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 23, 2019

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

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol	Name of each exchange on which registered
Common Shares, Par Value $1.00 per share	RNR	New York Stock Exchange, Inc.
Series C 6.08% Preference Shares, Par Value $1.00 per share	RNR PRC	New York Stock Exchange, Inc.
Series E 5.375% Preference Shares, Par Value $1.00 per share	RNR PRE	New York Stock Exchange, Inc.
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share	RNR PRF	New York Stock Exchange, Inc.



Item 2.02.	Results of Operations and Financial Condition.

On July 23, 2019, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2019 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 23, 2019
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 23, 2019		Robert Qutub
		Executive Vice President and Chief Financial Officer

Exhibit

RenaissanceRe Reports Second Quarter 2019 Net Income Available to Common Shareholders of $367.9 Million, or $8.35 Per Diluted Common Share; Operating Income Available to Common Shareholders of $212.6 Million, or $4.78 Per Diluted Common Share

Pembroke, Bermuda, July 23, 2019 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $367.9 million, or $8.35 per diluted common share, in the second quarter of 2019, compared to $191.8 million, or $4.78 per diluted common share, in the second quarter of 2018. Operating income available to RenaissanceRe common shareholders was $212.6 million, or $4.78 per diluted common share, in the second quarter of 2019, compared to $204.3 million, or $5.10 per diluted common share, in the second quarter of 2018. The Company reported an annualized return on average common equity of 28.9% and an annualized operating return on average common equity of 16.7% in the second quarter of 2019, compared to 18.6% and 19.8%, respectively, in the second quarter of 2018. Book value per common share increased $8.12, or 7.3%, to $119.17 in the second quarter of 2019, compared to a 4.3% increase in the second quarter of 2018. Tangible book value per common share plus accumulated dividends increased $8.52, or 8.2%, to $132.57 in the second quarter of 2019, compared to a 4.9% increase in the second quarter of 2018.

Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “I am pleased with our performance in the second quarter, where we achieved annualized operating return on average common equity of 16.7% and growth in tangible book value per common share plus accumulated dividends of 8.2%. This strong performance was due to the diligent execution of our differentiated strategy, resulting in solid profits, material growth and improved operational efficiency. The portfolio of risks we have constructed is larger, more diverse and increasingly efficient, and poised to drive superior long-term returns for our shareholders.”

Second Quarter of 2019 Summary


•	Gross premiums written increased by $499.6 million, or 51.1%, to $1.5 billion, in the second quarter of 2019, compared to the second quarter of 2018, driven by an increase of $286.6 million in the Property segment and an increase of $213.0 million in the Casualty and Specialty segment.

•

Underwriting income of $170.8 million and a combined ratio of 81.3% in the second quarter of 2019, compared to $226.6 million and 47.2%, respectively, in the second quarter of 2018. The Property segment generated underwriting income of $151.7 million and had a combined ratio of 64.3%. The Casualty and Specialty segment generated underwriting income of $19.0 million and had a combined ratio of 96.1%. Underwriting income decreased in the second quarter of 2019 compared to the second quarter of 2018, primarily as a result of changes in the estimates of the net negative impact of the 2017 Large Loss Events (as defined herein) during the second quarter of 2018, resulting in a net positive impact on the underwriting result in the second quarter of 2018, partially offset by higher net earned premium in the second quarter of 2019 as a result of growth across all business lines.


•	Total investment result was a gain of $309.8 million in the second quarter of 2019, generating an annualized total investment return of 8.0%, driven by net realized and unrealized gains on investments of $194.0 million, comprised of $143.3 million from fixed maturity investments and $50.7 million from equity investments and investments-related derivatives.


•	Over $700.0 million of capital raised through the Company’s third-party vehicles, including DaVinciRe Holdings Ltd. (“DaVinciRe”), Upsilon RFO Re Ltd. (“Upsilon RFO”), Vermeer Reinsurance Ltd. (“Vermeer”) and RenaissanceRe Medici Fund Ltd.

Acquisition of Tokio Millennium Re

As previously announced, on March 22, 2019, the Company completed its acquisition of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG), Tokio Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) and their subsidiaries (collectively, the “TMR Group Entities”). The operating activities of the TMR Group Entities for the period from the acquisition date, March 22, 2019, through June 30, 2019 are included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2019. The Company accounted for the acquisition of the TMR Group Entities under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic Business Combinations.

The second quarter of 2019 was the first full quarter that reflected the results of the TMR Group Entities on the Company’s results of operations. As such, the results of operations for the three months ended June 30, 2019, compared to the three months ended June 30, 2018, should be viewed in that context. In addition, the results of operations for the three months ended June 30, 2019 may not be reflective of the ultimate ongoing business of the combined entities.

Underwriting Results by Segment

Property Segment

Gross premiums written in the Property segment were $839.2 million in the second quarter of 2019, an increase of $286.6 million, or 51.9%, compared to $552.6 million in the second quarter of 2018.

Gross premiums written in the catastrophe class of business were $602.7 million in the second quarter of 2019, an increase of $164.9 million, or 37.7%, compared to the second quarter of 2018. The increase in gross premiums written in the catastrophe class of business in the second quarter of 2019 was driven by expanded participation on existing transactions and certain new transactions, in addition to the impact of the acquisition of the TMR Group Entities.

Gross premiums written in the other property class of business were $236.5 million in the second quarter of 2019, an increase of $121.6 million, or 105.9%, compared to the second quarter of 2018. The increase in gross premiums written in the other property class of business was primarily driven by growth across a number of the Company’s underwriting platforms, from existing relationships, new opportunities, as well as the business acquired in connection with the acquisition of the TMR Group Entities.

Ceded premiums written in the Property segment were $295.1 million in the second quarter of 2019, an increase of $40.3 million, or 15.8%, compared to the second quarter of 2018. The increase in ceded premiums written in the second quarter of 2019 was principally due to a portion of the increase in gross premiums written in the catastrophe class of business noted above being ceded to third-party investors in the Company’s managed vehicles, as well as an overall increase in ceded purchases.

The Property segment generated underwriting income of $151.7 million and had a combined ratio of 64.3% in the second quarter of 2019, compared to $213.7 million and negative 4.7%, respectively, in the second quarter of 2018. During the second quarter of 2019, the Property segment underwriting result included a lower current accident year net claims and claim expense ratio driven by a relatively lower level of insured catastrophe events, compared to the second quarter of 2018, partially offset by net adverse development on prior accident years net claims and claim expenses of $10.8 million, or an increase in the combined ratio of 2.6 percentage points, primarily driven by higher than expected losses in the other property class of business.

As previously reported, the second quarter of 2018 results, in particular the underwriting result and combined ratio of the Company’s Property segment, were favorably impacted by changes in the estimates of the net negative impact associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, and the wildfires in California during the fourth quarter of 2017 (collectively, the “2017 Large Loss Events”), resulting in a net positive impact on the Property segment underwriting result of $86.1 million, and a corresponding reduction in the Property segment combined ratio of 50.1 percentage points. 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, 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.

Casualty and Specialty Segment

Gross premiums written in the Casualty and Specialty segment were $637.7 million in the second quarter of 2019, an increase of $213.0 million, or 50.1%, compared to the second quarter of 2018. The increase was due to business acquired in connection with the acquisition of the TMR Group Entities, as well as growth from new and existing business opportunities written in the current and prior periods across various classes of business within the segment.

The Casualty and Specialty segment generated underwriting income of $19.0 million and had a combined ratio of 96.1% in the second quarter of 2019, compared to $13.0 million and 94.2%, respectively, in the second quarter of 2018. The increase in underwriting income was primarily due to the growth in net premiums earned as a result of the business acquired in connection with the acquisition of the TMR Group Entities. The increase in the Casualty and Specialty segment combined ratio was driven by an increase of 3.3 percentage points in the net claims and claim expense ratio, principally the result of less net favorable development on prior accident years net claims and claim expenses in the second quarter of 2019 compared to the second quarter of 2018. Partially offsetting the increase in the net claims and claim expense ratio was a 1.4 percentage point decrease in the underwriting expense ratio primarily the result of a decrease in the operating expense ratio due to improved operating leverage as a result of the business acquired in connection with the acquisition of the TMR Group Entities.

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 $309.8 million in the second quarter of 2019, compared to a gain of $53.5 million in the second quarter of 2018, an increase of $256.4 million. The increase in the total investment result was principally due to significant net realized and unrealized gains from the Company’s fixed maturity, public equity and investments-related derivative portfolios, combined with higher net investment income primarily driven by the Company’s fixed maturity, short term and private equity investment portfolios. Also driving the investment result for the second quarter of 2019 were higher average invested assets primarily resulting from the acquisition of the TMR Group Entities, combined with capital raised in certain of the Company’s consolidated third-party capital vehicles, namely DaVinciRe, Vermeer and Upsilon RFO, and the subsequent investment of those funds as part of the Company’s consolidated investment portfolio.

•

Net income attributable to redeemable noncontrolling interests in the second quarter of 2019 was $71.8 million, compared to $54.5 million in the second quarter of 2018. The increase was primarily driven by the results of operations of Vermeer being included in net income attributable to redeemable noncontrolling interests in the second quarter of 2019, combined with DaVinciRe generating higher underwriting income and higher total investment results.


