net premiums written	$	364,801		$	240,447		$	220,623		$	306,677		$	308,967
Net premiums earned	$	259,283		$	246,027		$	238,791		$	225,247		$	215,233
Net claims and claim expenses incurred	170,933			202,047			144,671			134,524			141,078
Acquisition expenses	70,212			69,650			64,238			64,201			56,990
Operational expenses	16,389			21,762			14,976			13,552			14,593
Underwriting income (loss)	$	1,749		$	(47,432	)	$	14,906		$	12,970		$	2,572

Net claims and claim expenses incurred - current accident year	$	177,135		$	227,289		$	151,904		$	147,520		$	144,869
Net claims and claim expenses incurred - prior accident years	(6,202		)	(25,242		)	(7,233		)	(12,996		)	(3,791		)
Net claims and claim expenses incurred - total	$	170,933		$	202,047		$	144,671		$	134,524		$	141,078

Net claims and claim expense ratio - current accident year	68.3		%	92.4		%	63.6		%	65.5		%	67.3		%
Net claims and claim expense ratio - prior accident years	(2.4		)%	(10.3		)%	(3.0		)%	(5.8		)%	(1.8		)%
Net claims and claim expense ratio - calendar year	65.9		%	82.1		%	60.6		%	59.7		%	65.5		%
Underwriting expense ratio	33.4		%	37.2		%	33.2		%	34.5		%	33.3		%
Combined ratio	99.3		%	119.3		%	93.8		%	94.2		%	98.8		%



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Revenues
Gross premiums written	$	186,114		$	33,940		$	53,328		$	159,864		$	139,664
Net premiums written	$	167,919		$	26,108		$	50,994		$	123,074		$	116,996
(Increase) decrease in unearned premiums	(89,594		)	72,709			39,717			(68,497		)	(52,623		)
Net premiums earned	78,325			98,817			90,711			54,577			64,373
Net investment income	12,823			13,543			12,327			11,111			10,078
Net foreign exchange (losses) gains	(256		)	(244		)	131			50			505
Other income	205			209			210			69			1
Net realized and unrealized gains (losses) on investments	22,435			427			(3,517		)	(6,853		)	(16,832		)
Total revenues	113,532			112,752			99,862			58,954			58,125
Expenses
Net claims and claim expenses incurred	3,663			169,716			72,818			(39,479		)	4,592
Acquisition expenses	16,966			(2,591		)	9,284			22,616			16,007
Operational and corporate expenses	10,650			4,490			11,560			8,721			8,409
Interest expense	1,858			1,859			1,859			1,858			1,858
Total expenses	33,137			173,474			95,521			(6,284		)	30,866
Income (loss) before taxes	80,395			(60,722		)	4,341			65,238			27,259
Income tax (expense) benefit	(142		)	21			448			(747		)	(368		)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	80,253		$	(60,701	)	$	4,789		$	64,491		$	26,891

Net claims and claim expenses incurred - current accident year	$	10,300		$	206,323		$	74,632		$	9,867		$	7,943
Net claims and claim expenses incurred - prior accident years	(6,637		)	(36,607		)	(1,814		)	(49,346		)	(3,351		)
Net claims and claim expenses incurred - total	$	3,663		$	169,716		$	72,818		$	(39,479	)	$	4,592

Net claims and claim expense ratio - current accident year	13.2		%	208.8		%	82.3		%	18.1		%	12.3		%
Net claims and claim expense ratio - prior accident years	(8.5		)%	(37.1		)%	(2.0		)%	(90.4		)%	(5.2		)%
Net claims and claim expense ratio - calendar year	4.7		%	171.7		%	80.3		%	(72.3		)%	7.1		%
Underwriting expense ratio	35.2		%	2.0		%	23.0		%	57.4		%	38.0		%
Combined ratio	39.9		%	173.7		%	103.3		%	(14.9		)%	45.1		%



