October 27, 2020 - EX-99.2 - 8-K: Current report filing


RenaissanceRe Holdings Ltd.
Contents

Page

Basis of Presentation

Financial Highlights

Summary Consolidated Financial Statements

Consolidated Statements of Operations

Consolidated Balance Sheets

Underwriting and Reserves

Consolidated Segment Underwriting Results

Segment Underwriting Results

Property Segment - Catastrophe and Other Property Underwriting Results

Gross Premiums Written

Reserves for Claims and Claim Expenses

Paid to Incurred Analysis

Managed Joint Ventures and Fee Income

Fee Income

Noncontrolling Interests

DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

Investments

Total Investment Result

Investment Portfolio - Composition

Investment Portfolio - Fixed Maturity Investments

Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

Retained Investment Information

Other Items

Earnings per Share

Comments on Regulation G


RenaissanceRe Holdings Ltd.
Basis of Presentation

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

On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of RenaissanceRe Europe AG (formerly known as Tokio Millennium Re AG), RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) ("RenaissanceRe UK") and their subsidiaries (collectively, “TMR”). The three months ended June 30, 2019, was the first full period that reflected the results of TMR on the Company’s results of operations. On August 18, 2020, the Company completed the sale of RenaissanceRe UK to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. This Financial Supplement should be read in that context.

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 (loss) income (attributable) available to RenaissanceRe common shareholders,” “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 21 through 25 for "Comments on Regulation G."

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and prospectus supplement dated June 4, 2020.

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.


			i



Financial Highlights

	Three months ended																					Nine months ended
	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			September 30, 2020			September 30, 2019
Highlights
Gross premiums written	$	1,143,058		$	1,701,872		$	2,025,721		$	905,479		$	861,068		$	4,870,651		$	3,902,271





Underwriting (loss) income	$	(206,072)		$	217,137		$	64,079		$	(65,157)		$	(3,368)		$	75,144		$	321,574

Net investment income	$	83,543		$	89,305		$	99,473		$	112,138		$	111,387		$	272,321		$	312,069
Net realized and unrealized gains (losses) on investments	224,208			448,390			(110,707)			18,454			34,395			561,891			395,655


Total investment result	$	307,751		$	537,695		$	(11,234)		$	130,592		$	145,782		$	834,212		$	707,724

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	47,799		$	575,845		$	(81,974)		$	33,773		$	36,698		$	541,670		$	678,269
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)	$	(131,724)		$	190,076		$	33,410		$	12,623		$	32,681		$	91,762		$	385,128






Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.94		$	12.64		$	(1.89)		$	0.77		$	0.83		$	11.60		$	15.58
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.94		$	12.63		$	(1.89)		$	0.77		$	0.83		$	11.58		$	15.57
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(2.64)		$	4.06		$	0.76		$	0.28		$	0.73		$	1.84		$	8.76

Book value per common share	$	135.13		$	134.27		$	117.15		$	120.53		$	120.07		$	135.13		$	120.07
Tangible book value per common share (1)	$	129.60		$	128.71		$	110.69		$	114.03		$	113.52		$	129.60		$	113.52
Tangible book value per common share plus accumulated dividends (1)	$	151.33		$	150.09		$	131.72		$	134.71		$	133.86		$	151.33		$	133.86
Change in tangible book value per common share plus change in accumulated dividends (1)	1.0		%	16.6		%	(2.6)		%	0.7		%	1.1		%	14.6		%	17.1		%

Financial ratios




Combined ratio	120.6		%	78.5		%	93.0		%	106.7		%	100.4		%	97.4		%	86.4		%
Return on average common equity - annualized	2.8		%	38.5		%	(6.3)		%	2.5		%	2.8		%	12.0		%	18.2		%
Operating return on average common equity - annualized (1)	(7.7)		%	12.7		%	2.6		%	0.9		%	2.5		%	2.0		%	10.2		%
Total investment return - annualized	6.2		%	11.8		%	(0.1)		%	3.1		%	3.6		%	5.8		%	6.0		%

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


			1



Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended																					Nine months ended
	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			September 30, 2020			September 30, 2019
Revenues
Gross premiums written	$	1,143,058		$	1,701,872		$	2,025,721		$	905,479		$	861,068		$	4,870,651		$	3,902,271
Net premiums written	$	899,411		$	1,180,803		$	1,269,808		$	725,367		$	704,130		$	3,350,022		$	2,656,126
Decrease (increase) in unearned premiums	100,772			(170,707)			(356,710)			244,758			202,618			(426,645)			(287,848)
Net premiums earned	1,000,183			1,010,096			913,098			970,125			906,748			2,923,377			2,368,278
Net investment income	83,543			89,305			99,473			112,138			111,387			272,321			312,069
Net foreign exchange gains (losses)	17,426			(7,195)			(5,728)			(1,126)			(8,275)			4,503			(1,812)
Equity in earnings of other ventures	5,457			9,041			4,564			5,874			5,877			19,062			17,350
Other income (loss)	1,476			(1,201)			(4,436)			(160)			1,016			(4,161)			5,109
Net realized and unrealized gains (losses) on investments	224,208			448,390			(110,707)			18,454			34,395			561,891			395,655



Total revenues	1,332,293			1,548,436			896,264			1,105,305			1,051,148			3,776,993			3,096,649
Expenses
Net claims and claim expenses incurred	942,030			510,272			570,954			762,093			654,520			2,023,256			1,334,928
Acquisition expenses	215,180			233,610			210,604			208,618			202,181			659,394			553,614
Operational expenses	49,045			49,077			67,461			64,571			53,415			165,583			158,162
Corporate expenses	48,050			11,898			15,991			17,642			13,844			75,939			76,480
Interest expense	11,843			11,842			14,927			15,496			15,580			38,612			42,868
Total expenses	1,266,148			816,699			879,937			1,068,420			939,540			2,962,784			2,166,052
Income before taxes	66,145			731,737			16,327			36,885			111,608			814,209			930,597
Income tax benefit (expense)	8,244			(29,875)			8,846			3,455			(3,664)			(12,785)			(20,670)


Net income	74,389			701,862			25,173			40,340			107,944			801,424			909,927
Net (income) loss attributable to redeemable noncontrolling interests	(19,301)			(118,728)			(98,091)			2,622			(62,057)			(236,120)			(204,091)
Net income (loss) attributable to RenaissanceRe	55,088			583,134			(72,918)			42,962			45,887			565,304			705,836
Dividends on preference shares	(7,289)			(7,289)			(9,056)			(9,189)			(9,189)			(23,634)			(27,567)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	47,799		$	575,845		$	(81,974)		$	33,773		$	36,698		$	541,670		$	678,269



