January 31, 2017 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

RenaissanceRe Holdings Ltd.

Contents



		Page(s)

Basis of Presentation		i

Financial Highlights		1

Statements of Operations
a.	Summary Consolidated Statements of Operations	2 - 3
b.	Consolidated Segment Underwriting Results	4 - 5
c.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	6

Balance Sheets
a.	Summary Consolidated Balance Sheets	7

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

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

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

Supplemental Underwriting Results Information
a.	Property Segment Underwriting Results	18
b.	Lloyd's Platform Underwriting Results	19

Comments on Regulation G		20 - 22

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 20 through 22 for Comments on Regulation G.

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

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

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



	i



RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended						Year ended
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Highlights
Gross premiums written	$	323,091		$	336,093		$	2,374,576		$	2,011,310
Net premiums written	$	219,499		$	236,651		$	1,535,312		$	1,416,183
Net premiums earned	$	351,901		$	361,575		$	1,403,430		$	1,400,551
Net claims and claim expenses incurred	123,901			102,013			530,831			448,238
Acquisition expenses	74,146			55,399			289,323			238,592
Operating expenses	49,948			64,300			197,749			219,112
Underwriting income	$	103,906		$	139,863		$	385,527		$	494,609

Net investment income	$	47,316		$	45,918		$	181,726		$	152,567
Net realized and unrealized (losses) gains on investments	(49,967		)	(42,817		)	141,328			(68,918		)
Change in net unrealized gains on fixed maturity investments available for sale	(1,398		)	(257		)	(1,870		)	(1,243		)
Total investment result	$	(4,049	)	$	2,844		$	321,184		$	82,406

Net income available to RenaissanceRe common shareholders	$	69,436		$	92,206		$	480,581		$	408,811
Operating income available to RenaissanceRe common shareholders (1)	$	119,403		$	135,023		$	339,253		$	477,729

Total assets	$	12,352,082		$	11,555,287		$	12,352,082		$	11,555,287
Total shareholders' equity attributable to RenaissanceRe	$	4,866,577		$	4,732,184		$	4,866,577		$	4,732,184

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.69		$	2.09		$	11.43		$	9.28
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.92		$	3.07		$	8.03		$	10.86
Dividends per common share	$	0.31		$	0.30		$	1.24		$	1.20
Book value per common share	$	108.45		$	99.13		$	108.45		$	99.13
Tangible book value per common share (1)	$	101.87		$	92.54		$	101.87		$	92.54
Tangible book value per common share plus accumulated dividends (1)	$	118.59		$	108.02		$	118.59		$	108.02
Change in tangible book value per common share plus change in accumulated dividends (1)	1.8		%	2.3		%	11.4		%	5.0		%

Financial ratios
Net claims and claim expense ratio - current accident year	60.1		%	38.4		%	49.5		%	43.6		%
Net claims and claim expense ratio - prior accident years	(24.9		)%	(10.2		)%	(11.7		)%	(11.6		)%
Net claims and claim expense ratio - calendar year	35.2		%	28.2		%	37.8		%	32.0		%
Underwriting expense ratio	35.3		%	33.1		%	34.7		%	32.7		%
Combined ratio	70.5		%	61.3		%	72.5		%	64.7		%
Return on average common equity - annualized	6.3		%	8.5		%	11.0		%	9.8		%
Operating return on average common equity - annualized (1)	10.8		%	12.5		%	7.8		%	11.4		%
Total investment return - annualized	(0.2		)%	0.1		%	3.5		%	0.9		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Revenues
Gross premiums written	$	323,091		$	430,224		$	759,128		$	862,133		$	336,093
Net premiums written	$	219,499		$	284,222		$	519,916		$	511,675		$	236,651
Decrease (increase) in unearned premiums	132,402			62,299			(168,514		)	(158,069		)	124,924
Net premiums earned	351,901			346,521			351,402			353,606			361,575
Net investment income	47,316			51,423			54,124			28,863			45,918
Net foreign exchange (losses) gains	(5,420		)	(5,986		)	(690		)	(1,692		)	1,203
Equity in earnings (losses) of other ventures	4,960			(11,630		)	6,022			1,611			3,296
Other income	5,177			2,268			2,654			4,079			8,200
Net realized and unrealized (losses) gains on investments	(49,967		)	59,870			69,772			61,653			(42,817		)
Total revenues	353,967			442,466			483,284			448,120			377,375
Expenses
Net claims and claim expenses incurred	123,901			112,575			167,750			126,605			102,013
Acquisition expenses	74,146			80,580			69,005			65,592			55,399
Operational expenses	49,948			40,493			51,073			56,235			64,300
Corporate expenses	11,888			11,537			5,752			8,225			10,791
Interest expense	10,534			10,536			10,536			10,538			10,550
Total expenses	270,417			255,721			304,116			267,195			243,053
Income before taxes	83,550			186,745			179,168			180,925			134,322
Income tax benefit (expense)	7,700			1,316			(6,612		)	(2,744		)	(8,453		)
Net income	91,250			188,061			172,556			178,181			125,869
Net income attributable to noncontrolling interests	(16,219		)	(35,641		)	(30,635		)	(44,591		)	(28,068		)
Net income attributable to RenaissanceRe	75,031			152,420			141,921			133,590			97,801
Dividends on preference shares	(5,595		)	(5,595		)	(5,596		)	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	69,436		$	146,825		$	136,325		$	127,995		$	92,206

Net income available to RenaissanceRe common shareholders per common share - basic	$	1.70		$	3.58		$	3.23		$	2.97		$	2.11
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.69		$	3.56		$	3.22		$	2.95		$	2.09
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.92		$	2.09		$	1.55		$	1.51		$	3.07