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Assets
Fixed maturity investments trading, at fair value	$	9,473,160		$	8,088,870		$	7,814,779		$	7,420,778		$	7,404,761
Short term investments, at fair value	4,012,815			2,586,520			2,461,415			2,031,943			1,616,597
Equity investments trading, at fair value	389,937			310,252			413,271			432,804			387,462
Other investments, at fair value	878,373			784,933			738,919			713,200			692,652
Investments in other ventures, under equity method	98,563			115,172			117,307			111,935			120,232
Total investments	14,852,848			11,885,747			11,545,691			10,710,660			10,221,704
Cash and cash equivalents	1,021,275			1,107,922			453,041			548,472			647,973
Premiums receivable	2,753,098			1,537,188			1,787,095			1,959,647			1,684,630
Prepaid reinsurance premiums	1,086,027			616,185			795,496			925,501			794,921
Reinsurance recoverable	2,908,343			2,372,221			1,204,059			1,454,991			1,572,321
Accrued investment income	64,615			51,311			46,690			44,810			43,069
Deferred acquisition costs and value of business acquired	841,528			476,661			497,733			511,155			477,010
Receivable for investments sold	411,172			256,416			406,062			505,907			111,431
Other assets	353,543			135,127			121,724			122,048			127,571
Goodwill and other intangibles	267,151			237,418			238,803			240,187			241,572
Total assets	$	24,559,600		$	18,676,196		$	17,096,394		$	17,023,378		$	15,922,202
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	8,391,484		$	6,076,271		$	4,952,498		$	4,702,345		$	4,912,727
Unearned premiums	3,188,678			1,716,021			2,058,851			2,267,450			1,961,746
Debt	1,191,499			991,127			990,749			990,371			989,995
Reinsurance balances payable	3,009,492			1,902,056			1,970,913			2,085,034			1,758,948
Payable for investments purchased	679,596			380,332			555,556			490,589			306,664
Other liabilities	435,418			513,609			147,328			134,100			130,505
Total liabilities	16,896,167			11,579,416			10,675,895			10,669,889			10,060,585
Redeemable noncontrolling interest	2,109,400			2,051,700			1,533,978			1,493,428			1,425,364
Shareholders' Equity
Preference shares	650,000			650,000			650,000			650,000			400,000
Common shares	44,159			42,207			40,266			40,263			40,246
Additional paid-in capital	543,889			296,099			42,395			35,094			38,552
Accumulated other comprehensive (loss) income	(1,470		)	(1,433		)	(1,483		)	(1,101		)	194
Retained earnings	4,317,455			4,058,207			4,155,343			4,135,805			3,957,261
Total shareholders' equity attributable to RenaissanceRe	5,554,033			5,045,080			4,886,521			4,860,061			4,436,253
Total liabilities, noncontrolling interests and shareholders' equity	$	24,559,600		$	18,676,196		$	17,096,394		$	17,023,378		$	15,922,202

Book value per common share	$	111.05		$	104.13		$	105.21		$	104.56		$	100.29



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	March 31, 2019					December 31, 2018					September 30, 2018					June 30, 2018					March 31, 2018
U.S. treasuries	$	3,097,089		20.9	%	$	3,331,411		28.0	%	$	3,117,911		27.0	%	$	2,968,855		27.7	%	$	2,834,487		27.7	%
Agencies	182,904			1.2	%	174,883			1.5	%	143,980			1.2	%	55,199			0.5	%	45,365			0.5	%
Municipal	256,967			1.7	%	6,854			0.1	%	7,061			0.1	%	6,164			0.1	%	506,470			5.0	%
Non-U.S. government	687,021			4.6	%	279,818			2.4	%	254,169			2.2	%	298,811			2.8	%	303,056			3.0	%
Non-U.S. government-backed corporate	286,331			1.9	%	160,063			1.3	%	137,512			1.2	%	185,640			1.7	%	191,202			1.9	%
Corporate	2,971,018			20.0	%	2,450,244			20.6	%	2,448,795			21.2	%	2,280,080			21.3	%	2,147,578			21.0	%
Agency mortgage-backed	955,616			6.4	%	817,880			6.8	%	836,376			7.2	%	762,077			7.1	%	693,377			6.8	%
Non-agency mortgage-backed	272,880			1.8	%	278,680			2.4	%	289,649			2.5	%	300,311			2.8	%	302,638			2.9	%
Commercial mortgage-backed	245,323			1.7	%	282,294			2.4	%	257,434			2.2	%	248,590			2.3	%	197,126			1.9	%
Asset-backed	518,011			3.5	%	306,743			2.6	%	321,892			2.9	%	315,051			3.0	%	183,462			1.7	%
Total fixed maturity investments, at fair value	9,473,160			63.7	%	8,088,870			68.1	%	7,814,779			67.7	%	7,420,778			69.3	%	7,404,761			72.4	%
Short term investments, at fair value	4,012,815			27.1	%	2,586,520			21.8	%	2,461,415			21.3	%	2,031,943			19.0	%	1,616,597			15.8	%
Total consolidated fixed maturity and short term investments, at fair value	13,485,975			90.8	%	10,675,390			89.9	%	10,276,194			89.0	%	9,452,721			88.3	%	9,021,358			88.2	%
Equity investments trading, at fair value	389,937			2.6	%	310,252			2.6	%	413,271			3.6	%	432,804			4.0	%	387,462			3.8	%
Other investments, at fair value	878,373			5.9	%	784,933			6.5	%	738,919			6.4	%	713,200			6.6	%	692,652			6.8	%
Total managed investment portfolio	14,754,285			99.3	%	11,770,575			99.0	%	11,428,384			99.0	%	10,598,725			99.0	%	10,101,472			98.8	%
Investments in other ventures, under equity method	98,563			0.7	%	115,172			1.0	%	117,307			1.0	%	111,935			1.0	%	120,232			1.2	%
Total investments	$	14,852,848		100.0	%	$	11,885,747		100.0	%	$	11,545,691		100.0	%	$	10,710,660		100.0	%	$	10,221,704		100.0	%

Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	13,485,975				$	10,675,390				$	10,276,194				$	9,452,721				$	9,021,358
Weighted average yield to maturity of fixed maturity and short term investments	2.7		%			3.2		%			3.1		%			3.0		%			2.9		%
Average duration of fixed maturities and short term investments	2.5					2.1					2.0					2.2					2.4
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	9,811,977				$	7,647,460				$	7,600,044				$	7,056,577				$	6,804,618
Weighted average yield to maturity of retained fixed maturity and short term investments	2.8		%			3.4		%			3.3		%			3.1		%			3.0		%
Average duration of retained fixed maturities and short term investments	3.0					2.3					2.4					2.3					2.5



RenaissanceRe Holdings Ltd.
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	March 31, 2019				December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018
AAA	$	1,221,347	12.9	%	$	769,757	9.5	%	$	732,294	9.4	%	$	792,956	10.7	%	$	723,897	9.7	%
AA	5,302,980		56.0	%	4,745,307		58.7	%	4,496,120		57.5	%	4,181,431		56.3	%	4,204,030		56.8	%
A	1,385,193		14.6	%	928,205		11.5	%	880,744		11.3	%	853,862		11.5	%	889,814		12.0	%
BBB	758,720		8.0	%	658,825		8.1	%	631,290		8.1	%	516,911		7.0	%	540,639		7.3	%
Non-investment grade and not rated	804,920		8.5	%	986,776		12.2	%	1,074,331		13.7	%	1,075,618		14.5	%	1,046,381		14.2	%
Total fixed maturity investments, at fair value	$	9,473,160	100.0	%	$	8,088,870	100.0	%	$	7,814,779	100.0	%	$	7,420,778	100.0	%	$	7,404,761	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	744,030	7.8	%	$	507,728	6.3	%	$	301,817	3.9	%	$	383,353	5.2	%	$	495,143	6.7	%
Due after one through five years	5,301,425		56.0	%	4,762,712		58.9	%	4,694,059		60.0	%	4,421,536		59.5	%	4,324,744		58.4	%
Due after five through ten years	1,154,682		12.2	%	1,056,087		13.1	%	1,020,157		13.1	%	904,070		12.2	%	1,064,575		14.4	%
Due after ten years	281,193		3.0	%	76,746		0.9	%	93,395		1.2	%	85,790		1.2	%	143,696		1.9	%
Mortgage-backed securities	1,473,819		15.5	%	1,378,854		17.0	%	1,383,459		17.7	%	1,310,978		17.7	%	1,193,141		16.1	%
Asset-backed securities	518,011		5.5	%	306,743		3.8	%	321,892		4.1	%	315,051		4.2	%	183,462		2.5	%
Total fixed maturity investments, at fair value	$	9,473,160	100.0	%	$	8,088,870	100.0	%	$	7,814,779	100.0	%	$	7,420,778	100.0	%	$	7,404,761	100.0	%



