Net premiums written include $361.6 million in net premiums written for the Company's Reinsurance segment in the second quarter of 2006, compared to $184.5 million for the same quarter of 2005. Net premiums earned include $278.1 million in net premiums earned for the Company's Reinsurance segment in the second quarter of 2006, compared to $206.7 million for the same quarter of 2005.

Premiums for the second quarter of 2006 include $158.1 million of gross premiums written, $129.5 million of net premiums written and $76.7 million of net premiums earned by the Company's consolidated joint venture, DaVinci Reinsurance Ltd. (‘‘DaVinci’’), compared to $32.2 million of gross premiums written, $32.2 million of net premiums written and $42.2 million of net premiums earned by DaVinci during the second quarter of 2005. Since December 2005, DaVinci has raised $374.3 million in equity capital (December 2005 and February 2006) and has increased its funded bank debt by $60.0 million (April 2006) to support its growth.

Individual Risk

Gross premiums written include $210.8 million in gross premiums written for the Company's Individual Risk segment in the second quarter of 2006, compared to $220.1 million for the same quarter of 2005. The decrease in gross premiums written was principally due to termination of several catastrophe exposed quota share contracts on a portfolio transfer basis, which resulted in the transfer of $60.3 million of unearned premium back to the quota share reinsureds and resulted in a decrease in gross premiums written of the same amount. Net premiums written include $150.7 million in net premiums written for the Company's Individual Risk segment in the second quarter of 2006, compared to $203.4 million for the same quarter of 2005. Net premiums earned include $152.9 million in net premiums earned for the Company's Individual Risk segment in the second quarter of 2006, compared to $132.1 million for the same quarter of 2005.

Underwriting Ratios, Reserve Development

For the second quarter of 2006, the Company generated a combined ratio of 72.2%, a loss ratio of 48.1% and an underwriting expense ratio of 24.1%, compared to a combined ratio, loss ratio and underwriting expense ratio of 52.5%, 32.1% and 20.4%, respectively, for the second quarter of 2005. During the second quarter of 2006, the Company recorded favorable development on prior year reserves of $11.3 million or a decrease of 2.6 percentage points in the Company's quarterly loss ratio. This compares to favorable development of $65.1 million in the second quarter of 2005 which decreased the Company's second quarter 2005 loss ratio by 19.2 percentage points. The favorable development in 2005 was driven by the impact of the Company's catastrophe reserve review. Net paid losses for the quarter were $117.9 million compared to $149.2 million in the second quarter of 2005.

Reinsurance Segment

The Company's Reinsurance segment generated a loss ratio of 35.2% and an underwriting expense ratio of 18.3% for the second quarter of 2006, compared to a loss ratio and underwriting expense ratio of 12.6% and 14.8%, respectively, for the second quarter of 2005. The results for the second quarter of 2006 include $100.8 million of current accident year net claims and claim expenses resulting in a current accident year loss ratio of 36.2%, compared to current accident year net claims and claim expenses and a current accident year loss ratio of $91.8 million and 44.4%, respectively, for the second quarter of 2005. During the second quarter of 2006, the Company's Reinsurance segment experienced $2.8 million of favorable development on prior year reserves or a decrease of 1.0 percentage point to the Company's Reinsurance segment quarterly loss ratio. Included in the underwriting result in the second quarter of 2005 was a net reduction in prior year claims incurred of $65.7 million which reduced the Company's second quarter 2005 Reinsurance segment loss ratio by 31.8 percentage points. The favorable development in the second quarter of 2005 was principally the result of the Company's catastrophe reserve review which resulted in a $118.2 million decrease of prior year reserves and increased the Company's net income by $108.2 million, after minority interest. This favorable development in 2005 was partially offset by $52.5 million of adverse development on prior year reserves in the second quarter of 2005, including $37.3 million from the 2004 hurricanes.