Return on average common equity - annualized	6.3		%	13.5		%	12.6		%	11.8		%	8.5		%
Operating return on average common equity - annualized (1)	10.8		%	8.0		%	6.1		%	6.1		%	12.5		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Year ended
	December 31, 2016			December 31, 2015
Revenues
Gross premiums written	$	2,374,576		$	2,011,310
Net premiums written	$	1,535,312		$	1,416,183
Increase in unearned premiums	(131,882		)	(15,632		)
Net premiums earned	1,403,430			1,400,551
Net investment income	181,726			152,567
Net foreign exchange losses	(13,788		)	(3,051		)
Equity in earnings of other ventures	963			20,481
Other income	14,178			13,472
Net realized and unrealized gains (losses) on investments	141,328			(68,918		)
Total revenues	1,727,837			1,515,102
Expenses
Net claims and claim expenses incurred	530,831			448,238
Acquisition expenses	289,323			238,592
Operational expenses	197,749			219,112
Corporate expenses	37,402			76,514
Interest expense	42,144			36,270
Total expenses	1,097,449			1,018,726
Income before taxes	630,388			496,376
Income tax (expense) benefit	(340		)	45,866
Net income	630,048			542,242
Net income attributable to noncontrolling interests	(127,086		)	(111,050		)
Net income attributable to RenaissanceRe	502,962			431,192
Dividends on preference shares	(22,381		)	(22,381		)
Net income available to RenaissanceRe common shareholders	$	480,581		$	408,811

Net income available to RenaissanceRe common shareholders per common share - basic	$	11.50		$	9.36
Net income available to RenaissanceRe common shareholders per common share - diluted	$	11.43		$	9.28
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	8.03		$	10.86

Return on average common equity - annualized	11.0		%	9.8		%
Operating return on average common equity - annualized (1)	7.8		%	11.4		%


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended December 31, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	52,447		$	270,644		$	—		$	323,091
Net premiums written	$	50,960		$	168,396		$	143		$	219,499
Net premiums earned	$	181,998		$	169,761		$	142		$	351,901
Net claims and claim expenses incurred	25,927			98,279			(305		)	123,901
Acquisition expenses	26,418			47,728			—			74,146
Operational expenses	29,201			20,723			24			49,948
Underwriting income	$	100,452		$	3,031		$	423		$	103,906

Net claims and claim expenses incurred - current accident year	$	93,291		$	118,092		$	—		$	211,383
Net claims and claim expenses incurred - prior accident years	(67,364		)	(19,813		)	(305		)	(87,482		)
Net claims and claim expenses incurred - total	$	25,927		$	98,279		$	(305	)	$	123,901

Net claims and claim expense ratio - current accident year	51.3		%	69.6		%				60.1		%
Net claims and claim expense ratio - prior accident years	(37.1		)%	(11.7		)%				(24.9		)%
Net claims and claim expense ratio - calendar year	14.2		%	57.9		%				35.2		%
Underwriting expense ratio	30.6		%	40.3		%				35.3		%
Combined ratio	44.8		%	98.2		%				70.5		%

	Three months ended December 31, 2015
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	43,920		$	292,173		$	—		$	336,093
Net premiums written	$	40,595		$	196,015		$	41		$	236,651
Net premiums earned	$	202,336		$	159,198		$	41		$	361,575
Net claims and claim expenses incurred	3,226			99,737			(950		)	102,013
Acquisition expenses	18,523			36,876			—			55,399
Operational expenses	34,749			29,466			85			64,300
Underwriting income (loss)	$	145,838		$	(6,881	)	$	906		$	139,863

Net claims and claim expenses incurred - current accident year	$	38,736		$	100,153		$	—		$	138,889
Net claims and claim expenses incurred - prior accident years	(35,510		)	(416		)	(950		)	(36,876		)
Net claims and claim expenses incurred - total	$	3,226		$	99,737		$	(950	)	$	102,013

Net claims and claim expense ratio - current accident year	19.1		%	62.9		%				38.4		%
Net claims and claim expense ratio - prior accident years	(17.5		)%	(0.3		)%				(10.2		)%
Net claims and claim expense ratio - calendar year	1.6		%	62.6		%				28.2		%
Underwriting expense ratio	26.3		%	41.7		%				33.1		%
Combined ratio	27.9		%	104.3		%				61.3		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Year ended December 31, 2016
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,111,263		$	1,263,313		$	—		$	2,374,576
Net premiums written	$	725,321		$	809,848		$	143		$	1,535,312
Net premiums earned	$	720,951		$	682,337		$	142		$	1,403,430
Net claims and claim expenses incurred	151,545			380,396			(1,110		)	530,831
Acquisition expenses	97,594			191,729			—			289,323
Operational expenses	108,642			88,984			123			197,749
Underwriting income	$	363,170		$	21,228		$	1,129		$	385,527

Net claims and claim expenses incurred - current accident year	$	256,421		$	438,536		$	—		$	694,957
Net claims and claim expenses incurred - prior accident years	(104,876		)	(58,140		)	(1,110		)	(164,126		)
Net claims and claim expenses incurred - total	$	151,545		$	380,396		$	(1,110	)	$	530,831

Net claims and claim expense ratio - current accident year	35.6		%	64.3		%				49.5		%
Net claims and claim expense ratio - prior accident years	(14.6		)%	(8.6		)%				(11.7		)%
Net claims and claim expense ratio - calendar year	21.0		%	55.7		%				37.8		%
Underwriting expense ratio	28.6		%	41.2		%				34.7		%
Combined ratio	49.6		%	96.9		%				72.5		%

	Year ended December 31, 2015
	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,072,159		$	939,241		$	(90	)	$	2,011,310
Net premiums written	$	726,145		$	690,086		$	(48	)	$	1,416,183
Net premiums earned	$	805,985		$	594,614		$	(48	)	$	1,400,551
Net claims and claim expenses incurred	128,290			320,818			(870		)	448,238
Acquisition expenses	94,249			144,095			248			238,592
Operational expenses	118,666			100,180			266			219,112
Underwriting income	$	464,780		$	29,521		$	308		$	494,609

