RenaissanceRe Holdings Ltd.

Contents

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

RenaissanceRe Holdings Ltd.

Basis of Presentation

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

This financial supplement includes certain non-GAAP financial measures including “operating income (loss) available (attributable) to RenaissanceRe common shareholders”, “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 22 through 25 for Comments on Regulation G.

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

All information contained herein is unaudited. Unless otherwise noted, dollar amounts are in thousands, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.

i

RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended															Year ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Highlights
Gross premiums written	$	407,766		$	640,269		$	827,415		$	922,090		$	323,091		$	2,797,540		$	2,374,576
Net premiums written	$	288,223		$	483,221		$	555,745		$	544,136		$	219,499		$	1,871,325		$	1,535,312
Net premiums earned	$	421,473		$	547,792		$	382,265		$	366,045		$	351,901		$	1,717,575		$	1,403,430
Net claims and claim expenses incurred	304,064			1,221,696			142,587			193,081			123,901			1,861,428			530,831
Acquisition expenses	98,598			76,761			88,251			83,282			74,146			346,892			289,323
Operating expenses	29,192			42,537			41,766			47,283			49,948			160,778			197,749
Underwriting (loss) income	$	(10,381	)	$	(793,202	)	$	109,661		$	42,399		$	103,906		$	(651,523	)	$	385,527
Net investment income	$	73,464		$	40,257		$	54,163		$	54,325		$	47,316		$	222,209		$	181,726
Net realized and unrealized (losses) gains on investments	(7,716		)	42,052			58,113			43,373			(49,967		)	135,822			141,328
Change in net unrealized gains on fixed maturity investments available for sale	—			—			—			—			(1,398		)	—			(1,870		)
Total investment result	$	65,748		$	82,309		$	112,276		$	97,698		$	(4,049	)	$	358,031		$	321,184
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(3,452	)	$	(504,812	)	$	171,142		$	92,352		$	69,436		$	(244,770	)	$	480,581
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	41,353		$	(546,864	)	$	113,029		$	48,979		$	108,870		$	(332,300	)	$	342,253
Total assets	$	15,226,131		$	15,044,924		$	13,705,680		$	13,319,627		$	12,352,082		$	15,226,131		$	12,352,082
Total shareholders' equity attributable to RenaissanceRe	$	4,391,375		$	4,403,012		$	4,955,255		$	4,860,837		$	4,866,577		$	4,391,375		$	4,866,577
Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(0.09	)	$	(12.75	)	$	4.24		$	2.25		$	1.69		$	(6.15	)	$	11.43
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	1.05		$	(13.81	)	$	2.79		$	1.18		$	2.66		$	(8.35	)	$	8.10
Dividends per common share	$	0.32		$	0.32		$	0.32		$	0.32		$	0.31		$	1.28		$	1.24
Book value per common share	$	99.72		$	100.00		$	113.08		$	109.37		$	108.45		$	99.72		$	108.45
Tangible book value per common share (1)	$	93.23		$	93.45		$	106.52		$	102.82		$	101.87		$	93.23		$	101.87
Tangible book value per common share plus accumulated dividends (1)	$	111.23		$	111.13		$	123.88		$	119.86		$	118.59		$	111.23		$	118.59
Change in tangible book value per common share plus change in accumulated dividends (1)	0.1		%	(12.0		)%	3.9		%	1.2		%	1.8		%	(7.2		)%	11.4		%
Financial ratios
Net claims and claim expense ratio - current accident year	81.0		%	220.8		%	49.1		%	44.8		%	60.1		%	110.8		%	49.5		%
Net claims and claim expense ratio - prior accident years	(8.9		)%	2.2		%	(11.8		)%	7.9		%	(24.9		)%	(2.4		)%	(11.7		)%
Net claims and claim expense ratio - calendar year	72.1		%	223.0		%	37.3		%	52.7		%	35.2		%	108.4		%	37.8		%
Underwriting expense ratio	30.4		%	21.8		%	34.0		%	35.7		%	35.3		%	29.5		%	34.7		%
Combined ratio	102.5		%	244.8		%	71.3		%	88.4		%	70.5		%	137.9		%	72.5		%
Return on average common equity - annualized	(0.3		)%	(47.2		)%	15.2		%	8.3		%	6.3		%	(5.7		)%	11.0		%
Operating return on average common equity - annualized (1)	4.2		%	(51.1		)%	10.0		%	4.4		%	9.9		%	(7.7		)%	7.9		%
Total investment return - annualized	2.6		%	3.4		%	4.8		%	4.1		%	(0.2		)%	3.6		%	3.5		%

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

1

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Three months ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Revenues
Gross premiums written	$	407,766		$	640,269		$	827,415		$	922,090		$	323,091
Net premiums written	$	288,223		$	483,221		$	555,745		$	544,136		$	219,499
Decrease (increase) in unearned premiums	133,250			64,571			(173,480		)	(178,091		)	132,402
Net premiums earned	421,473			547,792			382,265			366,045			351,901
Net investment income	73,464			40,257			54,163			54,325			47,316
Net foreign exchange (losses) gains	(490		)	(156		)	3,109			8,165			(5,420		)
Equity in earnings (losses) of other ventures	2,200			1,794			5,543			(1,507		)	4,960
Other income	2,362			2,996			2,392			1,665			5,177
Net realized and unrealized (losses) gains on investments	(7,716		)	42,052			58,113			43,373			(49,967		)
Total revenues	491,293			634,735			505,585			472,066			353,967
Expenses
Net claims and claim expenses incurred	304,064			1,221,696			142,587			193,081			123,901
Acquisition expenses	98,598			76,761			88,251			83,282			74,146
Operational expenses	29,192			42,537			41,766			47,283			49,948
Corporate expenses	4,237			4,413			4,636			5,286			11,888
Interest expense	11,777			11,799			10,091			10,526			10,534
Total expenses	447,868			1,357,206			287,331			339,458			270,417
Income (loss) before taxes	43,425			(722,471		)	218,254			132,608			83,550
Income tax (expense) benefit	(41,226		)	18,977			(3,904		)	(334		)	7,700
Net income (loss)	2,199			(703,494		)	214,350			132,274			91,250
Net (income) loss attributable to noncontrolling interests	(56		)	204,277			(37,612		)	(34,327		)	(16,219		)
Net income (loss) attributable to RenaissanceRe	2,143			(499,217		)	176,738			97,947			75,031
Dividends on preference shares	(5,595		)	(5,595		)	(5,596		)	(5,595		)	(5,595		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(3,452	)	$	(504,812	)	$	171,142		$	92,352		$	69,436
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(0.09	)	$	(12.75	)	$	4.25		$	2.26		$	1.70
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(0.09	)	$	(12.75	)	$	4.24		$	2.25		$	1.69
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	1.05		$	(13.74	)	$	2.88		$	1.30		$	2.66
Return on average common equity - annualized	(0.3		)%	(47.2		)%	15.2		%	8.3		%	6.3		%
Operating return on average common equity - annualized (1)	4.2		%	(50.8		)%	10.3		%	4.8		%	9.9		%