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	0.94		$	12.64		$	(1.89)		$	0.77		$	0.83		$	11.60		$	15.58


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.94		$	12.63		$	(1.89)		$	0.77		$	0.83		$	11.58		$	15.57
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(2.64)		$	4.06		$	0.76		$	0.28		$	0.73		$	1.84		$	8.76

Return on average common equity - annualized	2.8		%	38.5		%	(6.3)		%	2.5		%	2.8		%	12.0		%	18.2		%
Operating return on average common equity - annualized (1)	(7.7)		%	12.7		%	2.6		%	0.9		%	2.5		%	2.0		%	10.2		%


			2



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Assets
Fixed maturity investments trading, at fair value	$	13,391,318	$	12,495,135	$	11,045,801	$	11,171,655	$	11,386,228


Short term investments, at fair value	5,158,961		5,570,804		5,263,242		4,566,277		4,116,156
Equity investments trading, at fair value	547,381		470,087		360,444		436,931		379,422
Other investments, at fair value	1,122,683		1,093,338		1,058,714		1,087,377		962,109
Investments in other ventures, under equity method	98,990		94,285		90,396		106,549		103,978
Total investments	20,319,333		19,723,649		17,818,597		17,368,789		16,947,893
Cash and cash equivalents	1,287,378		1,185,844		896,216		1,379,068		871,251
Premiums receivable	3,337,120		3,519,965		3,105,441		2,599,896		2,799,954
Prepaid reinsurance premiums	1,082,270		1,266,203		1,151,926		767,781		972,047
Reinsurance recoverable	2,883,808		2,774,358		2,765,583		2,791,297		2,438,299
Accrued investment income	71,947		70,004		73,496		72,461		73,509
Deferred acquisition costs and value of business acquired	697,346		734,286		739,875		663,991		708,258
Receivable for investments sold	752,936		648,458		341,786		78,369		225,147
Other assets	306,265		298,396		312,523		346,216		344,593
Goodwill and other intangibles	257,437		258,591		260,076		262,226		263,259

Total assets	$	30,995,840	$	30,479,754	$	27,465,519	$	26,330,094	$	25,644,210
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	9,900,615	$	9,365,469	$	9,406,707	$	9,384,349	$	8,602,437
Unearned premiums	3,276,156		3,549,641		3,245,914		2,530,975		2,967,535
Debt	1,135,740		1,135,216		1,134,695		1,384,105		1,383,498
Reinsurance balances payable	3,915,804		4,094,027		3,775,375		2,830,691		2,910,601
Payable for investments purchased	1,597,893		1,259,116		636,136		225,275		654,685
Other liabilities	391,494		342,014		351,320		932,024		395,186

Total liabilities	20,217,702		19,745,483		18,550,147		17,287,419		16,913,942
Redeemable noncontrolling interest	3,387,317		3,387,099		3,231,846		3,071,308		2,779,033
Shareholders' Equity
Preference shares	525,000		525,000		525,000		650,000		650,000
Common shares	50,810		50,811		44,034		44,148		44,152
Additional paid-in capital	1,615,328		1,602,738		502,608		568,277		560,166
Accumulated other comprehensive (loss) income	(2,083)		(3,066)		(1,664)		(1,939)		4,988
Retained earnings	5,201,766		5,171,689		4,613,548		4,710,881		4,691,929
Total shareholders' equity attributable to RenaissanceRe	7,390,821		7,347,172		5,683,526		5,971,367		5,951,235


Total liabilities, noncontrolling interests and shareholders' equity	$	30,995,840	$	30,479,754	$	27,465,519	$	26,330,094	$	25,644,210

Book value per common share	$	135.13	$	134.27	$	117.15	$	120.53	$	120.07


			3



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended September 30, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	427,765		$	715,293		$	—	$	1,143,058
Net premiums written	$	378,708		$	520,703		$	—	$	899,411
Net premiums earned	$	516,623		$	483,560		$	—	$	1,000,183
Net claims and claim expenses incurred	590,958			351,052			20		942,030
Acquisition expenses	98,545			116,636			(1)		215,180
Operational expenses	33,672			15,319			54		49,045
Underwriting (loss) income	$	(206,552)		$	553		$	(73)	$	(206,072)

Net claims and claim expenses incurred - current accident year	$	629,827		$	366,080		$	—	$	995,907
Net claims and claim expenses incurred - prior accident years	(38,869)			(15,028)			20		(53,877)
Net claims and claim expenses incurred - total	$	590,958		$	351,052		$	20	$	942,030

Net claims and claim expense ratio - current accident year	121.9		%	75.7		%			99.6		%
Net claims and claim expense ratio - prior accident years	(7.5)		%	(3.1)		%			(5.4)		%
Net claims and claim expense ratio - calendar year	114.4		%	72.6		%			94.2		%
Underwriting expense ratio	25.6		%	27.3		%			26.4		%
Combined ratio	140.0		%	99.9		%			120.6		%

	Three months ended September 30, 2019
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	314,400		$	546,668		$	—	$	861,068
Net premiums written	$	302,982		$	401,148		$	—	$	704,130
Net premiums earned	$	444,332		$	462,416		$	—	$	906,748
Net claims and claim expenses incurred	338,260			316,099			161		654,520
Acquisition expenses	79,521			122,654			6		202,181
Operational expenses	34,238			19,198			(21)		53,415
Underwriting (loss) income	$	(7,687)		$	4,465		$	(146)	$	(3,368)

Net claims and claim expenses incurred - current accident year	$	345,880		$	319,087		$	—	$	664,967
Net claims and claim expenses incurred - prior accident years	(7,620)			(2,988)			161		(10,447)
Net claims and claim expenses incurred - total	$	338,260		$	316,099		$	161	$	654,520

Net claims and claim expense ratio - current accident year	77.8		%	69.0		%			73.3		%
Net claims and claim expense ratio - prior accident years	(1.7)		%	(0.6)		%			(1.1)		%
Net claims and claim expense ratio - calendar year	76.1		%	68.4		%			72.2		%
Underwriting expense ratio	25.6		%	30.6		%			28.2		%
Combined ratio	101.7		%	99.0		%			100.4		%


