January 26, 2021 - EX-99.2 - 8-K: Current report filing


RenaissanceRe Holdings Ltd.
Contents


		Page

Basis of Presentation		i

Financial Highlights		1

Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	2
b.	Consolidated Balance Sheets	3

Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	4
b.	Segment Underwriting Results	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	7
d.	Gross Premiums Written	8
e.	Reserves for Claims and Claim Expenses	9
f.	Paid to Incurred Analysis	10

Managed Joint Ventures and Fee Income
a.	Fee Income	11
b.	Noncontrolling Interests	12
c.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	13

Investments
a.	Total Investment Result	14
b.	Investment Portfolio - Composition	15
c.	Investment Portfolio - Fixed Maturity Investments	16
d.	Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	17
e.	Retained Investment Information	18

Other Items
a.	Earnings per Share	19

Comments on Regulation G		20


RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, 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 20 through 24 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															Twelve months ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Highlights
Gross premiums written	$	935,514		$	1,143,058		$	1,701,872		$	2,025,721		$	905,479		$	5,806,165		$	4,807,750





Underwriting (loss) income	$	(151,655)		$	(206,072)		$	217,137		$	64,079		$	(65,157)		$	(76,511)		$	256,417

Net investment income	$	81,717		$	83,543		$	89,305		$	99,473		$	112,138		$	354,038		$	424,207
Net realized and unrealized gains (losses) on investments	258,745			224,208			448,390			(110,707)			18,454			820,636			414,109


Total investment result	$	340,462		$	307,751		$	537,695		$	(11,234)		$	130,592		$	1,174,674		$	838,316

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	189,812		$	47,799		$	575,845		$	(81,974)		$	33,773		$	731,482		$	712,042
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)	$	(77,122)		$	(131,724)		$	190,076		$	33,410		$	12,623		$	14,640		$	397,751






Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	3.75		$	0.94		$	12.64		$	(1.89)		$	0.77		$	15.34		$	16.32
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.74		$	0.94		$	12.63		$	(1.89)		$	0.77		$	15.31		$	16.29
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(1.59)		$	(2.64)		$	4.06		$	0.76		$	0.28		$	0.12		$	9.01

Book value per common share	$	138.46		$	135.13		$	134.27		$	117.15		$	120.53		$	138.46		$	120.53
Tangible book value per common share (1)	$	133.09		$	129.60		$	128.71		$	110.69		$	114.03		$	133.09		$	114.03
Tangible book value per common share plus accumulated dividends (1)	$	155.17		$	151.33		$	150.09		$	131.72		$	134.71		$	155.17		$	134.71
Change in tangible book value per common share plus change in accumulated dividends (1)	3.0		%	1.0		%	16.6		%	(2.6)		%	0.7		%	17.9		%	17.9		%

Financial ratios




Combined ratio	114.7		%	120.6		%	78.5		%	93.0		%	106.7		%	101.9		%	92.3		%
Return on average common equity - annualized	10.9		%	2.8		%	38.5		%	(6.3)		%	2.5		%	11.7		%	14.1		%
Operating return on average common equity - annualized (1)	(4.4)		%	(7.7)		%	12.7		%	2.6		%	0.9		%	0.2		%	7.9		%
Total investment return - annualized	6.6		%	6.2		%	11.8		%	(0.1)		%	3.1		%	5.9		%	5.2		%

(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															Twelve months ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Revenues
Gross premiums written	$	935,514		$	1,143,058		$	1,701,872		$	2,025,721		$	905,479		$	5,806,165		$	4,807,750
Net premiums written	$	746,311		$	899,411		$	1,180,803		$	1,269,808		$	725,367		$	4,096,333		$	3,381,493
Decrease (increase) in unearned premiums	282,774			100,772			(170,707)			(356,710)			244,758			(143,871)			(43,090)
Net premiums earned	1,029,085			1,000,183			1,010,096			913,098			970,125			3,952,462			3,338,403
Net investment income	81,717			83,543			89,305			99,473			112,138			354,038			424,207
Net foreign exchange gains (losses)	23,270			17,426			(7,195)			(5,728)			(1,126)			27,773			(2,938)
Equity in (losses) earnings of other ventures	(1,868)			5,457			9,041			4,564			5,874			17,194			23,224
Other income (loss)	4,374			1,476			(1,201)			(4,436)			(160)			213			4,949
Net realized and unrealized gains (losses) on investments	258,745			224,208			448,390			(110,707)			18,454			820,636			414,109



Total revenues	1,395,323			1,332,293			1,548,436			896,264			1,105,305			5,172,316			4,201,955
Expenses
Net claims and claim expenses incurred	901,353			942,030			510,272			570,954			762,093			2,924,609			2,097,021
Acquisition expenses	238,283			215,180			233,610			210,604			208,618			897,677			762,232
Operational expenses	41,104			49,045			49,077			67,461			64,571			206,687			222,733
Corporate expenses	21,031			48,050			11,898			15,991			17,642			96,970			94,122
Interest expense	11,841			11,843			11,842			14,927			15,496			50,453			58,364
Total expenses	1,213,612			1,266,148			816,699			879,937			1,068,420			4,176,396			3,234,472
Income before taxes	181,711			66,145			731,737			16,327			36,885			995,920			967,482
Income tax benefit (expense)	9,923			8,244			(29,875)			8,846			3,455			(2,862)			(17,215)


Net income	191,634			74,389			701,862			25,173			40,340			993,058			950,267
Net loss (income) attributable to redeemable noncontrolling interests	5,467			(19,301)			(118,728)			(98,091)			2,622			(230,653)			(201,469)
Net income (loss) attributable to RenaissanceRe	197,101			55,088			583,134			(72,918)			42,962			762,405			748,798
Dividends on preference shares	(7,289)			(7,289)			(7,289)			(9,056)			(9,189)			(30,923)			(36,756)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	189,812		$	47,799		$	575,845		$	(81,974)		$	33,773		$	731,482		$	712,042



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	3.75		$	0.94		$	12.64		$	(1.89)		$	0.77		$	15.34		$	16.32