Net claims and claim expenses incurred - current accident year	$	222,076		$	388,609		$	—		$	610,685
Net claims and claim expenses incurred - prior accident years	(93,786		)	(67,791		)	(870		)	(162,447		)
Net claims and claim expenses incurred - total	$	128,290		$	320,818		$	(870	)	$	448,238

Net claims and claim expense ratio - current accident year	27.6		%	65.4		%				43.6		%
Net claims and claim expense ratio - prior accident years	(11.7		)%	(11.4		)%				(11.6		)%
Net claims and claim expense ratio - calendar year	15.9		%	54.0		%				32.0		%
Underwriting expense ratio	26.4		%	41.0		%				32.7		%
Combined ratio	42.3		%	95.0		%				64.7		%



	5



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended															Year ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Revenues
Gross premiums written	$	(731	)	$	14,537		$	146,519		$	114,503		$	1,269		$	274,828		$	289,262
Net premiums written	$	(580	)	$	8,932		$	133,513		$	88,506		$	1,244		$	230,371		$	246,184
Decrease (increase) in unearned premiums	59,119			48,490			(70,095		)	(30,106		)	61,795			7,408			3,839
Net premiums earned	58,539			57,422			63,418			58,400			63,039			237,779			250,023
Net investment income	7,597			7,213			7,162			6,869			7,241			28,841			27,439
Net foreign exchange (losses) gains	(197		)	(474		)	594			407			(225		)	330			(1,052		)
Other loss	—			—			(86		)	—			—			(86		)	—
Net realized and unrealized (losses) gains on investments	(17,510		)	1,338			11,004			15,239			(13,120		)	10,071			(11,756		)
Total revenues	48,429			65,499			82,092			80,915			56,935			276,935			264,654
Expenses
Net claims and claim expenses incurred	650			(164		)	23,231			(518		)	(6,954		)	23,199			22,510
Acquisition expenses	16,967			16,223			12,916			16,096			16,883			62,202			62,809
Operational and corporate expenses	6,804			6,688			6,786			6,860			7,211			27,138			28,815
Interest expense	1,859			1,859			1,859			1,858			1,813			7,435			6,069
Total expenses	26,280			24,606			44,792			24,296			18,953			119,974			120,203
Income before taxes	22,149			40,893			37,300			56,619			37,982			156,961			144,451
Income tax expense	(111		)	(444		)	(84		)	(91		)	(2		)	(730		)	(3		)
Net income available to DaVinciRe common shareholders	$	22,038		$	40,449		$	37,216		$	56,528		$	37,980		$	156,231		$	144,448

Net claims and claim expenses incurred - current accident year	$	24,310		$	4,435		$	30,095		$	3,546		$	5,477		$	62,386		$	52,067
Net claims and claim expenses incurred - prior accident years	(23,660		)	(4,599		)	(6,864		)	(4,064		)	(12,431		)	(39,187		)	(29,557		)
Net claims and claim expenses incurred - total	$	650		$	(164	)	$	23,231		$	(518	)	$	(6,954	)	$	23,199		$	22,510

Net claims and claim expense ratio - current accident year	41.5		%	7.7		%	47.5		%	6.1		%	8.7		%	26.2		%	20.8		%
Net claims and claim expense ratio - prior accident years	(40.4		)%	(8.0		)%	(10.9		)%	(7.0		)%	(19.7		)%	(16.4		)%	(11.8		)%
Net claims and claim expense ratio - calendar year	1.1		%	(0.3		)%	36.6		%	(0.9		)%	(11.0		)%	9.8		%	9.0		%
Underwriting expense ratio	40.6		%	39.9		%	31.1		%	39.3		%	38.2		%	37.5		%	36.6		%
Combined ratio	41.7		%	39.6		%	67.7		%	38.4		%	27.2		%	47.3		%	45.6		%



	6



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015
Assets
Fixed maturity investments trading, at fair value	$	6,891,244	$	7,088,419	$	7,073,129	$	6,890,592	$	6,765,005
Fixed maturity investments available for sale, at fair value	—		11,721		12,434		13,985		17,813
Total fixed maturity investments, at fair value	6,891,244		7,100,140		7,085,563		6,904,577		6,782,818
Short term investments, at fair value	1,368,379		1,136,660		1,000,206		1,171,523		1,208,401
Equity investments trading, at fair value	383,313		345,565		301,298		335,509		393,877
Other investments, at fair value	549,805		511,621		489,702		496,900		481,621
Investments in other ventures, under equity method	124,227		120,569		133,448		131,692		132,351
Total investments	9,316,968		9,214,555		9,010,217		9,040,201		8,999,068
Cash and cash equivalents	421,157		493,330		455,521		449,149		506,885
Premiums receivable	987,323		1,181,331		1,332,667		1,094,116		778,009
Prepaid reinsurance premiums	441,260		511,421		533,092		444,954		230,671
Reinsurance recoverable	279,564		240,769		222,006		167,228		134,526
Accrued investment income	38,076		37,245		37,900		37,492		39,749
Deferred acquisition costs	335,325		351,841		331,152		287,291		199,380
Receivable for investments sold	105,841		193,071		203,165		204,306		220,834
Other assets	175,382		181,290		160,873		167,514		181,011
Goodwill and other intangibles	251,186		254,678		258,170		261,662		265,154
Total assets	$	12,352,082	$	12,659,531	$	12,544,763	$	12,153,913	$	11,555,287
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,848,294	$	2,861,099	$	2,844,243	$	2,811,523	$	2,767,045
Unearned premiums	1,231,573		1,434,136		1,518,106		1,261,454		889,102
Debt	948,663		951,620		954,577		957,536		960,495
Reinsurance balances payable	673,983		774,660		753,699		618,344		523,974
Payable for investments purchased	305,714		437,826		432,926		454,593		391,378
Other liabilities	301,684		227,847		215,592		208,533		245,145
Total liabilities	6,309,911		6,687,188		6,719,143		6,311,983		5,777,139
Redeemable noncontrolling interest	1,175,594		1,164,553		1,122,403		1,081,337		1,045,964
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	41,187		41,156		41,496		43,095		43,701
Additional paid-in capital	216,558		213,053		242,561		422,422		507,674
Accumulated other comprehensive income	1,133		2,621		2,337		1,665		2,108
Retained earnings	4,207,699		4,150,960		4,016,823		3,893,411		3,778,701
Total shareholders' equity attributable to RenaissanceRe	4,866,577		4,807,790		4,703,217		4,760,593		4,732,184
Total liabilities, noncontrolling interests and shareholders' equity	$	12,352,082	$	12,659,531	$	12,544,763	$	12,153,913	$	11,555,287