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

2

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Year ended
	December 31, 2017			December 31, 2016
Revenues
Gross premiums written	$	2,797,540		$	2,374,576
Net premiums written	$	1,871,325		$	1,535,312
Increase in unearned premiums	(153,750		)	(131,882		)
Net premiums earned	1,717,575			1,403,430
Net investment income	222,209			181,726
Net foreign exchange gains (losses)	10,628			(13,788		)
Equity in earnings of other ventures	8,030			963
Other income	9,415			14,178
Net realized and unrealized gains on investments	135,822			141,328
Total revenues	2,103,679			1,727,837
Expenses
Net claims and claim expenses incurred	1,861,428			530,831
Acquisition expenses	346,892			289,323
Operational expenses	160,778			197,749
Corporate expenses	18,572			37,402
Interest expense	44,193			42,144
Total expenses	2,431,863			1,097,449
(Loss) income before taxes	(328,184		)	630,388
Income tax expense	(26,487		)	(340		)
Net (loss) income	(354,671		)	630,048
Net loss (income) attributable to noncontrolling interests	132,282			(127,086		)
Net (loss) income attributable to RenaissanceRe	(222,389		)	502,962
Dividends on preference shares	(22,381		)	(22,381		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(244,770	)	$	480,581
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(6.15	)	$	11.50
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(6.15	)	$	11.43
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(8.35	)	$	8.10
Return on average common equity - annualized	(5.7		)%	11.0		%
Operating return on average common equity - annualized (1)	(7.7		)%	7.9		%

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

3

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Three months ended December 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	95,166		$	312,600		$	—		$	407,766
Net premiums written	$	82,286		$	205,926		$	11		$	288,223
Net premiums earned	$	215,046		$	206,416		$	11		$	421,473
Net claims and claim expenses incurred	181,712			123,225			(873		)	304,064
Acquisition expenses	38,699			59,898			1			98,598
Operational expenses	17,353			11,840			(1		)	29,192
Underwriting (loss) income	$	(22,718	)	$	11,453		$	884		$	(10,381	)
Net claims and claim expenses incurred - current accident year	$	210,340		$	131,057		$	—		$	341,397
Net claims and claim expenses incurred - prior accident years	(28,628		)	(7,832		)	(873		)	(37,333		)
Net claims and claim expenses incurred - total	$	181,712		$	123,225		$	(873	)	$	304,064
Net claims and claim expense ratio - current accident year	97.8		%	63.5		%				81.0		%
Net claims and claim expense ratio - prior accident years	(13.3		)%	(3.8		)%				(8.9		)%
Net claims and claim expense ratio - calendar year	84.5		%	59.7		%				72.1		%
Underwriting expense ratio	26.1		%	34.8		%				30.4		%
Combined ratio	110.6		%	94.5		%				102.5		%
	Three months ended December 31, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	52,447		$	270,644		$	—		$	323,091
Net premiums written	$	50,960		$	168,396		$	143		$	219,499
Net premiums earned	$	181,998		$	169,761		$	142		$	351,901
Net claims and claim expenses incurred	25,927			98,279			(305		)	123,901
Acquisition expenses	26,418			47,728			—			74,146
Operational expenses	29,201			20,723			24			49,948
Underwriting income	$	100,452		$	3,031		$	423		$	103,906
Net claims and claim expenses incurred - current accident year	$	93,291		$	118,092		$	—		$	211,383
Net claims and claim expenses incurred - prior accident years	(67,364		)	(19,813		)	(305		)	(87,482		)
Net claims and claim expenses incurred - total	$	25,927		$	98,279		$	(305	)	$	123,901
Net claims and claim expense ratio - current accident year	51.3		%	69.6		%				60.1		%
Net claims and claim expense ratio - prior accident years	(37.1		)%	(11.7		)%				(24.9		)%
Net claims and claim expense ratio - calendar year	14.2		%	57.9		%				35.2		%
Underwriting expense ratio	30.6		%	40.3		%				35.3		%
Combined ratio	44.8		%	98.2		%				70.5		%

4

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Year ended December 31, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,440,437		$	1,357,110		$	(7	)	$	2,797,540
Net premiums written	$	978,014		$	893,307		$	4		$	1,871,325
Net premiums earned	$	931,070		$	786,501		$	4		$	1,717,575
Net claims and claim expenses incurred	1,297,985			565,026			(1,583		)	1,861,428
Acquisition expenses	113,816			233,077			(1		)	346,892
Operational expenses	94,194			66,548			36			160,778
Underwriting (loss) income	$	(574,925	)	$	(78,150	)	$	1,552		$	(651,523	)
Net claims and claim expenses incurred - current accident year	$	1,343,581		$	558,843		$	—		$	1,902,424
Net claims and claim expenses incurred - prior accident years	(45,596		)	6,183			(1,583		)	(40,996		)
Net claims and claim expenses incurred - total	$	1,297,985		$	565,026		$	(1,583	)	$	1,861,428
Net claims and claim expense ratio - current accident year	144.3		%	71.1		%				110.8		%
Net claims and claim expense ratio - prior accident years	(4.9		)%	0.7		%				(2.4		)%
Net claims and claim expense ratio - calendar year	139.4		%	71.8		%				108.4		%
Underwriting expense ratio	22.3		%	38.1		%				29.5		%
Combined ratio	161.7		%	109.9		%				137.9		%
	Year ended December 31, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,111,263		$	1,263,313		$	—		$	2,374,576
Net premiums written	$	725,321		$	809,848		$	143		$	1,535,312
Net premiums earned	$	720,951		$	682,337		$	142		$	1,403,430
Net claims and claim expenses incurred	151,545			380,396			(1,110		)	530,831
Acquisition expenses	97,594			191,729			—			289,323
Operational expenses	108,642			88,984			123			197,749
Underwriting income	$	363,170		$	21,228		$	1,129		$	385,527
Net claims and claim expenses incurred - current accident year	$	256,421		$	438,536		$	—		$	694,957
Net claims and claim expenses incurred - prior accident years	(104,876		)	(58,140		)	(1,110		)	(164,126		)
Net claims and claim expenses incurred - total	$	151,545		$	380,396		$	(1,110	)	$	530,831
Net claims and claim expense ratio - current accident year	35.6		%	64.3		%				49.5		%
Net claims and claim expense ratio - prior accident years	(14.6		)%	(8.6		)%				(11.7		)%
Net claims and claim expense ratio - calendar year	21.0		%	55.7		%				37.8		%
Underwriting expense ratio	28.6		%	41.2		%				34.7		%
Combined ratio	49.6		%	96.9		%				72.5		%