3

Individual Risk Segment

The Company's Individual Risk segment generated a loss ratio of 71.6% and an underwriting expense ratio of 34.5% for the second quarter of 2006, compared to a loss ratio and underwriting expense ratio of 62.6% and 29.0%, respectively, for the second quarter of 2005. The results for the second quarter of 2006 include $117.9 million of current accident year net claims and claim expenses resulting in a current accident year loss ratio of 77.1%, compared to current accident year net claims and claim expenses and a current accident year loss ratio of $82.0 million and 62.1%, respectively, in the second quarter of 2005. The 15.0 percentage points increase in the current accident year loss ratio was due primarily to additional earned premiums on a seasonal program which has a higher attritional loss ratio than the rest of the Individual Risk business as well as several large per risk losses within the Company's Individual Risk quota share business. The Company's U.S. casualty program business continues to perform as expected. During the quarter, the Company's Individual Risk segment experienced $8.5 million of favorable development on prior year reserves or a decrease of 5.5 percentage points to the Company's Individual Risk quarterly loss ratio. In the second quarter of 2005, the Company experienced $0.7 million of adverse development on prior year reserves or an increase of 0.5 percentage points to the Company's Individual Risk quarterly loss ratio.

Fully-Collateralized Joint ventures

During the second quarter of 2006 the Company participated in the establishment of two new fully-collateralized joint ventures, Starbound Re and Tim Re. These joint ventures enabled the Company to write additional property catastrophe excess of loss reinsurance business for the Company's clients that it may not have otherwise written due to portfolio management considerations. The premium for these joint ventures is reflected in gross and ceded premiums written and therefore has no impact on the Company's net premiums written. The underwriting result on this business, net of a profit commission and expense override, accrues to the investors in these joint ventures. The limit ceded to these joint ventures, including any reinstated limits, is fully-collateralized by highly-rated short term and fixed maturity investments as well as the premium receivable.

In conjunction with the Starbound Re transaction the Company made a $7.5 million equity investment in Starbound Holdings Ltd. (‘‘Starbound’’), representing a 5.9% ownership interest. This equity investment is accounted for under the equity method of accounting. With respect to Tim Re, the Company sold non-voting Class B shares in this entity, a previously wholly-owned subsidiary of the Company, to unrelated third party investors for $49.5 million during the quarter. The Class B shareholders will earn an underwriting profit or loss based on the performance of the contracts assumed by Tim Re. Tim Re remains a consolidated subsidiary of the Company. The Class B capital structure of Tim Re provides indemnification of losses relating to insurance risk assumed from the Company and is therefore accounted for as ceded reinsurance in the Company's consolidated financial statements.

Equity in Earnings of Other Ventures

Equity in earnings of other ventures generated $9.2 million in income in the second quarter of 2006 compared to $7.8 million in income in the second quarter of 2005. The Company's equity in earnings of other ventures in 2006 now includes the equity in earnings of Starbound, in addition to the equity in earnings of its investments in Top Layer Reinsurance Ltd. (‘‘Top Layer Re’’), ChannelRe Holdings Ltd. (‘‘ChannelRe’’) and Tower Hill Holdings Inc. (‘‘Tower Hill’’). The increase was principally due to a $0.9 million and a $0.4 million increase of the equity in earnings from ChannelRe and Tower Hill, respectively, along with $0.3 million of equity in earnings from Starbound.

Other Income

During the second quarter of 2006 the Company recognized a $0.1 million other loss on fees and other items compared to $3.2 million of other income in the second quarter of 2005. Fee income was $1.5 million in the second quarter of 2006 compared to $1.0 million for the second quarter of 2005. Other items generated a loss of $1.6 million in the second quarter of 2006, principally driven by a $2.2

4

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million mark-to-market loss on the Company's warrant to purchase 2.5 million shares of Platinum Underwriters Holding Ltd. (‘‘Platinum’’) common stock, compared to income of $2.2 million in the second quarter of 2005, which included a $2.3 million increase in the fair value of the Company's Platinum warrant.

Net Investment Income and Net Realized Gains and Losses on Investments

Net investment income for the second quarter of 2006 was $74.0 million, compared to $45.8 million for the same quarter in 2005, principally reflecting a higher yield on the Company's portfolio of fixed maturity investments available for sale and short term investments, combined with an increased level of average invested assets. Other investments, which include the Company's hedge fund and private equity investments, generated $11.1 million of net investment income in the second quarter of 2006 compared with $7.1 million in the second quarter of 2005.