•	During the second quarter of 2019, the Company recorded $14.5 million of corporate expenses associated with the acquisition of the TMR Group Entities, comprised of $9.2 million of compensation-related costs, $3.4 million of integration-related costs and $1.9 million of transaction-related costs.

•

On April 2, 2019, the Company issued $400.0 million of its 3.600% Senior Notes due April 15, 2029. A portion of the net proceeds were used to repay, in full, the $200.0 million outstanding under the Company’s revolving credit facility, which was drawn on March 20, 2019 in connection with the acquisition of the TMR Group Entities. The remainder of the net proceeds will be used for general corporate purposes.


•	In the second quarter of 2019, total fee income increased $7.5 million, to $40.2 million, compared to $32.7 million in the second quarter of 2018, primarily driven by an increase in the dollar value of capital being managed, combined with improved underlying performance.


•	Income tax expense was $9.5 million in the second quarter of 2019, compared to $4.5 million in the second quarter of 2018, principally driven by investment gains in our U.S.-based operations.

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 24, 2019 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, Australia, 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, including the trend towards increasingly frequent and severe climate events; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain; the effect of emerging claims and coverage issues; 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; 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 effects 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 industries; 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; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; 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; risks that the ongoing integration of the TMR Group Entities disrupts or distracts from current plans and operations; the Company’s ability to recognize the benefits of the acquisition of the TMR Group Entities; 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 CNC
	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, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Revenues
Gross premiums written	$	1,476,908		$	977,343		$	3,041,203		$	2,136,995
Net premiums written	$	1,022,965		$	604,509		$	1,951,996		$	1,267,553
Increase in unearned premiums	(111,463		)	(175,124		)	(490,466		)	(397,886		)
Net premiums earned	911,502			429,385			1,461,530			869,667
Net investment income	115,832			71,356			197,294			127,832
Net foreign exchange gains (losses)	9,309			(10,687		)	6,463			(6,930		)
Equity in earnings of other ventures	6,812			5,826			11,473			6,683
Other income (loss)	922			1,225			4,093			(17		)
Net realized and unrealized gains (losses) on investments	194,003			(17,901		)	364,648			(100,045		)
Total revenues	1,238,380			479,204			2,045,501			897,190
Expenses
Net claims and claim expenses incurred	453,373			60,167			680,408			231,870
Acquisition expenses	227,482			105,052			351,433			202,763
Operational expenses	59,814			37,543			104,747			78,815
Corporate expenses	23,847			8,301			62,636			15,034
Interest expense	15,534			11,768			27,288			23,535
Total expenses	780,050			222,831			1,226,512			552,017
Income before taxes	458,330			256,373			818,989			345,173
Income tax expense	(9,475		)	(4,506		)	(17,006		)	(1,099		)
Net income	448,855			251,867			801,983			344,074
Net income attributable to noncontrolling interests	(71,812		)	(54,483		)	(142,034		)	(84,382		)
Net income attributable to RenaissanceRe	377,043			197,384			659,949			259,692
Dividends on preference shares	(9,189		)	(5,596		)	(18,378		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	367,854		$	191,788		$	641,571		$	248,501

Net income available to RenaissanceRe common shareholders per common share - basic	$	8.36		$	4.78		$	14.82		$	6.21
Net income available to RenaissanceRe common shareholders per common share - diluted	$	8.35		$	4.78		$	14.81		$	6.21
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.78		$	5.10		$	8.39		$	8.18

Average shares outstanding - basic	43,483			39,641			42,774			39,597
Average shares outstanding - diluted	43,521			39,654			42,806			39,622

Net claims and claim expense ratio	49.7		%	14.0		%	46.6		%	26.7		%
Underwriting expense ratio	31.6		%	33.2		%	31.2		%	32.3		%
Combined ratio	81.3		%	47.2		%	77.8		%	59.0		%

Return on average common equity - annualized	28.9		%	18.6		%	26.4		%	12.2		%
Operating return on average common equity - annualized (1)	16.7		%	19.8		%	15.1		%	16.0		%


(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, 2019			December 31, 2018
Assets	(Unaudited)			(Audited)
Fixed maturity investments trading, at fair value	$	10,479,666		$	8,088,870
Short term investments, at fair value	4,579,171			2,586,520
Equity investments trading, at fair value	273,646			310,252
Other investments, at fair value	955,437			784,933
Investments in other ventures, under equity method	100,396			115,172
Total investments	16,388,316			11,885,747
Cash and cash equivalents	670,626			1,107,922
Premiums receivable	3,140,688			1,537,188
Prepaid reinsurance premiums	1,158,534			616,185
Reinsurance recoverable	2,865,150			2,372,221
Accrued investment income	76,949			51,311
Deferred acquisition costs and value of business acquired	780,756			476,661
Receivable for investments sold	395,787			256,416
Other assets	344,938			135,127
Goodwill and other intangibles	265,217			237,418
Total assets	$	26,086,961		$	18,676,196
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	8,484,848		$	6,076,271
Unearned premiums	3,362,520			1,716,021
Debt	1,382,890			991,127
Reinsurance balances payable	3,280,048			1,902,056
Payable for investments purchased	554,696			380,332
Other liabilities	396,651			513,609
Total liabilities	17,461,653			11,579,416
Redeemable noncontrolling interest	2,712,466			2,051,700
Shareholders’ Equity
Preference shares	650,000			650,000
Common shares	44,162			42,207
Additional paid-in capital	552,210			296,099
Accumulated other comprehensive loss	(3,869		)	(1,433		)
Retained earnings	4,670,339			4,058,207
Total shareholders’ equity attributable to RenaissanceRe	5,912,842			5,045,080
Total liabilities, noncontrolling interests and shareholders’ equity	$	26,086,961		$	18,676,196

Book value per common share	$	119.17		$	104.13



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Three months ended June 30, 2019
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	839,200		$	637,708		$	—		$	1,476,908
Net premiums written	$	544,115		$	478,850		$	—		$	1,022,965
Net premiums earned	$	425,013		$	486,489		$	—		$	911,502
Net claims and claim expenses incurred	146,874			306,501			(2		)	453,373
Acquisition expenses	89,711			137,963			(192		)	227,482
Operational expenses	36,764			23,016			34			59,814
Underwriting income (loss)	$	151,664		$	19,009		$	160		170,833
Net investment income							115,832			115,832
Net foreign exchange gains							9,309			9,309
Equity in earnings of other ventures							6,812			6,812
Other income							922			922
Net realized and unrealized gains on investments							194,003			194,003
Corporate expenses							(23,847		)	(23,847		)
Interest expense							(15,534		)	(15,534		)
Income before taxes and redeemable noncontrolling interests										458,330
Income tax expense							(9,475		)	(9,475		)
Net income attributable to redeemable noncontrolling interests							(71,812		)	(71,812		)
Dividends on preference shares							(9,189		)	(9,189		)
Net income available to RenaissanceRe common shareholders										$	367,854

Net claims and claim expenses incurred – current accident year	$	136,111		$	317,029		$	—		$	453,140
Net claims and claim expenses incurred – prior accident years	10,763			(10,528		)	(2		)	233
Net claims and claim expenses incurred – total	$	146,874		$	306,501		$	(2	)	$	453,373

Net claims and claim expense ratio – current accident year	32.0		%	65.2		%				49.7		%
Net claims and claim expense ratio – prior accident years	2.6		%	(2.2		)%				—		%
Net claims and claim expense ratio – calendar year	34.6		%	63.0		%				49.7		%
Underwriting expense ratio	29.7		%	33.1		%				31.6		%
Combined ratio	64.3		%	96.1		%				81.3		%

	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 available 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		%



RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Six months ended June 30, 2019
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,871,584		$	1,169,619		$	—		$	3,041,203
Net premiums written	$	1,108,345		$	843,651		$	—		$	1,951,996
Net premiums earned	$	715,758		$	745,772		$	—		$	1,461,530
Net claims and claim expenses incurred	202,957			477,434			17			680,408
Acquisition expenses	143,450			208,175			(192		)	351,433
Operational expenses	65,308			39,405			34			104,747
Underwriting income (loss)	$	304,043		$	20,758		$	141		324,942
Net investment income							197,294			197,294
Net foreign exchange gains							6,463			6,463
Equity in earnings of other ventures							11,473			11,473
Other income							4,093			4,093
Net realized and unrealized gains on investments							364,648			364,648
Corporate expenses							(62,636		)	(62,636		)
Interest expense							(27,288		)	(27,288		)
Income before taxes and redeemable noncontrolling interests										818,989
Income tax expense							(17,006		)	(17,006		)
Net income attributable to redeemable noncontrolling interests							(142,034		)	(142,034		)
Dividends on preference shares							(18,378		)	(18,378		)
Net income attributable to RenaissanceRe common shareholders										$	641,571

Net claims and claim expenses incurred – current accident year	$	190,317		$	494,164		$	—		$	684,481
Net claims and claim expenses incurred – prior accident years	12,640			(16,730		)	17			(4,073		)
Net claims and claim expenses incurred – total	$	202,957		$	477,434		$	17		$	680,408