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.74		$	0.94		$	12.63		$	(1.89)		$	0.77		$	15.31		$	16.29
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(1.59)		$	(2.64)		$	4.06		$	0.76		$	0.28		$	0.12		$	9.01

Return on average common equity - annualized	10.9		%	2.8		%	38.5		%	(6.3)		%	2.5		%	11.7		%	14.1		%
Operating return on average common equity - annualized (1)	(4.4)		%	(7.7)		%	12.7		%	2.6		%	0.9		%	0.2		%	7.9		%


			2



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
Assets
Fixed maturity investments trading, at fair value	$	13,506,503	$	13,391,318	$	12,495,135	$	11,045,801	$	11,171,655


Short term investments, at fair value	4,993,735		5,158,961		5,570,804		5,263,242		4,566,277
Equity investments trading, at fair value	702,617		547,381		470,087		360,444		436,931
Other investments, at fair value	1,256,948		1,122,683		1,093,338		1,058,714		1,087,377
Investments in other ventures, under equity method	98,373		98,990		94,285		90,396		106,549
Total investments	20,558,176		20,319,333		19,723,649		17,818,597		17,368,789
Cash and cash equivalents	1,736,813		1,287,378		1,185,844		896,216		1,379,068
Premiums receivable	2,894,631		3,337,120		3,519,965		3,105,441		2,599,896
Prepaid reinsurance premiums	823,582		1,082,270		1,266,203		1,151,926		767,781
Reinsurance recoverable	2,926,010		2,883,808		2,774,358		2,765,583		2,791,297
Accrued investment income	66,743		71,947		70,004		73,496		72,461
Deferred acquisition costs and value of business acquired	633,521		697,346		734,286		739,875		663,991
Receivable for investments sold	568,293		752,936		648,458		341,786		78,369
Other assets	363,170		306,265		298,396		312,523		346,216
Goodwill and other intangibles	249,641		257,437		258,591		260,076		262,226

Total assets	$	30,820,580	$	30,995,840	$	30,479,754	$	27,465,519	$	26,330,094
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	10,381,138	$	9,900,615	$	9,365,469	$	9,406,707	$	9,384,349
Unearned premiums	2,763,599		3,276,156		3,549,641		3,245,914		2,530,975
Debt	1,136,265		1,135,740		1,135,216		1,134,695		1,384,105
Reinsurance balances payable	3,488,352		3,915,804		4,094,027		3,775,375		2,830,691
Payable for investments purchased	1,132,538		1,597,893		1,259,116		636,136		225,275
Other liabilities	970,121		391,494		342,014		351,320		932,024

Total liabilities	19,872,013		20,217,702		19,745,483		18,550,147		17,287,419
Redeemable noncontrolling interest	3,388,319		3,387,317		3,387,099		3,231,846		3,071,308
Shareholders' Equity
Preference shares	525,000		525,000		525,000		525,000		650,000
Common shares	50,811		50,810		50,811		44,034		44,148
Additional paid-in capital	1,623,206		1,615,328		1,602,738		502,608		568,277
Accumulated other comprehensive loss	(12,642)		(2,083)		(3,066)		(1,664)		(1,939)
Retained earnings	5,373,873		5,201,766		5,171,689		4,613,548		4,710,881
Total shareholders' equity attributable to RenaissanceRe	7,560,248		7,390,821		7,347,172		5,683,526		5,971,367


Total liabilities, noncontrolling interests and shareholders' equity	$	30,820,580	$	30,995,840	$	30,479,754	$	27,465,519	$	26,330,094

Book value per common share	$	138.46	$	135.13	$	134.27	$	117.15	$	120.53


			3



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended December 31, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	308,315		$	627,199		$	—	$	935,514
Net premiums written	$	279,773		$	466,538		$	—	$	746,311
Net premiums earned	$	507,141		$	521,944		$	—	$	1,029,085
Net claims and claim expenses incurred	535,875			365,135			343		901,353
Acquisition expenses	75,032			163,251			—		238,283
Operational expenses	26,212			14,945			(53)		41,104
Underwriting loss	$	(129,978)		$	(21,387)		$	(290)	$	(151,655)

Net claims and claim expenses incurred - current accident year	$	661,711		$	368,071		$	—	$	1,029,782
Net claims and claim expenses incurred - prior accident years	(125,836)			(2,936)			343		(128,429)
Net claims and claim expenses incurred - total	$	535,875		$	365,135		$	343	$	901,353

Net claims and claim expense ratio - current accident year	130.5		%	70.5		%			100.1		%
Net claims and claim expense ratio - prior accident years	(24.8)		%	(0.5)		%			(12.5)		%
Net claims and claim expense ratio - calendar year	105.7		%	70.0		%			87.6		%
Underwriting expense ratio	19.9		%	34.1		%			27.1		%
Combined ratio	125.6		%	104.1		%			114.7		%

	Three months ended December 31, 2019
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	245,001		$	660,478		$	—	$	905,479
Net premiums written	$	242,932		$	482,435		$	—	$	725,367
Net premiums earned	$	467,404		$	502,721		$	—	$	970,125
Net claims and claim expenses incurred	424,207			338,104			(218)		762,093
Acquisition expenses	90,790			117,849			(21)		208,618
Operational expenses	39,469			25,943			(841)		64,571
Underwriting (loss) income	$	(87,062)		$	20,825		$	1,080	$	(65,157)

Net claims and claim expenses incurred - current accident year	$	432,160		$	342,268		$	—	$	774,428
Net claims and claim expenses incurred - prior accident years	(7,953)			(4,164)			(218)		(12,335)
Net claims and claim expenses incurred - total	$	424,207		$	338,104		$	(218)	$	762,093

Net claims and claim expense ratio - current accident year	92.5		%	68.1		%			79.8		%
Net claims and claim expense ratio - prior accident years	(1.7)		%	(0.8)		%			(1.2)		%
Net claims and claim expense ratio - calendar year	90.8		%	67.3		%			78.6		%
Underwriting expense ratio	27.8		%	28.6		%			28.1		%
Combined ratio	118.6		%	95.9		%			106.7		%


