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): July 26, 2011

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:

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

On July 26, 2011, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2011 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 Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit #	Description
99.1*	Copy of the Company’s press release, issued July 26, 2011
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.

- 2 -

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: July 26, 2011
	By:	/s/ Jeffrey D. Kelly
	Name:	Jeffrey D. Kelly
	Title:	Executive Vice President and Chief Financial Officer

- 3 -

INDEX TO EXHIBITS

Exhibit No.	Description
99.1*	Copy of the Company’s press release, issued July 26, 2011
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.

- 4 -

EX-99.1

Exhibit 99.1

RenaissanceRe Reports Net Income of $24.8 Million for the Second Quarter of 2011 or $0.48 Per Diluted Common

Share; Operating Loss of $10.2 Million or $0.21 Per Diluted Common Share

Net Negative Impact of $70.8 Million Related to the Large U.S. Tornadoes in the Second Quarter of 2011

Catastrophe Unit Gross Premiums Written Up 15% Excluding Reinstatement Premiums, and Managed Catastrophe

Premiums up 16%, Excluding Reinstatement Premiums

Pembroke, Bermuda, July 26, 2011 — RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported net income available to RenaissanceRe common shareholders of $24.8 million or $0.48 per diluted common share in the second quarter of 2011, compared to $210.2 million or $3.66, respectively, in the second quarter of 2010. Operating loss attributable to RenaissanceRe common shareholders was $10.2 million or $0.21 per diluted common share for the second quarter of 2011, compared to operating income available to RenaissanceRe common shareholders of $139.9 million or $2.40 per diluted common share in the second quarter of 2010. The Company reported an annualized return on average common equity of 3.3% and an annualized operating return on average common equity of negative 1.4% in the second quarter of 2011, compared to positive 26.8% and positive 17.9%, respectively, in the second quarter of 2010. See Comments on Regulation G for a reconciliation of non-GAAP measures.

Book value per common share increased $0.29, or 0.5%, in the second quarter of 2011 to $57.30, compared to a 5.8% increase in the second quarter of 2010.

Mr. Neill A. Currie, CEO, commented: “Our results for the quarter were impacted by $70.8 million of net losses from the tornado activity in the U.S. As a result, we reported $24.8 million of net income, a $10.2 million operating loss and a 0.5% increase in book value per share in the quarter.”

Mr. Currie added: “At the same time, we had a successful June 1^st renewal season and are pleased with our portfolio of risks, which reflects improving market conditions in our Reinsurance segment. Our strong balance sheet, high ratings and leadership position in property catastrophe reinsurance allowed us to increase our catastrophe premiums by over 15%.”

SECOND QUARTER 2011 HIGHLIGHTS ⁽¹⁾

• Gross premiums written increased $135.0 million, or 26.7%, to $641.6 million, primarily driven by improving market conditions in our core markets experienced during the June 2011 renewals and $22.5 million of reinstatement premiums written from the large U.S. tornadoes in the second quarter of 2011. Excluding the impact of $22.5 million of reinstatement premiums written in the second quarter of 2011, gross premiums written increased $112.5 million, or 22.2%.

• Underwriting income of $9.7 million and a combined ratio of 95.5%, compared to $169.4 million and 20.2%, primarily impacted by the large U.S. tornadoes in the second quarter of 2011, as detailed in the table below, which had a net negative impact ⁽²⁾ of $70.8 million and added 51.8 percentage points to the combined ratio.

1

Three months ended June 30, 2011
(in thousands of U.S. dollars, except ratios)	Large U.S. Tornadoes
Net claims and claim expenses incurred	$	(121,655	)
Reinstatement premiums earned		22,499
Lost profit commissions		(708	)
Net impact on underwriting result		(99,864	)
Redeemable noncontrolling interest - DaVinciRe		29,054
Net negative impact	$	(70,810	)
Percentage point impact on consolidated combined ratio		51.8
Net negative impact on Reinsurance segment underwriting result	$	(96,944	)
Net negative impact on Lloyd's segment underwriting result		(2,920	)
Net negative impact on underwriting result	$	(99,864	)

Underwriting Results by Segment ⁽¹⁾

Reinsurance Segment

Gross premiums written in the Reinsurance segment were $607.4 million, an increase of $110.9 million, or 22.3%. The increase is primarily due to a $93.7 million increase in the catastrophe unit as a result of the improving market conditions in our core markets experienced during the June 2011 renewals, combined with reinstatement premiums written from the large U.S. tornadoes in the second quarter of 2011. Excluding the impact of $22.4 million of reinstatement premiums written in the second quarter of 2011, the Reinsurance segment gross premiums written increased $88.5 million, or 17.8%, and managed catastrophe premiums written increased $80.9 million, or 15.7%.

The Reinsurance segment generated underwriting income of $12.9 million and a combined ratio of 93.5%, compared to $180.7 million and a combined ratio of 8.8%. Current accident year net claims and claim expenses in the Reinsurance segment of $162.4 million are comprised of $139.2 million and $23.2 million related to the catastrophe and specialty units, respectively. As detailed in the table below, the large U.S. tornadoes in the second quarter of 2011 had a net impact on the Reinsurance segment underwriting result of $96.9 million and added 55.5 percentage points to the Reinsurance segment’s combined ratio.

Three months ended June 30, 2011
(in thousands of U.S. dollars, except ratios)	Large U.S. Tornadoes
Net claims and claim expenses incurred	$	(118,655	)
Reinstatement premiums earned		22,419
Lost profit commissions		(708	)
Net impact on Reinsurance segment underwriting result	$	(96,944	)
Net negative impact on catastrophe unit underwriting result	$	(96,944	)
Net negative impact on specialty unit underwriting result		—
Net impact on Reinsurance segment underwriting result	$	(96,944	)
Percentage point impact on Reinsurance segment combined ratio		55.5

The Reinsurance segment experienced $19.2 million of favorable development on prior year reserves, including $11.8 million in the catastrophe unit due to reductions in estimated ultimate losses on certain specific events, and $7.4 million in the specialty unit primarily due to better than expected claims emergence.

2

Lloyd’s Segment

Gross premiums written in the Lloyd’s segment decreased $0.7 million, or 2.1%, to $34.1 million. The Lloyd’s segment incurred an underwriting loss of $3.3 million and a combined ratio of 119.3%, compared to generating underwriting income of $0.8 million and a combined ratio of 95.5%. Net claims and claim expenses include $3.0 million related to the large U.S. tornadoes in the second quarter of 2011.

Investments ⁽¹⁾

Total investment result, which includes net investment income, net realized and unrealized gains on investments, net other-than-temporary impairments and the change in net unrealized gains on fixed maturity investments available for sale, decreased $19.5 million, to $66.5 million, primarily due to the lower total returns on the fixed maturity investments portfolio, and partially offset by improved returns on certain non-investment grade allocations included in other investments. The weighted average effective yield on the fixed maturity and short term investment portfolio was 2.4% at June 30, 2011, compared to 2.1% at March 31, 2011.

Other Items ⁽¹⁾

• On June 1, 2011, DaVinciRe Holdings Ltd. completed an equity raise of $100.0 million from new and existing shareholders. The capital raised is being used to support the ongoing underwriting activities of DaVinci, which primarily writes property catastrophe reinsurance and certain classes of specialty reinsurance. As a result of the equity raise, the Company’s ownership in DaVinciRe decreased to 42.8% effective June 1, 2011, compared to 44.0% at January 1, 2011.

3

This Press Release includes certain non-GAAP financial measures including “operating (loss) income (attributable) available to RenaissanceRe common shareholders”, “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted”, “operating return on average common equity – annualized” and “managed catastrophe premiums”. 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 Holdings Ltd. will host a conference call on Wednesday, July 27, 2011 at 9:30 a.m. (ET) to discuss this release. Live broadcast of the conference call will be available through the “Investor Information – Company Webcasts” section of RenaissanceRe’s website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of three segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by the Company’s ventures unit, (2) Lloyd’s, which includes reinsurance and insurance business written through Syndicate 1458, and (3) Insurance, which principally includes the Company’s Bermuda-based insurance operations.

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this earnings release 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 Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Reports on Form 10-Q.

⁽¹⁾  All comparisons are with the second quarter of 2010 unless specifically stated.

⁽²⁾  Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest – DaVinciRe. The Company’s estimates are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques. Given the magnitude and recent occurrence of these events, delays in receiving claims data, potential uncertainties relating to reinsurance recoveries and other uncertainties inherent in loss estimation, meaningful uncertainty remains regarding losses from these events. Accordingly, the Company’s actual net negative impact from these events will vary from these preliminary estimates, perhaps materially so. Changes in these estimates will be recorded in the period in which they occur.

INVESTOR CONTACT:	MEDIA CONTACT:
Rohan Pai	Peter Hill or Dawn Dover
Director of Investor Relations	Kekst and Company
RenaissanceRe Holdings Ltd.	(212) 521-4800
(441) 295-4513

4

RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Statements of Operations

(in thousands of United States Dollars, except per share amounts)

(Unaudited)

	Three months ended						Six months ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Revenues
Gross premiums written	$	641,563		$	506,540		$	1,252,068		$	1,022,551
Net premiums written	$	427,995		$	329,334		$	880,570		$	736,493
Increase in unearned premiums		(210,820	)		(117,163	)		(357,854	)		(273,669	)
Net premiums earned		217,175			212,171			522,716			462,824
Net investment income		33,328			26,173			93,609			91,882
Net foreign exchange losses		(4,521	)		(609	)		(3,861	)		(11,951	)
Equity in earnings (losses) of other ventures		5,128			3,160			(18,625	)		5,316
Other (loss) income		(5,167	)		(3,742	)		44,978			(9,933	)
Net realized and unrealized gains on investments		34,979			70,051			29,765			118,251
Total other-than-temporary impairments		—			(798	)		—			(831	)
Portion recognized in other comprehensive income, before taxes		—			2			—			2
Net other-than-temporary impairments		—			(796	)		—			(829	)
Total revenues		280,922			306,408			668,582			655,560
Expenses
Net claims and claim expenses incurred		151,261			(18,803	)		779,798			78,537
Acquisition expenses		13,883			23,580			46,218			50,015
Operational expenses		42,299			38,040			84,129			83,190
Corporate expenses		4,011			4,493			6,075			9,802
Interest expense		5,730			6,206			11,925			9,362
Total expenses		217,184			53,516			928,145			230,906
Income (loss) from continuing operations before taxes		63,738			252,892			(259,563	)		424,654
Income tax benefit		1,773			958			1,825			3,921
Income (loss) from continuing operations		65,511			253,850			(257,738	)		428,575
(Loss) income from discontinued operations		(10,094	)		18,881			(11,620	)		30,328
Net income (loss)		55,417			272,731			(269,358	)		458,903
Net (income) loss attributable to noncontrolling interests		(21,903	)		(51,915	)		63,589			(62,465	)
Net income (loss) attributable to RenaissanceRe		33,514			220,816			(205,769	)		396,438
Dividends on preference shares		(8,750	)		(10,575	)		(17,500	)		(21,150	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	210,241		$	(223,269	)	$	375,288
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(0.21	)	$	2.40		$	(4.97	)	$	4.30
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.68		$	3.35		$	(4.16	)	$	5.89
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.20	)		0.34			(0.23	)		0.53
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.48		$	3.69		$	(4.39	)	$	6.42
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.68		$	3.32		$	(4.16	)	$	5.84
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.20	)		0.34			(0.23	)		0.53
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.48		$	3.66		$	(4.39	)	$	6.37
Average shares outstanding - basic		50,493			55,538			50,994			56,972
Average shares outstanding - diluted (2)		51,050			56,044			50,994			57,465
Net claims and claim expense ratio		69.6	%		(8.9	%)		149.2	%		17.0	%
Expense ratio		25.9	%		29.1	%		24.9	%		28.8	%
Combined ratio		95.5	%		20.2	%		174.1	%		45.8	%
Operating return on average common equity - annualized (1)		(1.4	%)		17.9	%		(16.3	%)		16.3	%

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

(2) Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.

