July 22, 2021 - EX-99.2 - 8-K: Current report filing | RenaissanceRe Holdings Ltd. (RNR)


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	5
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.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained 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 July 7, 2021.

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															Six months ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			June 30, 2021			June 30, 2020
Highlights
Gross premiums written	$	2,094,158		$	2,652,442		$	935,514		$	1,143,058		$	1,701,872		$	4,746,600		$	3,727,593





Underwriting income (loss)	$	328,976		$	(35,760)		$	(151,655)		$	(206,072)		$	217,137		$	293,216		$	281,216

Net investment income	$	80,925		$	79,804		$	81,717		$	83,543		$	89,305		$	160,729		$	188,778
Net realized and unrealized gains (losses) on investments	191,018			(345,563)			258,745			224,208			448,390			(154,545)			337,683


Total investment result	$	271,943		$	(265,759)		$	340,462		$	307,751		$	537,695		$	6,184		$	526,461

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	456,818		$	(290,934)		$	189,812		$	47,799		$	575,845		$	165,884		$	493,871
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	278,050		$	4,395		$	(77,122)		$	(131,724)		$	190,076		$	282,445		$	223,486






Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	9.36		$	(5.87)		$	3.75		$	0.94		$	12.64		$	3.36		$	11.04
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	9.35		$	(5.87)		$	3.74		$	0.94		$	12.63		$	3.35		$	11.02
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	5.64		$	0.09		$	(1.59)		$	(2.64)		$	4.06		$	5.73		$	4.91

Book value per common share	$	139.35		$	131.15		$	138.46		$	135.13		$	134.27		$	139.35		$	134.27
Tangible book value per common share (1)	$	133.75		$	125.73		$	133.09		$	129.60		$	128.71		$	133.75		$	128.71
Tangible book value per common share plus accumulated dividends (1)	$	156.55		$	148.17		$	155.17		$	151.33		$	150.09		$	156.55		$	150.09
Change in tangible book value per common share plus change in accumulated dividends (1)	6.7		%	(5.3)		%	3.0		%	1.0		%	16.6		%	1.0		%	13.5		%

Financial ratios




Combined ratio	72.4		%	103.1		%	114.7		%	120.6		%	78.5		%	87.5		%	85.4		%
Return on average common equity - annualized	27.6		%	(17.1)		%	10.9		%	2.8		%	38.5		%	4.9		%	17.1		%
Operating return on average common equity - annualized (1)	16.8		%	0.3		%	(4.4)		%	(7.7)		%	12.7		%	8.4		%	7.8		%
Total investment return - annualized	5.2		%	(4.9)		%	6.6		%	6.2		%	11.8		%	0.1		%	5.8		%

(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															Six months ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			June 30, 2021			June 30, 2020
Revenues
Gross premiums written	$	2,094,158		$	2,652,442		$	935,514		$	1,143,058		$	1,701,872		$	4,746,600		$	3,727,593
Net premiums written	$	1,512,292		$	1,824,083		$	746,311		$	899,411		$	1,180,803		$	3,336,375		$	2,450,611
(Increase) decrease in unearned premiums	(319,502)			(670,247)			282,774			100,772			(170,707)			(989,749)			(527,417)
Net premiums earned	1,192,790			1,153,836			1,029,085			1,000,183			1,010,096			2,346,626			1,923,194
Net investment income	80,925			79,804			81,717			83,543			89,305			160,729			188,778
Net foreign exchange gains (losses)	3,234			(22,788)			23,270			17,426			(7,195)			(19,554)			(12,923)
Equity in earnings (losses) of other ventures	8,732			(5,558)			(1,868)			5,457			9,041			3,174			13,605
Other income (loss)	586			2,171			4,374			1,476			(1,201)			2,757			(5,637)
Net realized and unrealized gains (losses) on investments	191,018			(345,563)			258,745			224,208			448,390			(154,545)			337,683



Total revenues	1,477,285			861,902			1,395,323			1,332,293			1,548,436			2,339,187			2,444,700
Expenses
Net claims and claim expenses incurred	520,021			867,051			901,353			942,030			510,272			1,387,072			1,081,226
Acquisition expenses	285,590			267,234			238,283			215,180			233,610			552,824			444,214
Operational expenses	58,203			55,311			41,104			49,045			49,077			113,514			116,538
Corporate expenses	10,125			10,405			21,031			48,050			11,898			20,530			27,889
Interest expense	11,833			11,912			11,841			11,843			11,842			23,745			26,769
Total expenses	885,772			1,211,913			1,213,612			1,266,148			816,699			2,097,685			1,696,636
Income (loss) before taxes	591,513			(350,011)			181,711			66,145			731,737			241,502			748,064
Income tax (expense) benefit	(13,862)			19,516			9,923			8,244			(29,875)			5,654			(21,029)


Net income (loss)	577,651			(330,495)			191,634			74,389			701,862			247,156			727,035
Net (income) loss attributable to redeemable noncontrolling interests	(113,544)			46,850			5,467			(19,301)			(118,728)			(66,694)			(216,819)
Net income (loss) attributable to RenaissanceRe	464,107			(283,645)			197,101			55,088			583,134			180,462			510,216
Dividends on preference shares	(7,289)			(7,289)			(7,289)			(7,289)			(7,289)			(14,578)			(16,345)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	456,818		$	(290,934)		$	189,812		$	47,799		$	575,845		$	165,884		$	493,871



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	9.36		$	(5.87)		$	3.75		$	0.94		$	12.64		$	3.36		$	11.04


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	9.35		$	(5.87)		$	3.74		$	0.94		$	12.63		$	3.35		$	11.02
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	5.64		$	0.09		$	(1.59)		$	(2.64)		$	4.06		$	5.73		$	4.91

Return on average common equity - annualized	27.6		%	(17.1)		%	10.9		%	2.8		%	38.5		%	4.9		%	17.1		%
Operating return on average common equity - annualized (1)	16.8		%	0.3		%	(4.4)		%	(7.7)		%	12.7		%	8.4		%	7.8		%


			2



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Assets
Fixed maturity investments trading, at fair value	$	13,418,389	$	13,309,234	$	13,506,503	$	13,391,318	$	12,495,135


