SEC Filing | RenaissanceRe Holdings

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rnr-20230502

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): May 2, 2023

RenaissanceRe Holdings Ltd.

(Exact name of registrant as specified in its charter)

Bermuda

001-14428

98-0141974

(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 Office) (Zip Code)

(441) 295-4513

(Registrant’s telephone number, including area code)

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:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			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 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 ☐

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. ☐

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
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
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share	RNR PRG	New York Stock Exchange

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2023, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2023 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 May 2, 2023.

99.2* Copy of the Company’s Financial Supplement.

101 Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in Inline XBRL.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

* 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

May 2, 2023

Robert Qutub

Executive Vice President and Chief Financial Officer

Document

RenaissanceRe Reports Q1 2023 Net Income Available to Common Shareholders of $564.1 Million; Operating Income Available to Common Shareholders of $360.0 Million.

•46.6% annualized return on average common equity and 29.7% annualized operating return on average common equity.

•Strong performance across both segments; Property combined ratio of 56.6% and Casualty and Specialty combined ratio of 92.9%.

•Property catastrophe net premiums written grew by $214.7 million or 35.7%. Growth driven by significant rate increases, partially offset by a reduction in net reinstatement premiums of $44.8 million.

•Fee income of $44.8 million; raised $621.2 million of third-party capital, primarily in DaVinci and Medici. Subsequent to March 31, 2023, Medici surpassed $1.5 billion in net assets.

•Net investment income of $254.4 million in Q1 2023, 203.9% growth compared to Q1 2022.

•Shareholders’ equity attributable to RenaissanceRe grew by $540.3 million since December 31, 2022.

Pembroke, Bermuda, May 2, 2023 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2023.


Net Income Available to Common Shareholders per Diluted Common Share: $12.91 Operating Income Available to Common Shareholders per Diluted Common Share*: $8.16
Underwriting Income $369.6M	Fee Income $44.8M	Net Investment Income $254.4M
Change in Book Value per Common Share: 11.3% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends*: 12.4%

*Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share and Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends are non-GAAP financial measures; see “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.


Kevin J. O’Donnell, President and Chief Executive Officer, said, “We began the year with an excellent quarter, reporting an operating return on average common equity of 29.7% driven by strong underwriting results, growing Capital Partners fees, and increased net investment income. Looking forward, we expect these Three Drivers of Profit to continue to improve, driven by ongoing strong demand for our products, increased fees from our Capital Partners business and a favorable investment environment. We are confident that the attractive reinsurance market will persist, providing us with many opportunities to deploy additional capital as the year progresses.”


Consolidated Financial Results


Consolidated Highlights
	Three months ended March 31,
(in thousands, except per share amounts and percentages)	2023			2022
Gross premiums written	$	2,790,261		$	2,942,964
Net premiums written	2,263,703			2,165,217
Underwriting income (loss)	369,619			200,278
Combined ratio	78.0		%	86.5		%

Net Income (Loss)
Available (attributable) to common shareholders	564,062			(394,413)
Available (attributable) to common shareholders per diluted common share	$	12.91		$	(9.10)
Operating Income (Loss) (1)
Available (attributable) to common shareholders	360,008			151,945
Available (attributable) to common shareholders per diluted common share	$	8.16		$	3.50
Book value per common share	$	116.44		$	121.44
Change in book value per share	11.3		%	(8.1)		%
Tangible book value per common share plus accumulated dividends (1)	$	136.04		$	139.44
Change in tangible book value per common share plus change in accumulated dividends (1)	12.4%			(8.2)%

Return on average common equity - annualized	46.6%			(28.1)%
Operating return on average common equity - annualized (1)	29.7%			10.8%

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

Net negative impact of the Q1 2023 Large Loss Events

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest, both before consideration of any related income tax benefit (expense).

The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of each event, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

Net negative impact on the consolidated financial statements



Three months ended March 31, 2023	Q1 2023 Large Loss Events (1)
(in thousands)
Net claims and claims expenses incurred	$	(81,478)
Assumed reinstatement premiums earned	3,124
Ceded reinstatement premiums earned	—
Earned (lost) profit commissions	(701)
Net negative impact on underwriting result	(79,055)
Redeemable noncontrolling interest	25,517
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(53,538)

Net negative impact on the segment underwriting results and consolidated combined ratio



Three months ended March 31, 2023	Q1 2023 Large Loss Events (1)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(79,055)
Net negative impact on Casualty and Specialty segment underwriting result	—
Net negative impact on underwriting result	$	(79,055)
Percentage point impact on consolidated combined ratio	4.7

(1)“Q1 2023 Large Loss Events” includes the earthquakes which impacted southern and central Turkey in February 2023, Cyclone Gabrielle which impacted northern New Zealand, the flooding that impacted northern New Zealand in January and February 2023, and various wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023.


Three Drivers of Profit: Underwriting, Fee and Investment Income

Underwriting Results - Property Segment: Combined ratio of 56.6%; Increase in property catastrophe net premiums written of 35.7%


Property Segment
	Three months ended March 31,						Q/Q Change
(in thousands, except percentages)	2023			2022
Gross premiums written	$	1,304,199		$	1,343,508		(2.9)%
Net premiums written	1,019,829			890,166			14.6%
Underwriting income (loss)	298,679			184,802

Underwriting Ratios
Net claims and claim expense ratio - current accident year	39.2		%	44.7		%	(5.5)	pts
Net claims and claim expense ratio - prior accident years	(11.9)		%	(2.7)		%	(9.2)	pts
Net claims and claim expense ratio - calendar year	27.3		%	42.0		%	(14.7)	pts
Underwriting expense ratio	29.3		%	28.1		%	1.2	pts
Combined ratio	56.6		%	70.1		%	(13.5)	pts

•Gross premiums written decreased by $39.3 million, or 2.9%, driven by:

–$81.8 million decrease in the other property class of business, primarily due to the non-renewal of certain catastrophe exposed quota share programs that did not meet the Company’s return hurdles, partially offset by;

–$42.5 million increase in the property catastrophe class of business, principally driven by rate improvements on deals written in the first quarter of 2023; which were partially offset by a reduction of $149.6 million of premiums written by Upsilon, as well as a reduction in gross reinstatement premiums of $49.5 million, compared to the first quarter of 2022.

•Net premiums written increased by $129.7 million, or 14.6%, driven by:

–$214.7 million increase in the property catastrophe class of business, driven by rate improvements and lower ceded premiums written, partially offset by a reduction in net reinstatement premiums of $44.8 million compared to the first quarter of 2022. This was partially offset by;

–$85.0 million decrease in the other property class of business.

•Net claims and claim expense ratio - current accident year decreased 5.5 percentage points, primarily as a result of a lower impact from large loss events in the current quarter, compared to the first quarter of 2022.

–Q1 2023 Large Loss Events contributed 11.7 percentage points to the current accident year net claims and claim expense ratio, compared to the weather-related large losses in the first quarter of 2022, which contributed 17.8 percentage points.

•Net claims and claim expense ratio - prior accident years reflects net favorable development, primarily from weather-related large losses in the 2017 through 2021 accident years, driven by better than expected loss emergence.

•Underwriting expense ratio increased 1.2 percentage points, largely driven by the reduction in reinstatement premiums discussed above.

Underwriting Results - Casualty and Specialty Segment: Combined ratio of 92.9% and underwriting income of $70.9 million


Casualty and Specialty Segment
	Three months ended March 31,						Q/Q Change
(in thousands, except percentages)	2023			2022
Gross premiums written	$	1,486,062		$	1,599,456		(7.1)%
Net premiums written	1,243,874			1,275,051			(2.4)%
Underwriting income (loss)	70,940			15,476

Underwriting Ratios
Net claims and claim expense ratio - current accident year	64.1		%	67.2		%	(3.1)	pts
Net claims and claim expense ratio - prior accident years	(2.3)		%	(0.1)		%	(2.2)	pts
Net claims and claim expense ratio - calendar year	61.8		%	67.1		%	(5.3)	pts
Underwriting expense ratio	31.1		%	31.1		%	—	pts
Combined ratio	92.9		%	98.2		%	(5.3)	pts

•Gross premiums written decreased 7.1% reflecting decreases in casualty classes of business, principally in professional liability, and partially offset by growth in the other specialty class of business.

