financialsupplementq1

In presenting the Company's results, management has included certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income or loss, related underwriting ratios and fully converted book value per common share, are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures, which are used to monitor the results of operations, assist in understanding the Company. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures such as income or loss before income tax expense or benefit and total shareholders’ equity are included within this financial supplement in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements:

This financial supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements. The inclusion of forward-looking statements in this financial supplement should not be considered as a representation by us or any other person that our current plans or expectations will be achieved. Numerous factors could cause our actual results to differ materially from those in forward-looking statements, including, but not limited to, severe catastrophic events over which we have no control, the effectiveness of our loss limitation methods and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc. rating, the cyclicality of the property and casualty reinsurance business, conducting operations in a competitive environment, our ability to maintain our business relationships with reinsurance brokers, the availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally, general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion.

As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The foregoing factors should not be construed as exhaustive. Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events.

Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets	3

Statements of Operations:
a. Condensed Consolidated Statements of Operations and Comprehensive Income - Summary	4
b. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - by Quarter	5

Earnings and Book Value Per Common Share Analysis:
a. Computation of Basic and Diluted Earnings Per Common Share - Summary	6
b. Computation of Basic and Diluted Earnings (Loss) Per Common Share - by Quarter	7
c. Fully Converted Book Value Per Common Share	8

Cash Flow Statement:
a. Condensed Consolidated Statements of Cash Flows - Summary	9
b. Condensed Consolidated Statements of Cash Flows - by Quarter	10

Segment Data:
a. Segment Reporting - Three Month Summary	11
c. Property and Marine Segment - by Quarter	12
d. Casualty Segment - by Quarter	13
e. Finite Risk Segment - by Quarter	14

Net Premiums Written Data:
a. Net Premiums Written - Supplemental Information	15
b. Premiums by Line of Business - Three Month Summary	16

Other Company Data:
a. Key Ratios, Share Data, Ratings	17

Investments:
a. Investment Portfolio	18
b. Available-for-Sale Security Detail	19
c. Corporate Bonds Detail	20
d. Net Realized Gains on Investments and Net Impairment Losses	21

Loss Reserves:
a. Analysis of Losses and LAE	22
b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions	23

Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses	24

	March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008

Assets
Investments	$	3,968,831		3,371,886		3,562,033		3,425,356	$	3,215,266
Cash, cash equivalents and short-term investments		345,810		888,053		696,660		953,059		1,169,762
Reinsurance premiums receivable		356,736		307,539		295,914		262,128		304,240
Accrued investment income		32,817		29,041		30,932		34,429		29,097
Reinsurance balances (prepaid and recoverable)		18,220		23,310		27,131		27,650		30,520
Deferred acquisition costs		47,828		50,719		58,731		62,237		68,084
Funds held by ceding companies		136,944		136,278		146,470		157,603		165,023
Other assets		83,810		120,337		87,502		66,342		61,664
Total assets	$	4,990,996		4,927,163		4,905,373		4,988,804	$	5,043,656

Liabilities
Unpaid losses and loss adjustment expenses	$	2,494,997		2,463,506		2,460,185		2,352,116	$	2,410,227
Unearned premiums		213,638		218,890		261,979		263,672		293,148
Debt obligations		250,000		250,000		250,000		250,000		250,000
Commissions payable		127,195		125,551		122,699		110,346		111,908
Other liabilities		75,707		59,819		38,118		44,078		49,265
Total liabilities		3,161,537		3,117,766		3,132,981		3,020,212		3,114,548

Total shareholders' equity		1,829,459		1,809,397		1,772,392		1,968,592		1,929,108

Total liabilities and shareholders' equity	$	4,990,996		4,927,163		4,905,373		4,988,804	$	5,043,656



Book value per common share (a)	$	35.76		34.58		33.64		36.99	$	36.01

	Three Months Ended
	March 31, 2009			March 31, 2008

Revenue
Net premiums earned	$	247,752		$	301,851
Net investment income		34,246			49,062
Net realized gains on investments		20,570			2,972
Other income (expense)		232			(96	)
Total revenue		302,800			353,789

Expenses
Net losses and LAE		144,164			160,203
Net acquisition expenses		40,156			60,542
Net change in fair value of derivatives		2,417			810
Net impairment losses		3,408			-
Operating expenses		20,868			21,690
Net foreign currency exchange (gains) losses		996			(4,869	)
Interest expense		4,755			4,750
Total expenses		216,764			243,126