5

RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Balance Sheets

(in thousands of United States Dollars, except per share amounts)

	At
	June 30, 2011		December 31, 2010
Assets
Fixed maturity investments trading, at fair value	$	3,864,205	$	3,871,780
Fixed maturity investments available for sale, at fair value		202,769		244,917
Total fixed maturity investments, at fair value		4,066,974		4,116,697
Short term investments, at fair value		774,421		1,110,364
Equity investments trading, at fair value		32,252		—
Other investments, at fair value		839,643		787,548
Investments in other ventures, under equity method		82,197		85,603
Total investments		5,795,487		6,100,212
Cash and cash equivalents		237,737		277,738
Premiums receivable		933,519		322,080
Prepaid reinsurance premiums		245,676		60,643
Reinsurance recoverable		333,245		101,711
Accrued investment income		36,266		34,560
Deferred acquisition costs		90,858		35,648
Receivable for investments sold		257,075		99,226
Other secured assets		—		14,250
Other assets		219,226		205,373
Goodwill and other intangibles		14,383		14,690
Assets of discontinued operations held for sale		2,868		872,147
Total assets	$	8,166,340	$	8,138,278
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,170,728	$	1,257,843
Unearned premiums		830,939		286,183
Debt		349,201		549,155
Reinsurance balances payable		403,152		318,024
Payable for investments purchased		102,545		195,383
Other secured liabilities		—		14,000
Other liabilities		152,853		222,310
Liabilities of discontinued operations held for sale		10,220		598,511
Total liabilities		4,019,638		3,441,409
Redeemable noncontrolling interest - DaVinciRe		628,001		757,655
Shareholders’ Equity
Preference shares		550,000		550,000
Common shares		51,753		54,110
Additional paid-in capital		5,768		—
Accumulated other comprehensive income		18,031		19,823
Retained earnings		2,889,719		3,312,392
Total shareholders’ equity attributable to RenaissanceRe		3,515,271		3,936,325
Noncontrolling interest		3,430		2,889
Total shareholders’ equity		3,518,701		3,939,214
Total liabilities, noncontrolling interests and shareholders’ equity	$	8,166,340	$	8,138,278
Book value per common share	$	57.30	$	62.58

6

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars) (Unaudited)

	Three months ended June 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations			Other			Total
Gross premiums written	$	607,404		$	34,126		$	33		$	—		$	—		$	641,563
Net premiums written	$	395,856		$	32,084		$	55						—		$	427,995
Net premiums earned	$	199,461		$	17,233		$	481						—		$	217,175
Net claims and claim expenses incurred		143,219			8,619			(577	)					—			151,261
Acquisition expenses		10,431			3,305			147						—			13,883
Operational expenses		32,901			8,635			763						—			42,299
Underwriting income (loss)	$	12,910		$	(3,326	)	$	148						—			9,732
Net investment income														33,328			33,328
Net foreign exchange losses														(4,521	)		(4,521	)
Equity in earnings of other ventures														5,128			5,128
Other loss														(5,167	)		(5,167	)
Net realized and unrealized gains on investments														34,979			34,979
Corporate expenses														(4,011	)		(4,011	)
Interest expense														(5,730	)		(5,730	)
Income from continuing operations before taxes																	63,738
Income tax benefit														1,773			1,773
Loss from discontinued operations														(10,094	)		(10,094	)
Net income attributable to noncontrolling interests														(21,903	)		(21,903	)
Dividends on preference shares														(8,750	)		(8,750	)
Net income available to RenaissanceRe common shareholders																$	24,764
Net claims and claim expenses incurred - current accident year	$	162,398		$	9,612		$	(78	)							$	171,932
Net claims and claim expenses incurred - prior accident years		(19,179	)		(993	)		(499	)								(20,671	)
Net claims and claim expenses incurred - total	$	143,219		$	8,619		$	(577	)							$	151,261
Net claims and claim expense ratio - current accident year		81.4	%		55.8	%		(16.2	%)								79.2	%
Net claims and claim expense ratio - prior accident years		(9.6	%)		(5.8	%)		(103.8	%)								(9.6	%)
Net claims and claim expense ratio - calendar year		71.8	%		50.0	%		(120.0	%)								69.6	%
Underwriting expense ratio		21.7	%		69.3	%		189.2	%								25.9	%
Combined ratio		93.5	%		119.3	%		69.2	%								95.5	%
	Three months ended June 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	496,517		$	34,841		$	(3,742	)	$	(21,076	)	$	—		$	506,540
Net premiums written	$	319,000		$	32,330		$	(21,996	)					—		$	329,334
Net premiums earned	$	198,223		$	16,630		$	(2,682	)					—		$	212,171
Net claims and claim expenses incurred		(30,332	)		7,752			3,777						—			(18,803	)
Acquisition expenses		17,941			3,172			2,467						—			23,580
Operational expenses		29,869			4,953			3,218						—			38,040
Underwriting income (loss)	$	180,745		$	753		$	(12,144	)					—			169,354
Net investment income														26,173			26,173
Net foreign exchange losses														(609	)		(609	)
Equity in earnings of other ventures														3,160			3,160
Other loss														(3,742	)		(3,742	)
Net realized and unrealized gains on fixed maturity investments														70,051			70,051
Net other-than-temporary impairments														(796	)		(796	)
Corporate expenses														(4,493	)		(4,493	)
Interest expense														(6,206	)		(6,206	)
Income from continuing operations before taxes																	252,892
Income tax benefit														958			958
Income from discontinued operations														18,881			18,881
Net income attributable to redeemable noncontrolling interest - DaVinciRe														(51,915	)		(51,915	)
Dividends on preference shares														(10,575	)		(10,575	)
Net income available to RenaissanceRe common shareholders																$	210,241
Net claims and claim expenses incurred - current accident year	$	50,994		$	7,814		$	2,627								$	61,435
Net claims and claim expenses incurred - prior accident years		(81,326	)		(62	)		1,150									(80,238	)
Net claims and claim expenses incurred - total	$	(30,332	)	$	7,752		$	3,777								$	(18,803	)
Net claims and claim expense ratio - current accident year		25.7	%		47.0	%		NMF									29.0	%
Net claims and claim expense ratio - prior accident years		(41.0	%)		(0.4	%)		NMF									(37.9	%)
Net claims and claim expense ratio - calendar year		(15.3	%)		46.6	%		NMF									(8.9	%)
Underwriting expense ratio		24.1	%		48.9	%		NMF									29.1	%
Combined ratio		8.8	%		95.5	%		NMF									20.2	%

(1) Represents $21.0 million and $0.1 million of gross premiums ceded from the Insurance segment to the Lloyd’s segment and from the Insurance segment to the Reinsurance segment, respectively.

NMF - Not a meaningful figure.

7

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information (cont’d.)

(in thousands of United States Dollars) (Unaudited)

	Six months ended June 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	1,181,086		$	70,746		$	313		$	(77	)	$	—		$	1,252,068
Net premiums written	$	819,422		$	60,821		$	327						—		$	880,570
Net premiums earned	$	488,890		$	32,907		$	919						—		$	522,716
Net claims and claim expenses incurred		738,623			39,142			2,033						—			779,798
Acquisition expenses		40,223			5,766			229						—			46,218
Operational expenses		65,264			17,607			1,258						—			84,129
Underwriting loss	$	(355,220	)	$	(29,608	)	$	(2,601	)					—			(387,429	)
Net investment income														93,609			93,609
Net foreign exchange losses														(3,861	)		(3,861	)
Equity in losses of other ventures														(18,625	)		(18,625	)
Other income														44,978			44,978
Net realized and unrealized gains on investments														29,765			29,765
Corporate expenses														(6,075	)		(6,075	)
Interest expense														(11,925	)		(11,925	)
Loss from continuing operations before taxes																	(259,563	)
Income tax benefit														1,825			1,825
Loss from discontinued operations														(11,620	)		(11,620	)
Net loss attributable to noncontrolling interests														63,589			63,589
Dividends on preference shares														(17,500	)		(17,500	)
Net loss attributable to RenaissanceRe common shareholders																$	(223,269	)
Net claims and claim expenses incurred - current accident year	$	829,760		$	38,938		$	(69	)							$	868,629
Net claims and claim expenses incurred - prior accident years		(91,137	)		204			2,102									(88,831	)
Net claims and claim expenses incurred - total	$	738,623		$	39,142		$	2,033								$	779,798
Net claims and claim expense ratio - current accident year		169.7	%		118.3	%		(7.5	%)								166.2	%
Net claims and claim expense ratio - prior accident years		(18.6	%)		0.6	%		228.7	%								(17.0	%)
Net claims and claim expense ratio - calendar year		151.1	%		118.9	%		221.2	%								149.2	%
Underwriting expense ratio		21.6	%		71.1	%		161.8	%								24.9	%
Combined ratio		172.7	%		190.0	%		383.0	%								174.1	%

(1) Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd’s segment.

	Six months ended June 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	995,102		$	48,865		$	685		$	(22,101	)	$	—		$	1,022,551
Net premiums written	$	707,658		$	45,981		$	(17,146	)					—		$	736,493
Net premiums earned	$	441,292		$	23,601		$	(2,069	)					—		$	462,824
Net claims and claim expenses incurred		68,615			10,339			(417	)					—			78,537
Acquisition expenses		40,600			4,331			5,084						—			50,015
Operational expenses		63,886			11,087			8,217						—			83,190
Underwriting income (loss)	$	268,191		$	(2,156	)	$	(14,953	)					—			251,082
Net investment income														91,882			91,882
Net foreign exchange losses														(11,951	)		(11,951	)
Equity in earnings of other ventures														5,316			5,316
Other loss														(9,933	)		(9,933	)
Net realized and unrealized gains on fixed maturity investments														118,251			118,251
Net other-than-temporary impairments														(829	)		(829	)
Corporate expenses														(9,802	)		(9,802	)
Interest expense														(9,362	)		(9,362	)
Income from continuing operations before taxes																	424,654
Income tax benefit														3,921			3,921
Income from discontinued operations														30,328			30,328
Net income attributable to redeemable noncontrolling interest - DaVinciRe														(62,465	)		(62,465	)
Dividends on preference shares														(21,150	)		(21,150	)
Net income available to RenaissanceRe common shareholders																$	375,288
Net claims and claim expenses incurred - current accident year	$	255,059		$	10,500		$	5,486								$	271,045
Net claims and claim expenses incurred - prior accident years		(186,444	)		(161	)		(5,903	)								(192,508	)
Net claims and claim expenses incurred - total	$	68,615		$	10,339		$	(417	)							$	78,537
Net claims and claim expense ratio - current accident year		57.8	%		44.5	%		NMF									58.6	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(0.7	%)		NMF									(41.6	%)
Net claims and claim expense ratio - calendar year		15.5	%		43.8	%		NMF									17.0	%
Underwriting expense ratio		23.7	%		65.3	%		NMF									28.8	%
Combined ratio		39.2	%		109.1	%		NMF									45.8	%

(1) Represents $21.6 million, $0.2 million and $0.2 million of gross premiums ceded from the Insurance segment to the Lloyd’s segment, from the Insurance segment to the Reinsurance segment and from the Reinsurance segment to Lloyd’s segment, respectively.