•Net premiums written decreased 2.4% as the impact from decreases in gross premiums written was partially offset by a reduction in ceded premiums written.

•Net claims and claim expense ratio - current accident year decreased by 3.1 percentage points as compared to the first quarter of 2022, due to the impact of the Russia-Ukraine War in 2022, which contributed 3.1 percentage points in the first quarter of 2022.

•Net claims and claim expense ratio - prior accident years reflects higher favorable prior accident year loss development of 2.2 percentage points, driven by favorable experience in other specialty and credit classes of business.

Fee Income: $44.8 million of fee income, up 58% from Q1 2022; increase in both management and performance fees.


Fee Income
	Three months ended March 31,				Q/Q Change
(in thousands, except percentages)	2023		2022
Total management fee income	$	40,905	$	27,222	$	13,683
Total performance fee income (loss) (1)	3,867		1,127		2,740
Total fee income	$	44,772	$	28,349	$	16,423

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

•Management fee income increased $13.7 million, reflecting increased capital managed at DaVinciRe Holdings Ltd. (“DaVinci”), Vermeer Reinsurance Ltd. (“Vermeer”), RenaissanceRe Medici Fund Ltd. (“Medici”), and Fontana Holdings L.P. and its subsidiaries, as well as the recording of previously deferred management fees in DaVinci as a result of the weather-related large losses experienced in the prior years.

•Performance fee income increased $2.7 million, driven by favorable development on prior years’ events primarily in DaVinci and certain of our structured reinsurance products.

Investment Results: Total investment result improved $1.1 billion; 203.9% growth in net investment income


Investment Results
	Three months ended March 31,						Q/Q Change
(in thousands, except percentages)	2023			2022

Net investment income	$	254,378		$	83,691		$	170,687
Net realized and unrealized gains (losses) on investments	279,451			(673,017)			952,468
Total investment result	$	533,829		$	(589,326)		$	1,123,155
Total investment return - annualized	10.0		%	(10.2)		%	20.2		pts

•Net investment income increased $170.7 million, primarily driven by higher yielding assets in the fixed maturity and short term portfolios as a result of our reinvestment of the portfolio during the rising interest rate environment throughout 2022.

•Net realized and unrealized gains on investments increased $952.5 million, principally driven by:

–Net realized and unrealized gains on fixed maturity investments trading of $207.3 million, which includes net unrealized gains of $312.0 million, reflecting the impact of decreasing interest rates on U.S. treasuries in the first quarter of 2023. This compares to net realized and unrealized losses of $585.3 million in the first quarter of 2022 resulting from increases in interest rates.

–Equity investments contributed net realized and unrealized gains of $30.4 million, compared to net realized and unrealized losses of $48.7 million in the first quarter of 2022. Both the current and comparative quarter equity investment results were in line with wider equity market movements.

•Total investments were $23.2 billion at March 31, 2023 (December 31, 2022 - $22.2 billion). Weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.7% and 2.4 years (December 31, 2022 - 5.7% and 2.5 years, respectively).


Other Items of Note

•Net income attributable to redeemable noncontrolling interests of $267.4 million was primarily driven by:

–Strong underwriting results for DaVinci and Vermeer;

–Strong net investment income driven by higher interest rates and yields within the investment portfolios of the Company’s joint ventures and managed funds; and

–Net realized and unrealized gains on investments recorded during the quarter in the Company’s joint ventures and managed funds.

•Raised third-party capital of $621.2 million in the first quarter of 2023, comprised of $377.2 million in DaVinci and $244.0 million in Medici. Subsequent to March 31, 2023, raised an additional $145.9 million in Medici.

•Redemptions of third-party capital of $207.3 million during the first quarter of 2023, of which $139.4 million was from Upsilon, reducing the size of Upsilon as a result of the release of collateral associated with prior years’ contracts.

•Income tax expense of $28.9 million compared to a benefit of $36.7 million in the first quarter of 2022. The increase in income tax expense was primarily driven by investment gains and an increase in operating income in the Company’s U.S.-based operations compared to investment losses and lower operating income in the first quarter of 2022.


Conference Call Details and Additional Information

Non-GAAP Financial Measures and Additional Financial Information

This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share” 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.

Conference Call Information

RenaissanceRe will host a conference call on Wednesday, May 3, 2023 at 11:00 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, RenaissanceRe 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. We may also make forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, and insured losses from loss events, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the highly competitive nature of the Company’s industry and its reliance on a small number of brokers; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the historically cyclical nature of the (re)insurance industries; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; other political,

regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates and recession or the perception that recession may occur; the effect of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations in the jurisdictions in which we operate; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in our joint ventures and managed funds; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.


INVESTOR CONTACT: RenaissanceRe Holdings Ltd. Keith McCue Senior Vice President, Finance & Investor Relations (441) 239-4830			MEDIA CONTACT: RenaissanceRe Holdings Ltd. Hayden Kenny Vice President, Investor Relations & Communications (441) 239-4946 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
	March 31, 2023			March 31, 2022
Revenues
Gross premiums written	$	2,790,261		$	2,942,964
Net premiums written	$	2,263,703		$	2,165,217
Decrease (increase) in unearned premiums	(583,153)			(678,792)
Net premiums earned	1,680,550			1,486,425
Net investment income	254,378			83,691
Net foreign exchange gains (losses)	(14,503)			(15,486)
Equity in earnings (losses) of other ventures	9,530			(6,390)
Other income (loss)	(4,306)			1,193
Net realized and unrealized gains (losses) on investments	279,451			(673,017)



Total revenues	2,205,100			876,416
Expenses
Net claims and claim expenses incurred	801,200			841,733
Acquisition expenses	432,257			376,507
Operational expenses	77,474			67,907
Corporate expenses	12,843			12,502
Interest expense	12,134			11,955
Total expenses	1,335,908			1,310,604
Income (loss) before taxes	869,192			(434,188)
Income tax benefit (expense)	(28,902)			36,707


Net income (loss)	840,290			(397,481)
Net (income) loss attributable to redeemable noncontrolling interests	(267,384)			11,912
Net income (loss) attributable to RenaissanceRe	572,906			(385,569)
Dividends on preference shares	(8,844)			(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	12.95		$	(9.10)


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	12.91		$	(9.10)
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	8.16		$	3.50

Average shares outstanding - basic	42,876			43,357
Average shares outstanding - diluted	43,006			43,357

Net claims and claim expense ratio	47.7		%	56.6		%
Underwriting expense ratio	30.3		%	29.9		%
Combined ratio	78.0		%	86.5		%

Return on average common equity - annualized	46.6		%	(28.1)		%
Operating return on average common equity - annualized (1)	29.7		%	10.8		%

(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)

	March 31, 2023		December 31, 2022
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value	$	14,695,585	$	14,351,402


Short term investments, at fair value	5,177,095		4,669,272
Equity investments, at fair value	551,394		625,058
Other investments, at fair value	2,700,655		2,494,954
Investments in other ventures, under equity method	84,731		79,750
Total investments	23,209,460		22,220,436
Cash and cash equivalents	1,063,707		1,194,339
Premiums receivable	5,933,701		5,139,471
Prepaid reinsurance premiums	1,130,831		1,021,412
Reinsurance recoverable	4,706,671		4,710,925
Accrued investment income	121,681		121,501
Deferred acquisition costs	1,242,395		1,171,738
Receivable for investments sold	267,161		350,526
Other assets	358,203		384,702
Goodwill and other intangible assets	236,517		237,828

Total assets	$	38,270,327	$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	15,996,826	$	15,892,573
Unearned premiums	5,250,642		4,559,107
Debt	1,140,960		1,170,442
Reinsurance balances payable	3,989,660		3,928,281
Payable for investments purchased	389,440		493,776
Other liabilities	279,878		648,036

Total liabilities	27,047,406		26,692,215
Redeemable noncontrolling interests	5,357,386		4,535,389
Shareholders’ Equity
Preference shares	750,000		750,000
Common shares	43,932		43,718
Additional paid-in capital	467,623		475,647
Accumulated other comprehensive income (loss)	(14,838)		(15,462)
Retained earnings	4,618,818		4,071,371
Total shareholders’ equity attributable to RenaissanceRe	5,865,535		5,325,274


Total liabilities, noncontrolling interests and shareholders’ equity	$	38,270,327	$	36,552,878