Short term investments, at fair value	4,392,652		5,091,143		4,993,735		5,158,961		5,570,804
Equity investments trading, at fair value	577,090		503,137		702,617		547,381		470,087
Other investments, at fair value	1,585,036		1,379,056		1,256,948		1,122,683		1,093,338
Investments in other ventures, under equity method	91,938		91,362		98,373		98,990		94,285
Total investments	20,065,105		20,373,932		20,558,176		20,319,333		19,723,649
Cash and cash equivalents	1,789,756		1,286,661		1,736,813		1,287,378		1,185,844
Premiums receivable	4,481,492		3,928,122		2,894,631		3,337,120		3,519,965
Prepaid reinsurance premiums	1,361,041		1,229,716		823,582		1,082,270		1,266,203
Reinsurance recoverable	3,187,638		3,160,667		2,926,010		2,883,808		2,774,358
Accrued investment income	56,804		62,573		66,743		71,947		70,004
Deferred acquisition costs and value of business acquired	883,926		786,941		633,521		697,346		734,286
Receivable for investments sold	457,458		841,156		568,293		752,936		648,458
Other assets	196,959		318,249		363,170		306,265		298,396
Goodwill and other intangibles	246,576		248,080		249,641		257,437		258,591

Total assets	$	32,726,755	$	32,236,097	$	30,820,580	$	30,995,840	$	30,479,754
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	10,944,742	$	10,953,383	$	10,381,138	$	9,900,615	$	9,365,469
Unearned premiums	4,284,260		3,833,155		2,763,599		3,276,156		3,549,641
Debt	1,137,304		1,136,783		1,136,265		1,135,740		1,135,216
Reinsurance balances payable	4,489,841		4,254,645		3,488,352		3,915,804		4,094,027
Payable for investments purchased	795,185		1,133,787		1,132,538		1,597,893		1,259,116
Other liabilities	201,398		436,437		970,121		391,494		342,014

Total liabilities	21,852,730		21,748,190		19,872,013		20,217,702		19,745,483
Redeemable noncontrolling interests	3,656,419		3,409,570		3,388,319		3,387,317		3,387,099
Shareholders' Equity
Preference shares	525,000		525,000		525,000		525,000		525,000
Common shares	48,026		49,970		50,811		50,810		50,811
Additional paid-in capital	1,153,881		1,450,627		1,623,206		1,615,328		1,602,738
Accumulated other comprehensive loss	(14,061)		(12,382)		(12,642)		(2,083)		(3,066)
Retained earnings	5,504,760		5,065,122		5,373,873		5,201,766		5,171,689
Total shareholders' equity attributable to RenaissanceRe	7,217,606		7,078,337		7,560,248		7,390,821		7,347,172


Total liabilities, noncontrolling interests and shareholders' equity	$	32,726,755	$	32,236,097	$	30,820,580	$	30,995,840	$	30,479,754

Book value per common share	$	139.35	$	131.15	$	138.46	$	135.13	$	134.27


			3



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended June 30, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	1,183,556		$	910,602		$	2,094,158
Net premiums written	$	803,335		$	708,957		$	1,512,292
Net premiums earned	$	560,397		$	632,393		$	1,192,790
Net claims and claim expenses incurred	97,150			422,871			520,021
Acquisition expenses	109,238			176,352			285,590
Operational expenses	38,887			19,316			58,203
Underwriting income	$	315,122		$	13,854		$	328,976

Net claims and claim expenses incurred - current accident year	$	148,133		$	423,917		$	572,050
Net claims and claim expenses incurred - prior accident years	(50,983)			(1,046)			(52,029)
Net claims and claim expenses incurred - total	$	97,150		$	422,871		$	520,021

Net claims and claim expense ratio - current accident year	26.4		%	67.0		%	48.0		%
Net claims and claim expense ratio - prior accident years	(9.1)		%	(0.1)		%	(4.4)		%
Net claims and claim expense ratio - calendar year	17.3		%	66.9		%	43.6		%
Underwriting expense ratio	26.5		%	30.9		%	28.8		%
Combined ratio	43.8		%	97.8		%	72.4		%

	Three months ended June 30, 2020
	Property			Casualty and Specialty			Total
Gross premiums written	$	1,042,536		$	659,336		$	1,701,872
Net premiums written	$	704,138		$	476,665		$	1,180,803
Net premiums earned	$	491,116		$	518,980		$	1,010,096
Net claims and claim expenses incurred	164,006			346,266			510,272
Acquisition expenses	94,773			138,837			233,610
Operational expenses	31,655			17,422			49,077
Underwriting income	$	200,682		$	16,455		$	217,137

Net claims and claim expenses incurred - current accident year	$	170,614		$	355,064		$	525,678
Net claims and claim expenses incurred - prior accident years	(6,608)			(8,798)			(15,406)
Net claims and claim expenses incurred - total	$	164,006		$	346,266		$	510,272

Net claims and claim expense ratio - current accident year	34.7		%	68.4		%	52.0		%
Net claims and claim expense ratio - prior accident years	(1.3)		%	(1.7)		%	(1.5)		%
Net claims and claim expense ratio - calendar year	33.4		%	66.7		%	50.5		%
Underwriting expense ratio	25.7		%	30.1		%	28.0		%
Combined ratio	59.1		%	96.8		%	78.5		%


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Six months ended June 30, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	2,800,375		$	1,946,225		$	4,746,600
Net premiums written	$	1,811,795		$	1,524,580		$	3,336,375
Net premiums earned	$	1,165,563		$	1,181,063		$	2,346,626
Net claims and claim expenses incurred	595,982			791,090			1,387,072
Acquisition expenses	221,992			330,832			552,824
Operational expenses	74,262			39,252			113,514
Underwriting income	$	273,327		$	19,889		$	293,216

Net claims and claim expenses incurred - current accident year	$	652,127		$	796,006		$	1,448,133
Net claims and claim expenses incurred - prior accident years	(56,145)			(4,916)			(61,061)
Net claims and claim expenses incurred - total	$	595,982		$	791,090		$	1,387,072