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Year ended December 31, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,999,142		$	2,807,023		$	—	$	5,806,165
Net premiums written	$	2,037,200		$	2,059,133		$	—	$	4,096,333
Net premiums earned	$	1,936,215		$	2,016,247		$	—	$	3,952,462
Net claims and claim expenses incurred	1,435,735			1,488,662			212		2,924,609
Acquisition expenses	353,700			543,977			—		897,677
Operational expenses	135,547			71,140			—		206,687
Underwriting income (loss)	$	11,233		$	(87,532)		$	(212)	$	(76,511)

Net claims and claim expenses incurred - current accident year	$	1,592,996		$	1,515,425		$	—	$	3,108,421
Net claims and claim expenses incurred - prior accident years	(157,261)			(26,763)			212		(183,812)
Net claims and claim expenses incurred - total	$	1,435,735		$	1,488,662		$	212	$	2,924,609

Net claims and claim expense ratio - current accident year	82.3		%	75.2		%			78.6		%
Net claims and claim expense ratio - prior accident years	(8.1)		%	(1.4)		%			(4.6)		%
Net claims and claim expense ratio - calendar year	74.2		%	73.8		%			74.0		%
Underwriting expense ratio	25.2		%	30.5		%			27.9		%
Combined ratio	99.4		%	104.3		%			101.9		%

	Year ended December 31, 2019
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,430,985		$	2,376,765		$	—	$	4,807,750
Net premiums written	$	1,654,259		$	1,727,234		$	—	$	3,381,493
Net premiums earned	$	1,627,494		$	1,710,909		$	—	$	3,338,403
Net claims and claim expenses incurred	965,424			1,131,637			(40)		2,097,021
Acquisition expenses	313,761			448,678			(207)		762,232
Operational expenses	139,015			84,546			(828)		222,733
Underwriting income	$	209,294		$	46,048		$	1,075	$	256,417

Net claims and claim expenses incurred - current accident year	$	968,357		$	1,155,519		$	—	$	2,123,876
Net claims and claim expenses incurred - prior accident years	(2,933)			(23,882)			(40)		(26,855)
Net claims and claim expenses incurred - total	$	965,424		$	1,131,637		$	(40)	$	2,097,021

Net claims and claim expense ratio - current accident year	59.5		%	67.5		%			63.6		%
Net claims and claim expense ratio - prior accident years	(0.2)		%	(1.4)		%			(0.8)		%
Net claims and claim expense ratio - calendar year	59.3		%	66.1		%			62.8		%
Underwriting expense ratio	27.8		%	31.2		%			29.5		%
Combined ratio	87.1		%	97.3		%			92.3		%


			5



Underwriting and Reserves
Segment Underwriting Results

	Three months ended
Property Segment	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
Gross premiums written	$	308,315		$	427,765		$	1,042,536		$	1,220,526		$	245,001
Net premiums written	$	279,773		$	378,708		$	704,138		$	674,581		$	242,932
Net premiums earned	$	507,141		$	516,623		$	491,116		$	421,335		$	467,404
Net claims and claim expenses incurred	535,875			590,958			164,050			144,852			424,207
Acquisition expenses	75,032			98,545			94,772			85,351			90,790
Operational expenses	26,212			33,672			31,656			44,007			39,469
Underwriting (loss) income	$	(129,978)		$	(206,552)		$	200,638		$	147,125		$	(87,062)

Net claims and claim expenses incurred - current accident year	$	661,711		$	629,827		$	170,614		$	130,844		$	432,160
Net claims and claim expenses incurred - prior accident years	(125,836)			(38,869)			(6,564)			14,008			(7,953)
Net claims and claim expenses incurred - total	$	535,875		$	590,958		$	164,050		$	144,852		$	424,207

Net claims and claim expense ratio - current accident year	130.5		%	121.9		%	34.7		%	31.1		%	92.5		%
Net claims and claim expense ratio - prior accident years	(24.8)		%	(7.5)		%	(1.3)		%	3.3		%	(1.7)		%
Net claims and claim expense ratio - calendar year	105.7		%	114.4		%	33.4		%	34.4		%	90.8		%
Underwriting expense ratio	19.9		%	25.6		%	25.7		%	30.7		%	27.8		%
Combined ratio	125.6		%	140.0		%	59.1		%	65.1		%	118.6		%

	Three months ended
Casualty and Specialty Segment	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
Gross premiums written	$	627,199		$	715,293		$	659,336		$	805,195		$	660,478
Net premiums written	$	466,538		$	520,703		$	476,665		$	595,227		$	482,435
Net premiums earned	$	521,944		$	483,560		$	518,980		$	491,763		$	502,721
Net claims and claim expenses incurred	365,135			351,052			346,266			426,209			338,104
Acquisition expenses	163,251			116,636			138,837			125,253			117,849
Operational expenses	14,945			15,319			17,422			23,454			25,943
Underwriting (loss) income	$	(21,387)		$	553		$	16,455		$	(83,153)		$	20,825

Net claims and claim expenses incurred - current accident year	$	368,071		$	366,080		$	355,064		$	426,210		$	342,268
Net claims and claim expenses incurred - prior accident years	(2,936)			(15,028)			(8,798)			(1)			(4,164)
Net claims and claim expenses incurred - total	$	365,135		$	351,052		$	346,266		$	426,209		$	338,104

Net claims and claim expense ratio - current accident year	70.5		%	75.7		%	68.4		%	86.7		%	68.1		%
Net claims and claim expense ratio - prior accident years	(0.5)		%	(3.1)		%	(1.7)		%	—		%	(0.8)		%
Net claims and claim expense ratio - calendar year	70.0		%	72.6		%	66.7		%	86.7		%	67.3		%
Underwriting expense ratio	34.1		%	27.3		%	30.1		%	30.2		%	28.6		%
Combined ratio	104.1		%	99.9		%	96.8		%	116.9		%	95.9		%