Book value per common share	$	108.45	$	107.10	$	103.70	$	101.19	$	99.13



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	December 31, 2016					September 30, 2016					June 30, 2016					March 31, 2016					December 31, 2015
U.S. treasuries	$	2,617,894		28.1	%	$	2,564,635		27.9	%	$	2,660,051		29.5	%	$	2,475,747		27.4	%	$	2,064,944		23.0	%
Agencies	90,972			1.0	%	120,761			1.3	%	126,549			1.4	%	85,270			0.9	%	137,976			1.5	%
Municipal	519,069			5.6	%	550,062			6.0	%	561,456			6.2	%	564,555			6.3	%	583,282			6.5	%
Non-U.S. government (Sovereign debt)	333,224			3.6	%	313,560			3.4	%	313,699			3.5	%	353,756			3.9	%	334,981			3.7	%
Non-U.S. government-backed corporate	133,300			1.4	%	129,423			1.4	%	157,606			1.7	%	164,724			1.8	%	138,994			1.5	%
Corporate	1,877,243			20.2	%	1,916,092			20.8	%	1,840,407			20.5	%	1,833,825			20.3	%	2,055,323			22.9	%
Agency mortgage-backed	462,493			5.0	%	521,987			5.7	%	513,666			5.7	%	498,093			5.5	%	504,518			5.6	%
Non-agency mortgage-backed	258,944			2.7	%	283,333			3.0	%	258,507			2.8	%	256,572			2.8	%	270,763			3.0	%
Commercial mortgage-backed	409,747			4.4	%	492,311			5.3	%	503,475			5.6	%	540,940			6.0	%	561,496			6.2	%
Asset-backed	188,358			2.0	%	207,976			2.2	%	150,147			1.7	%	131,095			1.5	%	130,541			1.4	%
Total fixed maturity investments, at fair value	6,891,244			74.0	%	7,100,140			77.0	%	7,085,563			78.6	%	6,904,577			76.4	%	6,782,818			75.3	%
Short term investments, at fair value	1,368,379			14.7	%	1,136,660			12.4	%	1,000,206			11.1	%	1,171,523			13.0	%	1,208,401			13.4	%
Equity investments trading, at fair value	383,313			4.1	%	345,565			3.8	%	301,298			3.4	%	335,509			3.7	%	393,877			4.4	%
Other investments, at fair value	549,805			5.9	%	511,621			5.5	%	489,702			5.4	%	496,900			5.4	%	481,621			5.4	%
Total managed investment portfolio	9,192,741			98.7	%	9,093,986			98.7	%	8,876,769			98.5	%	8,908,509			98.5	%	8,866,717			98.5	%
Investments in other ventures, under equity method	124,227			1.3	%	120,569			1.3	%	133,448			1.5	%	131,692			1.5	%	132,351			1.5	%
Total investments	$	9,316,968		100.0	%	$	9,214,555		100.0	%	$	9,010,217		100.0	%	$	9,040,201		100.0	%	$	8,999,068		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,043,738		15.2	%	$	1,133,053		16.0	%	$	1,006,357		14.2	%	$	1,104,041		16.0	%	$	1,017,693		15.0	%
AA	3,768,485			54.7	%	3,830,792			54.0	%	4,018,887			56.7	%	3,757,452			54.4	%	3,495,895			51.5	%
A	644,150			9.3	%	684,455			9.6	%	669,716			9.5	%	712,348			10.3	%	779,637			11.5	%
BBB	567,672			8.2	%	542,674			7.6	%	527,498			7.5	%	521,656			7.6	%	765,988			11.3	%
Non-investment grade and not rated	867,199			12.6	%	909,166			12.8	%	863,105			12.1	%	809,080			11.7	%	723,605			10.7	%
Total fixed maturity investments, at fair value	$	6,891,244		100.0	%	$	7,100,140		100.0	%	$	7,085,563		100.0	%	$	6,904,577		100.0	%	$	6,782,818		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	483,642		7.0	%	$	280,850		4.0	%	$	266,356		3.8	%	$	215,975		3.1	%	$	252,257		3.7	%
Due after one through five years	3,900,915			56.6	%	4,102,622			57.8	%	4,163,134			58.8	%	4,011,832			58.1	%	3,833,261			56.5	%
Due after five through ten years	1,028,249			14.9	%	1,044,737			14.7	%	1,049,939			14.8	%	1,035,877			15.0	%	1,011,132			14.9	%
Due after ten years	158,896			2.3	%	166,324			2.3	%	180,339			2.5	%	214,193			3.1	%	218,850			3.3	%
Mortgage-backed securities	1,131,184			16.4	%	1,297,631			18.3	%	1,275,648			18.0	%	1,295,605			18.8	%	1,336,777			19.7	%
Asset-backed securities	188,358			2.8	%	207,976			2.9	%	150,147			2.1	%	131,095			1.9	%	130,541			1.9	%
Total fixed maturity investments, at fair value	$	6,891,244		100.0	%	$	7,100,140		100.0	%	$	7,085,563		100.0	%	$	6,904,577		100.0	%	$	6,782,818		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.1		%			1.8		%			1.8		%			2.0		%			2.2		%
Average duration of fixed maturities and short term investments	2.4					2.3					2.2					2.2					2.3



