RenaissanceRe Holdings Ltd.

Contents

		Page
Basis of Presentation		i
Financial Highlights		1
Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4
Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	9
d.	Gross Premiums Written	10
e.	Net Premiums Written	11
f.	Net Premiums Earned	12
g.	Reserves for Claims and Claim Expenses	13
h.	Paid to Incurred Analysis	14
Managed Joint Ventures and Fee Income
a.	Fee Income	15
b.	Fee income - Five Quarter Trend	16
c.	Noncontrolling Interests	17
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	19
Investments
a.	Total Investment Result	20
b.	Investments Composition	21
c.	Managed Investments - Credit Rating	22
d.	Retained Investments - Credit Rating	23
Other Items
a.	Earnings per Share	24
Comments on Regulation G		25

RenaissanceRe Holdings Ltd.

Basis of Presentation

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

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) 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,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” 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 25 through 31 for “Comments on Regulation G.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, 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.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement 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. We may also make forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, and insured losses from loss events, among other things. 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 Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of

i

the Company’s investment portfolio and financial market volatility; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the highly competitive nature of the Company’s industry and its reliance on a small number of brokers; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the historically cyclical nature of the (re)insurance industries; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates and recession or the perception that recession may occur; the effect of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations in the jurisdictions in which we operate; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in our joint ventures and managed funds; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

ii

RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended
	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	360,008		$	151,945
Underwriting income
Gross premiums written	$	2,790,261		$	2,942,964
Net premiums written	2,263,703			2,165,217
Underwriting income (loss)	369,619			200,278
Net claims and claim expense ratio:
Current accident year	53.9		%	57.8		%
Prior accident years	(6.2)		%	(1.2)		%
Calendar year	47.7		%	56.6		%
Acquisition expense ratio	25.7		%	25.3		%
Operating expense ratio	4.6		%	4.6		%
Combined ratio	78.0		%	86.5		%
Fee income
Management fee income	$	40,905		$	27,222
Performance fee income	3,867			1,127
Total fee income	$	44,772		$	28,349
Investment results - managed
Net investment income	$	254,378		$	83,691
Net realized and unrealized gains (losses) on investments	279,451			(673,017)
Total investment result	$	533,829		$	(589,326)
Total investment return - annualized	10.0		%	(10.2)		%
Investment results - retained (1)
Net investment income	$	168,009		$	62,676
Net realized and unrealized gains (losses) on investments	225,547			(584,624)
Total investment result	$	393,556		$	(521,948)
Total investment return - annualized	10.8		%	(13.7)		%

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

1

Financial Highlights - Per Share Data & ROE
	Three months ended
	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.95		$	(9.10)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	8.16		$	3.50
Average shares outstanding - basic	42,876			43,357
Average shares outstanding - diluted	43,006			43,357
Return on average common equity - annualized	46.6		%	(28.1)		%
Operating return on average common equity - annualized (1)	29.7		%	10.8		%
	March 31, 2023			December 31, 2022
Book value per common share	$	116.44		$	104.65
Tangible book value per common share (1)	$	110.66		$	98.81
Tangible book value per common share plus accumulated dividends (1)	$	136.04		$	123.81
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	12.4		%	(20.6)		%

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

2

Summary Consolidated Financial Statements
Consolidated Statements of Operations
	Three months ended
	March 31, 2023			March 31, 2022
Revenues
Gross premiums written	$	2,790,261		$	2,942,964
Net premiums written	$	2,263,703		$	2,165,217
Decrease (increase) in unearned premiums	(583,153)			(678,792)
Net premiums earned	1,680,550			1,486,425
Net investment income	254,378			83,691
Net foreign exchange gains (losses)	(14,503)			(15,486)
Equity in earnings (losses) of other ventures	9,530			(6,390)
Other income (loss)	(4,306)			1,193
Net realized and unrealized gains (losses) on investments	279,451			(673,017)
Total revenues	2,205,100			876,416
Expenses
Net claims and claim expenses incurred	801,200			841,733
Acquisition expenses	432,257			376,507
Operational expenses	77,474			67,907
Corporate expenses	12,843			12,502
Interest expense	12,134			11,955
Total expenses	1,335,908			1,310,604
Income (loss) before taxes	869,192			(434,188)
Income tax benefit (expense)	(28,902)			36,707
Net income (loss)	840,290			(397,481)
Net (income) loss attributable to redeemable noncontrolling interests	(267,384)			11,912
Net income (loss) attributable to RenaissanceRe	572,906			(385,569)
Dividends on preference shares	(8,844)			(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.95		$	(9.10)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	8.16		$	3.50
Return on average common equity - annualized	46.6		%	(28.1)		%
Operating return on average common equity - annualized (1)	29.7		%	10.8		%