Book value per common share	$	116.44	$	104.65


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Three months ended March 31, 2023
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	1,304,199		$	1,486,062		$	—	$	2,790,261
Net premiums written	$	1,019,829		$	1,243,874		$	—	$	2,263,703
Net premiums earned	$	687,420		$	993,130		$	—	$	1,680,550
Net claims and claim expenses incurred	187,609			613,591			—		801,200
Acquisition expenses	145,319			286,938			—		432,257
Operational expenses	55,813			21,661			—		77,474
Underwriting income (loss)	$	298,679		$	70,940		$	—	369,619
Net investment income							254,378		254,378
Net foreign exchange gains (losses)							(14,503)		(14,503)
Equity in earnings of other ventures							9,530		9,530
Other income (loss)							(4,306)		(4,306)
Net realized and unrealized gains (losses) on investments							279,451		279,451

Corporate expenses							(12,843)		(12,843)
Interest expense							(12,134)		(12,134)
Income (loss) before taxes and redeemable noncontrolling interests									869,192
Income tax benefit (expense)							(28,902)		(28,902)

Net (income) loss attributable to redeemable noncontrolling interests							(267,384)		(267,384)
Dividends on preference shares							(8,844)		(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	564,062

Net claims and claim expenses incurred – current accident year	$	269,302		$	636,650		$	—	$	905,952
Net claims and claim expenses incurred – prior accident years	(81,693)			(23,059)			—		(104,752)
Net claims and claim expenses incurred – total	$	187,609		$	613,591		$	—	$	801,200

Net claims and claim expense ratio – current accident year	39.2		%	64.1		%			53.9		%
Net claims and claim expense ratio – prior accident years	(11.9)		%	(2.3)		%			(6.2)		%
Net claims and claim expense ratio – calendar year	27.3		%	61.8		%			47.7		%
Underwriting expense ratio	29.3		%	31.1		%			30.3		%
Combined ratio	56.6		%	92.9		%			78.0		%

	Three months ended March 31, 2022
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	1,343,508		$	1,599,456		$	—	$	2,942,964
Net premiums written	$	890,166		$	1,275,051		$	—	$	2,165,217
Net premiums earned	$	618,591		$	867,834		$	—	$	1,486,425
Net claims and claim expenses incurred	259,761			581,972			—		841,733
Acquisition expenses	127,096			249,411			—		376,507
Operational expenses	46,932			20,975			—		67,907
Underwriting income (loss)	$	184,802		$	15,476		$	—	200,278
Net investment income							83,691		83,691
Net foreign exchange gains (losses)							(15,486)		(15,486)
Equity in earnings of other ventures							(6,390)		(6,390)
Other income (loss)							1,193		1,193
Net realized and unrealized gains (losses) on investments							(673,017)		(673,017)

Corporate expenses							(12,502)		(12,502)
Interest expense							(11,955)		(11,955)
Income (loss) before taxes and redeemable noncontrolling interests									(434,188)
Income tax benefit (expense)							36,707		36,707
Net (income) loss attributable to redeemable noncontrolling interests							11,912		11,912
Dividends on preference shares							(8,844)		(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(394,413)

Net claims and claim expenses incurred – current accident year	$	276,519		$	583,047		$	—	$	859,566
Net claims and claim expenses incurred – prior accident years	(16,758)			(1,075)			—		(17,833)
Net claims and claim expenses incurred – total	$	259,761		$	581,972		$	—	$	841,733

Net claims and claim expense ratio – current accident year	44.7		%	67.2		%			57.8		%
Net claims and claim expense ratio – prior accident years	(2.7)		%	(0.1)		%			(1.2)		%
Net claims and claim expense ratio – calendar year	42.0		%	67.1		%			56.6		%
Underwriting expense ratio	28.1		%	31.1		%			29.9		%
Combined ratio	70.1		%	98.2		%			86.5		%


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

	Three months ended
	March 31, 2023		March 31, 2022
Property Segment
Catastrophe	$	928,595	$	886,091
Other property	375,604		457,417
Property segment gross premiums written	$	1,304,199	$	1,343,508

Casualty and Specialty Segment
General casualty (1)	$	467,892	$	480,142
Professional liability (2)	382,253		549,719
Credit (3)	231,676		259,104
Other specialty (4)	404,241		310,491
Casualty and Specialty segment gross premiums written	$	1,486,062	$	1,599,456


(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
	March 31, 2023			March 31, 2022
Fixed maturity investments trading	$	155,500		$	62,417
Short term investments	32,950			1,136
Equity investments	3,399			2,754
Other investments
Catastrophe bonds	38,831			17,360
Other	24,571			5,552
Cash and cash equivalents	4,264			(41)
	259,515			89,178
Investment expenses	(5,137)			(5,487)
Net investment income	$	254,378		$	83,691

Net investment income return - annualized	4.9		%	1.5		%





Net realized gains (losses) on fixed maturity investments trading	$	(104,765)		$	(121,152)
Net unrealized gains (losses) on fixed maturity investments trading	312,026			(464,177)
Net realized and unrealized gains (losses) on investments-related derivatives	12,162			(40,288)
Net realized gains (losses) on equity investments	(8,738)			(20)
Net unrealized gains (losses) on equity investments	39,151			(48,669)

Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	24,126			(8,261)
Net realized and unrealized gains (losses) on other investments - other	5,489			9,550
Net realized and unrealized gains (losses) on investments	279,451			(673,017)




Total investment result	$	533,829		$	(589,326)

Total investment return - annualized	10.0		%	(10.2)		%


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 certain of these financial measures in previous investor communications and the Company’s management believes that such 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 or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or 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.

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) the income tax expense or benefit associated with these adjustments and (4) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from these adjustments. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”


	Three months ended
(in thousands of United States Dollars, except per share amounts and percentages)	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(255,325)			664,756
Adjustment for net foreign exchange losses (gains)	14,503			15,486

Adjustment for income tax expense (benefit) (1)	11,322			(41,874)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	25,446			(92,010)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	360,008		$	151,945

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(5.94)			15.33
Adjustment for net foreign exchange losses (gains)	0.34			0.36

Adjustment for income tax expense (benefit) (1)	0.26			(0.97)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	0.59			(2.12)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.16		$	3.50

Return on average common equity - annualized	46.6		%	(28.1)		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(21.1)		%	47.3		%
Adjustment for net foreign exchange losses (gains)	1.2		%	1.1		%

Adjustment for income tax expense (benefit) (1)	0.9		%	(3.0)		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	2.1		%	(6.5)		%
Operating return on average common equity - annualized	29.7		%	10.8		%

(1)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.

(2)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

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 table 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.”


	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Book value per common share	$	116.44		$	104.65		$	94.55		$	113.69		$	121.44
Adjustment for goodwill and other intangibles (1)	(5.78)			(5.84)			(5.89)			(5.90)			(5.89)
Tangible book value per common share	110.66			98.81			88.66			107.79			115.55
Adjustment for accumulated dividends	25.38			25.00			24.63			24.26			23.89
Tangible book value per common share plus accumulated dividends	$	136.04		$	123.81		$	113.29		$	132.05		$	139.44

Quarterly change in book value per common share	11.3		%	10.7		%	(16.8)		%	(6.4)		%	(8.1)		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	12.4		%	11.9		%	(17.4)		%	(6.4)		%	(8.2)		%
Year to date change in book value per common share	11.3		%	(20.8)		%	(28.5)		%	(14.0)		%	(8.1)		%
Year to date change in tangible book value per common share plus change in accumulated dividends	12.4		%	(20.6)		%	(28.9)		%	(14.0)		%	(8.2)		%

(1)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022, the adjustment for goodwill and other intangibles included $17.5 million, $17.8 million, $18.0 million, $18.3 million, and $18.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

Document

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RenaissanceRe Holdings Ltd.
Contents


		Page

Basis of Presentation		i

Financial Highlights		1

Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4

Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	9
d.	Gross Premiums Written	10
e.	Net Premiums Written	11
f.	Net Premiums Earned	12
g.	Reserves for Claims and Claim Expenses	13
h.	Paid to Incurred Analysis	14

Managed Joint Ventures and Fee Income
a.	Fee Income	15
b.	Fee income - Five Quarter Trend	16
c.	Noncontrolling Interests	17
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	19

Investments
a.	Total Investment Result	20
b.	Investments Composition	21
c.	Managed Investments - Credit Rating	22
d.	Retained Investments - Credit Rating	23



Other Items
a.	Earnings per Share	24





Comments on Regulation G		25


RenaissanceRe Holdings Ltd.
Basis of Presentation

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

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” 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 25 through 31 for “Comments on Regulation G.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, 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.



Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement 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. We may also make forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, and insured losses from loss events, among other things. 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 Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of


			i

the Company’s investment portfolio and financial market volatility; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the highly competitive nature of the Company’s industry and its reliance on a small number of brokers; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the historically cyclical nature of the (re)insurance industries; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates and recession or the perception that recession may occur; the effect of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations in the jurisdictions in which we operate; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in our joint ventures and managed funds; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.


			ii


RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended
	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	360,008		$	151,945

Underwriting income
Gross premiums written	$	2,790,261		$	2,942,964
Net premiums written	2,263,703			2,165,217




Underwriting income (loss)	369,619			200,278

Net claims and claim expense ratio:


Current accident year	53.9		%	57.8		%
Prior accident years	(6.2)		%	(1.2)		%
Calendar year	47.7		%	56.6		%

Acquisition expense ratio	25.7		%	25.3		%
Operating expense ratio	4.6		%	4.6		%
Combined ratio	78.0		%	86.5		%

Fee income
Management fee income	$	40,905		$	27,222
Performance fee income	3,867			1,127
Total fee income	$	44,772		$	28,349

Investment results - managed
Net investment income	$	254,378		$	83,691
Net realized and unrealized gains (losses) on investments	279,451			(673,017)


Total investment result	$	533,829		$	(589,326)
Total investment return - annualized	10.0		%	(10.2)		%

Investment results - retained (1)
Net investment income	$	168,009		$	62,676
Net realized and unrealized gains (losses) on investments	225,547			(584,624)
Total investment result	$	393,556		$	(521,948)
Total investment return - annualized	10.8		%	(13.7)		%

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


			1


Financial Highlights - Per Share Data & ROE

	Three months ended
	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.95		$	(9.10)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	8.16		$	3.50

Average shares outstanding - basic	42,876			43,357
Average shares outstanding - diluted	43,006			43,357

Return on average common equity - annualized	46.6		%	(28.1)		%
Operating return on average common equity - annualized (1)	29.7		%	10.8		%

	March 31, 2023			December 31, 2022
Book value per common share	$	116.44		$	104.65
Tangible book value per common share (1)	$	110.66		$	98.81
Tangible book value per common share plus accumulated dividends (1)	$	136.04		$	123.81
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	12.4		%	(20.6)		%

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


			2



Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended
	March 31, 2023			March 31, 2022
Revenues
Gross premiums written	$	2,790,261		$	2,942,964
Net premiums written	$	2,263,703		$	2,165,217
Decrease (increase) in unearned premiums	(583,153)			(678,792)
Net premiums earned	1,680,550			1,486,425
Net investment income	254,378			83,691
Net foreign exchange gains (losses)	(14,503)			(15,486)
Equity in earnings (losses) of other ventures	9,530			(6,390)
Other income (loss)	(4,306)			1,193
Net realized and unrealized gains (losses) on investments	279,451			(673,017)



Total revenues	2,205,100			876,416
Expenses
Net claims and claim expenses incurred	801,200			841,733
Acquisition expenses	432,257			376,507
Operational expenses	77,474			67,907
Corporate expenses	12,843			12,502
Interest expense	12,134			11,955
Total expenses	1,335,908			1,310,604
Income (loss) before taxes	869,192			(434,188)
Income tax benefit (expense)	(28,902)			36,707


Net income (loss)	840,290			(397,481)
Net (income) loss attributable to redeemable noncontrolling interests	(267,384)			11,912
Net income (loss) attributable to RenaissanceRe	572,906			(385,569)
Dividends on preference shares	(8,844)			(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.95		$	(9.10)


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	8.16		$	3.50

Return on average common equity - annualized	46.6		%	(28.1)		%
Operating return on average common equity - annualized (1)	29.7		%	10.8		%

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


			3



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	March 31, 2023		December 31, 2022
Assets
Fixed maturity investments trading, at fair value – amortized cost $15,067,873 at March 31, 2023 (December 31, 2022 – $15,038,551)	$	14,695,585	$	14,351,402


Short term investments, at fair value - amortized cost $5,177,881 at March 31, 2023 (December 31, 2022 - $4,671,581)	5,177,095		4,669,272
Equity investments, at fair value	551,394		625,058
Other investments, at fair value	2,700,655		2,494,954
Investments in other ventures, under equity method	84,731		79,750
Total investments	23,209,460		22,220,436
Cash and cash equivalents	1,063,707		1,194,339
Premiums receivable	5,933,701		5,139,471
Prepaid reinsurance premiums	1,130,831		1,021,412
Reinsurance recoverable	4,706,671		4,710,925
Accrued investment income	121,681		121,501
Deferred acquisition costs	1,242,395		1,171,738
Receivable for investments sold	267,161		350,526
Other assets	358,203		384,702
Goodwill and other intangibles	236,517		237,828

Total assets	$	38,270,327	$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	15,996,826	$	15,892,573
Unearned premiums	5,250,642		4,559,107
Debt	1,140,960		1,170,442
Reinsurance balances payable	3,989,660		3,928,281
Payable for investments purchased	389,440		493,776
Other liabilities	279,878		648,036

Total liabilities	27,047,406		26,692,215
Redeemable noncontrolling interests	5,357,386		4,535,389
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2023 (December 31, 2022 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 43,931,597 shares issued and outstanding at March 31, 2023 (December 31, 2022 – 43,717,836)	43,932		43,718
Additional paid-in capital	467,623		475,647
Accumulated other comprehensive loss	(14,838)		(15,462)
Retained earnings	4,618,818		4,071,371
Total shareholders' equity attributable to RenaissanceRe	5,865,535		5,325,274


Total liabilities, noncontrolling interests and shareholders' equity	$	38,270,327	$	36,552,878

Book value per common share	$	116.44	$	104.65


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended March 31, 2023						Three months ended March 31, 2022
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	1,304,199		$	1,486,062		$	2,790,261		$	1,343,508		$	1,599,456		$	2,942,964
Net premiums written	$	1,019,829		$	1,243,874		$	2,263,703		$	890,166		$	1,275,051		$	2,165,217
Net premiums earned	$	687,420		$	993,130		$	1,680,550		$	618,591		$	867,834		$	1,486,425
Net claims and claim expenses incurred	187,609			613,591			801,200			259,761			581,972			841,733
Acquisition expenses	145,319			286,938			432,257			127,096			249,411			376,507
Operational expenses	55,813			21,661			77,474			46,932			20,975			67,907
Underwriting income (loss)	$	298,679		$	70,940		$	369,619		$	184,802		$	15,476		$	200,278

Net claims and claim expenses incurred:


Current accident year	$	269,302		$	636,650		$	905,952		$	276,519		$	583,047		$	859,566
Prior accident years	(81,693)			(23,059)			(104,752)			(16,758)			(1,075)			(17,833)
Total	$	187,609		$	613,591		$	801,200		$	259,761		$	581,972		$	841,733

Net claims and claim expense ratio:


Current accident year	39.2		%	64.1		%	53.9		%	44.7		%	67.2		%	57.8		%
Prior accident years	(11.9)		%	(2.3)		%	(6.2)		%	(2.7)		%	(0.1)		%	(1.2)		%
Calendar year	27.3		%	61.8		%	47.7		%	42.0		%	67.1		%	56.6		%
Acquisition expense ratio	21.2		%	28.9		%	25.7		%	20.5		%	28.7		%	25.3		%
Operating expense ratio	8.1		%	2.2		%	4.6		%	7.6		%	2.4		%	4.6		%

Combined ratio	56.6		%	92.9		%	78.0		%	70.1		%	98.2		%	86.5		%


			5


Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
	Total
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Gross premiums written	$	2,790,261		$	1,585,276		$	2,220,661		$	2,464,639		$	2,942,964
Net premiums written	$	2,263,703		$	1,345,616		$	1,821,711		$	1,863,616		$	2,165,217
Net premiums earned	$	1,680,550		$	1,624,160		$	1,767,021		$	1,456,383		$	1,486,425
Net claims and claim expenses incurred	801,200			822,937			1,967,931			706,239			841,733
Acquisition expenses	432,257			413,217			417,644			361,238			376,507
Operational expenses	77,474			71,704			64,560			72,520			67,907
Underwriting income (loss)	$	369,619		$	316,302		$	(683,114)		$	316,386		$	200,278