5

RenaissanceRe Holdings Ltd.
Segment Underwriting Results
	Three months ended
Property Segment	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Gross premiums written	$	95,166		$	325,395		$	499,347		$	520,529		$	52,447
Net premiums written	$	82,286		$	269,393		$	336,464		$	289,871		$	50,960
Net premiums earned	$	215,046		$	336,838		$	192,198		$	186,988		$	181,998
Net claims and claim expenses incurred	181,712			1,044,418			33,017			38,838			25,927
Acquisition expenses	38,699			17,514			28,500			29,103			26,418
Operational expenses	17,353			25,123			24,053			27,665			29,201
Underwriting (loss) income	$	(22,718	)	$	(750,217	)	$	106,628		$	91,382		$	100,452
Net claims and claim expenses incurred - current accident year	$	210,340		$	1,036,586		$	56,889		$	39,766		$	93,291
Net claims and claim expenses incurred - prior accident years	(28,628		)	7,832			(23,872		)	(928		)	(67,364		)
Net claims and claim expenses incurred - total	$	181,712		$	1,044,418		$	33,017		$	38,838		$	25,927
Net claims and claim expense ratio - current accident year	97.8		%	307.7		%	29.6		%	21.3		%	51.3		%
Net claims and claim expense ratio - prior accident years	(13.3		)%	2.4		%	(12.4		)%	(0.5		)%	(37.1		)%
Net claims and claim expense ratio - calendar year	84.5		%	310.1		%	17.2		%	20.8		%	14.2		%
Underwriting expense ratio	26.1		%	12.6		%	27.3		%	30.3		%	30.6		%
Combined ratio	110.6		%	322.7		%	44.5		%	51.1		%	44.8		%
	Three months ended
Casualty and Specialty Segment	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Gross premiums written	$	312,600		$	314,881		$	328,068		$	401,561		$	270,644
Net premiums written	$	205,926		$	213,835		$	219,281		$	254,265		$	168,396
Net premiums earned	$	206,416		$	210,961		$	190,065		$	179,059		$	169,761
Net claims and claim expenses incurred	123,225			177,433			109,797			154,571			98,279
Acquisition expenses	59,898			59,248			59,752			54,179			47,728
Operational expenses	11,840			17,389			17,712			19,607			20,723
Underwriting income (loss)	$	11,453		$	(43,109	)	$	2,804		$	(49,298	)	$	3,031
Net claims and claim expenses incurred - current accident year	$	131,057		$	172,675		$	130,802		$	124,309		$	118,092
Net claims and claim expenses incurred - prior accident years	(7,832		)	4,758			(21,005		)	30,262			(19,813		)
Net claims and claim expenses incurred - total	$	123,225		$	177,433		$	109,797		$	154,571		$	98,279
Net claims and claim expense ratio - current accident year	63.5		%	81.9		%	68.8		%	69.4		%	69.6		%
Net claims and claim expense ratio - prior accident years	(3.8		)%	2.2		%	(11.0		)%	16.9		%	(11.7		)%
Net claims and claim expense ratio - calendar year	59.7		%	84.1		%	57.8		%	86.3		%	57.9		%
Underwriting expense ratio	34.8		%	36.3		%	40.7		%	41.2		%	40.3		%
Combined ratio	94.5		%	120.4		%	98.5		%	127.5		%	98.2		%

6

DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
	Three months ended															Year ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Revenues
Gross premiums written	$	5,145		$	68,352		$	132,009		$	116,680		$	(731	)	$	322,186		$	274,828
Net premiums written	$	2,832		$	63,442		$	116,523		$	98,695		$	(580	)	$	281,492		$	230,371
Decrease (increase) in unearned premiums	60,210			41,278			(56,246		)	(42,492		)	59,119			2,750			7,408
Net premiums earned	63,042			104,720			60,277			56,203			58,539			284,242			237,779
Net investment income	9,488			8,334			8,065			7,756			7,597			33,643			28,841
Net foreign exchange (losses) gains	(70		)	(66		)	224			348			(197		)	436			330
Other income (loss)	—			—			679			1			—			680			(86		)
Net realized and unrealized (losses) gains on investments	(10,641		)	528			2,207			2,061			(17,510		)	(5,845		)	10,071
Total revenues	61,819			113,516			71,452			66,369			48,429			313,156			276,935
Expenses
Net claims and claim expenses incurred	61,444			415,669			(2,233		)	807			650			475,687			23,199
Acquisition expenses	7,518			(53,773		)	17,525			15,892			16,967			(12,838		)	62,202
Operational and corporate expenses	719			6,441			6,976			6,579			6,804			20,715			27,138
Interest expense	1,859			1,859			1,858			1,858			1,859			7,434			7,435
Total expenses	71,540			370,196			24,126			25,136			26,280			490,998			119,974
(Loss) income before taxes	(9,721		)	(256,680		)	47,326			41,233			22,149			(177,842		)	156,961
Income tax (expense) benefit	(157		)	1,164			(273		)	(23		)	(111		)	711			(730		)
Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(9,878	)	$	(255,516	)	$	47,053		$	41,210		$	22,038		$	(177,131	)	$	156,231
Net claims and claim expenses incurred - current accident year	$	68,096		$	413,466		$	10,500		$	5,899		$	24,310		$	497,961		$	62,386
Net claims and claim expenses incurred - prior accident years	(6,652		)	2,203			(12,733		)	(5,092		)	(23,660		)	(22,274		)	(39,187		)
Net claims and claim expenses incurred - total	$	61,444		$	415,669		$	(2,233	)	$	807		$	650		$	475,687		$	23,199
Net claims and claim expense ratio - current accident year	108.0		%	394.8		%	17.4		%	10.5		%	41.5		%	175.2		%	26.2		%
Net claims and claim expense ratio - prior accident years	(10.5		)%	2.1		%	(21.1		)%	(9.1		)%	(40.4		)%	(7.8		)%	(16.4		)%
Net claims and claim expense ratio - calendar year	97.5		%	396.9		%	(3.7		)%	1.4		%	1.1		%	167.4		%	9.8		%
Underwriting expense ratio	13.0		%	(45.2		)%	40.6		%	40.0		%	40.6		%	2.7		%	37.5		%
Combined ratio	110.5		%	351.7		%	36.9		%	41.4		%	41.7		%	170.1		%	47.3		%