Income before income tax expense		86,036			110,663
Income tax expense		1,114			5,492

Net income		84,922			105,171
Preferred dividends		1,301			2,602

Net income attributable to common shareholders	$	83,621		$	102,569

Basic
Weighted average common shares outstanding		49,521			52,104
Basic earnings per common share	$	1.69		$	1.97

Diluted
Adjusted weighted average common shares outstanding		53,702			59,874
Diluted earnings per common share	$	1.58		$	1.76

Comprehensive income
Net income	$	84,922		$	105,171
Other comprehensive loss, net of deferred taxes		(1,576	)		(4,121	)
Comprehensive income	$	83,346		$	101,050

	Three Months Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008

Revenue
Net premiums earned	$	247,752			274,238			280,725			257,982		$	301,851
Net investment income		34,246			42,537			48,043			46,932			49,062
Net realized gains (losses) on investments		20,570			60,521			(71	)		(6,168	)		2,972
Other income (expense)		232			(195	)		(88	)		716			(96	)
Total revenue		302,800			377,101			328,609			299,462			353,789

Expenses
Net losses and LAE		144,164			193,775.00			270,863			93,392			160,203
Net acquisition expenses		40,156			59,716			56,320			66,137			60,542
Net change in fair value of derivatives		2,417			5,700			6,645			959			810
Net impairment losses		3,408			17,590			13,096			-			-
Operating expenses		20,868			20,265			21,153			25,100			21,690
Net foreign currency exchange (gains) losses		996			3,497			6,134			1,998			(4,869	)
Interest expense		4,755			4,753			4,752			4,751			4,750
Total expenses		216,764			305,296			378,963			192,337			243,126

Income (loss) before income tax expense (benefit)		86,036			71,805			(50,354	)		107,125			110,663
Income tax expense (benefit)		1,114			7,753			(5,014	)		4,768			5,492

Net income (loss)		84,922			64,052			(45,340	)		102,357			105,171
Preferred dividends		1,301			2,602			2,602			2,602			2,602

Net income (loss) attributable to common shareholders	$	83,621			61,450			(47,942	)		99,755		$	102,569

Basic
Weighted average common shares outstanding		49,521			47,363			48,260			48,468			52,104
Basic earnings (loss) per common share	$	1.69			1.30			(0.99	)		2.06		$	1.97

Diluted
Adjusted weighted average common shares outstanding		53,702			54,499			48,260			56,097			59,874
Diluted earnings (loss) per common share	$	1.58			1.18			(0.99	)		1.82		$	1.76

Comprehensive income (loss)
Net income (loss)	$	84,922			64,052			(45,340	)		102,357		$	105,171
Other comprehensive loss, net of deferred taxes		(1,576	)		(18,730	)		(102,921	)		(38,876	)		(4,121	)
Comprehensive income (loss)	$	83,346			45,322			(148,261	)		63,481		$	101,050

	Three Months Ended
	March 31, 2009		March 31, 2008

Earnings
Basic
Net income attributable to common shareholders	$	83,621	$	102,569

Diluted
Net income attributable to common shareholders		83,621		102,569
Effect of dilutive securities:
Preferred share dividends		1,301		2,602
Adjusted net income for diluted earnings per share	$	84,922	$	105,171


Common Shares
Basic
Weighted average common shares outstanding		49,521		52,104

Diluted
Weighted average common shares outstanding		49,521		52,104
Effect of dilutive securities:
Conversion of preferred shares		3,067		5,108
Common share options		812		2,364
Restricted common shares and common share units		302		298
Adjusted weighted average common shares outstanding		53,702		59,874


Earnings Per Common Share
Basic earnings per common share	$	1.69	$	1.97

Diluted earnings per common share	$	1.58	$	1.76

	Three Months Ended
	March 31, 2009		December 31, 2008		September 30, 2008			June 30, 2008		March 31, 2008

Earnings
Basic
Net income (loss) attributable to common shareholders	$	83,621		61,450		(47,942	)		99,755	$	102,569