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

3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
	March 31, 2023		December 31, 2022
Assets
Fixed maturity investments trading, at fair value – amortized cost $15,067,873 at March 31, 2023 (December 31, 2022 – $15,038,551)	$	14,695,585	$	14,351,402
Short term investments, at fair value - amortized cost $5,177,881 at March 31, 2023 (December 31, 2022 - $4,671,581)	5,177,095		4,669,272
Equity investments, at fair value	551,394		625,058
Other investments, at fair value	2,700,655		2,494,954
Investments in other ventures, under equity method	84,731		79,750
Total investments	23,209,460		22,220,436
Cash and cash equivalents	1,063,707		1,194,339
Premiums receivable	5,933,701		5,139,471
Prepaid reinsurance premiums	1,130,831		1,021,412
Reinsurance recoverable	4,706,671		4,710,925
Accrued investment income	121,681		121,501
Deferred acquisition costs	1,242,395		1,171,738
Receivable for investments sold	267,161		350,526
Other assets	358,203		384,702
Goodwill and other intangibles	236,517		237,828
Total assets	$	38,270,327	$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	15,996,826	$	15,892,573
Unearned premiums	5,250,642		4,559,107
Debt	1,140,960		1,170,442
Reinsurance balances payable	3,989,660		3,928,281
Payable for investments purchased	389,440		493,776
Other liabilities	279,878		648,036
Total liabilities	27,047,406		26,692,215
Redeemable noncontrolling interests	5,357,386		4,535,389
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2023 (December 31, 2022 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 43,931,597 shares issued and outstanding at March 31, 2023 (December 31, 2022 – 43,717,836)	43,932		43,718
Additional paid-in capital	467,623		475,647
Accumulated other comprehensive loss	(14,838)		(15,462)
Retained earnings	4,618,818		4,071,371
Total shareholders' equity attributable to RenaissanceRe	5,865,535		5,325,274
Total liabilities, noncontrolling interests and shareholders' equity	$	38,270,327	$	36,552,878
Book value per common share	$	116.44	$	104.65

4

Underwriting and Reserves
Consolidated Segment Underwriting Results
	Three months ended March 31, 2023									Three months ended March 31, 2022
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	1,304,199		$	1,486,062		$	2,790,261		$	1,343,508		$	1,599,456		$	2,942,964
Net premiums written	$	1,019,829		$	1,243,874		$	2,263,703		$	890,166		$	1,275,051		$	2,165,217
Net premiums earned	$	687,420		$	993,130		$	1,680,550		$	618,591		$	867,834		$	1,486,425
Net claims and claim expenses incurred	187,609			613,591			801,200			259,761			581,972			841,733
Acquisition expenses	145,319			286,938			432,257			127,096			249,411			376,507
Operational expenses	55,813			21,661			77,474			46,932			20,975			67,907
Underwriting income (loss)	$	298,679		$	70,940		$	369,619		$	184,802		$	15,476		$	200,278
Net claims and claim expenses incurred:
Current accident year	$	269,302		$	636,650		$	905,952		$	276,519		$	583,047		$	859,566
Prior accident years	(81,693)			(23,059)			(104,752)			(16,758)			(1,075)			(17,833)
Total	$	187,609		$	613,591		$	801,200		$	259,761		$	581,972		$	841,733
Net claims and claim expense ratio:
Current accident year	39.2		%	64.1		%	53.9		%	44.7		%	67.2		%	57.8		%
Prior accident years	(11.9)		%	(2.3)		%	(6.2)		%	(2.7)		%	(0.1)		%	(1.2)		%
Calendar year	27.3		%	61.8		%	47.7		%	42.0		%	67.1		%	56.6		%
Acquisition expense ratio	21.2		%	28.9		%	25.7		%	20.5		%	28.7		%	25.3		%
Operating expense ratio	8.1		%	2.2		%	4.6		%	7.6		%	2.4		%	4.6		%
Combined ratio	56.6		%	92.9		%	78.0		%	70.1		%	98.2		%	86.5		%

5

Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
	Total
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Gross premiums written	$	2,790,261		$	1,585,276		$	2,220,661		$	2,464,639		$	2,942,964
Net premiums written	$	2,263,703		$	1,345,616		$	1,821,711		$	1,863,616		$	2,165,217
Net premiums earned	$	1,680,550		$	1,624,160		$	1,767,021		$	1,456,383		$	1,486,425
Net claims and claim expenses incurred	801,200			822,937			1,967,931			706,239			841,733
Acquisition expenses	432,257			413,217			417,644			361,238			376,507
Operational expenses	77,474			71,704			64,560			72,520			67,907
Underwriting income (loss)	$	369,619		$	316,302		$	(683,114)		$	316,386		$	200,278
Net claims and claim expenses incurred:
Current accident year	$	905,952		$	977,823		$	1,999,837		$	749,196		$	859,566
Prior accident years	(104,752)			(154,886)			(31,906)			(42,957)			(17,833)
Total	$	801,200		$	822,937		$	1,967,931		$	706,239		$	841,733
Net claims and claim expense ratio:
Current accident year	53.9		%	60.2		%	113.2		%	51.4		%	57.8		%
Prior accident years	(6.2)		%	(9.5)		%	(1.8)		%	(2.9)		%	(1.2)		%
Calendar year	47.7		%	50.7		%	111.4		%	48.5		%	56.6		%
Acquisition expense ratio	25.7		%	25.4		%	23.6		%	24.8		%	25.3		%
Operating expense ratio	4.6		%	4.4		%	3.7		%	5.0		%	4.6		%
Combined ratio	78.0		%	80.5		%	138.7		%	78.3		%	86.5		%