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,690,827		$	2,179,824		$	—	$	4,870,651
Net premiums written	$	1,757,427		$	1,592,595		$	—	$	3,350,022
Net premiums earned	$	1,429,074		$	1,494,303		$	—	$	2,923,377
Net claims and claim expenses incurred	899,860			1,123,527			(131)		2,023,256
Acquisition expenses	278,668			380,726			—		659,394
Operational expenses	109,335			56,195			53		165,583
Underwriting income (loss)	$	141,211		$	(66,145)		$	78	$	75,144

Net claims and claim expenses incurred - current accident year	$	931,285		$	1,147,354		$	—	$	2,078,639
Net claims and claim expenses incurred - prior accident years	(31,425)			(23,827)			(131)		(55,383)
Net claims and claim expenses incurred - total	$	899,860		$	1,123,527		$	(131)	$	2,023,256

Net claims and claim expense ratio - current accident year	65.2		%	76.8		%			71.1		%
Net claims and claim expense ratio - prior accident years	(2.2)		%	(1.6)		%			(1.9)		%
Net claims and claim expense ratio - calendar year	63.0		%	75.2		%			69.2		%
Underwriting expense ratio	27.1		%	29.2		%			28.2		%
Combined ratio	90.1		%	104.4		%			97.4		%

	Nine months ended September 30, 2019
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,185,984		$	1,716,287		$	—	$	3,902,271
Net premiums written	$	1,411,327		$	1,244,799		$	—	$	2,656,126
Net premiums earned	$	1,160,090		$	1,208,188		$	—	$	2,368,278
Net claims and claim expenses incurred	541,217			793,533			178		1,334,928
Acquisition expenses	222,971			330,829			(186)		553,614
Operational expenses	99,546			58,603			13		158,162
Underwriting income (loss)	$	296,356		$	25,223		$	(5)	$	321,574

Net claims and claim expenses incurred - current accident year	$	536,197		$	813,251		$	—	$	1,349,448
Net claims and claim expenses incurred - prior accident years	5,020			(19,718)			178		(14,520)
Net claims and claim expenses incurred - total	$	541,217		$	793,533		$	178	$	1,334,928

Net claims and claim expense ratio - current accident year	46.2		%	67.3		%			57.0		%
Net claims and claim expense ratio - prior accident years	0.5		%	(1.6)		%			(0.6)		%
Net claims and claim expense ratio - calendar year	46.7		%	65.7		%			56.4		%
Underwriting expense ratio	27.8		%	32.2		%			30.0		%
Combined ratio	74.5		%	97.9		%			86.4		%


			5



Underwriting and Reserves
Segment Underwriting Results

	Three months ended
Property Segment	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
Gross premiums written	$	427,765		$	1,042,536		$	1,220,526		$	245,001		$	314,400
Net premiums written	$	378,708		$	704,138		$	674,581		$	242,932		$	302,982
Net premiums earned	$	516,623		$	491,116		$	421,335		$	467,404		$	444,332
Net claims and claim expenses incurred	590,958			164,050			144,852			424,207			338,260
Acquisition expenses	98,545			94,772			85,351			90,790			79,521
Operational expenses	33,672			31,656			44,007			39,469			34,238
Underwriting (loss) income	$	(206,552)		$	200,638		$	147,125		$	(87,062)		$	(7,687)

Net claims and claim expenses incurred - current accident year	$	629,827		$	170,614		$	130,844		$	432,160		$	345,880
Net claims and claim expenses incurred - prior accident years	(38,869)			(6,564)			14,008			(7,953)			(7,620)
Net claims and claim expenses incurred - total	$	590,958		$	164,050		$	144,852		$	424,207		$	338,260

Net claims and claim expense ratio - current accident year	121.9		%	34.7		%	31.1		%	92.5		%	77.8		%
Net claims and claim expense ratio - prior accident years	(7.5)		%	(1.3)		%	3.3		%	(1.7)		%	(1.7)		%
Net claims and claim expense ratio - calendar year	114.4		%	33.4		%	34.4		%	90.8		%	76.1		%
Underwriting expense ratio	25.6		%	25.7		%	30.7		%	27.8		%	25.6		%
Combined ratio	140.0		%	59.1		%	65.1		%	118.6		%	101.7		%

	Three months ended
Casualty and Specialty Segment	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
Gross premiums written	$	715,293		$	659,336		$	805,195		$	660,478		$	546,668
Net premiums written	$	520,703		$	476,665		$	595,227		$	482,435		$	401,148
Net premiums earned	$	483,560		$	518,980		$	491,763		$	502,721		$	462,416
Net claims and claim expenses incurred	351,052			346,266			426,209			338,104			316,099
Acquisition expenses	116,636			138,837			125,253			117,849			122,654
Operational expenses	15,319			17,422			23,454			25,943			19,198
Underwriting income (loss)	$	553		$	16,455		$	(83,153)		$	20,825		$	4,465

Net claims and claim expenses incurred - current accident year	$	366,080		$	355,064		$	426,210		$	342,268		$	319,087
Net claims and claim expenses incurred - prior accident years	(15,028)			(8,798)			(1)			(4,164)			(2,988)
Net claims and claim expenses incurred - total	$	351,052		$	346,266		$	426,209		$	338,104		$	316,099

Net claims and claim expense ratio - current accident year	75.7		%	68.4		%	86.7		%	68.1		%	69.0		%
Net claims and claim expense ratio - prior accident years	(3.1)		%	(1.7)		%	—		%	(0.8)		%	(0.6)		%
Net claims and claim expense ratio - calendar year	72.6		%	66.7		%	86.7		%	67.3		%	68.4		%
Underwriting expense ratio	27.3		%	30.1		%	30.2		%	28.6		%	30.6		%
Combined ratio	99.9		%	96.8		%	116.9		%	95.9		%	99.0		%


			6



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

	Three months ended September 30, 2020															Three months ended September 30, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	179,689		$	248,076		$	427,765		$	102,779		$	211,621		$	314,400
Net premiums written	$	146,377		$	232,331		$	378,708		$	96,264		$	206,718		$	302,982
Net premiums earned	$	302,946		$	213,677		$	516,623		$	241,408		$	202,924		$	444,332
Net claims and claim expenses incurred	415,998			174,960			590,958			159,510			178,750			338,260
Acquisition expenses	37,481			61,064			98,545			30,074			49,447			79,521
Operational expenses	28,477			5,195			33,672			27,682			6,556			34,238
Underwriting (loss) income	$	(179,010)		$	(27,542)		$	(206,552)		$	24,142		$	(31,829)		$	(7,687)