Diluted
Net income (loss) attributable to common shareholders		83,621		61,450		(47,942	)		99,755		102,569
Effect of dilutive securities:
Preferred share dividends		1,301		2,602		-			2,602		2,602
Adjusted net income (loss) for diluted earnings per share	$	84,922		64,052		(47,942	)		102,357	$	105,171


Common Shares
Basic
Weighted average common shares outstanding		49,521		47,363		48,260			48,468		52,104

Diluted
Weighted average common shares outstanding		49,521		47,363		48,260			48,468		52,104
Effect of dilutive securities:
Conversion of preferred shares		3,067		5,750		-			4,953		5,108
Common share options		812		994		-			2,351		2,364
Restricted common shares and common share units		302		392		-			325		298
Adjusted weighted average common shares outstanding		53,702		54,499		48,260			56,097		59,874


Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	1.69		1.30		(0.99	)		2.06	$	1.97

Diluted earnings (loss) per common share	$	1.58		1.18		(0.99	)		1.82	$	1.76

	Conversion		Conversion	Common
	Multiple /		Amount	Shares		Book Value Per
	Strike Price		($000)	(000)		Common Share

Total shareholders' equity as of March 31, 2009			$ 1,829,459	51,163	(a)	$ 35.76

Common share options:
The Travelers Companies, Inc.	27.00		-	320		(0.21)
Renaissance Re Holdings, Ltd.	27.00		-	133		(0.09)

Management and directors' options	23.16	(b)	18,491	798	(c)	(0.19)

Directors' and officers' restricted common share units			-	975		(0.66)

Fully converted book value per common share as of March 31, 2009			$ 1,847,950	53,389		$ 34.61

(a) As of March 31, 2009 there were 51,163,377 common shares issued and outstanding. Included in this number were 264,706 of restricted common shares issued but unvested.

(b) Weighted average strike price of options with a price below $ 28.36, the closing share price at March 31, 2009.

On February 17, 2009, our 5,750,000 outstanding 6% Series A Mandatory Convertible Preferred Shares automatically converted into 5,750,000 common shares at a ratio of one to one which was based on the volume weighted average price of our common shares from January 14, 2009 through February 11, 2009.

	Three Months Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008

Net cash provided by (used in) operating activities	$	269,594			(135,345	)		56,707			104,842		$	102,695

Net cash provided by (used in) investing activities		(704,781	)		364,255			(224,035	)		(285,416	)		27,928

Net cash used in financing activities		(66,955	)		(12,517	)		(51,453	)		(28,131	)		(174,697	)

Effect of exchange rate changes on foreign currency cash		(1,793	)		(4,057	)		(5,646	)		(531	)		2,139

Net increase (decrease) in cash and cash equivalents	$	(503,935	)		212,336			(224,427	)		(209,236	)	$	(41,935	)

	Three Months Ended March 31, 2009												Three Months Ended March 31, 2008
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Net premiums written	$	141,735			98,014			5,523		$	245,272		$	168,817			125,576			1,878		$	296,271

Net premiums earned		133,671			109,960			4,121			247,752			153,390			147,495			966			301,851

Net losses and LAE		77,451			59,141			7,572			144,164			62,039			99,393			(1,229	)		160,203
Net acquisition expenses		17,364			26,221			(3,429	)		40,156			20,654			37,488			2,400			60,542
Other underwriting expenses		8,159			5,669			300			14,128			8,596			6,795			310			15,701
Total underwriting expenses		102,974			91,031			4,443			198,448			91,289			143,676			1,481			236,446
Segment underwriting income (loss)	$	30,697			18,929			(322	)		49,304		$	62,101			3,819			(515	)		65,405

Net investment income											34,246												49,062
Net realized gains on investments											20,570												2,972
Net impairment losses											(3,408	)											-
Net change in fair value of derivatives											(2,417	)											(810	)
Net foreign currency exchange gains (losses)											(996	)											4,869
Other income (expense)											232												(96	)
Corporate expenses not allocated to segments											(6,740	)											(5,989	)
Interest expense											(4,755	)											(4,750	)
Income before income tax expense										$	86,036											$	110,663