Net claims and claim expenses incurred:


Current accident year	$	905,952		$	977,823		$	1,999,837		$	749,196		$	859,566
Prior accident years	(104,752)			(154,886)			(31,906)			(42,957)			(17,833)
Total	$	801,200		$	822,937		$	1,967,931		$	706,239		$	841,733

Net claims and claim expense ratio:


Current accident year	53.9		%	60.2		%	113.2		%	51.4		%	57.8		%
Prior accident years	(6.2)		%	(9.5)		%	(1.8)		%	(2.9)		%	(1.2)		%
Calendar year	47.7		%	50.7		%	111.4		%	48.5		%	56.6		%
Acquisition expense ratio	25.7		%	25.4		%	23.6		%	24.8		%	25.3		%
Operating expense ratio	4.6		%	4.4		%	3.7		%	5.0		%	4.6		%
Combined ratio	78.0		%	80.5		%	138.7		%	78.3		%	86.5		%


			6



Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
	Property
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Gross premiums written	$	1,304,199		$	372,082		$	800,330		$	1,218,321		$	1,343,508
Net premiums written	$	1,019,829		$	372,998		$	696,520		$	887,975		$	890,166
Net premiums earned	$	687,420		$	688,238		$	839,817		$	623,581		$	618,591
Net claims and claim expenses incurred	187,609			240,503			1,372,583			171,924			259,761
Acquisition expenses	145,319			140,872			141,675			137,567			127,096
Operational expenses	55,813			49,638			48,158			49,627			46,932
Underwriting income (loss)	$	298,679		$	257,225		$	(722,599)		$	264,463		$	184,802

Net claims and claim expenses incurred:


Current accident year	$	269,302		$	370,175		$	1,396,842		$	206,976		$	276,519
Prior accident years	(81,693)			(129,672)			(24,259)			(35,052)			(16,758)
Total	$	187,609		$	240,503		$	1,372,583		$	171,924		$	259,761

Net claims and claim expense ratio:


Current accident year	39.2		%	53.8		%	166.3		%	33.2		%	44.7		%
Prior accident years	(11.9)		%	(18.9)		%	(2.9)		%	(5.6)		%	(2.7)		%
Calendar year	27.3		%	34.9		%	163.4		%	27.6		%	42.0		%
Acquisition expense ratio	21.1		%	20.5		%	16.9		%	22.0		%	20.5		%
Operating expense ratio	8.1		%	7.2		%	5.7		%	8.0		%	7.6		%

Combined ratio	56.6		%	62.6		%	186.0		%	57.6		%	70.1		%


			7


Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
	Casualty and Specialty
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Gross premiums written	$	1,486,062		$	1,213,194		$	1,420,331		$	1,246,318		$	1,599,456
Net premiums written	$	1,243,874		$	972,618		$	1,125,191		$	975,641		$	1,275,051
Net premiums earned	$	993,130		$	935,922		$	927,204		$	832,802		$	867,834
Net claims and claim expenses incurred	613,591			582,434			595,348			534,315			581,972
Acquisition expenses	286,938			272,345			275,969			223,671			249,411
Operational expenses	21,661			22,066			16,402			22,893			20,975
Underwriting income (loss)	$	70,940		$	59,077		$	39,485		$	51,923		$	15,476

Net claims and claim expenses incurred:


Current accident year	$	636,650		$	607,648		$	602,995		$	542,220		$	583,047
Prior accident years	(23,059)			(25,214)			(7,647)			(7,905)			(1,075)
Total	$	613,591		$	582,434		$	595,348		$	534,315		$	581,972

Net claims and claim expense ratio:


Current accident year	64.1		%	64.9		%	65.0		%	65.1		%	67.2		%
Prior accident years	(2.3)		%	(2.7)		%	(0.8)		%	(0.9)		%	(0.1)		%
Calendar year	61.8		%	62.2		%	64.2		%	64.2		%	67.1		%
Acquisition expense ratio	28.9		%	29.1		%	29.7		%	26.9		%	28.7		%
Operating expense ratio	2.2		%	2.4		%	1.8		%	2.7		%	2.4		%
Combined ratio	92.9		%	93.7		%	95.7		%	93.8		%	98.2		%


			8



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended March 31, 2023									Three months ended March 31, 2022
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	928,595		$	375,604		$	1,304,199		$	886,091		$	457,417		$	1,343,508
Net premiums written	$	816,487		$	203,342		$	1,019,829		$	601,787		$	288,379		$	890,166
Net premiums earned	$	352,753		$	334,667		$	687,420		$	278,997		$	339,594		$	618,591
Net claims and claim expenses incurred	(12,812)			200,421			187,609			75,255			184,506			259,761
Acquisition expenses	42,050			103,269			145,319			34,808			92,288			127,096
Operational expenses	45,809			10,004			55,813			38,142			8,790			46,932
Underwriting income (loss)	$	277,706		$	20,973		$	298,679		$	130,792		$	54,010		$	184,802

Net claims and claim expenses incurred:


Current accident year	$	67,599		$	201,703		$	269,302		$	103,565		$	172,954		$	276,519
Prior accident years	(80,411)			(1,282)			(81,693)			(28,310)			11,552			(16,758)
Total	$	(12,812)		$	200,421		$	187,609		$	75,255		$	184,506		$	259,761

Net claims and claim expense ratio:


Current accident year	19.2		%	60.3		%	39.2		%	37.1		%	50.9		%	44.7		%
Prior accident years	(22.8)		%	(0.4)		%	(11.9)		%	(10.1)		%	3.4		%	(2.7)		%
Calendar year	(3.6)		%	59.9		%	27.3		%	27.0		%	54.3		%	42.0		%
Acquisition expense ratio	11.9		%	30.8		%	21.2		%	12.4		%	27.2		%	20.5		%
Operating expense ratio	13.0		%	3.0		%	8.1		%	13.7		%	2.6		%	7.6		%

Combined ratio	21.3		%	93.7		%	56.6		%	53.1		%	84.1		%	70.1		%


			9



Underwriting and Reserves
Gross Premiums Written
	Three months ended		Q/Q $ Change	Q/Q % Change
	March 31, 2023						March 31, 2022
Property Segment
Catastrophe	$	954,987			$	862,997	$	91,990	10.7	%
Catastrophe - gross reinstatement premiums	(26,392)				23,094		(49,486)		(214.3)	%
Total catastrophe gross premiums written	$	928,595			$	886,091	$	42,504	4.8	%
Other property	377,851				455,413		(77,562)		(17.0)	%
Other property - gross reinstatement premiums	(2,247)				2,004		(4,251)		(212.1)	%
Total other property gross premiums written	$	375,604			$	457,417	$	(81,813)	(17.9)	%
Property segment gross premiums written	$	1,304,199			$	1,343,508	$	(39,309)	(2.9)	%

Casualty and Specialty Segment
General casualty (1)	$	467,892			$	480,142	$	(12,250)	(2.6)	%
Professional liability (2)	382,253				549,719		(167,466)		(30.5)	%
Credit (3)	231,676				259,104		(27,428)		(10.6)	%
Other specialty (4)	404,241				310,491		93,750		30.2	%
Casualty and Specialty segment gross premiums written	$	1,486,062			$	1,599,456	$	(113,394)	(7.1)	%


(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.


			10


Underwriting and Reserves
Net Premiums Written
	Three months ended				Q/Q $ Change		Q/Q % Change
	March 31, 2023		March 31, 2022
Property Segment
Catastrophe	$	840,126	$	580,592	$	259,534	44.7	%
Catastrophe - net reinstatement premiums	(23,639)		21,195		(44,834)		(211.5)	%
Total catastrophe net premiums written	$	816,487	$	601,787	$	214,700	35.7	%
Other property	207,247		286,108		(78,861)		(27.6)	%
Other property - net reinstatement premiums	(3,905)		2,271		(6,176)		(272.0)	%
Total other property net premiums written	$	203,342	$	288,379	$	(85,037)	(29.5)	%
Property segment net premiums written	$	1,019,829	$	890,166	$	129,663	14.6	%

Casualty and Specialty Segment
General casualty (1)	$	422,420	$	404,276	$	18,144	4.5	%
Professional liability (2)	310,912		432,156		(121,244)		(28.1)	%
Credit (3)	165,544		180,430		(14,886)		(8.3)	%
Other specialty (4)	344,998		258,189		86,809		33.6	%
Casualty and Specialty segment net premiums written	$	1,243,874	$	1,275,051	$	(31,177)	(2.4)	%


(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.