	8



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
TYPE OF INVESTMENT
Catastrophe bonds	$	335,209		$	298,408		$	275,553		$	272,397		$	241,253
Private equity partnerships	191,061			192,217			190,316			200,465			214,848
Senior secured bank loan fund	22,040			19,440			22,212			22,334			23,231
Hedge funds	1,495			1,556			1,621			1,704			2,289
Total other investments, at fair value	$	549,805		$	511,621		$	489,702		$	496,900		$	481,621

TYPE OF INVESTMENT
Catastrophe bonds	61.0		%	58.3		%	56.3		%	54.8		%	50.1		%
Private equity partnerships	34.7		%	37.6		%	38.9		%	40.4		%	44.6		%
Senior secured bank loan fund	4.0		%	3.8		%	4.5		%	4.5		%	4.8		%
Hedge funds	0.3		%	0.3		%	0.3		%	0.3		%	0.5		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	9



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Year ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Fixed maturity investments	$	38,605		$	39,959		$	46,091		$	36,006		$	38,047		$	160,661		$	134,800
Short term investments	1,726			1,174			1,227			1,000			466			5,127			1,227
Equity investments trading	910			797			865			1,663			2,038			4,235			8,346
Other investments
Private equity investments	6,585			4,572			4,356			(9,358		)	8,260			6,155			9,455
Other	3,072			8,765			5,035			3,309			891			20,181			12,472
Cash and cash equivalents	204			246			209			129			112			788			467
	51,102			55,513			57,783			32,749			49,814			197,147			166,767
Investment expenses	(3,786		)	(4,090		)	(3,659		)	(3,886		)	(3,896		)	(15,421		)	(14,200		)
Net investment income	47,316			51,423			54,124			28,863			45,918			181,726			152,567

Gross realized gains	11,945			20,383			22,661			17,750			11,124			72,739			50,488
Gross realized losses	(12,483		)	(3,363		)	(7,804		)	(14,665		)	(13,487		)	(38,315		)	(53,630		)
Net realized (losses) gains on fixed maturity investments	(538		)	17,020			14,857			3,085			(2,363		)	34,424			(3,142		)
Net unrealized (losses) gains on fixed maturity investments trading	(98,547		)	(4,235		)	44,271			85,465			(52,984		)	26,954			(64,908		)
Net realized and unrealized gains (losses) on investments-related derivatives	11,459			1,727			(9,151		)	(19,449		)	6,447			(15,414		)	5,443
Net realized gains (losses) on equity investments trading	152			127			14,729			(818		)	149			14,190			16,348
Net unrealized gains (losses) on equity investments trading	37,507			45,231			5,066			(6,630		)	5,934			81,174			(22,659		)
Net realized and unrealized (losses) gains on investments	(49,967		)	59,870			69,772			61,653			(42,817		)	141,328			(68,918		)
Change in net unrealized gains on fixed maturity investments available for sale	(1,398		)	(113		)	(90		)	(269		)	(257		)	(1,870		)	(1,243		)
Total investment result	$	(4,049	)	$	111,180		$	123,806		$	90,247		$	2,844		$	321,184		$	82,406

Total investment return - annualized	(0.2		)%	4.9		%	5.5		%	4.0		%	0.1		%	3.5		%	0.9		%



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2016	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,368,379	$	1,368,379		14.7	%	0.7	%	$	1,353,946		$	13,086		$	367		$	454		$	249		$	277
			100.0		%					99.0		%	1.0		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	2,635,282		2,617,894			28.1	%	1.4	%	—			2,617,894			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	29,492		28,991			0.3	%	1.6	%	—			28,991			—			—			—			—
Other agencies	62,413		61,981			0.7	%	2.2	%	—			61,981			—			—			—			—
Total agencies	91,905		90,972			1.0	%	2.0	%	—			90,972			—			—			—			—
Municipal	524,559		519,069			5.6	%	2.4	%	120,851			268,519			89,017			40,682			—			—
Non-U.S. government (Sovereign debt)	342,108		333,224			3.6	%	1.6	%	275,624			31,811			14,303			11,486			—			—
Non-U.S. government-backed corporate	137,024		133,300			1.4	%	1.5	%	91,918			39,145			951			1,286			—			—
Corporate	1,868,125		1,877,243			20.2	%	3.7	%	45,861			151,147			523,273			492,092			639,363			25,507
Mortgage-backed
Residential mortgage-backed
Agency securities	471,235		462,493			5.0	%	2.9	%	—			462,493			—			—			—			—
Non-agency securities - Alt A	186,322		190,294			2.0	%	5.2	%	6,953			12,901			5,801			11,587			148,828			4,224
Non-agency securities - Prime	66,507		68,650			0.7	%	4.3	%	3,548			7,151			967			7,707			49,277			—
Total residential mortgage-backed	724,064		721,437			7.7	%	3.6	%	10,501			482,545			6,768			19,294			198,105			4,224
Commercial mortgage-backed	409,682		409,747			4.4	%	2.6	%	330,801			68,959			7,155			2,832			—			—
Total mortgage-backed	1,133,746		1,131,184			12.1	%	3.3	%	341,302			551,504			13,923			22,126			198,105			4,224
Asset-backed
Collateralized loan obligations	145,663		146,235			1.6	%	2.5	%	127,835			17,403			997			—			—			—
Credit cards	18,948		18,910			0.2	%	1.9	%	18,910			—			—			—			—			—
Auto loans	19,579		19,475			0.2	%	1.8	%	19,475			—			—			—			—			—
Student loans	1,321		1,327			—	%	2.2	%	1,237			90			—			—			—			—
Other	2,430		2,411			—	%	2.7	%	725			—			1,686			—			—			—
Total asset-backed	187,941		188,358			2.0	%	2.3	%	168,182			17,493			2,683			—			—			—
Total securitized assets	1,321,687		1,319,542			14.1	%	3.1	%	509,484			568,997			16,606			22,126			198,105			4,224
Total fixed maturity investments	6,920,690		6,891,244			74.0	%	2.4	%	1,043,738			3,768,485			644,150			567,672			837,468			29,731
			100.0		%					15.2		%	54.7		%	9.3		%	8.2		%	12.2		%	0.4		%
Equity investments trading			383,313			4.1	%			—			—			—			—			—			383,313
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			335,209			3.6	%			—			—			—			—			335,209			—
Private equity partnerships			191,061			2.1	%			—			—			—			—			—			191,061
Senior secured bank loan fund			22,040			0.2	%			—			—			—			—			—			22,040
Hedge funds			1,495			—	%			—			—			—			—			—			1,495
Total other investments			549,805			5.9	%			—			—			—			—			335,209			214,596
			100.0		%					—		%	—		%	—		%	—		%	61.0		%	39.0		%
Investments in other ventures			124,227			1.3	%			—			—			—			—			—			124,227
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,316,968		100.0	%			$	2,397,684		$	3,781,571		$	644,517		$	568,126		$	1,172,926		$	752,144
			100.0		%					25.7		%	40.6		%	6.9		%	6.1		%	12.6		%	8.1		%