Net claims and claim expenses incurred - current accident year	$	449,243		$	180,584		$	629,827		$	193,002		$	152,878		$	345,880
Net claims and claim expenses incurred - prior accident years	(33,245)			(5,624)			(38,869)			(33,492)			25,872			(7,620)
Net claims and claim expenses incurred - total	$	415,998		$	174,960		$	590,958		$	159,510		$	178,750		$	338,260

Net claims and claim expense ratio - current accident year	148.3		%	84.5		%	121.9		%	79.9		%	75.3		%	77.8		%
Net claims and claim expense ratio - prior accident years	(11.0)		%	(2.6)		%	(7.5)		%	(13.8)		%	12.8		%	(1.7)		%
Net claims and claim expense ratio - calendar year	137.3		%	81.9		%	114.4		%	66.1		%	88.1		%	76.1		%
Underwriting expense ratio	21.8		%	31.0		%	25.6		%	23.9		%	27.6		%	25.6		%
Combined ratio	159.1		%	112.9		%	140.0		%	90.0		%	115.7		%	101.7		%

	Nine months ended September 30, 2020															Nine months ended September 30, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,827,665		$	863,162		$	2,690,827		$	1,550,648		$	635,336		$	2,185,984
Net premiums written	$	1,015,184		$	742,243		$	1,757,427		$	859,408		$	551,919		$	1,411,327
Net premiums earned	$	769,119		$	659,955		$	1,429,074		$	644,172		$	515,918		$	1,160,090
Net claims and claim expenses incurred	436,415			463,445			899,860			183,273			357,944			541,217
Acquisition expenses	97,915			180,753			278,668			89,480			133,491			222,971
Operational expenses	89,675			19,660			109,335			80,131			19,415			99,546
Underwriting income (loss)	$	145,114		$	(3,903)		$	141,211		$	291,288		$	5,068		$	296,356

Net claims and claim expenses incurred - current accident year	$	510,153		$	421,132		$	931,285		$	234,667		$	301,530		$	536,197
Net claims and claim expenses incurred - prior accident years	(73,738)			42,313			(31,425)			(51,394)			56,414			5,020
Net claims and claim expenses incurred - total	$	436,415		$	463,445		$	899,860		$	183,273		$	357,944		$	541,217

Net claims and claim expense ratio - current accident year	66.3		%	63.8		%	65.2		%	36.4		%	58.4		%	46.2		%
Net claims and claim expense ratio - prior accident years	(9.6)		%	6.4		%	(2.2)		%	(7.9)		%	11.0		%	0.5		%
Net claims and claim expense ratio - calendar year	56.7		%	70.2		%	63.0		%	28.5		%	69.4		%	46.7		%
Underwriting expense ratio	24.4		%	30.4		%	27.1		%	26.3		%	29.6		%	27.8		%
Combined ratio	81.1		%	100.6		%	90.1		%	54.8		%	99.0		%	74.5		%


			7



Underwriting and Reserves
Gross Premiums Written

	Three months ended														Nine months ended
	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		September 30, 2020		September 30, 2019
Property Segment
Catastrophe	$	179,689	$	711,786	$	936,190	$	44,824	$	102,779	$	1,827,665	$	1,550,648
Other property	248,076		330,750		284,336		200,177		211,621		863,162		635,336
Property segment gross premiums written	$	427,765	$	1,042,536	$	1,220,526	$	245,001	$	314,400	$	2,690,827	$	2,185,984

Casualty and Specialty Segment
General casualty (1)	$	260,265	$	206,666	$	246,667	$	197,338	$	191,447	$	713,598	$	610,563
Professional liability (2)	175,459		222,737		230,487		189,838		151,754		628,683		460,912
Financial lines (3)	143,455		101,635		147,079		126,983		111,459		392,169		330,017
Other (4)	136,114		128,298		180,962		146,319		92,008		445,374		314,795
Casualty and Specialty segment gross premiums written	$	715,293	$	659,336	$	805,195	$	660,478	$	546,668	$	2,179,824	$	1,716,287


(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.


			8



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2020
Property	$	1,037,526	$	1,752,260	$	1,238,478	$	4,028,264
Casualty and Specialty	1,625,554		123,001		4,123,464		5,872,019
Other	332		—		—		332
Total	$	2,663,412	$	1,875,261	$	5,361,942	$	9,900,615

June 30, 2020
Property	$	1,095,511	$	1,650,244	$	842,395	$	3,588,150
Casualty and Specialty	1,682,299		127,588		3,967,100		5,776,987
Other	332		—		—		332
Total	$	2,778,142	$	1,777,832	$	4,809,495	$	9,365,469

March 31, 2020
Property	$	1,095,840	$	1,707,754	$	958,827	$	3,762,421
Casualty and Specialty	1,644,402		105,505		3,894,049		5,643,956
Other	330		—		—		330
Total	$	2,740,572	$	1,813,259	$	4,852,876	$	9,406,707

December 31, 2019
Property	$	1,253,406	$	1,631,223	$	1,189,221	$	4,073,850
Casualty and Specialty	1,596,426		129,720		3,583,913		5,310,059
Other	440		—		—		440
Total	$	2,850,272	$	1,760,943	$	4,773,134	$	9,384,349

September 30, 2019
Property	$	1,170,009	$	1,493,600	$	916,314	$	3,579,923
Casualty and Specialty	1,475,505		151,555		3,389,344		5,016,404
Other	2,944		—		3,166		6,110
Total	$	2,648,458	$	1,645,155	$	4,308,824	$	8,602,437


			9



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended September 30, 2020										Three months ended September 30, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	9,365,469	$	2,774,358	$	6,591,111	$	8,484,848	$	2,865,150	$	5,619,698
Incurred claims and claim expenses
Current year	1,301,183		305,276		995,907		800,627		135,660		664,967
Prior years	(109,051)		(55,174)		(53,877)		(85,913)		(75,466)		(10,447)
Total incurred claims and claim expenses	1,192,132		250,102		942,030		714,714		60,194		654,520
Paid claims and claim expenses
Current year	140,093		10,505		129,588		82,427		6,288		76,139
Prior years	397,448		112,350		285,098		472,148		479,170		(7,022)
Total paid claims and claim expenses	537,541		122,855		414,686		554,575		485,458		69,117

Foreign exchange (1)	39,381		(14,149)		53,530		(42,550)		(1,587)		(40,963)
Amounts disposed of (2)	(158,826)		(3,648)		(155,178)		—		—		—

Reserve for claims and claim expenses, end of period	$	9,900,615	$	2,883,808	$	7,016,807	$	8,602,437	$	2,438,299	$	6,164,138

