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 24, 2018

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 24, 2018, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2018 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 24, 2018
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 24, 2018		Robert Qutub
		Executive Vice President and Chief Financial Officer

Exhibit

RenaissanceRe Reports Net Income Available to Common Shareholders of $191.8 Million for the Second Quarter of 2018, or $4.78 Per Diluted Common Share; Quarterly Operating Income Available to Common Shareholders of $209.6 Million or $5.23 Per Diluted Common Share

Pembroke, Bermuda, July 24, 2018 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $191.8 million, or $4.78 per diluted common share, in the second quarter of 2018, compared to $171.1 million, or $4.24 per diluted common share, in the second quarter of 2017. Operating income available to RenaissanceRe common shareholders was $209.6 million, or $5.23 per diluted common share, in the second quarter of 2018, compared to $116.8 million, or $2.88 per diluted common share, in the second quarter of 2017. The Company reported an annualized return on average common equity of 18.6% and an annualized operating return on average common equity of 20.3% in the second quarter of 2018, compared to 15.2% and 10.3%, respectively, in the second quarter of 2017. Book value per common share increased $4.27, or 4.3%, to $104.56, in the second quarter of 2018, compared to a 3.4% increase in the second quarter of 2017. Tangible book value per common share plus accumulated dividends increased $4.57, or 4.9%, to $116.53 in the second quarter of 2018, compared to a 3.9% increase in the second quarter of 2017.

Kevin J. O'Donnell, CEO, commented: “We celebrated our 25^th anniversary as a company this quarter, and I am proud to report very strong results. We recorded annualized operating return on average common equity of 20.3% and growth in tangible book value per common share plus accumulated dividends of 4.9%. I am especially pleased that we were also able to construct our best portfolio of risk in years. Moving forward, a combination of top line growth, an effective gross-to-net strategy, rising interest rates and improved operational efficiency should provide the foundations for continued superior shareholder return.”

SECOND QUARTER 2018 SUMMARY


•	Gross premiums written increased by $149.9 million, or 18.1%, to $977.3 million, in the second quarter of 2018, compared to the second quarter of 2017, driven by increases of $96.6 million in the Casualty and Specialty segment and $53.3 million in the Property segment. Gross premiums written in the Property segment included a $31.4 million reduction in assumed reinstatement premiums written.

•

Underwriting income of $226.6 million and a combined ratio of 47.2% in the second quarter of 2018, compared to $109.7 million and 71.3%, respectively, in the second quarter of 2017. Decreases in the estimates of the net negative impact of the 2017 Catastrophe Events (as defined herein) resulted in a net positive impact on the underwriting result of $92.0 million, and a corresponding reduction in the combined ratio of 23.5 percentage points, in the second quarter of 2018, principally within the Company’s Property segment.


•	The Company’s portfolio of fixed maturity and short term investments had a yield to maturity of 3.0% at June 30, 2018.

Net Negative Impact

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest. The Company’s estimates of net negative impact are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, will vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates, and the nature and extent of the losses, associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, and the Q4 2017 California Wildfires (collectively, the “2017 Catastrophe Events”), driven by the magnitude and recent occurrence of each event, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things. Seismic events generally have longer development periods than windstorm events, which may be amplified in certain instances by dynamics such as the risk of geological liquefaction and the potential for uncertainty in claims adjudication.

See the financial data below for additional information detailing the net positive impact on the Company’s consolidated financial statements in the second quarter of 2018 resulting from decreases in the estimates of the net negative impact of the 2017 Catastrophe Events.




Three months ended June 30, 2018	Change in Estimates of 2017 Catastrophe Events (1)
(in thousands, except percentages)
Decrease in net claims and claims expenses incurred	$	128,626
Assumed reinstatement premiums earned	(32,266		)
Ceded reinstatement premiums earned	2,180
Lost profit commissions	(6,577		)
Net positive impact on underwriting result	91,963
Redeemable noncontrolling interest - DaVinciRe	(15,263		)
Net positive impact	$	76,700
Percentage point impact on consolidated combined ratio	(23.5		)

Net positive impact on Property segment underwriting result	$	86,136
Net positive impact on Casualty and Specialty segment underwriting result	5,827
Net positive impact on underwriting result	$	91,963


(1)	An initial estimate of the net negative impact of the 2017 Catastrophe Events was recorded in the Company's consolidated financial statements during 2017. The amounts noted in the table above reflect changes in the estimates of the net negative impact of the 2017 Catastrophe Events recorded in the second quarter of 2018.

Underwriting Results by Segment

Property Segment

Gross premiums written in the Property segment were $552.6 million in the second quarter of 2018, an increase of $53.3 million, or 10.7%, compared to $499.3 million in the second quarter of 2017.

Gross premiums written in the catastrophe class of business were $437.7 million in the second quarter of 2018, an increase of $26.2 million, or 6.4%, compared to the second quarter of 2017. Excluding a $31.2 million reduction in assumed reinstatement premiums written in the catastrophe class of business in the second quarter of 2018 associated with the 2017 Catastrophe Events, gross premiums written in the catastrophe class of business would have increased $57.4 million, or 14.0%. The increase in gross premiums written in the catastrophe class of business was driven primarily by expanded participation on existing transactions and certain new transactions. Gross premiums written in the other property class of business were $114.9 million in the second quarter of 2018, an increase of $27.1 million, or 30.8%, compared to the second quarter of 2017. The increase in gross premiums written in the other property class of business was primarily driven by growth in the Lloyd’s underwriting platform, both from existing relationships and through new opportunities.

Ceded premiums written in the Property segment were $254.8 million in the second quarter of 2018, an increase of $91.9 million, or 56.4%, compared to the second quarter of 2017. The increase in ceded premiums written was principally due to additional purchases of retrocessional reinsurance as part of the management of the Company’s risk portfolio.

Net premiums written in the Property segment were $297.8 million in the second quarter of 2018, a decrease of $38.6 million or 11.5%, compared to the second quarter of 2017. Excluding a $29.5 million reduction in net reinstatement premiums written in the Property segment associated with the 2017 Catastrophe Events, net premiums written decreased by $9.1 million due to an increase in ceded purchases made as part of the Company’s gross-to-net strategy which is core to the construction of its net portfolios of risk.

The Property segment generated underwriting income of $213.7 million and a combined ratio of negative 4.7% in the second quarter of 2018, compared to $106.6 million and positive 44.5%, respectively, in the second quarter of 2017. Principally impacting the Property segment underwriting result and combined ratio in the second quarter of 2018 were decreases in the net negative impact of the 2017 Catastrophe Events, which resulted in a net positive

impact on the underwriting result of $86.1 million, and a corresponding reduction in the combined ratio of 50.1 percentage points.

Primarily as a result of the decreases in the estimates of the net negative impact of the 2017 Catastrophe Events noted above, the Property segment experienced:


•	favorable development on prior accident years net claims and claim expenses of $143.1 million, or 70.1 percentage points, during the second quarter of 2018, compared to $23.9 million, or 12.4 percentage points, in the second quarter of 2017; and


•	an increase in the underwriting expense ratio to 31.7% in the second quarter of 2018, compared to 27.3% in the second quarter of 2017, principally driven by lower ceded profit commissions, as well as a reduction in net premiums earned due to the negative reinstatement premiums noted above.

Casualty and Specialty Segment

Gross premiums written in the Casualty and Specialty segment were $424.7 million in the second quarter of 2018, an increase of $96.6 million, or 29.5%, compared to the second quarter of 2017. The increase was principally due to selective growth from new business opportunities within the general casualty, financial lines and other specialty classes of business. Much of this growth is a result of the Company’s differentiated strategy to provide bespoke customer solutions, which may be non-recurring.

The Casualty and Specialty segment generated underwriting income of $13.0 million and had a combined ratio of 94.2% in the second quarter of 2018, compared to $2.8 million and 98.5%, respectively, in the second quarter of 2017. The improvement in the Casualty and Specialty segment combined ratio was principally driven by a 6.2 percentage point decrease in the underwriting expense ratio, primarily the result of a decrease in the net acquisition ratio and a decrease in the operating expense ratio due to the combination of both lower operating expenses and improved operating leverage as a result of the increase in net premiums earned, partially offset by a 1.9 percentage point increase in the net claims and claim expenses ratio.

During the second quarter of 2018, the Casualty and Specialty segment experienced net favorable development on prior accident years net claims and claim expenses of $13.0 million, or 5.8 percentage points, compared to $21.0 million, or 11.0 percentage points, in the second quarter of 2017. The net favorable development during the second quarter of 2018 was principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses across a number of lines of business, and a decrease in the estimate of the net negative impact of the 2017 Catastrophe Events.