GAAP underwriting ratios:
Loss and LAE		57.9	%		53.8	%		183.7	%		58.2	%		40.4	%		67.4	%		(127.2	%)		53.1	%
Acquisition expense		13.0	%		23.8	%		(83.2	%)		16.2	%		13.5	%		25.4	%		248.4	%		20.1	%
Other underwriting expense		6.1	%		5.2	%		7.3	%		5.7	%		5.6	%		4.6	%		32.1	%		5.2	%
Combined		77.0	%		82.8	%		107.8	%		80.1	%		59.5	%		97.4	%		153.3	%		78.4	%

Statutory underwriting ratios:
Loss and LAE		57.9	%		53.8	%		183.7	%		58.2	%		40.4	%		67.4	%		(127.2	%)		53.1	%
Acquisition expense		12.4	%		23.5	%		(57.6	%)		15.2	%		13.2	%		26.2	%		140.7	%		19.5	%
Other underwriting expense		5.8	%		5.8	%		5.4	%		5.8	%		5.1	%		5.4	%		16.5	%		5.3	%
Combined		76.1	%		83.1	%		131.5	%		79.2	%		58.7	%		99.0	%		30.0	%		77.9	%

See Note on Non-GAAP Financial Measures on page 1.

	Three Months Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008

Net premiums written	$	141,735			138,546			167,136			118,588		$	168,817

Net premiums earned		133,671			152,241			151,763			141,716			153,390

Net losses and LAE		77,451			118,035			183,759			33,367			62,039
Net acquisition expenses		17,364			21,697			23,691			24,774			20,654
Other underwriting expenses		8,159			8,718			11,543			9,635			8,596
Total underwriting expenses		102,974			148,450			218,993			67,776			91,289
Segment underwriting income (loss)	$	30,697			3,791			(67,230	)		73,940		$	62,101


GAAP underwriting ratios:
Loss and LAE		57.9	%		77.5	%		121.1	%		23.5	%		40.4	%
Acquisition expense		13.0	%		14.3	%		15.6	%		17.5	%		13.5	%
Other underwriting expense		6.1	%		5.7	%		7.6	%		6.8	%		5.6	%
Combined		77.0	%		97.5	%		144.3	%		47.8	%		59.5	%

Statutory underwriting ratios:
Loss and LAE		57.9	%		77.5	%		121.1	%		23.5	%		40.4	%
Acquisition expense		12.4	%		14.3	%		14.7	%		18.7	%		13.2	%
Other underwriting expense		5.8	%		6.3	%		6.9	%		8.1	%		5.1	%
Combined		76.1	%		98.1	%		142.7	%		50.3	%		58.7	%

See Note on Non-GAAP Financial Measures on page 1.

	Three Months Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008

Net premiums written	$	98,014			94,789			106,826			102,893		$	125,576

Net premiums earned		109,960			118,241			124,319			113,245			147,495

Net losses and LAE		59,141			84,818			86,057			66,783			99,393
Net acquisition expenses		26,221			27,041			29,191			32,214			37,488
Other underwriting expenses		5,669			5,248			4,948			6,991			6,795
Total underwriting expenses		91,031			117,107			120,196			105,988			143,676
Segment underwriting income	$	18,929			1,134			4,123			7,257		$	3,819


GAAP underwriting ratios:
Loss and LAE		53.8	%		71.7	%		69.2	%		59.0	%		67.4	%
Acquisition expense		23.8	%		22.9	%		23.5	%		28.4	%		25.4	%
Other underwriting expense		5.2	%		4.4	%		4.0	%		6.2	%		4.6	%
Combined		82.8	%		99.0	%		96.7	%		93.6	%		97.4	%

Statutory underwriting ratios:
Loss and LAE		53.8	%		71.7	%		69.2	%		59.0	%		67.4	%
Acquisition expense		23.5	%		22.2	%		23.4	%		28.0	%		26.2	%
Other underwriting expense		5.8	%		5.5	%		4.6	%		6.8	%		5.4	%
Combined		83.1	%		99.4	%		97.2	%		93.8	%		99.0	%

See Note on Non-GAAP Financial Measures on page 1.