			11


Underwriting and Reserves
Net Premiums Earned
	Three months ended				Q/Q $ Change		Q/Q % Change
	March 31, 2023		March 31, 2022
Property Segment
Catastrophe	$	376,392	$	257,802	$	118,590	46.0	%
Catastrophe - net reinstatement premiums	(23,639)		21,195		(44,834)		(211.5)	%
Total catastrophe net premiums earned	$	352,753	$	278,997	$	73,756	26.4	%
Other property	338,572		337,323		1,249		0.4	%
Other property - net reinstatement premiums	(3,905)		2,271		(6,176)		(272.0)	%
Total other property net premiums earned	$	334,667	$	339,594	$	(4,927)	(1.5)	%
Property segment net premiums earned	$	687,420	$	618,591	$	68,829	11.1	%

Casualty and Specialty Segment
General casualty (1)	$	326,628	$	290,755	$	35,873	12.3	%
Professional liability (2)	292,831		311,237		(18,406)		(5.9)	%
Credit (3)	127,331		83,839		43,492		51.9	%
Other specialty (4)	246,340		182,003		64,337		35.3	%
Casualty and Specialty segment net premiums earned	$	993,130	$	867,834	$	125,296	14.4	%


(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.


			12



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2023
Property	$	2,017,567	$	2,069,014	$	3,100,878	$	7,187,459
Casualty and Specialty	1,917,179		189,794		6,702,394		8,809,367

Total	$	3,934,746	$	2,258,808	$	9,803,272	$	15,996,826







December 31, 2022
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741

Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573


			13



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended March 31, 2023						Three months ended March 31, 2022
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	15,892,573	$	4,710,925	$	11,181,648	$	13,294,630	$	4,268,669	$	9,025,961
Incurred claims and claim expenses
Current year	1,067,128		161,176		905,952		1,019,596		160,030		859,566
Prior years	(107,424)		(2,672)		(104,752)		(2,041)		15,792		(17,833)
Total incurred claims and claim expenses	959,704		158,504		801,200		1,017,555		175,822		841,733
Paid claims and claim expenses
Current year	30,982		4,013		26,969		19,776		1,986		17,790
Prior years	857,853		166,985		690,868		731,325		122,520		608,805
Total paid claims and claim expenses	888,835		170,998		717,837		751,101		124,506		626,595

Foreign exchange (1)	33,384		8,240		25,144		(50,780)		(495)		(50,285)


Reserve for claims and claim expenses, end of period	$	15,996,826	$	4,706,671	$	11,290,155	$	13,510,304	$	4,319,490	$	9,190,814

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.


			14

Managed Joint Ventures and Fee Income

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. (“DaVinci”), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. (“Vermeer”), Fontana Holdings L.P. and its subsidiaries (“Fontana”), and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. (“Medici”). Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.


	Three months ended
	March 31, 2023		March 31, 2022
Management fee income
Joint ventures	$	27,998	$	13,395
Structured reinsurance products and other	6,638		7,224
Managed funds	6,269		6,603
Total management fee income	40,905		27,222

Performance fee income (loss)
Joint ventures	1,755		(103)
Structured reinsurance products and other	1,755		934
Managed funds	357		296
Total performance fee income (loss) (1)	3,867		1,127

Total fee income	$	44,772	$	28,349

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.



	Three months ended
Fee income contributing to:	March 31, 2023		March 31, 2022
Underwriting income (loss) (1)	$	13,141	$	12,161
Earnings from equity method investments (2)	(141)		23
Redeemable noncontrolling interests (3)	31,772		16,165
Total fee income	$	44,772	$	28,349

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.


			15

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

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 DaVinci, Top Layer Reinsurance Ltd., Vermeer, Fontana, and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.


	Three months ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Management fee income
Joint ventures	$	27,998	$	13,377	$	12,271	$	17,703	$	13,395
Structured reinsurance products and other	6,638		6,342		6,377		6,649		7,224
Managed funds	6,269		6,265		6,341		6,355		6,603
Total management fee income	40,905		25,984		24,989		30,707		27,222

Performance fee income (loss)
Joint ventures	1,755		1,505		1,915		1,037		(103)
Structured reinsurance products and other	1,755		2,391		(1,360)		2,486		934
Managed funds	357		467		184		25		296
Total performance fee income (loss) (1)	3,867		4,363		739		3,548		1,127

Total fee income	$	44,772	$	30,347	$	25,728	$	34,255	$	28,349

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.



	Three months ended
Fee income contributing to:	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Underwriting income (loss) (1)	$	13,141	$	13,668	$	11,366	$	12,751	$	12,161
Earnings from equity method investments (2)	(141)		25		19		27		23
Redeemable noncontrolling interests (3)	31,772		16,654		14,343		21,477		16,165
Total fee income	$	44,772	$	30,347	$	25,728	$	34,255	$	28,349

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.


			16

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinci, Medici, Vermeer and Fontana (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:


	Three months ended
	March 31, 2023		March 31, 2022
Redeemable noncontrolling interests - DaVinci	$	(166,082)	$	25,323
Redeemable noncontrolling interests - Medici	(45,069)		5,287
Redeemable noncontrolling interests - Vermeer	(47,405)		(18,698)
Redeemable noncontrolling interests - Fontana	(8,828)		—
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(267,384)	$	11,912


	Three months ended
	March 31, 2023		March 31, 2022
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(241,938)	$	(80,098)
Non-operating (income) loss attributable to redeemable noncontrolling interests	(25,446)		92,010
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(267,384)	$	11,912

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

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


			17

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:


	March 31, 2023		December 31, 2022
Redeemable noncontrolling interests - DaVinci	$	2,234,541	$	1,740,300
Redeemable noncontrolling interests - Medici	1,307,741		1,036,218
Redeemable noncontrolling interests - Vermeer	1,538,245		1,490,840
Redeemable noncontrolling interests - Fontana	276,859		268,031
Redeemable noncontrolling interests	$	5,357,386	$	4,535,389

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:


	March 31, 2023		December 31, 2022
DaVinci	74.6	%	69.1	%
Medici	89.2	%	87.2	%
Vermeer	100.0	%	100.0	%
Fontana	68.4	%	68.4	%


			18


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

	Three months ended
	March 31, 2023			March 31, 2022
Revenues
Gross premiums written	$	528,779		$	425,315
Net premiums written	$	519,169		$	399,189
Decrease (increase) in unearned premiums	(311,282)			(233,158)
Net premiums earned	207,887			166,031
Net investment income	43,898			8,968
Net foreign exchange gains (losses)	(1,507)			412

Net realized and unrealized gains (losses) on investments	38,379			(117,651)
Total revenues	288,657			57,760
Expenses
Net claims and claim expenses incurred	9,691			57,859
Acquisition expenses	26,334			19,582
Operational and corporate expenses	26,803			15,066
Interest expense	1,858			1,858
Total expenses	64,686			94,365
Income (loss) before taxes	223,971			(36,605)
Income tax benefit (expense)	(1,589)			—


Net income (loss) available (attributable) to DaVinci common shareholders	$	222,382		$	(36,605)

Net claims and claim expenses incurred - current accident year	$	46,999		$	68,135
Net claims and claim expenses incurred - prior accident years	(37,308)			(10,276)
Net claims and claim expenses incurred - total	$	9,691		$	57,859

Net claims and claim expense ratio - current accident year	22.6		%	41.0		%
Net claims and claim expense ratio - prior accident years	(17.9)		%	(6.2)		%
Net claims and claim expense ratio - calendar year	4.7		%	34.8		%
Underwriting expense ratio	25.5		%	20.9		%
Combined ratio	30.2		%	55.7		%