Other Items

•

The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized gains and losses on investments, was a gain of $53.5 million in the second quarter of 2018, compared to a gain of $112.3 million in the second quarter of 2017, a decrease of $58.8 million. The decrease in the total investment result was principally due to realized and unrealized losses on the Company’s fixed maturity investment portfolio in the second quarter of 2018 driven by an upward shift of the interest rate yield curve, compared to realized and unrealized gains in the second quarter of 2017 primarily driven by a tightening of credit spreads and a decrease in interest rates at the longer end of the yield curve. In addition, the Company’s equity investments trading portfolio experienced lower realized and unrealized gains during the second quarter of 2018, compared to second quarter of 2017.


•	During the second quarter of 2018, Upsilon RFO issued $205.4 million of non-voting preference shares to investors, including $32.8 million to the Company. At June 30, 2018, the Company’s participation in the risks assumed by Upsilon RFO was 14.6%.

•

In June 2018, the Company raised $250.0 million through the issuance of 10,000,000 Depositary Shares, each of which represents 1/1,000^th interest in a share of the Company’s 5.750% Series F Preference Shares, $1.00 par value and $25,000 liquidation preference per share (equivalent to $25.00 per Depositary Share). The proceeds of the issuance of the Series F Preference Shares will be used for general corporate purposes.

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” 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.

Please refer to the “Investors - 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 will host a conference call on Wednesday, July 25, 2018 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, Switzerland, 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; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain; the effects of U.S. tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in the Company’s 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 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; the Company’s ability to retain key senior officers and to attract or retain the executives and employees necessary to manage its business; 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 determine the impairments taken on investments; 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; 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; consolidation of competitors, customers and insurance and reinsurance brokers; 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; other political, regulatory or industry initiatives adversely impacting the Company; 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 Organisation 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 Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.



INVESTOR CONTACT:	MEDIA CONTACT:
Keith McCue	Keil Gunther
Senior Vice President, Finance & Investor Relations	Vice President, Marketing & Communications
RenaissanceRe Holdings Ltd.	RenaissanceRe Holdings Ltd.
(441) 239-4830	(441) 239-4932
	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, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Revenues
Gross premiums written	$	977,343		$	827,415		$	2,136,995		$	1,749,505
Net premiums written	$	604,509		$	555,745		$	1,267,553		$	1,099,881
Increase in unearned premiums	(175,124		)	(173,480		)	(397,886		)	(351,571		)
Net premiums earned	429,385			382,265			869,667			748,310
Net investment income	71,356			54,163			127,832			108,488
Net foreign exchange (losses) gains	(10,687		)	3,109			(6,930		)	11,274
Equity in earnings of other ventures	5,826			5,543			6,683			4,036
Other income (losses)	1,225			2,392			(17		)	4,057
Net realized and unrealized (losses) gains on investments	(17,901		)	58,113			(100,045		)	101,486
Total revenues	479,204			505,585			897,190			977,651
Expenses
Net claims and claim expenses incurred	60,167			142,587			231,870			335,668
Acquisition expenses	105,052			88,251			202,763			171,533
Operational expenses	37,543			41,766			78,815			89,049
Corporate expenses	8,301			4,636			15,034			9,922
Interest expense	11,768			10,091			23,535			20,617
Total expenses	222,831			287,331			552,017			626,789
Income before taxes	256,373			218,254			345,173			350,862
Income tax expense	(4,506		)	(3,904		)	(1,099		)	(4,238		)
Net income	251,867			214,350			344,074			346,624
Net income attributable to noncontrolling interests	(54,483		)	(37,612		)	(84,382		)	(71,939		)
Net income attributable to RenaissanceRe	197,384			176,738			259,692			274,685
Dividends on preference shares	(5,596		)	(5,596		)	(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	191,788		$	171,142		$	248,501		$	263,494

Net income available to RenaissanceRe common shareholders per common share - basic	$	4.78		$	4.25		$	6.21		$	6.50
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	4.24		$	6.21		$	6.47
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	5.23		$	2.88		$	8.64		$	4.16

Average shares outstanding - basic	39,641			39,937			39,597			40,172
Average shares outstanding - diluted	39,654			40,024			39,622			40,324

Net claims and claim expense ratio	14.0		%	37.3		%	26.7		%	44.9		%
Underwriting expense ratio	33.2		%	34.0		%	32.3		%	34.8		%
Combined ratio	47.2		%	71.3		%	59.0		%	79.7		%

Return on average common equity - annualized	18.6		%	15.2		%	12.2		%	11.7		%
Operating return on average common equity - annualized (1)	20.3		%	10.3		%	16.9		%	7.4		%


(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, 2018			December 31, 2017
Assets	(Unaudited)			(Audited)
Fixed maturity investments trading, at fair value	$	7,420,778		$	7,426,555
Short term investments, at fair value	2,031,943			991,863
Equity investments trading, at fair value	432,804			388,254
Other investments, at fair value	713,200			594,793
Investments in other ventures, under equity method	111,935			101,974
Total investments	10,710,660			9,503,439
Cash and cash equivalents	548,472			1,361,592
Premiums receivable	1,959,647			1,304,622
Prepaid reinsurance premiums	925,501			533,546
Reinsurance recoverable	1,454,991			1,586,630
Accrued investment income	44,810			42,235
Deferred acquisition costs	511,155			426,551
Receivable for investments sold	505,907			103,145
Other assets	122,048			121,226
Goodwill and other intangibles	240,187			243,145
Total assets	$	17,023,378		$	15,226,131
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	4,702,345		$	5,080,408
Unearned premiums	2,267,450			1,477,609
Debt	990,371			989,623
Reinsurance balances payable	2,085,034			989,090
Payable for investments purchased	490,589			208,749
Other liabilities	134,100			792,771
Total liabilities	10,669,889			9,538,250
Redeemable noncontrolling interest	1,493,428			1,296,506
Shareholders’ Equity
Preference shares	650,000			400,000
Common shares	40,263			40,024
Additional paid-in capital	35,094			37,355
Accumulated other comprehensive (loss) income	(1,101		)	224
Retained earnings	4,135,805			3,913,772
Total shareholders’ equity attributable to RenaissanceRe	4,860,061			4,391,375
Total liabilities, noncontrolling interests and shareholders’ equity	$	17,023,378		$	15,226,131

Book value per common share	$	104.56		$	99.72



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Three months ended June 30, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	552,627		$	424,716		$	—		$	977,343
Net premiums written	$	297,832		$	306,677		$	—		$	604,509
Net premiums earned	$	204,138		$	225,247		$	—		$	429,385
Net claims and claim expenses incurred	(74,269		)	134,524			(88		)	60,167
Acquisition expenses	40,850			64,201			1			105,052
Operational expenses	23,810			13,552			181			37,543
Underwriting income (loss)	$	213,747		$	12,970		$	(94	)	226,623
Net investment income							71,356			71,356
Net foreign exchange losses							(10,687		)	(10,687		)
Equity in earnings of other ventures							5,826			5,826
Other income							1,225			1,225
Net realized and unrealized losses on investments							(17,901		)	(17,901		)
Corporate expenses							(8,301		)	(8,301		)
Interest expense							(11,768		)	(11,768		)
Income before taxes and redeemable noncontrolling interests										256,373
Income tax expense							(4,506		)	(4,506		)
Net income attributable to redeemable noncontrolling interests							(54,483		)	(54,483		)
Dividends on preference shares							(5,596		)	(5,596		)
Net income attributable to RenaissanceRe common shareholders										$	191,788

Net claims and claim expenses incurred – current accident year	$	68,876		$	147,520		$	—		$	216,396
Net claims and claim expenses incurred – prior accident years	(143,145		)	(12,996		)	(88		)	(156,229		)
Net claims and claim expenses incurred – total	$	(74,269	)	$	134,524		$	(88	)	$	60,167

Net claims and claim expense ratio – current accident year	33.7		%	65.5		%				50.4		%
Net claims and claim expense ratio – prior accident years	(70.1		)%	(5.8		)%				(36.4		)%
Net claims and claim expense ratio – calendar year	(36.4		)%	59.7		%				14.0		%
Underwriting expense ratio	31.7		%	34.5		%				33.2		%
Combined ratio	(4.7		)%	94.2		%				47.2		%

	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 noncontrolling interests										218,254
Income tax expense							(3,904		)	(3,904		)
Net income attributable to 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		%



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Six months ended June 30, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,259,595		$	877,400		$	—		$	2,136,995
Net premiums written	$	651,909		$	615,644		$	—		$	1,267,553
Net premiums earned	$	429,187		$	440,480		$	—		$	869,667
Net claims and claim expenses incurred	(43,662		)	275,602			(70		)	231,870
Acquisition expenses	81,571			121,191			1			202,763
Operational expenses	50,356			28,145			314			78,815
Underwriting income (loss)	$	340,922		$	15,542		$	(245	)	356,219
Net investment income							127,832			127,832
Net foreign exchange losses							(6,930		)	(6,930		)
Equity in earnings of other ventures							6,683			6,683
Other loss							(17		)	(17		)
Net realized and unrealized losses on investments							(100,045		)	(100,045		)
Corporate expenses							(15,034		)	(15,034		)
Interest expense							(23,535		)	(23,535		)
Income before taxes and redeemable noncontrolling interests										345,173
Income tax expense							(1,099		)	(1,099		)
Net income attributable to redeemable noncontrolling interests							(84,382		)	(84,382		)
Dividends on preference shares							(11,191		)	(11,191		)
Net income attributable to RenaissanceRe common shareholders										$	248,501

