8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2018

RenaissanceRe Holdings Ltd.

(Exact name of registrant as specified in its charter)

Bermuda	001-14428	98-014-1974
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Renaissance House 12 Crow Lane, Pembroke Bermuda	HM 19
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (441) 295-4513

Not Applicable

(Former name or former address, if changed since last report).

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On May 1, 2018, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2018 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit #	Description
99.1*	Copy of the Company’s press release, issued May 1, 2018
99.2*	Copy of the Company’s Financial Supplement

* Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RENAISSANCERE HOLDINGS LTD.
Date:	By:	/s/ Robert Qutub
May 1, 2018		Robert Qutub
		Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit #	Description
99.1*	Copy of the Company’s press release, issued May 1, 2018
99.2*	Copy of the Company’s Financial Supplement

* Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.

EX-99.1

RenaissanceRe Reports Net Income of $56.7 Million for the First Quarter of 2018, or $1.42 Per Diluted Common Share; Quarterly Operating Income of $135.2 Million or $3.40 Per Diluted Common Share

Pembroke, Bermuda, May 1, 2018 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $56.7 million, or $1.42 per diluted common share, in the first quarter of 2018, compared to $92.4 million, or $2.25 per diluted common share, in the first quarter of 2017. Operating income available to RenaissanceRe common shareholders was $135.2 million, or $3.40 per diluted common share, in the first quarter of 2018, compared to $53.7 million, or $1.30 per diluted common share, in the first quarter of 2017. The Company reported an annualized return on average common equity of 5.7% and an annualized operating return on average common equity of 13.5% in the first quarter of 2018, compared to 8.3% and 4.8%, respectively, in the first quarter of 2017. Book value per common share increased$0.57, or 0.6%, to $100.29, in the first quarter of 2018, compared to a 0.8%increase in the first quarter of 2017. Tangible book value per common share plus accumulated dividends increased$0.73, or 0.8%, to $111.96 in the first quarter of 2018, compared to a 1.2%increase in the first quarter of 2017.

Kevin J. O'Donnell, CEO, commented: “I am pleased with our solid results and very strong execution in the first quarter. We delivered an annualized operating return on average common equity of 13.5% for the quarter, highlighted by low catastrophe activity, strong growth in premiums, prior year favorable development and a continued increase in operating efficiency. The January 1 renewal was successful, as we increased both the size and efficiency of our portfolio of risk. Moving into the mid-year renewals, we remain focused on implementing our strategy in order to continue to build a diverse and profitable book of business and maximize shareholder value.” 

FIRST QUARTER 2018 SUMMARY

• Gross premiums written increased by $237.6 million, or 25.8%, to $1.2 billion, in the first quarter of 2018, compared to the first quarter of 2017, driven by increases of $186.4 million in the Property segment and $51.1 million in the Casualty and Specialty segment.

• Underwriting income of $129.6 million and a combined ratio of 70.6% in the first quarter of 2018. The Property segment generated underwriting income of $127.2 million and a combined ratio of 43.5%. The Casualty and Specialty segment generated underwriting income of $2.6 million and a combined ratio of 98.8%.

• The Company’s portfolio of fixed maturity and short term investments had a yield to maturity of 2.9% at March 31, 2018.

Underwriting Results by Segment

Property Segment

Gross premiums written in the Property segment were $707.0 million in the first quarter of 2018, an increase of $186.4 million, or 35.8%, compared to $520.5 million in the first quarter of 2017.

Gross premiums written in the catastrophe class of business were $590.3 million in the first quarter of 2018, an increase of $175.9 million, or 42.4%, compared to the first quarter of 2017. The increase in gross premiums written in the catastrophe class of business was driven primarily by an improved rate environment combined with expanded participation on existing transactions and certain new transactions in the catastrophe excess of loss market. Gross premiums written in the other property class of business were $116.6 million in the first quarter of 2018, an increase of $10.5 million, or 9.9%, compared to the first quarter of 2017. The increase in gross premiums written in the other property class of business was primarily driven by growth across a number of the Company’s underwriting platforms, both from existing relationships and through new opportunities.

Ceded premiums written in the Property segment were $352.9 million in the first quarter of 2018, an increase of $122.2 million, or 53.0%, compared to $230.7 million in the first quarter of 2017. The increase in ceded premiums written was principally due to a significant portion of the increase in gross premiums written in the catastrophe class of business noted above being subsequently ceded to third-party investors in the Company’s managed joint venture, Upsilon RFO.

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The Property segment generated underwriting income of $127.2 million and a combined ratio of 43.5% in the first quarter of 2018, compared to $91.4 million and 51.1%, respectively, in the first quarter of 2017. Principally impacting the Property segment underwriting result and combined ratio was favorable development on prior accident years net claims and claim expenses of $27.6 million, or 12.2 percentage points, during the first quarter of 2018, compared to $0.9 million, or 0.5 percentage points, in the first quarter of 2017, combined with an increase in net premiums earned driven by the growth in net premiums written over the trailing twelve months. The favorable development during the first quarter of 2018 included $27.1 million of net decreases in the estimated ultimate losses associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake and the wildfires in California during the fourth quarter of 2017, and was principally within the other property class of business.

Casualty and Specialty Segment

Gross premiums written in the Casualty and Specialty segment were $452.7 million in the first quarter of 2018, an increase of $51.1 million, or 12.7%, compared to $401.6 million in the first quarter of 2017. The $51.1 millionincrease was principally due to selective growth from new and existing business within certain classes of business where the Company found comparably attractive risk-return attributes.

The Casualty and Specialty segment generated underwriting income of $2.6 million and had a combined ratio of 98.8% in the first quarter of 2018, compared to an underwriting loss of $49.3 million and a combined ratio 127.5% in the first quarter of 2017. The decrease in the Casualty and Specialty segment combined ratio in the first quarter of 2018, compared to the first quarter of 2017, was principally driven by a 20.8 percentage point decrease in the Casualty and Specialty segment net claims and claim expenses ratio principally as a result of favorable development on prior accident years net claims and claim expenses compared to adverse development during the first quarter of 2017, combined with a 7.9 percentage point decrease in the underwriting expense ratio. The decrease in the underwriting expense ratio was primarily driven by an increase in net premiums earned while continuing to leverage the Casualty and Specialty segment’s existing expense base.

During the first quarter of 2018, the Casualty and Specialty segment experienced favorable development on prior accident years net claims and claim expenses of $3.8 million, or 1.8 percentage points, compared to $30.3 million, or 16.9 percentage points, of adverse development on prior accident years net claims and claim expenses in the first quarter of 2017. The favorable development during the first quarter of 2018 was principally driven by reported losses being lower than expected, compared to the first quarter of 2017 which experienced adverse development associated with the decrease in the Ogden rate during that period.

Other Items

• The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized gains and losses on investments, was a loss of $25.7 million in the first quarter of 2018, compared to a gain of $97.7 million in the first quarter of 2017, a decrease of $123.4 million. The decrease in the total investment result was principally due to realized and unrealized losses on the Company’s fixed maturity investment portfolio driven by an upward shift in the interest rate yield curve during the first quarter of 2018, compared to less pronounced yield curve impacts in the first quarter of 2017. In addition, the Company’s equity investments trading portfolio experienced minimal unrealized losses during the first quarter of 2018, compared to significant realized gains during the first quarter of 2017.