	Three Months Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008

Net premiums written	$	5,523			3,957			5,180			3,379		$	1,878

Net premiums earned		4,121			3,756			4,643			3,021			966

Net losses and LAE		7,572			(9,078	)		1,047			(6,758	)		(1,229	)
Net acquisition expenses		(3,429	)		10,978			3,438			9,149			2,400
Other underwriting expenses		300			309			286			365			310
Total underwriting expenses		4,443			2,209			4,771			2,756			1,481
Segment underwriting income (loss)	$	(322	)		1,547			(128	)		265		$	(515	)


GAAP underwriting ratios:
Loss and LAE		183.7	%		(241.7	%)		22.6	%		(223.7	%)		(127.2	%)
Acquisition expense		(83.2	%)		292.3	%		74.0	%		302.8	%		248.4	%
Other underwriting expense		7.3	%		8.2	%		6.2	%		12.1	%		32.1	%
Combined		107.8	%		58.8	%		102.8	%		91.2	%		153.3	%

Statutory underwriting ratios:
Loss and LAE		183.7	%		(241.7	%)		22.6	%		(223.7	%)		(127.2	%)
Acquisition expense		(57.6	%)		278.8	%		69.2	%		274.1	%		140.7	%
Other underwriting expense		5.4	%		7.8	%		5.5	%		10.8	%		16.5	%
Combined		131.5	%		44.9	%		97.3	%		61.2	%		30.0	%

See Note on Non-GAAP Financial Measures on page 1.

	Three Months Ended
	March 31, 2009			March 31, 2008

Property and Marine
Excess-of-loss	$	89,840		$	124,575
Proportional		51,895			44,242
Subtotal Property and Marine		141,735			168,817
Casualty
Excess-of-loss		85,324			109,048
Proportional		12,690			16,528
Subtotal Casualty		98,014			125,576
Finite Risk
Excess-of-loss		(8	)		365
Proportional		5,531			1,513
Subtotal Finite Risk		5,523			1,878
Combined Segments
Excess-of-loss		175,156			233,988
Proportional		70,116			62,283
Total	$	245,272		$	296,271

	Three Months Ended
	March 31, 2009			March 31, 2008
Property and Marine
United States	$	90,147		$	100,477
International		51,588			68,340
Subtotal Property and Marine		141,735			168,817
Casualty
United States		85,913			109,605
International		12,101			15,971
Subtotal Casualty		98,014			125,576
Finite Risk
United States		5,523			1,934
International		-			(56	)
Subtotal Finite Risk		5,523			1,878
Combined Segments
United States		181,583			212,016
International		63,689			84,255
Total	$	245,272		$	296,271

	Three Months Ended March 31, 2009									Three Months Ended March 31, 2008
	Gross			Net			Net			Gross			Net			Net
	Premiums			Premiums			Premiums			Premiums			Premiums			Premiums
	Written			Written			Earned			Written			Written			Earned

Property and Marine
North American Property Proportional	$	1,828			1,828			3,917		$	5,173			5,173			5,607
North American Property Catastrophe		29,898			28,647			26,389			39,730			39,725			36,295
North American Property Risk		18,089			17,462			17,642			26,259			24,273			24,619
Other Property		43,101			43,101			42,446			31,508			31,508			30,740
Marine / Aviation Proportional		3,241			3,241			2,852			4,194			4,194			3,182
Marine / Aviation Excess		4,268			4,306			6,434			12,594			12,588			12,472
International Property Proportional		6,731			6,731			7,093			10,631			10,631			9,927
International Property Catastrophe		35,124			33,264			24,225			37,055			34,969			26,259
International Property Risk		3,155			3,155			2,673			5,756			5,756			4,289
Subtotal		145,435			141,735			133,671			172,900			168,817			153,390

Casualty
Clash		4,423			4,423			4,325			5,298			5,298			5,319
1st Dollar GL		4,220			4,220			5,309			5,456			5,456			5,436
1st Dollar Other		1,547			1,547			1,570			1,171			1,171			1,069
Casualty Excess		61,157			61,157			73,887			86,796			86,796			110,764
Accident & Health		12,161			12,161			7,437			8,951			8,951			8,418
International Casualty		10,263			10,263			11,149			8,537			8,537			9,042
International Motor		845			845			726			712			712			587
Financial Lines		3,398			3,398			5,557			8,655			8,655			6,860
Subtotal		98,014			98,014			109,960			125,576			125,576			147,495

Finite Risk
Finite Property		(8	)		(8	)		(8	)		(56	)		(56	)		(56	)
Finite Casualty		5,531			5,531			4,129			1,934			1,934			1,022
Subtotal		5,523			5,523			4,121			1,878			1,878			966