6

Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
	Property
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Gross premiums written	$	1,304,199		$	372,082		$	800,330		$	1,218,321		$	1,343,508
Net premiums written	$	1,019,829		$	372,998		$	696,520		$	887,975		$	890,166
Net premiums earned	$	687,420		$	688,238		$	839,817		$	623,581		$	618,591
Net claims and claim expenses incurred	187,609			240,503			1,372,583			171,924			259,761
Acquisition expenses	145,319			140,872			141,675			137,567			127,096
Operational expenses	55,813			49,638			48,158			49,627			46,932
Underwriting income (loss)	$	298,679		$	257,225		$	(722,599)		$	264,463		$	184,802
Net claims and claim expenses incurred:
Current accident year	$	269,302		$	370,175		$	1,396,842		$	206,976		$	276,519
Prior accident years	(81,693)			(129,672)			(24,259)			(35,052)			(16,758)
Total	$	187,609		$	240,503		$	1,372,583		$	171,924		$	259,761
Net claims and claim expense ratio:
Current accident year	39.2		%	53.8		%	166.3		%	33.2		%	44.7		%
Prior accident years	(11.9)		%	(18.9)		%	(2.9)		%	(5.6)		%	(2.7)		%
Calendar year	27.3		%	34.9		%	163.4		%	27.6		%	42.0		%
Acquisition expense ratio	21.1		%	20.5		%	16.9		%	22.0		%	20.5		%
Operating expense ratio	8.1		%	7.2		%	5.7		%	8.0		%	7.6		%
Combined ratio	56.6		%	62.6		%	186.0		%	57.6		%	70.1		%

7

Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
	Casualty and Specialty
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Gross premiums written	$	1,486,062		$	1,213,194		$	1,420,331		$	1,246,318		$	1,599,456
Net premiums written	$	1,243,874		$	972,618		$	1,125,191		$	975,641		$	1,275,051
Net premiums earned	$	993,130		$	935,922		$	927,204		$	832,802		$	867,834
Net claims and claim expenses incurred	613,591			582,434			595,348			534,315			581,972
Acquisition expenses	286,938			272,345			275,969			223,671			249,411
Operational expenses	21,661			22,066			16,402			22,893			20,975
Underwriting income (loss)	$	70,940		$	59,077		$	39,485		$	51,923		$	15,476
Net claims and claim expenses incurred:
Current accident year	$	636,650		$	607,648		$	602,995		$	542,220		$	583,047
Prior accident years	(23,059)			(25,214)			(7,647)			(7,905)			(1,075)
Total	$	613,591		$	582,434		$	595,348		$	534,315		$	581,972
Net claims and claim expense ratio:
Current accident year	64.1		%	64.9		%	65.0		%	65.1		%	67.2		%
Prior accident years	(2.3)		%	(2.7)		%	(0.8)		%	(0.9)		%	(0.1)		%
Calendar year	61.8		%	62.2		%	64.2		%	64.2		%	67.1		%
Acquisition expense ratio	28.9		%	29.1		%	29.7		%	26.9		%	28.7		%
Operating expense ratio	2.2		%	2.4		%	1.8		%	2.7		%	2.4		%
Combined ratio	92.9		%	93.7		%	95.7		%	93.8		%	98.2		%

8

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
	Three months ended March 31, 2023									Three months ended March 31, 2022
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	928,595		$	375,604		$	1,304,199		$	886,091		$	457,417		$	1,343,508
Net premiums written	$	816,487		$	203,342		$	1,019,829		$	601,787		$	288,379		$	890,166
Net premiums earned	$	352,753		$	334,667		$	687,420		$	278,997		$	339,594		$	618,591
Net claims and claim expenses incurred	(12,812)			200,421			187,609			75,255			184,506			259,761
Acquisition expenses	42,050			103,269			145,319			34,808			92,288			127,096
Operational expenses	45,809			10,004			55,813			38,142			8,790			46,932
Underwriting income (loss)	$	277,706		$	20,973		$	298,679		$	130,792		$	54,010		$	184,802
Net claims and claim expenses incurred:
Current accident year	$	67,599		$	201,703		$	269,302		$	103,565		$	172,954		$	276,519
Prior accident years	(80,411)			(1,282)			(81,693)			(28,310)			11,552			(16,758)
Total	$	(12,812)		$	200,421		$	187,609		$	75,255		$	184,506		$	259,761
Net claims and claim expense ratio:
Current accident year	19.2		%	60.3		%	39.2		%	37.1		%	50.9		%	44.7		%
Prior accident years	(22.8)		%	(0.4)		%	(11.9)		%	(10.1)		%	3.4		%	(2.7)		%
Calendar year	(3.6)		%	59.9		%	27.3		%	27.0		%	54.3		%	42.0		%
Acquisition expense ratio	11.9		%	30.8		%	21.2		%	12.4		%	27.2		%	20.5		%
Operating expense ratio	13.0		%	3.0		%	8.1		%	13.7		%	2.6		%	7.6		%
Combined ratio	21.3		%	93.7		%	56.6		%	53.1		%	84.1		%	70.1		%