	Nine months ended September 30, 2020										Nine months ended September 30, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	9,384,349	$	2,791,297	$	6,593,052	$	6,076,271	$	2,372,221	$	3,704,050
Incurred claims and claim expenses
Current year	2,742,093		663,454		2,078,639		1,627,026		277,578		1,349,448
Prior years	(155,020)		(99,637)		(55,383)		177,863		192,383		(14,520)
Total incurred claims and claim expenses	2,587,073		563,817		2,023,256		1,804,889		469,961		1,334,928
Paid claims and claim expenses
Current year	206,585		15,372		191,213		138,368		9,897		128,471
Prior years	1,734,473		441,459		1,293,014		1,484,390		920,851		563,539
Total paid claims and claim expenses	1,941,058		456,831		1,484,227		1,622,758		930,748		692,010
Foreign exchange (1)	29,077		(10,827)		39,904		(44,175)		(2,570)		(41,605)
Amounts disposed of (2)	(158,826)		(3,648)		(155,178)		—		—		—

Amounts acquired (3)	—		—		—		2,388,210		529,435		1,858,775
Reserve for claims and claim expenses, end of period	$	9,900,615	$	2,883,808	$	7,016,807	$	8,602,437	$	2,438,299	$	6,164,138

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

(2) Represents the fair value of RenaissanceRe UK's reserve for claims and claim expenses, net of reinsurance recoverables, disposed of on August 18, 2020.

(3) Represents the fair value of TMR's reserve for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.


			10

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. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.


	Three months ended														Nine months ended
	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		September 30, 2020		September 30, 2019
Management fee income
Joint ventures	$	13,070	$	12,190	$	11,781	$	11,858	$	11,434	$	37,041	$	30,688
Structured reinsurance products and other	8,785		8,739		8,597		8,252		8,765		26,121		26,986
Managed funds	8,610		6,508		6,418		3,814		4,558		21,536		14,822
Total management fee income	30,465		27,437		26,796		23,924		24,757		84,698		72,496

Performance fee income (loss)
Joint ventures	(1,842)		6,165		7,828		(3,374)		5,278		12,151		13,034
Structured reinsurance products and other	(10,414)		7,994		8,375		(5,314)		275		5,955		13,007
Managed funds	175		3,914		2,363		(2,036)		1,688		6,452		2,456
Total performance fee income (loss) (1)	(12,081)		18,073		18,566		(10,724)		7,241		24,558		28,497

Total fee income	$	18,384	$	45,510	$	45,362	$	13,200	$	31,998	$	109,256	$	100,993

(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.


			11

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (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 attributable 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														Nine months ended
	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		September 30, 2020		September 30, 2019
Redeemable noncontrolling interest - DaVinciRe	$	26,616	$	(88,374)	$	(84,906)	$	25,862	$	(30,558)	$	(146,664)	$	(152,946)
Redeemable noncontrolling interest - Medici	(33,963)		(13,151)		4,678		(6,363)		(15,211)		(42,436)		(19,396)
Redeemable noncontrolling interest - Vermeer	(11,954)		(17,203)		(17,863)		(16,877)		(16,288)		(47,020)		(31,749)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(19,301)	$	(118,728)	$	(98,091)	$	2,622	$	(62,057)	$	(236,120)	$	(204,091)

(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.

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


	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Redeemable noncontrolling interest - DaVinciRe	$	1,594,683	$	1,621,300	$	1,533,085	$	1,435,581	$	1,462,677
Redeemable noncontrolling interest - Medici	696,999		682,118		677,283		632,112		534,618
Redeemable noncontrolling interest - Vermeer	1,095,635		1,083,681		1,021,478		1,003,615		781,738
Redeemable noncontrolling interests	$	3,387,317	$	3,387,099	$	3,231,846	$	3,071,308	$	2,779,033

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


	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
DaVinciRe	78.6	%	78.6	%	78.6	%	78.1	%	78.1	%
Medici	88.5	%	88.6	%	88.8	%	87.9	%	86.3	%
Vermeer	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


			12


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

	Three months ended																					Nine months ended
	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			September 30, 2020			September 30, 2019
Revenues
Gross premiums written	$	77,866		$	222,306		$	255,640		$	15,566		$	32,986		$	555,812		$	425,152
Net premiums written	$	78,025		$	177,116		$	241,641		$	15,210		$	30,605		$	496,782		$	363,918
Decrease (increase) in unearned premiums	62,486			(58,172)			(135,933)			90,674			63,671			(131,619)			(104,692)
Net premiums earned	140,511			118,944			105,708			105,884			94,276			365,163			259,226
Net investment income	9,339			11,557			15,087			13,506			13,813			35,983			40,233
Net foreign exchange (losses) gains	(511)			8			(1,180)			(399)			(174)			(1,683)			(1,366)
Other income	—			—			—			—			—			—			344
Net realized and unrealized gains (losses) on investments	5,439			34,674			18,529			(1,307)			6,493			58,642			49,842
Total revenues	154,778			165,183			138,144			117,684			114,408			458,105			348,279
Expenses
Net claims and claim expenses incurred	171,271			9,829			(13,726)			135,397			45,325			167,374			59,974
Acquisition expenses	2,384			29,208			30,112			1,313			15,762			61,704			53,939
Operational and corporate expenses	13,123			11,862			11,889			12,238			12,139			36,874			32,566
Interest expense	1,859			1,859			1,858			1,859			1,859			5,576			5,575
Total expenses	188,637			52,758			30,133			150,807			75,085			271,528			152,054
(Loss) income before taxes	(33,859)			112,425			108,011			(33,123)			39,323			186,577			196,225
Income tax (expense) benefit	—			(2)			2			(6)			(177)			—			(76)


Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(33,859)		$	112,423		$	108,013		$	(33,129)		$	39,146		$	186,577		$	196,149

Net claims and claim expenses incurred - current accident year	$	196,188		$	14,728		$	4,967		$	113,743		$	80,022		$	215,883		$	95,945
Net claims and claim expenses incurred - prior accident years	(24,917)			(4,899)			(18,693)			21,654			(34,697)			(48,509)			(35,971)
Net claims and claim expenses incurred - total	$	171,271		$	9,829		$	(13,726)		$	135,397		$	45,325		$	167,374		$	59,974