			6



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

	Three months ended December 31, 2020									Three months ended December 31, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	59,120		$	249,195		$	308,315		$	44,824		$	200,177		$	245,001
Net premiums written	$	50,206		$	229,567		$	279,773		$	42,797		$	200,135		$	242,932
Net premiums earned	$	301,980		$	205,161		$	507,141		$	267,356		$	200,048		$	467,404
Net claims and claim expenses incurred	324,131			211,744			535,875			306,042			118,165			424,207
Acquisition expenses	17,721			57,311			75,032			41,631			49,159			90,790
Operational expenses	20,820			5,392			26,212			29,605			9,864			39,469
Underwriting (loss) income	$	(60,692)		$	(69,286)		$	(129,978)		$	(109,922)		$	22,860		$	(87,062)

Net claims and claim expenses incurred - current accident year	$	415,248		$	246,463		$	661,711		$	310,228		$	121,932		$	432,160
Net claims and claim expenses incurred - prior accident years	(91,117)			(34,719)			(125,836)			(4,186)			(3,767)			(7,953)
Net claims and claim expenses incurred - total	$	324,131		$	211,744		$	535,875		$	306,042		$	118,165		$	424,207

Net claims and claim expense ratio - current accident year	137.5		%	120.1		%	130.5		%	116.0		%	61.0		%	92.5		%
Net claims and claim expense ratio - prior accident years	(30.2)		%	(16.9)		%	(24.8)		%	(1.5)		%	(1.9)		%	(1.7)		%
Net claims and claim expense ratio - calendar year	107.3		%	103.2		%	105.7		%	114.5		%	59.1		%	90.8		%
Underwriting expense ratio	12.8		%	30.6		%	19.9		%	26.6		%	29.5		%	27.8		%
Combined ratio	120.1		%	133.8		%	125.6		%	141.1		%	88.6		%	118.6		%

	Year ended December 31, 2020									Year ended December 31, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,886,785		$	1,112,357		$	2,999,142		$	1,595,472		$	835,513		$	2,430,985
Net premiums written	$	1,065,390		$	971,810		$	2,037,200		$	902,205		$	752,054		$	1,654,259
Net premiums earned	$	1,071,099		$	865,116		$	1,936,215		$	911,528		$	715,966		$	1,627,494
Net claims and claim expenses incurred	760,546			675,189			1,435,735			489,315			476,109			965,424
Acquisition expenses	115,636			238,064			353,700			131,111			182,650			313,761
Operational expenses	110,495			25,052			135,547			109,736			29,279			139,015
Underwriting income (loss)	$	84,422		$	(73,189)		$	11,233		$	181,366		$	27,928		$	209,294

Net claims and claim expenses incurred - current accident year	$	925,401		$	667,595		$	1,592,996		$	544,895		$	423,462		$	968,357
Net claims and claim expenses incurred - prior accident years	(164,855)			7,594			(157,261)			(55,580)			52,647			(2,933)
Net claims and claim expenses incurred - total	$	760,546		$	675,189		$	1,435,735		$	489,315		$	476,109		$	965,424

Net claims and claim expense ratio - current accident year	86.4		%	77.2		%	82.3		%	59.8		%	59.1		%	59.5		%
Net claims and claim expense ratio - prior accident years	(15.4)		%	0.8		%	(8.1)		%	(6.1)		%	7.4		%	(0.2)		%
Net claims and claim expense ratio - calendar year	71.0		%	78.0		%	74.2		%	53.7		%	66.5		%	59.3		%
Underwriting expense ratio	21.1		%	30.5		%	25.2		%	26.4		%	29.6		%	27.8		%
Combined ratio	92.1		%	108.5		%	99.4		%	80.1		%	96.1		%	87.1		%


			7



Underwriting and Reserves
Gross Premiums Written

	Three months ended										Twelve months ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Property Segment
Catastrophe	$	59,120	$	179,689	$	711,786	$	936,190	$	44,824	$	1,886,785	$	1,595,472
Other property	249,195		248,076		330,750		284,336		200,177		1,112,357		835,513
Property segment gross premiums written	$	308,315	$	427,765	$	1,042,536	$	1,220,526	$	245,001	$	2,999,142	$	2,430,985

Casualty and Specialty Segment
General casualty (1)	$	190,996	$	260,265	$	206,666	$	246,667	$	197,338	$	904,594	$	807,901
Professional liability (2)	207,437		175,459		222,737		230,487		189,838		836,120		650,750
Financial lines (3)	122,023		143,455		101,635		147,079		126,983		514,192		457,000
Other (4)	106,743		136,114		128,298		180,962		146,319		552,117		461,114
Casualty and Specialty segment gross premiums written	$	627,199	$	715,293	$	659,336	$	805,195	$	660,478	$	2,807,023	$	2,376,765


(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
December 31, 2020
Property	$	1,127,201	$	1,617,003	$	1,627,541	$	4,371,745
Casualty and Specialty	1,651,150		133,843		4,223,692		6,008,685
Other	708		—		—		708
Total	$	2,779,059	$	1,750,846	$	5,851,233	$	10,381,138

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


			9



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended December 31, 2020						Three months ended December 31, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	9,900,615	$	2,883,808	$	7,016,807	$	8,602,437	$	2,438,299	$	6,164,138
Incurred claims and claim expenses
Current year	1,555,246		525,464		1,029,782		1,236,137		461,709		774,428
Prior years	(249,115)		(120,686)		(128,429)		180,752		193,087		(12,335)
Total incurred claims and claim expenses	1,306,131		404,778		901,353		1,416,889		654,796		762,093
Paid claims and claim expenses
Current year	253,693		32,734		220,959		148,468		11,290		137,178
Prior years	638,762		339,320		299,442		563,976		295,110		268,866
Total paid claims and claim expenses	892,455		372,054		520,401		712,444		306,400		406,044

Foreign exchange (1)	66,847		9,478		57,369		77,467		4,602		72,865


Reserve for claims and claim expenses, end of period	$	10,381,138	$	2,926,010	$	7,455,128	$	9,384,349	$	2,791,297	$	6,593,052