			19



Investments
Total Investment Result

	Managed (1)			Retained (2)
	Three months ended			Three months ended
	March 31, 2023				March 31, 2022			March 31, 2023			March 31, 2022
Fixed maturity investments trading	$	155,500			$	62,417		$	121,893		$	55,674
Short term investments	32,950				1,136			12,456			642
Equity investments	3,399				2,754			3,399			2,754
Other investments
Catastrophe bonds	38,831				17,360			6,029			2,686
Other	24,571				5,552			24,571			5,552
Cash and cash equivalents	4,264				(41)			4,012			(24)
	259,515				89,178			172,360			67,284
Investment expenses	(5,137)				(5,487)			(4,351)			(4,608)
Net investment income	$	254,378			$	83,691		$	168,009		$	62,676

Net investment income return - annualized	4.9		%		1.5		%	4.5		%	1.7		%


Net realized gains (losses) on fixed maturity investments trading	$	(104,765)			$	(121,152)		$	(87,407)		$	(106,989)
Net unrealized gains (losses) on fixed maturity investments trading	312,026				(464,177)			259,095			(397,426)
Net realized and unrealized gains (losses) on investments-related derivatives	12,162				(40,288)			14,479			(39,737)
Net realized gains (losses) on equity investments	(8,738)				(20)			(8,738)			(20)
Net unrealized gains (losses) on equity investments	39,151				(48,669)			39,152			(48,720)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	24,126				(8,261)			3,477			(1,282)
Net realized and unrealized gains (losses) on other investments - other	5,489				9,550			5,489			9,550
Net realized and unrealized gains (losses) on investments	279,451				(673,017)			225,547			(584,624)
Total investment result	$	533,829			$	(589,326)		$	393,556		$	(521,948)

Average invested assets	$	22,714,948			$	21,146,938		$	14,970,187		$	14,422,403

Total investment return - annualized	10.0		%		(10.2)		%	10.8		%	(13.7)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.


			20



Investments
Investments Composition




	March 31, 2023								December 31, 2022
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)









Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,331,398	$	(22,800)	$	5,750,433	$	(27,208)	$	7,180,129	$	(186,451)	$	5,772,302	$	(168,146)
Corporate (3)	4,474,372		(221,900)		3,388,545		(209,502)		4,390,568		(331,461)		3,392,129		(300,245)
Other (4)	2,889,815		(127,588)		2,346,051		(104,954)		2,780,705		(169,237)		2,339,897		(140,789)
Total fixed maturity investments trading, at fair value	14,695,585		(372,288)		11,485,029		(341,664)		14,351,402		(687,149)		11,504,328		(609,180)
Short term investments, at fair value	5,177,095		(786)		1,493,812		(257)		4,669,272		(2,309)		1,131,408		(817)

Equity investments, at fair value	551,394		28,566		551,190		28,553		625,058		(10,590)		624,870		(10,600)

Other investments, at fair value
Catastrophe bonds	1,388,579		(158,690)		210,579		(45,581)		1,241,468		(182,798)		209,114		(51,841)
Fund investments	1,144,544		125,059		1,144,544		125,059		1,086,706		111,423		1,086,706		111,423
Term loans	100,000		—		100,000		—		100,000		—		100,000		—
Direct private equity investments	67,532		(30,732)		67,532		(30,732)		66,780		(31,484)		66,780		(31,484)
Total other investments, at fair value	2,700,655		(64,363)		1,522,655		48,746		2,494,954		(102,859)		1,462,600		28,098
Investments in other ventures, under equity method	84,731		—		84,731		—		79,750		—		79,750		—
Total investments	$	23,209,460	$	(408,871)	$	15,137,417	$	(264,622)	$	22,220,436	$	(802,907)	$	14,802,956	$	(592,499)


	March 31, 2023					December 31, 2022
	Managed (1)		Retained (2)			Managed (1)		Retained (2)


Weighted average yield to maturity of investments (5)	5.7	%	5.4		%	5.7	%	5.6		%

Average duration of investments, in years (5)	2.4		3.1			2.5		3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)			$	(7.78)				$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See "Comments on Regulation G" for reconciliation of non-GAAP financial measures.


			21



Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																Investments not subject to credit ratings
March 31, 2023	Fair Value				AAA			AA			A			BBB			Non- Investment Grade						Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,331,398			$	—		$	7,331,398		$	—		$	—		$	—		$	—			$	—
Corporate (3)	4,474,372				223,012			366,487			1,406,060			1,495,150			952,915			30,748				—



Agencies	481,850				31,726			450,124			—			—			—			—				—

Non-U.S. government	364,048				145,306			213,794			3,796			—			1,152			—				—









Residential mortgage-backed	786,680				60,339			554,688			4,736			8,254			89,318			69,345				—
Commercial mortgage-backed	215,655				164,042			34,783			895			8,891			3,486			3,558				—







Asset-backed	1,041,582				703,799			197,531			63,246			37,024			38,825			1,157				—

Total fixed maturity investments trading, at fair value	14,695,585				1,328,224			9,148,805			1,478,733			1,549,319			1,085,696			104,808				—

Short term investments, at fair value	5,177,095				4,895,073			192,464			85,503			3,124			931			—				—

Equity investments, at fair value
Fixed income exchange traded funds (4)	296,049				—			—			—			207,830			88,219			—				—
Other equity investments	255,345				—			—			—			—			—			—				255,345
Total equity investments, at fair value	551,394				—			—			—			207,830			88,219			—				255,345

Other investments, at fair value
Catastrophe bonds	1,388,579				—			—			—			—			1,388,579			—				—
Fund investments:
Private credit funds	806,495				—			—			—			—			—			—				806,495
Private equity funds	338,049				—			—			—			—			—			—				338,049
Term loans	100,000				—			—			100,000			—			—			—				—
Direct private equity investments	67,532				—			—			—			—			—			—				67,532
Total other investments, at fair value	2,700,655				—			—			100,000			—			1,388,579			—				1,212,076

Investments in other ventures, under equity method	84,731				—			—			—			—			—			—				84,731

Total investments	$	23,209,460			$	6,223,297		$	9,341,269		$	1,664,236		$	1,760,273		$	2,563,425		$	104,808			$	1,552,152
	100.0		%		26.8		%	40.2		%	7.2		%	7.6		%	11.0		%	0.5		%		6.7		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)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 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.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.


			22



Investments
Retained Investments - Credit Rating (1)

				Credit Rating (2)																Investments not subject to credit ratings
March 31, 2023	Fair Value				AAA			AA			A			BBB			Non- Investment Grade						Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	5,750,433			$	—		$	5,750,433		$	—		$	—		$	—		$	—			$	—
Corporate (3)	3,388,545				162,466			268,819			1,050,593			1,059,591			822,173			24,903				—



Agencies	353,369				26,973			326,396			—			—			—			—				—

Non-U.S. government	308,004				128,001			175,055			3,796			—			1,152			—				—









Residential mortgage-backed	561,275				42,986			346,636			4,736			8,254			89,318			69,345				—
Commercial mortgage-backed	142,247				97,398			28,019			895			8,891			3,486			3,558				—







Asset-backed	981,156				645,205			196,678			62,265			37,024			38,825			1,159				—

Total fixed maturity investments trading, at fair value	11,485,029				1,103,029			7,092,036			1,122,285			1,113,760			954,954			98,965				—

Short term investments, at fair value	1,493,812				1,299,048			112,252			78,849			3,124			539			—				—

Equity investments, at fair value
Fixed income exchange traded funds (4)	296,049				—			—			—			207,830			88,219			—				—
Other equity investments	255,141				—			—			—			—			—			—				255,141
Total equity investments, at fair value	551,190				—			—			—			207,830			88,219			—				255,141

Other investments, at fair value
Catastrophe bonds	210,579				—			—			—			—			210,579			—				—
Fund investments:
Private credit funds	806,495				—			—			—			—			—			—				806,495
Private equity funds	338,049				—			—			—			—			—			—				338,049
Term loans	100,000				—			—			100,000			—			—			—				—
Direct private equity investments	67,532				—			—			—			—			—			—				67,532
Total other investments, at fair value	1,522,655				—			—			100,000			—			210,579			—				1,212,076

Investments in other ventures, under equity method	84,731				—			—			—			—			—			—				84,731

Total investments	$	15,137,417			$	2,402,077		$	7,204,288		$	1,301,134		$	1,324,714		$	1,254,291		$	98,965			$	1,551,948
	100.0		%		15.9		%	47.6		%	8.6		%	8.8		%	8.3		%	0.6		%		10.2		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.