9

Underwriting and Reserves
Gross Premiums Written
	Three months ended				Q/Q $ Change		Q/Q % Change
	March 31, 2023		March 31, 2022
Property Segment
Catastrophe	$	954,987	$	862,997	$	91,990	10.7	%
Catastrophe - gross reinstatement premiums	(26,392)		23,094		(49,486)		(214.3)	%
Total catastrophe gross premiums written	$	928,595	$	886,091	$	42,504	4.8	%
Other property	377,851		455,413		(77,562)		(17.0)	%
Other property - gross reinstatement premiums	(2,247)		2,004		(4,251)		(212.1)	%
Total other property gross premiums written	$	375,604	$	457,417	$	(81,813)	(17.9)	%
Property segment gross premiums written	$	1,304,199	$	1,343,508	$	(39,309)	(2.9)	%
Casualty and Specialty Segment
General casualty (1)	$	467,892	$	480,142	$	(12,250)	(2.6)	%
Professional liability (2)	382,253		549,719		(167,466)		(30.5)	%
Credit (3)	231,676		259,104		(27,428)		(10.6)	%
Other specialty (4)	404,241		310,491		93,750		30.2	%
Casualty and Specialty segment gross premiums written	$	1,486,062	$	1,599,456	$	(113,394)	(7.1)	%

(1)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)	Includes directors and officers, medical malpractice, and professional indemnity.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

10

Underwriting and Reserves
Net Premiums Written
	Three months ended				Q/Q $ Change		Q/Q % Change
	March 31, 2023		March 31, 2022
Property Segment
Catastrophe	$	840,126	$	580,592	$	259,534	44.7	%
Catastrophe - net reinstatement premiums	(23,639)		21,195		(44,834)		(211.5)	%
Total catastrophe net premiums written	$	816,487	$	601,787	$	214,700	35.7	%
Other property	207,247		286,108		(78,861)		(27.6)	%
Other property - net reinstatement premiums	(3,905)		2,271		(6,176)		(272.0)	%
Total other property net premiums written	$	203,342	$	288,379	$	(85,037)	(29.5)	%
Property segment net premiums written	$	1,019,829	$	890,166	$	129,663	14.6	%
Casualty and Specialty Segment
General casualty (1)	$	422,420	$	404,276	$	18,144	4.5	%
Professional liability (2)	310,912		432,156		(121,244)		(28.1)	%
Credit (3)	165,544		180,430		(14,886)		(8.3)	%
Other specialty (4)	344,998		258,189		86,809		33.6	%
Casualty and Specialty segment net premiums written	$	1,243,874	$	1,275,051	$	(31,177)	(2.4)	%

(1)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)	Includes directors and officers, medical malpractice, and professional indemnity.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

11

Underwriting and Reserves
Net Premiums Earned
	Three months ended				Q/Q $ Change		Q/Q % Change
	March 31, 2023		March 31, 2022
Property Segment
Catastrophe	$	376,392	$	257,802	$	118,590	46.0	%
Catastrophe - net reinstatement premiums	(23,639)		21,195		(44,834)		(211.5)	%
Total catastrophe net premiums earned	$	352,753	$	278,997	$	73,756	26.4	%
Other property	338,572		337,323		1,249		0.4	%
Other property - net reinstatement premiums	(3,905)		2,271		(6,176)		(272.0)	%
Total other property net premiums earned	$	334,667	$	339,594	$	(4,927)	(1.5)	%
Property segment net premiums earned	$	687,420	$	618,591	$	68,829	11.1	%
Casualty and Specialty Segment
General casualty (1)	$	326,628	$	290,755	$	35,873	12.3	%
Professional liability (2)	292,831		311,237		(18,406)		(5.9)	%
Credit (3)	127,331		83,839		43,492		51.9	%
Other specialty (4)	246,340		182,003		64,337		35.3	%
Casualty and Specialty segment net premiums earned	$	993,130	$	867,834	$	125,296	14.4	%

(1)	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)	Includes directors and officers, medical malpractice, and professional indemnity.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

12

Underwriting and Reserves
Reserves for Claims and Claim Expenses
	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2023
Property	$	2,017,567	$	2,069,014	$	3,100,878	$	7,187,459
Casualty and Specialty	1,917,179		189,794		6,702,394		8,809,367
Total	$	3,934,746	$	2,258,808	$	9,803,272	$	15,996,826
December 31, 2022
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741
Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573

13

Underwriting and Reserves
Paid to Incurred Analysis
	Three months ended March 31, 2023						Three months ended March 31, 2022
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	15,892,573	$	4,710,925	$	11,181,648	$	13,294,630	$	4,268,669	$	9,025,961
Incurred claims and claim expenses
Current year	1,067,128		161,176		905,952		1,019,596		160,030		859,566
Prior years	(107,424)		(2,672)		(104,752)		(2,041)		15,792		(17,833)
Total incurred claims and claim expenses	959,704		158,504		801,200		1,017,555		175,822		841,733
Paid claims and claim expenses
Current year	30,982		4,013		26,969		19,776		1,986		17,790
Prior years	857,853		166,985		690,868		731,325		122,520		608,805
Total paid claims and claim expenses	888,835		170,998		717,837		751,101		124,506		626,595
Foreign exchange (1)	33,384		8,240		25,144		(50,780)		(495)		(50,285)
Reserve for claims and claim expenses, end of period	$	15,996,826	$	4,706,671	$	11,290,155	$	13,510,304	$	4,319,490	$	9,190,814

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

14

Managed Joint Ventures and Fee Income

Fee Income

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

	Three months ended
	March 31, 2023		March 31, 2022
Management fee income
Joint ventures	$	27,998	$	13,395
Structured reinsurance products and other	6,638		7,224
Managed funds	6,269		6,603
Total management fee income	40,905		27,222
Performance fee income (loss)
Joint ventures	1,755		(103)
Structured reinsurance products and other	1,755		934
Managed funds	357		296
Total performance fee income (loss) (1)	3,867		1,127
Total fee income	$	44,772	$	28,349