Total	$	248,972			245,272			247,752		$	300,354			296,271			301,851

	As of and for the Three Months Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008

Key Ratios

Combined ratio (%)		80.1	%		97.7	%		122.6	%		68.4	%		78.4	%

Invested assets to shareholders' equity ratio	2.36:1			2.35:1			2.40:1			2.22:1			2.27:1

Debt to total capital (%)		12.0	%		12.1	%		12.4	%		11.3	%		11.5	%

Net premiums written (annualized) to shareholders' equity		0.54			0.52			0.63			0.46			0.61


Share Data
Book value per common share (a)	$	35.76		$	34.58		$	33.64		$	36.99		$	36.01

Common shares outstanding (000's)		51,163			47,482			47,707			48,689			48,924

Market Price Per Common Share
High	$	36.12		$	36.16		$	38.76		$	37.00		$	36.60
Low		25.18			21.38			31.02			32.58			31.70
Close	$	28.36		$	36.08		$	35.48		$	32.61		$	32.46

Industry Ratings
Financial Strength Rating
A.M. Best Company, Inc.		A			A			A			A			A
Counterparty Credit Ratings (senior unsecured)
A.M. Best Company, Inc.	bbb			bbb			bbb			bbb			bbb
Standard & Poor's Ratings Services	BBB			BBB			BBB			BBB			BBB

Supplemental Data
Total employees		153			153			151			150			155

See Note on Non-GAAP Financial Measures on page 1.

	March 31, 2009								December 31, 2008
						Weighted Average								Weighted Average
			Weighted Average			Market Yield					Weighted Average			Market Yield
	Fair Value		Book Yield			to Maturity			Fair Value		Book Yield			to Maturity

Available-for-sale securities
U.S. Government	$	4,565		4.4	%		1.4	%	$	4,641		4.4	%		1.2	%
U.S. Government agencies		730,659		2.9	%		1.8	%		811,489		3.1	%		1.9	%
Corporate bonds		759,310		5.0	%		5.7	%		690,528		5.0	%		6.0	%
Commercial mortgage-backed securities		362,612		5.4	%		12.0	%		372,806		5.4	%		11.8	%
Residential mortgage-backed securities		1,031,263		4.9	%		5.4	%		577,907		6.1	%		6.6	%
Asset-backed securities		122,580		4.1	%		6.1	%		134,245		4.9	%		8.2	%
Municipal bonds		550,957		3.7	%		3.0	%		393,484		3.7	%		3.0	%
Non-U.S. governments		279,604		3.6	%		3.6	%		78,704		4.2	%		4.0	%
Total Fixed Maturities		3,841,550		4.4	%		4.9	%		3,063,804		4.6	%		5.4	%
Preferred Stocks		1,879		29.8	%		29.8	%		2,845		18.1	%		19.7	%
Total	$	3,843,429		4.4	%		4.9	%	$	3,066,649		4.6	%		5.4	%

Trading securities
U.S. Government	$	-		-			-		$	196,383		3.6	%		3.4	%
Corporate bonds		3,244		4.2	%		6.4	%		-		-			-
Non U.S. Governments		107,628		4.0	%		2.8	%		4,125		4.4	%		9.6	%
Insurance-linked securities		14,530		11.4	%		11.3	%		104,729		4.0	%		2.7	%
Total	$	125,402		4.5	%		3.8	%	$	305,237		3.6	%		3.2	%


	March 31, 2009								December 31, 2008
	Amount		% of Total						Amount		% of Total
Credit quality of investment portfolio*
Aaa	$	2,647,542		66.7	%				$	2,299,184		68.2	%
Aa		491,800		12.4	%					486,582		14.4	%
A		636,104		16.0	%					439,255		13.0	%
Baa		165,763		4.2	%					143,518		4.3	%
Below investment grade		27,622		0.7	%					3,347		0.1	%
Total	$	3,968,831		100.0	%				$	3,371,886		100.0	%


Credit quality
Weighted average credit quality	Aa1								Aa1

* Rated using external rating agencies (primarily Moody's).
(Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

	March 31, 2009
			Unrealized			Credit				Weighted
	Fair Value		Gain (Loss)			Quality		Duration		Average Life