NMF - Not a meaningful figure.

8

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Gross Premiums Written and Managed Premiums Analysis

(in thousands of United States Dollars)

(Unaudited)

	Three months ended					Six months ended
	June 30, 2011		June 30, 2010			June 30, 2011		June 30, 2010
Reinsurance Segment
Renaissance catastrophe premiums	$	366,929	$	302,625		$	678,571	$	570,919
Renaissance specialty premiums		23,066		7,389			97,461		79,838
Total Renaissance premiums		389,995		310,014			776,032		650,757
DaVinci catastrophe premiums		216,317		186,917			403,353		342,743
DaVinci specialty premiums		1,092		(414	)		1,701		1,602
Total DaVinci premiums		217,409		186,503			405,054		344,345
Total catastrophe unit premiums		583,246		489,542			1,081,924		913,662
Total specialty unit premiums		24,158		6,975			99,162		81,440
Total Reinsurance segment gross premiums written	$	607,404	$	496,517		$	1,181,086	$	995,102
Lloyd’s Segment
Specialty	$	17,546	$	6,508		$	46,781	$	14,230
Catastrophe		16,580		7,324			23,965		12,993
Insurance		—		21,009			—		21,642
Total Lloyd’s segment gross premiums written	$	34,126	$	34,841		$	70,746	$	48,865
Insurance Segment
Commercial property	$	33	$	20		$	313	$	1,117
Personal lines property		—		(3,762	)		—		(432	)
Total Insurance segment gross premiums written	$	33	$	(3,742	)	$	313	$	685

	Three months ended					Six months ended
Managed Premiums (1)	June 30, 2011		June 30, 2010			June 30, 2011		June 30, 2010
Total catastrophe unit gross premiums written	$	583,246	$	489,542		$	1,081,924	$	913,662
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		19,079		18,793			41,607		44,979
Catastrophe premiums written in the Lloyd’s segment		16,580		7,324			23,965		12,993
Catastrophe premiums assumed from the Insurance segment		—		(67	)		—		(242	)
Total managed catastrophe premiums (1)	$	618,905	$	515,592		$	1,147,496	$	971,392

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

(2) Top Layer Re is accounted for under the equity method of accounting.

9

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Total Investment Result

(in thousands of United States Dollars)

(Unaudited)

	Three months ended						Six months ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Fixed maturity investments	$	24,426		$	28,014		$	52,339		$	56,889
Short term investments		433			682			1,028			1,168
Equity investments trading		112			—			126			—
Other investments
Hedge funds and private equity investments		8,230			8,188			31,737			25,724
Other		2,838			(8,184	)		13,665			13,034
Cash and cash equivalents		45			22			86			83
		36,084			28,722			98,981			96,898
Investment expenses		(2,756	)		(2,549	)		(5,372	)		(5,016	)
Net investment income		33,328			26,173			93,609			91,882
Gross realized gains		15,430			28,753			25,992			77,601
Gross realized losses		(4,156	)		(5,962	)		(16,773	)		(11,132	)
Net realized gains on fixed maturity investments		11,274			22,791			9,219			66,469
Net unrealized gains on fixed maturity investments trading		24,728			47,260			20,970			51,782
Net unrealized losses on equity investments trading		(1,023	)		—			(424	)		—
Net realized and unrealized gains on investments		34,979			70,051			29,765			118,251
Total other-than-temporary impairments		—			(798	)		—			(831	)
Portion recognized in other comprehensive income, before taxes		—			2			—			2
Net other-than-temporary impairments		—			(796	)		—			(829	)
Change in net unrealized gains on fixed maturity investment available for sale		(1,763	)		(9,414	)		(1,511	)		(18,055	)
Total investment result	$	66,544		$	86,014		$	121,863		$	191,249

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 in this Press Release within the meaning of Regulation G. The Company has provided these financial measurements in previous investor communications and the Company’s management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

The Company uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net 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 from continuing and discontinued operations and net other-than-temporary impairments from continuing and discontinued operations. The Company’s management believes that “operating (loss) income (attributable) available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s fixed maturity investment portfolio and equity investments trading. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted” and “operating return on average common equity – annualized”. The following is a reconciliation of: 1) net income (loss) available (attributable) to RenaissanceRe common shareholders to operating (loss) income (attributable) available to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted to operating (loss)

10

income (attributable) available to RenaissanceRe common shareholders per common share – diluted; and 3) return on average common equity – annualized to operating return on average common equity – annualized:

	Three months ended						Six months ended
(in thousands of United States dollars, except for per share amounts)	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	210,241		$	(223,269	)	$	375,288
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(34,979	)		(70,051	)		(29,765	)		(118,251	)
Adjustment for net other-than-temporary impairments of continuing operations		—			796			—			829
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			(1,055	)		(42	)		(1,453	)
Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(10,215	)	$	139,931		$	(253,076	)	$	256,413
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.48		$	3.66		$	(4.39	)	$	6.37
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(0.69	)		(1.26	)		(0.58	)		(2.07	)
Adjustment for net other-than-temporary impairments of continuing operations		—			0.02			—			0.02
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			(0.02	)		—			(0.02	)
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(0.21	)	$	2.40		$	(4.97	)	$	4.30
Return on average common equity - annualized		3.3	%		26.8	%		(14.4	%)		23.8	%
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(4.7	%)		(8.9	%)		(1.9	%)		(7.5	%)
Adjustment for net other-than-temporary impairments of continuing operations		—			0.1	%		—			0.1	%
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			(0.1	%)		—			(0.1	%)
Operating return on average common equity - annualized		(1.4	%)		17.9	%		(16.3	%)		16.3	%

The Company has also included in this Press Release “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Company’s Insurance segment. “Managed catastrophe premiums” differs from total catastrophe unit gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment, and the exclusion of catastrophe premiums assumed from the Company’s Insurance segment. 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, as applicable, assumed by the Company through its consolidated subsidiaries and related joint ventures, excluding catastrophe premiums assumed from the Company's Insurance segment.

11

EX-99.2

Exhibit 99.2

	RenaissanceRe Holdings Ltd. Financial Supplement
	June 30, 2011
Contact:
Investors:
RenaissanceRe Holdings Ltd. Rohan Pai Director of Investor Relations 441-295-4513
Media:
Kekst and Company Peter Hill or Dawn Dover 212-521-4800

RenaissanceRe Holdings Ltd.

Contents

	Page(s)
Basis of Presentation		i
Financial Highlights		1
Income Statements
a.      Summary Consolidated Statements of Operations		2-3
b.      Consolidated Segment Underwriting Results		4-5
c.      Reinsurance Segment - Unit Underwriting Results		6-7
d.      Gross Premiums Written and Managed Premiums		8-9
e.      DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations		10-11
Balance Sheets
a.      Summary Consolidated Balance Sheets		12
Investments
a.      Investment Portfolio - Composition		13
b.      Summary of Other Investments		14
c.      Investment Result		15
d.      Investment Portfolio - Yield to Maturity and Credit Rating		16
e.      Investment Portfolio - Change in Portfolio Composition		17
f.       Fixed Maturity Investments - Corporate Sector		18
g.      Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value		18
Loss Reserve Analysis
a.      Reserves for Claims and Claim Expenses		19
b.      Paid to Incurred Analysis		20
Other Items
a.      (Loss) Earnings per Share		21
b.      Equity in (Losses) Earnings of Other Ventures		22
c.      Other Income (Loss)		23
d.      Ratings		24
Comments on Regulation G		25-26

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating (loss) income (attributable) available to RenaissanceRe common shareholders”, “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 25 and 26 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. On November 18, 2010, the Company entered into a definitive stock purchase agreement (the “Stock Purchase Agreement”) with QBE Holdings, Inc. (“QBE”) to sell substantially all of its U.S.-based insurance operations, including its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National Inc., its commercial property insurance operations and its claims operations. The Company classified the assets and liabilities associated with this transaction as held for sale. The financial results for these operations have been presented as discontinued operations in the Company’s statements of operations for all periods presented. Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all amounts presented in this financial supplement relate to the Company’s continuing operations. On March 4, 2011, the Company completed the sale of substantially all of its U.S.-based insurance operations to QBE.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of three reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Company’s ventures unit, (2) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”), and (3) Insurance, which principally includes the Company’s Bermuda-based insurance operations.

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this release 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 Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 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 Holdings Ltd. with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Reports on Form 10-Q . Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe Holdings Ltd.

i

RenaissanceRe Holdings Ltd.

Financial Highlights

	Three months ended						Six months ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Highlights
Gross premiums written	$	641,563		$	506,540		$	1,252,068		$	1,022,551
Net premiums written		427,995			329,334			880,570			736,493
Net premiums earned		217,175			212,171			522,716			462,824
Net claims and claim expenses incurred		151,261			(18,803	)		779,798			78,537
Underwriting income (loss)		9,732			169,354			(387,429	)		251,082
Net investment income		33,328			26,173			93,609			91,882
Net income (loss) available (attributable) to RenaissanceRe common shareholders		24,764			210,241			(223,269	)		375,288
Net realized and unrealized gains on investments		34,979			70,051			29,765			118,251
Net other-than-temporary impairments		—			(796	)		—			(829	)
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)		(10,215	)		139,931			(253,076	)		256,413
Total assets	$	8,166,340		$	8,700,914		$	8,166,340		$	8,700,914
Total shareholders’ equity attributable to RenaissanceRe	$	3,515,271		$	3,775,242		$	3,515,271		$	3,775,242
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.48		$	3.66		$	(4.39	)	$	6.37
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	(0.21	)	$	2.40		$	(4.97	)	$	4.30
Dividends per common share	$	0.26		$	0.25		$	0.52		$	0.50
Book value per common share	$	57.30		$	56.96			57.30		$	56.96
Adjustment for goodwill and other intangibles (1)		(0.96	)		(2.10	)		(0.96	)		(2.10	)
Tangible book value per common share (1)		56.34			54.86			56.34			54.86
Accumulated dividends per common share		10.40			9.38			10.40			9.38
Tangible book value per common share plus accumulated dividends (1)	$	66.74		$	64.24		$	66.74		$	64.24
Financial ratios
Net claims and claim expense ratio - current accident year		79.2	%		29.0	%		166.2	%		58.6	%
Net claims and claim expense ratio - prior accident years		(9.6	%)		(37.9	%)		(17.0	%)		(41.6	%)
Net claims and claim expense ratio - calendar year		69.6	%		(8.9	%)		149.2	%		17.0	%
Underwriting expense ratio		25.9	%		29.1	%		24.9	%		28.8	%
Combined ratio		95.5	%		20.2	%		174.1	%		45.8	%
Operating return on average common equity - annualized (1)		(1.4	%)		17.9	%		(16.3	%)		16.3	%

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

(2) Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.