Net claims and claim expenses incurred – current accident year	$	127,045		$	292,389		$	—		$	419,434
Net claims and claim expenses incurred – prior accident years	(170,707		)	(16,787		)	(70		)	(187,564		)
Net claims and claim expenses incurred – total	$	(43,662	)	$	275,602		$	(70	)	$	231,870

Net claims and claim expense ratio – current accident year	29.6		%	66.4		%				48.2		%
Net claims and claim expense ratio – prior accident years	(39.8		)%	(3.8		)%				(21.5		)%
Net claims and claim expense ratio – calendar year	(10.2		)%	62.6		%				26.7		%
Underwriting expense ratio	30.8		%	33.9		%				32.3		%
Combined ratio	20.6		%	96.5		%				59.0		%

	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 noncontrolling interests										350,862
Income tax expense							(4,238		)	(4,238		)
Net income attributable to 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		%



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

	Three months ended				Six months ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Property Segment
Catastrophe	$	437,720	$	411,500	$	1,028,057	$	825,924
Other property	114,907		87,847		231,538		193,952
Property segment gross premiums written	$	552,627	$	499,347	$	1,259,595	$	1,019,876

Casualty and Specialty Segment
General casualty (1)	$	153,648	$	107,994	$	280,274	$	230,287
Professional liability (2)	97,811		101,447		254,924		233,753
Financial lines (3)	88,215		69,314		181,482		154,457
Other (4)	85,042		49,313		160,720		111,132
Casualty and Specialty segment gross premiums written	$	424,716	$	328,068	$	877,400	$	729,629



(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, except percentages)
(Unaudited)

	Three months ended						Six months ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Fixed maturity investments	$	50,416		$	44,356		$	96,059		$	87,775
Short term investments	7,633			2,981			12,937			4,705
Equity investments trading	1,490			889			2,188			1,700
Other investments
Private equity investments	3,860			6,611			3,426			14,413
Other	10,658			2,899			18,681			6,971
Cash and cash equivalents	1,039			295			1,604			484
	75,096			58,031			134,895			116,048
Investment expenses	(3,740		)	(3,868		)	(7,063		)	(7,560		)
Net investment income	71,356			54,163			127,832			108,488

Gross realized gains	5,133			15,249			9,716			26,710
Gross realized losses	(26,519		)	(7,243		)	(52,372		)	(23,776		)
Net realized (losses) gains on fixed maturity investments	(21,386		)	8,006			(42,656		)	2,934
Net unrealized (losses) gains on fixed maturity investments trading	(9,420		)	18,760			(64,792		)	43,395
Net realized and unrealized gains (losses) on investments-related derivatives	1,038			(268		)	(3,326		)	(324		)
Net realized gains on equity investments trading	348			15,146			582			36,061
Net unrealized gains on equity investments trading	11,519			16,469			10,147			19,420
Net realized and unrealized (losses) gains on investments	(17,901		)	58,113			(100,045		)	101,486
Total investment result	$	53,455		$	112,276		$	27,787		$	209,974

Total investment return - annualized	2.0		%	4.8		%	0.5		%	4.5		%

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 measures in previous investor communications and the Company’s management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within 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 and the associated income tax expense or benefit. 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 and the associated income tax expense or benefit of those fluctuations. 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 per share amounts and percentages)	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Net income available to RenaissanceRe common shareholders	$	191,788		$	171,142		$	248,501		$	263,494
Adjustment for net realized and unrealized losses (gains) on investments	17,901			(58,113		)	100,045			(101,486		)
Adjustment for income tax (benefit) expense (1)	(58		)	3,785			(3,706		)	8,492
Operating income available to RenaissanceRe common shareholders	$	209,631		$	116,814		$	344,840		$	170,500

Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	4.24		$	6.21		$	6.47
Adjustment for net realized and unrealized losses (gains) on investments	0.45			(1.45		)	2.52			(2.52		)
Adjustment for income tax (benefit) expense (1)	—			0.09			(0.09		)	0.21
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	5.23		$	2.88		$	8.64		$	4.16

Return on average common equity - annualized	18.6		%	15.2		%	12.2		%	11.7		%
Adjustment for net realized and unrealized losses (gains) on investments	1.7		%	(5.2		)%	4.9		%	(4.5		)%
Adjustment for income tax (benefit) expense (1)	—		%	0.3		%	(0.2		)%	0.2		%
Operating return on average common equity - annualized	20.3		%	10.3		%	16.9		%	7.4		%


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

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, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Book value per common share	$	104.56		$	100.29		$	99.72		$	100.00		$	113.08
Adjustment for goodwill and other intangibles (1)	(6.69		)	(6.66		)	(6.49		)	(6.55		)	(6.56		)
Tangible book value per common share	97.87			93.63			93.23			93.45			106.52
Adjustment for accumulated dividends	18.66			18.33			18.00			17.68			17.36
Tangible book value per common share plus accumulated dividends	$	116.53		$	111.96		$	111.23		$	111.13		$	123.88

Quarterly change in book value per common share	4.3		%	0.6		%	(0.3		)%	(11.6		)%	3.4		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	4.9		%	0.8		%	0.1		%	(12.0		)%	3.9		%
Year to date change in book value per common share	4.9		%	0.6		%	(8.0		)%	(7.8		)%	4.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.7		%	0.8		%	(7.2		)%	(7.3		)%	5.2		%


(1)	At June 30, 2018, December 31, 2017, September 30, 2017 and June 30, 2017, goodwill and other intangibles included $29.1 million, $26.3 million, $16.7 million, $17.4 million and $18.1 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

Exhibit

https://cdn.kscope.io/6c7c09ad703feb240e7f917eaf28ed2a-rnrjune2018cover.jpg

RenaissanceRe Holdings Ltd.

Contents



		Page

Basis of Presentation		i

Financial Highlights		1

Statements of Operations
a.	Summary Consolidated Statements of Operations	2
b.	Consolidated Segment Underwriting Results	3
c.	Segment Underwriting Results	5
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	6

Balance Sheets
a.	Summary Consolidated Balance Sheets	7

Investments
a.	Investment Portfolio - Composition	8
b.	Summary of Other Investments	9
c.	Total Investment Result	10
d.	Investment Portfolio - Effective Yield and Credit Rating	11
e.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	12

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	13
b.	Paid to Incurred Analysis	14

Other Items
a.	Earnings per Share	15
b.	Equity in Earnings of Other Ventures	16
c.	Other (Loss) Income	16
d.	Ratings	17

Supplemental Information
a.	Gross Premiums Written	18
b.	Property Segment Supplemental Underwriting Results	19

Comments on Regulation G		20

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain non-GAAP financial measures including “operating income (loss) available (attributable) to RenaissanceRe common shareholders”, “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “tangible book value per common share”, “tangible book value per common share plus accumulated dividends" and “managed catastrophe premium.” 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 20 through 23 for Comments on Regulation G.

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

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



	i



RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended															Six months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Highlights
Gross premiums written	$	977,343		$	1,159,652		$	407,766		$	640,269		$	827,415		$	2,136,995		$	1,749,505
Net premiums written	$	604,509		$	663,044		$	288,223		$	483,221		$	555,745		$	1,267,553		$	1,099,881
Net premiums earned	$	429,385		$	440,282		$	421,473		$	547,792		$	382,265		$	869,667		$	748,310
Net claims and claim expenses incurred	60,167			171,703			304,064			1,221,696			142,587			231,870			335,668
Acquisition expenses	105,052			97,711			98,598			76,761			88,251			202,763			171,533
Operating expenses	37,543			41,272			29,192			42,537			41,766			78,815			89,049
Underwriting income (loss)	$	226,623		$	129,596		$	(10,381	)	$	(793,202	)	$	109,661		$	356,219		$	152,060

Net investment income	$	71,356		$	56,476		$	73,464		$	40,257		$	54,163		$	127,832		$	108,488
Net realized and unrealized (losses) gains on investments	(17,901		)	(82,144		)	(7,716		)	42,052			58,113			(100,045		)	101,486
Total investment result	$	53,455		$	(25,668	)	$	65,748		$	82,309		$	112,276		$	27,787		$	209,974

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	248,501		$	263,494
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	209,631		$	135,209		$	41,353		$	(544,153	)	$	116,814		$	344,840		$	170,500

Total assets	$	17,023,378		$	15,922,202		$	15,226,131		$	15,044,924		$	13,705,680		$	17,023,378		$	13,705,680
Total shareholders' equity attributable to RenaissanceRe	$	4,860,061		$	4,436,253		$	4,391,375		$	4,403,012		$	4,955,255		$	4,860,061		$	4,955,255

Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	6.21		$	6.47
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	5.23		$	3.40		$	1.05		$	(13.74	)	$	2.88		$	8.64		$	4.16
Dividends per common share	$	0.33		$	0.33		$	0.32		$	0.32		$	0.32		$	0.66		$	0.64
Book value per common share	$	104.56		$	100.29		$	99.72		$	100.00		$	113.08		$	104.56		$	113.08
Tangible book value per common share (1)	$	97.87		$	93.63		$	93.23		$	93.45		$	106.52		$	97.87		$	106.52
Tangible book value per common share plus accumulated dividends (1)	$	116.53		$	111.96		$	111.23		$	111.13		$	123.88		$	116.53		$	123.88
Change in tangible book value per common share plus change in accumulated dividends (1)	4.9		%	0.8		%	0.1		%	(12.0		)%	3.9		%	5.7		%	5.2		%

Financial ratios
Net claims and claim expense ratio - current accident year	50.4		%	46.1		%	81.0		%	220.8		%	49.1		%	48.2		%	47.0		%
Net claims and claim expense ratio - prior accident years	(36.4		)%	(7.1		)%	(8.9		)%	2.2		%	(11.8		)%	(21.5		)%	(2.1		)%
Net claims and claim expense ratio - calendar year	14.0		%	39.0		%	72.1		%	223.0		%	37.3		%	26.7		%	44.9		%
Underwriting expense ratio	33.2		%	31.6		%	30.4		%	21.8		%	34.0		%	32.3		%	34.8		%
Combined ratio	47.2		%	70.6		%	102.5		%	244.8		%	71.3		%	59.0		%	79.7		%
Return on average common equity - annualized	18.6		%	5.7		%	(0.3		)%	(47.2		)%	15.2		%	12.2		%	11.7		%
Operating return on average common equity - annualized (1)	20.3		%	13.5		%	4.2		%	(50.8		)%	10.3		%	16.9		%	7.4		%
Total investment return - annualized	2.0		%	(1.0		)%	2.6		%	3.4		%	4.8		%	0.5		%	4.5		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended															Six months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Revenues
Gross premiums written	$	977,343		$	1,159,652		$	407,766		$	640,269		$	827,415		$	2,136,995		$	1,749,505
Net premiums written	$	604,509		$	663,044		$	288,223		$	483,221		$	555,745		$	1,267,553		$	1,099,881
(Increase) decrease in unearned premiums	(175,124		)	(222,762		)	133,250			64,571			(173,480		)	(397,886		)	(351,571		)
Net premiums earned	429,385			440,282			421,473			547,792			382,265			869,667			748,310
Net investment income	71,356			56,476			73,464			40,257			54,163			127,832			108,488
Net foreign exchange (losses) gains	(10,687		)	3,757			(490		)	(156		)	3,109			(6,930		)	11,274
Equity in earnings of other ventures	5,826			857			2,200			1,794			5,543			6,683			4,036
Other income (loss)	1,225			(1,242		)	2,362			2,996			2,392			(17		)	4,057
Net realized and unrealized (losses) gains on investments	(17,901		)	(82,144		)	(7,716		)	42,052			58,113			(100,045		)	101,486
Total revenues	479,204			417,986			491,293			634,735			505,585			897,190			977,651
Expenses
Net claims and claim expenses incurred	60,167			171,703			304,064			1,221,696			142,587			231,870			335,668
Acquisition expenses	105,052			97,711			98,598			76,761			88,251			202,763			171,533
Operational expenses	37,543			41,272			29,192			42,537			41,766			78,815			89,049
Corporate expenses	8,301			6,733			4,237			4,413			4,636			15,034			9,922
Interest expense	11,768			11,767			11,777			11,799			10,091			23,535			20,617
Total expenses	222,831			329,186			447,868			1,357,206			287,331			552,017			626,789
Income (loss) before taxes	256,373			88,800			43,425			(722,471		)	218,254			345,173			350,862
Income tax (expense) benefit	(4,506		)	3,407			(41,226		)	18,977			(3,904		)	(1,099		)	(4,238		)
Net income (loss)	251,867			92,207			2,199			(703,494		)	214,350			344,074			346,624
Net (income) loss attributable to noncontrolling interests	(54,483		)	(29,899		)	(56		)	204,277			(37,612		)	(84,382		)	(71,939		)
Net income (loss) attributable to RenaissanceRe	197,384			62,308			2,143			(499,217		)	176,738			259,692			274,685
Dividends on preference shares	(5,596		)	(5,595		)	(5,595		)	(5,595		)	(5,596		)	(11,191		)	(11,191		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	248,501		$	263,494

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	4.25		$	6.21		$	6.50
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	6.21		$	6.47
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	5.23		$	3.40		$	1.05		$	(13.74	)	$	2.88		$	8.64		$	4.16

Return on average common equity - annualized	18.6		%	5.7		%	(0.3		)%	(47.2		)%	15.2		%	12.2		%	11.7		%
Operating return on average common equity - annualized (1)	20.3		%	13.5		%	4.2		%	(50.8		)%	10.3		%	16.9		%	7.4		%


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



	2



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended June 30, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	552,627		$	424,716		$	—		$	977,343
Net premiums written	$	297,832		$	306,677		$	—		$	604,509
Net premiums earned	$	204,138		$	225,247		$	—		$	429,385
Net claims and claim expenses incurred	(74,269		)	134,524			(88		)	60,167
Acquisition expenses	40,850			64,201			1			105,052
Operational expenses	23,810			13,552			181			37,543
Underwriting income (loss)	$	213,747		$	12,970		$	(94	)	$	226,623

Net claims and claim expenses incurred - current accident year	$	68,876		$	147,520		$	—		$	216,396
Net claims and claim expenses incurred - prior accident years	(143,145		)	(12,996		)	(88		)	(156,229		)
Net claims and claim expenses incurred - total	$	(74,269	)	$	134,524		$	(88	)	$	60,167

Net claims and claim expense ratio - current accident year	33.7		%	65.5		%				50.4		%
Net claims and claim expense ratio - prior accident years	(70.1		)%	(5.8		)%				(36.4		)%
Net claims and claim expense ratio - calendar year	(36.4		)%	59.7		%				14.0		%
Underwriting expense ratio	31.7		%	34.5		%				33.2		%
Combined ratio	(4.7		)%	94.2		%				47.2		%

	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		%



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2018
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,259,595		$	877,400		$	—		$	2,136,995
Net premiums written	$	651,909		$	615,644		$	—		$	1,267,553
Net premiums earned	$	429,187		$	440,480		$	—		$	869,667
Net claims and claim expenses incurred	(43,662		)	275,602			(70		)	231,870
Acquisition expenses	81,571			121,191			1			202,763
Operational expenses	50,356			28,145			314			78,815
Underwriting income (loss)	$	340,922		$	15,542		$	(245	)	$	356,219

Net claims and claim expenses incurred - current accident year	$	127,045		$	292,389		$	—		$	419,434
Net claims and claim expenses incurred - prior accident years	(170,707		)	(16,787		)	(70		)	(187,564		)
Net claims and claim expenses incurred - total	$	(43,662	)	$	275,602		$	(70	)	$	231,870

Net claims and claim expense ratio - current accident year	29.6		%	66.4		%				48.2		%
Net claims and claim expense ratio - prior accident years	(39.8		)%	(3.8		)%				(21.5		)%
Net claims and claim expense ratio - calendar year	(10.2		)%	62.6		%				26.7		%
Underwriting expense ratio	30.8		%	33.9		%				32.3		%
Combined ratio	20.6		%	96.5		%				59.0		%

	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		%



	4



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Gross premiums written	$	552,627		$	706,968		$	95,166		$	325,395		$	499,347
Net premiums written	$	297,832		$	354,077		$	82,286		$	269,393		$	336,464
Net premiums earned	$	204,138		$	225,049		$	215,046		$	336,838		$	192,198
Net claims and claim expenses incurred	(74,269		)	30,607			181,712			1,044,418			33,017
Acquisition expenses	40,850			40,721			38,699			17,514			28,500
Operational expenses	23,810			26,546			17,353			25,123			24,053
Underwriting income (loss)	$	213,747		$	127,175		$	(22,718	)	$	(750,217	)	$	106,628

Net claims and claim expenses incurred - current accident year	$	68,876		$	58,169		$	210,340		$	1,036,586		$	56,889
Net claims and claim expenses incurred - prior accident years	(143,145		)	(27,562		)	(28,628		)	7,832			(23,872		)
Net claims and claim expenses incurred - total	$	(74,269	)	$	30,607		$	181,712		$	1,044,418		$	33,017

Net claims and claim expense ratio - current accident year	33.7		%	25.8		%	97.8		%	307.7		%	29.6		%
Net claims and claim expense ratio - prior accident years	(70.1		)%	(12.2		)%	(13.3		)%	2.4		%	(12.4		)%
Net claims and claim expense ratio - calendar year	(36.4		)%	13.6		%	84.5		%	310.1		%	17.2		%
Underwriting expense ratio	31.7		%	29.9		%	26.1		%	12.6		%	27.3		%
Combined ratio	(4.7		)%	43.5		%	110.6		%	322.7		%	44.5		%