Net claims and claim expense ratio - current accident year	139.6		%	12.4		%	4.7		%	107.4		%	84.9		%	59.1		%	37.0		%
Net claims and claim expense ratio - prior accident years	(17.7)		%	(4.1)		%	(17.7)		%	20.5		%	(36.8)		%	(13.3)		%	(13.9)		%
Net claims and claim expense ratio - calendar year	121.9		%	8.3		%	(13.0)		%	127.9		%	48.1		%	45.8		%	23.1		%
Underwriting expense ratio	11.0		%	34.5		%	39.7		%	12.8		%	29.6		%	27.0		%	33.4		%
Combined ratio	132.9		%	42.8		%	26.7		%	140.7		%	77.7		%	72.8		%	56.5		%


			13


RenaissanceRe Holdings Ltd.
Investments
Total Investment Result

	Three months ended																					Nine months ended
	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			September 30, 2020			September 30, 2019
Fixed maturity investments trading	$	68,022		$	69,943		$	73,338		$	85,937		$	82,977		$	211,303		$	232,566
Short term investments	1,611			6,049			12,092			11,552			15,061			19,752			44,712
Equity investments trading	1,559			1,666			1,551			1,539			1,326			4,776			3,269
Other investments
Catastrophe bonds	13,626			13,519			14,139			12,870			12,812			41,284			33,284
Other	2,598			1,107			1,629			2,221			2,672			5,334			6,226
Cash and cash equivalents	441			837			1,504			1,875			1,978			2,782			5,801
	87,857			93,121			104,253			115,994			116,826			285,231			325,858
Investment expenses	(4,314)			(3,816)			(4,780)			(3,856)			(5,439)			(12,910)			(13,789)
Net investment income	83,543			89,305			99,473			112,138			111,387			272,321			312,069






Net realized and unrealized gains (losses) on:
Fixed maturity investments trading (1)	78,348			322,711			101,221			(48,146)			57,502			502,280			346,123




Equity investments trading (1)	119,622			113,506			(151,882)			66,043			(25,564)			81,246			50,463
Other investments
Catastrophe bonds	12,611			4,452			(14,352)			(4,522)			9,242			2,711			(4,870)
Other	13,627			7,721			(45,694)			5,079			(6,785)			(24,346)			3,939
Net realized and unrealized gains (losses) on investments	224,208			448,390			(110,707)			18,454			34,395			561,891			395,655




Total investment result	$	307,751		$	537,695		$	(11,234)		$	130,592		$	145,782		$	834,212		$	707,724

Total investment return - annualized	6.2		%	11.8		%	(0.1)		%	3.1		%	3.6		%	5.8		%	6.0		%

(1) Net realized and unrealized gains (losses) on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized gains (losses) on equity investments trading includes the impact of equity futures.


			14



Investments
Investment Portfolio - Composition

Type of Investment	September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019		September 30, 2019
U.S. treasuries	$	4,350,971	21.4	%	$	4,258,675	21.6	%	$	3,915,130	22.0	%	$	4,467,345	25.7	%	$	4,314,006	25.4	%
Agencies	437,681		2.1	%	505,038		2.6	%	537,490		3.1	%	343,031		1.9	%	507,903		3.0	%
Municipal	—		—	%	—		—	%	—		—	%	—		—	%	1,629		—	%
Non-U.S. government	568,960		2.8	%	584,206		3.0	%	635,282		3.6	%	497,392		2.9	%	379,154		2.2	%

Non-U.S. government-backed corporate	401,449		2.0	%	314,833		1.6	%	283,577		1.6	%	321,356		1.9	%	263,170		1.6	%
Corporate	4,655,765		22.9	%	4,428,553		22.5	%	3,259,780		18.3	%	3,075,660		17.7	%	3,453,222		20.4	%
Agency mortgage-backed	1,086,474		5.3	%	985,851		5.0	%	1,056,272		5.9	%	1,148,499		6.6	%	1,248,722		7.4	%
Non-agency mortgage-backed	293,953		1.4	%	276,300		1.4	%	275,026		1.6	%	294,604		1.7	%	261,850		1.5	%
Commercial mortgage-backed	788,995		3.9	%	591,238		3.0	%	540,502		3.0	%	468,698		2.7	%	406,268		2.4	%
Asset-backed	807,070		4.0	%	550,441		2.8	%	542,742		3.1	%	555,070		3.2	%	550,304		3.3	%
Total fixed maturity investments, at fair value	13,391,318		65.8	%	12,495,135		63.5	%	11,045,801		62.2	%	11,171,655		64.3	%	11,386,228		67.2	%
Short term investments, at fair value	5,158,961		25.4	%	5,570,804		28.2	%	5,263,242		29.4	%	4,566,277		26.3	%	4,116,156		24.3	%
Total consolidated fixed maturity and short term investments, at fair value	18,550,279		91.2	%	18,065,939		91.7	%	16,309,043		91.6	%	15,737,932		90.6	%	15,502,384		91.5	%
Equity investments trading, at fair value	547,381		2.7	%	470,087		2.4	%	360,444		2.0	%	436,931		2.5	%	379,422		2.2	%
Other investments, at fair value	1,122,683		5.5	%	1,093,338		5.5	%	1,058,714		5.9	%	1,087,377		6.3	%	962,109		5.7	%
Total managed investment portfolio	20,220,343		99.4	%	19,629,364		99.6	%	17,728,201		99.5	%	17,262,240		99.4	%	16,843,915		99.4	%
Investments in other ventures, under equity method	98,990		0.6	%	94,285		0.4	%	90,396		0.5	%	106,549		0.6	%	103,978		0.6	%
Total investments	$	20,319,333	100.0	%	$	19,723,649	100.0	%	$	17,818,597	100.0	%	$	17,368,789	100.0	%	$	16,947,893	100.0	%


