SEC Filing | RenaissanceRe Holdings

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 25, 2017

RenaissanceRe Holdings Ltd.

(Exact name of registrant as specified in its charter)




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




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

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

Not Applicable

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

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



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



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



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



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

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

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



Item 2.02.	Results of Operations and Financial Condition.

On July 25, 2017, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2017 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.



Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits.



Exhibit #		Description
99.1*		Copy of the Company’s press release, issued July 25, 2017
99.2*		Copy of the Company’s Financial Supplement



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

SIGNATURES

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




	RENAISSANCERE HOLDINGS LTD.


Date:	By:	/s/ Robert Qutub
July 25, 2017		Robert Qutub
		Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS



Exhibit #		Description
99.1*		Copy of the Company’s press release, issued July 25, 2017
99.2*		Copy of the Company’s Financial Supplement



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

Exhibit

RenaissanceRe Reports Net Income of $171.1 Million for the Second Quarter of 2017 or $4.24 Per Diluted Common Share; Quarterly Operating Income of $113.0 Million or $2.79 Per Diluted Common Share

Pembroke, Bermuda, July 25, 2017 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $171.1 million, or $4.24 per diluted common share, in the second quarter of 2017, compared to $136.3 million, or $3.22 per diluted common share, in the second quarter of 2016. Operating income available to RenaissanceRe common shareholders was $113.0 million, or $2.79 per diluted common share, in the second quarter of 2017, compared to $66.6 million, or $1.55 per diluted common share, in the second quarter of 2016. The Company reported an annualized return on average common equity of 15.2% and an annualized operating return on average common equity of 10.0% in the second quarter of 2017, compared to 12.6% and 6.1%, respectively, in the second quarter of 2016. Book value per common share increased $3.71, or 3.4%, in the second quarter of 2017 to $113.08, compared to a 2.5% increase in the second quarter of 2016. Tangible book value per common share plus accumulated dividends increased $4.02, or 3.9%, in the second quarter of 2017 to $123.88, compared to a 2.8% increase in the second quarter of 2016.

Kevin J. O'Donnell, CEO, commented: “We had a good quarter, generating an annualized operating return on average common equity of 10.0% and growing tangible book value per common share plus accumulated dividends by 3.9%. Recognizing challenging market conditions, we executed on our gross-to-net strategy to build an attractive net portfolio of risk. We believe that we have the right strategy and necessary flexibility to navigate the market conditions ahead while continuing to maximize shareholder value over the long-term.”

SECOND QUARTER 2017 HIGHLIGHTS


•	Gross premiums written increased $68.3 million, or 9.0%, to $827.4 million, in the second quarter of 2017 compared to the second quarter of 2016.


•	Underwriting income was $109.7 million and the combined ratio was 71.3% in the second quarter of 2017.


•	Total investment result was a gain of $112.3 million in the second quarter of 2017, generating an annualized total investment return of 4.8%.


•	Repurchased 501 thousand common shares in open market transactions at an aggregate cost of $69.7 million and an average price of $139.00 per common share.

Underwriting Results by Segment

Property Segment

Gross premiums written in the Property segment were $499.3 million in the second quarter of 2017, an increase of $5.4 million, or 1.1%, compared to $494.0 million in the second quarter of 2016. During the second quarter of 2017, the Company was able to increase its participation on a select number of transactions and enter into certain new transactions it believes have comparably attractive risk-return attributes within its other property class of business. As a result, gross premiums written in the Company’s other property class of business were $87.8 million in the second quarter of 2017, an increase of $25.9 million, or 41.9%, compared to the second quarter of 2016. Gross premiums written in the Company’s catastrophe class of business were $411.5 million in the second quarter of 2017, a decrease of $20.5 million, or 4.8%, compared to the second quarter of 2016, driven by a challenging pricing environment as the Company continued to exercise underwriting discipline given prevailing market terms and conditions. Excluding $11.4 million of reinstatement premiums written in the second quarter of 2016 associated with a number of weather-related events in Texas (the “2016 Texas Events”) and a wildfire originating near Fort McMurray, Alberta (the “Fort McMurray Wildfire”), gross premiums written in the catastrophe class of business would have decreased $9.2 million, or 2.2%, in the second quarter of 2017, compared to the second quarter of 2016.

Managed catastrophe premiums were $437.8 million in the second quarter of 2017, a decrease of $19.0 million, or 4.2%, compared to $456.8 million in the second quarter of 2016.

The Property segment generated underwriting income of $106.6 million and a combined ratio of 44.5% in the second quarter of 2017, compared to $54.9 million and 71.3%, respectively, in the second quarter of 2016. Principally impacting underwriting income and the combined ratio in the second quarter of 2017 was a $47.3 million decrease in net claims and claim expenses to $33.0 million in the second quarter of 2017, compared to $80.3 million the second quarter of 2016. The $47.3 million decrease in net claims and claim expenses was comprised of a $36.4 million decrease in current accident year net claims and claim expenses and an increase in favorable development on prior accident years net claims and claim expenses of $10.8 million.

The $36.4 million decrease in current accident year net claims and claim expenses was primarily driven by the absence of any significant insured catastrophe loss activity during the second quarter of 2017, compared to the second quarter of 2016 which was impacted by the 2016 Texas Events and the Fort McMurray Wildfire. These two events accounted for $60.9 million of current accident year claims and claim expenses during the second quarter of 2016 and added 29.9 percentage points to the Property segment combined ratio in the second quarter of 2016. Partially offsetting the decrease in current accident year net claims and claim expenses noted above was an increase in attritional net claims and claim expenses associated with the increase in gross premiums written in the Company’s other property class of business in the second quarter of 2017, compared to the second quarter of 2016.

The Property segment experienced $23.9 million, or 12.4 percentage points, of favorable development on prior accident years net claims and claim expenses during the second quarter of 2017, compared to $13.1 million, or 6.9 percentage points, in the second quarter of 2016. The favorable development during the second quarter of 2017 was principally driven by reductions in the estimated ultimate losses associated with a number of 2015 and 2016 accident year events.

Casualty and Specialty Segment

Gross premiums written in the Casualty and Specialty segment were $328.1 million in the second quarter of 2017, an increase of $62.9 million, or 23.7%, compared to $265.2 million in the second quarter of 2016. The $62.9 million increase was principally due to selective growth from existing business and private placements within certain of the Company’s casualty lines of business.

The Casualty and Specialty segment generated underwriting income of $2.8 million and had a combined ratio of 98.5% in the second quarter of 2017, compared to underwriting income of $8.8 million and a combined ratio of 94.5% in the second quarter of 2016. The increase in the Company’s Casualty and Specialty segment’s combined ratio was driven by a 3.3 percentage point increase in the net claims and claim expense ratio in the second quarter of 2017 to 57.8%, compared to 54.5% in the second quarter of 2016. Principally impacting the 3.3 percentage point increase is a shifting business mix, specifically the increase in our casualty lines of business which carry a higher claims ratio than other specialty and financial lines within the segment.

Other Items

•

The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized gains on investments, was a gain of $112.3 million in the second quarter of 2017, compared to $123.8 million in the second quarter of 2016, a decrease of $11.5 million. Impacting the investment result were strong returns in the Company’s equity investments trading and private equity portfolios combined with positive returns in its fixed maturity investments trading portfolio, principally driven by the tightening of credit spreads across a number of sectors in the portfolio and higher average invested assets.


•	On June 1, 2017, the Company repaid in full at maturity $250.0 million of its Series B 7.50% Notes assumed in connection with the acquisition of Platinum Underwriters Holdings, Ltd.


•	On June 29, 2017, the Company issued $300.0 million of its 3.450% Senior Notes due July 1, 2027.


•	Net income attributable to noncontrolling interests in the second quarter of 2017 was $37.6 million, an increase from $30.6 million in the second quarter of 2016, principally due to an increase in the profitability of DaVinciRe Holdings Ltd. (“DaVinciRe”), and a decrease in the Company’s ownership in DaVinciRe to 22.6% at June 30, 2017, compared to 24.0% at June 30, 2016.


•	Subsequent to June 30, 2017 and through the period ended July 21, 2017, the Company repurchased 15 thousand common shares in open market transactions at an aggregate cost of $2.1 million and an average price of $139.93 per common share.

This Press Release includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “tangible book value per common share”, “tangible book value per common share plus accumulated dividends” and “managed catastrophe premiums.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

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

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, July 26, 2017 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investor Information - Company Webcasts” section of RenaissanceRe’s website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of two reportable segments: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, the United Kingdom, and the United States.