			23



Other Items
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2023		March 31, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062	$	(394,413)
Amount allocated to participating common shareholders (1)	(8,854)		(235)
Net income (loss) allocated to RenaissanceRe common shareholders	$	555,208	$	(394,648)
Denominator:

Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	42,876		43,357
Per common share equivalents of non-vested shares (2)	130		—

Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	43,006		43,357
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.95	$	(9.10)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91	$	(9.10)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.


			24



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 provided certain of these financial measures in previous investor communications and the Company’s management believes that such 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 or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or 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.

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized


			25



Comments on Regulation G


	Three months ended
	March 31, 2023			March 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	564,062		$	(394,413)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(255,325)			664,756
Adjustment for net foreign exchange losses (gains)	14,503			15,486

Adjustment for income tax expense (benefit) (1)	11,322			(41,874)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	25,446			(92,010)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	360,008		$	151,945

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.91		$	(9.10)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(5.94)			15.33
Adjustment for net foreign exchange losses (gains)	0.34			0.36

Adjustment for income tax expense (benefit) (1)	0.26			(0.97)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	0.59			(2.12)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.16		$	3.50

Return on average common equity - annualized	46.6		%	(28.1)		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(21.1)		%	47.3		%
Adjustment for net foreign exchange losses (gains)	1.2		%	1.1		%

Adjustment for income tax expense (benefit) (1)	0.9		%	(3.0)		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	2.1		%	(6.5)		%
Operating return on average common equity - annualized	29.7		%	10.8		%

(2)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.


			26



Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

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 table 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.”


	March 31, 2023			December 31, 2022
Book value per common share	$	116.44		$	104.65
Adjustment for goodwill and other intangibles (1)	(5.78)			(5.84)
Tangible book value per common share	110.66			98.81
Adjustment for accumulated dividends	25.38			25.00
Tangible book value per common share plus accumulated dividends	$	136.04		$	123.81



Year to date change in book value per common share	11.3		%	(20.8)		%
Year to date change in tangible book value per common share plus change in accumulated dividends	12.4		%	(20.6)		%

(1)At March 31, 2023 and December 31, 2022, the adjustment for goodwill and other intangibles included $17.5 million and $17.8 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


			27



Comments on Regulation G

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”


	Three months ended March 31, 2023									Three months ended March 31, 2022
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	155,500		$	(33,607)		$	121,893		$	62,417		$	(6,743)		$	55,674
Short term investments	32,950			(20,494)			12,456			1,136			(494)			642
Equity investments	3,399			—			3,399			2,754			—			2,754
Other investments
Catastrophe bonds	38,831			(32,802)			6,029			17,360			(14,674)			2,686
Other	24,571			—			24,571			5,552			—			5,552
Cash and cash equivalents	4,264			(252)			4,012			(41)			17			(24)
	259,515			(87,155)			172,360			89,178			(21,894)			67,284
Investment expenses	(5,137)			786			(4,351)			(5,487)			879			(4,608)
Net investment income	$	254,378		$	(86,369)		$	168,009		$	83,691		$	(21,015)		$	62,676

Net investment income return - annualized	4.9		%	(0.4)		%	4.5		%	1.5		%	0.2		%	1.7		%

Net realized gains (losses) on fixed maturity investments trading	$	(104,765)		$	17,358		$	(87,407)		$	(121,152)		$	14,163		$	(106,989)
Net unrealized gains (losses) on fixed maturity investments trading	312,026			(52,931)			259,095			(464,177)			66,751			(397,426)
Net realized and unrealized gains (losses) on investments-related derivatives	12,162			2,317			14,479			(40,288)			551			(39,737)
Net realized gains (losses) on equity investments	(8,738)			—			(8,738)			(20)			—			(20)
Net unrealized gains (losses) on equity investments	39,151			1			39,152			(48,669)			(51)			(48,720)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	24,126			(20,649)			3,477			(8,261)			6,979			(1,282)
Net realized and unrealized gains (losses) on other investments - other	5,489			—			5,489			9,550			—			9,550
Net realized and unrealized gains (losses) on investments	279,451			(53,904)			225,547			(673,017)			88,393			(584,624)
Total investment result	$	533,829		$	(140,273)		$	393,556		$	(589,326)		$	67,378		$	(521,948)

Average invested assets	$	22,714,948		$	(7,744,761)		$	14,970,187		$	21,146,938		$	(6,724,535)		$	14,422,403

Total investment return - annualized	10.0		%	0.8		%	10.8		%	(10.2)		%	(3.5)		%	(13.7)		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.


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Comments on Regulation G

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to "retained total investments."


	March 31, 2023						December 31, 2022
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,331,398	$	(1,580,965)	$	5,750,433	$	7,180,129	$	(1,407,827)	$	5,772,302
Corporate (4)	4,474,372		(1,085,827)		3,388,545		4,390,568		(998,439)		3,392,129
Agencies	481,850		(128,481)		353,369		395,149		(81,312)		313,837




Non-U.S. government	364,048		(56,044)		308,004		383,838		(51,582)		332,256









Residential mortgage-backed	786,680		(225,405)		561,275		710,429		(192,368)		518,061
Commercial mortgage-backed	215,655		(73,408)		142,247		213,987		(64,006)		149,981







Asset-backed	1,041,582		(60,426)		981,156		1,077,302		(51,540)		1,025,762

Total fixed maturity investments trading, at fair value	14,695,585		(3,210,556)		11,485,029		14,351,402		(2,847,074)		11,504,328

Short term investments, at fair value	5,177,095		(3,683,283)		1,493,812		4,669,272		(3,537,864)		1,131,408

Equity investments, at fair value
Fixed income exchange traded funds	296,049		—		296,049		295,481		—		295,481
Other equity investments	255,345		(204)		255,141		329,577		(188)		329,389
Total equity investments trading, at fair value	551,394		(204)		551,190		625,058		(188)		624,870

Other investments, at fair value
Catastrophe bonds	1,388,579		(1,178,000)		210,579		1,241,468		(1,032,354)		209,114
Fund investments:
Private credit funds	806,495		—		806,495		771,383		—		771,383
Private equity funds	338,049		—		338,049		315,323		—		315,323

Term loans	100,000		—		100,000		100,000		—		100,000
Direct private equity investments	67,532		—		67,532		66,780		—		66,780
Total other investments, at fair value	2,700,655		(1,178,000)		1,522,655		2,494,954		(1,032,354)		1,462,600

Investments in other ventures, under equity method	84,731		—		84,731		79,750		—		79,750

Total investments	$	23,209,460	$	(8,072,043)	$	15,137,417	$	22,220,436	$	(7,417,480)	$	14,802,956

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.


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Comments on Regulation G

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss)".



	March 31, 2023						December 31, 2022
Type of Investment	Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)		Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	(22,800)	$	(4,408)	$	(27,208)	$	(186,451)	$	18,305	$	(168,146)
Corporate (4)	(221,900)		12,398		(209,502)		(331,461)		31,216		(300,245)
Other (5)	(127,588)		22,634		(104,954)		(169,237)		28,448		(140,789)
Total fixed maturity investments trading, at fair value	(372,288)		30,624		(341,664)		(687,149)		77,969		(609,180)
Short term investments, at fair value	(786)		529		(257)		(2,309)		1,492		(817)
Equity investments, at fair value	28,566		(13)		28,553		(10,590)		(10)		(10,600)

Other investments, at fair value
Catastrophe bonds	(158,690)		113,109		(45,581)		(182,798)		130,957		(51,841)
Fund investments	125,059		—		125,059		111,423		—		111,423
Direct private equity investments	(30,732)		—		(30,732)		(31,484)		—		(31,484)

Total other investments, at fair value	(64,363)		113,109		48,746		(102,859)		130,957		28,098

Total investments	$	(408,871)	$	144,249	$	(264,622)	$	(802,907)	$	210,408	$	(592,499)

Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)					$	(7.78)					$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $341.7 million and $609.2 million at March 31, 2023 and December 31, 2022, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.


			30


Comments on Regulation G

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to "operating (income) loss attributable to redeemable noncontrolling interests."


	Three months ended
	March 31, 2023		March 31, 2022
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(267,384)	$	11,912
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	32,747		(81,392)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	(7,301)		(10,619)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	25,446		(92,011)
Operating (income) loss attributable to redeemable noncontrolling interests	$	(292,830)	$	103,923

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


			31