• Effective January 1, 2018 and April 1, 2018, Upsilon RFO issued $600.5 million and $31.7 million, respectively, of non-voting preference shares to investors, including $75.0 million and $26.5 million, respectively, to the Company. Effective April 1, 2018, the Company’s participation in the risks assumed by Upsilon RFO was 16.9%.

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This Press Release 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” 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.

Please refer to the “Investor Information - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

RenaissanceRe will host a conference call on Wednesday, May 2, 2018 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investor Information - Event Calendar” section of the Company’s website at www.renre.com.

About RenaissanceRe

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, Switzerland, the United Kingdom and the United States.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the frequency and severity of catastrophic and other events that the Company covers; the effectiveness of the Company’s claims and claim expense reserving process; the Company’s ability to maintain its financial strength ratings; the effect of climate change on the Company’s business; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain; the effects of U.S. tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in the Company’s joint ventures or other entities the Company manages; the effect of emerging claims and coverage issues; soft reinsurance underwriting market conditions; the Company’s reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of its revenue; the Company’s exposure to credit loss from counterparties in the normal course of business; the effect of continued challenging economic conditions throughout the world; a contention by the Internal Revenue Service that Renaissance Reinsurance Ltd., or any of the Company’s other Bermuda subsidiaries, is subject to taxation in the U.S.; the Company’s ability to retain key senior officers and to attract or retain the executives and employees necessary to manage its business; the performance of the Company’s investment portfolio; losses that the Company could face from terrorism, political unrest or war; the effect of cybersecurity risks, including technology breaches or failure on the Company’s business; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s ability to determine the impairments taken on investments; the effect of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the effect of operational risks, including system or human failures; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; foreign currency exchange rate fluctuations; the Company’s ability to raise capital if necessary; the Company’s ability to comply with covenants in its debt agreements; changes to the regulatory systems under which the Company operates, including as a result of increased global regulation of the insurance and reinsurance industry; changes in Bermuda laws and regulations and the political environment in Bermuda; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; the success of any of the Company’s strategic investments or acquisitions, including the Company’s ability to manage its operations as its product and geographical diversity increases; aspects of the Company’s corporate structure that may discourage third-party takeovers or other transactions; the cyclical nature of the reinsurance and insurance industries; adverse legislative developments that reduce the size of the private markets the Company serves or impede their future growth; consolidation of competitors, customers and insurance and reinsurance brokers; the effect on the Company’s business of the highly competitive nature of its industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry; other

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political, regulatory or industry initiatives adversely impacting the Company; increasing barriers to free trade and the free flow of capital; international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market; the effect of Organisation for Economic Co-operation and Development or European Union (“EU”) measures to increase the Company’s taxes and reporting requirements; the effect of the vote by the U.K. to leave the EU; changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations; the Company’s need to make many estimates and judgments in the preparation of its financial statements; and other factors affecting future results disclosed in RenaissanceRe’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

INVESTOR CONTACT:	MEDIA CONTACT:
Keith McCue	Keil Gunther
Senior Vice President, Finance and Investor Relations	Vice President, Marketing & Communications
RenaissanceRe Holdings Ltd.	RenaissanceRe Holdings Ltd.
(441) 239-4830	(441) 239-4932
	or
	Kekst and Company
	Peter Hill or Dawn Dover
	(212) 521-4800

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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
	Three months ended
	March 31, 2018			March 31, 2017
Revenues
Gross premiums written	$	1,159,652		$	922,090
Net premiums written	$	663,044		$	544,136
Increase in unearned premiums	(222,762		)	(178,091		)
Net premiums earned	440,282			366,045
Net investment income	56,476			54,325
Net foreign exchange gains	3,757			8,165
Equity in earnings (losses) of other ventures	857			(1,507		)
Other (losses) income	(1,242		)	1,665
Net realized and unrealized (losses) gains on investments	(82,144		)	43,373
Total revenues	417,986			472,066
Expenses
Net claims and claim expenses incurred	171,703			193,081
Acquisition expenses	97,711			83,282
Operational expenses	41,272			47,283
Corporate expenses	6,733			5,286
Interest expense	11,767			10,526
Total expenses	329,186			339,458
Income before taxes	88,800			132,608
Income tax benefit (expense)	3,407			(334		)
Net income	92,207			132,274
Net income attributable to noncontrolling interests	(29,899		)	(34,327		)
Net income attributable to RenaissanceRe	62,308			97,947
Dividends on preference shares	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	56,713		$	92,352
Net income available to RenaissanceRe common shareholders per common share - basic	$	1.42		$	2.26
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.42		$	2.25
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.40		$	1.30
Average shares outstanding - basic	39,552			40,408
Average shares outstanding - diluted	39,599			40,623
Net claims and claim expense ratio	39.0		%	52.7		%
Underwriting expense ratio	31.6		%	35.7		%
Combined ratio	70.6		%	88.4		%
Return on average common equity - annualized	5.7		%	8.3		%
Operating return on average common equity - annualized (1)	13.5		%	4.8		%

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

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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
	March 31, 2018		December 31, 2017
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value	$	7,404,761	$	7,426,555
Short term investments, at fair value	1,616,597		991,863
Equity investments trading, at fair value	387,462		388,254
Other investments, at fair value	692,652		594,793
Investments in other ventures, under equity method	120,232		101,974
Total investments	10,221,704		9,503,439
Cash and cash equivalents	647,973		1,361,592
Premiums receivable	1,684,630		1,304,622
Prepaid reinsurance premiums	794,921		533,546
Reinsurance recoverable	1,572,321		1,586,630
Accrued investment income	43,069		42,235
Deferred acquisition costs	477,010		426,551
Receivable for investments sold	111,431		103,145
Other assets	127,571		121,226
Goodwill and other intangibles	241,572		243,145
Total assets	$	15,922,202	$	15,226,131
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	4,912,727	$	5,080,408
Unearned premiums	1,961,746		1,477,609
Debt	989,995		989,623
Reinsurance balances payable	1,758,948		989,090
Payable for investments purchased	306,664		208,749
Other liabilities	130,505		792,771
Total liabilities	10,060,585		9,538,250
Redeemable noncontrolling interest	1,425,364		1,296,506
Shareholders’ Equity
Preference shares	400,000		400,000
Common shares	40,246		40,024
Additional paid-in capital	38,552		37,355
Accumulated other comprehensive income	194		224
Retained earnings	3,957,261		3,913,772
Total shareholders’ equity attributable to RenaissanceRe	4,436,253		4,391,375
Total liabilities, noncontrolling interests and shareholders’ equity	$	15,922,202	$	15,226,131
Book value per common share	$	100.29	$	99.72