Net claims and claim expense ratio - current accident year	55.9		%	67.4		%	61.7		%
Net claims and claim expense ratio - prior accident years	(4.8)		%	(0.4)		%	(2.6)		%
Net claims and claim expense ratio - calendar year	51.1		%	67.0		%	59.1		%
Underwriting expense ratio	25.4		%	31.3		%	28.4		%
Combined ratio	76.5		%	98.3		%	87.5		%

	Six months ended June 30, 2020
	Property			Casualty and Specialty			Total
Gross premiums written	$	2,263,062		$	1,464,531		$	3,727,593
Net premiums written	$	1,378,719		$	1,071,892		$	2,450,611
Net premiums earned	$	912,451		$	1,010,743		$	1,923,194
Net claims and claim expenses incurred	308,751			772,475			1,081,226
Acquisition expenses	180,124			264,090			444,214
Operational expenses	75,662			40,876			116,538
Underwriting income (loss)	$	347,914		$	(66,698)		$	281,216

Net claims and claim expenses incurred - current accident year	$	301,458		$	781,274		$	1,082,732
Net claims and claim expenses incurred - prior accident years	7,293			(8,799)			(1,506)
Net claims and claim expenses incurred - total	$	308,751		$	772,475		$	1,081,226

Net claims and claim expense ratio - current accident year	33.0		%	77.3		%	56.3		%
Net claims and claim expense ratio - prior accident years	0.8		%	(0.9)		%	(0.1)		%
Net claims and claim expense ratio - calendar year	33.8		%	76.4		%	56.2		%
Underwriting expense ratio	28.1		%	30.2		%	29.2		%
Combined ratio	61.9		%	106.6		%	85.4		%


			5



Underwriting and Reserves
Segment Underwriting Results

	Three months ended
Property Segment	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Gross premiums written	$	1,183,556		$	1,616,819		$	308,315		$	427,765		$	1,042,536
Net premiums written	$	803,335		$	1,008,460		$	279,773		$	378,708		$	704,138
Net premiums earned	$	560,397		$	605,166		$	507,141		$	516,623		$	491,116
Net claims and claim expenses incurred	97,150			498,832			536,218			590,979			164,006
Acquisition expenses	109,238			112,754			75,032			98,545			94,773
Operational expenses	38,887			35,375			26,160			33,724			31,655
Underwriting income (loss)	$	315,122		$	(41,795)		$	(130,269)		$	(206,625)		$	200,682

Net claims and claim expenses incurred - current accident year	$	148,133		$	503,994		$	661,711		$	629,827		$	170,614
Net claims and claim expenses incurred - prior accident years	(50,983)			(5,162)			(125,493)			(38,848)			(6,608)
Net claims and claim expenses incurred - total	$	97,150		$	498,832		$	536,218		$	590,979		$	164,006

Net claims and claim expense ratio - current accident year	26.4		%	83.3		%	130.4		%	121.9		%	34.7		%
Net claims and claim expense ratio - prior accident years	(9.1)		%	(0.9)		%	(24.7)		%	(7.5)		%	(1.3)		%
Net claims and claim expense ratio - calendar year	17.3		%	82.4		%	105.7		%	114.4		%	33.4		%
Underwriting expense ratio	26.5		%	24.5		%	20.0		%	25.6		%	25.7		%
Combined ratio	43.8		%	106.9		%	125.7		%	140.0		%	59.1		%

	Three months ended
Casualty and Specialty Segment	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Gross premiums written	$	910,602		$	1,035,623		$	627,199		$	715,293		$	659,336
Net premiums written	$	708,957		$	815,623		$	466,538		$	520,703		$	476,665
Net premiums earned	$	632,393		$	548,670		$	521,944		$	483,560		$	518,980
Net claims and claim expenses incurred	422,871			368,219			365,135			351,052			346,266
Acquisition expenses	176,352			154,480			163,251			116,636			138,837
Operational expenses	19,316			19,936			14,945			15,319			17,422
Underwriting income (loss)	$	13,854		$	6,035		$	(21,387)		$	553		$	16,455

Net claims and claim expenses incurred - current accident year	$	423,917		$	372,089		$	368,071		$	366,080		$	355,064
Net claims and claim expenses incurred - prior accident years	(1,046)			(3,870)			(2,936)			(15,028)			(8,798)
Net claims and claim expenses incurred - total	$	422,871		$	368,219		$	365,135		$	351,052		$	346,266

Net claims and claim expense ratio - current accident year	67.0		%	67.8		%	70.5		%	75.7		%	68.4		%
Net claims and claim expense ratio - prior accident years	(0.1)		%	(0.7)		%	(0.5)		%	(3.1)		%	(1.7)		%
Net claims and claim expense ratio - calendar year	66.9		%	67.1		%	70.0		%	72.6		%	66.7		%
Underwriting expense ratio	30.9		%	31.8		%	34.1		%	27.3		%	30.1		%
Combined ratio	97.8		%	98.9		%	104.1		%	99.9		%	96.8		%


			6



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

	Three months ended June 30, 2021									Three months ended June 30, 2020
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	761,323		$	422,233		$	1,183,556		$	711,786		$	330,750		$	1,042,536
Net premiums written	$	403,272		$	400,063		$	803,335		$	391,350		$	312,788		$	704,138
Net premiums earned	$	272,309		$	288,088		$	560,397		$	245,518		$	245,598		$	491,116
Net claims and claim expenses incurred	(34,068)			131,218			97,150			22,467			141,539			164,006
Acquisition expenses	32,103			77,135			109,238			31,728			63,045			94,773
Operational expenses	30,610			8,277			38,887			25,652			6,003			31,655
Underwriting income	$	243,664		$	71,458		$	315,122		$	165,671		$	35,011		$	200,682

Net claims and claim expenses incurred - current accident year	$	16,573		$	131,560		$	148,133		$	37,528		$	133,086		$	170,614
Net claims and claim expenses incurred - prior accident years	(50,641)			(342)			(50,983)			(15,061)			8,453			(6,608)
Net claims and claim expenses incurred - total	$	(34,068)		$	131,218		$	97,150		$	22,467		$	141,539		$	164,006