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

	Three months ended
Fee income contributing to:	March 31, 2023		March 31, 2022
Underwriting income (loss) (1)	$	13,141	$	12,161
Earnings from equity method investments (2)	(141)		23
Redeemable noncontrolling interests (3)	31,772		16,165
Total fee income	$	44,772	$	28,349

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

15

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

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

	Three months ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Management fee income
Joint ventures	$	27,998	$	13,377	$	12,271	$	17,703	$	13,395
Structured reinsurance products and other	6,638		6,342		6,377		6,649		7,224
Managed funds	6,269		6,265		6,341		6,355		6,603
Total management fee income	40,905		25,984		24,989		30,707		27,222
Performance fee income (loss)
Joint ventures	1,755		1,505		1,915		1,037		(103)
Structured reinsurance products and other	1,755		2,391		(1,360)		2,486		934
Managed funds	357		467		184		25		296
Total performance fee income (loss) (1)	3,867		4,363		739		3,548		1,127
Total fee income	$	44,772	$	30,347	$	25,728	$	34,255	$	28,349

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

	Three months ended
Fee income contributing to:	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Underwriting income (loss) (1)	$	13,141	$	13,668	$	11,366	$	12,751	$	12,161
Earnings from equity method investments (2)	(141)		25		19		27		23
Redeemable noncontrolling interests (3)	31,772		16,654		14,343		21,477		16,165
Total fee income	$	44,772	$	30,347	$	25,728	$	34,255	$	28,349

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

16

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinci, Medici, Vermeer and Fontana (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:

	Three months ended
	March 31, 2023		March 31, 2022
Redeemable noncontrolling interests - DaVinci	$	(166,082)	$	25,323
Redeemable noncontrolling interests - Medici	(45,069)		5,287
Redeemable noncontrolling interests - Vermeer	(47,405)		(18,698)
Redeemable noncontrolling interests - Fontana	(8,828)		—
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(267,384)	$	11,912

	Three months ended
	March 31, 2023		March 31, 2022
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(241,938)	$	(80,098)
Non-operating (income) loss attributable to redeemable noncontrolling interests	(25,446)		92,010
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(267,384)	$	11,912

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

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

17

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:

	March 31, 2023		December 31, 2022
Redeemable noncontrolling interests - DaVinci	$	2,234,541	$	1,740,300
Redeemable noncontrolling interests - Medici	1,307,741		1,036,218
Redeemable noncontrolling interests - Vermeer	1,538,245		1,490,840
Redeemable noncontrolling interests - Fontana	276,859		268,031
Redeemable noncontrolling interests	$	5,357,386	$	4,535,389

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:

	March 31, 2023		December 31, 2022
DaVinci	74.6	%	69.1	%
Medici	89.2	%	87.2	%
Vermeer	100.0	%	100.0	%
Fontana	68.4	%	68.4	%

18

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
	Three months ended
	March 31, 2023			March 31, 2022
Revenues
Gross premiums written	$	528,779		$	425,315
Net premiums written	$	519,169		$	399,189
Decrease (increase) in unearned premiums	(311,282)			(233,158)
Net premiums earned	207,887			166,031
Net investment income	43,898			8,968
Net foreign exchange gains (losses)	(1,507)			412
Net realized and unrealized gains (losses) on investments	38,379			(117,651)
Total revenues	288,657			57,760
Expenses
Net claims and claim expenses incurred	9,691			57,859
Acquisition expenses	26,334			19,582
Operational and corporate expenses	26,803			15,066
Interest expense	1,858			1,858
Total expenses	64,686			94,365
Income (loss) before taxes	223,971			(36,605)
Income tax benefit (expense)	(1,589)			—
Net income (loss) available (attributable) to DaVinci common shareholders	$	222,382		$	(36,605)
Net claims and claim expenses incurred - current accident year	$	46,999		$	68,135
Net claims and claim expenses incurred - prior accident years	(37,308)			(10,276)
Net claims and claim expenses incurred - total	$	9,691		$	57,859
Net claims and claim expense ratio - current accident year	22.6		%	41.0		%
Net claims and claim expense ratio - prior accident years	(17.9)		%	(6.2)		%
Net claims and claim expense ratio - calendar year	4.7		%	34.8		%
Underwriting expense ratio	25.5		%	20.9		%
Combined ratio	30.2		%	55.7		%

19

Investments
Total Investment Result
	Managed (1)						Retained (2)
	Three months ended						Three months ended
	March 31, 2023			March 31, 2022			March 31, 2023			March 31, 2022
Fixed maturity investments trading	$	155,500		$	62,417		$	121,893		$	55,674
Short term investments	32,950			1,136			12,456			642
Equity investments	3,399			2,754			3,399			2,754
Other investments
Catastrophe bonds	38,831			17,360			6,029			2,686
Other	24,571			5,552			24,571			5,552
Cash and cash equivalents	4,264			(41)			4,012			(24)
	259,515			89,178			172,360			67,284
Investment expenses	(5,137)			(5,487)			(4,351)			(4,608)
Net investment income	$	254,378		$	83,691		$	168,009		$	62,676
Net investment income return - annualized	4.9		%	1.5		%	4.5		%	1.7		%
Net realized gains (losses) on fixed maturity investments trading	$	(104,765)		$	(121,152)		$	(87,407)		$	(106,989)
Net unrealized gains (losses) on fixed maturity investments trading	312,026			(464,177)			259,095			(397,426)
Net realized and unrealized gains (losses) on investments-related derivatives	12,162			(40,288)			14,479			(39,737)
Net realized gains (losses) on equity investments	(8,738)			(20)			(8,738)			(20)
Net unrealized gains (losses) on equity investments	39,151			(48,669)			39,152			(48,720)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	24,126			(8,261)			3,477			(1,282)
Net realized and unrealized gains (losses) on other investments - other	5,489			9,550			5,489			9,550
Net realized and unrealized gains (losses) on investments	279,451			(673,017)			225,547			(584,624)
Total investment result	$	533,829		$	(589,326)		$	393,556		$	(521,948)
Average invested assets	$	22,714,948		$	21,146,938		$	14,970,187		$	14,422,403
Total investment return - annualized	10.0		%	(10.2)		%	10.8		%	(13.7)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