(1)

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



	11



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

	December 31, 2016
Issuer	Total		Short term investments		Fixed maturity investments
Goldman Sachs Group Inc.	$	42,179	$	—	$	42,179
JP Morgan Chase & Co.	41,919		—		41,919
Morgan Stanley	40,262		—		40,262
Bank of America Corp.	36,056		—		36,056
Wells Fargo & Co.	34,785		—		34,785
HSBC Holdings PLC	21,323		—		21,323
Royal Bank of Canada	19,404		—		19,404
Credit Suisse Group AG	19,193		—		19,193
PNC Financial Services Group Inc.	18,896		—		18,896
Citigroup Inc.	17,777		—		17,777
Total (1)	$	291,794	$	—	$	291,794


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



	12



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2016
Property	$	214,954	$	186,308	$	226,512	$	627,774
Casualty and Specialty	591,705		105,419		1,498,002		2,195,126
Other	6,935		—		18,459		25,394
Total	$	813,594	$	291,727	$	1,742,973	$	2,848,294

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

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

March 31, 2016
Property	$	287,006	$	164,779	$	231,270	$	683,055
Casualty and Specialty	569,065		145,890		1,383,032		2,097,987
Other	2,737		—		27,744		30,481
Total	$	858,808	$	310,669	$	1,642,046	$	2,811,523

December 31, 2015
Property	$	298,687	$	165,838	$	241,676	$	706,201
Casualty and Specialty	553,574		129,866		1,349,726		2,033,166
Other	2,071		—		25,607		27,678
Total	$	854,332	$	295,704	$	1,617,009	$	2,767,045



	13



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2016									Three months ended December 31, 2015
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,861,099		$	240,769		$	2,620,330		$	2,796,062		$	141,416		$	2,654,646
Incurred claims and claim expenses
Current year	277,281			65,898			211,383			160,629			21,740			138,889
Prior years	(107,326		)	(19,844		)	(87,482		)	(49,215		)	(12,339		)	(36,876		)
Total incurred claims and claim expenses	169,955			46,054			123,901			111,414			9,401			102,013
Paid claims and claim expenses
Current year	59,482			16,438			43,044			42,003			21,340			20,663
Prior years	105,899			(9,333		)	115,232			96,780			(5,130		)	101,910
Total paid claims and claim expenses	165,381			7,105			158,276			138,783			16,210			122,573
Foreign exchange	(17,379		)	(154		)	(17,225		)	(1,648		)	(81		)	(1,567		)
Reserve for claims and claim expenses, end of period	$	2,848,294		$	279,564		$	2,568,730		$	2,767,045		$	134,526		$	2,632,519

	Year ended December 31, 2016									Year ended December 31, 2015
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,767,045		$	134,526		$	2,632,519		$	1,412,510		$	66,694		$	1,345,816
Incurred claims and claim expenses
Current year	888,381			193,424			694,957			726,363			115,678			610,685
Prior years	(177,730		)	(13,604		)	(164,126		)	(181,391		)	(18,944		)	(162,447		)
Total incurred claims and claim expenses	710,651			179,820			530,831			544,972			96,734			448,238
Paid claims and claim expenses
Current year	101,661			18,646			83,015			128,442			32,695			95,747
Prior years	522,175			15,896			506,279			425,359			(206		)	425,565
Total paid claims and claim expenses	623,836			34,542			589,294			553,801			32,489			521,312
Amounts acquired (1)	—			—			—			1,397,845			3,728			1,394,117
Foreign exchange	(5,566		)	(240		)	(5,326		)	(34,481		)	(141		)	(34,340		)
Reserve for claims and claim expenses, end of period	$	2,848,294		$	279,564		$	2,568,730		$	2,767,045		$	134,526		$	2,632,519

(1) Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015.