Net claims and claim expense ratio - current accident year	6.1		%	45.7		%	26.4		%	15.3		%	54.2		%	34.7		%
Net claims and claim expense ratio - prior accident years	(18.6)		%	(0.2)		%	(9.1)		%	(6.1)		%	3.4		%	(1.3)		%
Net claims and claim expense ratio - calendar year	(12.5)		%	45.5		%	17.3		%	9.2		%	57.6		%	33.4		%
Underwriting expense ratio	23.0		%	29.7		%	26.5		%	23.3		%	28.1		%	25.7		%
Combined ratio	10.5		%	75.2		%	43.8		%	32.5		%	85.7		%	59.1		%

	Six months ended June 30, 2021									Six months ended June 30, 2020
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,892,448		$	907,927		$	2,800,375		$	1,647,976		$	615,086		$	2,263,062
Net premiums written	$	1,063,392		$	748,403		$	1,811,795		$	868,807		$	509,912		$	1,378,719
Net premiums earned	$	613,289		$	552,274		$	1,165,563		$	466,173		$	446,278		$	912,451
Net claims and claim expenses incurred	299,943			296,039			595,982			20,266			288,485			308,751
Acquisition expenses	73,481			148,511			221,992			60,434			119,690			180,124
Operational expenses	58,976			15,286			74,262			61,198			14,464			75,662
Underwriting income	$	180,889		$	92,438		$	273,327		$	324,275		$	23,639		$	347,914

Net claims and claim expenses incurred - current accident year	$	355,048		$	297,079		$	652,127		$	60,910		$	240,548		$	301,458
Net claims and claim expenses incurred - prior accident years	(55,105)			(1,040)			(56,145)			(40,644)			47,937			7,293
Net claims and claim expenses incurred - total	$	299,943		$	296,039		$	595,982		$	20,266		$	288,485		$	308,751

Net claims and claim expense ratio - current accident year	57.9		%	53.8		%	55.9		%	13.1		%	53.9		%	33.0		%
Net claims and claim expense ratio - prior accident years	(9.0)		%	(0.2)		%	(4.8)		%	(8.8)		%	10.7		%	0.8		%
Net claims and claim expense ratio - calendar year	48.9		%	53.6		%	51.1		%	4.3		%	64.6		%	33.8		%
Underwriting expense ratio	21.6		%	29.7		%	25.4		%	26.1		%	30.1		%	28.1		%
Combined ratio	70.5		%	83.3		%	76.5		%	30.4		%	94.7		%	61.9		%


			7



Underwriting and Reserves
Gross Premiums Written

	Three months ended										Six months ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		June 30, 2021		June 30, 2020
Property Segment
Catastrophe	$	761,323	$	1,131,125	$	59,120	$	179,689	$	711,786	$	1,892,448	$	1,647,976
Other property	422,233		485,694		249,195		248,076		330,750		907,927		615,086
Property segment gross premiums written	$	1,183,556	$	1,616,819	$	308,315	$	427,765	$	1,042,536	$	2,800,375	$	2,263,062

Casualty and Specialty Segment
General casualty (1)	$	286,686	$	343,170	$	190,996	$	260,265	$	206,666	$	629,856	$	453,333
Professional liability (2)	306,387		314,372		207,437		175,459		222,737		620,759		453,224
Financial lines (3)	86,175		144,386		122,023		143,455		101,635		230,561		248,714
Other (4)	231,354		233,695		106,743		136,114		128,298		465,049		309,260
Casualty and Specialty segment gross premiums written	$	910,602	$	1,035,623	$	627,199	$	715,293	$	659,336	$	1,946,225	$	1,464,531


(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
June 30, 2021
Property	$	1,383,754	$	1,513,549	$	1,773,492	$	4,670,795
Casualty and Specialty	1,727,051		133,041		4,413,855		6,273,947

Total	$	3,110,805	$	1,646,590	$	6,187,347	$	10,944,742

March 31, 2021
Property	$	1,292,683	$	1,333,734	$	2,145,953	$	4,772,370
Casualty and Specialty	1,801,362		147,822		4,231,829		6,181,013

Total	$	3,094,045	$	1,481,556	$	6,377,782	$	10,953,383

December 31, 2020
Property	$	1,127,909	$	1,617,003	$	1,627,541	$	4,372,453
Casualty and Specialty	1,651,150		133,843		4,223,692		6,008,685

Total	$	2,779,059	$	1,750,846	$	5,851,233	$	10,381,138

September 30, 2020
Property	$	1,037,858	$	1,752,260	$	1,238,478	$	4,028,596
Casualty and Specialty	1,625,554		123,001		4,123,464		5,872,019

Total	$	2,663,412	$	1,875,261	$	5,361,942	$	9,900,615

June 30, 2020
Property	$	1,095,843	$	1,650,244	$	842,395	$	3,588,482
Casualty and Specialty	1,682,299		127,588		3,967,100		5,776,987

Total	$	2,778,142	$	1,777,832	$	4,809,495	$	9,365,469


			9



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended June 30, 2021						Three months ended June 30, 2020
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	10,953,383	$	3,160,667	$	7,792,716	$	9,406,707	$	2,765,583	$	6,641,124
Incurred claims and claim expenses
Current year	697,608		125,558		572,050		650,900		125,222		525,678
Prior years	(31,502)		20,527		(52,029)		(3,674)		11,732		(15,406)
Total incurred claims and claim expenses	666,106		146,085		520,021		647,226		136,954		510,272
Paid claims and claim expenses
Current year	54,904		4,377		50,527		32,182		1,758		30,424
Prior years	626,860		117,522		509,338		701,647		130,017		571,630
Total paid claims and claim expenses	681,764		121,899		559,865		733,829		131,775		602,054

Foreign exchange (1)	7,017		2,785		4,232		45,365		3,596		41,769


Reserve for claims and claim expenses, end of period	$	10,944,742	$	3,187,638	$	7,757,104	$	9,365,469	$	2,774,358	$	6,591,111

	Six months ended June 30, 2021						Six months ended June 30, 2020
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	10,381,138	$	2,926,010	$	7,455,128	$	9,384,349	$	2,791,297	$	6,593,052
Incurred claims and claim expenses
Current year	1,919,589		471,456		1,448,133		1,440,910		358,178		1,082,732
Prior years	(3,237)		57,824		(61,061)		(45,969)		(44,463)		(1,506)
Total incurred claims and claim expenses	1,916,352		529,280		1,387,072		1,394,941		313,715		1,081,226
Paid claims and claim expenses
Current year	72,973		7,695		65,278		66,492		4,867		61,625
Prior years	1,249,679		253,853		995,826		1,337,025		329,109		1,007,916
Total paid claims and claim expenses	1,322,652		261,548		1,061,104		1,403,517		333,976		1,069,541
Foreign exchange (1)	(30,096)		(6,104)		(23,992)		(10,304)		3,322		(13,626)





Reserve for claims and claim expenses, end of period	$	10,944,742	$	3,187,638	$	7,757,104	$	9,365,469	$	2,774,358	$	6,591,111

(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.