Net claims and claim expense ratio – current accident year	26.6		%	66.3		%				46.8		%
Net claims and claim expense ratio – prior accident years	1.8		%	(2.3		)%				(0.2		)%
Net claims and claim expense ratio – calendar year	28.4		%	64.0		%				46.6		%
Underwriting expense ratio	29.1		%	33.2		%				31.2		%
Combined ratio	57.5		%	97.2		%				77.8		%

	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 available 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		%



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

	Three months ended				Six months ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Property Segment
Catastrophe	$	602,656	$	437,720	$	1,447,869	$	1,028,057
Other property	236,544		114,907		423,715		231,538
Property segment gross premiums written	$	839,200	$	552,627	$	1,871,584	$	1,259,595

Casualty and Specialty Segment
General casualty (1)	$	258,357	$	153,648	411,691		280,274
Professional liability (2)	167,206		97,811		316,583		254,924
Financial lines (3)	91,202		88,215		218,558		181,482
Other (4)	120,943		85,042		222,787		160,720
Casualty and Specialty segment gross premiums written	$	637,708	$	424,716	$	1,169,619	$	877,400



(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, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Fixed maturity investments	$	88,106		$	50,416		$	149,589		$	96,059
Short term investments	17,807			7,633			29,651			12,937
Equity investments trading	916			1,490			1,943			2,188
Other investments
Private equity investments	10,309			3,860			12,763			3,426
Other	630			10,658			7,875			18,681
Cash and cash equivalents	2,306			1,039			3,823			1,604
	120,074			75,096			205,644			134,895
Investment expenses	(4,242		)	(3,740		)	(8,350		)	(7,063		)
Net investment income	115,832			71,356			197,294			127,832

Gross realized gains	28,512			5,133			52,885			9,716
Gross realized losses	(7,217		)	(26,519		)	(30,160		)	(52,372		)
Net realized gains (losses) on fixed maturity investments	21,295			(21,386		)	22,725			(42,656		)
Net unrealized gains (losses) on fixed maturity investments trading	121,991			(9,420		)	225,913			(64,792		)
Net realized and unrealized gains (losses) on investments-related derivatives	37,173			1,038			50,969			(3,326		)
Net realized gains on equity investments trading	31,899			348			30,738			582
Net unrealized (losses) gains on equity investments trading	(18,355		)	11,519			34,303			10,147
Net realized and unrealized gains (losses) on investments	194,003			(17,901		)	364,648			(100,045		)
Total investment result	$	309,835		$	53,455		$	561,942		$	27,787

Total investment return - annualized	8.0		%	2.0		%	7.3		%	0.5		%

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 attributable to RenaissanceRe common shareholders, transaction and integration expenses associated with the acquisition of the TMR Group Entities and the income tax expense or benefit associated with these exclusions to “net income available to RenaissanceRe common shareholders". 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; certain transaction and integration expenses associated with the acquisition of the TMR Group Entities; and the associated income tax expense or benefit of these adjustments. 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, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Net income available to RenaissanceRe common shareholders	$	367,854		$	191,788		$	641,571		$	248,501
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(177,418		)	12,562			(330,582		)	81,590
Adjustment for transaction and integration expenses associated with the acquisition of the TMR Group Entities	14,483			—			40,003			—
Adjustment for income tax expense (benefit) (2)	7,653			(58		)	15,940			(3,706		)
Operating income available to RenaissanceRe common shareholders	$	212,572		$	204,292		$	366,932		$	326,385

Net income available to RenaissanceRe common shareholders per common share - diluted	$	8.35		$	4.78		$	14.81		$	6.21
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(4.08		)	0.32			(7.72		)	2.06
Adjustment for transaction and integration expenses associated with the acquisition of the TMR Group Entities	0.33			—			0.93			—
Adjustment for income tax expense (benefit) (2)	0.18			—			0.37			(0.09		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	5.10		$	8.39		$	8.18

Return on average common equity - annualized	28.9		%	18.6		%	26.4		%	12.2		%
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(13.9		)%	1.2		%	(13.6		)%	4.0		%
Adjustment for transaction and integration expenses associated with the acquisition of the TMR Group Entities	1.1		%	—		%	1.6		%	—		%
Adjustment for income tax expense (benefit) (2)	0.6		%	—		%	0.7		%	(0.2		)%
Operating return on average common equity - annualized	16.7		%	19.8		%	15.1		%	16.0		%

(1)

Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders represents: net realized and unrealized gains (losses) on investments as set forth in the Company's consolidated statement of operations less net realized and unrealized gains (losses) attributable to redeemable noncontrolling interests, which is included in net income attributable to redeemable noncontrolling interests in the Company's consolidated statement of operations. Comparative information for all prior periods has been updated to conform to the current methodology and presentation.


(2)	Adjustment for income tax expense (benefit) represents the income tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. 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, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Book value per common share	$	119.17		$	111.05		$	104.13		$	105.21		$	104.56
Adjustment for goodwill and other intangibles (1) (2)	(6.60		)	(6.66		)	(6.28		)	(6.63		)	(6.69		)
Tangible book value per common share	112.57			104.39			97.85			98.58			97.87
Adjustment for accumulated dividends	20.00			19.66			19.32			18.99			18.66
Tangible book value per common share plus accumulated dividends	$	132.57		$	124.05		$	117.17		$	117.57		$	116.53

Quarterly change in book value per common share	7.3		%	6.6		%	(1.0		)%	0.6		%	4.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	8.2		%	7.0		%	(0.4		)%	1.1		%	4.9		%
Year to date change in book value per common share	14.4		%	6.6		%	4.4		%	5.5		%	4.9		%
Year to date change in tangible book value per common share plus change in accumulated dividends	15.7		%	7.0		%	6.4		%	6.8		%	5.7		%


(1)	At June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, goodwill and other intangibles included $26.3 million, $27.0 million, $27.7 million, $28.4 million and $29.1 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


(2)	At June 30, 2019 and March 31, 2019, goodwill and other intangibles included $30.8 million and $31.1 million, respectively, of goodwill and other intangibles recognized by the Company in connection with the acquisition of the TMR Group Entities on March 22, 2019.

Exhibit

https://cdn.kscope.io/ea69d62d4af807c4d4abeb86f0a15264-rnrjun2019cover.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.	Investment Portfolio - Fixed Maturity Investments	9
c.	Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	10
d.	Total Investment Result	11

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	12
b.	Paid to Incurred Analysis	13

Other Items
a.	Fee Income	14
b.	Earnings per Share	15
c.	Ratings	16

Supplemental Information
a.	Gross Premiums Written	17
b.	Property Segment Supplemental Underwriting Results	18

Comments on Regulation G		19

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, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG), Tokio Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) and their subsidiaries (collectively, the “TMR Group Entities”) (the “TMR Stock Purchase”). The Company accounted for the acquisition of the TMR Group Entities under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic Business Combinations. The operating activities of the TMR Group Entities from the acquisition date, March 22, 2019, through March 31, 2019 were not material and, as a result, were not included in the Company's consolidated statements of operations for the three months ended March 31, 2019. The operating activities of the TMR Group Entities from the acquisition date, March 22, 2019, through June 30, 2019 are included in the Company's consolidated statements of operations for the three and six months ended June 30, 2019. At June 30, 2019 and March 31, 2019, the Company's consolidated balance sheet reflects the combined entities.

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “tangible book value per common share”, “tangible book value per common share plus accumulated dividends" and "retained fixed maturity and short term investments, at fair value." 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 19 through 22 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, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Highlights
Gross premiums written	$	1,476,908		$	1,564,295		$	547,755		$	625,677		$	977,343		$	3,041,203		$	2,136,995
Underwriting income (loss)	$	170,833		$	154,109		$	(82,349	)	$	(29,015	)	$	226,623		$	324,942		$	356,219

Net investment income	$	115,832		$	81,462		$	53,338		$	80,696		$	71,356		$	197,294		$	127,832
Net realized and unrealized gains (losses) on investments	194,003			170,645			(88,654		)	13,630			(17,901		)	364,648			(100,045		)
Total investment result	$	309,835		$	252,107		$	(35,316	)	$	94,326		$	53,455		$	561,942		$	27,787

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	367,854		$	273,717		$	(83,906	)	$	32,681		$	191,788		$	641,571		$	248,501
Operating income available to RenaissanceRe common shareholders (1)	$	212,572		$	154,360		$	4,797		$	17,846		$	204,292		$	366,932		$	326,385

Total investments	$	16,388,316		$	14,852,848		$	11,885,747		$	11,545,691		$	10,710,660		$	16,388,316		$	10,710,660
Total assets	$	26,086,961		$	24,559,600		$	18,676,196		$	17,096,394		$	17,023,378		$	26,086,961		$	17,023,378
Reserve for claims and claim expenses	$	8,484,848		$	8,391,484		$	6,076,271		$	4,952,498		$	4,702,345		$	8,484,848		$	4,702,345
Total shareholders' equity attributable to RenaissanceRe	$	5,912,842		$	5,554,033		$	5,045,080		$	4,886,521		$	4,860,061		$	5,912,842		$	4,860,061

Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.35		$	6.43		$	(2.10	)	$	0.82		$	4.78		$	14.81		$	6.21
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.78		$	3.60		$	0.11		$	0.45		$	5.10		$	8.39		$	8.18
Book value per common share	$	119.17		$	111.05		$	104.13		$	105.21		$	104.56		$	119.17		$	104.56
Tangible book value per common share (1)	$	112.57		$	104.39		$	97.85		$	98.58		$	97.87		$	112.57		$	97.87
Tangible book value per common share plus accumulated dividends (1)	$	132.57		$	124.05		$	117.17		$	117.57		$	116.53		$	132.57		$	116.53
Change in tangible book value per common share plus change in accumulated dividends (1)	8.2		%	7.0		%	(0.4		)%	1.1		%	4.9		%	15.7		%	5.7		%

Financial ratios
Combined ratio	81.3		%	72.0		%	114.3		%	105.5		%	47.2		%	77.8		%	59.0		%
Return on average common equity - annualized	28.9		%	23.5		%	(7.8		)%	3.1		%	18.6		%	26.4		%	12.2		%
Operating return on average common equity - annualized (1)	16.7		%	13.3		%	0.4		%	1.7		%	19.8		%	15.1		%	16.0		%
Total investment return - annualized	8.0		%	8.0		%	(1.2		)%	3.3		%	2.0		%	7.3		%	0.5		%


(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, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Revenues
Gross premiums written	$	1,476,908		$	1,564,295		$	547,755		$	625,677		$	977,343		$	3,041,203		$	2,136,995
Net premiums written	$	1,022,965		$	929,031		$	411,094		$	453,255		$	604,509		$	1,951,996		$	1,267,553
(Increase) decrease in unearned premiums	(111,463		)	(379,003		)	163,519			78,594			(175,124		)	(490,466		)	(397,886		)
Net premiums earned	911,502			550,028			574,613			531,849			429,385			1,461,530			869,667
Net investment income	115,832			81,462			53,338			80,696			71,356			197,294			127,832
Net foreign exchange gains (losses)	9,309			(2,846		)	(932		)	(4,566		)	(10,687		)	6,463			(6,930		)
Equity in earnings of other ventures	6,812			4,661			4,143			7,648			5,826			11,473			6,683
Other income (loss)	922			3,171			5,489			497			1,225			4,093			(17		)
Net realized and unrealized gains (losses) on investments	194,003			170,645			(88,654		)	13,630			(17,901		)	364,648			(100,045		)
Total revenues	1,238,380			807,121			547,997			629,754			479,204			2,045,501			897,190
Expenses
Net claims and claim expenses incurred	453,373			227,035			477,638			410,510			60,167			680,408			231,870
Acquisition expenses	227,482			123,951			120,465			109,761			105,052			351,433			202,763
Operational expenses	59,814			44,933			58,859			40,593			37,543			104,747			78,815
Corporate expenses	23,847			38,789			12,108			6,841			8,301			62,636			15,034
Interest expense	15,534			11,754			11,765			11,769			11,768			27,288			23,535
Total expenses	780,050			446,462			680,835			579,474			222,831			1,226,512			552,017
Income (loss) before taxes	458,330			360,659			(132,838		)	50,280			256,373			818,989			345,173
Income tax (expense) benefit	(9,475		)	(7,531		)	8,852			(1,451		)	(4,506		)	(17,006		)	(1,099		)
Net income (loss)	448,855			353,128			(123,986		)	48,829			251,867			801,983			344,074
Net (income) loss attributable to noncontrolling interests	(71,812		)	(70,222		)	49,269			(6,440		)	(54,483		)	(142,034		)	(84,382		)
Net income (loss) attributable to RenaissanceRe	377,043			282,906			(74,717		)	42,389			197,384			659,949			259,692
Dividends on preference shares	(9,189		)	(9,189		)	(9,189		)	(9,708		)	(5,596		)	(18,378		)	(11,191		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	367,854		$	273,717		$	(83,906	)	$	32,681		$	191,788		$	641,571		$	248,501

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	8.36		$	6.43		$	(2.10	)	$	0.82		$	4.78		$	14.82		$	6.21
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.35		$	6.43		$	(2.10	)	$	0.82		$	4.78		$	14.81		$	6.21
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.78		$	3.60		$	0.11		$	0.45		$	5.10		$	8.39		$	8.18

Return on average common equity - annualized	28.9		%	23.5		%	(7.8		)%	3.1		%	18.6		%	26.4		%	12.2		%
Operating return on average common equity - annualized (1)	16.7		%	13.3		%	0.4		%	1.7		%	19.8		%	15.1		%	16.0		%


(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, 2019
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	839,200		$	637,708		$	—		$	1,476,908
Net premiums written	$	544,115		$	478,850		$	—		$	1,022,965
Net premiums earned	$	425,013		$	486,489		$	—		$	911,502
Net claims and claim expenses incurred	146,874			306,501			(2		)	453,373
Acquisition expenses	89,711			137,963			(192		)	227,482
Operational expenses	36,764			23,016			34			59,814
Underwriting income (loss)	$	151,664		$	19,009		$	160		$	170,833

Net claims and claim expenses incurred - current accident year	$	136,111		$	317,029		$	—		$	453,140
Net claims and claim expenses incurred - prior accident years	10,763			(10,528		)	(2		)	233
Net claims and claim expenses incurred - total	$	146,874		$	306,501		$	(2	)	$	453,373

Net claims and claim expense ratio - current accident year	32.0		%	65.2		%				49.7		%
Net claims and claim expense ratio - prior accident years	2.6		%	(2.2		)%				—		%
Net claims and claim expense ratio - calendar year	34.6		%	63.0		%				49.7		%
Underwriting expense ratio	29.7		%	33.1		%				31.6		%
Combined ratio	64.3		%	96.1		%				81.3		%

	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		%



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2019
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,871,584		$	1,169,619		$	—		$	3,041,203
Net premiums written	$	1,108,345		$	843,651		$	—		$	1,951,996
Net premiums earned	$	715,758		$	745,772		$	—		$	1,461,530
Net claims and claim expenses incurred	202,957			477,434			17			680,408
Acquisition expenses	143,450			208,175			(192		)	351,433
Operational expenses	65,308			39,405			34			104,747
Underwriting income (loss)	$	304,043		$	20,758		$	141		$	324,942

Net claims and claim expenses incurred - current accident year	$	190,317		$	494,164		$	—		$	684,481
Net claims and claim expenses incurred - prior accident years	12,640			(16,730		)	17			(4,073		)
Net claims and claim expenses incurred - total	$	202,957		$	477,434		$	17		$	680,408

Net claims and claim expense ratio - current accident year	26.6		%	66.3		%				46.8		%
Net claims and claim expense ratio - prior accident years	1.8		%	(2.3		)%				(0.2		)%
Net claims and claim expense ratio - calendar year	28.4		%	64.0		%				46.6		%
Underwriting expense ratio	29.1		%	33.2		%				31.2		%
Combined ratio	57.5		%	97.2		%				77.8		%

	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		%



	4



RenaissanceRe Holdings Ltd.
Segment Underwriting Results

	Three months ended
Property Segment	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Gross premiums written	$	839,200		$	1,032,384		$	199,918		$	301,413		$	552,627
Net premiums written	$	544,115		$	564,230		$	170,647		$	232,632		$	297,832
Net premiums earned	$	425,013		$	290,745		$	328,585		$	293,059		$	204,138
Net claims and claim expenses incurred	146,874			56,083			275,700			265,857			(74,269		)
Acquisition expenses	89,711			53,739			50,817			45,524			40,850
Operational expenses	36,764			28,544			37,021			25,577			23,810
Underwriting income (loss)	$	151,664		$	152,379		$	(34,953	)	$	(43,899	)	$	213,747

Net claims and claim expenses incurred - current accident year	$	136,111		$	54,206		$	324,118		$	268,022		$	68,876
Net claims and claim expenses incurred - prior accident years	10,763			1,877			(48,418		)	(2,165		)	(143,145		)
Net claims and claim expenses incurred - total	$	146,874		$	56,083		$	275,700		$	265,857		$	(74,269	)

Net claims and claim expense ratio - current accident year	32.0		%	18.6		%	98.6		%	91.5		%	33.7		%
Net claims and claim expense ratio - prior accident years	2.6		%	0.7		%	(14.7		)%	(0.8		)%	(70.1		)%
Net claims and claim expense ratio - calendar year	34.6		%	19.3		%	83.9		%	90.7		%	(36.4		)%
Underwriting expense ratio	29.7		%	28.3		%	26.7		%	24.3		%	31.7		%
Combined ratio	64.3		%	47.6		%	110.6		%	115.0		%	(4.7		)%

	Three months ended
Casualty and Specialty Segment	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Gross premiums written	$	637,708		$	531,911		$	347,837		$	324,264		$	424,716
Net premiums written	$	478,850		$	364,801		$	240,447		$	220,623		$	306,677
Net premiums earned	$	486,489		$	259,283		$	246,027		$	238,791		$	225,247
Net claims and claim expenses incurred	306,501			170,933			202,047			144,671			134,524
Acquisition expenses	137,963			70,212			69,650			64,238			64,201
Operational expenses	23,016			16,389			21,762			14,976			13,552
Underwriting income (loss)	$	19,009		$	1,749		$	(47,432	)	$	14,906		$	12,970