During the second quarter of 2006, the Company recorded $24.3 million of net realized losses compared to $1.6 million of net realized gains in the second quarter of 2005. Included in net realized losses are other than temporary impairment charges of $23.7 million and $0.6 million in the second quarter of 2006 and 2005, respectively, with respect to the Company's portfolio of fixed maturity investments available for sale. Principally all of the other than temporary impairment charges are due to rising interest rates.

Regulatory Update; Proposed SEC Settlement

The Company has submitted an offer of settlement to the Securities and Exchange Commission (‘‘SEC’’) in connection with the SEC's investigation relating to the Company's restatement of its financial statements for the years ended December 31, 2001, 2002 and 2003. Pursuant to the offer of settlement, which the SEC staff has indicated that it will recommend to the SEC Commissioners, the Company will consent, without admitting or denying any wrongdoing, to entry of a final judgment enjoining future violations of certain provisions of the federal securities laws and ordering the Company to pay disgorgement of $1 and a civil penalty of $15 million. The Company will also retain an independent consultant to review certain of the Company's internal controls, policies and procedures as well as the design and implementation of the review conducted by independent counsel reporting to the non-executive members of the Company's Board of Directors and procedures performed by the Company's auditors in connection with their audit of the Company's financial statements for the fiscal year ended December 31, 2004. The amount of the monetary penalty discussed above has been previously provided for.

The proposed settlement, which has the support of the SEC staff, remains subject to approval by the SEC Commissioners, and by the federal court in which the SEC's complaint against the Company will be filed. The Company can give no assurances that the proposed settlement will receive the necessary approvals. If the proposed settlement is not approved, the Company could be subject to different or additional remedies, both monetary and non-monetary, which could adversely affect the Company's business or financial statements, perhaps materially. Disposition of the SEC's investigation relating to the Company's restatement would not dispose of the ongoing investigation by the United States Attorney's Office for the Southern District of New York, which the Company has previously disclosed in its filings with the SEC. The Company continues to fully cooperate with governmental authorities as to this investigation. The SEC settlement also does not include the plaintiffs in the consolidated securities class action lawsuit pending against the Company and certain of its current and former officers. The Company intends to vigorously defend this lawsuit, which it believes is without merit.

Other Items

Corporate expenses of $5.6 million were incurred during the second quarter of 2006 compared to $8.7 million in the second quarter of 2005. The difference in such expenses principally relates to the difference in costs incurred related to the Company's internal review and the ongoing investigations into the Company and certain of its present and former executive officers by governmental authorities, which totaled $1.1 million in the second quarter of 2006 compared to $4.7 million in the second quarter of 2005.

5

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The Company paid down $75.0 million principal amount of bank debt during the second quarter of 2006 on its revolving credit facility. DaVinciRe Holdings Ltd. borrowed $60.0 million principal amount on its credit facility during the second quarter of 2006 and contributed a like amount as a capital contribution to DaVinci.

The Company's cash flows from operations were $237.4 million for the second quarter of 2006, compared to $172.2 million for the second quarter of 2005.

Shareholders' equity attributable to common shareholders was $2.0 billion at June 30, 2006, compared to $1.8 billion at December 31, 2005. Book value per common share at June 30, 2006 was $28.37, compared to $24.52 per common share at December 31, 2005.

This press release includes certain non-GAAP financial measures including ‘‘operating income available to common shareholders,’’ ‘‘operating income available to common shareholders per common share – diluted,’’ ‘‘operating return on average common equity, annualized’’, ‘‘managed catastrophe premiums’’ and ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures.’’ A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

RenaissanceRe Holdings Ltd. will host a conference call on Tuesday, August 1, 2006 at 8:30 a.m. (EDT) to discuss this release. Live broadcast of the conference call will be available through the Investor Section of RenaissanceRe's website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. Our business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by our subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk, which includes primary insurance and quota share reinsurance.

Cautionary Statement under ‘‘Safe Harbor’’ Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this news 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, 2005 and its quarterly report on Form 10-Q for the quarter ending March 31, 2006.