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	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 investment income							56,476			56,476
Net foreign exchange gains							3,757			3,757
Equity in earnings of other ventures							857			857
Other loss							(1,242		)	(1,242		)
Net realized and unrealized losses on investments							(82,144		)	(82,144		)
Corporate expenses							(6,733		)	(6,733		)
Interest expense							(11,767		)	(11,767		)
Income before taxes and redeemable noncontrolling interests										88,800
Income tax benefit							3,407			3,407
Net income attributable to redeemable noncontrolling interests							(29,899		)	(29,899		)
Dividends on preference shares							(5,595		)	(5,595		)
Net income attributable to RenaissanceRe common shareholders										$	56,713
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		%
	Three months ended March 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	520,529		$	401,561		$	—		$	922,090
Net premiums written	$	289,871		$	254,265		$	—		$	544,136
Net premiums earned	$	186,988		$	179,059		$	(2	)	$	366,045
Net claims and claim expenses incurred	38,838			154,571			(328		)	193,081
Acquisition expenses	29,103			54,179			—			83,282
Operational expenses	27,665			19,607			11			47,283
Underwriting income (loss)	$	91,382		$	(49,298	)	$	315		42,399
Net investment income							54,325			54,325
Net foreign exchange gains							8,165			8,165
Equity in losses of other ventures							(1,507		)	(1,507		)
Other income							1,665			1,665
Net realized and unrealized gains on investments							43,373			43,373
Corporate expenses							(5,286		)	(5,286		)
Interest expense							(10,526		)	(10,526		)
Income before taxes and noncontrolling interests										132,608
Income tax expense							(334		)	(334		)
Net income attributable to noncontrolling interests							(34,327		)	(34,327		)
Dividends on preference shares							(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders										$	92,352
Net claims and claim expenses incurred – current accident year	$	39,766		$	124,309		$	—		$	164,075
Net claims and claim expenses incurred – prior accident years	(928		)	30,262			(328		)	29,006
Net claims and claim expenses incurred – total	$	38,838		$	154,571		$	(328	)	$	193,081
Net claims and claim expense ratio – current accident year	21.3		%	69.4		%				44.8		%
Net claims and claim expense ratio – prior accident years	(0.5		)%	16.9		%				7.9		%
Net claims and claim expense ratio – calendar year	20.8		%	86.3		%				52.7		%
Underwriting expense ratio	30.3		%	41.2		%				35.7		%
Combined ratio	51.1		%	127.5		%				88.4		%

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
	Three months ended
	March 31, 2018		March 31, 2017
Property Segment
Catastrophe	$	590,337	$	414,424
Other property	116,631		106,105
Property segment gross premiums written	$	706,968	$	520,529
Casualty and Specialty Segment
Professional liability (1)	$	157,113	$	132,306
General casualty (2)	126,626		122,293
Financial lines (3)	93,267		85,143
Other (4)	75,678		61,819
Casualty and Specialty segment gross premiums written	$	452,684	$	401,561

(1)	Includes directors and officers, medical malpractice, and professional indemnity.
(2)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability
(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.

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars)
(Unaudited)
	Three months ended
	March 31, 2018			March 31, 2017
Fixed maturity investments	$	45,643		$	43,419
Short term investments	5,304			1,724
Equity investments trading	698			811
Other investments
Private equity investments	(434		)	7,802
Other	8,023			4,072
Cash and cash equivalents	565			189
	59,799			58,017
Investment expenses	(3,323		)	(3,692		)
Net investment income	56,476			54,325
Gross realized gains	4,583			11,461
Gross realized losses	(25,853		)	(16,533		)
Net realized losses on fixed maturity investments	(21,270		)	(5,072		)
Net unrealized (losses) gains on fixed maturity investments trading	(55,372		)	24,635
Net realized and unrealized losses on investments-related derivatives	(4,364		)	(56		)
Net realized gains on equity investments trading	234			20,915
Net unrealized (losses) gains on equity investments trading	(1,372		)	2,951
Net realized and unrealized (losses) gains on investments	(82,144		)	43,373
Total investment result	$	(25,668	)	$	97,698
Total investment return - annualized	(1.0		)%	4.1		%

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Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has 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 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, and the associated income tax expense or benefit, and the exclusion of the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Bill, which was enacted on December 22, 2017. 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, the associated income tax expense or benefit of those fluctuations, and the non-recurring impact of the write-down of a portion of the Company's deferred tax assets as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the “Tax Bill”), which was enacted on December 22, 2017. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:

	Three months ended
(in thousands of United States Dollars, except percentages)	March 31, 2018			March 31, 2017
Net income available to RenaissanceRe common shareholders	$	56,713		$	92,352
Adjustment for net realized and unrealized losses (gains) on investments	82,144			(43,373		)
Adjustment for income tax (benefit) expense (1)	(3,648		)	4,707
Operating income available to RenaissanceRe common shareholders	$	135,209		$	53,686
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.42		$	2.25
Adjustment for net realized and unrealized losses (gains) on investments	2.07			(1.07		)
Adjustment for income tax (benefit) expense (1)	(0.09		)	0.12
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.40		$	1.30
Return on average common equity - annualized	5.7		%	8.3		%
Adjustment for net realized and unrealized losses (gains) on investments	8.2		%	(3.9		)%
Adjustment for income tax (benefit) expense (1)	(0.4		)%	0.4		%
Operating return on average common equity - annualized	13.5		%	4.8		%

(1) Adjustment for income tax (benefit) expense represents the income tax (benefit) expense associated with the adjustment for net realized and unrealized losses (gains) on investments. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

10

The Company has included in this Press Release “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, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Book value per common share	$	100.29		$	99.72		$	100.00		$	113.08		$	109.37
Adjustment for goodwill and other intangibles (1)	(6.66		)	(6.49		)	(6.55		)	(6.56		)	(6.55		)
Tangible book value per common share	93.63			93.23			93.45			106.52			102.82
Adjustment for accumulated dividends	18.33			18.00			17.68			17.36			17.04
Tangible book value per common share plus accumulated dividends	$	111.96		$	111.23		$	111.13		$	123.88		$	119.86
Quarterly change in book value per common share	0.6		%	(0.3		)%	(11.6		)%	3.4		%	0.8		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	0.8		%	0.1		%	(12.0		)%	3.9		%	1.2		%

(1) At March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017, goodwill and other intangibles included $26.3 million, $16.7 million, $17.4 million, $18.1 million and $18.9 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

11

EX-99.2

RenaissanceRe Holdings Ltd.

Contents

		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.	Summary of Other Investments	8
c.	Total Investment Result	9
d.	Investment Portfolio - Effective Yield and Credit Rating	10
e.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	11
Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	12
b.	Paid to Incurred Analysis	13
Other Items
a.	Earnings per Share	14
b.	Equity in Earnings (Losses) of Other Ventures	15
c.	Other (Loss) Income	15
d.	Ratings	16
Supplemental Information
a.	Gross Premiums Written	17
b.	Property Segment Supplemental Underwriting Results	18
Comments on Regulation G		19

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. 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, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain non-GAAP financial measures including “operating income (loss) available (attributable) to RenaissanceRe common shareholders”, “operating income (loss) available (attributable) 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 19 through 22 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 U.S. 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

RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Highlights
Gross premiums written	$	1,159,652		$	407,766		$	640,269		$	827,415		$	922,090
Net premiums written	$	663,044		$	288,223		$	483,221		$	555,745		$	544,136
Net premiums earned	$	440,282		$	421,473		$	547,792		$	382,265		$	366,045
Net claims and claim expenses incurred	171,703			304,064			1,221,696			142,587			193,081
Acquisition expenses	97,711			98,598			76,761			88,251			83,282
Operating expenses	41,272			29,192			42,537			41,766			47,283
Underwriting income (loss)	$	129,596		$	(10,381	)	$	(793,202	)	$	109,661		$	42,399
Net investment income	$	56,476		$	73,464		$	40,257		$	54,163		$	54,325
Net realized and unrealized (losses) gains on investments	(82,144		)	(7,716		)	42,052			58,113			43,373
Total investment result	$	(25,668	)	$	65,748		$	82,309		$	112,276		$	97,698
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	92,352
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	135,209		$	41,353		$	(544,153	)	$	116,814		$	53,686
Total assets	$	15,922,202		$	15,226,131		$	15,044,924		$	13,705,680		$	13,319,627
Total shareholders' equity attributable to RenaissanceRe	$	4,436,253		$	4,391,375		$	4,403,012		$	4,955,255		$	4,860,837
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	2.25
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	3.40		$	1.05		$	(13.74	)	$	2.88		$	1.30
Dividends per common share	$	0.33		$	0.32		$	0.32		$	0.32		$	0.32
Book value per common share	$	100.29		$	99.72		$	100.00		$	113.08		$	109.37
Tangible book value per common share (1)	$	93.63		$	93.23		$	93.45		$	106.52		$	102.82
Tangible book value per common share plus accumulated dividends (1)	$	111.96		$	111.23		$	111.13		$	123.88		$	119.86
Change in tangible book value per common share plus change in accumulated dividends (1)	0.8		%	0.1		%	(12.0		)%	3.9		%	1.2		%
Financial ratios
Net claims and claim expense ratio - current accident year	46.1		%	81.0		%	220.8		%	49.1		%	44.8		%
Net claims and claim expense ratio - prior accident years	(7.1		)%	(8.9		)%	2.2		%	(11.8		)%	7.9		%
Net claims and claim expense ratio - calendar year	39.0		%	72.1		%	223.0		%	37.3		%	52.7		%
Underwriting expense ratio	31.6		%	30.4		%	21.8		%	34.0		%	35.7		%
Combined ratio	70.6		%	102.5		%	244.8		%	71.3		%	88.4		%
Return on average common equity - annualized	5.7		%	(0.3		)%	(47.2		)%	15.2		%	8.3		%
Operating return on average common equity - annualized (1)	13.5		%	4.2		%	(50.8		)%	10.3		%	4.8		%
Total investment return - annualized	(1.0		)%	2.6		%	3.4		%	4.8		%	4.1		%

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

1

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Three months ended
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Revenues
Gross premiums written	$	1,159,652		$	407,766		$	640,269		$	827,415		$	922,090
Net premiums written	$	663,044		$	288,223		$	483,221		$	555,745		$	544,136
(Increase) decrease in unearned premiums	(222,762		)	133,250			64,571			(173,480		)	(178,091		)
Net premiums earned	440,282			421,473			547,792			382,265			366,045
Net investment income	56,476			73,464			40,257			54,163			54,325
Net foreign exchange gains (losses)	3,757			(490		)	(156		)	3,109			8,165
Equity in earnings (losses) of other ventures	857			2,200			1,794			5,543			(1,507		)
Other (loss) income	(1,242		)	2,362			2,996			2,392			1,665
Net realized and unrealized (losses) gains on investments	(82,144		)	(7,716		)	42,052			58,113			43,373
Total revenues	417,986			491,293			634,735			505,585			472,066
Expenses
Net claims and claim expenses incurred	171,703			304,064			1,221,696			142,587			193,081
Acquisition expenses	97,711			98,598			76,761			88,251			83,282
Operational expenses	41,272			29,192			42,537			41,766			47,283
Corporate expenses	6,733			4,237			4,413			4,636			5,286
Interest expense	11,767			11,777			11,799			10,091			10,526
Total expenses	329,186			447,868			1,357,206			287,331			339,458
Income (loss) before taxes	88,800			43,425			(722,471		)	218,254			132,608
Income tax benefit (expense)	3,407			(41,226		)	18,977			(3,904		)	(334		)
Net income (loss)	92,207			2,199			(703,494		)	214,350			132,274
Net (income) loss attributable to noncontrolling interests	(29,899		)	(56		)	204,277			(37,612		)	(34,327		)
Net income (loss) attributable to RenaissanceRe	62,308			2,143			(499,217		)	176,738			97,947
Dividends on preference shares	(5,595		)	(5,595		)	(5,595		)	(5,596		)	(5,595		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	92,352
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	1.42		$	(0.09	)	$	(12.75	)	$	4.25		$	2.26
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	2.25
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	3.40		$	1.05		$	(13.74	)	$	2.88		$	1.30
Return on average common equity - annualized	5.7		%	(0.3		)%	(47.2		)%	15.2		%	8.3		%
Operating return on average common equity - annualized (1)	13.5		%	4.2		%	(50.8		)%	10.3		%	4.8		%

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

2

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	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		%
	Three months ended March 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	520,529		$	401,561		$	—		$	922,090
Net premiums written	$	289,871		$	254,265		$	—		$	544,136
Net premiums earned	$	186,988		$	179,059		$	(2	)	$	366,045
Net claims and claim expenses incurred	38,838			154,571			(328		)	193,081
Acquisition expenses	29,103			54,179			—			83,282
Operational expenses	27,665			19,607			11			47,283
Underwriting income (loss)	$	91,382		$	(49,298	)	$	315		$	42,399
Net claims and claim expenses incurred - current accident year	$	39,766		$	124,309		$	—		$	164,075
Net claims and claim expenses incurred - prior accident years	(928		)	30,262			(328		)	29,006
Net claims and claim expenses incurred - total	$	38,838		$	154,571		$	(328	)	$	193,081
Net claims and claim expense ratio - current accident year	21.3		%	69.4		%				44.8		%
Net claims and claim expense ratio - prior accident years	(0.5		)%	16.9		%				7.9		%
Net claims and claim expense ratio - calendar year	20.8		%	86.3		%				52.7		%
Underwriting expense ratio	30.3		%	41.2		%				35.7		%
Combined ratio	51.1		%	127.5		%				88.4		%

3

RenaissanceRe Holdings Ltd.
Segment Underwriting Results
	Three months ended
Property Segment	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Gross premiums written	$	706,968		$	95,166		$	325,395		$	499,347		$	520,529
Net premiums written	$	354,077		$	82,286		$	269,393		$	336,464		$	289,871
Net premiums earned	$	225,049		$	215,046		$	336,838		$	192,198		$	186,988
Net claims and claim expenses incurred	30,607			181,712			1,044,418			33,017			38,838
Acquisition expenses	40,721			38,699			17,514			28,500			29,103
Operational expenses	26,546			17,353			25,123			24,053			27,665
Underwriting income (loss)	$	127,175		$	(22,718	)	$	(750,217	)	$	106,628		$	91,382
Net claims and claim expenses incurred - current accident year	$	58,169		$	210,340		$	1,036,586		$	56,889		$	39,766
Net claims and claim expenses incurred - prior accident years	(27,562		)	(28,628		)	7,832			(23,872		)	(928		)
Net claims and claim expenses incurred - total	$	30,607		$	181,712		$	1,044,418		$	33,017		$	38,838
Net claims and claim expense ratio - current accident year	25.8		%	97.8		%	307.7		%	29.6		%	21.3		%
Net claims and claim expense ratio - prior accident years	(12.2		)%	(13.3		)%	2.4		%	(12.4		)%	(0.5		)%
Net claims and claim expense ratio - calendar year	13.6		%	84.5		%	310.1		%	17.2		%	20.8		%
Underwriting expense ratio	29.9		%	26.1		%	12.6		%	27.3		%	30.3		%
Combined ratio	43.5		%	110.6		%	322.7		%	44.5		%	51.1		%
	Three months ended
Casualty and Specialty Segment	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Gross premiums written	$	452,684		$	312,600		$	314,881		$	328,068		$	401,561
Net premiums written	$	308,967		$	205,926		$	213,835		$	219,281		$	254,265
Net premiums earned	$	215,233		$	206,416		$	210,961		$	190,065		$	179,059
Net claims and claim expenses incurred	141,078			123,225			177,433			109,797			154,571
Acquisition expenses	56,990			59,898			59,248			59,752			54,179
Operational expenses	14,593			11,840			17,389			17,712			19,607
Underwriting income (loss)	$	2,572		$	11,453		$	(43,109	)	$	2,804		$	(49,298	)
Net claims and claim expenses incurred - current accident year	$	144,869		$	131,057		$	172,675		$	130,802		$	124,309
Net claims and claim expenses incurred - prior accident years	(3,791		)	(7,832		)	4,758			(21,005		)	30,262
Net claims and claim expenses incurred - total	$	141,078		$	123,225		$	177,433		$	109,797		$	154,571
Net claims and claim expense ratio - current accident year	67.3		%	63.5		%	81.9		%	68.8		%	69.4		%
Net claims and claim expense ratio - prior accident years	(1.8		)%	(3.8		)%	2.2		%	(11.0		)%	16.9		%
Net claims and claim expense ratio - calendar year	65.5		%	59.7		%	84.1		%	57.8		%	86.3		%
Underwriting expense ratio	33.3		%	34.8		%	36.3		%	40.7		%	41.2		%
Combined ratio	98.8		%	94.5		%	120.4		%	98.5		%	127.5		%