Net claims and claim expenses incurred - current accident year	$	317,029		$	177,135		$	227,289		$	151,904		$	147,520
Net claims and claim expenses incurred - prior accident years	(10,528		)	(6,202		)	(25,242		)	(7,233		)	(12,996		)
Net claims and claim expenses incurred - total	$	306,501		$	170,933		$	202,047		$	144,671		$	134,524

Net claims and claim expense ratio - current accident year	65.2		%	68.3		%	92.4		%	63.6		%	65.5		%
Net claims and claim expense ratio - prior accident years	(2.2		)%	(2.4		)%	(10.3		)%	(3.0		)%	(5.8		)%
Net claims and claim expense ratio - calendar year	63.0		%	65.9		%	82.1		%	60.6		%	59.7		%
Underwriting expense ratio	33.1		%	33.4		%	37.2		%	33.2		%	34.5		%
Combined ratio	96.1		%	99.3		%	119.3		%	93.8		%	94.2		%



	5



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended															Six months ended
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Revenues
Gross premiums written	$	206,052		$	186,114		$	33,940		$	53,328		$	159,864		$	392,166		$	299,528
Net premiums written	$	165,394		$	167,919		$	26,108		$	50,994		$	123,074		$	333,313		$	240,070
(Increase) decrease in unearned premiums	(78,769		)	(89,594		)	72,709			39,717			(68,497		)	(168,363		)	(121,120		)
Net premiums earned	86,625			78,325			98,817			90,711			54,577			164,950			118,950
Net investment income	13,597			12,823			13,543			12,327			11,111			26,420			21,189
Net foreign exchange (losses) gains	(936		)	(256		)	(244		)	131			50			(1,192		)	555
Other income	139			205			209			210			69			344			70
Net realized and unrealized gains (losses) on investments	20,914			22,435			427			(3,517		)	(6,853		)	43,349			(23,685		)
Total revenues	120,339			113,532			112,752			99,862			58,954			233,871			117,079
Expenses
Net claims and claim expenses incurred	10,986			3,663			169,716			72,818			(39,479		)	14,649			(34,887		)
Acquisition expenses	21,211			16,966			(2,591		)	9,284			22,616			38,177			38,623
Operational and corporate expenses	9,777			10,650			4,490			11,560			8,721			20,427			17,130
Interest expense	1,858			1,858			1,859			1,859			1,858			3,716			3,716
Total expenses	43,832			33,137			173,474			95,521			(6,284		)	76,969			24,582
Income (loss) before taxes	76,507			80,395			(60,722		)	4,341			65,238			156,902			92,497
Income tax benefit (expense)	243			(142		)	21			448			(747		)	101			(1,115		)
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	76,750		$	80,253		$	(60,701	)	$	4,789		$	64,491		$	157,003		$	91,382

Net claims and claim expenses incurred - current accident year	$	5,623		$	10,300		$	206,323		$	74,632		$	9,867		$	15,923		$	17,810
Net claims and claim expenses incurred - prior accident years	5,363			(6,637		)	(36,607		)	(1,814		)	(49,346		)	(1,274		)	(52,697		)
Net claims and claim expenses incurred - total	$	10,986		$	3,663		$	169,716		$	72,818		$	(39,479	)	$	14,649		$	(34,887	)

Net claims and claim expense ratio - current accident year	6.5		%	13.2		%	208.8		%	82.3		%	18.1		%	9.7		%	15.0		%
Net claims and claim expense ratio - prior accident years	6.2		%	(8.5		)%	(37.1		)%	(2.0		)%	(90.4		)%	(0.8		)%	(44.3		)%
Net claims and claim expense ratio - calendar year	12.7		%	4.7		%	171.7		%	80.3		%	(72.3		)%	8.9		%	(29.3		)%
Underwriting expense ratio	35.8		%	35.2		%	2.0		%	23.0		%	57.4		%	35.5		%	46.8		%
Combined ratio	48.5		%	39.9		%	173.7		%	103.3		%	(14.9		)%	44.4		%	17.5		%



	6



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Assets
Fixed maturity investments trading, at fair value	$	10,479,666		$	9,473,160		$	8,088,870		$	7,814,779		$	7,420,778
Short term investments, at fair value	4,579,171			4,012,815			2,586,520			2,461,415			2,031,943
Equity investments trading, at fair value	273,646			389,937			310,252			413,271			432,804
Other investments, at fair value	955,437			878,373			784,933			738,919			713,200
Investments in other ventures, under equity method	100,396			98,563			115,172			117,307			111,935
Total investments	16,388,316			14,852,848			11,885,747			11,545,691			10,710,660
Cash and cash equivalents	670,626			1,021,275			1,107,922			453,041			548,472
Premiums receivable	3,140,688			2,753,098			1,537,188			1,787,095			1,959,647
Prepaid reinsurance premiums	1,158,534			1,086,027			616,185			795,496			925,501
Reinsurance recoverable	2,865,150			2,908,343			2,372,221			1,204,059			1,454,991
Accrued investment income	76,949			64,615			51,311			46,690			44,810
Deferred acquisition costs and value of business acquired	780,756			841,528			476,661			497,733			511,155
Receivable for investments sold	395,787			411,172			256,416			406,062			505,907
Other assets	344,938			353,543			135,127			121,724			122,048
Goodwill and other intangibles	265,217			267,151			237,418			238,803			240,187
Total assets	$	26,086,961		$	24,559,600		$	18,676,196		$	17,096,394		$	17,023,378
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	8,484,848		$	8,391,484		$	6,076,271		$	4,952,498		$	4,702,345
Unearned premiums	3,362,520			3,188,678			1,716,021			2,058,851			2,267,450
Debt	1,382,890			1,191,499			991,127			990,749			990,371
Reinsurance balances payable	3,280,048			3,009,492			1,902,056			1,970,913			2,085,034
Payable for investments purchased	554,696			679,596			380,332			555,556			490,589
Other liabilities	396,651			435,418			513,609			147,328			134,100
Total liabilities	17,461,653			16,896,167			11,579,416			10,675,895			10,669,889
Redeemable noncontrolling interest	2,712,466			2,109,400			2,051,700			1,533,978			1,493,428
Shareholders' Equity
Preference shares	650,000			650,000			650,000			650,000			650,000
Common shares	44,162			44,159			42,207			40,266			40,263
Additional paid-in capital	552,210			543,889			296,099			42,395			35,094
Accumulated other comprehensive loss	(3,869		)	(1,470		)	(1,433		)	(1,483		)	(1,101		)
Retained earnings	4,670,339			4,317,455			4,058,207			4,155,343			4,135,805
Total shareholders' equity attributable to RenaissanceRe	5,912,842			5,554,033			5,045,080			4,886,521			4,860,061
Total liabilities, noncontrolling interests and shareholders' equity	$	26,086,961		$	24,559,600		$	18,676,196		$	17,096,394		$	17,023,378

Book value per common share	$	119.17		$	111.05		$	104.13		$	105.21		$	104.56



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

Type of Investment	June 30, 2019					March 31, 2019					December 31, 2018					September 30, 2018					June 30, 2018
U.S. treasuries	$	3,961,306		24.2	%	$	3,097,089		20.9	%	$	3,331,411		28.0	%	$	3,117,911		27.0	%	$	2,968,855		27.7	%
Agencies	334,923			2.0	%	182,904			1.2	%	174,883			1.5	%	143,980			1.2	%	55,199			0.5	%
Municipal	2,859			—	%	256,967			1.7	%	6,854			0.1	%	7,061			0.1	%	6,164			0.1	%
Non-U.S. government	370,505			2.3	%	687,021			4.6	%	279,818			2.4	%	254,169			2.2	%	298,811			2.8	%
Non-U.S. government-backed corporate	207,668			1.3	%	286,331			1.9	%	160,063			1.3	%	137,512			1.2	%	185,640			1.7	%
Corporate	3,268,511			19.9	%	2,971,018			20.0	%	2,450,244			20.6	%	2,448,795			21.2	%	2,280,080			21.3	%
Agency mortgage-backed	1,167,735			7.1	%	955,616			6.4	%	817,880			6.8	%	836,376			7.2	%	762,077			7.1	%
Non-agency mortgage-backed	266,963			1.6	%	272,880			1.8	%	278,680			2.4	%	289,649			2.5	%	300,311			2.8	%
Commercial mortgage-backed	374,584			2.3	%	245,323			1.7	%	282,294			2.4	%	257,434			2.2	%	248,590			2.3	%
Asset-backed	524,612			3.2	%	518,011			3.5	%	306,743			2.6	%	321,892			2.9	%	315,051			3.0	%
Total fixed maturity investments, at fair value	10,479,666			63.9	%	9,473,160			63.7	%	8,088,870			68.1	%	7,814,779			67.7	%	7,420,778			69.3	%
Short term investments, at fair value	4,579,171			28.0	%	4,012,815			27.1	%	2,586,520			21.8	%	2,461,415			21.3	%	2,031,943			19.0	%
Total consolidated fixed maturity and short term investments, at fair value	15,058,837			91.9	%	13,485,975			90.8	%	10,675,390			89.9	%	10,276,194			89.0	%	9,452,721			88.3	%
Equity investments trading, at fair value	273,646			1.7	%	389,937			2.6	%	310,252			2.6	%	413,271			3.6	%	432,804			4.1	%
Other investments, at fair value	955,437			5.8	%	878,373			5.9	%	784,933			6.5	%	738,919			6.4	%	713,200			6.6	%
Total managed investment portfolio	16,287,920			99.4	%	14,754,285			99.3	%	11,770,575			99.0	%	11,428,384			99.0	%	10,598,725			99.0	%
Investments in other ventures, under equity method	100,396			0.6	%	98,563			0.7	%	115,172			1.0	%	117,307			1.0	%	111,935			1.0	%
Total investments	$	16,388,316		100.0	%	$	14,852,848		100.0	%	$	11,885,747		100.0	%	$	11,545,691		100.0	%	$	10,710,660		100.0	%

Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	15,058,837				$	13,485,975				$	10,675,390				$	10,276,194				$	9,452,721
Weighted average yield to maturity of fixed maturity and short term investments	2.4		%			2.7		%			3.2		%			3.1		%			3.0		%
Average duration of fixed maturities and short term investments	2.7					2.5					2.1					2.0					2.2
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	10,787,618				$	9,811,977				$	7,647,460				$	7,600,044				$	7,056,577
Weighted average yield to maturity of retained fixed maturity and short term investments	2.5		%			2.8		%			3.4		%			3.3		%			3.1		%
Average duration of retained fixed maturities and short term investments	3.1					3.0					2.3					2.4					2.3


(1)	Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.


(2)	Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See Comments on Regulation G for a reconciliation of non-GAAP financial measures.



	8



RenaissanceRe Holdings Ltd.
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	June 30, 2019				March 31, 2019				December 31, 2018				September 30, 2018				June 30, 2018
AAA	$	1,121,450	10.7	%	$	1,221,347	12.9	%	$	769,757	9.5	%	$	732,294	9.4	%	$	792,956	10.7	%
AA	6,073,777		58.0	%	5,302,980		56.0	%	4,745,307		58.7	%	4,496,120		57.5	%	4,181,431		56.3	%
A	1,548,705		14.8	%	1,385,193		14.6	%	928,205		11.5	%	880,744		11.3	%	853,862		11.5	%
BBB	898,740		8.6	%	758,720		8.0	%	658,825		8.1	%	631,290		8.1	%	516,911		7.0	%
Non-investment grade and not rated	836,994		7.9	%	804,920		8.5	%	986,776		12.2	%	1,074,331		13.7	%	1,075,618		14.5	%
Total fixed maturity investments, at fair value	$	10,479,666	100.0	%	$	9,473,160	100.0	%	$	8,088,870	100.0	%	$	7,814,779	100.0	%	$	7,420,778	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	616,578	5.9	%	$	744,030	7.8	%	$	507,728	6.3	%	$	301,817	3.9	%	$	383,353	5.2	%
Due after one through five years	5,176,183		49.4	%	5,301,425		56.0	%	4,762,712		58.9	%	4,694,059		60.0	%	4,421,536		59.5	%
Due after five through ten years	1,896,176		18.1	%	1,154,682		12.2	%	1,056,087		13.1	%	1,020,157		13.1	%	904,070		12.2	%
Due after ten years	456,835		4.3	%	281,193		3.0	%	76,746		0.9	%	93,395		1.2	%	85,790		1.2	%
Mortgage-backed securities	1,809,282		17.3	%	1,473,819		15.5	%	1,378,854		17.0	%	1,383,459		17.7	%	1,310,978		17.7	%
Asset-backed securities	524,612		5.0	%	518,011		5.5	%	306,743		3.8	%	321,892		4.1	%	315,051		4.2	%
Total fixed maturity investments, at fair value	$	10,479,666	100.0	%	$	9,473,160	100.0	%	$	8,088,870	100.0	%	$	7,814,779	100.0	%	$	7,420,778	100.0	%



	9



RenaissanceRe Holdings Ltd.
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
										Credit Rating (1)
June 30, 2019	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	$	4,579,171	$	4,579,171		28.0	%	2.0	%	$	4,141,032		$	397,502		$	37,452		$	2,116		$	54		$	1,015
			100.0		%					90.5		%	8.7		%	0.8		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	3,893,091		3,961,306			24.2	%	1.8	%	—			3,961,306			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	73,424		73,477			0.4	%	2.5	%	—			73,477			—			—			—			—
Other agencies	260,038		261,446			1.6	%	2.2	%	—			261,446			—			—			—			—
Total agencies	333,462		334,923			2.0	%	2.3	%	—			334,923			—			—			—			—
Municipal	2,833		2,859			—	%	3.2	%	1,049			—			1,810			—			—			—
Non-U.S. government	367,741		370,505			2.3	%	2.0	%	287,902			65,615			14,515			—			2,473			—
Non-U.S. government-backed corporate	205,454		207,668			1.3	%	2.2	%	66,745			108,778			31,466			—			679			—
Corporate	3,211,859		3,268,511			19.9	%	3.2	%	42,595			278,028			1,494,584			847,407			592,849			13,048
Mortgage-backed
Residential mortgage-backed
Agency securities	1,152,496		1,167,735			7.1	%	2.9	%	—			1,167,735			—			—			—			—
Non-agency securities - Alt A	205,524		217,303			1.3	%	4.1	%	9,673			7,461			3,246			8,693			152,027			36,203
Non-agency securities - Prime	47,206		49,660			0.3	%	3.6	%	7,097			2,693			1,396			629			21,273			16,572
Total residential mortgage-backed	1,405,226		1,434,698			8.7	%	3.1	%	16,770			1,177,889			4,642			9,322			173,300			52,775
Commercial mortgage-backed	379,883		374,584			2.3	%	2.8	%	297,036			64,231			887			10,918			1,512			—
Total mortgage-backed	1,785,109		1,809,282			11.0	%	3.0	%	313,806			1,242,120			5,529			20,240			174,812			52,775
Asset-backed
Collateralized loan obligations	484,107		483,404			2.9	%	3.7	%	371,189			82,758			—			29,457			—			—
Credit cards	10,189		10,366			0.1	%	2.2	%	10,366			—			—			—			—			—
Auto loans	14,188		14,417			0.1	%	2.3	%	14,417			—			—			—			—			—
Other	16,285		16,425			0.1	%	2.9	%	13,381			249			801			1,636			—			358
Total asset-backed	524,769		524,612			3.2	%	3.6	%	409,353			83,007			801			31,093			—			358
Total securitized assets	2,309,878		2,333,894			14.2	%	3.1	%	723,159			1,325,127			6,330			51,333			174,812			53,133
Total fixed maturity investments	10,324,318		10,479,666			63.9	%	2.6	%	1,121,450			6,073,777			1,548,705			898,740			770,813			66,181
			100.0		%					10.7		%	58.0		%	14.8		%	8.6		%	7.3		%	0.6		%
Weighted average yield to maturity of fixed maturity and short term investments								2.4	%
Equity investments trading			273,646			1.7	%			—			—			—			—			—			273,646
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			652,668			4.0	%			—			—			—			—			652,668			—
Private equity investments			270,246			1.6	%			—			—			—			—			—			270,246
Senior secured bank loan funds			20,591			0.1	%			—			—			—			—			—			20,591
Hedge funds			11,932			0.1	%			—			—			—			—			—			11,932
Total other investments			955,437			5.8	%			—			—			—			—			652,668			302,769
			100.0		%					—		%	—		%	—		%	—		%	68.3		%	31.7		%
Investments in other ventures			100,396			0.6	%			—			—			—			—			—			100,396
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	16,388,316		100.0	%			$	5,262,482		$	6,471,279		$	1,586,157		$	900,856		$	1,423,535		$	744,007
			100.0		%					32.1		%	39.5		%	9.7		%	5.5		%	8.7		%	4.5		%

(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.