7

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
	December 31, 2017		September 30, 2017		June 30, 2017			March 31, 2017			December 31, 2016
Assets
Fixed maturity investments trading, at fair value	$	7,426,555	$	7,092,969	$	7,282,264		$	7,259,851		$	6,891,244
Short term investments, at fair value	991,863		1,497,262		1,070,950			1,199,797			1,368,379
Equity investments trading, at fair value	388,254		402,035		393,405			388,424			383,313
Other investments, at fair value	594,793		548,492		561,212			514,667			549,805
Investments in other ventures, under equity method	101,974		101,420		101,077			97,131			124,227
Total investments	9,503,439		9,642,178		9,408,908			9,459,870			9,316,968
Cash and cash equivalents	1,361,592		581,576		623,150			454,087			421,157
Premiums receivable	1,304,622		1,521,266		1,533,833			1,283,275			987,323
Prepaid reinsurance premiums	533,546		635,756		705,322			628,091			441,260
Reinsurance recoverable	1,586,630		1,588,304		370,586			325,819			279,564
Accrued investment income	42,235		38,366		40,118			40,547			38,076
Deferred acquisition costs	426,551		434,914		430,106			388,681			335,325
Receivable for investments sold	103,145		193,758		170,411			316,948			105,841
Other assets	121,226		164,019		176,816			173,984			175,382
Goodwill and other intangibles	243,145		244,787		246,430			248,325			251,186
Total assets	$	15,226,131	$	15,044,924	$	13,705,680		$	13,319,627		$	12,352,082
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	5,080,408	$	5,192,313	$	2,989,806		$	2,934,688		$	2,848,294
Unearned premiums	1,477,609		1,713,069		1,847,206			1,596,495			1,231,573
Debt	989,623		989,245		988,866			945,701			948,663
Reinsurance balances payable	989,090		1,034,454		1,052,494			972,266			673,983
Payable for investments purchased	208,749		377,543		407,312			604,613			305,714
Other liabilities	792,771		301,559		222,658			217,036			301,684
Total liabilities	9,538,250		9,608,183		7,508,342			7,270,799			6,309,911
Redeemable noncontrolling interest	1,296,506		1,033,729		1,242,083			1,187,991			1,175,594
Shareholders' Equity
Preference shares	400,000		400,000		400,000			400,000			400,000
Common shares	40,024		40,029		40,282			40,785			41,187
Additional paid-in capital	37,355		32,852		67,583			131,173			216,558
Accumulated other comprehensive income (loss)	224		161		(139		)	(358		)	1,133
Retained earnings	3,913,772		3,929,970		4,447,529			4,289,237			4,207,699
Total shareholders' equity attributable to RenaissanceRe	4,391,375		4,403,012		4,955,255			4,860,837			4,866,577
Total liabilities, noncontrolling interests and shareholders' equity	$	15,226,131	$	15,044,924	$	13,705,680		$	13,319,627		$	12,352,082
Book value per common share	$	99.72	$	100.00	$	113.08		$	109.37		$	108.45

8

RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition
Type of Investment	December 31, 2017					September 30, 2017					June 30, 2017					March 31, 2017					December 31, 2016
U.S. treasuries	$	3,168,763		33.3	%	$	2,956,952		30.7	%	$	2,826,681		30.0	%	$	2,635,800		27.9	%	$	2,617,894		28.1	%
Agencies	47,646			0.5	%	41,109			0.5	%	83,343			0.9	%	86,373			0.9	%	90,972			1.0	%
Municipal	509,802			5.4	%	521,220			5.4	%	518,912			5.5	%	506,109			5.4	%	519,069			5.6	%
Non-U.S. government (Sovereign debt)	287,660			3.0	%	177,855			1.8	%	173,667			1.8	%	341,725			3.6	%	333,224			3.6	%
Non-U.S. government-backed corporate	163,651			1.7	%	121,892			1.3	%	74,620			0.8	%	118,092			1.2	%	133,300			1.4	%
Corporate	2,063,459			21.7	%	2,028,750			21.0	%	2,186,040			23.2	%	2,205,442			23.4	%	1,877,243			20.2	%
Agency mortgage-backed	500,456			5.3	%	499,310			5.2	%	567,560			6.0	%	505,829			5.3	%	462,493			5.0	%
Non-agency mortgage-backed	300,331			3.1	%	299,530			3.1	%	275,268			3.0	%	270,983			2.9	%	258,944			2.7	%
Commercial mortgage-backed	202,062			2.1	%	263,029			2.7	%	384,610			4.1	%	382,874			4.0	%	409,747			4.4	%
Asset-backed	182,725			2.0	%	183,322			1.9	%	191,563			2.0	%	206,624			2.1	%	188,358			2.0	%
Total fixed maturity investments, at fair value	7,426,555			78.1	%	7,092,969			73.6	%	7,282,264			77.3	%	7,259,851			76.7	%	6,891,244			74.0	%
Short term investments, at fair value	991,863			10.4	%	1,497,262			15.5	%	1,070,950			11.4	%	1,199,797			12.7	%	1,368,379			14.7	%
Equity investments trading, at fair value	388,254			4.1	%	402,035			4.2	%	393,405			4.2	%	388,424			4.1	%	383,313			4.1	%
Other investments, at fair value	594,793			6.3	%	548,492			5.6	%	561,212			6.0	%	514,667			5.4	%	549,805			5.9	%
Total managed investment portfolio	9,401,465			98.9	%	9,540,758			98.9	%	9,307,831			98.9	%	9,362,739			98.9	%	9,192,741			98.7	%
Investments in other ventures, under equity method	101,974			1.1	%	101,420			1.1	%	101,077			1.1	%	97,131			1.1	%	124,227			1.3	%
Total investments	$	9,503,439		100.0	%	$	9,642,178		100.0	%	$	9,408,908		100.0	%	$	9,459,870		100.0	%	$	9,316,968		100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	739,822		10.0	%	$	731,560		10.3	%	$	849,306		11.7	%	$	1,043,008		14.4	%	$	1,043,738		15.2	%
AA	4,341,541			58.5	%	4,073,325			57.4	%	4,056,958			55.7	%	3,832,632			52.8	%	3,768,485			54.7	%
A	813,953			11.0	%	755,457			10.7	%	743,633			10.2	%	727,568			10.0	%	644,150			9.3	%
BBB	522,601			7.0	%	546,821			7.7	%	578,823			7.9	%	598,997			8.3	%	567,672			8.2	%
Non-investment grade and not rated	1,008,638			13.5	%	985,806			13.9	%	1,053,544			14.5	%	1,057,646			14.5	%	867,199			12.6	%
Total fixed maturity investments, at fair value	$	7,426,555		100.0	%	$	7,092,969		100.0	%	$	7,282,264		100.0	%	$	7,259,851		100.0	%	$	6,891,244		100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	546,255		7.3	%	$	367,091		5.2	%	$	427,683		5.9	%	$	514,037		7.1	%	$	483,642		7.0	%
Due after one through five years	4,521,930			60.9	%	4,324,948			61.0	%	4,111,191			56.5	%	4,004,237			55.2	%	3,900,915			56.6	%
Due after five through ten years	1,007,656			13.6	%	1,001,975			14.1	%	1,153,811			15.8	%	1,182,697			16.3	%	1,028,249			14.9	%
Due after ten years	165,140			2.2	%	153,764			2.1	%	170,578			2.3	%	192,570			2.6	%	158,896			2.3	%
Mortgage-backed securities	1,002,849			13.5	%	1,061,869			15.0	%	1,227,438			16.9	%	1,159,686			16.0	%	1,131,184			16.4	%
Asset-backed securities	182,725			2.5	%	183,322			2.6	%	191,563			2.6	%	206,624			2.8	%	188,358			2.8	%
Total fixed maturity investments, at fair value	$	7,426,555		100.0	%	$	7,092,969		100.0	%	$	7,282,264		100.0	%	$	7,259,851		100.0	%	$	6,891,244		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.5		%			2.2		%			2.3		%			2.3		%			2.1		%
Average duration of fixed maturities and short term investments	2.5					2.6					2.6					2.6					2.4