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Type of Investment
Catastrophe bonds	$	556,380		$	516,571		$	525,126		$	501,025		$	476,534
Private equity investments	253,566			242,647			185,121			186,200			190,067
Senior secured bank loan funds	15,674			14,482			17,057			14,414			13,771
Hedge funds	11,585			11,233			11,615			11,561			12,280
Miscellaneous other investments	41,168			—			—			—			—
Total other investments, at fair value	$	878,373		$	784,933		$	738,919		$	713,200		$	692,652

Type of Investment
Catastrophe bonds	63.3		%	65.9		%	71.1		%	70.3		%	68.8		%
Private equity investments	28.9		%	30.9		%	25.0		%	26.1		%	27.4		%
Senior secured bank loan funds	1.8		%	1.8		%	2.3		%	2.0		%	2.0		%
Hedge funds	1.3		%	1.4		%	1.6		%	1.6		%	1.8		%
Miscellaneous other investments	4.7		%	—		%	—		%	—		%	—		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Fixed maturity investments	$	61,483		$	60,189		$	55,725		$	50,416		$	45,643
Short term investments	11,844			11,231			9,403			7,633			5,304
Equity investments trading	1,027			1,383			903			1,490			698
Other investments
Private equity investments	2,454			(11,672		)	8,723			3,860			(434		)
Other	7,245			(4,871		)	8,665			10,658			8,023
Cash and cash equivalents	1,517			1,102			1,104			1,039			565
	85,570			57,362			84,523			75,096			59,799
Investment expenses	(4,108		)	(4,024		)	(3,827		)	(3,740		)	(3,323		)
Net investment income	81,462			53,338			80,696			71,356			56,476

Gross realized gains	24,373			6,339			5,229			5,133			4,583
Gross realized losses	(22,943		)	(23,399		)	(15,327		)	(26,519		)	(25,853		)
Net realized gains (losses) on fixed maturity investments	1,430			(17,060		)	(10,098		)	(21,386		)	(21,270		)
Net unrealized gains (losses) on fixed maturity investments trading	103,922			16,212			(8,730		)	(9,420		)	(55,372		)
Net realized and unrealized gains (losses) on investments-related derivatives	13,796			(8,021		)	2,563			1,038			(4,364		)
Net realized (losses) gains on equity investments trading	(1,161		)	5,898			21,259			348			234
Net unrealized gains (losses) on equity investments trading	52,658			(85,683		)	8,636			11,519			(1,372		)
Net realized and unrealized gains (losses) on investments	170,645			(88,654		)	13,630			(17,901		)	(82,144		)
Total investment result	$	252,107		$	(35,316	)	$	94,326		$	53,455		$	(25,668	)