1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations

	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Revenues
Gross premiums written	$	641,563		$	610,505		$	31,201		$	111,543		$	506,540
Net premiums written	$	427,995		$	452,575		$	30,165		$	82,307		$	329,334
(Increase) decrease in unearned premiums		(210,820	)		(147,034	)		159,577			130,048			(117,163	)
Net premiums earned		217,175			305,541			189,742			212,355			212,171
Net investment income		33,328			60,281			52,503			59,570			26,173
Net foreign exchange (losses) gains		(4,521	)		660			(4,646	)		(529	)		(609	)
Equity in earnings (losses) of other ventures		5,128			(23,753	)		(10,390	)		(6,740	)		3,160
Other (loss) income		(5,167	)		50,145			26,032			25,021			(3,742	)
Net realized and unrealized gains (losses) on investments		34,979			(5,214	)		(66,149	)		92,342			70,051
Total other-than-temporary impairments		—			—			—			—			(798	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			2
Net other-than-temporary impairments		—			—			—			—			(796	)
Total revenues		280,922			387,660			187,092			382,019			306,408
Expenses
Net claims and claim expenses incurred		151,261			628,537			(27,128	)		77,936			(18,803	)
Acquisition expenses		13,883			32,335			18,803			26,143			23,580
Operational expenses		42,299			41,830			45,882			36,970			38,040
Corporate expenses		4,011			2,064			4,744			5,590			4,493
Interest expense		5,730			6,195			6,303			6,164			6,206
Total expenses		217,184			710,961			48,604			152,803			53,516
Income (loss) from continuing operations before taxes		63,738			(323,301	)		138,488			229,216			252,892
Income tax benefit (expense)		1,773			52			(196	)		2,399			958
Income (loss) from continuing operations		65,511			(323,249	)		138,292			231,615			253,850
(Loss) income from discontinued operations		(10,094	)		(1,526	)		11,108			21,234			18,881
Net income (loss)		55,417			(324,775	)		149,400			252,849			272,731
Net (income) loss attributable to noncontrolling interests		(21,903	)		85,492			(16,432	)		(37,524	)		(51,915	)
Net income (loss) attributable to RenaissanceRe		33,514			(239,283	)		132,968			215,325			220,816
Dividends on preference shares		(8,750	)		(8,750	)		(10,393	)		(10,575	)		(10,575	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	(248,033	)	$	122,575		$	204,750		$	210,241
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(0.21	)	$	(4.59	)	$	3.47		$	1.59		$	2.40
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.68		$	(4.66	)	$	2.04		$	3.33		$	3.35
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.20	)		(0.03	)		0.21			0.40			0.34
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.48		$	(4.69	)	$	2.25		$	3.73		$	3.69
Income (loss) from continuing operations available     (attributable) to RenaissanceRe common shareholders per common share - diluted (2)		0.68		$	(4.66	)	$	2.02		$	3.31		$	3.32
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.20	)		(0.03	)		0.21			0.39			0.34
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	0.48		$	(4.69	)	$	2.23		$	3.70		$	3.66
Average shares outstanding - basic		50,493			51,504			53,166			53,467			55,538
Average shares outstanding - diluted (2)		51,050			51,504			53,667			53,965			56,044
Net claims and claim expense ratio		69.6	%		205.7	%		(14.3	%)		36.7	%		(8.9	%)
Underwriting expense ratio		25.9	%		24.3	%		34.1	%		29.7	%		29.1	%
Combined ratio		95.5	%		230.0	%		19.8	%		66.4	%		20.2	%
Operating return on average common equity - annualized (1)		(1.4	%)		(30.7	%)		22.5	%		11.3	%		17.9	%

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

(2) Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.

2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations

	Six months ended
	June 30, 2011			June 30, 2010
Revenues
Gross premiums written	$	1,252,068		$	1,022,551
Net premiums written	$	880,570		$	736,493
Increase in unearned premiums		(357,854	)		(273,669	)
Net premiums earned		522,716			462,824
Net investment income		93,609			91,882
Net foreign exchange losses		(3,861	)		(11,951	)
Equity in (losses) earnings of other ventures		(18,625	)		5,316
Other income (loss)		44,978			(9,933	)
Net realized and unrealized gains on fixed maturity investments		29,765			118,251
Total other-than-temporary impairments		—			(831	)
Portion recognized in other-than-temporary impairments		—			2
Net other-than-temporary impairments		—			(829	)
Total revenues		668,582			655,560
Expenses
Net claims and claim expenses incurred		779,798			78,537
Acquisition expenses		46,218			50,015
Operational expenses		84,129			83,190
Corporate expenses		6,075			9,802
Interest expense		11,925			9,362
Total expenses		928,145			230,906
(Loss) income from continuing operations before taxes		(259,563	)		424,654
Income tax benefit		1,825			3,921
(Loss) income from continuing operations		(257,738	)		428,575
(Loss) income from discontinued operations		(11,620	)		30,328
Net (loss) income		(269,358	)		458,903
Net loss (income) attributable to noncontrolling interests		63,589			(62,465	)
Net (loss) income attributable (available) to RenaissanceRe		(205,769	)		396,438
Dividends on preference shares		(17,500	)		(21,150	)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(223,269	)	$	375,288
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(4.97	)	$	4.30
(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(4.16	)	$	5.89
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.23	)		0.53
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(4.39	)	$	6.42
(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.16	)	$	5.84
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.23	)		0.53
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.39	)	$	6.37
Average shares outstanding - basic		50,994			56,972
Average shares outstanding - diluted (2)		50,994			57,465
Net claims and claim expense ratio		149.2	%		17.0	%
Underwriting expense ratio		24.9	%		28.8	%
Combined ratio		174.1	%		45.8	%
Operating return on average common equity - annualized (1)		(16.3	%)		16.3	%

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

(2) Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.

3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results

	Three months ended June 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations			Total
Gross premiums written	$	607,404		$	34,126		$	33		$	—		$	641,563
Net premiums written	$	395,856		$	32,084		$	55					$	427,995
Net premiums earned	$	199,461		$	17,233		$	481					$	217,175
Net claims and claim expenses incurred		143,219			8,619			(577	)					151,261
Acquisition expenses		10,431			3,305			147						13,883
Operational expenses		32,901			8,635			763						42,299
Underwriting income (loss)	$	12,910		$	(3,326	)	$	148					$	9,732
Net claims and claim expenses incurred - current accident year	$	162,398		$	9,612		$	(78	)				$	171,932
Net claims and claim expenses incurred - prior accident years		(19,179	)		(993	)		(499	)					(20,671	)
Net claims and claim expenses incurred - total	$	143,219		$	8,619		$	(577	)				$	151,261
Net claims and claim expense ratio - current accident year		81.4	%		55.8	%		(16.2	%)					79.2	%
Net claims and claim expense ratio - prior accident years		(9.6	%)		(5.8	%)		(103.8	%)					(9.6	%)
Net claims and claim expense ratio - calendar year		71.8	%		50.0	%		(120.0	%)					69.6	%
Underwriting expense ratio		21.7	%		69.3	%		189.2	%					25.9	%
Combined ratio		93.5	%		119.3	%		69.2	%					95.5	%
	Three months ended June 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total
Gross premiums written	$	496,517		$	34,841		$	(3,742	)	$	(21,076	)	$	506,540
Net premiums written	$	319,000		$	32,330		$	(21,996	)				$	329,334
Net premiums earned	$	198,223		$	16,630		$	(2,682	)				$	212,171
Net claims and claim expenses incurred		(30,332	)		7,752			3,777						(18,803	)
Acquisition expenses		17,941			3,172			2,467						23,580
Operational expenses		29,869			4,953			3,218						38,040
Underwriting income (loss)	$	180,745		$	753		$	(12,144	)				$	169,354
Net claims and claim expenses incurred - current accident year	$	50,994		$	7,814		$	2,627					$	61,435
Net claims and claim expenses incurred - prior accident years		(81,326	)		(62	)		1,150						(80,238	)
Net claims and claim expenses incurred - total	$	(30,332	)	$	7,752		$	3,777					$	(18,803	)
Net claims and claim expense ratio - current accident year		25.7	%		47.0	%		NMF						29.0	%
Net claims and claim expense ratio - prior accident years		(41.0	%)		(0.4	%)		NMF						(37.9	%)
Net claims and claim expense ratio - calendar year		(15.3	%)		46.6	%		NMF						(8.9	%)
Underwriting expense ratio		24.1	%		48.9	%		NMF						29.1	%
Combined ratio		8.8	%		95.5	%		NMF						20.2	%

(1) Represents $21.0 million and $0.1 million of gross premiums ceded from the Insurance segment to the Lloyd’s segment and from the Insurance segment to the Reinsurance segment, respectively, for the three months ended June 30, 2010.

NMF - Not a meaningful figure.

4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results

	Six months ended June 30, 2011
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,181,086		$	70,746		$	313		$	(77	)	$	1,252,068
Net premiums written	$	819,422		$	60,821		$	327					$	880,570
Net premiums earned	$	488,890		$	32,907		$	919					$	522,716
Net claims and claim expenses incurred		738,623			39,142			2,033						779,798
Acquisition expenses		40,223			5,766			229						46,218
Operational expenses		65,264			17,607			1,258						84,129
Underwriting loss	$	(355,220	)	$	(29,608	)	$	(2,601	)				$	(387,429	)
Net claims and claim expenses incurred - current accident year	$	829,760		$	38,938		$	(69	)				$	868,629
Net claims and claim expenses incurred - prior accident years		(91,137	)		204			2,102						(88,831	)
Net claims and claim expenses incurred - total	$	738,623		$	39,142		$	2,033					$	779,798
Net claims and claim expense ratio - current accident year		169.7	%		118.3	%		(7.5	%)					166.2	%
Net claims and claim expense ratio - prior accident years		(18.6	%)		0.6	%		228.7	%					(17.0	%)
Net claims and claim expense ratio - calendar year		151.1	%		118.9	%		221.2	%					149.2	%
Underwriting expense ratio		21.6	%		71.1	%		161.8	%					24.9	%
Combined ratio		172.7	%		190.0	%		383.0	%					174.1	%
	Six months ended June 30, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total
Gross premiums written	$	995,102		$	48,865		$	685		$	(22,101	)	$	1,022,551
Net premiums written	$	707,658		$	45,981		$	(17,146	)				$	736,493
Net premiums earned	$	441,292		$	23,601		$	(2,069	)				$	462,824
Net claims and claim expenses incurred		68,615			10,339			(417	)					78,537
Acquisition expenses		40,600			4,331			5,084						50,015
Operational expenses		63,886			11,087			8,217						83,190
Underwriting income (loss)	$	268,191		$	(2,156	)	$	(14,953	)				$	251,082
Net claims and claim expenses incurred - current accident year	$	255,059		$	10,500		$	5,486					$	271,045
Net claims and claim expenses incurred - prior accident years		(186,444	)		(161	)		(5,903	)					(192,508	)
Net claims and claim expenses incurred - total	$	68,615		$	10,339		$	(417	)				$	78,537
Net claims and claim expense ratio - current accident year		57.8	%		44.5	%		NMF						58.6	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(0.7	%)		NMF						(41.6	%)
Net claims and claim expense ratio - calendar year		15.5	%		43.8	%		NMF						17.0	%
Underwriting expense ratio		23.7	%		65.3	%		NMF						28.8	%
Combined ratio		39.2	%		109.1	%		NMF						45.8	%

(1) Represents $0.1 million of gross premiums ceded from Reinsurance segment to the Lloyd’s segment for the six months ended June 30, 2011 (2010 - $21.6 million, $0.2 million and $0.2 million of gross premiums written from the Insurance segment to the Lloyd’s segment, from the Insurance segment to the Reinsurance segment and from the Reinsurance segment to the Lloyd’s segment, respectively).