			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
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		2020		2019
Management fee income
Joint ventures	$	14,741	$	11,128	$	8,458	$	13,070	$	12,190	$	11,781	$	45,499	$	42,546
Structured reinsurance products and other	8,677		8,774		8,830		8,785		8,739		8,597		34,951		35,238
Managed funds	8,552		8,622		9,490		8,610		6,508		6,418		31,026		18,636
Total management fee income	31,970		28,524		26,778		30,465		27,437		26,796		111,476		96,420

Performance fee income (loss)
Joint ventures	7,347		1,556		(1,984)		(1,842)		6,165		7,828		10,167		9,660
Structured reinsurance products and other	2,581		(1,293)		1,570		(10,414)		7,994		8,375		7,525		7,693
Managed funds	4,259		(4,798)		9,542		175		3,914		2,363		15,994		420
Total performance fee income (loss) (1)	14,187		(4,535)		9,128		(12,081)		18,073		18,566		33,686		17,773

Total fee income	$	46,157	$	23,989	$	35,906	$	18,384	$	45,510	$	45,362	$	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.

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



	Three months ended												Twelve months ended
Fee income contributing to:	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		2020		2019
Underwriting income (loss) (1)	19,239		10,530		36,100		13,372		19,894		18,399		87,764		60,046
Earnings from equity method investments (2)	17		16		(4)		11		24		39		70		105
Redeemable noncontrolling interest (3)	26,901		13,443		(190)		5,001		25,592		26,924		57,328		54,042
Total fee income	$	46,157	$	23,989	$	35,906	$	18,384	$	45,510	$	45,362	$	145,162	$	114,193

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

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

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


			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										Six months ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		June 30, 2021		June 30, 2020
Redeemable noncontrolling interest - DaVinciRe	$	(84,266)	$	39,934	$	32,993	$	26,616	$	(88,374)	$	(44,332)	$	(173,280)
Redeemable noncontrolling interest - Medici	(11,989)		13,443		(13,534)		(33,963)		(13,151)		1,454		(8,473)
Redeemable noncontrolling interest - Vermeer	(17,289)		(6,527)		(13,992)		(11,954)		(17,203)		(23,816)		(35,066)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(113,544)	$	46,850	$	5,467	$	(19,301)	$	(118,728)	$	(66,694)	$	(216,819)

(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:


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Redeemable noncontrolling interest - DaVinciRe	$	1,642,656	$	1,555,714	$	1,560,693	$	1,594,683	$	1,621,300
Redeemable noncontrolling interest - Medici	880,320		737,702		717,999		696,999		682,118
Redeemable noncontrolling interest - Vermeer	1,133,443		1,116,154		1,109,627		1,095,635		1,083,681
Redeemable noncontrolling interests	$	3,656,419	$	3,409,570	$	3,388,319	$	3,387,317	$	3,387,099

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


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
DaVinciRe	71.3	%	71.3	%	78.6	%	78.6	%	78.6	%
Medici	86.6	%	84.6	%	84.3	%	88.5	%	88.6	%
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															Six months ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			June 30, 2021			June 30, 2020
Revenues
Gross premiums written	$	243,627		$	342,033		$	21,996		$	77,866		$	222,306		$	585,660		$	477,946
Net premiums written	$	205,907		$	315,476		$	22,266		$	78,025		$	177,116		$	521,383		$	418,757
(Increase) decrease in unearned premiums	(69,833)			(154,894)			120,081			62,486			(58,172)			(224,727)			(194,105)
Net premiums earned	136,074			160,582			142,347			140,511			118,944			296,656			224,652
Net investment income	7,118			8,261			8,848			9,339			11,557			15,379			26,644
Net foreign exchange gains (losses)	597			(590)			149			(511)			8			7			(1,172)

Net realized and unrealized gains (losses) on investments	4,389			(26,798)			3,436			5,439			34,674			(22,409)			53,203
Total revenues	148,178			141,455			154,780			154,778			165,183			289,633			303,327
Expenses
Net claims and claim expenses incurred	(19,754)			167,543			184,787			171,271			9,829			147,789			(3,897)
Acquisition expenses	31,593			16,317			3,138			2,384			29,208			47,910			59,320
Operational and corporate expenses	16,377			11,706			6,955			13,123			11,862			28,083			23,751
Interest expense	1,858			1,858			1,859			1,859			1,859			3,716			3,717
Total expenses	30,074			197,424			196,739			188,637			52,758			227,498			82,891
Income (loss) before taxes	118,104			(55,969)			(41,959)			(33,859)			112,425			62,135			220,436
Income tax (expense) benefit	(1)			—			(12)			—			(2)			(1)			—


Net income (loss) available (attributable) to DaVinciRe common shareholders	$	118,103		$	(55,969)		$	(41,971)		$	(33,859)		$	112,423		$	62,134		$	220,436

Net claims and claim expenses incurred - current accident year	$	8,270		$	181,716		$	209,903		$	196,188		$	14,728		$	189,986		$	19,695
Net claims and claim expenses incurred - prior accident years	(28,024)			(14,173)			(25,116)			(24,917)			(4,899)			(42,197)			(23,592)
Net claims and claim expenses incurred - total	$	(19,754)		$	167,543		$	184,787		$	171,271		$	9,829		$	147,789		$	(3,897)