Total investment return - annualized (1)	8.0		%	(1.2		)%	3.3		%	2.0		%	(1.0		)%



RenaissanceRe Holdings Ltd.
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
										Credit Rating (1)
March 31, 2019	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	4,012,815	$	4,012,815		27.1	%	2.1	%	$	3,621,793		$	325,309		$	63,964		$	704		$	192		$	853
			100.0		%					90.3		%	8.1		%	1.6		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	3,086,020		3,097,089			20.9	%	2.3	%	—			3,097,089			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	78,840		78,734			0.5	%	2.9	%	—			78,734			—			—			—			—
Other agencies	103,953		104,170			0.7	%	2.7	%	—			104,170			—			—			—			—
Total agencies	182,793		182,904			1.2	%	2.8	%	—			182,904			—			—			—			—
Municipal	257,037		256,967			1.7	%	3.4	%	49,435			151,715			55,236			—			—			581
Non-U.S. government	688,709		687,021			4.6	%	1.6	%	299,421			368,602			14,053			—			3,679			1,266
Non-U.S. government-backed corporate	285,816		286,331			1.9	%	2.1	%	150,294			117,282			17,345			—			656			754
Corporate	2,961,995		2,971,018			20.0	%	3.6	%	81,199			316,058			1,293,122			712,634			548,415			19,590
Mortgage-backed
Residential mortgage-backed
Agency securities	954,150		955,616			6.4	%	3.1	%	—			955,616			—			—			—			—
Non-agency securities - Alt A	212,282		222,357			1.5	%	4.2	%	9,537			13,322			2,378			8,869			153,667			34,584
Non-agency securities - Prime	48,544		50,523			0.3	%	4.2	%	5,473			2,918			1,364			865			22,496			17,407
Total residential mortgage-backed	1,214,976		1,228,496			8.2	%	3.3	%	15,010			971,856			3,742			9,734			176,163			51,991
Commercial mortgage-backed	245,114		245,323			1.7	%	3.2	%	183,684			51,112			902			9,625			—			—
Total mortgage-backed	1,460,090		1,473,819			9.9	%	3.3	%	198,694			1,022,968			4,644			19,359			176,163			51,991
Asset-backed
Collateralized loan obligations	385,593		383,457			2.6	%	4.1	%	311,180			46,362			—			25,915			—			—
Credit cards	46,544		46,644			0.3	%	2.7	%	46,644			—			—			—			—			—
Auto loans	78,003		78,060			0.5	%	2.8	%	78,060			—			—			—			—			—
Other	9,770		9,850			0.1	%	3.9	%	6,420			—			793			812			1,458			367
Total asset-backed	519,910		518,011			3.5	%	3.8	%	442,304			46,362			793			26,727			1,458			367
Total securitized assets	1,980,000		1,991,830			13.4	%	3.4	%	640,998			1,069,330			5,437			46,086			177,621			52,358
Total fixed maturity investments	9,442,370		9,473,160			63.7	%	2.9	%	1,221,347			5,302,980			1,385,193			758,720			730,371			74,549
			100.0		%					12.9		%	56.0		%	14.6		%	8.0		%	7.7		%	0.8		%
Weighted average yield to maturity of fixed maturity and short term investments								2.7	%
Equity investments trading			389,937			2.6	%			—			—			—			—			—			389,937
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			556,380			3.7	%			—			—			—			—			556,380			—
Private equity investments			253,566			1.7	%			—			—			—			—			—			253,566
Senior secured bank loan funds			15,674			0.1	%			—			—			—			—			—			15,674
Hedge funds			11,585			0.1	%			—			—			—			—			—			11,585
Miscellaneous other investments			41,168			0.3	%			—			—			34,023			—			—			7,145
Total other investments			878,373			5.9	%			—			—			34,023			—			556,380			287,970
			100.0		%					—		%	—		%	3.9		%	—		%	63.3		%	32.8		%
Investments in other ventures			98,563			0.7	%			—			—			—			—			—			98,563
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	14,852,848		100.0	%			$	4,843,140		$	5,628,289		$	1,483,180		$	759,424		$	1,286,943		$	851,872
			100.0		%					32.6		%	37.9		%	10.0		%	5.1		%	8.7		%	5.7		%



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2019
Property	$	1,243,455	$	1,598,283	$	844,681	$	3,686,419
Casualty and Specialty	1,454,164		121,165		3,125,166		4,700,495
Other	1,404		—		3,166		4,570
Total (1)	$	2,699,023	$	1,719,448	$	3,973,013	$	8,391,484

December 31, 2018
Property	$	690,718	$	1,308,307	$	1,087,229	$	3,086,254
Casualty and Specialty	771,537		116,877		2,096,979		2,985,393
Other	1,458		—		3,166		4,624
Total	$	1,463,713	$	1,425,184	$	3,187,374	$	6,076,271

September 30, 2018
Property	$	610,932	$	744,391	$	774,220	$	2,129,543
Casualty and Specialty	773,732		102,631		1,940,244		2,816,607
Other	3,240		—		3,108		6,348
Total	$	1,387,904	$	847,022	$	2,717,572	$	4,952,498

June 30, 2018
Property	$	631,642	$	766,450	$	568,642	$	1,966,734
Casualty and Specialty	750,149		105,066		1,871,468		2,726,683
Other	4,433		—		4,495		8,928
Total	$	1,386,224	$	871,516	$	2,444,605	$	4,702,345