	10



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Six months ended
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Fixed maturity investments	$	88,106		$	61,483		$	60,189		$	55,725		$	50,416		$	149,589		$	96,059
Short term investments	17,807			11,844			11,231			9,403			7,633			29,651			12,937
Equity investments trading	916			1,027			1,383			903			1,490			1,943			2,188
Other investments
Private equity investments	10,309			2,454			(11,672		)	8,723			3,860			12,763			3,426
Other	630			7,245			(4,871		)	8,665			10,658			7,875			18,681
Cash and cash equivalents	2,306			1,517			1,102			1,104			1,039			3,823			1,604
	120,074			85,570			57,362			84,523			75,096			205,644			134,895
Investment expenses	(4,242		)	(4,108		)	(4,024		)	(3,827		)	(3,740		)	(8,350		)	(7,063		)
Net investment income	115,832			81,462			53,338			80,696			71,356			197,294			127,832

Gross realized gains	28,512			24,373			6,339			5,229			5,133			52,885			9,716
Gross realized losses	(7,217		)	(22,943		)	(23,399		)	(15,327		)	(26,519		)	(30,160		)	(52,372		)
Net realized gains (losses) on fixed maturity investments	21,295			1,430			(17,060		)	(10,098		)	(21,386		)	22,725			(42,656		)
Net unrealized gains (losses) on fixed maturity investments trading	121,991			103,922			16,212			(8,730		)	(9,420		)	225,913			(64,792		)
Net realized and unrealized gains (losses) on investments-related derivatives	37,173			13,796			(8,021		)	2,563			1,038			50,969			(3,326		)
Net realized gains (losses) on equity investments trading	31,899			(1,161		)	5,898			21,259			348			30,738			582
Net unrealized (losses) gains on equity investments trading	(18,355		)	52,658			(85,683		)	8,636			11,519			34,303			10,147
Net realized and unrealized gains (losses) on investments	194,003			170,645			(88,654		)	13,630			(17,901		)	364,648			(100,045		)
Total investment result	$	309,835		$	252,107		$	(35,316	)	$	94,326		$	53,455		$	561,942		$	27,787

Total investment return - annualized	8.0		%	8.0		%	(1.2		)%	3.3		%	2.0		%	7.3		%	0.5		%



	11



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2019
Property	$	1,191,810	$	1,635,595	$	791,628	$	3,619,033
Casualty and Specialty	1,450,805		128,701		3,280,133		4,859,639
Other	3,010		—		3,166		6,176
Total	$	2,645,625	$	1,764,296	$	4,074,927	$	8,484,848

March 31, 2019
Property	$	1,243,455	$	1,598,283	$	844,681	$	3,686,419
Casualty and Specialty	1,454,164		121,165		3,125,166		4,700,495
Other	1,404		—		3,166		4,570
Total (1)	$	2,699,023	$	1,719,448	$	3,973,013	$	8,391,484

December 31, 2018
Property	$	690,718	$	1,308,307	$	1,087,229	$	3,086,254
Casualty and Specialty	771,537		116,877		2,096,979		2,985,393
Other	1,458		—		3,166		4,624
Total	$	1,463,713	$	1,425,184	$	3,187,374	$	6,076,271

September 30, 2018
Property	$	610,932	$	744,391	$	774,220	$	2,129,543
Casualty and Specialty	773,732		102,631		1,940,244		2,816,607
Other	3,240		—		3,108		6,348
Total	$	1,387,904	$	847,022	$	2,717,572	$	4,952,498

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


(1)	Included in the Company’s reserves for claims and claim expenses balance at March 31, 2019 is $2.4 billion of gross reserves for claims and claim expenses, at fair value, acquired as a result of the acquisition of the TMR Group Entities.



	12



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2019									Three months ended June 30, 2018
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	8,391,484		$	2,908,343		$	5,483,141		$	4,912,727		$	1,572,321		$	3,340,406
Incurred claims and claim expenses
Current year	525,838			72,698			453,140			283,416			67,020			216,396
Prior years	226,218			225,985			233			(206,471		)	(50,242		)	(156,229		)
Total incurred claims and claim expenses	752,056			298,683			453,373			76,945			16,778			60,167
Paid claims and claim expenses
Current year	46,602			2,419			44,183			16,456			1,604			14,852
Prior years	608,902			338,461			270,441			250,159			132,498			117,661
Total paid claims and claim expenses	655,504			340,880			314,624			266,615			134,102			132,513
Foreign exchange	(3,188		)	(996		)	(2,192		)	(20,712		)	(6		)	(20,706		)
Reserve for claims and claim expenses, end of period	$	8,484,848		$	2,865,150		$	5,619,698		$	4,702,345		$	1,454,991		$	3,247,354

	Six months ended June 30, 2019									Six months ended June 30, 2018
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	6,076,271		$	2,372,221		$	3,704,050		$	5,080,408		$	1,586,630		$	3,493,778
Incurred claims and claim expenses
Current year	826,399			141,918			684,481			550,434			131,000			419,434
Prior years	263,776			267,849			(4,073		)	(247,747		)	(60,183		)	(187,564		)
Total incurred claims and claim expenses	1,090,175			409,767			680,408			302,687			70,817			231,870
Paid claims and claim expenses
Current year	55,941			3,609			52,332			28,032			4,130			23,902
Prior years	1,012,242			441,681			570,561			644,113			198,323			445,790
Total paid claims and claim expenses	1,068,183			445,290			622,893			672,145			202,453			469,692
Amounts acquired (1)	2,388,210			529,435			1,858,775			—			—			—
Foreign exchange	(1,625		)	(983		)	(642		)	(8,605		)	(3		)	(8,602		)
Reserve for claims and claim expenses, end of period	$	8,484,848		$	2,865,150		$	5,619,698		$	4,702,345		$	1,454,991		$	3,247,354


(1)	Represents the fair value of the TMR Group Entities reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.



	13

RenaissanceRe Holdings Ltd.

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd., Top Layer Reinsurance Ltd. ("Top Layer Re"), Vermeer Reinsurance Ltd. and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. Structured reinsurance products and other include Fibonacci Reinsurance Ltd., as well as certain other vehicles and reinsurance contracts which transfer risk to capital.



	Three months ended												Six months ended
	June 30, 2019		March 31, 2019		December 31, 2018			September 30, 2018			June 30, 2018		June 30, 2019		June 30, 2018
Management fee income
Joint ventures	$	9,519	$	9,735	$	3,628		$	9,265		$	7,125	$	19,254	$	13,494
Managed funds	6,467		3,797		3,051			3,260			2,745		10,264		5,151
Structured reinsurance products and other	9,976		8,245		8,213			8,530			7,958		18,221		16,569
Total management fee income	25,962		21,777		14,892			21,055			17,828		47,739		35,214

Performance fee income (loss)
Joint ventures	5,218		2,538		3,193			853			6,869		7,756		11,047
Managed funds	470		298		(4,430		)	2,539			1,175		768		1,953
Structured reinsurance products and other	8,541		4,191		(5,020		)	(1,568		)	6,802		12,732		10,168
Total performance fee income (loss) (1)	14,229		7,027		(6,257		)	1,824			14,846		21,256		23,168

Total fee income	$	40,191	$	28,804	$	8,635		$	22,879		$	32,674	$	68,995	$	58,382


(1)	Performance fees are based on the performance of the individual vehicles and/or products, and could be negative in any given quarter when large losses occur, which can result in the reversal of previously accrued performance fees.



	14



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	367,854		$	273,717		$	(83,906	)	$	32,681		$	191,788
Amount allocated to participating common shareholders (1)	(4,393		)	(3,121		)	(157		)	(294		)	(2,174		)
	$	363,461		$	270,596		$	(84,063	)	$	32,387		$	189,614
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	43,483			42,065			40,111			39,624			39,641
Per common share equivalents of employee stock options and restricted shares	38			26			—			13			13
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	43,521			42,091			40,111			39,637			39,654

Basic income (loss) per RenaissanceRe common share	$	8.36		$	6.43		$	(2.10	)	$	0.82		$	4.78
Diluted income (loss) per RenaissanceRe common share	$	8.35		$	6.43		$	(2.10	)	$	0.82		$	4.78

	Six months ended
(common shares in thousands)	June 30, 2019			June 30, 2018
Numerator:
Net income available to RenaissanceRe common shareholders	$	641,571		$	248,501
Amount allocated to participating common shareholders (1)	(7,483		)	(2,583		)
	$	634,088		$	245,918
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	42,774			39,597
Per common share equivalents of employee stock options and restricted shares	32			25
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	42,806			39,622

Basic income per RenaissanceRe common share	$	14.82		$	6.21
Diluted income per RenaissanceRe common share	$	14.81		$	6.21


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



	15



RenaissanceRe Holdings Ltd.
Ratings

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

Renaissance Reinsurance Ltd. (1)	A+	A+	A1	A+
DaVinci Reinsurance Ltd. (1)	A	A+	A3	—
Renaissance Reinsurance of Europe Unlimited Company (1)	A+	A+	—	—
Renaissance Reinsurance U.S. Inc. (1)	A+	A+	—	—
RenaissanceRe Europe AG (1)	A+	A+	—	—
RenaissanceRe Specialty U.S. (1)	A+	A+	—	—
RenaissanceRe (UK) Limited	—	A+	—	—
Top Layer Reinsurance Ltd. (1)	A+	AA	—	—
Vermeer Reinsurance Ltd. (1)	A	—	—	—

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

RenaissanceRe (3)	Very Strong	Very Strong	—	—

Ratings as of July 19, 2019.

(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 applicable insurer's long-term 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 reflects a very strong Enterprise Risk Management ("ERM") score within A.M. Best’s credit ratings methodology. The S&P rating for RenaissanceRe represents the rating on its ERM practices.