9

RenaissanceRe Holdings Ltd.
Summary of Other Investments
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Type of Investment
Catastrophe bonds	$	380,475		$	332,044		$	348,353		$	298,564		$	335,209
Private equity partnerships	196,220			196,280			194,331			192,975			191,061
Senior secured bank loan fund	17,574			19,572			17,321			21,748			22,040
Hedge funds	524			596			1,207			1,380			1,495
Total other investments, at fair value	$	594,793		$	548,492		$	561,212		$	514,667		$	549,805
Type of Investment
Catastrophe bonds	64.0		%	60.5		%	62.1		%	58.0		%	61.0		%
Private equity partnerships	32.9		%	35.8		%	34.6		%	37.5		%	34.7		%
Senior secured bank loan fund	3.0		%	3.6		%	3.1		%	4.2		%	4.0		%
Hedge funds	0.1		%	0.1		%	0.2		%	0.3		%	0.3		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

10

RenaissanceRe Holdings Ltd.
Total Investment Result
	Three months ended															Year ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Fixed maturity investments	$	46,544		$	45,305		$	44,356		$	43,419		$	38,605		$	179,624		$	160,661
Short term investments	3,606			2,771			2,981			1,724			1,726			11,082			5,127
Equity investments trading	998			930			889			811			910			3,628			4,235
Other investments
Private equity investments	13,215			6,371			6,611			7,802			6,585			33,999			6,155
Other	12,587			(11,491		)	2,899			4,072			3,072			8,067			20,181
Cash and cash equivalents	360			352			295			189			204			1,196			788
	77,310			44,238			58,031			58,017			51,102			237,596			197,147
Investment expenses	(3,846		)	(3,981		)	(3,868		)	(3,692		)	(3,786		)	(15,387		)	(15,421		)
Net investment income	73,464			40,257			54,163			54,325			47,316			222,209			181,726
Gross realized gains	6,068			16,343			15,249			11,461			11,945			49,121			72,739
Gross realized losses	(8,930		)	(6,126		)	(7,243		)	(16,533		)	(12,483		)	(38,832		)	(38,315		)
Net realized (losses) gains on fixed maturity investments	(2,862		)	10,217			8,006			(5,072		)	(538		)	10,289			34,424
Net unrealized (losses) gains on fixed maturity investments trading	(40,461		)	5,545			18,760			24,635			(98,547		)	8,479			26,954
Net realized and unrealized gains (losses) on investments-related derivatives	1,854			(4,020		)	(268		)	(56		)	11,459			(2,490		)	(15,414		)
Net realized gains on equity investments trading	30,291			13,675			15,146			20,915			152			80,027			14,190
Net unrealized gains on equity investments trading	3,462			16,635			16,469			2,951			37,507			39,517			81,174
Net realized and unrealized (losses) gains on investments	(7,716		)	42,052			58,113			43,373			(49,967		)	135,822			141,328
Change in net unrealized gains on fixed maturity investments available for sale	—			—			—			—			(1,398		)	—			(1,870		)
Total investment result	$	65,748		$	82,309		$	112,276		$	97,698		$	(4,049	)	$	358,031		$	321,184
Total investment return - annualized	2.6		%	3.4		%	4.8		%	4.1		%	(0.2		)%	3.6		%	3.5		%

11

RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2017	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	991,863	$	991,863		10.4	%	1.4	%	$	959,836		$	28,927		$	1,397		$	506		$	—		$	1,197
			100.0		%					96.8		%	2.9		%	0.1		%	0.1		%	—		%	0.1		%
Fixed maturity investments
U.S. treasuries	3,195,767		3,168,763			33.3	%	1.9	%	—			3,168,763			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	22,439		22,164			0.2	%	2.1	%	—			22,164			—			—			—			—
Other agencies	25,712		25,482			0.3	%	2.0	%	—			25,482			—			—			—			—
Total agencies	48,151		47,646			0.5	%	2.1	%	—			47,646			—			—			—			—
Municipal	506,486		509,802			5.4	%	2.2	%	99,978			245,250			125,630			38,944			—			—
Non-U.S. government (Sovereign debt)	287,641		287,660			3.0	%	2.0	%	208,289			52,316			26,348			707			—			—
Non-U.S. government-backed corporate	164,312		163,651			1.7	%	2.3	%	41,346			89,901			28,940			1,484			1,980			—
Corporate	2,057,219		2,063,459			21.7	%	3.8	%	59,272			163,006			624,074			464,626			723,167			29,314
Mortgage-backed
Residential mortgage-backed
Agency securities	507,250		500,456			5.3	%	3.0	%	—			500,456			—			—			—			—
Non-agency securities - Alt A	228,184		241,915			2.5	%	3.7	%	8,333			8,334			3,787			11,628			192,481			17,352
Non-agency securities - Prime	55,119		58,416			0.6	%	3.7	%	4,712			3,961			2,499			2,900			43,251			1,093
Total residential mortgage-backed	790,553		800,787			8.4	%	3.2	%	13,045			512,751			6,286			14,528			235,732			18,445
Commercial mortgage-backed	202,452		202,062			2.1	%	2.9	%	163,687			37,812			231			332			—			—
Total mortgage-backed	993,005		1,002,849			10.5	%	3.2	%	176,732			550,563			6,517			14,860			235,732			18,445
Asset-backed
Collateralized loan obligations	145,125		145,673			1.5	%	2.9	%	120,820			24,096			757			—			—			—
Credit cards	15,095		15,059			0.2	%	2.1	%	15,059			—			—			—			—			—
Auto loans	14,773		14,696			0.2	%	2.2	%	14,696			—			—			—			—			—
Student loans	926		926			—	%	2.6	%	926			—			—			—			—			—
Other	6,370		6,371			0.1	%	3.7	%	2,704			—			1,687			1,980			—			—
Total asset-backed	182,289		182,725			2.0	%	2.8	%	154,205			24,096			2,444			1,980			—			—
Total securitized assets	1,175,294		1,185,574			12.5	%	3.1	%	330,937			574,659			8,961			16,840			235,732			18,445
Total fixed maturity investments	7,434,870		7,426,555			78.1	%	2.7	%	739,822			4,341,541			813,953			522,601			960,879			47,759
			100.0		%					10.0		%	58.5		%	11.0		%	7.0		%	12.9		%	0.6		%
Equity investments trading			388,254			4.1	%			—			—			—			—			—			388,254
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			380,475			4.0	%			—			—			—			—			380,475			—
Private equity partnerships			196,220			2.1	%			—			—			—			—			—			196,220
Senior secured bank loan fund			17,574			0.2	%			—			—			—			—			—			17,574
Hedge funds			524			—	%			—			—			—			—			—			524
Total other investments			594,793			6.3	%			—			—			—			—			380,475			214,318
			100.0		%					—		%	—		%	—		%	—		%	64.0		%	36.0		%
Investments in other ventures			101,974			1.1	%			—			—			—			—			—			101,974
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,503,439		100.0	%			$	1,699,658		$	4,370,468		$	815,350		$	523,107		$	1,341,354		$	753,502
			100.0		%					17.9		%	46.0		%	8.6		%	5.5		%	14.1		%	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 an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