March 31, 2018
Property	$	701,202	$	850,498	$	687,209	$	2,238,909
Casualty and Specialty	740,809		118,380		1,801,361		2,660,550
Other	4,999		—		8,269		13,268
Total	$	1,447,010	$	968,878	$	2,496,839	$	4,912,727



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended March 31, 2019							Three months ended March 31, 2018
	Gross		Recoveries		Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	6,076,271	$	2,372,221	$	3,704,050		$	5,080,408		$	1,586,630		$	3,493,778
Incurred claims and claim expenses
Current year	300,561		69,220		231,341			267,018			63,980			203,038
Prior years	37,558		41,864		(4,306		)	(41,276		)	(9,941		)	(31,335		)
Total incurred claims and claim expenses	338,119		111,084		227,035			225,742			54,039			171,703
Paid claims and claim expenses
Current year	9,339		1,190		8,149			11,576			2,526			9,050
Prior years	403,340		103,220		300,120			393,954			65,825			328,129
Total paid claims and claim expenses	412,679		104,410		308,269			405,530			68,351			337,179
Amounts acquired (1)	2,388,210		529,435		1,858,775			—			—			—
Foreign exchange	1,563		13		1,550			12,107			3			12,104
Reserve for claims and claim expenses, end of period	$	8,391,484	$	2,908,343	$	5,483,141		$	4,912,727		$	1,572,321		$	3,340,406

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd., Top Layer Reinsurance Ltd. ("Top Layer Re"), Vermeer Reinsurance Ltd. and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. Structured reinsurance products include Fibonacci Reinsurance Ltd., as well as certain other reinsurance contracts which transfer risk to capital.



	Three months ended
	March 31, 2019		December 31, 2018			September 30, 2018			June 30, 2018		March 31, 2018
Management fee income
Joint ventures	$	9,735	$	3,628		$	9,265		$	7,125	$	6,369
Managed funds	3,797		3,051			3,260			2,745		2,406
Structured reinsurance products	8,245		8,213			8,530			7,958		8,611
Total management fee income	21,777		14,892			21,055			17,828		17,386

Performance fee income (loss)
Joint ventures	2,538		3,193			853			6,869		4,178
Managed funds	298		(4,430		)	2,539			1,175		778
Structured reinsurance products	4,191		(5,020		)	(1,568		)	6,802		3,366
Total performance fee income (loss) (1)	7,027		(6,257		)	1,824			14,846		8,322

Total fee income	$	28,804	$	8,635		$	22,879		$	32,674	$	25,708



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	273,717		$	(83,906	)	$	32,681		$	191,788		$	56,713
Amount allocated to participating common shareholders (1)	(3,121		)	(157		)	(294		)	(2,174		)	(546		)
	$	270,596		$	(84,063	)	$	32,387		$	189,614		$	56,167
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	42,065			40,111			39,624			39,641			39,552
Per common share equivalents of employee stock options and restricted shares	26			—			13			13			47
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	42,091			40,111			39,637			39,654			39,599

Basic income (loss) per RenaissanceRe common share	$	6.43		$	(2.10	)	$	0.82		$	4.78		$	1.42
Diluted income (loss) per RenaissanceRe common share	$	6.43		$	(2.10	)	$	0.82		$	4.78		$	1.42



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	March 31, 2019		December 31, 2018		September 30, 2018			June 30, 2018			March 31, 2018
Top Layer Re	$	2,265	$	2,650	$	2,170		$	1,999		$	2,033
Tower Hill Companies	501		1,331		4,629			4,555			(910		)
Other	1,895		162		849			(728		)	(266		)
Total equity in earnings of other ventures	$	4,661	$	4,143	$	7,648		$	5,826		$	857


Other Income (Loss)

	Three months ended
	March 31, 2019		December 31, 2018		September 30, 2018			June 30, 2018			March 31, 2018
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	3,106	$	5,000	$	543		$	787		$	(1,523	)
Other items	65		489		(46		)	438			281
Total other income (loss)	$	3,171	$	5,489	$	497		$	1,225		$	(1,242	)



RenaissanceRe Holdings Ltd.
Gross Premiums Written

	Three months ended
	March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Property Segment
Catastrophe	$	845,213	$	108,937	$	212,330	$	437,720	$	590,337
Other property	187,171		90,981		89,083		114,907		116,631
Property segment gross premiums written	$	1,032,384	$	199,918	$	301,413	$	552,627	$	706,968

Casualty and Specialty Segment
General casualty (1)	$	153,334	$	75,797	$	97,026	$	153,648	$	126,626
Professional liability (2)	149,377		119,391		111,536		97,811		157,113
Financial lines (3)	127,356		102,167		69,253		88,215		93,267
Other (4)	101,844		50,482		46,449		85,042		75,678
Casualty and Specialty segment gross premiums written	$	531,911	$	347,837	$	324,264	$	424,716	$	452,684



(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.