INVESTOR CONTACT:			MEDIA CONTACT:
Todd R. Fonner Senior Vice President - Treasurer RenaissanceRe Holdings Ltd. (441) 239-4801			David Lilly or Dawn Dover Kekst and Company (212) 521-4800

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RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Statements of Operations
For the three and six months ended June 30, 2006 and 2005
(in thousands of United States Dollars, except per share amounts)
(Unaudited)

			Three months ended												Six months ended
			June 30, 2006						June 30, 2005						June 30, 2006						June 30, 2005
Revenues
Gross premiums written				$	742,551					$	443,483					$	1,490,943					$	1,137,816
Net premiums written				$	512,244					$	387,889					$	1,210,079					$	1,003,682
Increase in unearned premiums					(81,303	)					(49,136	)					(427,466	)					(363,428	)
Net premiums earned					430,941						338,753						782,613						640,254
Net investment income					74,012						45,769						154,446						96,984
Net foreign exchange (losses) gains					(2,441	)					7,134						582						7,848
Equity in earnings of other ventures					9,221						7,798						15,773						15,365
Other (loss) income					(84	)					3,205						(1,763	)					(310	)
Net realized (losses) gains on investments					(24,348	)					1,583						(41,104	)					(8,606	)
Total revenues					487,301						404,242						910,547						751,535
Expenses
Net claims and claim expenses incurred					207,336						108,799						306,514						310,447
Acquisition expenses					74,597						45,574						143,411						97,082
Operational expenses					29,056						23,377						49,987						42,220
Corporate expenses					5,571						8,694						11,310						20,033
Interest expense					10,370						6,967						19,671						13,572
Total expenses					326,930						193,411						530,893						483,354
Income before minority interest and taxes					160,371						210,831						379,654						268,181
Minority interest – DaVinciRe					21,207						30,283						52,664						34,667
Income before taxes					139,164						180,548						326,990						233,514
Income tax expense					(94	)					—						(277	)					—
Net income					139,070						180,548						326,713						233,514
Dividends on preference shares					8,662						8,566						17,325						17,229
Net income available to common shareholders				$	130,408					$	171,982					$	309,388					$	216,285
Operating income available to common shareholders per Common Share – diluted (1)				$	2.15					$	2.37					$	4.88					$	3.12
Net income available to common shareholders per Common Share – basic				$	1.84					$	2.44					$	4.36					$	3.07
Net income available to common shareholders per Common Share – diluted				$	1.81					$	2.39					$	4.31					$	3.00
Average shares outstanding – basic					71,049						70,585						70,992						70,472
Average shares outstanding – diluted					71,926						72,016						71,856						71,983
Net claims and claim expense ratio					48.1	%					32.1	%					39.2	%					48.5	%
Underwriting expense ratio					24.1	%					20.4	%					24.7	%					21.8	%
Combined ratio					72.2	%					52.5	%					63.9	%					70.3	%
Operating return on average common equity (annualized) (1)					31.3	%					30.6	%					36.8	%					20.4	%

(1)	Excludes net realized (losses) gains on investments (see - ‘‘Comments on Regulation G’’)

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RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)

			At
			June 30, 2006						December 31, 2005
			(Unaudited)						(Audited)
Assets
Fixed maturity investments available for sale, at fair value				$	3,079,855					$	2,872,294
Short term investments, at cost					1,911,693						1,653,618
Other investments, at fair value					526,844						586,467
Investments in other ventures, under equity method					186,979						178,774
Total investments					5,705,371						5,291,153
Cash and cash equivalents					187,340						174,001
Premiums receivable					857,687						363,105
Ceded reinsurance balances					241,315						57,134
Losses recoverable					464,556						673,190
Accrued investment income					37,639						25,808
Deferred acquisition costs					158,600						107,951
Other assets					86,121						178,919
Total assets				$	7,738,629					$	6,871,261
Liabilities, Minority Interest and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses				$	2,347,525					$	2,614,551
Reserve for unearned premiums					1,113,391						501,744
Debt					485,000						500,000
Subordinated obligation to capital trust					103,093						103,093
Reinsurance balances payable					477,477						292,307
Other liabilities					118,191						142,815
Total liabilities					4,644,677						4,154,510
Minority interest – DaVinciRe					555,433						462,911
Shareholders' Equity
Preference shares					500,000						500,000
Common shares and additional paid-in capital					356,462						351,285
Accumulated other comprehensive income					4,993						4,760
Retained earnings					1,677,064						1,397,795
Total shareholders' equity					2,538,519						2,253,840
Total liabilities, minority interest and shareholders' equity				$	7,738,629					$	6,871,261
Book value per common share				$	28.37					$	24.52
Common shares outstanding					71,849						71,523