20

Investments

Investments Composition

	March 31, 2023								December 31, 2022
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,331,398	$	(22,800)	$	5,750,433	$	(27,208)	$	7,180,129	$	(186,451)	$	5,772,302	$	(168,146)
Corporate (3)	4,474,372		(221,900)		3,388,545		(209,502)		4,390,568		(331,461)		3,392,129		(300,245)
Other (4)	2,889,815		(127,588)		2,346,051		(104,954)		2,780,705		(169,237)		2,339,897		(140,789)
Total fixed maturity investments trading, at fair value	14,695,585		(372,288)		11,485,029		(341,664)		14,351,402		(687,149)		11,504,328		(609,180)
Short term investments, at fair value	5,177,095		(786)		1,493,812		(257)		4,669,272		(2,309)		1,131,408		(817)
Equity investments, at fair value	551,394		28,566		551,190		28,553		625,058		(10,590)		624,870		(10,600)
Other investments, at fair value
Catastrophe bonds	1,388,579		(158,690)		210,579		(45,581)		1,241,468		(182,798)		209,114		(51,841)
Fund investments	1,144,544		125,059		1,144,544		125,059		1,086,706		111,423		1,086,706		111,423
Term loans	100,000		—		100,000		—		100,000		—		100,000		—
Direct private equity investments	67,532		(30,732)		67,532		(30,732)		66,780		(31,484)		66,780		(31,484)
Total other investments, at fair value	2,700,655		(64,363)		1,522,655		48,746		2,494,954		(102,859)		1,462,600		28,098
Investments in other ventures, under equity method	84,731		—		84,731		—		79,750		—		79,750		—
Total investments	$	23,209,460	$	(408,871)	$	15,137,417	$	(264,622)	$	22,220,436	$	(802,907)	$	14,802,956	$	(592,499)

	March 31, 2023					December 31, 2022
	Managed (1)		Retained (2)			Managed (1)		Retained (2)
Weighted average yield to maturity of investments (5)	5.7	%	5.4		%	5.7	%	5.6		%
Average duration of investments, in years (5)	2.4		3.1			2.5		3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)			$	(7.78)				$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See "Comments on Regulation G" for reconciliation of non-GAAP financial measures.

21

Investments
Managed Investments - Credit Rating (1)
				Credit Rating (2)																		Investments not subject to credit ratings
March 31, 2023	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,331,398		$	—		$	7,331,398		$	—		$	—		$	—		$	—		$	—
Corporate (3)	4,474,372			223,012			366,487			1,406,060			1,495,150			952,915			30,748			—
Agencies	481,850			31,726			450,124			—			—			—			—			—
Non-U.S. government	364,048			145,306			213,794			3,796			—			1,152			—			—
Residential mortgage-backed	786,680			60,339			554,688			4,736			8,254			89,318			69,345			—
Commercial mortgage-backed	215,655			164,042			34,783			895			8,891			3,486			3,558			—
Asset-backed	1,041,582			703,799			197,531			63,246			37,024			38,825			1,157			—
Total fixed maturity investments trading, at fair value	14,695,585			1,328,224			9,148,805			1,478,733			1,549,319			1,085,696			104,808			—
Short term investments, at fair value	5,177,095			4,895,073			192,464			85,503			3,124			931			—			—
Equity investments, at fair value
Fixed income exchange traded funds (4)	296,049			—			—			—			207,830			88,219			—			—
Other equity investments	255,345			—			—			—			—			—			—			255,345
Total equity investments, at fair value	551,394			—			—			—			207,830			88,219			—			255,345
Other investments, at fair value
Catastrophe bonds	1,388,579			—			—			—			—			1,388,579			—			—
Fund investments:
Private credit funds	806,495			—			—			—			—			—			—			806,495
Private equity funds	338,049			—			—			—			—			—			—			338,049
Term loans	100,000			—			—			100,000			—			—			—			—
Direct private equity investments	67,532			—			—			—			—			—			—			67,532
Total other investments, at fair value	2,700,655			—			—			100,000			—			1,388,579			—			1,212,076
Investments in other ventures, under equity method	84,731			—			—			—			—			—			—			84,731
Total investments	$	23,209,460		$	6,223,297		$	9,341,269		$	1,664,236		$	1,760,273		$	2,563,425		$	104,808		$	1,552,152
	100.0		%	26.8		%	40.2		%	7.2		%	7.6		%	11.0		%	0.5		%	6.7		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)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 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.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.