NMF - Not a meaningful figure.

5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results

	Three months ended June 30, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	583,246		$	24,158		$	607,404
Net premiums written	$	373,039		$	22,817		$	395,856
Net premiums earned	$	167,509		$	31,952		$	199,461
Net claims and claim expenses incurred		127,374			15,845			143,219
Acquisition expenses		5,896			4,535			10,431
Operational expenses		25,460			7,441			32,901
Underwriting income	$	8,779		$	4,131		$	12,910
Net claims and claim expenses incurred - current accident year	$	139,161		$	23,237		$	162,398
Net claims and claim expenses incurred - prior accident years		(11,787	)		(7,392	)		(19,179	)
Net claims and claim expenses incurred - total	$	127,374		$	15,845		$	143,219
Net claims and claim expense ratio - current accident year		83.1	%		72.7	%		81.4	%
Net claims and claim expense ratio - prior accident years		(7.1	%)		(23.1	%)		(9.6	%)
Net claims and claim expense ratio - calendar year		76.0	%		49.6	%		71.8	%
Underwriting expense ratio		18.8	%		37.5	%		21.7	%
Combined ratio		94.8	%		87.1	%		93.5	%
	Three months ended June 30, 2010
	Catastrophe			Specialty			Total
Gross premiums written	$	489,542		$	6,975		$	496,517
Net premiums written	$	312,491		$	6,509		$	319,000
Net premiums earned	$	173,910		$	24,313		$	198,223
Net claims and claim expenses incurred		(40,043	)		9,711			(30,332	)
Acquisition expenses		15,380			2,561			17,941
Operational expenses		24,045			5,824			29,869
Underwriting income	$	174,528		$	6,217		$	180,745
Net claims and claim expenses incurred - current accident year	$	20,826		$	30,168		$	50,994
Net claims and claim expenses incurred - prior accident years		(60,869	)		(20,457	)		(81,326	)
Net claims and claim expenses incurred - total	$	(40,043	)	$	9,711		$	(30,332	)
Net claims and claim expense ratio - current accident year		12.0	%		124.1	%		25.7	%
Net claims and claim expense ratio - prior accident years		(35.0	%)		(84.2	%)		(41.0	%)
Net claims and claim expense ratio - calendar year		(23.0	%)		39.9	%		(15.3	%)
Underwriting expense ratio		22.6	%		34.5	%		24.1	%
Combined ratio		(0.4	%)		74.4	%		8.8	%

6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results

	Six months ended June 30, 2011
	Catastrophe			Specialty			Total
Gross premiums written	$	1,081,924		$	99,162		$	1,181,086
Net premiums written	$	725,676		$	93,746		$	819,422
Net premiums earned	$	422,798		$	66,092		$	488,890
Net claims and claim expenses incurred		713,892			24,731			738,623
Acquisition expenses		29,509			10,714			40,223
Operational expenses		50,461			14,803			65,264
Underwriting (loss) income	$	(371,064	)	$	15,844		$	(355,220	)
Net claims and claim expenses incurred - current accident year	$	745,388		$	84,372		$	829,760
Net claims and claim expenses incurred - prior accident years		(31,496	)		(59,641	)		(91,137	)
Net claims and claim expenses incurred - total	$	713,892		$	24,731		$	738,623
Net claims and claim expense ratio - current accident year		176.3	%		127.7	%		169.7	%
Net claims and claim expense ratio - prior accident years		(7.5	%)		(90.3	%)		(18.6	%)
Net claims and claim expense ratio - calendar year		168.8	%		37.4	%		151.1	%
Underwriting expense ratio		19.0	%		38.6	%		21.6	%
Combined ratio		187.8	%		76.0	%		172.7	%
	Six months ended June 30, 2010
	Catastrophe			Specialty			Total
Gross premiums written	$	913,662		$	81,440		$	995,102
Net premiums written	$	629,755		$	77,903		$	707,658
Net premiums earned	$	386,808		$	54,484		$	441,292
Net claims and claim expenses incurred		109,461			(40,846	)		68,615
Acquisition expenses		34,054			6,546			40,600
Operational expenses		52,057			11,829			63,886
Underwriting income	$	191,236		$	76,955		$	268,191
Net claims and claim expenses incurred - current accident year	$	201,922		$	53,137		$	255,059
Net claims and claim expenses incurred - prior accident years		(92,461	)		(93,983	)		(186,444	)
Net claims and claim expenses incurred - total	$	109,461		$	(40,846	)	$	68,615
Net claims and claim expense ratio - current accident year		52.2	%		97.5	%		57.8	%
Net claims and claim expense ratio - prior accident years		(23.9	%)		(172.5	%)		(42.3	%)
Net claims and claim expense ratio - calendar year		28.3	%		(75.0	%)		15.5	%
Underwriting expense ratio		22.3	%		33.8	%		23.7	%
Combined ratio		50.6	%		(41.2	%)		39.2	%

7

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums

	Three months ended
	June 30, 2011		March 31, 2011		December 31, 2010			September 30, 2010			June 30, 2010
Reinsurance Segment
Renaissance catastrophe premiums	$	366,929	$	311,642	$	(3,273	)	$	62,434		$	302,625
Renaissance specialty premiums		23,066		74,395		25,647			21,363			7,389
Total Renaissance premiums		389,995		386,037		22,374			83,797			310,014
DaVinci catastrophe premiums		216,317		187,036		(4,434	)		25,844			186,917
DaVinci specialty premiums		1,092		609		—			936			(414	)
Total DaVinci premiums		217,409		187,645		(4,434	)		26,780			186,503
Total catastrophe unit premiums		583,246		498,678		(7,707	)		88,278			489,542
Total specialty unit premiums		24,158		75,004		25,647			22,299			6,975
Total Reinsurance segment gross premiums written	$	607,404	$	573,682	$	17,940		$	110,577		$	496,517
Lloyd’s Segment
Specialty	$	17,546	$	29,235	$	10,983		$	8,851		$	6,508
Catastrophe		16,580		7,385		309			1,422			7,324
Insurance		—		—		(2,710	)		(1,511	)		21,009
Total Lloyd’s segment gross premiums written	$	34,126	$	36,620	$	8,582		$	8,762		$	34,841
Insurance Segment
Commercial property	$	33	$	280	$	926		$	50		$	20
Personal lines property		—		—		383			541			(3,762	)
Total Insurance segment gross premiums written	$	33	$	280	$	1,309		$	591		$	(3,742	)
Managed Premiums (1)
Total catastrophe unit gross premiums written	$	583,246	$	498,678	$	(7,707	)	$	88,278		$	489,542
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		19,079		22,528		2,507			60			18,793
Catastrophe premiums written in the Lloyd’s unit		16,580		7,385		309			1,422			7,324
Catastrophe premiums assumed from the Insurance segment		—		—		660			(9,899	)		(67	)
Total managed catastrophe premiums (1)	$	618,905	$	528,591	$	(4,231	)	$	79,861		$	515,592

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

(2) Top Layer Re is accounted for under the equity method of accounting.

8

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums

	Six months ended
	June 30, 2011		June 30, 2010
Reinsurance Segment
Renaissance catastrophe premiums	$	678,571	$	570,919
Renaissance specialty premiums		97,461		79,838
Total Renaissance premiums		776,032		650,757
DaVinci catastrophe premiums		403,353		342,743
DaVinci specialty premiums		1,701		1,602
Total DaVinci premiums		405,054		344,345
Total catastrophe unit premiums	$	1,081,924	$	913,662
Total specialty unit premiums		99,162		81,440
Total Reinsurance segment premiums	$	1,181,086	$	995,102
Lloyd’s Segment
Specialty	$	46,781	$	14,230
Catastrophe		23,965		12,993
Insurance		—		21,642
Total Lloyd’s segment premiums	$	70,746	$	48,865
Insurance Segment
Commercial property	$	313	$	1,117
Personal lines property		—		(432	)
Total Insurance segment gross premiums written	$	313	$	685
Managed Premiums (1)
Total catastrophe unit premiums	$	1,081,924	$	913,662
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		41,607		44,979
Catastrophe premiums written in the Lloyd’s unit		23,965		12,993
Catastrophe premiums assumed from the Insurance segment		—		(242	)
Total managed catastrophe premiums (1)	$	1,147,496	$	971,392

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

(2) Top Layer Re is accounted for under the equity method of accounting.

9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Revenues
Gross premiums written	$	217,409		$	187,645		$	(4,434	)	$	26,780		$	186,503
Net premiums written	$	174,427		$	167,982		$	(4,433	)	$	20,945		$	164,556
(Increase) decrease in unearned premiums		(92,821	)		(51,160	)		79,052			61,507			(84,515	)
Net premiums earned		81,606			116,822			74,619			82,452			80,041
Net investment income		6,189			6,974			6,725			7,980			6,207
Net foreign exchange (losses) gains		(1,126	)		875			(1,499	)		(74	)		(30	)
Other (loss) income		(230	)		11,037			254			181			(152	)
Net realized and unrealized gains (losses) on fixed maturity investments		10,339			(753	)		(16,280	)		28,968			16,441
Total other-than-temporary impairments		—			—			—			—			(648	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			—
Net other-than-temporary impairments		—			—			—			—			(648	)
Total revenues		96,778			134,955			63,819			119,507			101,859
Expenses
Net claims and claim expenses incurred		61,911			284,281			7,561			30,353			(8,155	)
Acquisition expenses		(11,905	)		(1,054	)		16,254			14,065			15,394
Operational and corporate expenses		6,059			4,490			10,522			10,770			5,870
Interest expense		1,907			469			574			512			474
Total expenses		57,972			288,186			34,911			55,700			13,583
Net income (loss)		38,806			(153,231	)		28,908			63,807			88,276
Net (income) loss attributable to redeemable noncontrolling interest		(81	)		305			(59	)		(128	)		(178	)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	38,725		$	(152,926	)	$	28,849		$	63,679		$	88,098
Net claims and claim expenses incurred - current accident year	$	66,248		$	291,227		$	18,219		$	37,273		$	8,553
Net claims and claim expenses incurred - prior accident years		(4,337	)		(6,946	)		(10,658	)		(6,920	)		(16,708	)
Net claims and claim expenses incurred - total	$	61,911		$	284,281		$	7,561		$	30,353		$	(8,155	)
Net claims and claim expense ratio - current accident year		81.2	%		249.3	%		24.4	%		45.2	%		10.7	%
Net claims and claim expense ratio - prior accident years		(5.3	%)		(6.0	%)		(14.3	%)		(8.4	%)		(20.9	%)
Net claims and claim expense ratio - calendar year		75.9	%		243.3	%		10.1	%		36.8	%		(10.2	%)
Underwriting expense ratio		(7.2	%)		3.0	%		35.9	%		30.1	%		26.6	%
Combined ratio		68.7	%		246.3	%		46.0	%		66.9	%		16.4	%