4

DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
	Three months ended
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Revenues
Gross premiums written	$	139,664		$	5,145		$	68,352		$	132,009		$	116,680
Net premiums written	$	116,996		$	2,832		$	63,442		$	116,523		$	98,695
(Increase) decrease in unearned premiums	(52,623		)	60,210			41,278			(56,246		)	(42,492		)
Net premiums earned	64,373			63,042			104,720			60,277			56,203
Net investment income	10,078			9,488			8,334			8,065			7,756
Net foreign exchange gains (losses)	505			(70		)	(66		)	224			348
Other income	1			—			—			679			1
Net realized and unrealized (losses) gains on investments	(16,832		)	(10,641		)	528			2,207			2,061
Total revenues	58,125			61,819			113,516			71,452			66,369
Expenses
Net claims and claim expenses incurred	4,592			61,444			415,669			(2,233		)	807
Acquisition expenses	16,007			7,518			(53,773		)	17,525			15,892
Operational and corporate expenses	8,409			719			6,441			6,976			6,579
Interest expense	1,858			1,859			1,859			1,858			1,858
Total expenses	30,866			71,540			370,196			24,126			25,136
Income (loss) before taxes	27,259			(9,721		)	(256,680		)	47,326			41,233
Income tax (expense) benefit	(368		)	(157		)	1,164			(273		)	(23		)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	26,891		$	(9,878	)	$	(255,516	)	$	47,053		$	41,210
Net claims and claim expenses incurred - current accident year	$	7,943		$	68,096		$	413,466		$	10,500		$	5,899
Net claims and claim expenses incurred - prior accident years	(3,351		)	(6,652		)	2,203			(12,733		)	(5,092		)
Net claims and claim expenses incurred - total	$	4,592		$	61,444		$	415,669		$	(2,233	)	$	807
Net claims and claim expense ratio - current accident year	12.3		%	108.0		%	394.8		%	17.4		%	10.5		%
Net claims and claim expense ratio - prior accident years	(5.2		)%	(10.5		)%	2.1		%	(21.1		)%	(9.1		)%
Net claims and claim expense ratio - calendar year	7.1		%	97.5		%	396.9		%	(3.7		)%	1.4		%
Underwriting expense ratio	38.0		%	13.0		%	(45.2		)%	40.6		%	40.0		%
Combined ratio	45.1		%	110.5		%	351.7		%	36.9		%	41.4		%

5

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
	March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017			March 31, 2017
Assets
Fixed maturity investments trading, at fair value	$	7,404,761	$	7,426,555	$	7,092,969	$	7,282,264		$	7,259,851
Short term investments, at fair value	1,616,597		991,863		1,497,262		1,070,950			1,199,797
Equity investments trading, at fair value	387,462		388,254		402,035		393,405			388,424
Other investments, at fair value	692,652		594,793		548,492		561,212			514,667
Investments in other ventures, under equity method	120,232		101,974		101,420		101,077			97,131
Total investments	10,221,704		9,503,439		9,642,178		9,408,908			9,459,870
Cash and cash equivalents	647,973		1,361,592		581,576		623,150			454,087
Premiums receivable	1,684,630		1,304,622		1,521,266		1,533,833			1,283,275
Prepaid reinsurance premiums	794,921		533,546		635,756		705,322			628,091
Reinsurance recoverable	1,572,321		1,586,630		1,588,304		370,586			325,819
Accrued investment income	43,069		42,235		38,366		40,118			40,547
Deferred acquisition costs	477,010		426,551		434,914		430,106			388,681
Receivable for investments sold	111,431		103,145		193,758		170,411			316,948
Other assets	127,571		121,226		164,019		176,816			173,984
Goodwill and other intangibles	241,572		243,145		244,787		246,430			248,325
Total assets	$	15,922,202	$	15,226,131	$	15,044,924	$	13,705,680		$	13,319,627
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	4,912,727	$	5,080,408	$	5,192,313	$	2,989,806		$	2,934,688
Unearned premiums	1,961,746		1,477,609		1,713,069		1,847,206			1,596,495
Debt	989,995		989,623		989,245		988,866			945,701
Reinsurance balances payable	1,758,948		989,090		1,034,454		1,052,494			972,266
Payable for investments purchased	306,664		208,749		377,543		407,312			604,613
Other liabilities	130,505		792,771		301,559		222,658			217,036
Total liabilities	10,060,585		9,538,250		9,608,183		7,508,342			7,270,799
Redeemable noncontrolling interest	1,425,364		1,296,506		1,033,729		1,242,083			1,187,991
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000			400,000
Common shares	40,246		40,024		40,029		40,282			40,785
Additional paid-in capital	38,552		37,355		32,852		67,583			131,173
Accumulated other comprehensive income (loss)	194		224		161		(139		)	(358		)
Retained earnings	3,957,261		3,913,772		3,929,970		4,447,529			4,289,237
Total shareholders' equity attributable to RenaissanceRe	4,436,253		4,391,375		4,403,012		4,955,255			4,860,837
Total liabilities, noncontrolling interests and shareholders' equity	$	15,922,202	$	15,226,131	$	15,044,924	$	13,705,680		$	13,319,627
Book value per common share	$	100.29	$	99.72	$	100.00	$	113.08		$	109.37