	Year ended December 31, 2020						Year ended December 31, 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	4,297,339		1,188,918		3,108,421		2,863,163		739,287		2,123,876
Prior years	(404,135)		(220,323)		(183,812)		358,615		385,470		(26,855)
Total incurred claims and claim expenses	3,893,204		968,595		2,924,609		3,221,778		1,124,757		2,097,021
Paid claims and claim expenses
Current year	460,278		48,106		412,172		286,836		21,187		265,649
Prior years	2,373,235		780,779		1,592,456		2,048,366		1,215,961		832,405
Total paid claims and claim expenses	2,833,513		828,885		2,004,628		2,335,202		1,237,148		1,098,054
Foreign exchange (1)	95,924		(1,349)		97,273		33,292		2,032		31,260
Amounts disposed (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	$	10,381,138	$	2,926,010	$	7,455,128	$	9,384,349	$	2,791,297	$	6,593,052

(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										Twelve months ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Management fee income
Joint ventures	$	8,458	$	13,070	$	12,190	$	11,781	$	11,858	$	45,499	$	42,546
Structured reinsurance products and other	8,830		8,785		8,739		8,597		8,252		34,951		35,239
Managed funds	9,490		8,610		6,508		6,418		3,814		31,026		18,636
Total management fee income	26,778		30,465		27,437		26,796		23,924		111,476		96,420

Performance fee income (loss)
Joint ventures	(1,984)		(1,842)		6,165		7,828		(3,374)		10,167		9,660
Structured reinsurance products and other	1,570		(10,414)		7,994		8,375		(5,314)		7,525		7,693
Managed funds	9,542		175		3,914		2,363		(2,036)		15,994		420
Total performance fee income (loss) (1)	9,128		(12,081)		18,073		18,566		(10,724)		33,686		17,773

Total fee income	$	35,906	$	18,384	$	45,510	$	45,362	$	13,200	$	145,162	$	114,193

(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										Twelve months ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Redeemable noncontrolling interest - DaVinciRe	$	32,993	$	26,616	$	(88,374)	$	(84,906)	$	25,862	$	(113,671)	$	(127,084)
Redeemable noncontrolling interest - Medici	(13,534)		(33,963)		(13,151)		4,678		(6,363)		(55,970)		(25,759)
Redeemable noncontrolling interest - Vermeer	(13,992)		(11,954)		(17,203)		(17,863)		(16,877)		(61,012)		(48,626)
Net loss (income) attributable to redeemable noncontrolling interests (1)	$	5,467	$	(19,301)	$	(118,728)	$	(98,091)	$	2,622	$	(230,653)	$	(201,469)

(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:


	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
Redeemable noncontrolling interest - DaVinciRe	$	1,560,693	$	1,594,683	$	1,621,300	$	1,533,085	$	1,435,581
Redeemable noncontrolling interest - Medici	717,999		696,999		682,118		677,283		632,112
Redeemable noncontrolling interest - Vermeer	1,109,627		1,095,635		1,083,681		1,021,478		1,003,615
Redeemable noncontrolling interests	$	3,388,319	$	3,387,317	$	3,387,099	$	3,231,846	$	3,071,308

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


	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
DaVinciRe	78.6	%	78.6	%	78.6	%	78.6	%	78.1	%
Medici	84.3	%	88.5	%	88.6	%	88.8	%	87.9	%
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															Twelve months ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Revenues
Gross premiums written	$	21,996		$	77,866		$	222,306		$	255,640		$	15,566		$	577,808		$	440,718
Net premiums written	$	22,266		$	78,025		$	177,116		$	241,641		$	15,210		$	519,048		$	379,128
Decrease (increase) in unearned premiums	120,081			62,486			(58,172)			(135,933)			90,674			(11,538)			(14,018)
Net premiums earned	142,347			140,511			118,944			105,708			105,884			507,510			365,110
Net investment income	8,848			9,339			11,557			15,087			13,506			44,831			53,739
Net foreign exchange gains (losses)	149			(511)			8			(1,180)			(399)			(1,534)			(1,765)
Other income	—			—			—			—			—			—			344
Net realized and unrealized gains (losses) on investments	3,436			5,439			34,674			18,529			(1,307)			62,078			48,535
Total revenues	154,780			154,778			165,183			138,144			117,684			612,885			465,963
Expenses
Net claims and claim expenses incurred	184,787			171,271			9,829			(13,726)			135,397			352,161			195,371
Acquisition expenses	3,138			2,384			29,208			30,112			1,313			64,842			55,252
Operational and corporate expenses	6,955			13,123			11,862			11,889			12,238			43,829			44,804
Interest expense	1,859			1,859			1,859			1,858			1,859			7,435			7,434
Total expenses	196,739			188,637			52,758			30,133			150,807			468,267			302,861
(Loss) income before taxes	(41,959)			(33,859)			112,425			108,011			(33,123)			144,618			163,102
Income tax (expense) benefit	(12)			—			(2)			2			(6)			(12)			(82)


Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(41,971)		$	(33,859)		$	112,423		$	108,013		$	(33,129)		$	144,606		$	163,020

Net claims and claim expenses incurred - current accident year	$	209,903		$	196,188		$	14,728		$	4,967		$	113,743		$	425,786		$	209,688
Net claims and claim expenses incurred - prior accident years	(25,116)			(24,917)			(4,899)			(18,693)			21,654			(73,625)			(14,317)
Net claims and claim expenses incurred - total	$	184,787		$	171,271		$	9,829		$	(13,726)		$	135,397		$	352,161		$	195,371

Net claims and claim expense ratio - current accident year	147.5		%	139.6		%	12.4		%	4.7		%	107.4		%	83.9		%	57.4		%
Net claims and claim expense ratio - prior accident years	(17.7)		%	(17.7)		%	(4.1)		%	(17.7)		%	20.5		%	(14.5)		%	(3.9)		%
Net claims and claim expense ratio - calendar year	129.8		%	121.9		%	8.3		%	(13.0)		%	127.9		%	69.4		%	53.5		%
Underwriting expense ratio	7.1		%	11.0		%	34.5		%	39.7		%	12.8		%	21.4		%	27.4		%
Combined ratio	136.9		%	132.9		%	42.8		%	26.7		%	140.7		%	90.8		%	80.9		%