Cautionary Statement Regarding Forward-Looking Statements

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

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



INVESTOR CONTACT:	MEDIA CONTACT:
Aditya Dutt	Elizabeth Tillman
Senior Vice President and Treasurer	Director - Communications
RenaissanceRe Holdings Ltd.	RenaissanceRe Holdings Ltd.
(441) 295-4513	(212) 238-9224
	or
	Kekst and Company
	Peter Hill or Dawn Dover
	(212) 521-4800



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
	Three months ended						Six months ended
	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Revenues
Gross premiums written	$	827,415		$	759,128		$	1,749,505		$	1,621,261
Net premiums written	$	555,745		$	519,916		$	1,099,881		$	1,031,591
Increase in unearned premiums	(173,480		)	(168,514		)	(351,571		)	(326,583		)
Net premiums earned	382,265			351,402			748,310			705,008
Net investment income	54,163			54,124			108,488			82,987
Net foreign exchange gains (losses)	3,109			(690		)	11,274			(2,382		)
Equity in earnings of other ventures	5,543			6,022			4,036			7,633
Other income	2,392			2,654			4,057			6,733
Net realized and unrealized gains on investments	58,113			69,772			101,486			131,425
Total revenues	505,585			483,284			977,651			931,404
Expenses
Net claims and claim expenses incurred	142,587			167,750			335,668			294,355
Acquisition expenses	88,251			69,005			171,533			134,597
Operational expenses	41,766			51,073			89,049			107,308
Corporate expenses	4,636			5,752			9,922			13,977
Interest expense	10,091			10,536			20,617			21,074
Total expenses	287,331			304,116			626,789			571,311
Income before taxes	218,254			179,168			350,862			360,093
Income tax expense	(3,904		)	(6,612		)	(4,238		)	(9,356		)
Net income	214,350			172,556			346,624			350,737
Net income attributable to noncontrolling interests	(37,612		)	(30,635		)	(71,939		)	(75,226		)
Net income available to RenaissanceRe	176,738			141,921			274,685			275,511
Dividends on preference shares	(5,596		)	(5,596		)	(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	171,142		$	136,325		$	263,494		$	264,320

Net income available to RenaissanceRe common shareholders per common share - basic	$	4.25		$	3.23		$	6.50		$	6.20
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.24		$	3.22		$	6.47		$	6.16
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.79		$	1.55		$	3.95		$	3.06

Average shares outstanding - basic	39,937			41,693			40,172			42,135
Average shares outstanding - diluted	40,024			41,885			40,324			42,398

Net claims and claim expense ratio	37.3		%	47.7		%	44.9		%	41.8		%
Underwriting expense ratio	34.0		%	34.2		%	34.8		%	34.3		%
Combined ratio	71.3		%	81.9		%	79.7		%	76.1		%

Return on average common equity - annualized	15.2		%	12.6		%	11.7		%	12.2		%
Operating return on average common equity - annualized (1)	10.0		%	6.1		%	7.2		%	6.1		%


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



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

	June 30, 2017			December 31, 2016
Assets	(Unaudited)			(Audited)
Fixed maturity investments trading, at fair value	$	7,282,264		$	6,891,244
Short term investments, at fair value	1,070,950			1,368,379
Equity investments trading, at fair value	393,405			383,313
Other investments, at fair value	561,212			549,805
Investments in other ventures, under equity method	101,077			124,227
Total investments	9,408,908			9,316,968
Cash and cash equivalents	623,150			421,157
Premiums receivable	1,533,833			987,323
Prepaid reinsurance premiums	705,322			441,260
Reinsurance recoverable	370,586			279,564
Accrued investment income	40,118			38,076
Deferred acquisition costs	430,106			335,325
Receivable for investments sold	170,411			105,841
Other assets	176,816			175,382
Goodwill and other intangibles	246,430			251,186
Total assets	$	13,705,680		$	12,352,082
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	2,989,806		$	2,848,294
Unearned premiums	1,847,206			1,231,573
Debt	988,866			948,663
Reinsurance balances payable	1,052,494			673,983
Payable for investments purchased	407,312			305,714
Other liabilities	222,658			301,684
Total liabilities	7,508,342			6,309,911
Redeemable noncontrolling interest	1,242,083			1,175,594
Shareholders’ Equity
Preference shares	400,000			400,000
Common shares	40,282			41,187
Additional paid-in capital	67,583			216,558
Accumulated other comprehensive (loss) income	(139		)	1,133
Retained earnings	4,447,529			4,207,699
Total shareholders’ equity attributable to RenaissanceRe	4,955,255			4,866,577
Total liabilities, noncontrolling interests and shareholders’ equity	$	13,705,680		$	12,352,082

Book value per common share	$	113.08		$	108.45



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)

	Three months ended June 30, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	499,347		$	328,068		$	—		$	827,415
Net premiums written	$	336,464		$	219,281		$	—		$	555,745
Net premiums earned	$	192,198		$	190,065		$	2		$	382,265
Net claims and claim expenses incurred	33,017			109,797			(227		)	142,587
Acquisition expenses	28,500			59,752			(1		)	88,251
Operational expenses	24,053			17,712			1			41,766
Underwriting income	$	106,628		$	2,804		$	229		109,661
Net investment income							54,163			54,163
Net foreign exchange gains							3,109			3,109
Equity in earnings of other ventures							5,543			5,543
Other income							2,392			2,392
Net realized and unrealized gains on investments							58,113			58,113
Corporate expenses							(4,636		)	(4,636		)
Interest expense							(10,091		)	(10,091		)
Income before taxes and redeemable noncontrolling interests										218,254
Income tax expense							(3,904		)	(3,904		)
Net income attributable to redeemable noncontrolling interests							(37,612		)	(37,612		)
Dividends on preference shares							(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders										$	171,142

Net claims and claim expenses incurred – current accident year	$	56,889		$	130,802		$	—		$	187,691
Net claims and claim expenses incurred – prior accident years	(23,872		)	(21,005		)	(227		)	(45,104		)
Net claims and claim expenses incurred – total	$	33,017		$	109,797		$	(227	)	$	142,587

Net claims and claim expense ratio – current accident year	29.6		%	68.8		%				49.1		%
Net claims and claim expense ratio – prior accident years	(12.4		)%	(11.0		)%				(11.8		)%
Net claims and claim expense ratio – calendar year	17.2		%	57.8		%				37.3		%
Underwriting expense ratio	27.3		%	40.7		%				34.0		%
Combined ratio	44.5		%	98.5		%				71.3		%


	Three months ended June 30, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	493,953		$	265,175		$	—		$	759,128
Net premiums written	$	350,593		$	169,323		$	—		$	519,916
Net premiums earned	$	191,060		$	160,342		$	—		$	351,402
Net claims and claim expenses incurred	80,275			87,390			85			167,750
Acquisition expenses	29,389			39,616			—			69,005
Operational expenses	26,526			24,526			21			51,073
Underwriting income (loss)	$	54,870		$	8,810		$	(106	)	63,574
Net investment income							54,124			54,124
Net foreign exchange losses							(690		)	(690		)
Equity in earnings of other ventures							6,022			6,022
Other income							2,654			2,654
Net realized and unrealized gains on investments							69,772			69,772
Corporate expenses							(5,752		)	(5,752		)
Interest expense							(10,536		)	(10,536		)
Income before taxes and noncontrolling interests										179,168
Income tax expense							(6,612		)	(6,612		)
Net income attributable to noncontrolling interests							(30,635		)	(30,635		)
Dividends on preference shares							(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders										$	136,325

Net claims and claim expenses incurred – current accident year	$	93,336		$	103,669		$	—		$	197,005
Net claims and claim expenses incurred – prior accident years	(13,061		)	(16,279		)	85			(29,255		)
Net claims and claim expenses incurred – total	$	80,275		$	87,390		$	85		$	167,750

Net claims and claim expense ratio – current accident year	48.9		%	64.7		%				56.1		%
Net claims and claim expense ratio – prior accident years	(6.9		)%	(10.2		)%				(8.4		)%
Net claims and claim expense ratio – calendar year	42.0		%	54.5		%				47.7		%
Underwriting expense ratio	29.3		%	40.0		%				34.2		%
Combined ratio	71.3		%	94.5		%				81.9		%



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)

	Six months ended June 30, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,019,876		$	729,629		$	—		$	1,749,505
Net premiums written	$	626,335		$	473,546		$	—		$	1,099,881
Net premiums earned	$	379,186		$	369,124		$	—		$	748,310
Net claims and claim expenses incurred	71,855			264,368			(555		)	335,668
Acquisition expenses	57,603			113,931			(1		)	171,533
Operational expenses	51,718			37,319			12			89,049
Underwriting income (loss)	$	198,010		$	(46,494	)	$	544		152,060
Net investment income							108,488			108,488
Net foreign exchange gains							11,274			11,274
Equity in earnings of other ventures							4,036			4,036
Other income							4,057			4,057
Net realized and unrealized gains on investments							101,486			101,486
Corporate expenses							(9,922		)	(9,922		)
Interest expense							(20,617		)	(20,617		)
Income before taxes and redeemable noncontrolling interests										350,862
Income tax expense							(4,238		)	(4,238		)
Net income attributable to redeemable noncontrolling interests							(71,939		)	(71,939		)
Dividends on preference shares							(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders										$	263,494

Net claims and claim expenses incurred – current accident year	$	96,655		$	255,111		$	—		$	351,766
Net claims and claim expenses incurred – prior accident years	(24,800		)	9,257			(555		)	(16,098		)
Net claims and claim expenses incurred – total	$	71,855		$	264,368		$	(555	)	$	335,668

Net claims and claim expense ratio – current accident year	25.5		%	69.1		%				47.0		%
Net claims and claim expense ratio – prior accident years	(6.6		)%	2.5		%				(2.1		)%
Net claims and claim expense ratio – calendar year	18.9		%	71.6		%				44.9		%
Underwriting expense ratio	28.9		%	41.0		%				34.8		%
Combined ratio	47.8		%	112.6		%				79.7		%


	Six months ended June 30, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	938,912		$	682,349		$	—		$	1,621,261
Net premiums written	$	583,452		$	448,139		$	—		$	1,031,591
Net premiums earned	$	366,292		$	338,716		$	—		$	705,008
Net claims and claim expenses incurred	102,079			192,273			3			294,355
Acquisition expenses	49,513			85,084			—			134,597
Operational expenses	55,183			52,044			81			107,308
Underwriting income (loss)	$	159,517		$	9,315		$	(84	)	168,748
Net investment income							82,987			82,987
Net foreign exchange losses							(2,382		)	(2,382		)
Equity in earnings of other ventures							7,633			7,633
Other income							6,733			6,733
Net realized and unrealized gains on investments							131,425			131,425
Corporate expenses							(13,977		)	(13,977		)
Interest expense							(21,074		)	(21,074		)
Income before taxes and noncontrolling interests										360,093
Income tax expense							(9,356		)	(9,356		)
Net income attributable to noncontrolling interests							(75,226		)	(75,226		)
Dividends on preference shares							(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders										$	264,320