6

RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition
Type of Investment	March 31, 2018					December 31, 2017					September 30, 2017					June 30, 2017					March 31, 2017
U.S. treasuries	$	2,834,487		27.7	%	$	3,168,763		33.3	%	$	2,956,952		30.7	%	$	2,826,681		30.0	%	$	2,635,800		27.9	%
Agencies	45,365			0.5	%	47,646			0.5	%	41,109			0.5	%	83,343			0.9	%	86,373			0.9	%
Municipal	506,470			5.0	%	509,802			5.4	%	521,220			5.4	%	518,912			5.5	%	506,109			5.4	%
Non-U.S. government (Sovereign debt)	303,056			3.0	%	287,660			3.0	%	177,855			1.8	%	173,667			1.8	%	341,725			3.6	%
Non-U.S. government-backed corporate	191,202			1.9	%	163,651			1.7	%	121,892			1.3	%	74,620			0.8	%	118,092			1.2	%
Corporate	2,147,578			21.0	%	2,063,459			21.7	%	2,028,750			21.0	%	2,186,040			23.2	%	2,205,442			23.4	%
Agency mortgage-backed	693,377			6.8	%	500,456			5.3	%	499,310			5.2	%	567,560			6.0	%	505,829			5.3	%
Non-agency mortgage-backed	302,638			2.9	%	300,331			3.1	%	299,530			3.1	%	275,268			3.0	%	270,983			2.9	%
Commercial mortgage-backed	197,126			1.9	%	202,062			2.1	%	263,029			2.7	%	384,610			4.1	%	382,874			4.0	%
Asset-backed	183,462			1.7	%	182,725			2.0	%	183,322			1.9	%	191,563			2.0	%	206,624			2.1	%
Total fixed maturity investments, at fair value	7,404,761			72.4	%	7,426,555			78.1	%	7,092,969			73.6	%	7,282,264			77.3	%	7,259,851			76.7	%
Short term investments, at fair value	1,616,597			15.8	%	991,863			10.4	%	1,497,262			15.5	%	1,070,950			11.4	%	1,199,797			12.7	%
Equity investments trading, at fair value	387,462			3.8	%	388,254			4.1	%	402,035			4.2	%	393,405			4.2	%	388,424			4.1	%
Other investments, at fair value	692,652			6.8	%	594,793			6.3	%	548,492			5.6	%	561,212			6.0	%	514,667			5.4	%
Total managed investment portfolio	10,101,472			98.8	%	9,401,465			98.9	%	9,540,758			98.9	%	9,307,831			98.9	%	9,362,739			98.9	%
Investments in other ventures, under equity method	120,232			1.2	%	101,974			1.1	%	101,420			1.1	%	101,077			1.1	%	97,131			1.1	%
Total investments	$	10,221,704		100.0	%	$	9,503,439		100.0	%	$	9,642,178		100.0	%	$	9,408,908		100.0	%	$	9,459,870		100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	723,897		9.7	%	$	739,822		10.0	%	$	731,560		10.3	%	$	849,306		11.7	%	$	1,043,008		14.4	%
AA	4,204,030			56.8	%	4,341,541			58.5	%	4,073,325			57.4	%	4,056,958			55.7	%	3,832,632			52.8	%
A	889,814			12.0	%	813,953			11.0	%	755,457			10.7	%	743,633			10.2	%	727,568			10.0	%
BBB	540,639			7.3	%	522,601			7.0	%	546,821			7.7	%	578,823			7.9	%	598,997			8.3	%
Non-investment grade and not rated	1,046,381			14.2	%	1,008,638			13.5	%	985,806			13.9	%	1,053,544			14.5	%	1,057,646			14.5	%
Total fixed maturity investments, at fair value	$	7,404,761		100.0	%	$	7,426,555		100.0	%	$	7,092,969		100.0	%	$	7,282,264		100.0	%	$	7,259,851		100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	495,143		6.7	%	$	546,255		7.3	%	$	367,091		5.2	%	$	427,683		5.9	%	$	514,037		7.1	%
Due after one through five years	4,324,744			58.4	%	4,521,930			60.9	%	4,324,948			61.0	%	4,111,191			56.5	%	4,004,237			55.2	%
Due after five through ten years	1,064,575			14.4	%	1,007,656			13.6	%	1,001,975			14.1	%	1,153,811			15.8	%	1,182,697			16.3	%
Due after ten years	143,696			1.9	%	165,140			2.2	%	153,764			2.1	%	170,578			2.3	%	192,570			2.6	%
Mortgage-backed securities	1,193,141			16.1	%	1,002,849			13.5	%	1,061,869			15.0	%	1,227,438			16.9	%	1,159,686			16.0	%
Asset-backed securities	183,462			2.5	%	182,725			2.5	%	183,322			2.6	%	191,563			2.6	%	206,624			2.8	%
Total fixed maturity investments, at fair value	$	7,404,761		100.0	%	$	7,426,555		100.0	%	$	7,092,969		100.0	%	$	7,282,264		100.0	%	$	7,259,851		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.9		%			2.5		%			2.2		%			2.3		%			2.3		%
Average duration of fixed maturities and short term investments	2.4					2.5					2.6					2.6					2.6

7

RenaissanceRe Holdings Ltd.
Summary of Other Investments
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Type of Investment
Catastrophe bonds	$	476,534		$	380,475		$	332,044		$	348,353		$	298,564
Private equity partnerships	190,067			196,220			196,280			194,331			192,975
Senior secured bank loan fund	13,771			17,574			19,572			17,321			21,748
Hedge funds	12,280			524			596			1,207			1,380
Total other investments, at fair value	$	692,652		$	594,793		$	548,492		$	561,212		$	514,667
Type of Investment
Catastrophe bonds	68.8		%	64.0		%	60.5		%	62.1		%	58.0		%
Private equity partnerships	27.4		%	32.9		%	35.8		%	34.6		%	37.5		%
Senior secured bank loan fund	2.0		%	3.0		%	3.6		%	3.1		%	4.2		%
Hedge funds	1.8		%	0.1		%	0.1		%	0.2		%	0.3		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

8

RenaissanceRe Holdings Ltd.
Total Investment Result
	Three months ended
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Fixed maturity investments	$	45,643		$	46,544		$	45,305		$	44,356		$	43,419
Short term investments	5,304			3,606			2,771			2,981			1,724
Equity investments trading	698			998			930			889			811
Other investments
Private equity investments	(434		)	13,215			6,371			6,611			7,802
Other	8,023			12,587			(11,491		)	2,899			4,072
Cash and cash equivalents	565			360			352			295			189
	59,799			77,310			44,238			58,031			58,017
Investment expenses	(3,323		)	(3,846		)	(3,981		)	(3,868		)	(3,692		)
Net investment income	56,476			73,464			40,257			54,163			54,325
Gross realized gains	4,583			6,068			16,343			15,249			11,461
Gross realized losses	(25,853		)	(8,930		)	(6,126		)	(7,243		)	(16,533		)
Net realized (losses) gains on fixed maturity investments	(21,270		)	(2,862		)	10,217			8,006			(5,072		)
Net unrealized (losses) gains on fixed maturity investments trading	(55,372		)	(40,461		)	5,545			18,760			24,635
Net realized and unrealized (losses) gains on investments-related derivatives	(4,364		)	1,854			(4,020		)	(268		)	(56		)
Net realized gains on equity investments trading	234			30,291			13,675			15,146			20,915
Net unrealized (losses) gains on equity investments trading	(1,372		)	3,462			16,635			16,469			2,951
Net realized and unrealized (losses) gains on investments	(82,144		)	(7,716		)	42,052			58,113			43,373
Total investment result	$	(25,668	)	$	65,748		$	82,309		$	112,276		$	97,698
Total investment return - annualized	(1.0		)%	2.6		%	3.4		%	4.8		%	4.1		%