22

Investments
Retained Investments - Credit Rating (1)
				Credit Rating (2)																		Investments not subject to credit ratings
March 31, 2023	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	5,750,433		$	—		$	5,750,433		$	—		$	—		$	—		$	—		$	—
Corporate (3)	3,388,545			162,466			268,819			1,050,593			1,059,591			822,173			24,903			—
Agencies	353,369			26,973			326,396			—			—			—			—			—
Non-U.S. government	308,004			128,001			175,055			3,796			—			1,152			—			—
Residential mortgage-backed	561,275			42,986			346,636			4,736			8,254			89,318			69,345			—
Commercial mortgage-backed	142,247			97,398			28,019			895			8,891			3,486			3,558			—
Asset-backed	981,156			645,205			196,678			62,265			37,024			38,825			1,159			—
Total fixed maturity investments trading, at fair value	11,485,029			1,103,029			7,092,036			1,122,285			1,113,760			954,954			98,965			—
Short term investments, at fair value	1,493,812			1,299,048			112,252			78,849			3,124			539			—			—
Equity investments, at fair value
Fixed income exchange traded funds (4)	296,049			—			—			—			207,830			88,219			—			—
Other equity investments	255,141			—			—			—			—			—			—			255,141
Total equity investments, at fair value	551,190			—			—			—			207,830			88,219			—			255,141
Other investments, at fair value
Catastrophe bonds	210,579			—			—			—			—			210,579			—			—
Fund investments:
Private credit funds	806,495			—			—			—			—			—			—			806,495
Private equity funds	338,049			—			—			—			—			—			—			338,049
Term loans	100,000			—			—			100,000			—			—			—			—
Direct private equity investments	67,532			—			—			—			—			—			—			67,532
Total other investments, at fair value	1,522,655			—			—			100,000			—			210,579			—			1,212,076
Investments in other ventures, under equity method	84,731			—			—			—			—			—			—			84,731
Total investments	$	15,137,417		$	2,402,077		$	7,204,288		$	1,301,134		$	1,324,714		$	1,254,291		$	98,965		$	1,551,948
	100.0		%	15.9		%	47.6		%	8.6		%	8.8		%	8.3		%	0.6		%	10.2		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

(2)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 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.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.

23

Other Items
Earnings per Share
	Three months ended
(common shares in thousands)	March 31, 2023		March 31, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062	$	(394,413)
Amount allocated to participating common shareholders (1)	(8,854)		(235)
Net income (loss) allocated to RenaissanceRe common shareholders	$	555,208	$	(394,648)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	42,876		43,357
Per common share equivalents of non-vested shares (2)	130		—
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	43,006		43,357
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.95	$	(9.10)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91	$	(9.10)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

24

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 provided certain of these financial measures in previous investor communications and the Company’s management believes that such 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 or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or 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.

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

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 (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) the income tax expense or benefit associated with these adjustments and (4) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. 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 these adjustments. 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 table 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.”

25

Comments on Regulation G

	Three months ended
	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(255,325)			664,756
Adjustment for net foreign exchange losses (gains)	14,503			15,486
Adjustment for income tax expense (benefit) (1)	11,322			(41,874)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	25,446			(92,010)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	360,008		$	151,945
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(5.94)			15.33
Adjustment for net foreign exchange losses (gains)	0.34			0.36
Adjustment for income tax expense (benefit) (1)	0.26			(0.97)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	0.59			(2.12)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.16		$	3.50
Return on average common equity - annualized	46.6		%	(28.1)		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(21.1)		%	47.3		%
Adjustment for net foreign exchange losses (gains)	1.2		%	1.1		%
Adjustment for income tax expense (benefit) (1)	0.9		%	(3.0)		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	2.1		%	(6.5)		%
Operating return on average common equity - annualized	29.7		%	10.8		%

(1)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(2)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

26

Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

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 table 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.”

	March 31, 2023			December 31, 2022
Book value per common share	$	116.44		$	104.65
Adjustment for goodwill and other intangibles (1)	(5.78)			(5.84)
Tangible book value per common share	110.66			98.81
Adjustment for accumulated dividends	25.38			25.00
Tangible book value per common share plus accumulated dividends	$	136.04		$	123.81
Year to date change in book value per common share	11.3		%	(20.8)		%
Year to date change in tangible book value per common share plus change in accumulated dividends	12.4		%	(20.6)		%

(1)At March 31, 2023 and December 31, 2022, the adjustment for goodwill and other intangibles included $17.5 million and $17.8 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