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended March 31, 2019									Three months ended March 31, 2018
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	845,213		$	187,171		$	1,032,384		$	590,337		$	116,631		$	706,968
Net premiums written	$	444,016		$	120,214		$	564,230		$	281,053		$	73,024		$	354,077
Net premiums earned	$	180,237		$	110,508		$	290,745		$	147,823		$	77,226		$	225,049
Net claims and claim expenses incurred	(13,994		)	70,077			56,083			9,473			21,134			30,607
Acquisition expenses	24,327			29,412			53,739			17,973			22,748			40,721
Operational expenses	23,612			4,932			28,544			22,095			4,451			26,546
Underwriting income	$	146,292		$	6,087		$	152,379		$	98,282		$	28,893		$	127,175

Net claims and claim expenses incurred - current accident year	$	3,490		$	50,716		$	54,206		$	21,542		$	36,627		$	58,169
Net claims and claim expenses incurred - prior accident years	(17,484		)	19,361			1,877			(12,069		)	(15,493		)	(27,562		)
Net claims and claim expenses incurred - total	$	(13,994	)	$	70,077		$	56,083		$	9,473		$	21,134		$	30,607

Net claims and claim expense ratio - current accident year	1.9		%	45.9		%	18.6		%	14.6		%	47.4		%	25.8		%
Net claims and claim expense ratio - prior accident years	(9.7		)%	17.5		%	0.7		%	(8.2		)%	(20.0		)%	(12.2		)%
Net claims and claim expense ratio - calendar year	(7.8		)%	63.4		%	19.3		%	6.4		%	27.4		%	13.6		%
Underwriting expense ratio	26.6		%	31.1		%	28.3		%	27.1		%	35.2		%	29.9		%
Combined ratio	18.8		%	94.5		%	47.6		%	33.5		%	62.6		%	43.5		%

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 measures in previous investor communications and the Company's management believes that these measures 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 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 (loss) available (attributable) 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 attributable to RenaissanceRe common shareholders, transaction and integration expenses associated with the acquisition of Tokio Millennium Re and the income tax expense or benefit associated with net realized and unrealized gains and losses on investments attributable to RenaissanceRe common shareholders. 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, equity investments trading and investments-related derivatives and the associated income tax expense or benefit of those fluctuations; and certain transaction and integration expenses associated with the acquisition of Tokio Millennium Re. 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 (loss) available (attributable) to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) 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, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	273,717		$	(83,906	)	$	32,681		$	191,788		$	56,713
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(153,164		)	88,987			(16,371		)	12,562			69,028
Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re (2)	25,520			3,296			—			—			—
Adjustment for income tax expense (benefit) (3)	8,287			(3,580		)	1,536			(58		)	(3,648		)
Operating income available to RenaissanceRe common shareholders	$	154,360		$	4,797		$	17,846		$	204,292		$	122,093

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	6.43		$	(2.10	)	$	0.82		$	4.78		$	1.42
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(3.64		)	2.22			(0.41		)	0.32			1.74
Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re (2)	0.61			0.08			—			—			—
Adjustment for income tax expense (benefit) (3)	0.20			(0.09		)	0.04			—			(0.09		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.60		$	0.11		$	0.45		$	5.10		$	3.07

Return on average common equity - annualized	23.5		%	(7.8		)%	3.1		%	18.6		%	5.7		%
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(13.2		)%	8.2		%	(1.5		)%	1.2		%	6.9		%
Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re (2)	2.2		%	0.3		%	—		%	—		%	—		%
Adjustment for income tax expense (benefit) (3)	0.8		%	(0.3		)%	0.1		%	—		%	(0.4		)%
Operating return on average common equity - annualized	13.3		%	0.4		%	1.7		%	19.8		%	12.2		%