	14



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	69,436		$	146,825		$	136,325		$	127,995		$	92,206
Amount allocated to participating common shareholders (1)	(789		)	(1,770		)	(1,561		)	(1,601		)	(1,076		)
	$	68,647		$	145,055		$	134,764		$	126,394		$	91,130
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	40,474			40,513			41,693			42,577			43,131
Per common share equivalents of employee stock options and restricted shares	233			220			192			335			382
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,707			40,733			41,885			42,912			43,513

Basic income per RenaissanceRe common share	$	1.70		$	3.58		$	3.23		$	2.97		$	2.11
Diluted income per RenaissanceRe common share	$	1.69		$	3.56		$	3.22		$	2.95		$	2.09

	Year ended
(common shares in thousands)	December 31, 2016			December 31, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	480,581		$	408,811
Amount allocated to participating common shareholders (1)	(5,666		)	(4,721		)
	$	474,915		$	404,090
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	41,314			43,157
Per common share equivalents of employee stock options and restricted shares	245			369
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	41,559			43,526

Basic income per RenaissanceRe common share	$	11.50		$	9.36
Diluted income per RenaissanceRe common share	$	11.43		$	9.28


(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors.



	15



RenaissanceRe Holdings Ltd.
Equity in Earnings (Losses) of Other Ventures

	Three months ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Tower Hill Companies	$	2,860		$	3,422		$	3,846		$	251		$	1,676
Top Layer Re	1,707			(14,951		)	2,265			2,403			1,498
Other	393			(101		)	(89		)	(1,043		)	122
Total equity in earnings (losses) of other ventures	$	4,960		$	(11,630	)	$	6,022		$	1,611		$	3,296

	Year ended
	December 31, 2016			December 31, 2015
Tower Hill Companies	$	10,379		$	13,116
Top Layer Re	(8,576		)	8,026
Other	(840		)	(661		)
Total equity in earnings of other ventures	$	963		$	20,481

Other Income

	Three months ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	4,720		$	2,195		$	3,492		$	3,839		$	8,306
Other items	457			73			(838		)	240			(106		)
Total other income	$	5,177		$	2,268		$	2,654		$	4,079		$	8,200

	Year ended
	December 31, 2016			December 31, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	14,246		$	12,534
Other items	(68		)	938
Total other income	$	14,178		$	13,472



	16



RenaissanceRe Holdings Ltd.
Ratings

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

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

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

RenaissanceRe (3)	—	Very Strong	—	—

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

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

(3) The S&P rating for RenaissanceRe represents the rating on its Enterprise Risk Management practices.



	17



RenaissanceRe Holdings Ltd.
Property Segment Underwriting Results

	Three months ended December 31, 2016									Year ended December 31, 2016
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	7,705		$	44,742		$	52,447		$	884,361		$	226,902		$	1,111,263
Net premiums written	$	6,974		$	43,986		$	50,960		$	523,469		$	201,852		$	725,321
Net premiums earned	$	134,301		$	47,697		$	181,998		$	558,627		$	162,324		$	720,951
Net claims and claim expenses incurred	3,461			22,466			25,927			69,594			81,951			151,545
Acquisition expenses	13,094			13,324			26,418			51,935			45,659			97,594
Operational expenses	23,437			5,764			29,201			86,775			21,867			108,642
Underwriting income	$	94,309		$	6,143		$	100,452		$	350,323		$	12,847		$	363,170

Net claims and claim expenses incurred - current accident year	$	56,815		$	36,475		$	93,291		$	159,753		$	96,667		$	256,421
Net claims and claim expenses incurred - prior accident years	(53,354		)	(14,009		)	(67,364		)	(90,159		)	(14,716		)	(104,876		)
Net claims and claim expenses incurred - total	$	3,461		$	22,466		$	25,927		$	69,594		$	81,951		$	151,545

Net claims and claim expense ratio - current accident year	42.3		%	76.5		%	51.3		%	28.6		%	59.6		%	35.6		%
Net claims and claim expense ratio - prior accident years	(39.7		)%	(29.4		)%	(37.1		)%	(16.1		)%	(9.1		)%	(14.6		)%
Net claims and claim expense ratio - calendar year	2.6		%	47.1		%	14.2		%	12.5		%	50.5		%	21.0		%
Underwriting expense ratio	27.2		%	40.0		%	30.6		%	24.8		%	41.6		%	28.6		%
Combined ratio	29.8		%	87.1		%	44.8		%	37.3		%	92.1		%	49.6		%

	Three months ended December 31, 2015									Year ended December 31, 2015
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	15,264		$	28,656		$	43,920		$	930,578		$	141,581		$	1,072,159
Net premiums written	$	11,992		$	28,603		$	40,595		$	601,549		$	124,596		$	726,145
Net premiums earned	$	168,177		$	34,159		$	202,336		$	664,604		$	141,381		$	805,985
Net claims and claim expenses incurred	(8,924		)	12,150			3,226			70,196			58,094			128,290
Acquisition expenses	8,656			9,867			18,523			55,811			38,438			94,249
Operational expenses	28,717			6,032			34,749			98,380			20,286			118,666
Underwriting income	$	139,728		$	6,110		$	145,838		$	440,217		$	24,563		$	464,780

Net claims and claim expenses incurred - current accident year	$	19,828		$	18,908		$	38,736		$	141,744		$	80,332		$	222,076
Net claims and claim expenses incurred - prior accident years	(28,752		)	(6,758		)	(35,510		)	(71,548		)	(22,238		)	(93,786		)
Net claims and claim expenses incurred - total	$	(8,924	)	$	12,150		$	3,226		$	70,196		$	58,094		$	128,290

Net claims and claim expense ratio - current accident year	11.8		%	55.4		%	19.1		%	21.3		%	56.8		%	27.6		%
Net claims and claim expense ratio - prior accident years	(17.1		)%	(19.8		)%	(17.5		)%	(10.7		)%	(15.7		)%	(11.7		)%
Net claims and claim expense ratio - calendar year	(5.3		)%	35.6		%	1.6		%	10.6		%	41.1		%	15.9		%
Underwriting expense ratio	22.2		%	46.5		%	26.3		%	23.2		%	41.5		%	26.4		%
Combined ratio	16.9		%	82.1		%	27.9		%	33.8		%	82.6		%	42.3		%