	Three months ended
Casualty and Specialty Segment	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Gross premiums written	$	424,716		$	452,684		$	312,600		$	314,881		$	328,068
Net premiums written	$	306,677		$	308,967		$	205,926		$	213,835		$	219,281
Net premiums earned	$	225,247		$	215,233		$	206,416		$	210,961		$	190,065
Net claims and claim expenses incurred	134,524			141,078			123,225			177,433			109,797
Acquisition expenses	64,201			56,990			59,898			59,248			59,752
Operational expenses	13,552			14,593			11,840			17,389			17,712
Underwriting income (loss)	12,970			$	2,572		$	11,453		$	(43,109	)	$	2,804

Net claims and claim expenses incurred - current accident year	$	147,520		$	144,869		$	131,057		$	172,675		$	130,802
Net claims and claim expenses incurred - prior accident years	(12,996		)	(3,791		)	(7,832		)	4,758			(21,005		)
Net claims and claim expenses incurred - total	$	134,524		$	141,078		$	123,225		$	177,433		$	109,797

Net claims and claim expense ratio - current accident year	65.5		%	67.3		%	63.5		%	81.9		%	68.8		%
Net claims and claim expense ratio - prior accident years	(5.8		)%	(1.8		)%	(3.8		)%	2.2		%	(11.0		)%
Net claims and claim expense ratio - calendar year	59.7		%	65.5		%	59.7		%	84.1		%	57.8		%
Underwriting expense ratio	34.5		%	33.3		%	34.8		%	36.3		%	40.7		%
Combined ratio	94.2		%	98.8		%	94.5		%	120.4		%	98.5		%



	5



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended															Six months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Revenues
Gross premiums written	$	159,864		$	139,664		$	5,145		$	68,352		$	132,009		$	299,528		$	248,689
Net premiums written	$	123,074		$	116,996		$	2,832		$	63,442		$	116,523		$	240,070		$	215,218
(Increase) decrease in unearned premiums	(68,497		)	(52,623		)	60,210			41,278			(56,246		)	(121,120		)	(98,738		)
Net premiums earned	54,577			64,373			63,042			104,720			60,277			118,950			116,480
Net investment income	11,111			10,078			9,488			8,334			8,065			21,189			15,821
Net foreign exchange gains (losses)	50			505			(70		)	(66		)	224			555			572
Other income	69			1			—			—			679			70			680
Net realized and unrealized (losses) gains on investments	(6,853		)	(16,832		)	(10,641		)	528			2,207			(23,685		)	4,268
Total revenues	58,954			58,125			61,819			113,516			71,452			117,079			137,821
Expenses
Net claims and claim expenses incurred	(39,479		)	4,592			61,444			415,669			(2,233		)	(34,887		)	(1,426		)
Acquisition expenses	22,616			16,007			7,518			(53,773		)	17,525			38,623			33,417
Operational and corporate expenses	8,721			8,409			719			6,441			6,976			17,130			13,555
Interest expense	1,858			1,858			1,859			1,859			1,858			3,716			3,716
Total expenses	(6,284		)	30,866			71,540			370,196			24,126			24,582			49,262
Income (loss) before taxes	65,238			27,259			(9,721		)	(256,680		)	47,326			92,497			88,559
Income tax (expense) benefit	(747		)	(368		)	(157		)	1,164			(273		)	(1,115		)	(296		)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	64,491		$	26,891		$	(9,878	)	$	(255,516	)	$	47,053		$	91,382		$	88,263

Net claims and claim expenses incurred - current accident year	$	9,867		$	7,943		$	68,096		$	413,466		$	10,500		$	17,810		$	16,399
Net claims and claim expenses incurred - prior accident years	(49,346		)	(3,351		)	(6,652		)	2,203			(12,733		)	(52,697		)	(17,825		)
Net claims and claim expenses incurred - total	$	(39,479	)	$	4,592		$	61,444		$	415,669		$	(2,233	)	$	(34,887	)	$	(1,426	)

Net claims and claim expense ratio - current accident year	18.1		%	12.3		%	108.0		%	394.8		%	17.4		%	15.0		%	14.1		%
Net claims and claim expense ratio - prior accident years	(90.4		)%	(5.2		)%	(10.5		)%	2.1		%	(21.1		)%	(44.3		)%	(15.3		)%
Net claims and claim expense ratio - calendar year	(72.3		)%	7.1		%	97.5		%	396.9		%	(3.7		)%	(29.3		)%	(1.2		)%
Underwriting expense ratio	57.4		%	38.0		%	13.0		%	(45.2		)%	40.6		%	46.8		%	40.3		%
Combined ratio	(14.9		)%	45.1		%	110.5		%	351.7		%	36.9		%	17.5		%	39.1		%



	6



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2018			March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017
Assets
Fixed maturity investments trading, at fair value	$	7,420,778		$	7,404,761	$	7,426,555	$	7,092,969	$	7,282,264
Short term investments, at fair value	2,031,943			1,616,597		991,863		1,497,262		1,070,950
Equity investments trading, at fair value	432,804			387,462		388,254		402,035		393,405
Other investments, at fair value	713,200			692,652		594,793		548,492		561,212
Investments in other ventures, under equity method	111,935			120,232		101,974		101,420		101,077
Total investments	10,710,660			10,221,704		9,503,439		9,642,178		9,408,908
Cash and cash equivalents	548,472			647,973		1,361,592		581,576		623,150
Premiums receivable	1,959,647			1,684,630		1,304,622		1,521,266		1,533,833
Prepaid reinsurance premiums	925,501			794,921		533,546		635,756		705,322
Reinsurance recoverable	1,454,991			1,572,321		1,586,630		1,588,304		370,586
Accrued investment income	44,810			43,069		42,235		38,366		40,118
Deferred acquisition costs	511,155			477,010		426,551		434,914		430,106
Receivable for investments sold	505,907			111,431		103,145		193,758		170,411
Other assets	122,048			127,571		121,226		164,019		176,816
Goodwill and other intangibles	240,187			241,572		243,145		244,787		246,430
Total assets	$	17,023,378		$	15,922,202	$	15,226,131	$	15,044,924	$	13,705,680
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	4,702,345		$	4,912,727	$	5,080,408	$	5,192,313	$	2,989,806
Unearned premiums	2,267,450			1,961,746		1,477,609		1,713,069		1,847,206
Debt	990,371			989,995		989,623		989,245		988,866
Reinsurance balances payable	2,085,034			1,758,948		989,090		1,034,454		1,052,494
Payable for investments purchased	490,589			306,664		208,749		377,543		407,312
Other liabilities	134,100			130,505		792,771		301,559		222,658
Total liabilities	10,669,889			10,060,585		9,538,250		9,608,183		7,508,342
Redeemable noncontrolling interest	1,493,428			1,425,364		1,296,506		1,033,729		1,242,083
Shareholders' Equity
Preference shares	650,000			400,000		400,000		400,000		400,000
Common shares	40,263			40,246		40,024		40,029		40,282
Additional paid-in capital	35,094			38,552		37,355		32,852		67,583
Accumulated other comprehensive (loss) income	(1,101		)	194		224		161		(139		)
Retained earnings	4,135,805			3,957,261		3,913,772		3,929,970		4,447,529
Total shareholders' equity attributable to RenaissanceRe	4,860,061			4,436,253		4,391,375		4,403,012		4,955,255
Total liabilities, noncontrolling interests and shareholders' equity	$	17,023,378		$	15,922,202	$	15,226,131	$	15,044,924	$	13,705,680