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
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Book value per common share	$	111.05		$	104.13		$	105.21		$	104.56		$	100.29
Adjustment for goodwill and other intangibles (1) (2)	(6.66		)	(6.28		)	(6.63		)	(6.69		)	(6.66		)
Tangible book value per common share	104.39			97.85			98.58			97.87			93.63
Adjustment for accumulated dividends	19.66			19.32			18.99			18.66			18.33
Tangible book value per common share plus accumulated dividends	$	124.05		$	117.17		$	117.57		$	116.53		$	111.96

Quarterly change in book value per common share	6.6		%	(1.0		)%	0.6		%	4.3		%	0.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	7.0		%	(0.4		)%	1.1		%	4.9		%	0.8		%
Year to date change in book value per common share	6.6		%	4.4		%	5.5		%	4.9		%	0.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends	7.0		%	6.4		%	6.8		%	5.7		%	0.8		%

The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment results included in net income (loss) available (attributable) to RenaissanceRe common shareholders. A reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value” is included below:



	At
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018

Fixed maturity investments, at fair value	$	9,473,160		$	8,088,870		$	7,814,779		$	7,420,778		$	7,404,761
Short term investments, at fair value	4,012,815			2,586,520			2,461,415			2,031,943			1,616,597
Total consolidated fixed maturity and short term investments, at fair value	$	13,485,975		$	10,675,390		$	10,276,194		$	9,452,721		$	9,021,358
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures	(3,673,998		)	(3,027,930		)	(2,676,150		)	(2,396,144		)	(2,216,740		)
Retained fixed maturity and short term investments, at fair value	$	9,811,977		$	7,647,460		$	7,600,044		$	7,056,577		$	6,804,618

From time to time, the Company discusses “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 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
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Property Segment
Catastrophe	$	845,213		$	108,937		$	212,330		$	437,720		$	590,337
Other property	187,171			90,981			89,083			114,907			116,631
Property segment gross premiums written	$	1,032,384		$	199,918		$	301,413		$	552,627		$	706,968

Managed Catastrophe Premiums
Property segment gross premiums written	$	1,032,384		$	199,918		$	301,413		$	552,627		$	706,968
Other property gross premiums written	(187,171		)	(90,981		)	(89,083		)	(114,907		)	(116,631		)
Catastrophe gross premiums written	$	845,213		$	108,937		$	212,330		$	437,720		$	590,337
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	6,082			797			1,475			26,027			13,660
Managed catastrophe premiums	$	851,295		$	109,734		$	213,805		$	463,747		$	603,997



RenaissanceRe Holdings Ltd.
Ratings

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

Renaissance Reinsurance Ltd. (1)	A+	A+	A1	A+
DaVinci Reinsurance Ltd. (1)	A	A+	A3	—
Renaissance Reinsurance of Europe Unlimited Company (1)	A+	A+	—	—
Renaissance Reinsurance U.S. Inc. (1)	A+	A+	—	—
RenaissanceRe Europe AG (1)	A+	A+	—	—
RenaissanceRe Specialty U.S. (1)	A+	A+	—	—
RenaissanceRe (UK) Limited	—	A+	—	—
Top Layer Reinsurance Ltd. (1)	A+	AA	—	—
Vermeer Reinsurance Ltd. (1)	A	—	—	—

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

RenaissanceRe (3)	Very Strong	Very Strong	—	—


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


(1)	Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.


(1)	Total investment return for the three months ended March 31, 2019 does not include the investment results related to the invested assets of the TMR Group Entities, which were acquired on March 22, 2019.


(1)	Represents the fair value of the TMR Group Entities reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.


(1)	Performance fees are based on the performance of the individual vehicles and/or products, and could be negative in any given quarter when large losses occur, which can result in the reversal of previously accrued performance fees.


(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.


(1)	At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, goodwill and other intangibles included $27.0 million, $27.7 million, $28.4 million, $29.1 million and $26.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


(2)	At March 31, 2019, goodwill and other intangibles included $18.0 million of identifiable intangible assets and $13.1 million of goodwill, respectively, recognized by the Company in connection with the acquisition of the TMR Group Entities on March 22, 2019.