			13


RenaissanceRe Holdings Ltd.
Investments
Total Investment Result

	Three months ended															Twelve months ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Fixed maturity investments trading	$	66,912		$	68,022		$	69,943		$	73,338		$	85,937		$	278,215		$	318,503
Short term investments	1,047			1,611			6,049			12,092			11,552			20,799			56,264
Equity investments trading	1,628			1,559			1,666			1,551			1,539			6,404			4,808
Other investments
Catastrophe bonds	13,500			13,626			13,519			14,139			12,870			54,784			46,154
Other	4,083			2,598			1,107			1,629			2,221			9,417			8,447
Cash and cash equivalents	192			441			837			1,504			1,875			2,974			7,676
	87,362			87,857			93,121			104,253			115,994			372,593			441,852
Investment expenses	(5,645)			(4,314)			(3,816)			(4,780)			(3,856)			(18,555)			(17,645)
Net investment income	81,717			83,543			89,305			99,473			112,138			354,038			424,207






Net realized and unrealized gains (losses) on:
Fixed maturity investments trading (1)	90,132			78,348			322,711			101,221			(48,146)			592,412			297,977




Equity investments trading (1)	154,306			119,622			113,506			(151,882)			66,043			235,552			116,506
Other investments
Catastrophe bonds	(9,742)			12,611			4,452			(14,352)			(4,522)			(7,031)			(9,392)
Other	24,049			13,627			7,721			(45,694)			5,079			(297)			9,018
Net realized and unrealized gains (losses) on investments	258,745			224,208			448,390			(110,707)			18,454			820,636			414,109




Total investment result	$	340,462		$	307,751		$	537,695		$	(11,234)		$	130,592		$	1,174,674		$	838,316

Total investment return - annualized	6.6		%	6.2		%	11.8		%	(0.1)		%	3.1		%	5.9		%	5.2		%

(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	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
U.S. treasuries	$	4,960,409	24.1	%	$	4,350,971	21.4	%	$	4,258,675	21.6	%	$	3,915,130	22.0	%	$	4,467,345	25.7	%
Agencies	368,032		1.8	%	437,681		2.1	%	505,038		2.6	%	537,490		3.1	%	343,031		1.9	%

Non-U.S. government	491,531		2.4	%	568,960		2.8	%	584,206		3.0	%	635,282		3.6	%	497,392		2.9	%

Non-U.S. government-backed corporate	338,014		1.6	%	401,449		2.0	%	314,833		1.6	%	283,577		1.6	%	321,356		1.9	%
Corporate	4,261,025		20.7	%	4,655,765		22.9	%	4,428,553		22.5	%	3,259,780		18.3	%	3,075,660		17.7	%
Agency mortgage-backed	1,113,792		5.4	%	1,086,474		5.3	%	985,851		5.0	%	1,056,272		5.9	%	1,148,499		6.6	%
Non-agency mortgage-backed	291,444		1.4	%	293,953		1.4	%	276,300		1.4	%	275,026		1.6	%	294,604		1.7	%
Commercial mortgage-backed	791,272		3.8	%	788,995		3.9	%	591,238		3.0	%	540,502		3.0	%	468,698		2.7	%
Asset-backed	890,984		4.3	%	807,070		4.0	%	550,441		2.8	%	542,742		3.1	%	555,070		3.2	%
Total fixed maturity investments, at fair value	13,506,503		65.5	%	13,391,318		65.8	%	12,495,135		63.5	%	11,045,801		62.2	%	11,171,655		64.3	%
Short term investments, at fair value	4,993,735		24.3	%	5,158,961		25.4	%	5,570,804		28.2	%	5,263,242		29.4	%	4,566,277		26.3	%
Total consolidated fixed maturity and short term investments, at fair value	18,500,238		89.8	%	18,550,279		91.2	%	18,065,939		91.7	%	16,309,043		91.6	%	15,737,932		90.6	%
Equity investments trading, at fair value	702,617		3.4	%	547,381		2.7	%	470,087		2.4	%	360,444		2.0	%	436,931		2.5	%
Other investments, at fair value	1,256,948		6.2	%	1,122,683		5.5	%	1,093,338		5.5	%	1,058,714		5.9	%	1,087,377		6.3	%
Total managed investment portfolio	20,459,803		99.4	%	20,220,343		99.4	%	19,629,364		99.6	%	17,728,201		99.5	%	17,262,240		99.4	%
Investments in other ventures, under equity method	98,373		0.6	%	98,990		0.6	%	94,285		0.4	%	90,396		0.5	%	106,549		0.6	%
Total investments	$	20,558,176	100.0	%	$	20,319,333	100.0	%	$	19,723,649	100.0	%	$	17,818,597	100.0	%	$	17,368,789	100.0	%


			15


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
AAA	$	1,915,147	14.2	%	$	1,972,894	14.7	%	$	1,392,417	11.1	%	$	1,590,824	14.4	%	$	1,338,265	12.0	%
AA	7,210,622		53.4	%	6,721,098		50.2	%	6,670,927		53.4	%	6,212,689		56.3	%	6,677,219		59.8	%
A	1,485,463		11.0	%	1,777,861		13.3	%	1,864,066		14.9	%	1,491,504		13.5	%	1,453,212		13.0	%
BBB	1,538,681		11.4	%	1,648,049		12.3	%	1,433,297		11.5	%	915,375		8.3	%	874,730		7.8	%
Non-investment grade and not rated	1,356,590		10.0	%	1,271,416		9.5	%	1,134,428		9.1	%	835,409		7.5	%	828,229		7.4	%
Total fixed maturity investments, at fair value	$	13,506,503	100.0	%	$	13,391,318	100.0	%	$	12,495,135	100.0	%	$	11,045,801	100.0	%	$	11,171,655	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	637,418	4.7	%	$	621,610	4.6	%	$	638,686	5.1	%	$	723,397	6.5	%	$	544,636	4.9	%
Due after one through five years	5,391,122		39.9	%	5,749,128		43.0	%	5,513,103		44.1	%	5,039,456		45.7	%	5,522,769		49.4	%
Due after five through ten years	3,806,564		28.2	%	3,374,898		25.2	%	3,312,749		26.6	%	2,612,031		23.7	%	2,420,602		21.7	%
Due after ten years	583,908		4.3	%	669,190		5.0	%	626,768		5.0	%	256,375		2.3	%	216,777		1.9	%
Mortgage-backed securities	2,196,507		16.3	%	2,169,422		16.2	%	1,853,388		14.8	%	1,871,800		16.9	%	1,911,801		17.1	%
Asset-backed securities	890,984		6.6	%	807,070		6.0	%	550,441		4.4	%	542,742		4.9	%	555,070		5.0	%
Total fixed maturity investments, at fair value	$	13,506,503	100.0	%	$	13,391,318	100.0	%	$	12,495,135	100.0	%	$	11,045,801	100.0	%	$	11,171,655	100.0	%