Net claims and claim expenses incurred – current accident year	$	121,068		$	204,146		$	—		$	325,214
Net claims and claim expenses incurred – prior accident years	(18,989		)	(11,873		)	3			(30,859		)
Net claims and claim expenses incurred – total	$	102,079		$	192,273		$	3		$	294,355

Net claims and claim expense ratio – current accident year	33.1		%	60.3		%				46.1		%
Net claims and claim expense ratio – prior accident years	(5.2		)%	(3.5		)%				(4.3		)%
Net claims and claim expense ratio – calendar year	27.9		%	56.8		%				41.8		%
Underwriting expense ratio	28.6		%	40.4		%				34.3		%
Combined ratio	56.5		%	97.2		%				76.1		%



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)

	Three months ended				Six months ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Property Segment
Catastrophe	$	411,500	$	432,033	$	825,924	$	805,050
Other property	87,847		61,920		193,952		133,862
Property segment gross premiums written	$	499,347	$	493,953	$	1,019,876	$	938,912

Casualty and Specialty Segment
General casualty (1)	$	107,994	$	53,099	$	230,287	$	166,036
Professional liability (2)	101,447		97,000		233,753		202,792
Financial lines (3)	69,314		74,255		154,457		217,089
Other (4)	49,313		40,821		111,132		96,432
Casualty and Specialty segment gross premiums written	$	328,068	$	265,175	$	729,629	$	682,349


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


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


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


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



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars)
(Unaudited)

	Three months ended						Six months ended
	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Fixed maturity investments	$	44,356		$	46,091		$	87,775		$	82,097
Short term investments	2,981			1,227			4,705			2,227
Equity investments trading	889			865			1,700			2,528
Other investments
Private equity investments	6,611			4,356			14,413			(5,002		)
Other	2,899			5,035			6,971			8,344
Cash and cash equivalents	295			209			484			338
	58,031			57,783			116,048			90,532
Investment expenses	(3,868		)	(3,659		)	(7,560		)	(7,545		)
Net investment income	54,163			54,124			108,488			82,987

Gross realized gains	15,249			22,661			26,710			40,411
Gross realized losses	(7,243		)	(7,804		)	(23,776		)	(22,469		)
Net realized gains on fixed maturity investments	8,006			14,857			2,934			17,942
Net unrealized gains on fixed maturity investments trading	18,760			44,271			43,395			129,736
Net realized and unrealized losses on investments-related derivatives	(268		)	(9,151		)	(324		)	(28,600		)
Net realized gains on equity investments trading	15,146			14,729			36,061			13,911
Net unrealized gains (losses) on equity investments trading	16,469			5,066			19,420			(1,564		)
Net realized and unrealized gains on investments	58,113			69,772			101,486			131,425
Change in net unrealized gains on fixed maturity investments available for sale	—			(90		)	—			(359		)
Total investment result	$	112,276		$	123,806		$	209,974		$	214,053

Total investment return - annualized	4.8		%	5.5		%	4.5		%	4.7		%

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided these financial 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 available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments. The Company’s management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s fixed maturity investment portfolio, equity investments trading and investments-related derivatives. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:



	Three months ended						Six months ended
(in thousands of United States Dollars, except percentages)	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Net income available to RenaissanceRe common shareholders	$	171,142		$	136,325		$	263,494		$	264,320
Adjustment for net realized and unrealized gains on investments	(58,113		)	(69,772		)	(101,486		)	(131,425		)
Operating income available to RenaissanceRe common shareholders	$	113,029		$	66,553		$	162,008		$	132,895

Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.24		$	3.22		$	6.47		$	6.16
Adjustment for net realized and unrealized gains on investments	(1.45		)	(1.67		)	(2.52		)	(3.10		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.79		$	1.55		$	3.95		$	3.06

Return on average common equity - annualized	15.2		%	12.6		%	11.7		%	12.2		%
Adjustment for net realized and unrealized gains on investments	(5.2		)%	(6.5		)%	(4.5		)%	(6.1		)%
Operating return on average common equity - annualized	10.0		%	6.1		%	7.2		%	6.1		%

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



	At
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Book value per common share	$	113.08		$	109.37		$	108.45		$	107.10		$	103.70
Adjustment for goodwill and other intangibles (1)	(6.56		)	(6.55		)	(6.58		)	(6.69		)	(6.73		)
Tangible book value per common share	106.52			102.82			101.87			100.41			96.97
Adjustment for accumulated dividends	17.36			17.04			16.72			16.41			16.10
Tangible book value per common share plus accumulated dividends	$	123.88		$	119.86		$	118.59		$	116.82		$	113.07

Quarterly change in book value per common share	3.4		%	0.8		%	1.3		%	3.3		%	2.5		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	3.9		%	1.2		%	1.8		%	3.9		%	2.8		%
Year to date change in book value per common share	4.3		%	0.8		%	9.4		%	8.0		%	4.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.2		%	1.2		%	11.4		%	9.5		%	5.5		%


(1)	At June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, goodwill and other intangibles included $18.1 million, $18.9 million, $19.7 million, $20.6 million and $21.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

The Company has included in this Press Release “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						Six months ended
	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Property Segment
Catastrophe	$	411,500		$	432,033		$	825,924		$	805,050
Other property	87,847			61,920			193,952			133,862
Property segment gross premiums written	$	499,347		$	493,953		$	1,019,876		$	938,912

Managed Catastrophe Premiums
Property segment gross premiums written	$	499,347		$	493,953		$	1,019,876		$	938,912
Other property gross premiums written	(87,847		)	(61,920		)	(193,952		)	(133,862		)
Catastrophe gross premiums written	$	411,500		$	432,033		$	825,924		$	805,050
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	26,337			25,689			38,722			36,785
Catastrophe premiums written by the Company and ceded to Top Layer Re	—			(896		)	—			(9,263		)
Managed catastrophe premiums	$	437,837		$	456,826		$	864,646		$	832,572

Exhibit

https://cdn.kscope.io/e43b26b256220b9b7afa7c376e57c4ce-coverjune2017.jpg

RenaissanceRe Holdings Ltd.

Contents



		Page(s)

Basis of Presentation		i

Financial Highlights		1

Statements of Operations
a.	Summary Consolidated Statements of Operations	2 - 3
b.	Consolidated Segment Underwriting Results	4 - 5
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 - 24

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “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 24 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. ("RenaissanceRe" or the "Company") is a global provider of reinsurance and insurance. The Company’s business consists of two reportable segments: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company's operating subsidiaries and certain joint ventures managed by the Company's ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company's operating subsidiaries and certain joint ventures managed by the Company's ventures unit. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, the United Kingdom, and the United States.

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 Holdings Ltd. with the 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 Holdings Ltd.



	i



RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended															Six months ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Highlights
Gross premiums written	$	827,415		$	922,090		$	323,091		$	430,224		$	759,128		$	1,749,505		$	1,621,261
Net premiums written	$	555,745		$	544,136		$	219,499		$	284,222		$	519,916		$	1,099,881		$	1,031,591
Net premiums earned	$	382,265		$	366,045		$	351,901		$	346,521		$	351,402		$	748,310		$	705,008
Net claims and claim expenses incurred	142,587			193,081			123,901			112,575			167,750			335,668			294,355
Acquisition expenses	88,251			83,282			74,146			80,580			69,005			171,533			134,597
Operating expenses	41,766			47,283			49,948			40,493			51,073			89,049			107,308
Underwriting income	$	109,661		$	42,399		$	103,906		$	112,873		$	63,574		$	152,060		$	168,748

Net investment income	$	54,163		$	54,325		$	47,316		$	51,423		$	54,124		$	108,488		$	82,987
Net realized and unrealized gains (losses) on investments	58,113			43,373			(49,967		)	59,870			69,772			101,486			131,425
Change in net unrealized gains on fixed maturity investments available for sale	—			—			(1,398		)	(113		)	(90		)	—			(359		)
Total investment result	$	112,276		$	97,698		$	(4,049	)	$	111,180		$	123,806		$	209,974		$	214,053

Net income available to RenaissanceRe common shareholders	$	171,142		$	92,352		$	69,436		$	146,825		$	136,325		$	263,494		$	264,320
Operating income available to RenaissanceRe common shareholders (1)	$	113,029		$	48,979		$	119,403		$	86,955		$	66,553		$	162,008		$	132,895

Total assets	$	13,705,680		$	13,319,627		$	12,352,082		$	12,659,531		$	12,544,763		$	13,705,680		$	12,544,763
Total shareholders' equity attributable to RenaissanceRe	$	4,955,255		$	4,860,837		$	4,866,577		$	4,807,790		$	4,703,217		$	4,955,255		$	4,703,217