	18



RenaissanceRe Holdings Ltd.
Lloyd's Platform Underwriting Results

	Three months ended															Year ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Gross premiums written	$	96,861		$	91,954		$	160,941		$	132,721		$	56,392		$	482,477		$	376,718
Net premiums written	$	70,705		$	69,365		$	131,851		$	62,799		$	44,413		$	334,720		$	275,953
Net premiums earned	$	78,324		$	74,693		$	72,618		$	61,303		$	52,796		$	286,938		$	229,075
Net claims and claim expenses incurred	49,634			29,337			43,832			27,016			34,716			149,819			128,667
Acquisition expenses	19,402			20,958			18,651			14,287			12,712			73,298			55,269
Operational expenses	11,231			8,760			12,408			14,134			15,741			46,533			54,827
Underwriting (loss) income	$	(1,943	)	$	15,638		$	(2,273	)	$	5,866		$	(10,373	)	$	17,288		$	(9,688	)

Net claims and claim expenses incurred - current accident year	$	49,408		$	38,068		$	41,567		$	25,948		$	34,549		$	154,991		$	128,327
Net claims and claim expenses incurred - prior accident years	226			(8,731		)	2,265			1,068			167			(5,172		)	340
Net claims and claim expenses incurred - total	$	49,634		$	29,337		$	43,832		$	27,016		$	34,716		$	149,819		$	128,667

Net claims and claim expense ratio - current accident year	63.1		%	51.0		%	57.2		%	42.3		%	65.4		%	54.0		%	56.0		%
Net claims and claim expense ratio - prior accident years	0.3		%	(11.7		)%	3.2		%	1.8		%	0.4		%	(1.8		)%	0.2		%
Net claims and claim expense ratio - calendar year	63.4		%	39.3		%	60.4		%	44.1		%	65.8		%	52.2		%	56.2		%
Underwriting expense ratio	39.1		%	39.8		%	42.7		%	46.3		%	53.8		%	41.8		%	48.0		%
Combined ratio	102.5		%	79.1		%	103.1		%	90.4		%	119.6		%	94.0		%	104.2		%



	19

RenaissanceRe Holdings Ltd.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company's management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

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



	Three months ended															Year ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Net income available to RenaissanceRe common shareholders	$	69,436		$	146,825		$	136,325		$	127,995		$	92,206		$	480,581		$	408,811
Adjustment for net realized and unrealized losses (gains) on investments	49,967			(59,870		)	(69,772		)	(61,653		)	42,817			(141,328		)	68,918
Operating income available to RenaissanceRe common shareholders	$	119,403		$	86,955		$	66,553		$	66,342		$	135,023		$	339,253		$	477,729

Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.69		$	3.56		$	3.22		$	2.95		$	2.09		$	11.43		$	9.28
Adjustment for net realized and unrealized losses (gains) on investments	1.23			(1.47		)	(1.67		)	(1.44		)	0.98			(3.40		)	1.58
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.92		$	2.09		$	1.55		$	1.51		$	3.07		$	8.03		$	10.86

Return on average common equity - annualized	6.3		%	13.5		%	12.6		%	11.8		%	8.5		%	11.0		%	9.8		%
Adjustment for net realized and unrealized losses (gains) on investments	4.5		%	(5.5		)%	(6.4		)%	(5.7		)%	4.0		%	(3.2		)%	1.6		%
Operating return on average common equity - annualized	10.8		%	8.0		%	6.1		%	6.1		%	12.5		%	7.8		%	11.4		%



	20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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



	At
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Book value per common share	$	108.45		$	107.10		$	103.70		$	101.19		$	99.13
Adjustment for goodwill and other intangibles (1)	(6.58		)	(6.69		)	(6.73		)	(6.59		)	(6.59		)
Tangible book value per common share	101.87			100.41			96.97			94.60			92.54
Adjustment for accumulated dividends	16.72			16.41			16.10			15.79			15.48
Tangible book value per common share plus accumulated dividends	$	118.59		$	116.82		$	113.07		$	110.39		$	108.02

Quarterly change in book value per common share	1.3		%	3.3		%	2.5		%	2.1		%	1.8		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.8		%	3.9		%	2.8		%	2.6		%	2.3		%
Year to date change in book value per common share	9.4		%										10.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends	11.4		%										5.0		%


(1)	At December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016 and December 31, 2015, goodwill and other intangibles included $19.7 million, $20.6 million, $21.4 million, $22.3 million and $23.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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



	Three months ended															Year ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Property Segment
Catastrophe	$	7,705		$	71,606		$	432,033		$	373,017		$	15,264		$	884,361		$	930,578
Other property	44,742			48,298			61,920			71,942			28,656			226,902			141,581
Property segment gross premiums written	$	52,447		$	119,904		$	493,953		$	444,959		$	43,920		$	1,111,263		$	1,072,159

Managed Catastrophe Premiums
Property segment gross premiums written	$	52,447		$	119,904		$	493,953		$	444,959		$	43,920		$	1,111,263		$	1,072,159
Other property gross premiums written	(44,742		)	(48,298		)	(61,920		)	(71,942		)	(28,656		)	(226,902		)	(141,581		)
Catastrophe gross premiums written	$	7,705		$	71,606		$	432,033		$	373,017		$	15,264		$	884,361		$	930,578
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re	1,389			1,493			25,689			11,096			1,923			39,667			38,587
Catastrophe premiums written by the Company and ceded to Top Layer Re	—			—			(896		)	(8,367		)	—			(9,263		)	(6,785		)
Managed catastrophe premiums	$	9,094		$	73,099		$	456,826		$	375,746		$	17,187		$	914,765		$	962,380



	22

Form: 8-K

Documents