			16



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

						Credit Rating (1)
December 31, 2020	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	4,993,735	$	4,993,735		0.1	%	$	4,899,675		$	88,039		$	2,028		$	2,085		$	1,875		$	33
			100.0		%			98.2		%	1.8		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	4,867,681		4,960,409			0.4	%	—			4,960,409			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	196,183		195,748			0.9	%	—			195,748			—			—			—			—
Other agencies	169,204		172,284			1.0	%	—			172,284			—			—			—			—
Total agencies	365,387		368,032			0.9	%	—			368,032			—			—			—			—

Non-U.S. government	485,972		491,531			0.5	%	341,713			121,483			15,085			11,041			1,870			339

Non-U.S. government-backed corporate	333,996		338,014			1.0	%	121,529			197,471			6,246			7,796			4,972			—
Corporate	4,069,396		4,261,025			2.2	%	56,842			183,852			1,435,032			1,449,635			1,100,009			35,655
Mortgage-backed
Residential mortgage-backed
Agency securities	1,095,525		1,113,792			1.0	%	—			1,113,792			—			—			—			—
Non-agency securities - Alt A	231,633		235,085			3.2	%	57,913			5,186			466			6,365			126,662			38,493
Non-agency securities - Prime	55,309		56,359			2.0	%	24,085			2,372			2,212			1,079			15,054			11,557
Total residential mortgage-backed	1,382,467		1,405,236			1.5	%	81,998			1,121,350			2,678			7,444			141,716			50,050
Commercial mortgage-backed	762,899		791,272			1.5	%	626,768			131,659			4,778			23,328			2,443			2,296
Total mortgage-backed	2,145,366		2,196,508			1.5	%	708,766			1,253,009			7,456			30,772			144,159			52,346
Asset-backed
Collateralized loan obligations	799,493		801,967			1.9	%	604,012			123,245			19,746			38,922			6,892			9,150



Other	87,744		89,017			0.7	%	82,285			3,121			1,898			515			—			1,198
Total asset-backed	887,237		890,984			1.8	%	686,297			126,366			21,644			39,437			6,892			10,348
Total securitized assets	3,032,603		3,087,492			1.6	%	1,395,063			1,379,375			29,100			70,209			151,051			62,694
Total fixed maturity investments	13,155,035		13,506,503			1.2	%	1,915,147			7,210,622			1,485,463			1,538,681			1,257,902			98,688
			100.0		%			14.2		%	53.4		%	11.0		%	11.4		%	9.3		%	0.7		%
Total consolidated fixed maturity and short term investments, at fair value	$	18,148,770	$	18,500,238		0.9	%	$	6,814,822		$	7,298,661		$	1,487,491		$	1,540,766		$	1,259,777		$	98,721
			100.0		%			36.9		%	39.5		%	8.0		%	8.3		%	6.8		%	0.5		%

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


			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										Twelve months ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Total investment result
Net investment income	$	81,717	$	83,543	$	89,305	$	99,473	$	112,138	$	354,038	$	424,207
Net realized and unrealized gains (losses) on investments	258,745		224,208		448,390		(110,707)		18,454		820,636		414,109
Total investment result	$	340,462	$	307,751	$	537,695	$	(11,234)	$	130,592	$	1,174,674	$	838,316

Retained total investment result (1)
Retained net investment income	$	64,250	$	64,971	$	67,189	$	72,603	$	87,739	$	269,013	$	330,989
Retained net realized and unrealized gains (losses) on investments	258,293		201,699		418,046		(113,261)		21,751		764,777		381,200
Retained total investment result	$	322,543	$	266,670	$	485,235	$	(40,658)	$	109,490	$	1,033,790	$	712,189

(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.


	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	18,500,238		$	18,550,279		$	18,065,939		$	16,309,043		$	15,737,932
Weighted average yield to maturity of fixed maturity and short term investments	0.9		%	1.0		%	1.1		%	1.5		%	2.1		%
Average duration of fixed maturities and short term investments, in years	2.9			2.9			2.9			2.8			2.9
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	13,219,754		$	13,046,376		$	12,703,423		$	11,124,214		$	11,154,174
Weighted average yield to maturity of retained fixed maturity and short term investments	1.2		%	1.3		%	1.4		%	1.9		%	2.2		%
Average duration of retained fixed maturities and short term investments, in years	3.6			3.7			3.7			3.5			3.6

(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)	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	189,812	$	47,799	$	575,845	$	(81,974)	$	33,773
Amount allocated to participating common shareholders (1)	(2,285)		(582)		(7,593)		(146)		(409)
Net income (loss) allocated to RenaissanceRe common shareholders	$	187,527	$	47,217	$	568,252	$	(82,120)	$	33,364
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	50,022		50,009		44,939		43,441		43,467
Per common share equivalents of non-vested shares	89		85		64		—		85
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	50,111		50,094		45,003		43,441		43,552
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	3.75	$	0.94	$	12.64	$	(1.89)	$	0.77
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.74	$	0.94	$	12.63	$	(1.89)	$	0.77