9

RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
March 31, 2018	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,616,597	$	1,616,597		15.8	%	1.7	%	$	1,605,067		$	2,000		$	7,884		$	727		$	70		$	849
			100.0		%					99.3		%	0.1		%	0.5		%	—		%	—		%	0.1		%
Fixed maturity investments
U.S. treasuries	2,871,914		2,834,487			27.7	%	2.3	%	—			2,834,487			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	19,806		19,384			0.2	%	2.5	%	—			19,384			—			—			—			—
Other agencies	26,336		25,981			0.3	%	2.4	%	—			25,981			—			—			—			—
Total agencies	46,142		45,365			0.5	%	2.4	%	—			45,365			—			—			—			—
Municipal	509,495		506,470			5.0	%	2.5	%	87,943			241,845			132,759			43,923			—			—
Non-U.S. government (Sovereign debt)	305,647		303,056			3.0	%	2.4	%	210,449			65,339			25,954			293			1,021			—
Non-U.S. government-backed corporate	192,631		191,202			1.9	%	2.7	%	68,075			101,280			18,546			1,396			1,905			—
Corporate	2,170,907		2,147,578			21.0	%	4.2	%	38,088			148,955			705,382			469,467			746,614			39,072
Mortgage-backed
Residential mortgage-backed
Agency securities	704,950		693,377			6.8	%	3.3	%	—			693,377			—			—			—			—
Non-agency securities - Alt A	232,059		246,669			2.4	%	3.8	%	8,158			9,849			2,658			9,925			198,303			17,776
Non-agency securities - Prime	52,879		55,969			0.5	%	3.9	%	5,313			3,938			2,224			2,804			28,179			13,511
Total residential mortgage-backed	989,888		996,015			9.7	%	3.5	%	13,471			707,164			4,882			12,729			226,482			31,287
Commercial mortgage-backed	199,841		197,126			1.9	%	3.3	%	154,647			39,001			217			3,261			—			—
Total mortgage-backed	1,189,729		1,193,141			11.6	%	3.4	%	168,118			746,165			5,099			15,990			226,482			31,287
Asset-backed
Collateralized loan obligations	147,292		147,563			1.4	%	3.6	%	118,825			20,594			400			7,744			—			—
Credit cards	13,699		13,597			0.1	%	2.6	%	13,597			—			—			—			—			—
Auto loans	14,659		14,483			0.1	%	3.1	%	14,483			—			—			—			—			—
Student loans	1,418		1,411			—	%	2.7	%	1,411			—			—			—			—			—
Other	6,470		6,408			0.1	%	3.3	%	2,908			—			1,674			1,826			—			—
Total asset-backed	183,538		183,462			1.7	%	3.5	%	151,224			20,594			2,074			9,570			—			—
Total securitized assets	1,373,267		1,376,603			13.3	%	3.4	%	319,342			766,759			7,173			25,560			226,482			31,287
Total fixed maturity investments	7,470,003		7,404,761			72.4	%	3.1	%	723,897			4,204,030			889,814			540,639			976,022			70,359
			100.0		%					9.7		%	56.8		%	12.0		%	7.3		%	13.2		%	1.0		%
Equity investments trading			387,462			3.8	%			—			—			—			—			—			387,462
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			476,534			4.7	%			—			—			—			—			476,534			—
Private equity partnerships			190,067			1.9	%			—			—			—			—			—			190,067
Senior secured bank loan fund			13,771			0.1	%			—			—			—			—			—			13,771
Hedge funds			12,280			0.1	%			—			—			—			—			—			12,280
Total other investments			692,652			6.8	%			—			—			—			—			476,534			216,118
			100.0		%					—		%	—		%	—		%	—		%	68.8		%	31.2		%
Investments in other ventures			120,232			1.2	%			—			—			—			—			—			120,232
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	10,221,704		100.0	%			$	2,328,964		$	4,206,030		$	897,698		$	541,366		$	1,452,626		$	795,020
			100.0		%					22.8		%	41.1		%	8.8		%	5.3		%	14.2		%	7.8		%

(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.

10

RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value
	March 31, 2018
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	40,578	$	—	$	40,578
Goldman Sachs Group Inc.	40,411		—		40,411
Morgan Stanley	34,401		—		34,401
JP Morgan Chase & Co.	30,488		—		30,488
Wells Fargo & Co.	29,407		—		29,407
HSBC Holdings PLC	25,571		—		25,571
Citigroup Inc.	23,173		—		23,173
UBS Group AG	21,725		—		21,725
Honda Motor Co., Ltd.	19,540		—		19,540
Sumitomo Mitsui Financial Group	19,018		—		19,018
Total (1)	$	284,312	$	—	$	284,312

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

11

RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses
	Case Reserves		Additional Case Reserves		IBNR		Total
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
December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408
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

12

RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis
	Three months ended March 31, 2018									Three months ended March 31, 2017
	Gross			Recoveries			Net			Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	5,080,408		$	1,586,630		$	3,493,778		$	2,848,294	$	279,564	$	2,568,730
Incurred claims and claim expenses
Current year	267,018			63,980			203,038			219,860		55,785		164,075
Prior years	(41,276		)	(9,941		)	(31,335		)	31,944		2,938		29,006
Total incurred claims and claim expenses	225,742			54,039			171,703			251,804		58,723		193,081
Paid claims and claim expenses
Current year	11,576			2,526			9,050			9,124		1,395		7,729
Prior years	393,954			65,825			328,129			158,633		11,133		147,500
Total paid claims and claim expenses	405,530			68,351			337,179			167,757		12,528		155,229
Foreign exchange	12,107			3			12,104			2,347		60		2,287
Reserve for claims and claim expenses, end of period	$	4,912,727		$	1,572,321		$	3,340,406		$	2,934,688	$	325,819	$	2,608,869

13

RenaissanceRe Holdings Ltd.
Earnings per Share
	Three months ended
(common shares in thousands)	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	92,352
Amount allocated to participating common shareholders (1)	(546		)	(113		)	(116		)	(1,585		)	(907		)
	$	56,167		$	(3,565	)	$	(504,928	)	$	169,557		$	91,445
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	39,552			39,478			39,591			39,937			40,408
Per common share equivalents of employee stock options and restricted shares	47			—			—			87			215
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,599			39,478			39,591			40,024			40,623
Basic income (loss) per RenaissanceRe common share	$	1.42		$	(0.09	)	$	(12.75	)	$	4.25		$	2.26
Diluted income (loss) per RenaissanceRe common share	$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	2.25

(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.

14

RenaissanceRe Holdings Ltd.
Equity in Earnings (Losses) of Other Ventures
	Three months ended
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Top Layer Re	$	2,033		$	1,987		$	2,722		$	2,658		$	2,484
Tower Hill Companies	(910		)	(412		)	(383		)	3,206			(4,058		)
Other	(266		)	625			(545		)	(321		)	67
Total equity in earnings (losses) of other ventures	$	857		$	2,200		$	1,794		$	5,543		$	(1,507	)
Other (Loss) Income
	Three months ended
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	(1,523	)	$	1,230		$	2,793		$	3,134		$	1,498
Other items	281			1,132			203			(742		)	167
Total other (loss) income	$	(1,242	)	$	2,362		$	2,996		$	2,392		$	1,665

15

RenaissanceRe Holdings Ltd.
Ratings
	A.M. Best	S&P	Moody's	Fitch
Renaissance Reinsurance (1)	A+	A+	A1	A+
DaVinci (1)	A	A+	A3	—
Renaissance Reinsurance U.S. (1)	A+	A+	—	—
RenaissanceRe Specialty U.S. (1)	A+	A+	—	—
Renaissance Reinsurance of Europe (1)	A+	A+	—	—
Top Layer Re (1)	A+	AA	—	—
Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	AA-
RenaissanceRe (3)	Very Strong	Very Strong	—	—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the 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 Syndicate 1458's financial strength rating.