	16



RenaissanceRe Holdings Ltd.
Gross Premiums Written

	Three months ended										Six months ended
	June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018		June 30, 2019		June 30, 2018
Property Segment
Catastrophe	$	602,656	$	845,213	$	108,937	$	212,330	$	437,720	$	1,447,869	$	1,028,057
Other property	236,544		187,171		90,981		89,083		114,907		423,715		231,538
Property segment gross premiums written	$	839,200	$	1,032,384	$	199,918	$	301,413	$	552,627	$	1,871,584	$	1,259,595

Casualty and Specialty Segment
General casualty (1)	$	258,357	$	153,334	$	75,797	$	97,026	$	153,648	411,691		280,274
Professional liability (2)	167,206		149,377		119,391		111,536		97,811		316,583		254,924
Financial lines (3)	91,202		127,356		102,167		69,253		88,215		218,558		181,482
Other (4)	120,943		101,844		50,482		46,449		85,042		222,787		160,720
Casualty and Specialty segment gross premiums written	$	637,708	$	531,911	$	347,837	$	324,264	$	424,716	$	1,169,619	$	877,400



(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.



	17



RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results

	Three months ended June 30, 2019									Three months ended June 30, 2018
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	602,656		$	236,544		$	839,200		$	437,720		$	114,907		$	552,627
Net premiums written	$	319,128		$	224,987		$	544,115		$	191,797		$	106,035		$	297,832
Net premiums earned	$	222,527		$	202,486		$	425,013		$	119,227		$	84,911		$	204,138
Net claims and claim expenses incurred (recovered)	37,757			109,117			146,874			(112,222		)	37,953			(74,269		)
Acquisition expenses	35,079			54,632			89,711			16,041			24,809			40,850
Operational expenses	28,837			7,927			36,764			19,922			3,888			23,810
Underwriting income	$	120,854		$	30,810		$	151,664		$	195,486		$	18,261		$	213,747

Net claims and claim expenses incurred - current accident year	$	38,175		$	97,936		$	136,111		$	21,964		$	46,912		$	68,876
Net claims and claim expenses incurred - prior accident years	(418		)	11,181			10,763			(134,186		)	(8,959		)	(143,145		)
Net claims and claim expenses incurred - total	$	37,757		$	109,117		$	146,874		$	(112,222	)	$	37,953		$	(74,269	)

Net claims and claim expense ratio - current accident year	17.2		%	48.4		%	32.0		%	18.4		%	55.2		%	33.7		%
Net claims and claim expense ratio - prior accident years	(0.2		)%	5.5		%	2.6		%	(112.5		)%	(10.5		)%	(70.1		)%
Net claims and claim expense ratio - calendar year	17.0		%	53.9		%	34.6		%	(94.1		)%	44.7		%	(36.4		)%
Underwriting expense ratio	28.7		%	30.9		%	29.7		%	30.1		%	33.8		%	31.7		%
Combined ratio	45.7		%	84.8		%	64.3		%	(64.0		)%	78.5		%	(4.7		)%

	Six months ended June 30, 2019									Six months ended June 30, 2018
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,447,869		$	423,715		$	1,871,584		$	1,028,057		$	231,538		$	1,259,595
Net premiums written	$	763,144		$	345,201		$	1,108,345		$	472,850		$	179,059		$	651,909
Net premiums earned	$	402,764		$	312,994		$	715,758		$	267,050		$	162,137		$	429,187
Net claims and claim expenses incurred (recovered)	23,763			179,194			202,957			(102,749		)	59,087			(43,662		)
Acquisition expenses	59,406			84,044			143,450			34,014			47,557			81,571
Operational expenses	52,449			12,859			65,308			42,017			8,339			50,356
Underwriting income	$	267,146		$	36,897		$	304,043		$	293,768		$	47,154		$	340,922

Net claims and claim expenses incurred - current accident year	$	41,665		$	148,652		$	190,317		$	43,506		$	83,539		$	127,045
Net claims and claim expenses incurred - prior accident years	(17,902		)	30,542			12,640			(146,255		)	(24,452		)	(170,707		)
Net claims and claim expenses incurred - total	$	23,763		$	179,194		$	202,957		$	(102,749	)	$	59,087		$	(43,662	)

Net claims and claim expense ratio - current accident year	10.3		%	47.5		%	26.6		%	16.3		%	51.5		%	29.6		%
Net claims and claim expense ratio - prior accident years	(4.4		)%	9.8		%	1.8		%	(54.8		)%	(15.1		)%	(39.8		)%
Net claims and claim expense ratio - calendar year	5.9		%	57.3		%	28.4		%	(38.5		)%	36.4		%	(10.2		)%
Underwriting expense ratio	27.8		%	30.9		%	29.1		%	28.5		%	34.5		%	30.8		%
Combined ratio	33.7		%	88.2		%	57.5		%	(10.0		)%	70.9		%	20.6		%



	18

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 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 (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 attributable to RenaissanceRe common shareholders, transaction and integration expenses associated with the acquisition of the TMR Group Entities and the income tax expense or benefit associated with these exclusions to “net income (loss) available (attributable) to RenaissanceRe common shareholders". 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; certain transaction and integration expenses associated with the acquisition of the TMR Group Entities; and the associated income tax expense or benefit of these adjustments. 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 (loss) available (attributable) to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) 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:

RenaissanceRe Holdings Ltd.

Comments on Regulation G



	Three months ended															Six months ended
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	367,854		$	273,717		$	(83,906	)	$	32,681		$	191,788		$	641,571		$	248,501
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(177,418		)	(153,164		)	88,987			(16,371		)	12,562			(330,582		)	81,590
Adjustment for transaction and integration expenses associated with the acquisition of the TMR Group Entities	14,483			25,520			3,296			—			—			40,003			—
Adjustment for income tax expense (benefit) (2)	7,653			8,287			(3,580		)	1,536			(58		)	15,940			(3,706		)
Operating income available to RenaissanceRe common shareholders	$	212,572		$	154,360		$	4,797		$	17,846		$	204,292		$	366,932		$	326,385

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.35		$	6.43		$	(2.10	)	$	0.82		$	4.78		$	14.81		$	6.21
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(4.08		)	(3.64		)	2.22			(0.41		)	0.32			(7.72		)	2.06
Adjustment for transaction and integration expenses associated with the acquisition of the TMR Group Entities	0.33			0.61			0.08			—			—			0.93			—
Adjustment for income tax expense (benefit) (2)	0.18			0.20			(0.09		)	0.04			—			0.37			(0.09		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	4.78		$	3.60		$	0.11		$	0.45		$	5.10		$	8.39		$	8.18

Return on average common equity - annualized	28.9		%	23.5		%	(7.8		)%	3.1		%	18.6		%	26.4		%	12.2		%
Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1)	(13.9		)%	(13.2		)%	8.2		%	(1.5		)%	1.2		%	(13.6		)%	4.0		%
Adjustment for transaction and integration expenses associated with the acquisition of the TMR Group Entities	1.1		%	2.2		%	0.3		%	—		%	—		%	1.6		%	—		%
Adjustment for income tax expense (benefit) (2)	0.6		%	0.8		%	(0.3		)%	0.1		%	—		%	0.7		%	(0.2		)%
Operating return on average common equity - annualized	16.7		%	13.3		%	0.4		%	1.7		%	19.8		%	15.1		%	16.0		%

(1)


(2)	Adjustment for income tax expense (benefit) represents the income tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.



	19

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, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Book value per common share	$	119.17		$	111.05		$	104.13		$	105.21		$	104.56
Adjustment for goodwill and other intangibles (1) (2)	(6.60		)	(6.66		)	(6.28		)	(6.63		)	(6.69		)
Tangible book value per common share	112.57			104.39			97.85			98.58			97.87
Adjustment for accumulated dividends	20.00			19.66			19.32			18.99			18.66
Tangible book value per common share plus accumulated dividends	$	132.57		$	124.05		$	117.17		$	117.57		$	116.53

Quarterly change in book value per common share	7.3		%	6.6		%	(1.0		)%	0.6		%	4.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	8.2		%	7.0		%	(0.4		)%	1.1		%	4.9		%
Year to date change in book value per common share	14.4		%	6.6		%	4.4		%	5.5		%	4.9		%
Year to date change in tangible book value per common share plus change in accumulated dividends	15.7		%	7.0		%	6.4		%	6.8		%	5.7		%


(1)	At June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, goodwill and other intangibles included $26.3 million, $27.0 million, $27.7 million, $28.4 million and $29.1 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


(2)	At June 30, 2019 and March 31, 2019, goodwill and other intangibles included $30.8 million and $31.1 million, respectively, of goodwill and other intangibles recognized by the Company in connection with the acquisition of the TMR Group Entities on March 22, 2019.



	20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment results included in net income (loss) available (attributable) to RenaissanceRe common shareholders. A reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value” is included below:



	At
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018

Fixed maturity investments, at fair value	$	10,479,666		$	9,473,160		$	8,088,870		$	7,814,779		$	7,420,778
Short term investments, at fair value	4,579,171			4,012,815			2,586,520			2,461,415			2,031,943
Total consolidated fixed maturity and short term investments, at fair value	$	15,058,837		$	13,485,975		$	10,675,390		$	10,276,194		$	9,452,721
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures	(4,271,219		)	(3,673,998		)	(3,027,930		)	(2,676,150		)	(2,396,144		)
Retained fixed maturity and short term investments, at fair value	$	10,787,618		$	9,811,977		$	7,647,460		$	7,600,044		$	7,056,577



	21