Book value per common share	$	104.56		$	100.29	$	99.72	$	100.00	$	113.08



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	June 30, 2018					March 31, 2018					December 31, 2017					September 30, 2017					June 30, 2017
U.S. treasuries	$	2,968,855		27.7	%	$	2,834,487		27.7	%	$	3,168,763		33.3	%	$	2,956,952		30.7	%	$	2,826,681		30.0	%
Agencies	55,199			0.5	%	45,365			0.5	%	47,646			0.5	%	41,109			0.5	%	83,343			0.9	%
Municipal	6,164			0.1	%	506,470			5.0	%	509,802			5.4	%	521,220			5.4	%	518,912			5.5	%
Non-U.S. government (Sovereign debt)	298,811			2.8	%	303,056			3.0	%	287,660			3.0	%	177,855			1.8	%	173,667			1.8	%
Non-U.S. government-backed corporate	185,640			1.7	%	191,202			1.9	%	163,651			1.7	%	121,892			1.3	%	74,620			0.8	%
Corporate	2,280,080			21.3	%	2,147,578			21.0	%	2,063,459			21.7	%	2,028,750			21.0	%	2,186,040			23.2	%
Agency mortgage-backed	762,077			7.1	%	693,377			6.8	%	500,456			5.3	%	499,310			5.2	%	567,560			6.0	%
Non-agency mortgage-backed	300,311			2.8	%	302,638			2.9	%	300,331			3.1	%	299,530			3.1	%	275,268			3.0	%
Commercial mortgage-backed	248,590			2.3	%	197,126			1.9	%	202,062			2.1	%	263,029			2.7	%	384,610			4.1	%
Asset-backed	315,051			3.0	%	183,462			1.7	%	182,725			2.0	%	183,322			1.9	%	191,563			2.0	%
Total fixed maturity investments, at fair value	7,420,778			69.3	%	7,404,761			72.4	%	7,426,555			78.1	%	7,092,969			73.6	%	7,282,264			77.3	%
Short term investments, at fair value	2,031,943			19.0	%	1,616,597			15.8	%	991,863			10.4	%	1,497,262			15.5	%	1,070,950			11.4	%
Equity investments trading, at fair value	432,804			4.1	%	387,462			3.8	%	388,254			4.1	%	402,035			4.2	%	393,405			4.2	%
Other investments, at fair value	713,200			6.6	%	692,652			6.8	%	594,793			6.3	%	548,492			5.6	%	561,212			6.0	%
Total managed investment portfolio	10,598,725			99.0	%	10,101,472			98.8	%	9,401,465			98.9	%	9,540,758			98.9	%	9,307,831			98.9	%
Investments in other ventures, under equity method	111,935			1.0	%	120,232			1.2	%	101,974			1.1	%	101,420			1.1	%	101,077			1.1	%
Total investments	$	10,710,660		100.0	%	$	10,221,704		100.0	%	$	9,503,439		100.0	%	$	9,642,178		100.0	%	$	9,408,908		100.0	%
Credit Quality of Fixed Maturity Investments
AAA	$	792,956		10.7	%	$	723,897		9.7	%	$	739,822		10.0	%	$	731,560		10.3	%	$	849,306		11.7	%
AA	4,181,431			56.3	%	4,204,030			56.8	%	4,341,541			58.5	%	4,073,325			57.4	%	4,056,958			55.7	%
A	853,862			11.5	%	889,814			12.0	%	813,953			11.0	%	755,457			10.7	%	743,633			10.2	%
BBB	516,911			7.0	%	540,639			7.3	%	522,601			7.0	%	546,821			7.7	%	578,823			7.9	%
Non-investment grade and not rated	1,075,618			14.5	%	1,046,381			14.2	%	1,008,638			13.5	%	985,806			13.9	%	1,053,544			14.5	%
Total fixed maturity investments, at fair value	$	7,420,778		100.0	%	$	7,404,761		100.0	%	$	7,426,555		100.0	%	$	7,092,969		100.0	%	$	7,282,264		100.0	%
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	383,353		5.2	%	$	495,143		6.7	%	$	546,255		7.3	%	$	367,091		5.2	%	$	427,683		5.9	%
Due after one through five years	4,421,536			59.5	%	4,324,744			58.4	%	4,521,930			60.9	%	4,324,948			61.0	%	4,111,191			56.5	%
Due after five through ten years	904,070			12.2	%	1,064,575			14.4	%	1,007,656			13.6	%	1,001,975			14.1	%	1,153,811			15.8	%
Due after ten years	85,790			1.2	%	143,696			1.9	%	165,140			2.2	%	153,764			2.1	%	170,578			2.3	%
Mortgage-backed securities	1,310,978			17.7	%	1,193,141			16.1	%	1,002,849			13.5	%	1,061,869			15.0	%	1,227,438			16.9	%
Asset-backed securities	315,051			4.2	%	183,462			2.5	%	182,725			2.5	%	183,322			2.6	%	191,563			2.6	%
Total fixed maturity investments, at fair value	$	7,420,778		100.0	%	$	7,404,761		100.0	%	$	7,426,555		100.0	%	$	7,092,969		100.0	%	$	7,282,264		100.0	%
Weighted average yield to maturity of fixed maturity and short term investments	3.0		%			2.9		%			2.5		%			2.2		%			2.3		%
Average duration of fixed maturities and short term investments	2.2					2.4					2.5					2.6					2.6



	8



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Type of Investment
Catastrophe bonds	$	501,025		$	476,534		$	380,475		$	332,044		$	348,353
Private equity partnerships	186,200			190,067			196,220			196,280			194,331
Senior secured bank loan funds	14,414			13,771			17,574			19,572			17,321
Hedge funds	11,561			12,280			524			596			1,207
Total other investments, at fair value	$	713,200		$	692,652		$	594,793		$	548,492		$	561,212

Type of Investment
Catastrophe bonds	70.3		%	68.8		%	64.0		%	60.5		%	62.1		%
Private equity partnerships	26.1		%	27.4		%	32.9		%	35.8		%	34.6		%
Senior secured bank loan funds	2.0		%	2.0		%	3.0		%	3.6		%	3.1		%
Hedge funds	1.6		%	1.8		%	0.1		%	0.1		%	0.2		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	9



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Six months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Fixed maturity investments	$	50,416		$	45,643		$	46,544		$	45,305		$	44,356		$	96,059		$	87,775
Short term investments	7,633			5,304			3,606			2,771			2,981			12,937			4,705
Equity investments trading	1,490			698			998			930			889			2,188			1,700
Other investments
Private equity investments	3,860			(434		)	13,215			6,371			6,611			3,426			14,413
Other	10,658			8,023			12,587			(11,491		)	2,899			18,681			6,971
Cash and cash equivalents	1,039			565			360			352			295			1,604			484
	75,096			59,799			77,310			44,238			58,031			134,895			116,048
Investment expenses	(3,740		)	(3,323		)	(3,846		)	(3,981		)	(3,868		)	(7,063		)	(7,560		)
Net investment income	71,356			56,476			73,464			40,257			54,163			127,832			108,488

Gross realized gains	5,133			4,583			6,068			16,343			15,249			9,716			26,710
Gross realized losses	(26,519		)	(25,853		)	(8,930		)	(6,126		)	(7,243		)	(52,372		)	(23,776		)
Net realized (losses) gains on fixed maturity investments	(21,386		)	(21,270		)	(2,862		)	10,217			8,006			(42,656		)	2,934
Net unrealized (losses) gains on fixed maturity investments trading	(9,420		)	(55,372		)	(40,461		)	5,545			18,760			(64,792		)	43,395
Net realized and unrealized gains (losses) on investments-related derivatives	1,038			(4,364		)	1,854			(4,020		)	(268		)	(3,326		)	(324		)
Net realized gains on equity investments trading	348			234			30,291			13,675			15,146			582			36,061
Net unrealized gains (losses) on equity investments trading	11,519			(1,372		)	3,462			16,635			16,469			10,147			19,420
Net realized and unrealized (losses) gains on investments	(17,901		)	(82,144		)	(7,716		)	42,052			58,113			(100,045		)	101,486
Total investment result	$	53,455		$	(25,668	)	$	65,748		$	82,309		$	112,276		$	27,787		$	209,974

Total investment return - annualized	2.0		%	(1.0		)%	2.6		%	3.4		%	4.8		%	0.5		%	4.5		%



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
June 30, 2018	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	2,031,943	$	2,031,943		19.0	%	1.6	%	$	1,901,309		$	121,798		$	6,323		$	1,200		$	751		$	562
			100.0		%					93.6		%	6.0		%	0.3		%	0.1		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	3,006,791		2,968,855			27.7	%	2.6	%	—			2,968,855			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	34,742		34,290			0.3	%	2.7	%	—			34,290			—			—			—			—
Other agencies	21,215		20,909			0.2	%	2.7	%	—			20,909			—			—			—			—
Total agencies	55,957		55,199			0.5	%	2.7	%	—			55,199			—			—			—			—
Municipal	6,078		6,164			0.1	%	3.8	%	—			1,069			4,592			503			—			—
Non-U.S. government (Sovereign debt)	304,788		298,811			2.8	%	2.6	%	209,856			56,117			32,552			286			—			—
Non-U.S. government-backed corporate	187,890		185,640			1.7	%	3.0	%	82,352			67,334			34,535			1,419			—			—
Corporate	2,312,088		2,280,080			21.3	%	4.3	%	41,110			177,408			775,205			469,605			759,966			56,786
Mortgage-backed
Residential mortgage-backed
Agency securities	775,686		762,077			7.1	%	3.4	%	—			762,077			—			—			—			—
Non-agency securities - Alt A	231,212		245,494			2.3	%	3.8	%	7,670			10,261			3,022			8,574			191,599			24,368
Non-agency securities - Prime	51,966		54,817			0.5	%	4.1	%	3,995			3,660			1,690			2,573			30,304			12,595
Total residential mortgage-backed	1,058,864		1,062,388			9.9	%	3.6	%	11,665			775,998			4,712			11,147			221,903			36,963
Commercial mortgage-backed	252,070		248,590			2.3	%	3.5	%	199,709			39,041			215			9,625			—			—
Total mortgage-backed	1,310,934		1,310,978			12.2	%	3.5	%	211,374			815,039			4,927			20,772			221,903			36,963
Asset-backed
Collateralized loan obligations	269,621		269,626			2.5	%	3.6	%	206,579			40,410			400			22,237			—			—
Credit cards	18,150		18,041			0.2	%	2.8	%	18,041			—			—			—			—			—
Auto loans	19,046		18,831			0.2	%	3.4	%	18,831			—			—			—			—			—
Student loans	2,431		2,427			—	%	3.1	%	2,427			—			—			—			—			—
Other	6,223		6,126			0.1	%	3.4	%	2,386			—			1,651			2,089			—			—
Total asset-backed	315,471		315,051			3.0	%	3.6	%	248,264			40,410			2,051			24,326			—			—
Total securitized assets	1,626,405		1,626,029			15.2	%	3.5	%	459,638			855,449			6,978			45,098			221,903			36,963
Total fixed maturity investments	7,499,997		7,420,778			69.3	%	3.3	%	792,956			4,181,431			853,862			516,911			981,869			93,749
			100.0		%					10.7		%	56.3		%	11.5		%	7.0		%	13.2		%	1.3		%
Equity investments trading			432,804			4.1	%			—			—			—			—			—			432,804
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			501,025			4.7	%			—			—			—			—			501,025			—
Private equity partnerships			186,200			1.7	%			—			—			—			—			—			186,200
Senior secured bank loan funds			14,414			0.1	%			—			—			—			—			—			14,414
Hedge funds			11,561			0.1	%			—			—			—			—			—			11,561
Total other investments			713,200			6.6	%			—			—			—			—			501,025			212,175
			100.0		%					—		%	—		%	—		%	—		%	70.3		%	29.7		%
Investments in other ventures			111,935			1.0	%			—			—			—			—			—			111,935
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	10,710,660		100.0	%			$	2,694,265		$	4,303,229		$	860,185		$	518,111		$	1,483,645		$	851,225
			100.0		%					25.2		%	40.2		%	8.0		%	4.8		%	13.9		%	7.9		%