27

Comments on Regulation G

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

	Three months ended March 31, 2023									Three months ended March 31, 2022
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	155,500		$	(33,607)		$	121,893		$	62,417		$	(6,743)		$	55,674
Short term investments	32,950			(20,494)			12,456			1,136			(494)			642
Equity investments	3,399			—			3,399			2,754			—			2,754
Other investments
Catastrophe bonds	38,831			(32,802)			6,029			17,360			(14,674)			2,686
Other	24,571			—			24,571			5,552			—			5,552
Cash and cash equivalents	4,264			(252)			4,012			(41)			17			(24)
	259,515			(87,155)			172,360			89,178			(21,894)			67,284
Investment expenses	(5,137)			786			(4,351)			(5,487)			879			(4,608)
Net investment income	$	254,378		$	(86,369)		$	168,009		$	83,691		$	(21,015)		$	62,676
Net investment income return - annualized	4.9		%	(0.4)		%	4.5		%	1.5		%	0.2		%	1.7		%
Net realized gains (losses) on fixed maturity investments trading	$	(104,765)		$	17,358		$	(87,407)		$	(121,152)		$	14,163		$	(106,989)
Net unrealized gains (losses) on fixed maturity investments trading	312,026			(52,931)			259,095			(464,177)			66,751			(397,426)
Net realized and unrealized gains (losses) on investments-related derivatives	12,162			2,317			14,479			(40,288)			551			(39,737)
Net realized gains (losses) on equity investments	(8,738)			—			(8,738)			(20)			—			(20)
Net unrealized gains (losses) on equity investments	39,151			1			39,152			(48,669)			(51)			(48,720)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	24,126			(20,649)			3,477			(8,261)			6,979			(1,282)
Net realized and unrealized gains (losses) on other investments - other	5,489			—			5,489			9,550			—			9,550
Net realized and unrealized gains (losses) on investments	279,451			(53,904)			225,547			(673,017)			88,393			(584,624)
Total investment result	$	533,829		$	(140,273)		$	393,556		$	(589,326)		$	67,378		$	(521,948)
Average invested assets	$	22,714,948		$	(7,744,761)		$	14,970,187		$	21,146,938		$	(6,724,535)		$	14,422,403
Total investment return - annualized	10.0		%	0.8		%	10.8		%	(10.2)		%	(3.5)		%	(13.7)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

28

Comments on Regulation G

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to "retained total investments."

	March 31, 2023						December 31, 2022
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,331,398	$	(1,580,965)	$	5,750,433	$	7,180,129	$	(1,407,827)	$	5,772,302
Corporate (4)	4,474,372		(1,085,827)		3,388,545		4,390,568		(998,439)		3,392,129
Agencies	481,850		(128,481)		353,369		395,149		(81,312)		313,837
Non-U.S. government	364,048		(56,044)		308,004		383,838		(51,582)		332,256
Residential mortgage-backed	786,680		(225,405)		561,275		710,429		(192,368)		518,061
Commercial mortgage-backed	215,655		(73,408)		142,247		213,987		(64,006)		149,981
Asset-backed	1,041,582		(60,426)		981,156		1,077,302		(51,540)		1,025,762
Total fixed maturity investments trading, at fair value	14,695,585		(3,210,556)		11,485,029		14,351,402		(2,847,074)		11,504,328
Short term investments, at fair value	5,177,095		(3,683,283)		1,493,812		4,669,272		(3,537,864)		1,131,408
Equity investments, at fair value
Fixed income exchange traded funds	296,049		—		296,049		295,481		—		295,481
Other equity investments	255,345		(204)		255,141		329,577		(188)		329,389
Total equity investments trading, at fair value	551,394		(204)		551,190		625,058		(188)		624,870
Other investments, at fair value
Catastrophe bonds	1,388,579		(1,178,000)		210,579		1,241,468		(1,032,354)		209,114
Fund investments:
Private credit funds	806,495		—		806,495		771,383		—		771,383
Private equity funds	338,049		—		338,049		315,323		—		315,323
Term loans	100,000		—		100,000		100,000		—		100,000
Direct private equity investments	67,532		—		67,532		66,780		—		66,780
Total other investments, at fair value	2,700,655		(1,178,000)		1,522,655		2,494,954		(1,032,354)		1,462,600
Investments in other ventures, under equity method	84,731		—		84,731		79,750		—		79,750
Total investments	$	23,209,460	$	(8,072,043)	$	15,137,417	$	22,220,436	$	(7,417,480)	$	14,802,956

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

29

Comments on Regulation G

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss)".

	March 31, 2023						December 31, 2022
Type of Investment	Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)		Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	(22,800)	$	(4,408)	$	(27,208)	$	(186,451)	$	18,305	$	(168,146)
Corporate (4)	(221,900)		12,398		(209,502)		(331,461)		31,216		(300,245)
Other (5)	(127,588)		22,634		(104,954)		(169,237)		28,448		(140,789)
Total fixed maturity investments trading, at fair value	(372,288)		30,624		(341,664)		(687,149)		77,969		(609,180)
Short term investments, at fair value	(786)		529		(257)		(2,309)		1,492		(817)
Equity investments, at fair value	28,566		(13)		28,553		(10,590)		(10)		(10,600)
Other investments, at fair value
Catastrophe bonds	(158,690)		113,109		(45,581)		(182,798)		130,957		(51,841)
Fund investments	125,059		—		125,059		111,423		—		111,423
Direct private equity investments	(30,732)		—		(30,732)		(31,484)		—		(31,484)
Total other investments, at fair value	(64,363)		113,109		48,746		(102,859)		130,957		28,098
Total investments	$	(408,871)	$	144,249	$	(264,622)	$	(802,907)	$	210,408	$	(592,499)
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)					$	(7.78)					$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $341.7 million and $609.2 million at March 31, 2023 and December 31, 2022, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.

30

Comments on Regulation G

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to "operating (income) loss attributable to redeemable noncontrolling interests."

	Three months ended
	March 31, 2023		March 31, 2022
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(267,384)	$	11,912
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	32,747		(81,392)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	(7,301)		(10,619)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	25,446		(92,011)
Operating (income) loss attributable to redeemable noncontrolling interests	$	(292,830)	$	103,923

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.

31