Net claims and claim expense ratio - current accident year	6.1		%	113.2		%	147.5		%	139.6		%	12.4		%	64.0		%	8.8		%
Net claims and claim expense ratio - prior accident years	(20.6)		%	(8.9)		%	(17.7)		%	(17.7)		%	(4.1)		%	(14.2)		%	(10.5)		%
Net claims and claim expense ratio - calendar year	(14.5)		%	104.3		%	129.8		%	121.9		%	8.3		%	49.8		%	(1.7)		%
Underwriting expense ratio	35.2		%	17.5		%	7.1		%	11.0		%	34.5		%	25.6		%	36.9		%
Combined ratio	20.7		%	121.8		%	136.9		%	132.9		%	42.8		%	75.4		%	35.2		%


			13


RenaissanceRe Holdings Ltd.
Investments
Total Investment Result

	Three months ended															Six months ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			June 30, 2021			June 30, 2020
Fixed maturity investments trading	$	59,510		$	62,933		$	66,912		$	68,022		$	69,943		$	122,443		$	143,281
Short term investments	782			573			1,047			1,611			6,049			1,355			18,141
Equity investments trading	1,626			1,491			1,628			1,559			1,666			3,117			3,217
Other investments
Catastrophe bonds	16,681			14,468			13,500			13,626			13,519			31,149			27,658
Other	9,339			3,801			4,083			2,598			1,107			13,140			2,736
Cash and cash equivalents	159			102			192			441			837			261			2,341
	88,097			83,368			87,362			87,857			93,121			171,465			197,374
Investment expenses	(7,172)			(3,564)			(5,645)			(4,314)			(3,816)			(10,736)			(8,596)
Net investment income	80,925			79,804			81,717			83,543			89,305			160,729			188,778






Net realized and unrealized gains (losses) on:
Fixed maturity investments trading, net of investments-related derivatives (1)	87,847			(261,759)			90,132			78,348			322,711			(173,912)			423,932




Equity investments trading, net of investments-related derivatives (1)	65,566			(67,922)			154,306			119,622			113,506			(2,356)			(38,376)
Other investments
Catastrophe bonds	2			(19,083)			(9,742)			12,611			4,452			(19,081)			(9,900)
Other	37,603			3,201			24,049			13,627			7,721			40,804			(37,973)
Net realized and unrealized gains (losses) on investments	191,018			(345,563)			258,745			224,208			448,390			(154,545)			337,683




Total investment result	$	271,943		$	(265,759)		$	340,462		$	307,751		$	537,695		$	6,184		$	526,461

Total investment return - annualized	5.2		%	(4.9)		%	6.6		%	6.2		%	11.8		%	0.1		%	5.8		%

(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	June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020
U.S. treasuries	$	6,327,895	31.5	%	$	5,107,878	25.1	%	$	4,960,409	24.1	%	$	4,350,971	21.4	%	$	4,258,675	21.6	%
Agencies	325,051		1.6	%	227,184		1.1	%	368,032		1.8	%	437,681		2.1	%	505,038		2.6	%

Non-U.S. government	508,320		2.5	%	518,162		2.5	%	491,531		2.4	%	568,960		2.8	%	584,206		3.0	%

Non-U.S. government-backed corporate	396,966		2.0	%	335,662		1.6	%	338,014		1.6	%	401,449		2.0	%	314,833		1.6	%
Corporate	3,387,433		16.9	%	4,289,072		21.1	%	4,261,025		20.7	%	4,655,765		22.9	%	4,428,553		22.5	%
Agency mortgage-backed	703,757		3.5	%	957,563		4.7	%	1,113,792		5.4	%	1,086,474		5.3	%	985,851		5.0	%
Non-agency mortgage-backed	260,432		1.3	%	272,529		1.3	%	291,444		1.4	%	293,953		1.4	%	276,300		1.4	%
Commercial mortgage-backed	588,262		2.9	%	713,044		3.5	%	791,272		3.8	%	788,995		3.9	%	591,238		3.0	%
Asset-backed	920,273		4.6	%	888,140		4.4	%	890,984		4.3	%	807,070		4.0	%	550,441		2.8	%
Total fixed maturity investments, at fair value	13,418,389		66.8	%	13,309,234		65.3	%	13,506,503		65.5	%	13,391,318		65.8	%	12,495,135		63.5	%
Short term investments, at fair value	4,392,652		21.9	%	5,091,143		25.0	%	4,993,735		24.3	%	5,158,961		25.4	%	5,570,804		28.2	%
Total consolidated fixed maturity and short term investments, at fair value	17,811,041		88.7	%	18,400,377		90.3	%	18,500,238		89.8	%	18,550,279		91.2	%	18,065,939		91.7	%
Equity investments trading, at fair value	577,090		2.9	%	503,137		2.5	%	702,617		3.4	%	547,381		2.7	%	470,087		2.4	%
Other investments, at fair value	1,585,036		8.0	%	1,379,056		6.8	%	1,256,948		6.2	%	1,122,683		5.5	%	1,093,338		5.5	%
Total managed investment portfolio	19,973,167		99.6	%	20,282,570		99.6	%	20,459,803		99.4	%	20,220,343		99.4	%	19,629,364		99.6	%
Investments in other ventures, under equity method	91,938		0.4	%	91,362		0.4	%	98,373		0.6	%	98,990		0.6	%	94,285		0.4	%
Total investments	$	20,065,105	100.0	%	$	20,373,932	100.0	%	$	20,558,176	100.0	%	$	20,319,333	100.0	%	$	19,723,649	100.0	%