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data – Segment Information
(in thousands of United States Dollars)

			Three months ended June 30, 2006
			Reinsurance						Individual Risk						Other						Total
Gross premiums written (1)				$	531,722					$	210,829					$	—					$	742,551
Net premiums written				$	361,558					$	150,686						—					$	512,244
Net premiums earned				$	278,061					$	152,880						—					$	430,941
Net claims and claim expenses incurred					97,945						109,391						—						207,336
Acquisition expenses					31,091						43,506						—						74,597
Operational expenses					19,763						9,293						—						29,056
Underwriting income (loss)				$	129,262					$	(9,310	)					—						119,952
Net investment income																	74,012						74,012
Equity in earnings of other ventures																	9,221						9,221
Other loss																	(84	)					(84	)
Interest and preference share dividends																	(19,032	)					(19,032	)
Minority interest – DaVinciRe																	(21,207	)					(21,207	)
Other items, net																	(8,106	)					(8,106	)
Net realized losses on investments																	(24,348	)					(24,348	)
Net income available to common shareholders																$	10,456					$	130,408
Net claims and claim expenses incurred – current accident year				$	100,776					$	117,892											$	218,668
Net claims and claim expenses incurred – prior years					(2,831	)					(8,501	)											(11,332	)
Net claims and claim expenses incurred – total				$	97,945					$	109,391											$	207,336
Net claims and claim expense ratio – accident year					36.2	%					77.1	%											50.7	%
Net claims and claim expense ratio – calendar year					35.2	%					71.6	%											48.1	%
Underwriting expense ratio					18.3	%					34.5	%											24.1	%
Combined ratio					53.5	%					106.1	%											72.2	%

(1)	Reinsurance segment gross premiums written excludes $30.6 million of premiums assumed from the Individual Risk segment.

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data – Segment Information
(in thousands of United States Dollars)

			Three months ended June 30, 2005
			Reinsurance						Individual Risk						Other						Total
Gross premiums written (1)				$	223,339					$	220,144					$	—					$	443,483
Net premiums written				$	184,477					$	203,412						—					$	387,889
Net premiums earned				$	206,651					$	132,102						—					$	338,753
Net claims and claim expenses incurred					26,117						82,682						—						108,799
Acquisition expenses					13,273						32,301						—						45,574
Operational expenses					17,384						5,993						—						23,377
Underwriting income				$	149,877					$	11,126						—						161,003
Net investment income																	45,769						45,769
Equity in earnings of other ventures																	7,798						7,798
Other income																	3,205						3,205
Interest and preference share dividends																	(15,533	)					(15,533	)
Minority interest – DaVinciRe																	(30,283	)					(30,283	)
Other items, net																	(1,560	)					(1,560	)
Net realized gains on investments																	1,583						1,583
Net income available to common shareholders																$	10,979					$	171,982
Net claims and claim expenses incurred – current accident year				$	91,845					$	82,020											$	173,865
Net claims and claim expenses incurred – prior years					(65,728	)					662												(65,066	)
Net claims and claim expenses incurred – total				$	26,117					$	82,682											$	108,799
Net claims and claim expense ratio – accident year					44.4	%					62.1	%											51.3	%
Net claims and claim expense ratio – calendar year					12.6	%					62.6	%											32.1	%
Underwriting expense ratio					14.8	%					29.0	%											20.4	%
Combined ratio					27.4	%					91.6	%											52.5	%

(1)	Reinsurance segment gross premiums written excludes $1.7 million of premiums assumed from the Individual Risk segment.