10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Six months ended
	June 30, 2011			June 30, 2010
Revenues
Gross premiums written	$	405,054		$	344,345
Net premiums written	$	342,409		$	309,591
Increase in unearned premiums		(143,981	)		(135,337	)
Net premiums earned		198,428			174,254
Net investment income		13,163			16,481
Net foreign exchange losses		(251	)		(1,958	)
Other income (loss)		10,807			(428	)
Net realized and unrealized gains on fixed maturity investments		9,586			22,198
Total revenues		231,733			209,899
Expenses
Net claims and claim expenses incurred		346,192			54,316
Acquisition expenses		(12,959	)		35,065
Operational and corporate expenses		10,549			13,361
Interest expense		2,376			943
Total expenses		346,158			103,685
Net (loss) income		(114,425	)		106,214
Net loss (income) attributable to redeemable noncontrolling interest		224			(215	)
Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(114,201	)	$	105,999
Net claims and claim expenses incurred - current accident year	$	357,475		$	86,580
Net claims and claim expenses incurred - prior accident years		(11,283	)		(32,264	)
Net claims and claim expenses incurred - total	$	346,192		$	54,316
Net claims and claim expense ratio - current accident year		180.2	%		49.7	%
Net claims and claim expense ratio - prior accident years		(5.7	%)		(18.5	%)
Net claims and claim expense ratio - calendar year		174.5	%		31.2	%
Underwriting expense ratio		(1.2	%)		27.8	%
Combined ratio		173.3	%		59.0	%

11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

	June 30, 2011		March 31, 2011		December 31, 2010		September 30, 2010		June 30, 2010
Assets
Fixed maturity investments trading, at fair value	$	3,864,205	$	3,678,549	$	3,871,780	$	4,332,794	$	3,786,610
Fixed maturity investments available for sale, at fair value		202,769		232,320		244,917		273,339		569,851
Total fixed maturity investments, at fair value		4,066,974		3,910,869		4,116,697		4,606,133		4,356,461
Short term investments, at fair value		774,421		1,518,542		1,110,364		842,953		761,430
Equity investments trading, at fair value		32,252		12,707		—		—		—
Other investments, at fair value		839,643		782,325		787,548		792,377		782,345
Investments in other ventures, under equity method		82,197		78,623		85,603		79,976		86,448
Total investments		5,795,487		6,303,066		6,100,212		6,321,439		5,986,684
Cash and cash equivalents		237,737		252,631		277,738		248,120		220,299
Premiums receivable		933,519		574,547		322,080		487,744		690,086
Prepaid reinsurance premiums		245,676		125,722		60,643		153,346		208,020
Reinsurance recoverable		333,245		324,124		101,711		103,449		89,624
Accrued investment income		36,266		33,580		34,560		37,431		33,104
Deferred acquisition costs		90,858		56,656		35,648		60,359		78,160
Receivable for investments sold		257,075		136,943		99,226		158,465		153,923
Other secured assets		—		14,169		14,250		17,765		17,418
Other assets		219,226		176,644		205,373		188,165		157,275
Goodwill and other intangibles		14,383		14,537		14,690		14,844		14,998
Assets of discontinued operations held for sale		2,868		2,481		872,147		984,027		1,051,323
Total assets	$	8,166,340	$	8,015,100	$	8,138,278	$	8,775,154	$	8,700,914
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,170,728	$	2,070,095	$	1,257,843	$	1,364,225	$	1,345,887
Unearned premiums		830,939		500,165		286,183		538,462		723,183
Debt		349,201		549,178		549,155		549,132		549,109
Reinsurance balances payable		403,152		256,663		318,024		368,270		421,113
Payable for investments purchased		102,545		417,257		195,383		304,604		202,562
Other secured liabilities		—		14,000		14,000		17,500		17,500
Other liabilities		152,853		165,717		222,310		211,793		179,792
Liabilities of discontinued operations held for sale		10,220		2,246		598,511		706,255		778,985
Total liabilities		4,019,638		3,975,321		3,441,409		4,060,241		4,218,131
Redeemable noncontrolling interest - DaVinciRe		628,001		536,717		757,655		741,103		707,541
Shareholders’ Equity
Preference shares		550,000		550,000		550,000		650,000		650,000
Common shares		51,753		51,742		54,110		54,875		54,872
Additional paid-in capital		5,768		—		—		5,840		—
Accumulated other comprehensive income		18,031		19,845		19,823		23,774		22,153
Retained earnings		2,889,719		2,878,315		3,312,392		3,239,321		3,048,217
Total shareholders’ equity attributable to RenaissanceRe		3,515,271		3,499,902		3,936,325		3,973,810		3,775,242
Noncontrolling interest		3,430		3,160		2,889		—		—
Total shareholders’ equity		3,518,701		3,503,062		3,939,214		3,973,810		3,775,242
Total liabilities, noncontrolling interests and shareholders’ equity	$	8,166,340	$	8,015,100	$	8,138,278	$	8,775,154	$	8,700,914
Book value per common share	$	57.30	$	57.01	$	62.58	$	60.57	$	56.96
Common shares outstanding		51,753		51,742		54,110		54,875		54,872

12

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition

	June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010
TYPE OF INVESTMENT
U.S. treasuries	$	454,148		7.8	%	$	522,006		8.3	%	$	761,461		12.4	%	$	1,198,741		19.0	%	$	1,385,037		23.1	%
Agencies		189,765		3.3	%		278,501		4.4	%		216,963		3.6	%		218,295		3.5	%		155,173		2.6	%
Non-U.S. government (Sovereign debt)		340,430		5.9	%		243,606		3.9	%		184,387		3.0	%		153,695		2.4	%		124,388		2.1	%
FDIC guaranteed corporate		232,992		4.0	%		305,745		4.9	%		388,468		6.4	%		399,938		6.3	%		502,542		8.4	%
Non-U.S. government-backed corporate		409,443		7.1	%		316,618		5.0	%		357,504		5.9	%		531,009		8.4	%		410,903		6.9	%
Corporate		1,651,688		28.4	%		1,523,224		24.1	%		1,512,411		24.7	%		1,510,917		24.0	%		1,362,866		22.8	%
Agency mortgage-backed		296,627		5.1	%		430,192		6.8	%		401,807		6.6	%		312,634		4.9	%		162,119		2.7	%
Non-agency mortgage-backed		105,581		1.8	%		35,848		0.6	%		34,149		0.6	%		35,954		0.6	%		36,660		0.6	%
Commercial mortgage-backed		340,610		5.9	%		213,809		3.4	%		219,440		3.6	%		198,246		3.1	%		167,186		2.8	%
Asset-backed		45,690		0.8	%		41,320		0.7	%		40,107		0.7	%		46,704		0.7	%		49,587		0.8	%
Total fixed maturity investments, at fair value		4,066,974		70.1	%		3,910,869		62.1	%		4,116,697		67.5	%		4,606,133		72.9	%		4,356,461		72.8	%
Short term investments, at fair value		774,421		13.4	%		1,518,542		24.1	%		1,110,364		18.2	%		842,953		13.3	%		761,430		12.7	%
Equity investments trading, at fair value		32,252		0.6	%		12,707		0.2	%		—		—			—		—			—		—
Other investments, at fair value		839,643		14.5	%		782,325		12.4	%		787,548		12.9	%		792,377		12.5	%		782,345		13.1	%
Total managed investment portfolio		5,713,290		98.6	%		6,224,443		98.8	%		6,014,609		98.6	%		6,241,463		98.7	%		5,900,236		98.6	%
Investments in other ventures, under equity method		82,197		1.4	%		78,623		1.2	%		85,603		1.4	%		79,976		1.3	%		86,448		1.4	%
Total investments	$	5,795,487		100.0	%	$	6,303,066		100.0	%	$	6,100,212		100.0	%	$	6,321,439		100.0	%	$	5,986,684		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	2,197,397		54.1	%	$	2,284,378		58.4	%	$	2,531,922		61.5	%	$	3,012,436		65.5	%	$	2,906,525		66.8	%
AA		481,789		11.8	%		457,769		11.7	%		489,780		11.9	%		586,276		12.7	%		547,801		12.6	%
A		790,594		19.4	%		675,011		17.3	%		666,497		16.2	%		644,169		14.0	%		559,498		12.8	%
BBB		398,354		9.8	%		347,766		8.9	%		303,269		7.4	%		273,948		5.9	%		258,392		5.9	%
Non-investment grade		198,840		4.9	%		145,945		3.7	%		125,229		3.0	%		89,304		1.9	%		84,245		1.9	%
Total fixed maturity investments, at fair value	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	201,681		5.0	%	$	208,422		5.3	%	$	90,450		2.2	%	$	39,960		0.9	%	$	10,303		0.2	%
Due after one through five years		1,986,843		48.8	%		1,969,491		50.3	%		2,330,181		56.6	%		2,826,941		61.4	%		3,001,349		68.9	%
Due after five through ten years		923,919		22.7	%		827,647		21.2	%		827,981		20.1	%		978,797		21.2	%		792,578		18.2	%
Due after ten years		166,023		4.1	%		184,140		4.7	%		172,582		4.2	%		166,897		3.6	%		136,679		3.1	%
Mortgage-backed securities		742,818		18.3	%		679,849		17.4	%		655,396		15.9	%		546,834		11.9	%		365,965		8.5	%
Asset-backed securities		45,690		1.1	%		41,320		1.1	%		40,107		1.0	%		46,704		1.0	%		49,587		1.1	%
Total fixed maturity investments, at fair value	$	4,066,974		100.0	%	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%
Weighted average effective yield of fixed      maturities and short term investments		2.4	%				2.1	%				2.1	%				1.7	%				2.0	%
Average duration of fixed maturities and short term investments		2.7					2.5					3.2					3.0					2.9

13

RenaissanceRe Holdings Ltd.

Summary of Other Investments

	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
TYPE OF INVESTMENT
Private equity partnerships	$	363,688		$	362,717		$	347,556		$	310,296		$	298,306
Senior secured bank loan funds		247,528			171,559			166,106			168,309			167,132
Catastrophe bonds		93,805			107,570			123,961			159,752			183,793
Non-U.S. fixed income funds		88,962			87,336			80,224			78,848			66,190
Hedge funds		39,753			40,616			41,005			44,043			43,639
Miscellaneous other investments		5,907			12,527			28,696			31,129			23,285
Total other investments, at fair value	$	839,643		$	782,325		$	787,548		$	792,377		$	782,345
TYPE OF INVESTMENT
Private equity partnerships		43.3	%		46.3	%		44.2	%		39.2	%		38.1	%
Senior secured bank loan funds		29.5	%		21.9	%		21.1	%		21.2	%		21.4	%
Catastrophe bonds		11.2	%		13.8	%		15.7	%		20.2	%		23.5	%
Non-U.S. fixed income funds		10.6	%		11.2	%		10.2	%		10.0	%		8.5	%
Hedge funds		4.7	%		5.2	%		5.2	%		5.5	%		5.5	%
Miscellaneous other investments		0.7	%		1.6	%		3.6	%		3.9	%		3.0	%
Total other investments, at fair value		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

14

RenaissanceRe Holdings Ltd.