			15


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020
AAA	$	1,793,720	13.4	%	$	1,859,370	14.0	%	$	1,915,147	14.2	%	$	1,972,894	14.7	%	$	1,392,417	11.1	%
AA	7,982,119		59.5	%	7,022,443		52.8	%	7,210,622		53.4	%	6,721,098		50.2	%	6,670,927		53.4	%
A	1,060,647		7.9	%	1,504,569		11.3	%	1,485,463		11.0	%	1,777,861		13.3	%	1,864,066		14.9	%
BBB	1,171,756		8.7	%	1,509,280		11.3	%	1,538,681		11.4	%	1,648,049		12.3	%	1,433,297		11.5	%
Non-investment grade and not rated	1,410,147		10.5	%	1,413,572		10.6	%	1,356,590		10.0	%	1,271,416		9.5	%	1,134,428		9.1	%
Total fixed maturity investments, at fair value	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%	$	13,391,318	100.0	%	$	12,495,135	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	365,154	2.7	%	$	572,443	4.3	%	$	637,418	4.7	%	$	621,610	4.6	%	$	638,686	5.1	%
Due after one through five years	6,191,724		46.1	%	5,569,638		41.9	%	5,391,122		39.9	%	5,749,128		43.0	%	5,513,103		44.1	%
Due after five through ten years	4,060,205		30.3	%	3,786,423		28.4	%	3,806,564		28.2	%	3,374,898		25.2	%	3,312,749		26.6	%
Due after ten years	328,582		2.4	%	549,453		4.1	%	583,908		4.3	%	669,190		5.0	%	626,768		5.0	%
Mortgage-backed securities	1,552,451		11.6	%	1,943,137		14.6	%	2,196,507		16.3	%	2,169,422		16.2	%	1,853,388		14.8	%
Asset-backed securities	920,273		6.9	%	888,140		6.7	%	890,984		6.6	%	807,070		6.0	%	550,441		4.4	%
Total fixed maturity investments, at fair value	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%	$	13,391,318	100.0	%	$	12,495,135	100.0	%


			16



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

						Credit Rating (1)
June 30, 2021	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	4,392,652	$	4,392,652		—	%	$	4,355,715		$	11,147		$	25,092		$	12		$	686		$	—
			100.0		%			99.1		%	0.3		%	0.6		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,327,120		6,327,895			0.7	%	—			6,327,895			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	16,707		16,126			1.3	%	—			16,126			—			—			—			—
Other agencies	308,908		308,925			1.1	%	55,282			253,643			—			—			—			—
Total agencies	325,615		325,051			1.1	%	55,282			269,769			—			—			—			—

Non-U.S. government	506,667		508,320			0.8	%	348,311			146,238			2,686			9,742			1,343			—

Non-U.S. government-backed corporate	395,435		396,966			1.3	%	153,130			205,520			25,129			3,938			9,249			—
Corporate	3,302,460		3,387,433			2.4	%	33,732			107,265			1,001,698			1,085,992			1,119,939			38,807
Mortgage-backed
Residential mortgage-backed
Agency securities	697,707		703,757			1.2	%	—			703,757			—			—			—			—
Non-agency securities	256,426		260,432			2.6	%	55,092			15,392			2,376			7,234			127,333			53,005


Total residential mortgage-backed	954,133		964,189			1.6	%	55,092			719,149			2,376			7,234			127,333			53,005
Commercial mortgage-backed	574,205		588,262			1.6	%	433,390			110,248			6,431			24,218			2,563			11,412
Total mortgage-backed	1,528,338		1,552,451			1.6	%	488,482			829,397			8,807			31,452			129,896			64,417
Asset-backed
Collateralized loan obligations	824,636		825,930			1.8	%	626,382			94,162			18,291			40,599			12,542			33,954



Other	93,584		94,343			0.8	%	88,401			1,873			4,036			33			—			—
Total asset-backed	918,220		920,273			1.7	%	714,783			96,035			22,327			40,632			12,542			33,954
Total securitized assets	2,446,558		2,472,724			1.6	%	1,203,265			925,432			31,134			72,084			142,438			98,371
Total fixed maturity investments	13,303,855		13,418,389			1.4	%	1,793,720			7,982,119			1,060,647			1,171,756			1,272,969			137,178
			100.0		%			13.4		%	59.5		%	7.9		%	8.7		%	9.5		%	1.0		%
Total consolidated fixed maturity and short term investments, at fair value	$	17,696,507	$	17,811,041		1.0	%	$	6,149,435		$	7,993,266		$	1,085,739		$	1,171,768		$	1,273,655		$	137,178
			100.0		%			34.4		%	44.9		%	6.1		%	6.6		%	7.2		%	0.8		%

(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										Six months ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		June 30, 2021		June 30, 2020
Total investment result
Net investment income	$	80,925	$	79,804	$	81,717	$	83,543	$	89,305	$	160,729	$	188,778
Net realized and unrealized gains (losses) on investments	191,018		(345,563)		258,745		224,208		448,390		(154,545)		337,683
Total investment result	$	271,943	$	(265,759)	$	340,462	$	307,751	$	537,695	$	6,184	$	526,461

Retained total investment result (1)
Retained net investment income	$	62,982	$	62,598	$	64,250	$	64,971	$	67,189	$	125,580	$	139,792
Retained net realized and unrealized gains (losses) on investments	187,391		(318,688)		258,293		201,699		418,046		(131,297)		304,785
Retained total investment result	$	250,373	$	(256,090)	$	322,543	$	266,670	$	485,235	$	(5,717)	$	444,577

(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.


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	17,811,041		$	18,400,377		$	18,500,238		$	18,550,279		$	18,065,939
Weighted average yield to maturity of fixed maturity and short term investments	1.0		%	1.2		%	0.9		%	1.0		%	1.1		%
Average duration of fixed maturities and short term investments, in years	3.0			2.9			2.9			2.9			2.9
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	12,569,024		$	12,736,000		$	13,219,754		$	13,046,376		$	12,703,423
Weighted average yield to maturity of retained fixed maturity and short term investments	1.3		%	1.5		%	1.2		%	1.3		%	1.4		%
Average duration of retained fixed maturities and short term investments, in years	3.8			3.7			3.6			3.7			3.7

(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)	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	456,818	$	(290,934)	$	189,812	$	47,799	$	575,845
Amount allocated to participating common shareholders (1)	(5,809)		(129)		(2,285)		(582)		(7,593)
Net income (loss) allocated to RenaissanceRe common shareholders	$	451,009	$	(291,063)	$	187,527	$	47,217	$	568,252
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	48,163		49,579		50,022		50,009		44,939
Per common share equivalents of non-vested shares	63		—		89		85		64
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	48,226		49,579		50,111		50,094		45,003
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	9.36	$	(5.87)	$	3.75	$	0.94	$	12.64
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	9.35	$	(5.87)	$	3.74	$	0.94	$	12.63