			15


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019		September 30, 2019
AAA	$	1,972,894	14.7	%	$	1,392,417	11.1	%	$	1,590,824	14.4	%	$	1,338,265	12.0	%	$	1,215,518	10.7	%
AA	6,721,098		50.2	%	6,670,927		53.4	%	6,212,689		56.3	%	6,677,219		59.8	%	6,699,860		58.8	%
A	1,777,861		13.3	%	1,864,066		14.9	%	1,491,504		13.5	%	1,453,212		13.0	%	1,671,934		14.7	%
BBB	1,648,049		12.3	%	1,433,297		11.5	%	915,375		8.3	%	874,730		7.8	%	967,928		8.5	%
Non-investment grade and not rated	1,271,416		9.5	%	1,134,428		9.1	%	835,409		7.5	%	828,229		7.4	%	830,988		7.3	%
Total fixed maturity investments, at fair value	$	13,391,318	100.0	%	$	12,495,135	100.0	%	$	11,045,801	100.0	%	$	11,171,655	100.0	%	$	11,386,228	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	621,610	4.6	%	$	638,686	5.1	%	$	723,397	6.5	%	$	544,636	4.9	%	$	603,806	5.3	%
Due after one through five years	5,749,128		43.0	%	5,513,103		44.1	%	5,039,456		45.7	%	5,522,769		49.4	%	5,893,946		51.8	%
Due after five through ten years	3,374,898		25.2	%	3,312,749		26.6	%	2,612,031		23.7	%	2,420,602		21.7	%	2,232,264		19.6	%
Due after ten years	669,190		5.0	%	626,768		5.0	%	256,375		2.3	%	216,777		1.9	%	189,068		1.7	%
Mortgage-backed securities	2,169,422		16.2	%	1,853,388		14.8	%	1,871,800		16.9	%	1,911,801		17.1	%	1,916,840		16.8	%
Asset-backed securities	807,070		6.0	%	550,441		4.4	%	542,742		4.9	%	555,070		5.0	%	550,304		4.8	%
Total fixed maturity investments, at fair value	$	13,391,318	100.0	%	$	12,495,135	100.0	%	$	11,045,801	100.0	%	$	11,171,655	100.0	%	$	11,386,228	100.0	%


			16



Investments
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

								Credit Rating (1)
September 30, 2020	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	5,158,961	$	5,158,961		0.1	%	$	4,975,689		$	175,067		$	1,829		$	2,312		$	3,921		$	143
			100.0		%			96.5		%	3.4		%	—		%	—		%	0.1		%	—		%
Fixed maturity investments
U.S. treasuries	4,223,245		4,350,971			0.3	%	—			4,350,971			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	270,662		270,612			0.7	%	—			270,612			—			—			—			—
Other agencies	163,218		167,069			0.9	%	—			167,069			—			—			—			—
Total agencies	433,880		437,681			0.8	%	—			437,681			—			—			—			—

Non-U.S. government	558,934		568,960			0.7	%	394,217			132,346			32,059			8,547			1,654			137

Non-U.S. government-backed corporate	397,261		401,449			0.9	%	175,120			198,442			14,273			8,011			5,603			—
Corporate	4,524,338		4,655,765			2.4	%	63,975			264,707			1,701,827			1,565,845			1,032,329			27,082
Mortgage-backed
Residential mortgage-backed
Agency securities	1,068,638		1,086,474			1.0	%	—			1,086,474			—			—			—			—
Non-agency securities - Alt A	231,387		232,570			3.5	%	53,921			5,457			494			6,537			130,333			35,828
Non-agency securities - Prime	60,742		61,383			2.3	%	26,857			2,611			2,306			1,194			16,302			12,113
Total residential mortgage-backed	1,360,767		1,380,427			1.5	%	80,778			1,094,542			2,800			7,731			146,635			47,941
Commercial mortgage-backed	763,794		788,995			1.6	%	632,054			127,947			4,636			20,808			1,511			2,039
Total mortgage-backed	2,124,561		2,169,422			1.5	%	712,832			1,222,489			7,436			28,539			148,146			49,980
Asset-backed
Collateralized loan obligations	727,849		725,130			2.1	%	550,235			111,642			20,379			36,389			6,485			—



Other	80,689		81,940			0.8	%	76,515			2,820			1,887			718			—			—
Total asset-backed	808,538		807,070			2.0	%	626,750			114,462			22,266			37,107			6,485			—
Total securitized assets	2,933,099		2,976,492			1.7	%	1,339,582			1,336,951			29,702			65,646			154,631			49,980
Total fixed maturity investments	13,070,757		13,391,318			1.4	%	1,972,894			6,721,098			1,777,861			1,648,049			1,194,217			77,199
			100.0		%			14.7		%	50.2		%	13.3		%	12.3		%	8.9		%	0.6		%
Total consolidated fixed maturity and short term investments, at fair value	$	18,229,718	$	18,550,279		1.0	%	$	6,948,583		$	6,896,165		$	1,779,690		$	1,650,361		$	1,198,138		$	77,342
			100.0		%			37.4		%	37.2		%	9.6		%	8.9		%	6.5		%	0.4		%

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


			17



Investments
Retained Investment Information

“Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.


	Three months ended														Nine months ended
	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		September 30, 2020		September 30, 2019
Total investment result
Net investment income	$	83,543	$	89,305	$	99,473	$	112,138	$	111,387	$	272,321	$	312,069
Net realized and unrealized (losses) gains on investments	224,208		448,390		(110,707)		18,454		34,395		561,891		395,655
Total investment result	$	307,751	$	537,695	$	(11,234)	$	130,592	$	145,782	$	834,212	$	707,724

Retained total investment result (1)
Retained net investment income	$	64,971	$	67,189	$	72,603	$	87,739	$	86,408	$	204,763	$	243,250
Retained net realized and unrealized (losses) gains on investments	201,699		418,046		(113,261)		21,751		21,764		506,484		359,449
Retained total investment result	$	266,670	$	485,235	$	(40,658)	$	109,490	$	108,172	$	711,247	$	602,699

(1) Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

“Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.


	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	18,550,279		$	18,065,939		$	16,309,043		$	15,737,932		$	15,502,384
Weighted average yield to maturity of fixed maturity and short term investments	1.0		%	1.1		%	1.5		%	2.1		%	2.2		%
Average duration of fixed maturities and short term investments, in years	2.9			2.9			2.8			2.9			2.8
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	13,046,376		$	12,703,423		$	11,124,214		$	11,154,174		$	11,075,699
Weighted average yield to maturity of retained fixed maturity and short term investments	1.3		%	1.4		%	1.9		%	2.2		%	2.3		%
Average duration of retained fixed maturities and short term investments, in years	3.7			3.7			3.5			3.6			3.5

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

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


			18



Other Items
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	47,799	$	575,845	$	(81,974)	$	33,773	$	36,698
Amount allocated to participating common shareholders (1)	(582)		(7,593)		(146)		(409)		(446)
	$	47,217	$	568,252	$	(82,120)	$	33,364	$	36,252
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	50,009		44,939		43,441		43,467		43,462
Per common share equivalents of employee stock options and non-vested shares	85		64		—		85		75
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	50,094		45,003		43,441		43,552		43,537
Basic income (loss) per RenaissanceRe common share	$	0.94	$	12.64	$	(1.89)	$	0.77	$	0.83
Diluted income (loss) per RenaissanceRe common share	$	0.94	$	12.63	$	(1.89)	$	0.77	$	0.83

	Nine months ended
(common shares in thousands)	September 30, 2020		September 30, 2019
Numerator:
Net income available to RenaissanceRe common shareholders	$	541,670	$	678,269
Amount allocated to participating common shareholders (1)	(6,677)		(8,074)
	$	534,993	$	670,195
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	46,130		43,003
Per common share equivalents of employee stock options and non-vested shares	70		46
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	46,200		43,049
Basic income per RenaissanceRe common share	$	11.60	$	15.58
Diluted income per RenaissanceRe common share	$	11.58	$	15.57

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


			19



Comments on Regulation G

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

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

The Company uses “operating (loss) income (attributable) 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 (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company's management believes that “operating (loss) income (attributable) 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 fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available 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 (loss) income (attributable) available to RenaissanceRe common shareholders"; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to "operating (loss) income (attributable) 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." Comparative information for all prior periods has been updated to conform to the current methodology and presentation.