(3) The A.M. Best rating for RenaissanceRe refers to the Enterprise Risk Management ("ERM") A.M. Best score within A.M. Best’s credit ratings methodology. The S&P rating for RenaissanceRe represents the rating on its ERM practices.

16

RenaissanceRe Holdings Ltd.
Gross Premiums Written
	Three months ended
	March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017
Property Segment
Catastrophe	$	590,337	$	35,012	$	243,514	$	411,500	$	414,424
Other property	116,631		60,154		81,881		87,847		106,105
Property segment gross premiums written	$	706,968	$	95,166	$	325,395	$	499,347	$	520,529
Casualty and Specialty Segment
Professional liability (1)	$	157,113	$	117,075	$	101,482	$	101,447	$	132,306
General casualty (2)	126,626		$	80,538	$	107,055	$	107,994	$	122,293
Financial lines (3)	93,267		83,157		66,186		69,314		85,143
Other (4)	75,678		31,830		40,158		49,313		61,819
Casualty and Specialty segment gross premiums written	$	452,684	$	312,600	$	314,881	$	328,068	$	401,561

(1)	Includes directors and officers, medical malpractice, and professional indemnity.
(2)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability
(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.

17

RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results
	Three months ended March 31, 2018									Three months ended March 31, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	590,337		$	116,631		$	706,968		$	414,424		$	106,105		$	520,529
Net premiums written	$	281,053		$	73,024		$	354,077		$	220,898		$	68,973		$	289,871
Net premiums earned	$	147,823		$	77,226		$	225,049		$	133,179		$	53,809		$	186,988
Net claims and claim expenses incurred	9,473			21,134			30,607			6,923			31,915			38,838
Acquisition expenses	17,973			22,748			40,721			9,814			19,289			29,103
Operational expenses	22,095			4,451			26,546			22,476			5,189			27,665
Underwriting income (loss)	$	98,282		$	28,893		$	127,175		$	93,966		$	(2,584	)	$	91,382
Net claims and claim expenses incurred - current accident year	$	21,542		$	36,627		$	58,169		$	15,174		$	24,592		$	39,766
Net claims and claim expenses incurred - prior accident years	(12,069		)	(15,493		)	(27,562		)	(8,251		)	7,323			(928		)
Net claims and claim expenses incurred - total	$	9,473		$	21,134		$	30,607		$	6,923		$	31,915		$	38,838
Net claims and claim expense ratio - current accident year	14.6		%	47.4		%	25.8		%	11.4		%	45.7		%	21.3		%
Net claims and claim expense ratio - prior accident years	(8.2		)%	(20.0		)%	(12.2		)%	(6.2		)%	13.6		%	(0.5		)%
Net claims and claim expense ratio - calendar year	6.4		%	27.4		%	13.6		%	5.2		%	59.3		%	20.8		%
Underwriting expense ratio	27.1		%	35.2		%	29.9		%	24.2		%	45.5		%	30.3		%
Combined ratio	33.5		%	62.6		%	43.5		%	29.4		%	104.8		%	51.1		%

18

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 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 (loss) available (attributable) 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 (loss) available (attributable) 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, and the associated income tax expense or benefit, and the exclusion of the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the "Tax Bill"), which was enacted on December 22, 2017. The Company's management believes that “operating income (loss) available (attributable) 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 associated income tax expense or benefit of those fluctuations, and the non-recurring impact of the write-down of a portion of the Company's deferred tax assets as a result of the Tax Bill. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) 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 (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to operating income (loss) available (attributable) 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, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	92,352
Adjustment for net realized and unrealized losses (gains) on investments	82,144			7,716			(42,052		)	(58,113		)	(43,373		)
Adjustment for deferred tax asset write-down (1)	—			36,705			—			—			—
Adjustment for income tax (benefit) expense (2)	(3,648		)	384			2,711			3,785			4,707
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	135,209		$	41,353		$	(544,153	)	$	116,814		$	53,686
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	2.25
Adjustment for net realized and unrealized losses (gains) on investments	2.07			0.20			(1.06		)	(1.45		)	(1.07		)
Adjustment for deferred tax asset write-down (1)	—			0.93			—			—			—
Adjustment for income tax (benefit) expense (2)	(0.09		)	0.01			0.07			0.09			0.12
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.40		$	1.05		$	(13.74	)	$	2.88		$	1.30
Return on average common equity - annualized	5.7		%	(0.3		)%	(47.2		)%	15.2		%	8.3		%
Adjustment for net realized and unrealized losses (gains) on investments	8.2		%	0.8		%	(3.9		)%	(5.2		)%	(3.9		)%
Adjustment for deferred tax asset write-down (1)	—		%	3.7		%	—		%	—		%	—		%
Adjustment for income tax (benefit) expense (2)	(0.4		)%	—		%	0.3		%	0.3		%	0.4		%
Operating return on average common equity - annualized	13.5		%	4.2		%	(50.8		)%	10.3		%	4.8		%

(1) Adjustment for deferred tax asset write-down represents the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Bill, which was enacted on December 22, 2017.

(2) Adjustment for income tax (benefit) expense represents the income tax (benefit) expense associated with the adjustment for net realized and unrealized losses (gains) on investments. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

19

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
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Book value per common share	$	100.29		$	99.72		$	100.00		$	113.08		$	109.37
Adjustment for goodwill and other intangibles (1)	(6.66		)	(6.49		)	(6.55		)	(6.56		)	(6.55		)
Tangible book value per common share	93.63			93.23			93.45			106.52			102.82
Adjustment for accumulated dividends	18.33			18.00			17.68			17.36			17.04
Tangible book value per common share plus accumulated dividends	$	111.96		$	111.23		$	111.13		$	123.88		$	119.86
Quarterly change in book value per common share	0.6		%	(0.3		)%	(11.6		)%	3.4		%	0.8		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	0.8		%	0.1		%	(12.0		)%	3.9		%	1.2		%

(1) At March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017, goodwill and other intangibles included $26.3 million, $16.7 million, $17.4 million, $18.1 million and $18.9 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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 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
	March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Property Segment
Catastrophe	$	590,337		$	35,012		$	243,514		$	411,500		$	414,424
Other property	116,631			60,154			81,881			87,847			106,105
Property segment gross premiums written	$	706,968		$	95,166		$	325,395		$	499,347		$	520,529
Managed Catastrophe Premiums
Property segment gross premiums written	$	706,968		$	95,166		$	325,395		$	499,347		$	520,529
Other property gross premiums written	(116,631		)	(60,154		)	(81,881		)	(87,847		)	(106,105		)
Catastrophe gross premiums written	$	590,337		$	35,012		$	243,514		$	411,500		$	414,424
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	13,660			1,540			1,510			26,337			12,385
Managed catastrophe premiums	$	603,997		$	36,552		$	245,024		$	437,837		$	426,809

21