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.24		$	2.25		$	1.69		$	3.56		$	3.22		$	6.47		$	6.16
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.79		$	1.18		$	2.92		$	2.09		$	1.55		$	3.95		$	3.06
Dividends per common share	$	0.32		$	0.32		$	0.31		$	0.31		$	0.31		$	0.64		$	0.62
Book value per common share	$	113.08		$	109.37		$	108.45		$	107.10		$	103.70		$	113.08		$	103.70
Tangible book value per common share (1)	$	106.52		$	102.82		$	101.87		$	100.41		$	96.97		$	106.52		$	96.97
Tangible book value per common share plus accumulated dividends (1)	$	123.88		$	119.86		$	118.59		$	116.82		$	113.07		$	123.88		$	113.07
Change in tangible book value per common share plus change in accumulated dividends (1)	3.9		%	1.2		%	1.8		%	3.9		%	2.8		%	5.2		%	5.5		%

Financial ratios
Net claims and claim expense ratio - current accident year	49.1		%	44.8		%	60.1		%	45.7		%	56.1		%	47.0		%	46.1		%
Net claims and claim expense ratio - prior accident years	(11.8		)%	7.9		%	(24.9		)%	(13.2		)%	(8.4		)%	(2.1		)%	(4.3		)%
Net claims and claim expense ratio - calendar year	37.3		%	52.7		%	35.2		%	32.5		%	47.7		%	44.9		%	41.8		%
Underwriting expense ratio	34.0		%	35.7		%	35.3		%	34.9		%	34.2		%	34.8		%	34.3		%
Combined ratio	71.3		%	88.4		%	70.5		%	67.4		%	81.9		%	79.7		%	76.1		%
Return on average common equity - annualized	15.2		%	8.3		%	6.3		%	13.5		%	12.6		%	11.7		%	12.2		%
Operating return on average common equity - annualized (1)	10.0		%	4.4		%	10.8		%	8.0		%	6.1		%	7.2		%	6.1		%
Total investment return - annualized	4.8		%	4.1		%	(0.2		)%	4.9		%	5.5		%	4.5		%	4.7		%


(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
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Revenues
Gross premiums written	$	827,415		$	922,090		$	323,091		$	430,224		$	759,128
Net premiums written	$	555,745		$	544,136		$	219,499		$	284,222		$	519,916
(Increase) decrease in unearned premiums	(173,480		)	(178,091		)	132,402			62,299			(168,514		)
Net premiums earned	382,265			366,045			351,901			346,521			351,402
Net investment income	54,163			54,325			47,316			51,423			54,124
Net foreign exchange gains (losses)	3,109			8,165			(5,420		)	(5,986		)	(690		)
Equity in earnings (losses) of other ventures	5,543			(1,507		)	4,960			(11,630		)	6,022
Other income	2,392			1,665			5,177			2,268			2,654
Net realized and unrealized gains (losses) on investments	58,113			43,373			(49,967		)	59,870			69,772
Total revenues	505,585			472,066			353,967			442,466			483,284
Expenses
Net claims and claim expenses incurred	142,587			193,081			123,901			112,575			167,750
Acquisition expenses	88,251			83,282			74,146			80,580			69,005
Operational expenses	41,766			47,283			49,948			40,493			51,073
Corporate expenses	4,636			5,286			11,888			11,537			5,752
Interest expense	10,091			10,526			10,534			10,536			10,536
Total expenses	287,331			339,458			270,417			255,721			304,116
Income before taxes	218,254			132,608			83,550			186,745			179,168
Income tax (expense) benefit	(3,904		)	(334		)	7,700			1,316			(6,612		)
Net income	214,350			132,274			91,250			188,061			172,556
Net income attributable to noncontrolling interests	(37,612		)	(34,327		)	(16,219		)	(35,641		)	(30,635		)
Net income attributable to RenaissanceRe	176,738			97,947			75,031			152,420			141,921
Dividends on preference shares	(5,596		)	(5,595		)	(5,595		)	(5,595		)	(5,596		)
Net income available to RenaissanceRe common shareholders	$	171,142		$	92,352		$	69,436		$	146,825		$	136,325

Net income available to RenaissanceRe common shareholders per common share - basic	$	4.25		$	2.26		$	1.70		$	3.58		$	3.23
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.24		$	2.25		$	1.69		$	3.56		$	3.22
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.79		$	1.18		$	2.92		$	2.09		$	1.55

Return on average common equity - annualized	15.2		%	8.3		%	6.3		%	13.5		%	12.6		%
Operating return on average common equity - annualized (1)	10.0		%	4.4		%	10.8		%	8.0		%	6.1		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Six months ended
	June 30, 2017			June 30, 2016
Revenues
Gross premiums written	$	1,749,505		$	1,621,261
Net premiums written	$	1,099,881		$	1,031,591
Increase in unearned premiums	(351,571		)	(326,583		)
Net premiums earned	748,310			705,008
Net investment income	108,488			82,987
Net foreign exchange gains (losses)	11,274			(2,382		)
Equity in earnings of other ventures	4,036			7,633
Other income	4,057			6,733
Net realized and unrealized gains (losses) on investments	101,486			131,425
Total revenues	977,651			931,404
Expenses
Net claims and claim expenses incurred	335,668			294,355
Acquisition expenses	171,533			134,597
Operational expenses	89,049			107,308
Corporate expenses	9,922			13,977
Interest expense	20,617			21,074
Total expenses	626,789			571,311
Income before taxes	350,862			360,093
Income tax expense	(4,238		)	(9,356		)
Net income	346,624			350,737
Net income attributable to noncontrolling interests	(71,939		)	(75,226		)
Net income attributable to RenaissanceRe	274,685			275,511
Dividends on preference shares	(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	263,494		$	264,320

Net income available to RenaissanceRe common shareholders per common share - basic	$	6.50		$	6.20
Net income available to RenaissanceRe common shareholders per common share - diluted	$	6.47		$	6.16
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.95		$	3.06

Return on average common equity - annualized	11.7		%	12.2		%
Operating return on average common equity - annualized (1)	7.2		%	6.1		%


(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 June 30, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	499,347		$	328,068		$	—		$	827,415
Net premiums written	$	336,464		$	219,281		$	—		$	555,745
Net premiums earned	$	192,198		$	190,065		$	2		$	382,265
Net claims and claim expenses incurred	33,017			109,797			(227		)	142,587
Acquisition expenses	28,500			59,752			(1		)	88,251
Operational expenses	24,053			17,712			1			41,766
Underwriting income	$	106,628		$	2,804		$	229		$	109,661

Net claims and claim expenses incurred - current accident year	$	56,889		$	130,802		$	—		$	187,691
Net claims and claim expenses incurred - prior accident years	(23,872		)	(21,005		)	(227		)	(45,104		)
Net claims and claim expenses incurred - total	$	33,017		$	109,797		$	(227	)	$	142,587

Net claims and claim expense ratio - current accident year	29.6		%	68.8		%				49.1		%
Net claims and claim expense ratio - prior accident years	(12.4		)%	(11.0		)%				(11.8		)%
Net claims and claim expense ratio - calendar year	17.2		%	57.8		%				37.3		%
Underwriting expense ratio	27.3		%	40.7		%				34.0		%
Combined ratio	44.5		%	98.5		%				71.3		%

	Three months ended June 30, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	493,953		$	265,175		$	—		$	759,128
Net premiums written	$	350,593		$	169,323		$	—		$	519,916
Net premiums earned	$	191,060		$	160,342		$	—		$	351,402
Net claims and claim expenses incurred	80,275			87,390			85			167,750
Acquisition expenses	29,389			39,616			—			69,005
Operational expenses	26,526			24,526			21			51,073
Underwriting income (loss)	$	54,870		$	8,810		$	(106	)	$	63,574

Net claims and claim expenses incurred - current accident year	$	93,336		$	103,669		$	—		$	197,005
Net claims and claim expenses incurred - prior accident years	(13,061		)	(16,279		)	85			(29,255		)
Net claims and claim expenses incurred - total	$	80,275		$	87,390		$	85		$	167,750

Net claims and claim expense ratio - current accident year	48.9		%	64.7		%				56.1		%
Net claims and claim expense ratio - prior accident years	(6.9		)%	(10.2		)%				(8.4		)%
Net claims and claim expense ratio - calendar year	42.0		%	54.5		%				47.7		%
Underwriting expense ratio	29.3		%	40.0		%				34.2		%
Combined ratio	71.3		%	94.5		%				81.9		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2017
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,019,876		$	729,629		$	—		$	1,749,505
Net premiums written	$	626,335		$	473,546		$	—		$	1,099,881
Net premiums earned	$	379,186		$	369,124		$	—		$	748,310
Net claims and claim expenses incurred	71,855			264,368			(555		)	335,668
Acquisition expenses	57,603			113,931			(1		)	171,533
Operational expenses	51,718			37,319			12			89,049
Underwriting income (loss)	$	198,010		$	(46,494	)	$	544		$	152,060

Net claims and claim expenses incurred - current accident year	$	96,655		$	255,111		$	—		$	351,766
Net claims and claim expenses incurred - prior accident years	(24,800		)	9,257			(555		)	(16,098		)
Net claims and claim expenses incurred - total	$	71,855		$	264,368		$	(555	)	$	335,668

Net claims and claim expense ratio - current accident year	25.5		%	69.1		%				47.0		%
Net claims and claim expense ratio - prior accident years	(6.6		)%	2.5		%				(2.1		)%
Net claims and claim expense ratio - calendar year	18.9		%	71.6		%				44.9		%
Underwriting expense ratio	28.9		%	41.0		%				34.8		%
Combined ratio	47.8		%	112.6		%				79.7		%

	Six months ended June 30, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	938,912		$	682,349		$	—		$	1,621,261
Net premiums written	$	583,452		$	448,139		$	—		$	1,031,591
Net premiums earned	$	366,292		$	338,716		$	—		$	705,008
Net claims and claim expenses incurred	102,079			192,273			3			294,355
Acquisition expenses	49,513			85,084			—			134,597
Operational expenses	55,183			52,044			81			107,308
Underwriting income (loss)	$	159,517		$	9,315		$	(84	)	$	168,748