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data - Segment Information (cont'd.)
(in thousands of United States Dollars)

			Six months ended June 30, 2006
			Reinsurance						Individual Risk						Other						Total
Gross premiums written (1)				$	1,109,390					$	381,553					$	—					$	1,490,943
Net premiums written				$	910,015					$	300,064						—					$	1,210,079
Net premiums earned				$	491,434					$	291,179						—					$	782,613
Net claims and claim expenses incurred					134,625						171,889						—						306,514
Acquisition expenses					59,597						83,814						—						143,411
Operational expenses					32,307						17,680						—						49,987
Underwriting income				$	264,905					$	17,796						—						282,701
Net investment income																	154,446						154,446
Equity in earnings of other ventures																	15,773						15,773
Other loss																	(1,763	)					(1,763	)
Interest and preference share dividends																	(36,996	)					(36,996	)
Minority interest – DaVinciRe																	(52,664	)					(52,664	)
Other items, net																	(11,005	)					(11,005	)
Net realized losses on investments																	(41,104	)					(41,104	)
Net income available to common shareholders																$	26,687					$	309,388
Net claims and claim expenses incurred – current accident year				$	176,489					$	183,259											$	359,748
Net claims and claim expenses incurred – prior years					(41,864	)					(11,370	)											(53,234	)
Net claims and claim expenses incurred – total				$	134,625					$	171,889											$	306,514
Net claims and claim expense ratio – accident year					35.9	%					62.9	%											46.0	%
Net claims and claim expense ratio – calendar year					27.4	%					59.0	%											39.2	%
Underwriting expense ratio					18.7	%					34.9	%											24.7	%
Combined ratio					46.1	%					93.9	%											63.9	%

(1)	Reinsurance segment gross premiums written excludes $36.7 million of premiums assumed from the Individual Risk segment.

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data - Segment Information (cont'd.)
(in thousands of United States Dollars)

			Six months ended June 30, 2005
			Reinsurance						Individual Risk						Other						Total
Gross premiums written (1)				$	808,623					$	329,193					$	—					$	1,137,816
Net premiums written				$	712,610					$	291,072						—					$	1,003,682
Net premiums earned				$	407,021					$	233,233						—					$	640,254
Net claims and claim expenses incurred					168,061						142,386						—						310,447
Acquisition expenses					33,811						63,271						—						97,082
Operational expenses					31,611						10,609						—						42,220
Underwriting income				$	173,538					$	16,967						—						190,505
Net investment income																	96,984						96,984
Equity in earnings of other ventures																	15,365						15,365
Other loss																	(310	)					(310	)
Interest and preference share dividends																	(30,801	)					(30,801	)
Minority interest – DaVinciRe																	(34,667	)					(34,667	)
Other items, net																	(12,185	)					(12,185	)
Net realized losses on investments																	(8,606	)					(8,606	)
Net income available to common shareholders																$	25,780					$	216,285
Net claims and claim expenses incurred – current accident year				$	251,881					$	141,222											$	393,103
Net claims and claim expenses incurred – prior years					(83,820	)					1,164												(82,656	)
Net claims and claim expenses incurred – total				$	168,061					$	142,386											$	310,447
Net claims and claim expense ratio – accident year					61.9	%					60.5	%											61.4	%
Net claims and claim expense ratio – calendar year					41.3	%					61.0	%											48.5	%
Underwriting expense ratio					16.1	%					31.7	%											21.8	%
Combined ratio					57.4	%					92.7	%											70.3	%

(1)	Reinsurance segment gross premiums written excludes $13.2 million of premiums assumed from the Individual Risk segment.

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data
(in thousands of United States Dollars)

			Three months ended															Six months ended
Gross Premiums Written			June 30, 2006						June 30, 2005						% Change			June 30, 2006						June 30, 2005						% Change
Renaissance catastrophe premiums				$	347,528					$	138,922				150.2%				$	629,253					$	391,941				60.5%
Renaissance specialty premiums					26,123						52,222				(50.0%)					147,966						279,747				(47.1%)
Total Renaissance Reinsurance premiums					373,651						191,144				95.5%					777,219						671,688				15.7%
DaVinci catastrophe premiums					155,975						30,175				416.9%					308,854						112,813				173.8%
DaVinci specialty premiums					2,096						2,020				3.8%					23,317						24,122				(3.3%)
Total DaVinci Reinsurance premiums					158,071						32,195				391.0%					332,171						136,935				142.6%
Total Reinsurance premiums (1)					531,722						223,339				138.1%					1,109,390						808,623				37.2%
Individual Risk premiums					210,829						220,144				(4.2%)					381,553						329,193				15.9%
Total premiums				$	742,551					$	443,483				67.4%				$	1,490,943					$	1,137,816				31.0%
Total managed catastrophe premiums (2)				$	527,773					$	188,747				179.6%				$	988,162					$	564,185				75.1%
Managed premiums assumed for fully-collateralized joint ventures (3)				$	111,253					$	—				—				$	111,253					$	—				—
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)				$	416,520					$	188,747				120.7%				$	876,909					$	564,185				55.4%
Total specialty premiums				$	28,219					$	54,242				(48.0%)				$	171,283					$	303,869				(43.6%)