(1)

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



	11



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

	June 30, 2018
Issuer	Total		Short term investments		Fixed maturity investments
Goldman Sachs Group Inc.	$	46,306	$	—	$	46,306
JP Morgan Chase & Co.	44,043		—		44,043
Bank of America Corp.	39,808		—		39,808
Morgan Stanley	39,748		—		39,748
Wells Fargo & Co.	32,932		—		32,932
HSBC Holdings PLC	30,110		—		30,110
Citigroup Inc.	26,771		—		26,771
Banco Santander, S.A.	24,718		—		24,718
UBS Group AG	23,264		—		23,264
Sumitomo Mitsui Financial Group	21,713		—		21,713
Total (1)	$	329,413	$	—	$	329,413


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



	12



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2018
Property	$	631,642	$	766,450	$	568,642	$	1,966,734
Casualty and Specialty	750,149		105,066		1,871,468		2,726,683
Other	4,433		—		4,495		8,928
Total	$	1,386,224	$	871,516	$	2,444,605	$	4,702,345

March 31, 2018
Property	$	701,202	$	850,498	$	687,209	$	2,238,909
Casualty and Specialty	740,809		118,380		1,801,361		2,660,550
Other	4,999		—		8,269		13,268
Total	$	1,447,010	$	968,878	$	2,496,839	$	4,912,727

December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408

September 30, 2017
Property	$	310,871	$	416,758	$	1,917,573	$	2,645,202
Casualty and Specialty	655,328		132,755		1,734,475		2,522,558
Other	9,904		—		14,649		24,553
Total	$	976,103	$	549,513	$	3,666,697	$	5,192,313

June 30, 2017
Property	$	221,898	$	167,510	$	216,163	$	605,571
Casualty and Specialty	635,834		111,021		1,619,915		2,366,770
Other	2,532		—		14,933		17,465
Total	$	860,264	$	278,531	$	1,851,011	$	2,989,806



	13



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2018									Three months ended June 30, 2017
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	4,912,727		$	1,572,321		$	3,340,406		$	2,934,688		$	325,819		$	2,608,869
Incurred claims and claim expenses
Current year	283,416			67,020			216,396			245,823			58,132			187,691
Prior years	(206,471		)	(50,242		)	(156,229		)	(55,920		)	(10,816		)	(45,104		)
Total incurred claims and claim expenses	76,945			16,778			60,167			189,903			47,316			142,587
Paid claims and claim expenses
Current year	16,456			1,604			14,852			12,864			708			12,156
Prior years	250,159			132,498			117,661			139,407			1,861			137,546
Total paid claims and claim expenses	266,615			134,102			132,513			152,271			2,569			149,702
Foreign exchange	(20,712		)	(6		)	(20,706		)	17,486			20			17,466
Reserve for claims and claim expenses, end of period	$	4,702,345		$	1,454,991		$	3,247,354		$	2,989,806		$	370,586		$	2,619,220

	Six months ended June 30, 2018									Six months ended June 30, 2017
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	5,080,408		$	1,586,630		$	3,493,778		$	2,848,294		$	279,564		$	2,568,730
Incurred claims and claim expenses
Current year	550,434			131,000			419,434			465,683			113,917			351,766
Prior years	(247,747		)	(60,183		)	(187,564		)	(23,976		)	(7,878		)	(16,098		)
Total incurred claims and claim expenses	302,687			70,817			231,870			441,707			106,039			335,668
Paid claims and claim expenses
Current year	28,032			4,130			23,902			21,988			2,103			19,885
Prior years	644,113			198,323			445,790			298,040			12,994			285,046
Total paid claims and claim expenses	672,145			202,453			469,692			320,028			15,097			304,931
Foreign exchange	(8,605		)	(3		)	(8,602		)	19,833			80			19,753
Reserve for claims and claim expenses, end of period	$	4,702,345		$	1,454,991		$	3,247,354		$	2,989,806		$	370,586		$	2,619,220



	14



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	171,142
Amount allocated to participating common shareholders (1)	(2,174		)	(546		)	(113		)	(116		)	(1,585		)
	$	189,614		$	56,167		$	(3,565	)	$	(504,928	)	$	169,557
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	39,641			39,552			39,478			39,591			39,937
Per common share equivalents of employee stock options and restricted shares	13			47			—			—			87
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,654			39,599			39,478			39,591			40,024

Basic income (loss) per RenaissanceRe common share	$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	4.25
Diluted income (loss) per RenaissanceRe common share	$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	4.24

	Six months ended
(common shares in thousands)	June 30, 2018			June 30, 2017
Numerator:
Net income available to RenaissanceRe common shareholders	$	248,501		$	263,494
Amount allocated to participating common shareholders (1)	(2,583		)	(2,526		)
	$	245,918		$	260,968
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	39,597			40,172
Per common share equivalents of employee stock options and restricted shares	25			152
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,622			40,324

Basic income per RenaissanceRe common share	$	6.21		$	6.50
Diluted income per RenaissanceRe common share	$	6.21		$	6.47


(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.



	15



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Tower Hill Companies	$	4,555		$	(910	)	$	(412	)	$	(383	)	$	3,206
Top Layer Re	1,999			2,033			1,987			2,722			2,658
Other	(728		)	(266		)	625			(545		)	(321		)
Total equity in earnings of other ventures	$	5,826		$	857		$	2,200		$	1,794		$	5,543

	Six months ended
	June 30, 2018			June 30, 2017
Top Layer Re	$	4,032		$	5,142
Tower Hill Companies	3,645			(852		)
Other	(994		)	(254		)
Total equity in earnings of other ventures	$	6,683		$	4,036

Other (Loss) Income

	Three months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	787		$	(1,523	)	$	1,230		$	2,793		$	3,134
Other items	438			281			1,132			203			(742		)
Total other income (loss)	$	1,225		$	(1,242	)	$	2,362		$	2,996		$	2,392

	Six months ended
	June 30, 2018			June 30, 2017
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	(736	)	$	4,632
Other items	719			(575		)
Total other (loss) income	$	(17	)	$	4,057



	16



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P	Moody's	Fitch

Renaissance Reinsurance (1)	A+	A+	A1	A+
DaVinci (1)	A	A+	A3	—
Renaissance Reinsurance U.S. (1)	A+	A+	—	—
RenaissanceRe Specialty U.S. (1)	A+	A+	—	—
Renaissance Reinsurance of Europe (1)	A+	A+	—	—
Top Layer Re (1)	A+	AA	—	—

Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	AA-

RenaissanceRe (3)	Very Strong	Very Strong	—	—

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

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

(3) The A.M. Best rating for RenaissanceRe refers to the Enterprise Risk Management ("ERM") A.M. Best score within A.M. Best’s credit ratings methodology. The S&P rating for RenaissanceRe represents the rating on its ERM practices.