Net claims and claim expenses incurred - current accident year	$	121,068		$	204,146		$	—		$	325,214
Net claims and claim expenses incurred - prior accident years	(18,989		)	(11,873		)	3			(30,859		)
Net claims and claim expenses incurred - total	$	102,079		$	192,273		$	3		$	294,355

Net claims and claim expense ratio - current accident year	33.1		%	60.3		%				46.1		%
Net claims and claim expense ratio - prior accident years	(5.2		)%	(3.5		)%				(4.3		)%
Net claims and claim expense ratio - calendar year	27.9		%	56.8		%				41.8		%
Underwriting expense ratio	28.6		%	40.4		%				34.3		%
Combined ratio	56.5		%	97.2		%				76.1		%



	5



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Gross premiums written	$	499,347		$	520,529		$	52,447		$	119,904		$	493,953
Net premiums written	$	336,464		$	289,871		$	50,960		$	90,909		$	350,593
Net premiums earned	$	192,198		$	186,988		$	181,998		$	172,661		$	191,060
Net claims and claim expenses incurred	33,017			38,838			25,927			23,539			80,275
Acquisition expenses	28,500			29,103			26,418			21,663			29,389
Operational expenses	24,053			27,665			29,201			24,258			26,526
Underwriting income	$	106,628		$	91,382		$	100,452		$	103,201		$	54,870

Net claims and claim expenses incurred - current accident year	$	56,889		$	39,766		$	93,291		$	42,062		$	93,336
Net claims and claim expenses incurred - prior accident years	(23,872		)	(928		)	(67,364		)	(18,523		)	(13,061		)
Net claims and claim expenses incurred - total	$	33,017		$	38,838		$	25,927		$	23,539		$	80,275

Net claims and claim expense ratio - current accident year	29.6		%	21.3		%	51.3		%	24.4		%	48.9		%
Net claims and claim expense ratio - prior accident years	(12.4		)%	(0.5		)%	(37.1		)%	(10.8		)%	(6.9		)%
Net claims and claim expense ratio - calendar year	17.2		%	20.8		%	14.2		%	13.6		%	42.0		%
Underwriting expense ratio	27.3		%	30.3		%	30.6		%	26.6		%	29.3		%
Combined ratio	44.5		%	51.1		%	44.8		%	40.2		%	71.3		%

	Three months ended
Casualty and Specialty Segment	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Gross premiums written	$	328,068		$	401,561		$	270,644		$	310,320		$	265,175
Net premiums written	$	219,281		$	254,265		$	168,396		$	193,313		$	169,323
Net premiums earned	$	190,065		$	179,059		$	169,761		$	173,860		$	160,342
Net claims and claim expenses incurred	109,797			154,571			98,279			89,844			87,390
Acquisition expenses	59,752			54,179			47,728			58,917			39,616
Operational expenses	17,712			19,607			20,723			16,217			24,526
Underwriting income (loss)	$	2,804		$	(49,298	)	$	3,031		$	8,882		$	8,810

Net claims and claim expenses incurred - current accident year	$	130,802		$	124,309		$	118,092		$	116,298		$	103,669
Net claims and claim expenses incurred - prior accident years	(21,005		)	30,262			(19,813		)	(26,454		)	(16,279		)
Net claims and claim expenses incurred - total	$	109,797		$	154,571		$	98,279		$	89,844		$	87,390

Net claims and claim expense ratio - current accident year	68.8		%	69.4		%	69.6		%	66.9		%	64.7		%
Net claims and claim expense ratio - prior accident years	(11.0		)%	16.9		%	(11.7		)%	(15.2		)%	(10.2		)%
Net claims and claim expense ratio - calendar year	57.8		%	86.3		%	57.9		%	51.7		%	54.5		%
Underwriting expense ratio	40.7		%	41.2		%	40.3		%	43.2		%	40.0		%
Combined ratio	98.5		%	127.5		%	98.2		%	94.9		%	94.5		%



	6



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended															Six months ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Revenues
Gross premiums written	$	132,009		$	116,680		$	(731	)	$	14,537		$	146,519		$	248,689		$	261,022
Net premiums written	$	116,523		$	98,695		$	(580	)	$	8,932		$	133,513		$	215,218		$	222,019
(Increase) decrease in unearned premiums	(56,246		)	(42,492		)	59,119			48,490			(70,095		)	(98,738		)	(100,201		)
Net premiums earned	60,277			56,203			58,539			57,422			63,418			116,480			121,818
Net investment income	8,065			7,756			7,597			7,213			7,162			15,821			14,031
Net foreign exchange gains (losses)	224			348			(197		)	(474		)	594			572			1,001
Other income (loss)	679			1			—			—			(86		)	680			(86		)
Net realized and unrealized gains (losses) on investments	2,207			2,061			(17,510		)	1,338			11,004			4,268			26,243
Total revenues	71,452			66,369			48,429			65,499			82,092			137,821			163,007
Expenses
Net claims and claim expenses incurred	(2,233		)	807			650			(164		)	23,231			(1,426		)	22,713
Acquisition expenses	17,525			15,892			16,967			16,223			12,916			33,417			29,012
Operational and corporate expenses	6,976			6,579			6,804			6,688			6,786			13,555			13,646
Interest expense	1,858			1,858			1,859			1,859			1,859			3,716			3,717
Total expenses	24,126			25,136			26,280			24,606			44,792			49,262			69,088
Income before taxes	47,326			41,233			22,149			40,893			37,300			88,559			93,919
Income tax expense	(273		)	(23		)	(111		)	(444		)	(84		)	(296		)	(175		)
Net income available to DaVinciRe common shareholders	$	47,053		$	41,210		$	22,038		$	40,449		$	37,216		$	88,263		$	93,744

Net claims and claim expenses incurred - current accident year	$	10,500		$	5,899		$	24,310		$	4,435		$	30,095		$	16,399		$	33,641
Net claims and claim expenses incurred - prior accident years	(12,733		)	(5,092		)	(23,660		)	(4,599		)	(6,864		)	(17,825		)	(10,928		)
Net claims and claim expenses incurred - total	$	(2,233	)	$	807		$	650		$	(164	)	$	23,231		$	(1,426	)	$	22,713

Net claims and claim expense ratio - current accident year	17.4		%	10.5		%	41.5		%	7.7		%	47.5		%	14.1		%	27.6		%
Net claims and claim expense ratio - prior accident years	(21.1		)%	(9.1		)%	(40.4		)%	(8.0		)%	(10.9		)%	(15.3		)%	(9.0		)%
Net claims and claim expense ratio - calendar year	(3.7		)%	1.4		%	1.1		%	(0.3		)%	36.6		%	(1.2		)%	18.6		%
Underwriting expense ratio	40.6		%	40.0		%	40.6		%	39.9		%	31.1		%	40.3		%	35.1		%
Combined ratio	36.9		%	41.4		%	41.7		%	39.6		%	67.7		%	39.1		%	53.7		%



	7



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2017			March 31, 2017			December 31, 2016		September 30, 2016		June 30, 2016
Assets
Fixed maturity investments trading, at fair value	$	7,282,264		$	7,259,851		$	6,891,244	$	7,088,419	$	7,073,129
Fixed maturity investments available for sale, at fair value	—			—			—		11,721		12,434
Total fixed maturity investments, at fair value	7,282,264			7,259,851			6,891,244		7,100,140		7,085,563
Short term investments, at fair value	1,070,950			1,199,797			1,368,379		1,136,660		1,000,206
Equity investments trading, at fair value	393,405			388,424			383,313		345,565		301,298
Other investments, at fair value	561,212			514,667			549,805		511,621		489,702
Investments in other ventures, under equity method	101,077			97,131			124,227		120,569		133,448
Total investments	9,408,908			9,459,870			9,316,968		9,214,555		9,010,217
Cash and cash equivalents	623,150			454,087			421,157		493,330		455,521
Premiums receivable	1,533,833			1,283,275			987,323		1,181,331		1,332,667
Prepaid reinsurance premiums	705,322			628,091			441,260		511,421		533,092
Reinsurance recoverable	370,586			325,819			279,564		240,769		222,006
Accrued investment income	40,118			40,547			38,076		37,245		37,900
Deferred acquisition costs	430,106			388,681			335,325		351,841		331,152
Receivable for investments sold	170,411			316,948			105,841		193,071		203,165
Other assets	176,816			173,984			175,382		181,290		160,873
Goodwill and other intangibles	246,430			248,325			251,186		254,678		258,170
Total assets	$	13,705,680		$	13,319,627		$	12,352,082	$	12,659,531	$	12,544,763
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,989,806		$	2,934,688		$	2,848,294	$	2,861,099	$	2,844,243
Unearned premiums	1,847,206			1,596,495			1,231,573		1,434,136		1,518,106
Debt	988,866			945,701			948,663		951,620		954,577
Reinsurance balances payable	1,052,494			972,266			673,983		774,660		753,699
Payable for investments purchased	407,312			604,613			305,714		437,826		432,926
Other liabilities	222,658			217,036			301,684		227,847		215,592
Total liabilities	7,508,342			7,270,799			6,309,911		6,687,188		6,719,143
Redeemable noncontrolling interest	1,242,083			1,187,991			1,175,594		1,164,553		1,122,403
Shareholders' Equity
Preference shares	400,000			400,000			400,000		400,000		400,000
Common shares	40,282			40,785			41,187		41,156		41,496
Additional paid-in capital	67,583			131,173			216,558		213,053		242,561
Accumulated other comprehensive (loss) income	(139		)	(358		)	1,133		2,621		2,337
Retained earnings	4,447,529			4,289,237			4,207,699		4,150,960		4,016,823
Total shareholders' equity attributable to RenaissanceRe	4,955,255			4,860,837			4,866,577		4,807,790		4,703,217
Total liabilities, noncontrolling interests and shareholders' equity	$	13,705,680		$	13,319,627		$	12,352,082	$	12,659,531	$	12,544,763