Investment Result

	Three months ended															Six months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			June 30, 2011			June 30, 2010
Fixed maturity investments	$	24,426		$	27,913		$	16,087		$	35,219		$	28,014		$	52,339		$	56,889
Short term investments		433			595			515			635			682			1,028			1,168
Equity investments trading		112			14			—			—			—			126			—
Other investments
Hedge funds and private equity investments		8,230			23,507			31,204			7,491			8,188			31,737			25,724
Other		2,838			10,827			7,292			18,979			(8,184	)		13,665			13,034
Cash and cash equivalents		45			41			120			74			22			86			83
		36,084			62,897			55,218			62,398			28,722			98,981			96,898
Investment expenses		(2,756	)		(2,616	)		(2,715	)		(2,828	)		(2,549	)		(5,372	)		(5,016	)
Net investment income		33,328			60,281			52,503			59,570			26,173			93,609			91,882
Gross realized gains		15,430			10,562			30,254			30,959			28,753			25,992			77,601
Gross realized losses		(4,156	)		(12,617	)		(7,267	)		(748	)		(5,962	)		(16,773	)		(11,132	)
Net realized gains (losses) on fixed maturity investments		11,274			(2,055	)		22,987			30,211			22,791			9,219			66,469
Net unrealized gains (losses) on fixed maturity investments trading		24,728			(3,758	)		(89,136	)		62,131			47,260			20,970			51,782
Net unrealized (losses) gains on equity investments trading		(1,023	)		599			—			—			—			(424	)		—
Net realized and unrealized gains (losses) on investments		34,979			(5,214	)		(66,149	)		92,342			70,051			29,765			118,251
Total other-than-temporary impairments		—			—			—			—			(798	)		—			(831	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			2			—			2
Net other-than-temporary impairments		—			—			—			—			(796	)		—			(829	)
Change in net unrealized gains on fixed maturity investments available for sale		(1,763	)		252			(5,138	)		(3,453	)		(9,414	)		(1,511	)		(18,055	)
Total investment result	$	66,544		$	55,319		$	(18,784	)	$	148,459		$	86,014		$	121,863		$	191,249

15

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating

												Credit Rating (1)
June 30, 2011	Amortized Cost		Fair Value			% of  Total Managed Investment Portfolio			Effective Yield			AAA			AA			A			BBB			Non-Investment Grade			Not Rated
Short term investments	$	774,421	$	774,421			13.5	%		0.1	%	$	772,213		$	1,200		$	—		$	—		$	1,008		$	—
				100.0	%								99.7	%		0.2	%		0.0	%		0.0	%		0.1	%		0.0	%
Fixed maturity investments
U.S. treasuries		452,961		454,148			7.9	%		1.1	%		454,148			—			—			—			—			—
Agencies
Fannie Mae & Freddie Mac		177,050		177,972			3.1	%		0.7	%		177,972			—			—			—			—			—
Other agencies		11,607		11,793			0.2	%		0.8	%		11,793			—			—			—			—			—
Total agencies		188,657		189,765			3.3	%		0.7	%		189,765			—			—			—			—			—
Non-U.S. government (Sovereign debt)		334,823		340,430			6.0	%		2.4	%		220,767			57,859			19,919			25,423			13,427			3,035
FDIC guaranteed corporate		231,208		232,992			4.1	%		0.4	%		232,992			—			—			—			—			—
Non-U.S. government-backed corporate		405,508		409,443			7.2	%		1.3	%		372,103			31,123			6,217			—			—			—
Corporate		1,620,245		1,651,688			28.9	%		3.9	%		82,660			365,526			701,865			348,568			148,864			4,205
Mortgage-backed securities
Residential mortgage-backed
Agency securities		293,486		296,627			5.2	%		3.0	%		296,627			—			—			—			—			—
Non-agency securities - Prime		63,738		63,588			1.1	%		5.9	%		23,183			2,273			727			17,908			19,497			—
Non-agency securities - Alt A		40,768		41,993			0.7	%		6.7	%		20,523			2,645			7,880			1,133			9,812			—
Total residential mortgage-backed		397,992		402,208			7.0	%		3.9	%		340,333			4,918			8,607			19,041			29,309			—
Commercial mortgage-backed		332,496		340,610			6.0	%		3.5	%		258,939			22,363			53,986			5,322			—			—
Total mortgage-backed		730,488		742,818			13.0	%		3.7	%		599,272			27,281			62,593			24,363			29,309			—
Asset-backed
Student loans		27,630		28,349			0.5	%		1.3	%		28,349			—			—			—			—			—
Credit cards		12,043		12,043			0.2	%		0.9	%		12,043			—			—			—			—			—
Other		5,000		5,298			0.1	%		1.9	%		5,298			—			—			—			—			—
Total asset-backed		44,673		45,690			0.8	%		1.3	%		45,690			—			—			—			—			—
Total securitized assets		775,161		788,508			13.8	%		3.6	%		644,962			27,281			62,593			24,363			29,309			—
Total fixed maturity investments		4,008,563		4,066,974			71.2	%		2.8	%		2,197,397			481,789			790,594			398,354			191,600			7,240
				100.0	%								54.1	%		11.8	%		19.4	%		9.8	%		4.7	%		0.2	%
Equity investments trading				32,252			0.6	%					—			—			—			—			—			32,252
Other investments
Private equity partnerships				363,688			6.4	%					—			—			—			—			—			363,688
Senior secured bank loan funds				247,528			4.3	%					—			—			—			—			247,528			—
Catastrophe bonds				93,805			1.6	%					—			—			—			—			93,805			—
Non-U.S. fixed income funds				88,962			1.6	%					—			—			—			51,259			37,703			—
Hedge funds				39,753			0.7	%					—			—			—			—			—			39,753
Miscellaneous other investments				5,907			0.1	%					—			—			—			—			—			5,907
Total other investments				839,643			14.7	%					—			—			—			51,259			379,036			409,348
Total managed investment portfolio			$	5,713,290			100.0	%				$	2,969,610		$	482,989		$	790,594		$	449,613		$	571,644		$	448,840
				100.0	%								51.9	%		8.5	%		13.8	%		7.9	%		10.0	%		7.9	%

(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 A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

16

RenaissanceRe Holdings Ltd.

Investment Portfolio - Change in Portfolio Composition

	June 30, 2011					December 31, 2010					Change
	Fair Value		% of Total Managed Investment Portfolio			Fair Value		% of Total Managed Investment Portfolio			$			%
Short term investments	$	774,421		13.5	%	$	1,110,364		18.4	%	$	(335,943	)		(4.9	%)
Fixed maturity investments
U.S. treasuries		454,148		7.9	%		761,461		12.7	%		(307,313	)		(4.8	%)
Agencies
Fannie Mae & Freddie Mac		177,972		3.1	%		174,287		2.9	%		3,685			0.2	%
Other agencies		11,793		0.2	%		42,676		0.7	%		(30,883	)		(0.5	%)
Total agencies		189,765		3.3	%		216,963		3.6	%		(27,198	)		(0.3	%)
Non-U.S. government (Sovereign debt)		340,430		6.0	%		184,387		3.1	%		156,043			2.9	%
FDIC guaranteed corporate		232,992		4.1	%		388,468		6.5	%		(155,476	)		(2.4	%)
Non-U.S. government-backed corporate		409,443		7.2	%		357,504		5.9	%		51,939			1.3	%
Corporate		1,651,688		28.9	%		1,512,411		25.1	%		139,277			3.8	%
Mortgage-backed
Residential mortgage-backed
Agency securities		296,627		5.2	%		401,807		6.7	%		(105,180	)		(1.5	%)
Non-agency securities - Prime		63,588		1.1	%		19,591		0.3	%		43,997			0.8	%
Non-agency securities - Alt A		41,993		0.7	%		14,558		0.2	%		27,435			0.5	%
Total residential mortgage-backed		402,208		7.0	%		435,956		7.2	%		(33,748	)		(0.2	%)
Commercial mortgage-backed		340,610		6.0	%		219,440		3.7	%		121,170			2.3	%
Total mortgage-backed		742,818		13.0	%		655,396		10.9	%		87,422			2.1	%
Asset-backed
Student loans		28,349		0.5	%		33,056		0.6	%		(4,707	)		(0.1	%)
Auto		—		0.0	%		1,809		0.0	%		(1,809	)		0.0	%
Credit cards		12,043		0.2	%		—		0.0	%		12,043			0.2	%
Other		5,298		0.1	%		5,242		0.1	%		56			0.0	%
Total asset-backed		45,690		0.8	%		40,107		0.7	%		5,583			0.1	%
Total securitized assets		788,508		13.8	%		695,503		11.6	%		93,005			2.2	%
Total fixed maturity investments		4,066,974		71.2	%		4,116,697		68.5	%		(49,723	)		2.7	%
Equity investments trading		32,252		0.6	%		—		—			32,252			0.6	%
Other investments
Private equity partnerships		363,688		6.4	%		347,556		5.7	%		16,132			0.7	%
Senior secured bank loan funds		247,528		4.3	%		166,106		2.8	%		81,422			1.5	%
Catastrophe bonds		93,805		1.6	%		123,961		2.1	%		(30,156	)		(0.5	%)
Non-U.S. fixed income funds		88,962		1.6	%		80,224		1.3	%		8,738			0.3	%
Hedge funds		39,753		0.7	%		41,005		0.7	%		(1,252	)		0.0	%
Miscellaneous other investments		5,907		0.1	%		28,696		0.5	%		(22,789	)		(0.4	%)
Total other investments		839,643		14.7	%		787,548		13.1	%		52,095			1.6	%
Total managed investment portfolio	$	5,713,290		100.0	%	$	6,014,609		100.0	%	$	(301,319	)

17

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector

	June 30, 2011
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	876,991	$	66,497	$	243,999	$	466,236	$	72,680	$	23,503	$	4,076
Industrial, utilities and energy		279,344		4,518		27,112		87,187		120,019		40,508		—
Communications and technology		163,498		1,052		907		88,100		44,842		28,597		—
Consumer		125,509		—		18,114		34,926		46,978		25,378		113
Health care		79,541		—		53,748		7,836		5,842		12,115		—
Basic materials		82,754		—		—		8,153		56,203		18,382		16
Other		44,051		10,593		21,646		9,427		2,004		381		—
Total corporate fixed maturity investments, at fair value (1)	$	1,651,688	$	82,660	$	365,526	$	701,865	$	348,568	$	148,864	$	4,205

Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	June 30, 2011
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	79,026	$	5,000	$	74,026
Citigroup Inc.		69,091		—		69,091
General Electric Company		61,748		—		61,748
Bank of America Corp.		54,595		—		54,595
Barclays PLC		52,428		5,997		46,431
Royal Bank of Scotland PLC		51,053		10,705		40,348
Lloyds Banking Group PLC		44,449		6,997		37,452
Goldman Sachs Group Inc.		42,334		—		42,334
Morgan Stanley		39,084		—		39,084
Wells Fargo & Company		37,406		—		37,406
Total (2)	$	531,214	$	28,699	$	502,515

(1) Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, at fair value.

(2) Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, repurchase agreements and commerical paper, at fair value.