12

RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value
	December 31, 2017
Issuer	Total		Short term investments		Fixed maturity investments
Goldman Sachs Group Inc.	$	43,870	$	—	$	43,870
JP Morgan Chase & Co.	35,359		—		35,359
Morgan Stanley	34,820		—		34,820
Bank of America Corp.	31,445		—		31,445
Wells Fargo & Co.	27,715		—		27,715
HSBC Holdings PLC	24,312		—		24,312
Citigroup Inc.	22,070		—		22,070
UBS Group AG	21,529		—		21,529
The Bank of Nova Scotia	18,281		—		18,281
Fifth Third Bancorp	17,709		—		17,709
Total (1)	$	277,110	$	—	$	277,110

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

13

RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses
	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408
September 30, 2017
Property	$	310,871	$	416,758	$	1,917,573	$	2,645,202
Casualty and Specialty	655,328		132,755		1,734,475		2,522,558
Other	9,904		—		14,649		24,553
Total	$	976,103	$	549,513	$	3,666,697	$	5,192,313
June 30, 2017
Property	$	221,898	$	167,510	$	216,163	$	605,571
Casualty and Specialty	635,834		111,021		1,619,915		2,366,770
Other	2,532		—		14,933		17,465
Total	$	860,264	$	278,531	$	1,851,011	$	2,989,806
March 31, 2017
Property	$	212,770	$	171,257	$	231,586	$	615,613
Casualty and Specialty	587,083		139,183		1,574,435		2,300,701
Other	2,255		—		16,119		18,374
Total	$	802,108	$	310,440	$	1,822,140	$	2,934,688
December 31, 2016
Property	$	214,954	$	186,308	$	226,512	$	627,774
Casualty and Specialty	591,705		105,419		1,498,002		2,195,126
Other	6,935		—		18,459		25,394
Total	$	813,594	$	291,727	$	1,742,973	$	2,848,294

14

RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis
	Three months ended December 31, 2017									Three months ended December 31, 2016
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	5,192,313		$	1,588,304		$	3,604,009		$	2,861,099		$	240,769		$	2,620,330
Incurred claims and claim expenses
Current year	538,023			196,626			341,397			277,281			65,898			211,383
Prior years	(41,852		)	(4,519		)	(37,333		)	(107,326		)	(19,844		)	(87,482		)
Total incurred claims and claim expenses	496,171			192,107			304,064			169,955			46,054			123,901
Paid claims and claim expenses
Current year	472,687			180,845			291,842			59,482			16,438			43,044
Prior years	140,827			12,940			127,887			105,899			(9,333		)	115,232
Total paid claims and claim expenses	613,514			193,785			419,729			165,381			7,105			158,276
Foreign exchange	5,438			4			5,434			(17,379		)	(154		)	(17,225		)
Reserve for claims and claim expenses, end of period	$	5,080,408		$	1,586,630		$	3,493,778		$	2,848,294		$	279,564		$	2,568,730
	Year ended December 31, 2017									Year ended December 31, 2016
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,848,294		$	279,564		$	2,568,730		$	2,767,045		$	134,526		$	2,632,519
Incurred claims and claim expenses
Current year	3,464,548			1,562,124			1,902,424			888,381			193,424			694,957
Prior years	(44,160		)	(3,164		)	(40,996		)	(177,730		)	(13,604		)	(164,126		)
Total incurred claims and claim expenses	3,420,388			1,558,960			1,861,428			710,651			179,820			530,831
Paid claims and claim expenses
Current year	642,344			191,817			450,527			101,661			18,646			83,015
Prior years	584,484			60,186			524,298			522,175			15,896			506,279
Total paid claims and claim expenses	1,226,828			252,003			974,825			623,836			34,542			589,294
Foreign exchange	38,554			109			38,445			(5,566		)	(240		)	(5,326		)
Reserve for claims and claim expenses, end of period	$	5,080,408		$	1,586,630		$	3,493,778		$	2,848,294		$	279,564		$	2,568,730

15

RenaissanceRe Holdings Ltd.
Earnings per Share
	Three months ended
(common shares in thousands)	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(3,452	)	$	(504,812	)	$	171,142		$	92,352		$	69,436
Amount allocated to participating common shareholders (1)	(113		)	(116		)	(1,585		)	(907		)	(789		)
	$	(3,565	)	$	(504,928	)	$	169,557		$	91,445		$	68,647
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	39,478			39,591			39,937			40,408			40,474
Per common share equivalents of employee stock options and restricted shares	—			—			87			215			233
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,478			39,591			40,024			40,623			40,707
Basic (loss) income per RenaissanceRe common share	$	(0.09	)	$	(12.75	)	$	4.25		$	2.26		$	1.70
Diluted (loss) income per RenaissanceRe common share	$	(0.09	)	$	(12.75	)	$	4.24		$	2.25		$	1.69
	Year ended
(common shares in thousands)	December 31, 2017			December 31, 2016
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(244,770	)	$	480,581
Amount allocated to participating common shareholders (1)	(457		)	(5,666		)
	$	(245,227	)	$	474,915
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	39,854			41,314
Per common share equivalents of employee stock options and restricted shares	—			245
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,854			41,559
Basic (loss) income per RenaissanceRe common share	$	(6.15	)	$	11.50
Diluted (loss) income per RenaissanceRe common share	$	(6.15	)	$	11.43

(1) Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors.