Book value per common share	$	113.08		$	109.37		$	108.45	$	107.10	$	103.70



	8



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	June 30, 2017					March 31, 2017					December 31, 2016					September 30, 2016					June 30, 2016
U.S. treasuries	$	2,826,681		30.0	%	$	2,635,800		27.9	%	$	2,617,894		28.1	%	$	2,564,635		27.9	%	$	2,660,051		29.5	%
Agencies	83,343			0.9	%	86,373			0.9	%	90,972			1.0	%	120,761			1.3	%	126,549			1.4	%
Municipal	518,912			5.5	%	506,109			5.4	%	519,069			5.6	%	550,062			6.0	%	561,456			6.2	%
Non-U.S. government (Sovereign debt)	173,667			1.8	%	341,725			3.6	%	333,224			3.6	%	313,560			3.4	%	313,699			3.5	%
Non-U.S. government-backed corporate	74,620			0.8	%	118,092			1.2	%	133,300			1.4	%	129,423			1.4	%	157,606			1.7	%
Corporate	2,186,040			23.2	%	2,205,442			23.4	%	1,877,243			20.2	%	1,916,092			20.8	%	1,840,407			20.5	%
Agency mortgage-backed	567,560			6.0	%	505,829			5.3	%	462,493			5.0	%	521,987			5.7	%	513,666			5.7	%
Non-agency mortgage-backed	275,268			3.0	%	270,983			2.9	%	258,944			2.7	%	283,333			3.0	%	258,507			2.8	%
Commercial mortgage-backed	384,610			4.1	%	382,874			4.0	%	409,747			4.4	%	492,311			5.3	%	503,475			5.6	%
Asset-backed	191,563			2.0	%	206,624			2.1	%	188,358			2.0	%	207,976			2.2	%	150,147			1.7	%
Total fixed maturity investments, at fair value	7,282,264			77.3	%	7,259,851			76.7	%	6,891,244			74.0	%	7,100,140			77.0	%	7,085,563			78.6	%
Short term investments, at fair value	1,070,950			11.4	%	1,199,797			12.7	%	1,368,379			14.7	%	1,136,660			12.4	%	1,000,206			11.1	%
Equity investments trading, at fair value	393,405			4.2	%	388,424			4.1	%	383,313			4.1	%	345,565			3.8	%	301,298			3.4	%
Other investments, at fair value	561,212			6.0	%	514,667			5.4	%	549,805			5.9	%	511,621			5.5	%	489,702			5.4	%
Total managed investment portfolio	9,307,831			98.9	%	9,362,739			98.9	%	9,192,741			98.7	%	9,093,986			98.7	%	8,876,769			98.5	%
Investments in other ventures, under equity method	101,077			1.1	%	97,131			1.1	%	124,227			1.3	%	120,569			1.3	%	133,448			1.5	%
Total investments	$	9,408,908		100.0	%	$	9,459,870		100.0	%	$	9,316,968		100.0	%	$	9,214,555		100.0	%	$	9,010,217		100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	849,306		11.7	%	$	1,043,008		14.4	%	$	1,043,738		15.2	%	$	1,133,053		16.0	%	$	1,006,357		14.2	%
AA	4,056,958			55.7	%	3,832,632			52.8	%	3,768,485			54.7	%	3,830,792			54.0	%	4,018,887			56.7	%
A	743,633			10.2	%	727,568			10.0	%	644,150			9.3	%	684,455			9.6	%	669,716			9.5	%
BBB	578,823			7.9	%	598,997			8.3	%	567,672			8.2	%	542,674			7.6	%	527,498			7.5	%
Non-investment grade and not rated	1,053,544			14.5	%	1,057,646			14.5	%	867,199			12.6	%	909,166			12.8	%	863,105			12.1	%
Total fixed maturity investments, at fair value	$	7,282,264		100.0	%	$	7,259,851		100.0	%	$	6,891,244		100.0	%	$	7,100,140		100.0	%	$	7,085,563		100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	427,683		5.9	%	$	514,037		7.1	%	$	483,642		7.0	%	$	280,850		4.0	%	$	266,356		3.8	%
Due after one through five years	4,111,191			56.5	%	4,004,237			55.2	%	3,900,915			56.6	%	4,102,622			57.8	%	4,163,134			58.8	%
Due after five through ten years	1,153,811			15.8	%	1,182,697			16.3	%	1,028,249			14.9	%	1,044,737			14.7	%	1,049,939			14.8	%
Due after ten years	170,578			2.3	%	192,570			2.6	%	158,896			2.3	%	166,324			2.3	%	180,339			2.5	%
Mortgage-backed securities	1,227,438			16.9	%	1,159,686			16.0	%	1,131,184			16.4	%	1,297,631			18.3	%	1,275,648			18.0	%
Asset-backed securities	191,563			2.6	%	206,624			2.8	%	188,358			2.8	%	207,976			2.9	%	150,147			2.1	%
Total fixed maturity investments, at fair value	$	7,282,264		100.0	%	$	7,259,851		100.0	%	$	6,891,244		100.0	%	$	7,100,140		100.0	%	$	7,085,563		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.3		%			2.3		%			2.1		%			1.8		%			1.8		%
Average duration of fixed maturities and short term investments	2.6					2.6					2.4					2.3					2.2



	9



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Type of Investment
Catastrophe bonds	$	348,353		$	298,564		$	335,209		$	298,408		$	275,553
Private equity partnerships	194,331			192,975			191,061			192,217			190,316
Senior secured bank loan fund	17,321			21,748			22,040			19,440			22,212
Hedge funds	1,207			1,380			1,495			1,556			1,621
Total other investments, at fair value	$	561,212		$	514,667		$	549,805		$	511,621		$	489,702

Type of Investment
Catastrophe bonds	62.1		%	58.0		%	61.0		%	58.3		%	56.3		%
Private equity partnerships	34.6		%	37.5		%	34.7		%	37.6		%	38.9		%
Senior secured bank loan fund	3.1		%	4.2		%	4.0		%	3.8		%	4.5		%
Hedge funds	0.2		%	0.3		%	0.3		%	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															Six months ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Fixed maturity investments	$	44,356		$	43,419		$	38,605		$	39,959		$	46,091		$	87,775		$	82,097
Short term investments	2,981			1,724			1,726			1,174			1,227			4,705			2,227
Equity investments trading	889			811			910			797			865			1,700			2,528
Other investments
Private equity investments	6,611			7,802			6,585			4,572			4,356			14,413			(5,002		)
Other	2,899			4,072			3,072			8,765			5,035			6,971			8,344
Cash and cash equivalents	295			189			204			246			209			484			338
	58,031			58,017			51,102			55,513			57,783			116,048			90,532
Investment expenses	(3,868		)	(3,692		)	(3,786		)	(4,090		)	(3,659		)	(7,560		)	(7,545		)
Net investment income	54,163			54,325			47,316			51,423			54,124			108,488			82,987

Gross realized gains	15,249			11,461			11,945			20,383			22,661			26,710			40,411
Gross realized losses	(7,243		)	(16,533		)	(12,483		)	(3,363		)	(7,804		)	(23,776		)	(22,469		)
Net realized gains (losses) on fixed maturity investments	8,006			(5,072		)	(538		)	17,020			14,857			2,934			17,942
Net unrealized gains (losses) on fixed maturity investments trading	18,760			24,635			(98,547		)	(4,235		)	44,271			43,395			129,736
Net realized and unrealized (losses) gains on investments-related derivatives	(268		)	(56		)	11,459			1,727			(9,151		)	(324		)	(28,600		)
Net realized gains on equity investments trading	15,146			20,915			152			127			14,729			36,061			13,911
Net unrealized gains (losses) on equity investments trading	16,469			2,951			37,507			45,231			5,066			19,420			(1,564		)
Net realized and unrealized gains (losses) on investments	58,113			43,373			(49,967		)	59,870			69,772			101,486			131,425
Change in net unrealized gains on fixed maturity investments available for sale	—			—			(1,398		)	(113		)	(90		)	—			(359		)
Total investment result	$	112,276		$	97,698		$	(4,049	)	$	111,180		$	123,806		$	209,974		$	214,053

Total investment return - annualized	4.8		%	4.1		%	(0.2		)%	4.9		%	5.5		%	4.5		%	4.7		%