18

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2011
Catastrophe	$	406,522	$	473,439	$	630,651	$	1,510,612
Specialty		108,613		51,439		347,795		507,847
Total Reinsurance		515,135		524,878		978,446		2,018,459
Lloyd’s		10,498		10,450		39,008		59,956
Insurance		35,196		5,577		51,540		92,313
Total	$	560,829	$	540,905	$	1,068,994	$	2,170,728
March 31, 2011
Catastrophe	$	156,246	$	422,871	$	838,360	$	1,417,477
Specialty		112,092		49,221		338,671		499,984
Total Reinsurance		268,338		472,092		1,177,031		1,917,461
Lloyd’s		217		14,774		36,526		51,517
Insurance		38,291		5,300		57,526		101,117
Total	$	306,846	$	492,166	$	1,271,083	$	2,070,095
December 31, 2010
Catastrophe	$	173,157	$	281,202	$	163,021	$	617,380
Specialty		102,521		60,196		350,573		513,290
Total Reinsurance		275,678		341,398		513,594		1,130,670
Lloyd’s		172		6,874		12,985		20,031
Insurance		40,943		3,317		62,882		107,142
Total	$	316,793	$	351,589	$	589,461	$	1,257,843
September 30, 2010
Catastrophe	$	201,704	$	238,572	$	250,899	$	691,175
Specialty		93,732		81,587		358,368		533,687
Total Reinsurance		295,436		320,159		609,267		1,224,862
Lloyd’s		190		8,651		8,196		17,037
Insurance		47,900		6,044		68,382		122,326
Total	$	343,526	$	334,854	$	685,845	$	1,364,225
June 30, 2010
Catastrophe	$	134,647	$	270,696	$	244,164	$	649,507
Specialty		110,188		80,107		358,056		548,351
Total Reinsurance		244,835		350,803		602,220		1,197,858
Lloyd’s		—		6,246		4,894		11,140
Insurance		50,160		11,413		75,316		136,889
Total	$	294,995	$	368,462	$	682,430	$	1,345,887

19

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis

	Three months ended June 30, 2011									Three months ended June 30, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,070,095		$	324,124		$	1,745,971		$	1,419,647		$	101,855		$	1,317,792
Incurred losses and loss expenses
Current year		187,402			15,470			171,932			58,966			(2,469	)		61,435
Prior years		(22,733	)		(2,062	)		(20,671	)		(86,712	)		(6,474	)		(80,238	)
Total incurred losses and loss expenses		164,669			13,408			151,261			(27,746	)		(8,943	)		(18,803	)
Paid losses and loss expenses
Current year		51,066			—			51,066			2,417			—			2,417
Prior years		12,970			4,287			8,683			43,597			3,288			40,309
Total paid losses and loss expenses		64,036			4,287			59,749			46,014			3,288			42,726
Reserve for losses and loss expenses, end of period	$	2,170,728		$	333,245		$	1,837,483		$	1,345,887		$	89,624		$	1,256,263
	Six months ended June 30, 2011									Six months ended June 30, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,257,843		$	101,711		$	1,156,132		$	1,344,433		$	84,099		$	1,260,334
Incurred losses and loss expenses
Current year		1,124,619			255,990			868,629			311,481			40,436			271,045
Prior years		(96,627	)		(7,796	)		(88,831	)		(205,102	)		(12,594	)		(192,508	)
Total incurred losses and loss expenses		1,027,992			248,194			779,798			106,379			27,842			78,537
Paid losses and loss expenses
Current year		51,578			—			51,578			2,175			—			2,175
Prior years		63,529			16,660			46,869			102,750			22,317			80,433
Total paid losses and loss expenses		115,107			16,660			98,447			104,925			22,317			82,608
Reserve for losses and loss expenses, end of period	$	2,170,728		$	333,245		$	1,837,483		$	1,345,887		$	89,624		$	1,256,263

20

RenaissanceRe Holdings Ltd.

(Loss) Earnings per Share

	Three months ended
(common shares in thousands)	June 30 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	(248,033	)	$	122,575		$	204,750		$	210,241
Amount allocated to participating common shareholders (1)		(461	)		6,327			(3,107	)		(5,147	)		(5,322	)
	$	24,303		$	(241,706	)	$	119,468		$	199,603		$	204,919
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares		50,493			51,504			53,166			53,467			55,538
Per common share equivalents of employee stock options and restricted shares		557			—			501			498			506
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		51,050			51,504			53,667			53,965			56,044
Basic income (loss) per RenaissanceRe common share	$	0.48		$	(4.69	)	$	2.25		$	3.73		$	3.69
Diluted income (loss) per RenaissanceRe common share (2)	$	0.48		$	(4.69	)	$	2.23		$	3.70		$	3.66
	Six months ended
(common shares in thousands)	June 30 2011			June 30, 2010
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(223,269	)	$	375,288
Amount allocated to participating common shareholders (1)		(514	)		(9,486	)
	$	(223,783	)	$	365,802
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares		50,994			56,972
Per common share equivalents of employee stock options and restricted shares		—			493
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		50,994			57,465
Basic (loss) income per RenaissanceRe common share	$	(4.39	)	$	6.42
Diluted (loss) income per RenaissanceRe common share (2)	$	(4.39	)	$	6.37

(1) Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.

(2) Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.

21

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures

	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Top Layer Re	$	3,967		$	(22,509	)	$	(9,437	)	$	(8,655	)	$	2,609
Tower Hill Companies		1,216			(449	)		(30	)		2,023			229
Other		(55	)		(795	)		(923	)		(108	)		322
Total equity in earnings (losses) of other ventures	$	5,128		$	(23,753	)	$	(10,390	)	$	(6,740	)	$	3,160
	Six months ended
	June 30, 2011			June 30, 2010
Tower Hill Companies	$	767		$	(842	)
Top Layer Re		(18,542	)		5,989
Other		(850	)		169
Total equity in (losses) earnings of other ventures	$	(18,625	)	$	5,316

22

RenaissanceRe Holdings Ltd.

Other Income (Loss)

	Three months ended
	June 30, 2011			March 31, 2011			December 31, 2010		September 30, 2010			June 30, 2010
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	(1,022	)	$	43,521		$	8,448	$	(677	)	$	(1,041	)
Weather and energy risk management operations		(3,779	)		3,295			15,206		(4,740	)		(492	)
Mark-to-market on Platinum warrant		—			2,975			1,067		14,352			(1,668	)
Gain on sale of ChannelRe		—			—			—		15,835			—
Other items		(366	)		354			1,311		251			(541	)
Total other (loss) income	$	(5,167	)	$	50,145		$	26,032	$	25,021		$	(3,742	)
	Six months ended
	June 30, 2011			June 30, 2010
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	42,499		$	(2,557	)
Mark-to-market on Platinum warrant		2,975			(5,365	)
Weather and energy risk management operations		(484	)		(2,317	)
Other items		(12	)		306
Total other income (loss)	$	44,978		$	(9,933	)

23

RenaissanceRe Holdings Ltd.

Ratings

	A.M. Best	S&P (4)	Moody’s	Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	A+
DaVinci	A	A+	A3	—
Top Layer Re	A+	AA	—	—
Renaissance Europe	A+	AA-	—	—
LLOYD’S SEGMENT
RenaissanceRe Syndicate 1458	—	—	—	—
Lloyd’s Overall Market Rating (2)	A	A+	—	A+
INSURANCE SEGMENT (1)
Glencoe	A	A	—	—
RENAISSANCERE (3)	—	Excellent	—	—

(1) The A.M. Best, S&P, Moody’s and Fitch ratings for the companies in the Reinsurance and Insurance segments reflect the insurer’s financial strength rating.

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

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

(4) The S&P ratings for the companies in the Reinsurance and Insurance segments reflect, in addition to the insurer’s financial strength rating, the insurer’s issuer credit rating.

24

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 in this Financial Supplement within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company’s management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

The Company uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net 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 from continuing and discontinued operations, net other-than-temporary impairments from continuing and discontinued operations and in the third quarter of 2010, the gain on the sale of the Company’s ownership interest in ChannelRe. The Company’s management believes that “operating (loss) income (attributable) available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s fixed maturity investment portfolio and equity investments trading. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted” and “operating return on average common equity – annualized”. The following is a reconciliation of: 1) net income (loss) available (attributable) to RenaissanceRe common shareholders to operating (loss) income (attributable) available to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted to operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted; and 3) return on average common equity – annualized to operating return on average common equity – annualized:

	Three months ended															Six months ended
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			June 30, 2011			June 30, 2010
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	24,764		$	(248,033	)	$	122,575		$	204,750		$	210,241		$	(223,269	)	$	375,288
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(34,979	)		5,214			66,149			(92,342	)		(70,051	)		(29,765	)		(118,251	)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			796			—			829
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			(42	)		353			(5,669	)		(1,055	)		(42	)		(1,453	)
Adjustment for gain on sale of ChannelRe		—			—			—			(15,835	)		—			—			—
Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(10,215	)	$	(242,861	)	$	189,077		$	90,904		$	139,931		$	(253,076	)	$	256,413
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.48		$	(4.69	)	$	2.23		$	3.70		$	3.66		$	(4.39	)	$	6.37
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(0.69	)		0.10			1.23			(1.71	)		(1.26	)		(0.58	)		(2.07	)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			0.02			—			0.02
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			—			0.01			(0.11	)		(0.02	)		—			(0.02	)
Adjustment for gain on sale of ChannelRe		—			—			—			(0.29	)		—			—			—
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(0.21	)	$	(4.59	)	$	3.47		$	1.59		$	2.40		$	(4.97	)	$	4.30
Return on average common equity - annualized		3.3	%		(31.3	%)		14.6	%		25.4	%		26.8	%		(14.4	%)		23.8	%
Adjustment for net realized and unrealized (gains) losses on investments of continuing operations		(4.7	%)		0.6	%		7.9	%		(11.4	%)		(8.9	%)		(1.9	%)		(7.5	%)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			0.1	%		0.0	%		0.1	%
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			—			—			(0.7	%)		(0.1	%)		—			(0.1	%)
Adjustment for gain on sale of ChannelRe		—			—			—			(2.0	%)		—			—			—
Operating return on average common equity - annualized		(1.4	%)		(30.7	%)		22.5	%		11.3	%		17.9	%		(16.3	%)		16.3	%

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RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Company’s Insurance segment. “Managed catastrophe premiums” differs from total catastrophe unit gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment, and the exclusion of catastrophe premiums assumed from the Company’s Insurance segment. 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, as applicable, assumed by the Company through its consolidated subsidiaries and related joint ventures, excluding catastrophe premiums assumed from the Company’s Insurance segment.

The Company has also 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; “tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets. 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
	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
Book value per common share	$	57.30		$	57.01		$	62.58		$	60.57		$	56.96
Adjustment for goodwill and other intangibles (1)		(0.96	)		(0.99	)		(2.03	)		(2.05	)		(2.10	)
Tangible book value per common share		56.34			56.02			60.55			58.52			54.86
Adjustment for accumulated dividends		10.40			10.14			9.88			9.63			9.38
Tangible book value per common share plus accumulated dividends	$	66.74		$	66.16		$	70.43		$	68.15		$	64.24
Change in book value per common share		0.5	%		(8.9	%)		3.3	%		6.3	%		5.8	%
Change in tangible book value per common share plus change in accumulated dividends		1.0	%		(7.1	%)		3.9	%		7.1	%		6.3	%

(1) At June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010, goodwill and other intangibles included $35.4 million, $36.8 million, $38.1 million, $39.5 million and $40.9 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method and $Nil, $Nil, $57.0 million, $58.1 million and $59.1 million, respectively, of goodwill and intangibles included in assets of discontinued operations held for sale.

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