	17



RenaissanceRe Holdings Ltd.
Gross Premiums Written

	Three months ended										Six months ended
	June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017		June 30, 2018		June 30, 2017
Property Segment
Catastrophe	$	437,720	$	590,337	$	35,012	$	243,514	$	411,500	$	1,028,057	$	825,924
Other property	114,907		116,631		60,154		81,881		87,847		231,538		193,952
Property segment gross premiums written	$	552,627	$	706,968	$	95,166	$	325,395	$	499,347	$	1,259,595	$	1,019,876

Casualty and Specialty Segment
General casualty (1)	$	153,648	$	126,626	$	80,538	$	107,055	$	107,994	$	280,274	$	230,287
Professional liability (2)	97,811		157,113		117,075		101,482		101,447		254,924		233,753
Financial lines (3)	88,215		93,267		83,157		66,186		69,314		181,482		154,457
Other (4)	85,042		75,678		31,830		40,158		49,313		160,720		111,132
Casualty and Specialty segment gross premiums written	$	424,716	$	452,684	$	312,600	$	314,881	$	328,068	$	877,400	$	729,629



(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.



	18



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended June 30, 2018									Three months ended June 30, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	437,720		$	114,907		$	552,627		$	411,500		$	87,847		$	499,347
Net premiums written	$	191,797		$	106,035		$	297,832		$	256,595		$	79,869		$	336,464
Net premiums earned	$	119,227		$	84,911		$	204,138		$	136,633		$	55,565		$	192,198
Net claims and claim expenses incurred	(112,222		)	37,953			(74,269		)	227			32,790			33,017
Acquisition expenses	16,041			24,809			40,850			11,188			17,312			28,500
Operational expenses	19,922			3,888			23,810			19,961			4,092			24,053
Underwriting income	$	195,486		$	18,261		$	213,747		$	105,257		$	1,371		$	106,628

Net claims and claim expenses incurred - current accident year	$	21,964		$	46,912		$	68,876		$	25,828		$	31,061		$	56,889
Net claims and claim expenses incurred - prior accident years	(134,186		)	(8,959		)	(143,145		)	(25,601		)	1,729			(23,872		)
Net claims and claim expenses incurred - total	$	(112,222	)	$	37,953		$	(74,269	)	$	227		$	32,790		$	33,017

Net claims and claim expense ratio - current accident year	18.4		%	55.2		%	33.7		%	18.9		%	55.9		%	29.6		%
Net claims and claim expense ratio - prior accident years	(112.5		)%	(10.5		)%	(70.1		)%	(18.7		)%	3.1		%	(12.4		)%
Net claims and claim expense ratio - calendar year	(94.1		)%	44.7		%	(36.4		)%	0.2		%	59.0		%	17.2		%
Underwriting expense ratio	30.1		%	33.8		%	31.7		%	22.8		%	38.5		%	27.3		%
Combined ratio	(64.0		)%	78.5		%	(4.7		)%	23.0		%	97.5		%	44.5		%

	Six months ended June 30, 2018									Six months ended June 30, 2017
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,028,057		$	231,538		$	1,259,595		$	825,924		$	193,952		$	1,019,876
Net premiums written	$	472,850		$	179,059		$	651,909		$	477,493		$	148,842		$	626,335
Net premiums earned	$	267,050		$	162,137		$	429,187		$	269,812		$	109,374		$	379,186
Net claims and claim expenses incurred	(102,749		)	59,087			(43,662		)	7,150			64,705			71,855
Acquisition expenses	34,014			47,557			81,571			21,002			36,601			57,603
Operational expenses	42,017			8,339			50,356			42,437			9,281			51,718
Underwriting income (loss)	$	293,768		$	47,154		$	340,922		$	199,223		$	(1,213	)	$	198,010

Net claims and claim expenses incurred - current accident year	$	43,506		$	83,539		$	127,045		$	41,002		$	55,653		$	96,655
Net claims and claim expenses incurred - prior accident years	(146,255		)	(24,452		)	(170,707		)	(33,852		)	9,052			(24,800		)
Net claims and claim expenses incurred - total	$	(102,749	)	$	59,087		$	(43,662	)	$	7,150		$	64,705		$	71,855

Net claims and claim expense ratio - current accident year	16.3		%	51.5		%	29.6		%	15.2		%	50.9		%	25.5		%
Net claims and claim expense ratio - prior accident years	(54.8		)%	(15.1		)%	(39.8		)%	(12.6		)%	8.3		%	(6.6		)%
Net claims and claim expense ratio - calendar year	(38.5		)%	36.4		%	(10.2		)%	2.6		%	59.2		%	18.9		%
Underwriting expense ratio	28.5		%	34.5		%	30.8		%	23.6		%	41.9		%	28.9		%
Combined ratio	(10.0		)%	70.9		%	20.6		%	26.2		%	101.1		%	47.8		%



	19

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

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, and the associated income tax expense or benefit, and the exclusion of the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the "Tax Bill"), which was enacted on December 22, 2017. The Company's management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio, equity investments trading and investments-related derivatives, the associated income tax expense or benefit of those fluctuations, and the non-recurring impact of the write-down of a portion of the Company's deferred tax assets as a result of the Tax Bill. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income (loss) available (attributable) to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:



	Three months ended															Six months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	191,788		$	56,713		$	(3,452	)	$	(504,812	)	$	171,142		$	248,501		$	263,494
Adjustment for net realized and unrealized losses (gains) on investments	17,901			82,144			7,716			(42,052		)	(58,113		)	100,045			(101,486		)
Adjustment for deferred tax asset write-down (1)	—			—			36,705			—			—			—			—
Adjustment for income tax (benefit) expense (2)	(58		)	(3,648		)	384			2,711			3,785			(3,706		)	8,492
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	209,631		$	135,209		$	41,353		$	(544,153	)	$	116,814		$	344,840		$	170,500

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	1.42		$	(0.09	)	$	(12.75	)	$	4.24		$	6.21		$	6.47
Adjustment for net realized and unrealized losses (gains) on investments	0.45			2.07			0.20			(1.06		)	(1.45		)	2.52			(2.52		)
Adjustment for deferred tax asset write-down (1)	—			—			0.93			—			—			—			—
Adjustment for income tax (benefit) expense (2)	—			(0.09		)	0.01			0.07			0.09			(0.09		)	0.21
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	5.23		$	3.40		$	1.05		$	(13.74	)	$	2.88		$	8.64		$	4.16

Return on average common equity - annualized	18.6		%	5.7		%	(0.3		)%	(47.2		)%	15.2		%	12.2		%	11.7		%
Adjustment for net realized and unrealized losses (gains) on investments	1.7		%	8.2		%	0.8		%	(3.9		)%	(5.2		)%	4.9		%	(4.5		)%
Adjustment for deferred tax asset write-down (1)	—		%	—		%	3.7		%	—		%	—		%	—		%	—		%
Adjustment for income tax (benefit) expense (2)	—		%	(0.4		)%	—		%	0.3		%	0.3		%	(0.2		)%	0.2		%
Operating return on average common equity - annualized	20.3		%	13.5		%	4.2		%	(50.8		)%	10.3		%	16.9		%	7.4		%


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


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



	20

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, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Book value per common share	$	104.56		$	100.29		$	99.72		$	100.00		$	113.08
Adjustment for goodwill and other intangibles (1)	(6.69		)	(6.66		)	(6.49		)	(6.55		)	(6.56		)
Tangible book value per common share	97.87			93.63			93.23			93.45			106.52
Adjustment for accumulated dividends	18.66			18.33			18.00			17.68			17.36
Tangible book value per common share plus accumulated dividends	$	116.53		$	111.96		$	111.23		$	111.13		$	123.88

Quarterly change in book value per common share	4.3		%	0.6		%	(0.3		)%	(11.6		)%	3.4		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	4.9		%	0.8		%	0.1		%	(12.0		)%	3.9		%
Year to date change in book value per common share	4.9		%	0.6		%	(8.0		)%	(7.8		)%	4.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.7		%	0.8		%	(7.2		)%	(7.3		)%	5.2		%


(1)	At June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017, and June 30, 2017, goodwill and other intangibles included $29.1 million, 26.3 million, $16.7 million, $17.4 million and $18.1 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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



	Three months ended															Six months ended
	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Property Segment
Catastrophe	$	437,720		$	590,337		$	35,012		$	243,514		$	411,500		$	1,028,057		$	825,924
Other property	114,907			116,631			60,154			81,881			87,847			231,538			193,952
Property segment gross premiums written	$	552,627		$	706,968		$	95,166		$	325,395		$	499,347		$	1,259,595		$	1,019,876

Managed Catastrophe Premiums
Property segment gross premiums written	$	552,627		$	706,968		$	95,166		$	325,395		$	499,347		$	1,259,595		$	1,019,876
Other property gross premiums written	(114,907		)	(116,631		)	(60,154		)	(81,881		)	(87,847		)	(231,538		)	(193,952		)
Catastrophe gross premiums written	$	437,720		$	590,337		$	35,012		$	243,514		$	411,500		$	1,028,057		$	825,924
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	26,027			13,660			1,540			1,510			26,337			39,687			38,722
Managed catastrophe premiums	$	463,747		$	603,997		$	36,552		$	245,024		$	437,837		$	1,067,744		$	864,646



	22