(1)	Reinsurance gross premiums written excludes $30.6 million and $1.7 million of premiums assumed from the Individual Risk segment for the three months ended June 30, 2006 and 2005, respectively, and $36.7 million and $13.2 million of premiums assumed from the Individual Risk segment for the six months ended June 30, 2006 and 2005, respectively.

(2)

Total managed catastrophe premiums include Renaissance and DaVinci catastrophe premiums, as above, and catastrophe premiums written on behalf of our joint venture, Top Layer Re of $24.3 million and $19.6 million for the three months ended June 30, 2006 and 2005, respectively and $50.1 million and $59.4 million for the six months ended June 30, 2006 and 2005, respectively. (see — ‘‘Comments on Regulation G’’)

(3)	Included in total managed catastrophe premiums for the three and six months ended June 30, 2006 is $111.3 million of premium assumed on behalf of two fully-collateralized joint ventures, Starbound Re and Tim Re, of which $100.0 million and $11.3 million was assumed by Renaissance and DaVinci, respectively. These premiums are ceded directly to these facilities. (see — ‘‘Comments on Regulation G’’)

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Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures in this Press Release 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 income’’ 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’’ as used herein differs from ‘‘net income available to common shareholders’’, which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized gains and losses on investments. In addition, the Company's management believes that ‘‘operating income’’ 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 investment portfolio, which is not considered by management to be a relevant indicator of business operations. The Company also uses ‘‘operating income’’ to calculate ‘‘operating income per common share’’ and ‘‘operating return on average common equity, annualized’’. The following is a reconciliation of 1) net income available to common shareholders to operating income available to common shareholders; 2) net income available to common shareholders per common share to operating income available to common shareholders per common share; and 3) return on average common equity, annualized to operating return on average common equity, annualized:

			Three months ended												Six months ended
			June 30, 2006						June 30, 2005						June 30, 2006						June 30, 2005
(In thousands of U.S. dollars, except for per share amounts)
Net income available to common shareholders				$	130,408					$	171,982					$	309,388					$	216,285
Adjustment for net realized losses (gains) on investments					24,348						(1,583	)					41,104						8,606
Operating income available to common shareholders				$	154,756					$	170,399					$	350,492					$	224,891
Net income available to common shareholders per common share – diluted				$	1.81					$	2.39					$	4.31					$	3.00
Adjustment for net realized losses (gains) on investments					0.34						(0.02	)					0.57						0.12
Operating income available to common shareholders per common share – diluted				$	2.15					$	2.37					$	4.88					$	3.12
Return on average common equity, annualized					26.4	%					30.8	%					32.5	%					19.6	%
Adjustment for net realized losses (gains) on investments					4.9	%					(0.2	)%					4.3	%					0.8	%
Operating return on average common equity, annualized					31.3	%					30.6	%					36.8	%					20.4	%

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The Company has also included in this Press Release ‘‘managed catastrophe premiums’’ and ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures.’’ ‘‘Managed catastrophe premiums’’ is defined as gross catastrophe premium written by Renaissance Reinsurance and its related joint ventures. ‘‘Managed catastrophe premiums’’ differ from total catastrophe premiums, 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. ‘‘Managed catastrophe premiums, net of fully-collateralized joint ventures’’ differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to: 1) 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; and 2) the deduction of catastrophe premiums that are written by the Company and ceded directly to the Company's fully-collateralized joint ventures which include Starbound Re and Tim Re. The Company's management believes ‘‘managed catastrophe premiums’’ is useful to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. The Company believes ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures’’ is also a useful measure to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures, net of catastrophe premiums written directly on behalf of the Company's fully-collateralized joint ventures.

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