Available-for-sale securities
U.S. Government	$	4,565		469		Aaa			4.03

U.S. Government agencies
Temporary Liquidity Guarantee Program		675,374		19,432		Aaa			2.33
Agencies		55,285		1,311		Aaa			1.68
Subtotal		730,659		20,743		Aaa			2.28

Corporate bonds
Industrial		479,788		(406	)		A2		3.36
Finance		159,547		(20,971	)		A1		3.50
Utilities		50,005		(271	)		A2		3.76
Insurance		42,451		(5,112	)		A1		2.62
Preferreds with maturity date		19,798		(13,047	)		A1		6.94
Hybrid trust preferreds		7,721		(9,774	)		A1		3.55
Subtotal		759,310		(49,581	)		A2		3.47

Mortgage-backed and asset-backed securities
U.S. Government agency residential mortgage-backed securities		934,115		20,362		Aaa			2.99		4.24
Commercial mortgage-backed securities		362,612		(114,182	)	Aaa			3.52		4.45
Asset-backed securities		111,373		(2,837	)	Aaa			0.70		3.56
Non-agency residential mortgage-backed securities		88,951		(65,363	)	Aa1			0.00		3.89
Sub-prime asset-backed securities		11,207		(29,265	)	Baa3			0.01		6.27
Alt-A residential mortgage-backed securities		8,197		(11,100	)		B1		-		5.27
Subtotal		1,516,455		(202,385	)	Aaa			2.73		4.24

Municipal bonds		550,957		8,857		Aa2			6.32

Non-U.S. governments		279,604		880		Aa1			3.19

Preferred Stocks		1,879		-		Baa2			2.37

Total	$	3,843,429		(221,017	)	Aa1			3.34

	March 31, 2009
					Unrealized			Credit
	Par Value		Fair Value		Gain (Loss)			Quality

Largest Holdings by Issuer
Wells Fargo & Company	$	27,696		27,241	$	(5,087	)		A1
Conoco Inc.		22,000		23,133		750			A1
Wal-Mart Stores, Inc.		19,875		21,648		(211	)	Aa2
Hewlett-Packard Company		20,100		20,742		(60	)		A2
Oracle Corporation		19,000		19,554		356			A2
AT&T Inc.		19,095		19,527		88			A2
Vodafone Group Plc		18,850		19,367		110		Baa1
BHP Billiton Limited		18,000		17,951		(337	)		A1
General Electric Company		19,375		17,276		(2,362	)	Aa2
Unilever Group		15,750		16,873		499			A1
MetLife, Inc.		17,897		16,385		(1,375	)	Aa3
Bank of America Corporation		28,000		16,031		(11,877	)		A2
International Business Machines Corporation		14,805		15,469		711			A1
Phillip Morris International Inc.		14,000		14,793		(29	)		A2
Morgan Stanley		15,350		14,616		(709	)		A2
United Technologies Corporation		14,000		14,370		378			A2
Diageo plc		14,000		14,205		100			A3
Cisco Systems, Inc.		13,000		13,614		120			A1
Honda Motor Co., Inc.		12,900		12,912		13			A1
The Boeing Company	$	12,000		12,328	$	160			A2

	Three Months Ended
	March 31, 2009			March 31, 2008

Net realized gains on investments
Subsidiary domiciled in Bermuda	$	16,537		$	2,534
Subsidiaries domiciled in the United States		4,022			402
Subsidiary domiciled in the United Kingdom		11			36
Total	$	20,570		$	2,972


Net realized gains on investments
Sale of securities	$	21,769		$	45
Mark-to-market adjustment on trading securities		(1,199	)		2,927
Total	$	20,570		$	2,972


Net impairment losses by type of security
Corporate bonds	$	-		$	-
Commercial mortgage-backed securities		635			-
Residential mortgage-backed securities		1,425			-
Asset-backed securities		140			-
Preferred stocks		1,208			-
Total	$	3,408		$	-

	Analysis of Losses and LAE
	Three Months Ended March 31, 2009 (a)										Twelve Months Ended December 31, 2008 (b)
	Gross		Ceded			Net		Paid to Incurred %			Gross		Ceded			Net		Paid to Incurred %

Paid losses and LAE	$	107,786		1,403		$	106,383		73.8	%	$	595,323		13,007		$	582,316		81.1	%
Change in unpaid losses and LAE		35,531		(2,250	)		37,781					128,552		(7,365	)		135,917
Losses and LAE incurred	$	143,317		(847	)	$	144,164				$	723,875		5,642		$	718,233