	Six months ended
(common shares in thousands)	June 30, 2021		June 30, 2020
Numerator:
Net income available to RenaissanceRe common shareholders	$	165,884	$	493,871
Amount allocated to participating common shareholders (1)	(1,864)		(6,153)
Net income allocated to RenaissanceRe common shareholders	$	164,020	$	487,718
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	48,871		44,190
Per common share equivalents of non-vested shares	69		63
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	48,940		44,253
Net income available to RenaissanceRe common shareholders per common share - basic	$	3.36	$	11.04
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.35	$	11.02

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

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of 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 income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: 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 income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to "operating income (loss) available (attributable) to RenaissanceRe common shareholders"; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to "operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized." 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															Six months ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			June 30, 2021			June 30, 2020
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	456,818		$	(290,934)		$	189,812		$	47,799		$	575,845		$	165,884		$	493,871
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(191,016)			326,480			(268,487)			(211,597)			(443,938)			135,464			(347,583)
Adjustment for net foreign exchange (gains) losses	(3,234)			22,788			(23,270)			(17,426)			7,195			19,554			12,923
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—			135			7,346			33,916			2,279			135			6,702
Adjustment for income tax expense (benefit) (2)	11,786			(19,965)			7,723			5,058			21,223			(8,179)			17,082
Adjustment for net income (loss) available (attributable) to redeemable noncontrolling interests (3)	3,696			(34,109)			9,754			10,526			27,472			(30,413)			40,491
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	278,050		$	4,395		$	(77,122)		$	(131,724)		$	190,076		$	282,445		$	223,486

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	9.35		$	(5.87)		$	3.74		$	0.94		$	12.63		$	3.35		$	11.02
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(3.96)			6.59			(5.36)			(4.22)			(9.86)			2.77			(7.85)
Adjustment for net foreign exchange (gains) losses	(0.07)			0.46			(0.46)			(0.35)			0.16			0.40			0.29
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—			—			0.15			0.68			0.05			—			0.15
Adjustment for income tax expense (benefit) (2)	0.24			(0.40)			0.15			0.10			0.47			(0.17)			0.39
Adjustment for net income (loss) available (attributable) to redeemable noncontrolling interests (3)	0.08			(0.69)			0.19			0.21			0.61			(0.62)			0.91
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	5.64		$	0.09		$	(1.59)		$	(2.64)		$	4.06		$	5.73		$	4.91

Return on average common equity - annualized	27.6		%	(17.1)		%	10.9		%	2.8		%	38.5		%	4.9		%	17.1		%
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds	(11.5)		%	19.2		%	(15.4)		%	(12.4)		%	(29.7)		%	4.0		%	(11.9)		%
Adjustment for net foreign exchange (gains) losses	(0.2)		%	1.4		%	(1.3)		%	(1.0)		%	0.5		%	0.6		%	0.4		%
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—		%	—		%	0.4		%	2.0		%	0.2		%	—		%	0.2		%
Adjustment for income tax expense (benefit) (2)	0.7		%	(1.2)		%	0.4		%	0.3		%	1.4		%	(0.2)		%	0.6		%
Adjustment for net income (loss) available (attributable) to redeemable noncontrolling interests (3)	0.2		%	(2.0)		%	0.6		%	0.6		%	1.8		%	(0.9)		%	1.4		%
Operating return on average common equity - annualized	16.8		%	0.3		%	(4.4)		%	(7.7)		%	12.7		%	8.4		%	7.8		%

(1) Included in the three 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."


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Book value per common share	$	139.35		$	131.15		$	138.46		$	135.13		$	134.27
Adjustment for goodwill and other intangibles (1)	(5.60)			(5.42)			(5.37)			(5.53)			(5.56)
Tangible book value per common share	133.75			125.73			133.09			129.60			128.71
Adjustment for accumulated dividends	22.80			22.44			22.08			21.73			21.38
Tangible book value per common share plus accumulated dividends	$	156.55		$	148.17		$	155.17		$	151.33		$	150.09

Quarterly change in book value per common share	6.3		%	(5.3)		%	2.5		%	0.6		%	14.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	6.7		%	(5.3)		%	3.0		%	1.0		%	16.6		%
Year to date change in book value per common share	0.6		%	(5.3)		%	14.9		%	12.1		%	11.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends	1.0		%	(5.3)		%	17.9		%	14.6		%	13.5		%

(1) At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020, and June 30, 2020, goodwill and other intangibles included $22.4 million, $22.7 million, $23.0 million, $23.2 million, and $23.5 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										Six months ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		June 30, 2021		June 30, 2020
Net investment income	$	80,925	$	79,804	$	81,717	$	83,543	$	89,305	$	160,729	$	188,778
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(17,943)		(17,206)		(17,467)		(18,572)		(22,116)		(35,149)		(48,986)
Retained net investment income	62,982		62,598		64,250		64,971		67,189		125,580		139,792

Net realized and unrealized gains (losses) on investments	191,018		(345,563)		258,745		224,208		448,390		(154,545)		337,683
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(3,627)		26,875		(452)		(22,509)		(30,344)		23,248		(32,898)
Retained net realized and unrealized gains (losses) on investments	187,391		(318,688)		258,293		201,699		418,046		(131,297)		304,785

Total investment result	271,943		(265,759)		340,462		307,751		537,695		6,184		526,461
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(21,570)		9,669		(17,919)		(41,081)		(52,460)		(11,901)		(81,884)
Retained total investment result	$	250,373	$	(256,090)	$	322,543	$	266,670	$	485,235	$	(5,717)	$	444,577


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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.”


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Fixed maturity investments, at fair value	$	13,418,389	$	13,309,234	$	13,506,503	$	13,391,318	$	12,495,135
Short term investments, at fair value	4,392,652		5,091,143		4,993,735		5,158,961		5,570,804
Total consolidated fixed maturity and short term investments, at fair value	$	17,811,041	$	18,400,377	$	18,500,238	$	18,550,279	$	18,065,939
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,242,017)		(5,664,377)		(5,280,484)		(5,503,903)		(5,362,516)
Retained fixed maturity and short term investments, at fair value	$	12,569,024	$	12,736,000	$	13,219,754	$	13,046,376	$	12,703,423


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Form: 8-K

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