	Twelve months ended
(common shares in thousands)	December 31, 2020		December 31, 2019
Numerator:
Net income available to RenaissanceRe common shareholders	$	731,482	$	712,042
Amount allocated to participating common shareholders (1)	(8,968)		(8,545)
Net income allocated to RenaissanceRe common shareholders	$	722,514	$	703,497
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	47,103		43,119
Per common share equivalents of non-vested shares	75		56
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	47,178		43,175
Net income available to RenaissanceRe common shareholders per common share - basic	$	15.34	$	16.32
Net income available to RenaissanceRe common shareholders per common share - diluted	$	15.31	$	16.29

(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															Twelve months ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	189,812		$	47,799		$	575,845		$	(81,974)		$	33,773		$	731,482		$	712,042
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(268,487)			(211,597)			(443,938)			96,355			(22,976)			(827,667)			(423,501)
Adjustment for net foreign exchange (gains) losses	(23,270)			(17,426)			7,195			5,728			1,126			(27,773)			2,938
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	7,346			33,916			2,279			4,423			5,700			47,964			49,725
Adjustment for income tax expense (benefit) (2)	7,723			5,058			21,223			(4,141)			(3,707)			29,863			20,367
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3)	9,754			10,526			27,472			13,019			(1,293)			60,771			36,180
Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(77,122)		$	(131,724)		$	190,076		$	33,410		$	12,623		$	14,640		$	397,751

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.74		$	0.94		$	12.63		$	(1.89)		$	0.77		$	15.31		$	16.29
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(5.36)			(4.22)			(9.86)			2.22			(0.53)			(17.54)			(9.81)
Adjustment for net foreign exchange (gains) losses	(0.46)			(0.35)			0.16			0.13			0.03			(0.59)			0.07
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	0.15			0.68			0.05			0.10			0.13			1.02			1.15
Adjustment for income tax expense (benefit) (2)	0.15			0.10			0.47			(0.10)			(0.09)			0.63			0.47
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3)	0.19			0.21			0.61			0.30			(0.03)			1.29			0.84
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(1.59)		$	(2.64)		$	4.06		$	0.76		$	0.28		$	0.12		$	9.01

Return on average common equity - annualized	10.9		%	2.8		%	38.5		%	(6.3)		%	2.5		%	11.7		%	14.1		%
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(15.4)		%	(12.4)		%	(29.7)		%	7.5		%	(1.7)		%	(13.4)		%	(8.4)		%
Adjustment for net foreign exchange (gains) losses	(1.3)		%	(1.0)		%	0.5		%	0.4		%	0.1		%	(0.4)		%	0.1		%
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	0.4		%	2.0		%	0.2		%	0.3		%	0.4		%	0.8		%	1.0		%
Adjustment for income tax expense (benefit) (2)	0.4		%	0.3		%	1.4		%	(0.3)		%	(0.3)		%	0.5		%	0.4		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3)	0.6		%	0.6		%	1.8		%	1.0		%	(0.1)		%	1.0		%	0.7		%
Operating return on average common equity - annualized	(4.4)		%	(7.7)		%	12.7		%	2.6		%	0.9		%	0.2		%	7.9		%

(1) Included in the three months ended September 30, 2020 and the twelve months ended December 31, 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."


	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
Book value per common share	$	138.46		$	135.13		$	134.27		$	117.15		$	120.53
Adjustment for goodwill and other intangibles (1)	(5.37)			(5.53)			(5.56)			(6.46)			(6.50)
Tangible book value per common share	133.09			129.60			128.71			110.69			114.03
Adjustment for accumulated dividends	22.08			21.73			21.38			21.03			20.68
Tangible book value per common share plus accumulated dividends	$	155.17		$	151.33		$	150.09		$	131.72		$	134.71

Quarterly change in book value per common share	2.5		%	0.6		%	14.6		%	(2.8)		%	0.4		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	3.0		%	1.0		%	16.6		%	(2.6)		%	0.7		%
Year to date change in book value per common share	14.9		%	12.1		%	11.4		%	(2.8)		%	15.7		%
Year to date change in tangible book value per common share plus change in accumulated dividends	17.9		%	14.6		%	13.5		%	(2.6)		%	17.9		%

(1) At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, goodwill and other intangibles included $23.0 million, $23.2 million, $23.5 million, $24.2 million and $24.9 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										Twelve months ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net investment income	$	81,717	$	83,543	$	89,305	$	99,473	112,138		$	354,038	$	424,207
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(17,467)		(18,572)		(22,116)		(26,870)		$	(24,399)	(85,025)		(93,218)
Retained net investment income	64,250		64,971		67,189		72,603		87,739		269,013		330,989

Net realized and unrealized gains (losses) on investments	258,745		224,208		448,390		(110,707)		18,454		820,636		414,109
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(452)		(22,509)		(30,344)		(2,554)		3,297		(55,859)		(32,909)
Retained net realized and unrealized gains (losses) on investments	258,293		201,699		418,046		(113,261)		21,751		764,777		381,200

Total investment result	340,462		307,751		537,695		(11,234)		130,592		1,174,674		838,316
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(17,919)		(41,081)		(52,460)		(29,424)		(21,102)		(140,884)		(126,127)
Retained total investment result	$	322,543	$	266,670	$	485,235	$	(40,658)	$	109,490	$	1,033,790	$	712,189


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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.”


	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
Fixed maturity investments, at fair value	$	13,506,503	$	13,391,318	$	12,495,135	$	11,045,801	$	11,171,655
Short term investments, at fair value	4,993,735		5,158,961		5,570,804		5,263,242		4,566,277
Total consolidated fixed maturity and short term investments, at fair value	$	18,500,238	$	18,550,279	$	18,065,939	$	16,309,043	$	15,737,932
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,280,484)		(5,503,903)		(5,362,516)		(5,184,829)		(4,583,758)
Retained fixed maturity and short term investments, at fair value	$	13,219,754	$	13,046,376	$	12,703,423	$	11,124,214	$	11,154,174


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Form: 8-K

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