	Analysis of Unpaid Losses and LAE

	As of March 31, 2009										As of December 31, 2008
	Gross		Ceded			Net		%			Gross		Ceded			Net		%

Outstanding losses and LAE	$	697,443		7,073		$	690,370		27.8	%	$	706,618		8,158		$	698,460		28.5	%
Incurred but not reported		1,797,554		2,116			1,795,438		72.2	%		1,756,888		3,303			1,753,585		71.5	%
Unpaid losses and LAE	$	2,494,997		9,189		$	2,485,808		100.0	%	$	2,463,506		11,461		$	2,452,045		100.0	%



(a) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate (gains) losses of ($4,040) and $22, respectively.

(b) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate (gains) losses of ($26,087) and $30, respectively.

	Three Months Ended March 31, 2009												Three Months Ended March 31, 2008
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Non-Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years	$	931			23,195			(4,837	)		19,289			10,300			12,103			1,767		$	24,170
Net premium adjustments related to prior years' losses		648			(606	)		-			42			6,253			29			-			6,282
Net commission adjustments related to prior years' losses		391			(289	)		4,709			4,811			(170	)		(3,418	)		(1,980	)		(5,568	)
Net favorable (unfavorable) development		1,970			22,300			(128	)		24,142			16,383			8,714			(213	)		24,884

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		(2,415	)		(57	)		59			(2,413	)		4,931			(15	)		-			4,916
Net premium adjustments related to prior years' losses		360			-			-			360			(345	)		-			-			(345	)
Net commission adjustments related to prior years' losses		-			-			-			-			-			-			-			-
Net favorable (unfavorable) development		(2,055	)		(57	)		59			(2,053	)		4,586			(15	)		-			4,571

Total net favorable (unfavorable) development	$	(85	)		22,243			(69	)		22,089			20,969			8,699			(213	)	$	29,455

Estimated Probable Maximum Losses by Zone and Peril

			20 Year Return Period			100 Year Return Period		250 Year Return Period
Zones	Perils		Estimated Gross Loss		Estimated Net Loss	Estimated Gross Loss	Estimated Net Loss	Estimated Gross Loss		Estimated Net Loss

United States / Caribbean	Hurricane	$	179		155	310	262	356	$	304
United States	Earthquake		37		33	212	183	272		249
Pan-European	Windstorm		138		129	283	231	337		279
Japan	Earthquake		14		14	125	125	263		263
Japan	Typhoon	$	6		6	81	81	116	$	116


Indicative Catastrophe Scenarios

Catastrophe Scenarios			Estimated Company Net Loss Interquartile Range

Category 3 U.S. / Caribbean Hurricane		$	13	-	40
Category 4 U.S. / Caribbean Hurricane			20	-	93
Magnitude 6.9 California Earthquake			0	-	4
Magnitude 7.5 California Earthquake		$	1	-	31

The Company has developed the estimates of losses expected from certain catastrophes for its portfolio of property, marine, workers’ compensation, and personal accident contracts using commercially available catastrophe models, which are applied and adjusted by the Company. These estimates include assumptions regarding the location, size and magnitude of an event, the frequency of events, the construction type and damageability of property in a zone, and the cost of rebuilding property in a zone, among other assumptions. These estimates do not include any losses that may be expected to arise from the Company’s casualty portfolio as a result of such catastrophes. Return period refers to the frequency with which losses of a given amount or greater are expected to occur.

Gross loss estimates are before income tax and net of reinstatement premiums. Net loss estimates are before income tax, net of reinstatement premiums, and net of retrocessional recoveries. Ranges shown for indicative catastrophe scenarios are interquartile reflecting the middle 50% of indications. That is, 25% of indications fall below the low end of a given range and 25% of indications fall above the high end of that range. Thus, an actual event may produce losses that fall materially outside the indicated ranges.

The estimates set forth above are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. In particular, modeled loss estimates do not necessarily accurately predict actual losses, and may significantly misestimate actual losses. Such estimates, therefore, should not be considered as a representation of actual losses. Investors should not rely on the foregoing information when considering investment in the Company. The Company undertakes no duty to update or revise such information to reflect the occurrence of future events.

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