	11



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
June 30, 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	$	1,070,950	$	1,070,950		11.4	%	1.1	%	$	1,036,039		$	28,664		$	2,364		$	1,451		$	1,434		$	998
			100.0		%					96.7		%	2.7		%	0.2		%	0.2		%	0.1		%	0.1		%
Fixed maturity investments
U.S. treasuries	2,835,717		2,826,681			30.0	%	1.5	%	—			2,826,681			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	20,513		20,405			0.2	%	1.7	%	—			20,405			—			—			—			—
Other agencies	63,238		62,938			0.7	%	2.1	%	—			62,938			—			—			—			—
Total agencies	83,751		83,343			0.9	%	2.0	%	—			83,343			—			—			—			—
Municipal	513,469		518,912			5.5	%	1.9	%	108,813			266,016			107,761			36,322			—			—
Non-U.S. government (Sovereign debt)	173,224		173,667			1.8	%	1.7	%	146,156			16,318			10,892			301			—			—
Non-U.S. government-backed corporate	74,688		74,620			0.8	%	1.8	%	29,099			42,669			1,501			1,351			—			—
Corporate	2,166,672		2,186,040			23.2	%	3.6	%	50,205			171,009			613,507			524,767			793,263			33,289
Mortgage-backed
Residential mortgage-backed
Agency securities	573,873		567,560			6.0	%	3.0	%	—			567,560			—			—			—			—
Non-agency securities - Alt A	201,756		211,987			2.3	%	4.4	%	8,141			11,169			4,209			10,377			158,599			19,492
Non-agency securities - Prime	60,189		63,281			0.7	%	4.0	%	3,755			4,463			2,791			3,371			47,639			1,262
Total residential mortgage-backed	835,818		842,828			9.0	%	3.4	%	11,896			583,192			7,000			13,748			206,238			20,754
Commercial mortgage-backed	382,668		384,610			4.1	%	2.8	%	335,658			48,459			278			215			—			—
Total mortgage-backed	1,218,486		1,227,438			13.1	%	3.2	%	347,554			631,651			7,278			13,963			206,238			20,754
Asset-backed
Collateralized loan obligations	151,790		152,320			1.6	%	2.6	%	132,052			19,271			997			—			—			—
Credit cards	18,545		18,575			0.2	%	1.8	%	18,575			—			—			—			—			—
Auto loans	13,132		13,098			0.1	%	1.9	%	13,098			—			—			—			—			—
Student loans	1,067		1,073			—	%	2.3	%	1,073			—			—			—			—			—
Other	6,479		6,497			0.1	%	2.8	%	2,681			—			1,697			2,119			—			—
Total asset-backed	191,013		191,563			2.0	%	2.5	%	167,479			19,271			2,694			2,119			—			—
Total securitized assets	1,409,499		1,419,001			15.1	%	3.1	%	515,033			650,922			9,972			16,082			206,238			20,754
Total fixed maturity investments	7,257,020		7,282,264			77.3	%	2.5	%	849,306			4,056,958			743,633			578,823			999,501			54,043
			100.0		%					11.7		%	55.7		%	10.2		%	7.9		%	13.7		%	0.8		%
Equity investments trading			393,405			4.2	%			—			—			—			—			—			393,405
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			348,353			3.7	%			—			—			—			—			348,353			—
Private equity partnerships			194,331			2.1	%			—			—			—			—			—			194,331
Senior secured bank loan fund			17,321			0.2	%			—			—			—			—			—			17,321
Hedge funds			1,207			—	%			—			—			—			—			—			1,207
Total other investments			561,212			6.0	%			—			—			—			—			348,353			212,859
			100.0		%					—		%	—		%	—		%	—		%	62.1		%	37.9		%
Investments in other ventures			101,077			1.1	%			—			—			—			—			—			101,077
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,408,908		100.0	%			$	1,885,345		$	4,085,622		$	745,997		$	580,274		$	1,349,288		$	762,382
			100.0		%					20.0		%	43.4		%	7.9		%	6.2		%	14.4		%	8.1		%

(1)

The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.



	12



RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	June 30, 2017
Issuer	Total		Short term investments		Fixed maturity investments
Goldman Sachs Group Inc.	$	45,731	$	—	$	45,731
Morgan Stanley	43,979		—		43,979
JP Morgan Chase & Co.	43,034		—		43,034
Wells Fargo & Co.	31,963		—		31,963
Bank of America Corp.	31,704		—		31,704
Citigroup Inc.	26,077		—		26,077
HSBC Holdings PLC	25,572		—		25,572
Credit Suisse Group AG	20,709		—		20,709
PNC Financial Services Group Inc.	18,851		—		18,851
National Australian Bank Ltd.	18,738		—		18,738
Total (1)	$	306,358	$	—	$	306,358


(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
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

September 30, 2016
Property	$	245,328	$	184,758	$	239,235	$	669,321
Casualty and Specialty	584,189		100,589		1,481,092		2,165,870
Other	2,883		—		23,025		25,908
Total	$	832,400	$	285,347	$	1,743,352	$	2,861,099

June 30, 2016
Property	$	264,872	$	190,905	$	241,442	$	697,219
Casualty and Specialty	570,159		142,280		1,403,585		2,116,024
Other	6,332		—		24,668		31,000
Total	$	841,363	$	333,185	$	1,669,695	$	2,844,243



	14



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2017									Three months ended June 30, 2016
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	2,934,688		$	325,819		$	2,608,869		$	2,811,523		$	167,228	$	2,644,295
Incurred claims and claim expenses
Current year	245,823			58,132			187,691			251,390			54,385		197,005
Prior years	(55,920		)	(10,816		)	(45,104		)	(26,538		)	2,717		(29,255		)
Total incurred claims and claim expenses	189,903			47,316			142,587			224,852			57,102		167,750
Paid claims and claim expenses
Current year	12,864			708			12,156			10,220			640		9,580
Prior years	139,407			1,861			137,546			175,019			1,714		173,305
Total paid claims and claim expenses	152,271			2,569			149,702			185,239			2,354		182,885
Foreign exchange	17,486			20			17,466			(6,893		)	30		(6,923		)
Reserve for claims and claim expenses, end of period	$	2,989,806		$	370,586		$	2,619,220		$	2,844,243		$	222,006	$	2,622,237

	Six months ended June 30, 2017									Six months ended June 30, 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	465,683			113,917			351,766			405,728			80,514		325,214
Prior years	(23,976		)	(7,878		)	(16,098		)	(18,878		)	11,981		(30,859		)
Total incurred claims and claim expenses	441,707			106,039			335,668			386,850			92,495		294,355
Paid claims and claim expenses
Current year	21,988			2,103			19,885			11,740			670		11,070
Prior years	298,040			12,994			285,046			302,255			4,539		297,716
Total paid claims and claim expenses	320,028			15,097			304,931			313,995			5,209		308,786
Foreign exchange	19,833			80			19,753			4,343			194		4,149
Reserve for claims and claim expenses, end of period	$	2,989,806		$	370,586		$	2,619,220		$	2,844,243		$	222,006	$	2,622,237



	15



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Numerator:
Net income available to RenaissanceRe common shareholders	$	171,142		$	92,352		$	69,436		$	146,825		$	136,325
Amount allocated to participating common shareholders (1)	(1,585		)	(907		)	(789		)	(1,770		)	(1,561		)
	$	169,557		$	91,445		$	68,647		$	145,055		$	134,764
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	39,937			40,408			40,474			40,513			41,693
Per common share equivalents of employee stock options and restricted shares	87			215			233			220			192
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,024			40,623			40,707			40,733			41,885

Basic income per RenaissanceRe common share	$	4.25		$	2.26		$	1.70		$	3.58		$	3.23
Diluted income per RenaissanceRe common share	$	4.24		$	2.25		$	1.69		$	3.56		$	3.22

	Six months ended
(common shares in thousands)	June 30, 2017			June 30, 2016
Numerator:
Net income available to RenaissanceRe common shareholders	$	263,494		$	264,320
Amount allocated to participating common shareholders (1)	(2,526		)	(3,166		)
	$	260,968		$	261,154
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	40,172			42,135
Per common share equivalents of employee stock options and restricted shares	152			263
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,324			42,398

Basic income per RenaissanceRe common share	$	6.50		$	6.20
Diluted income per RenaissanceRe common share	$	6.47		$	6.16


(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
	June 30, 2017			March 31, 2017			December 31, 2016		September 30, 2016			June 30, 2016
Tower Hill Companies	$	3,206		$	(4,058	)	$	2,860	$	3,422		$	3,846
Top Layer Re	2,658			2,484			1,707		(14,951		)	2,265
Other	(321		)	67			393		(101		)	(89		)
Total equity in earnings (losses) of other ventures	$	5,543		$	(1,507	)	$	4,960	$	(11,630	)	$	6,022

	Six months ended
	June 30, 2017			June 30, 2016
Top Layer Re	$	5,142		$	4,668
Tower Hill Companies	(852		)	4,097
Other	(254		)	(1,132		)
Total equity in earnings of other ventures	$	4,036		$	7,633

Other Income

	Three months ended
	June 30, 2017			March 31, 2017			December 31, 2016		September 30, 2016			June 30, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	3,134		$	1,498		$	4,720	$	2,195		$	3,492
Other items	(742		)	167			457		73			(838		)
Total other income	$	2,392		$	1,665		$	5,177	$	2,268		$	2,654

	Six months ended
	June 30, 2017			June 30, 2016
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	4,632		$	7,331
Other items	(575		)	(598		)
Total other income	$	4,057		$	6,733



	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 these 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 its 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										Six months ended
	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016		June 30, 2017		June 30, 2016
Property Segment
Catastrophe	$	411,500	$	414,424	$	7,705	$	71,606	$	432,033	$	825,924	$	805,050
Other property	87,847		106,105		44,742		48,298		61,920		193,952		133,862
Property segment gross premiums written	$	499,347	$	520,529	$	52,447	$	119,904	$	493,953	$	1,019,876	$	938,912