16

RenaissanceRe Holdings Ltd.
Equity in Earnings (Losses) of Other Ventures
	Three months ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Top Layer Re	$	1,987		$	2,722		$	2,658		$	2,484		$	1,707
Tower Hill Companies	(412		)	(383		)	3,206			(4,058		)	2,860
Other	625			(545		)	(321		)	67			393
Total equity in earnings (losses) of other ventures	$	2,200		$	1,794		$	5,543		$	(1,507	)	$	4,960
	Year ended
	December 31, 2017			December 31, 2016
Top Layer Re	$	9,851		$	(8,576	)
Tower Hill Companies	(1,647		)	10,379
Other	(174		)	(840		)
Total equity in earnings of other ventures	$	8,030		$	963
Other Income
	Three months ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	1,230		$	2,793		$	3,134		$	1,498		$	4,720
Other items	1,132			203			(742		)	167			457
Total other income	$	2,362		$	2,996		$	2,392		$	1,665		$	5,177
	Year ended
	December 31, 2017			December 31, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	8,655		$	14,246
Other items	760			(68		)
Total other income	$	9,415		$	14,178

17

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

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies set forth in the table above reflect the insurer's financial strength rating and, in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent Syndicate 1458's financial strength rating.

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

18

RenaissanceRe Holdings Ltd.
Gross Premiums Written
	Three months ended										Year ended
	December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016
Property Segment
Catastrophe	$	35,012	$	243,514	$	411,500	$	414,424	$	7,705	$	1,104,450	$	884,361
Other property	60,154		81,881		87,847		106,105		44,742		335,987		226,902
Property segment gross premiums written	$	95,166	$	325,395	$	499,347	$	520,529	$	52,447	$	1,440,437	$	1,111,263
Casualty and Specialty Segment
Professional liability (1)	$	117,075	$	101,482	$	101,447	$	132,306	$	83,804	$	452,310	$	377,580
Financial lines (2)	83,157		66,186		69,314		85,143		85,208		303,800		413,068
General casualty (3)	80,538		$	107,055	$	107,994	$	122,293	$	79,669	417,880		327,939
Other (4)	31,830		40,158		49,313		61,819		21,963		183,120		144,726
Casualty and Specialty segment gross premiums written	$	312,600	$	314,881	$	328,068	$	401,561	$	270,644	$	1,357,110	$	1,263,313

(1) Includes directors and officers, medical malpractice, and professional indemnity.

(2) Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(3) Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.

(4) Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

19

RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results
	Three months ended December 31, 2017									Three months ended December 31, 2016
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	35,012		$	60,154		$	95,166		$	7,705		$	44,742		$	52,447
Net premiums written	$	22,564		$	59,722		$	82,286		$	6,974		$	43,986		$	50,960
Net premiums earned	$	150,688		$	64,358		$	215,046		$	134,301		$	47,697		$	181,998
Net claims and claim expenses incurred	145,237			36,475			181,712			3,461			22,466			25,927
Acquisition expenses	18,787			19,912			38,699			13,094			13,324			26,418
Operational expenses	13,930			3,423			17,353			23,437			5,764			29,201
Underwriting (loss) income	$	(27,266	)	$	4,548		$	(22,718	)	$	94,309		$	6,143		$	100,452
Net claims and claim expenses incurred - current accident year	$	165,171		$	45,169		$	210,340		$	56,815		$	36,475		$	93,291
Net claims and claim expenses incurred - prior accident years	(19,934		)	(8,694		)	(28,628		)	(53,354		)	(14,009		)	(67,364		)
Net claims and claim expenses incurred - total	$	145,237		$	36,475		$	181,712		$	3,461		$	22,466		$	25,927
Net claims and claim expense ratio - current accident year	109.6		%	70.2		%	97.8		%	42.3		%	76.5		%	51.3		%
Net claims and claim expense ratio - prior accident years	(13.2		)%	(13.5		)%	(13.3		)%	(39.7		)%	(29.4		)%	(37.1		)%
Net claims and claim expense ratio - calendar year	96.4		%	56.7		%	84.5		%	2.6		%	47.1		%	14.2		%
Underwriting expense ratio	21.7		%	36.2		%	26.1		%	27.2		%	40.0		%	30.6		%
Combined ratio	118.1		%	92.9		%	110.6		%	29.8		%	87.1		%	44.8		%
	Year ended December 31, 2017									Year ended December 31, 2016
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,104,450		$	335,987		$	1,440,437		$	884,361		$	226,902		$	1,111,263
Net premiums written	$	694,607		$	283,407		$	978,014		$	523,469		$	201,852		$	725,321
Net premiums earned	$	700,990		$	230,080		$	931,070		$	558,627		$	162,324		$	720,951
Net claims and claim expenses incurred	1,083,376			214,609			1,297,985			69,594			81,951			151,545
Acquisition expenses	36,928			76,888			113,816			51,935			45,659			97,594
Operational expenses	77,052			17,142			94,194			86,775			21,867			108,642
Underwriting (loss) income	$	(496,366	)	$	(78,559	)	$	(574,925	)	$	350,323		$	12,847		$	363,170
Net claims and claim expenses incurred - current accident year	$	1,127,699		$	215,882		$	1,343,581		$	159,753		$	96,667		$	256,421
Net claims and claim expenses incurred - prior accident years	(44,323		)	(1,273		)	(45,596		)	(90,159		)	(14,716		)	(104,876		)
Net claims and claim expenses incurred - total	$	1,083,376		$	214,609		$	1,297,985		$	69,594		$	81,951		$	151,545
Net claims and claim expense ratio - current accident year	160.9		%	93.8		%	144.3		%	28.6		%	59.6		%	35.6		%
Net claims and claim expense ratio - prior accident years	(6.4		)%	(0.5		)%	(4.9		)%	(16.1		)%	(9.1		)%	(14.6		)%
Net claims and claim expense ratio - calendar year	154.5		%	93.3		%	139.4		%	12.5		%	50.5		%	21.0		%
Underwriting expense ratio	16.3		%	40.8		%	22.3		%	24.8		%	41.6		%	28.6		%
Combined ratio	170.8		%	134.1		%	161.7		%	37.3		%	92.1		%	49.6		%