			20



Comments on Regulation G


	Three months ended																					Nine months ended
	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			September 30, 2020			September 30, 2019
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	47,799		$	575,845		$	(81,974)		$	33,773		$	36,698		$	541,670		$	678,269
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(211,597)			(443,938)			96,355			(22,976)			(25,153)			(559,180)			(400,525)
Adjustment for net foreign exchange (gains) losses	(17,426)			7,195			5,728			1,126			8,275			(4,503)			1,812
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	33,916			2,279			4,423			5,700			4,022			40,618			44,025
Adjustment for income tax expense (benefit) (2)	5,058			21,223			(4,141)			(3,707)			5,298			22,140			24,074
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3)	10,526			27,472			13,019			(1,293)			3,541			51,017			37,473
Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(131,724)		$	190,076		$	33,410		$	12,623		$	32,681		$	91,762		$	385,128

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.94		$	12.63		$	(1.89)		$	0.77		$	0.83		$	11.58		$	15.57
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(4.22)			(9.86)			2.22			(0.53)			(0.58)			(12.10)			(9.30)
Adjustment for net foreign exchange (gains) losses	(0.35)			0.16			0.13			0.03			0.19			(0.10)			0.04
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	0.68			0.05			0.10			0.13			0.09			0.88			1.02
Adjustment for income tax expense (benefit) (2)	0.10			0.47			(0.10)			(0.09)			0.12			0.48			0.56
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3)	0.21			0.61			0.30			(0.03)			0.08			1.10			0.87
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(2.64)		$	4.06		$	0.76		$	0.28		$	0.73		$	1.84		$	8.76

Return on average common equity - annualized	2.8		%	38.5		%	(6.3)		%	2.5		%	2.8		%	12.0		%	18.2		%
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(12.4)		%	(29.7)		%	7.5		%	(1.7)		%	(1.9)		%	(12.4)		%	(10.8)		%
Adjustment for net foreign exchange (gains) losses	(1.0)		%	0.5		%	0.4		%	0.1		%	0.6		%	(0.1)		%	—		%
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	2.0		%	0.2		%	0.3		%	0.4		%	0.3		%	0.9		%	1.2		%
Adjustment for income tax expense (benefit) (2)	0.3		%	1.4		%	(0.3)		%	(0.3)		%	0.4		%	0.5		%	0.6		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3)	0.6		%	1.8		%	1.0		%	(0.1)		%	0.3		%	1.1		%	1.0		%
Operating return on average common equity - annualized	(7.7)		%	12.7		%	2.6		%	0.9		%	2.5		%	2.0		%	10.2		%

(1) Included in the three and nine months ended September 30, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million.

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

(3) Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.


			21



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."


	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
Book value per common share	$	135.13		$	134.27		$	117.15		$	120.53		$	120.07
Adjustment for goodwill and other intangibles (1)	(5.53)			(5.56)			(6.46)			(6.50)			(6.55)
Tangible book value per common share	129.60			128.71			110.69			114.03			113.52
Adjustment for accumulated dividends	21.73			21.38			21.03			20.68			20.34
Tangible book value per common share plus accumulated dividends	$	151.33		$	150.09		$	131.72		$	134.71		$	133.86

Quarterly change in book value per common share	0.6		%	14.6		%	(2.8)		%	0.4		%	0.8		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.0		%	16.6		%	(2.6)		%	0.7		%	1.1		%
Year to date change in book value per common share	12.1		%	11.4		%	(2.8)		%	15.7		%	15.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends	14.6		%	13.5		%	(2.6)		%	17.9		%	17.1		%

(1) At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, goodwill and other intangibles included $23.2 million, $23.5 million, $24.2 million, $24.9 million, and $25.6 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


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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 consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. “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 investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes “retained total investment result” is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, 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 investment result to “retained total investment result.”


	Three months ended														Nine months ended
	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		September 30, 2020		September 30, 2019
Net investment income	$	83,543	$	89,305	$	99,473	112,138		$	111,387	$	272,321	$	312,069
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(18,572)		(22,116)		(26,870)		$	(24,399)	(24,979)		(67,558)		(68,819)
Retained net investment income	64,971		67,189		72,603		87,739		86,408		204,763		243,250

Net realized and unrealized gains (losses) on investments	224,208		448,390		(110,707)		18,454		34,395		561,891		395,655
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(22,509)		(30,344)		(2,554)		3,297		(12,631)		(55,407)		(36,206)
Retained net realized and unrealized gains (losses) on investments	201,699		418,046		(113,261)		21,751		21,764		506,484		359,449

Total investment result	307,751		537,695		(11,234)		130,592		145,782		834,212		707,724
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(41,081)		(52,460)		(29,424)		(21,102)		(37,610)		(122,965)		(105,025)
Retained total investment result	$	266,670	$	485,235	$	(40,658)	$	109,490	$	108,172	$	711,247	$	602,699


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Comments on Regulation G

Retained Fixed Maturity and Short Term Investments, at Fair Value

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


	At
	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Fixed maturity investments, at fair value	$	13,391,318	$	12,495,135	$	11,045,801	$	11,171,655	$	11,386,228
Short term investments, at fair value	5,158,961		5,570,804		5,263,242		4,566,277		4,116,156
Total consolidated fixed maturity and short term investments, at fair value	$	18,550,279	$	18,065,939	$	16,309,043	$	15,737,932	$	15,502,384
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,503,903)		(5,362,516)		(5,184,829)		(4,583,758)		(4,426,685)
Retained fixed maturity and short term investments, at fair value	$	13,046,376	$	12,703,423	$	11,124,214	$	11,154,174	$	11,075,699


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Form: 8-K

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