Casualty and Specialty Segment
General casualty (1)	$	107,994	$	122,293	$	79,669	$	82,234	$	53,099	$	230,287	$	166,036
Professional liability (2)	101,447		132,306		83,804		90,984		97,000		233,753		202,792
Financial lines (3)	69,314		85,143		85,208		110,771		74,255		154,457		217,089
Other (4)	49,313		61,819		21,963		26,331		40,821		111,132		96,432
Casualty and Specialty segment gross premiums written	$	328,068	$	401,561	$	270,644	$	310,320	$	265,175	$	729,629	$	682,349


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


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


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


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



	19



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended June 30, 2017									Three months ended June 30, 2016
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	411,500		$	87,847		$	499,347		$	432,033		$	61,920		$	493,953
Net premiums written	$	256,595		$	79,869		$	336,464		$	290,195		$	60,398		$	350,593
Net premiums earned	$	136,633		$	55,565		$	192,198		$	151,201		$	39,859		$	191,060
Net claims and claim expenses incurred	227			32,790			33,017			59,505			20,770			80,275
Acquisition expenses	11,188			17,312			28,500			18,817			10,572			29,389
Operational expenses	19,961			4,092			24,053			21,080			5,446			26,526
Underwriting income	$	105,257		$	1,371		$	106,628		$	51,799		$	3,071		$	54,870

Net claims and claim expenses incurred - current accident year	$	25,828		$	31,061		$	56,889		$	73,311		$	20,025		$	93,336
Net claims and claim expenses incurred - prior accident years	(25,601		)	1,729			(23,872		)	(13,806		)	745			(13,061		)
Net claims and claim expenses incurred - total	$	227		$	32,790		$	33,017		$	59,505		$	20,770		$	80,275

Net claims and claim expense ratio - current accident year	18.9		%	55.9		%	29.6		%	48.5		%	50.2		%	48.9		%
Net claims and claim expense ratio - prior accident years	(18.7		)%	3.1		%	(12.4		)%	(9.1		)%	1.9		%	(6.9		)%
Net claims and claim expense ratio - calendar year	0.2		%	59.0		%	17.2		%	39.4		%	52.1		%	42.0		%
Underwriting expense ratio	22.8		%	38.5		%	27.3		%	26.3		%	40.2		%	29.3		%
Combined ratio	23.0		%	97.5		%	44.5		%	65.7		%	92.3		%	71.3		%

	Six months ended June 30, 2017									Six months ended June 30, 2016
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	825,924		$	193,952		$	1,019,876		$	805,050		$	133,862		$	938,912
Net premiums written	$	477,493		$	148,842		$	626,335		$	474,462		$	108,990		$	583,452
Net premiums earned	$	269,812		$	109,374		$	379,186		$	294,312		$	71,980		$	366,292
Net claims and claim expenses incurred	7,150			64,705			71,855			64,227			37,852			102,079
Acquisition expenses	21,002			36,601			57,603			29,646			19,867			49,513
Operational expenses	42,437			9,281			51,718			44,130			11,053			55,183
Underwriting income	$	199,223		$	(1,213	)	$	198,010		$	156,309		$	3,208		$	159,517

Net claims and claim expenses incurred - current accident year	$	41,002		$	55,653		$	96,655		$	84,663		$	36,405		$	121,068
Net claims and claim expenses incurred - prior accident years	(33,852		)	9,052			(24,800		)	(20,436		)	1,447			(18,989		)
Net claims and claim expenses incurred - total	$	7,150		$	64,705		$	71,855		$	64,227		$	37,852		$	102,079

Net claims and claim expense ratio - current accident year	15.2		%	50.9		%	25.5		%	28.8		%	50.6		%	33.1		%
Net claims and claim expense ratio - prior accident years	(12.6		)%	8.3		%	(6.6		)%	(7.0		)%	2.0		%	(5.2		)%
Net claims and claim expense ratio - calendar year	2.6		%	59.2		%	18.9		%	21.8		%	52.6		%	27.9		%
Underwriting expense ratio	23.6		%	41.9		%	28.9		%	25.1		%	42.9		%	28.6		%
Combined ratio	26.2		%	101.1		%	47.8		%	46.9		%	95.5		%	56.5		%



	20



RenaissanceRe Holdings Ltd.
Lloyd's Platform Supplemental Underwriting Results

	Three months ended															Six months ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Gross premiums written	$	177,230		$	176,788		$	96,861		$	91,954		$	160,941		$	354,018		$	293,662
Net premiums written	$	144,278		$	74,709		$	70,705		$	69,365		$	131,851		$	218,987		$	194,650
Net premiums earned	$	87,491		$	78,816		$	78,324		$	74,693		$	72,618		$	166,307		$	133,921
Net claims and claim expenses incurred	51,738			59,923			49,634			29,337			43,832			111,661			70,848
Acquisition expenses	24,120			22,921			19,402			20,958			18,651			47,041			32,938
Operational expenses	10,424			11,711			11,231			8,760			12,408			22,135			26,542
Underwriting income (loss)	$	1,209		$	(15,739	)	$	(1,943	)	$	15,638		$	(2,273	)	$	(14,530	)	$	3,593

Net claims and claim expenses incurred - current accident year	$	36,731		$	35,679		$	49,408		$	38,068		$	41,567		$	72,410		$	67,515
Net claims and claim expenses incurred - prior accident years	15,007			24,244			226			(8,731		)	2,265			39,251			3,333
Net claims and claim expenses incurred - total	$	51,738		$	59,923		$	49,634		$	29,337		$	43,832		$	111,661		$	70,848

Net claims and claim expense ratio - current accident year	42.0		%	45.3		%	63.1		%	51.0		%	57.2		%	43.5		%	50.4		%
Net claims and claim expense ratio - prior accident years	17.1		%	30.7		%	0.3		%	(11.7		)%	3.2		%	23.6		%	2.5		%
Net claims and claim expense ratio - calendar year	59.1		%	76.0		%	63.4		%	39.3		%	60.4		%	67.1		%	52.9		%
Underwriting expense ratio	39.5		%	44.0		%	39.1		%	39.8		%	42.7		%	41.6		%	44.4		%
Combined ratio	98.6		%	120.0		%	102.5		%	79.1		%	103.1		%	108.7		%	97.3		%



	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 available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments. The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio, equity investments trading and investments-related derivatives. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:



	Three months ended															Six months ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Net income available to RenaissanceRe common shareholders	$	171,142		$	92,352		$	69,436		$	146,825		$	136,325		$	263,494		$	264,320
Adjustment for net realized and unrealized (gains) losses on investments	(58,113		)	(43,373		)	49,967			(59,870		)	(69,772		)	(101,486		)	(131,425		)
Operating income available to RenaissanceRe common shareholders	$	113,029		$	48,979		$	119,403		$	86,955		$	66,553		$	162,008		$	132,895

Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.24		$	2.25		$	1.69		$	3.56		$	3.22		$	6.47		$	6.16
Adjustment for net realized and unrealized (gains) losses on investments	(1.45		)	(1.07		)	1.23			(1.47		)	(1.67		)	(2.52		)	(3.10		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.79		$	1.18		$	2.92		$	2.09		$	1.55		$	3.95		$	3.06

Return on average common equity - annualized	15.2		%	8.3		%	6.3		%	13.5		%	12.6		%	11.7		%	12.2		%
Adjustment for net realized and unrealized (gains) losses on investments	(5.2		)%	(3.9		)%	4.5		%	(5.5		)%	(6.5		)%	(4.5		)%	(6.1		)%
Operating return on average common equity - annualized	10.0		%	4.4		%	10.8		%	8.0		%	6.1		%	7.2		%	6.1		%



	22

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
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Book value per common share	$	113.08		$	109.37		$	108.45		$	107.10		$	103.70
Adjustment for goodwill and other intangibles (1)	(6.56		)	(6.55		)	(6.58		)	(6.69		)	(6.73		)
Tangible book value per common share	106.52			102.82			101.87			100.41			96.97
Adjustment for accumulated dividends	17.36			17.04			16.72			16.41			16.10
Tangible book value per common share plus accumulated dividends	$	123.88		$	119.86		$	118.59		$	116.82		$	113.07

Quarterly change in book value per common share	3.4		%	0.8		%	1.3		%	3.3		%	2.5		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	3.9		%	1.2		%	1.8		%	3.9		%	2.8		%
Year to date change in book value per common share	4.3		%	0.8		%	9.4		%	8.0		%	4.6		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.2		%	1.2		%	11.4		%	9.5		%	5.5		%


(1)	At June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, goodwill and other intangibles included $18.1 million, $18.9 million, $19.7 million, $20.6 million and $21.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “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															Six months ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Property Segment
Catastrophe	$	411,500		$	414,424		$	7,705		$	71,606		$	432,033		$	825,924		$	805,050
Other property	87,847			106,105			44,742			48,298			61,920			193,952			133,862
Property segment gross premiums written	$	499,347		$	520,529		$	52,447		$	119,904		$	493,953		$	1,019,876		$	938,912

Managed Catastrophe Premiums
Property segment gross premiums written	$	499,347		$	520,529		$	52,447		$	119,904		$	493,953		$	1,019,876		$	938,912
Other property gross premiums written	(87,847		)	(106,105		)	(44,742		)	(48,298		)	(61,920		)	(193,952		)	(133,862		)
Catastrophe gross premiums written	$	411,500		$	414,424		$	7,705		$	71,606		$	432,033		$	825,924		$	805,050
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	26,337			12,385			1,389			1,493			25,689			38,722			36,785
Catastrophe premiums written by the Company and ceded to Top Layer Re	—			—			—			—			(896		)	—			(9,263		)
Managed catastrophe premiums	$	437,837		$	426,809		$	9,094		$	73,099		$	456,826		$	864,646		$	832,572



	24