20

RenaissanceRe Holdings Ltd.
Lloyd's Platform Supplemental Underwriting Results
	Three months ended															Year ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Gross premiums written	$	135,474		$	146,453		$	177,230		$	176,788		$	96,861		$	635,945		$	482,477
Net premiums written	$	103,887		$	107,755		$	144,278		$	74,709		$	70,705		$	430,629		$	334,720
Net premiums earned	$	105,303		$	103,387		$	87,491		$	78,816		$	78,324		$	374,997		$	286,938
Net claims and claim expenses incurred	60,071			124,216			51,738			59,923			49,634			295,948			149,819
Acquisition expenses	26,528			24,173			24,120			22,921			19,402			97,742			73,298
Operational expenses	8,220			10,955			10,424			11,711			11,231			41,310			46,533
Underwriting income (loss)	$	10,484		$	(55,957	)	$	1,209		$	(15,739	)	$	(1,943	)	$	(60,003	)	$	17,288
Net claims and claim expenses incurred - current accident year	$	66,369		$	123,494		$	36,731		$	35,679		$	49,408		$	262,273		$	154,991
Net claims and claim expenses incurred - prior accident years	(6,298		)	722			15,007			24,244			226			33,675			(5,172		)
Net claims and claim expenses incurred - total	$	60,071		$	124,216		$	51,738		$	59,923		$	49,634		$	295,948		$	149,819
Net claims and claim expense ratio - current accident year	63.0		%	119.4		%	42.0		%	45.3		%	63.1		%	69.9		%	54.0		%
Net claims and claim expense ratio - prior accident years	(6.0		)%	0.7		%	17.1		%	30.7		%	0.3		%	9.0		%	(1.8		)%
Net claims and claim expense ratio - calendar year	57.0		%	120.1		%	59.1		%	76.0		%	63.4		%	78.9		%	52.2		%
Underwriting expense ratio	33.0		%	34.0		%	39.5		%	44.0		%	39.1		%	37.1		%	41.8		%
Combined ratio	90.0		%	154.1		%	98.6		%	120.0		%	102.5		%	116.0		%	94.0		%

21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial 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 comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, and the associated income tax expense or benefit, and the exclusion of the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the "Tax Bill"). The Company's management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio, equity investments trading and investments-related derivatives, the associated income tax expense or benefit of those fluctuations, and the non-recurring impact of the write-down of a portion of the Company's deferred tax assets as a result of the Tax Bill. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income (loss) available (attributable) to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:

	Three months ended															Year ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(3,452	)	$	(504,812	)	$	171,142		$	92,352		$	69,436		$	(244,770	)	$	480,581
Adjustment for net realized and unrealized losses (gains) on investments	7,716			(42,052		)	(58,113		)	(43,373		)	49,967			(135,822		)	(141,328		)
Adjustment for deferred tax asset write-down (1)	36,705			—			—			—			—			36,705			—
Adjustment for income tax expense (benefit) (2)	384			2,711			3,785			4,707			(10,533		)	11,587			3,000
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	41,353		$	(544,153	)	$	116,814		$	53,686		$	108,870		$	(332,300	)	$	342,253
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(0.09	)	$	(12.75	)	$	4.24		$	2.25		$	1.69		$	(6.15	)	$	11.43
Adjustment for net realized and unrealized losses (gains) on investments	0.20			(1.06		)	(1.45		)	(1.07		)	1.23			(3.41		)	(3.40		)
Adjustment for deferred tax asset write-down (1)	0.93			—			—			—			—			0.92			—
Adjustment for income tax expense (benefit) (2)	0.01			0.07			0.09			0.12			(0.26		)	0.29			0.07
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	1.05		$	(13.74	)	$	2.88		$	1.30		$	2.66		$	(8.35	)	$	8.10
Return on average common equity - annualized	(0.3		)%	(47.2		)%	15.2		%	8.3		%	6.3		%	(5.7		)%	11.0		%
Adjustment for net realized and unrealized losses (gains) on investments	0.8		%	(3.9		)%	(5.2		)%	(3.9		)%	4.5		%	(3.2		)%	(3.2		)%
Adjustment for deferred tax asset write-down (1)	3.7		%	—		%	—		%	—		%	—		%	0.9		%	—		%
Adjustment for income tax expense (benefit) (2)	—		%	0.3		%	0.3		%	0.4		%	(0.9		)%	0.3		%	0.1		%
Operating return on average common equity - annualized	4.2		%	(50.8		)%	10.3		%	4.8		%	9.9		%	(7.7		)%	7.9		%

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

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

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RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:

	At
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Book value per common share	$	99.72		$	100.00		$	113.08		$	109.37		$	108.45
Adjustment for goodwill and other intangibles (1)	(6.49		)	(6.55		)	(6.56		)	(6.55		)	(6.58		)
Tangible book value per common share	93.23			93.45			106.52			102.82			101.87
Adjustment for accumulated dividends	18.00			17.68			17.36			17.04			16.72
Tangible book value per common share plus accumulated dividends	$	111.23		$	111.13		$	123.88		$	119.86		$	118.59
Quarterly change in book value per common share	(0.3		)%	(11.6		)%	3.4		%	0.8		%	1.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	0.1		%	(12.0		)%	3.9		%	1.2		%	1.8		%
Year to date change in book value per common share	(8.0		)%										9.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(7.2		)%										11.4		%

(1) At December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016, goodwill and other intangibles included $16.7 million, $17.4 million, $18.1 million, $18.9 million and $19.7 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

23

RenaissanceRe Holdings Ltd.

Comments on Regulation G

From time to time, the Company discusses “managed catastrophe premiums” which is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from Property segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of other property gross premiums written and the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Reinsurance Ltd. ("Top Layer Re"), which is accounted for under the equity method of accounting. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. A reconciliation of “managed catastrophe premiums” to Property segment gross premiums written is included below:

	Three months ended															Year ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Property Segment
Catastrophe	$	35,012		$	243,514		$	411,500		$	414,424		$	7,705		$	1,104,450		$	884,361
Other property	60,154			81,881			87,847			106,105			44,742			335,987			226,902
Property segment gross premiums written	$	95,166		$	325,395		$	499,347		$	520,529		$	52,447		$	1,440,437		$	1,111,263
Managed Catastrophe Premiums
Property segment gross premiums written	$	95,166		$	325,395		$	499,347		$	520,529		$	52,447		$	1,440,437		$	1,111,263
Other property gross premiums written	(60,154		)	(81,881		)	(87,847		)	(106,105		)	(44,742		)	(335,987		)	(226,902		)
Catastrophe gross premiums written	$	35,012		$	243,514		$	411,500		$	414,424		$	7,705		$	1,104,450		$	884,361
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	1,540			1,510			26,337			12,385			1,389			41,772			39,667
Catastrophe premiums written by the Company and ceded to Top Layer Re	—			—			—			—			—			—			(9,263		)
Managed catastrophe premiums	$	36,552		$	245,024		$	437,837		$	426,809		$	9,094		$	1,146,222		$	914,765

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