January 25, 2022 - 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	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															Twelve months ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Highlights
Gross premiums written	$	1,313,018		$	1,774,180		$	2,094,158		$	2,652,442		$	935,514		$	7,833,798		$	5,806,165





Underwriting income (loss)	$	276,661		$	(678,825)		$	328,976		$	(35,760)		$	(151,655)		$	(108,948)		$	(76,511)

Net investment income	$	80,483		$	78,267		$	80,925		$	79,804		$	81,717		$	319,479		$	354,038
Net realized and unrealized gains (losses) on investments	(21,518)			(42,071)			191,018			(345,563)			258,745			(218,134)			820,636


Total investment result	$	58,965		$	36,196		$	271,943		$	(265,759)		$	340,462		$	101,345		$	1,174,674

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	210,917		$	(450,222)		$	456,818		$	(290,934)		$	189,812		$	(73,421)		$	731,482
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	213,692		$	(414,538)		$	278,050		$	4,395		$	(77,122)		$	81,599		$	14,640






Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	4.65		$	(9.75)		$	9.36		$	(5.87)		$	3.75		$	(1.57)		$	15.34
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.65		$	(9.75)		$	9.35		$	(5.87)		$	3.74		$	(1.57)		$	15.31
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	4.71		$	(8.98)		$	5.64		$	0.09		$	(1.59)		$	1.72		$	0.12

Book value per common share	$	132.17		$	128.91		$	139.35		$	131.15		$	138.46		$	132.17		$	138.46
Tangible book value per common share (1)	$	126.27		$	123.24		$	133.75		$	125.73		$	133.09		$	126.27		$	133.09
Tangible book value per common share plus accumulated dividends (1)	$	149.79		$	146.40		$	156.55		$	148.17		$	155.17		$	149.79		$	155.17
Change in tangible book value per common share plus change in accumulated dividends (1)	2.8		%	(7.6)		%	6.7		%	(5.3)		%	3.0		%	(4.0)		%	17.9		%

Financial ratios




Combined ratio	79.4		%	145.1		%	72.4		%	103.1		%	114.7		%	102.1		%	101.9		%
Return on average common equity - annualized	14.2		%	(28.4)		%	27.6		%	(17.1)		%	10.9		%	(1.1)		%	11.7		%
Operating return on average common equity - annualized (1)	14.4		%	(26.1)		%	16.8		%	0.3		%	(4.4)		%	1.3		%	0.2		%
Total investment return - annualized	1.1		%	0.7		%	5.2		%	(4.9)		%	6.6		%	0.5		%	5.9		%

(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, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Revenues
Gross premiums written	$	1,313,018		$	1,774,180		$	2,094,158		$	2,652,442		$	935,514		$	7,833,798		$	5,806,165
Net premiums written	$	1,116,560		$	1,486,440		$	1,512,292		$	1,824,083		$	746,311		$	5,939,375		$	4,096,333
Decrease (increase) in unearned premiums	224,730			19,825			(319,502)			(670,247)			282,774			(745,194)			(143,871)
Net premiums earned	1,341,290			1,506,265			1,192,790			1,153,836			1,029,085			5,194,181			3,952,462
Net investment income	80,483			78,267			80,925			79,804			81,717			319,479			354,038
Net foreign exchange gains (losses)	(16,697)			(4,755)			3,234			(22,788)			23,270			(41,006)			27,773
Equity in earnings (losses) of other ventures	3,830			5,305			8,732			(5,558)			(1,868)			12,309			17,194
Other income (loss)	6,431			1,692			586			2,171			4,374			10,880			213
Net realized and unrealized gains (losses) on investments	(21,518)			(42,071)			191,018			(345,563)			258,745			(218,134)			820,636



Total revenues	1,393,819			1,544,703			1,477,285			861,902			1,395,323			5,277,709			5,172,316
Expenses
Net claims and claim expenses incurred	690,970			1,798,045			520,021			867,051			901,353			3,876,087			2,924,609
Acquisition expenses	333,986			328,048			285,590			267,234			238,283			1,214,858			897,677
Operational expenses	39,673			58,997			58,203			55,311			41,104			212,184			206,687
Corporate expenses	10,426			10,196			10,125			10,405			21,031			41,152			96,970
Interest expense	11,872			11,919			11,833			11,912			11,841			47,536			50,453
Total expenses	1,086,927			2,207,205			885,772			1,211,913			1,213,612			5,391,817			4,176,396
Income (loss) before taxes	306,892			(662,502)			591,513			(350,011)			181,711			(114,108)			995,920
Income tax benefit (expense)	(18,616)			23,630			(13,862)			19,516			9,923			10,668			(2,862)


Net income (loss)	288,276			(638,872)			577,651			(330,495)			191,634			(103,440)			993,058
Net (income) loss attributable to redeemable noncontrolling interests	(68,516)			198,495			(113,544)			46,850			5,467			63,285			(230,653)
Net income (loss) attributable to RenaissanceRe	219,760			(440,377)			464,107			(283,645)			197,101			(40,155)			762,405
Dividends on preference shares	(8,843)			(9,845)			(7,289)			(7,289)			(7,289)			(33,266)			(30,923)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	210,917		$	(450,222)		$	456,818		$	(290,934)		$	189,812		$	(73,421)		$	731,482



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	4.65		$	(9.75)		$	9.36		$	(5.87)		$	3.75		$	(1.57)		$	15.34


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.65		$	(9.75)		$	9.35		$	(5.87)		$	3.74		$	(1.57)		$	15.31
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	4.71		$	(8.98)		$	5.64		$	0.09		$	(1.59)		$	1.72		$	0.12

Return on average common equity - annualized	14.2		%	(28.4)		%	27.6		%	(17.1)		%	10.9		%	(1.1)		%	11.7		%
Operating return on average common equity - annualized (1)	14.4		%	(26.1)		%	16.8		%	0.3		%	(4.4)		%	1.3		%	0.2		%


			2



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Assets
Fixed maturity investments trading, at fair value	$	13,507,131	$	13,839,248	$	13,418,389	$	13,309,234	$	13,506,503


Short term investments, at fair value	5,298,385		4,667,273		4,392,652		5,091,143		4,993,735
Equity investments trading, at fair value	546,016		527,839		577,090		503,137		702,617
Other investments, at fair value	1,993,059		1,738,737		1,585,036		1,379,056		1,256,948
Investments in other ventures, under equity method	98,068		93,344		91,938		91,362		98,373
Total investments	21,442,659		20,866,441		20,065,105		20,373,932		20,558,176
Cash and cash equivalents	1,859,019		1,440,734		1,789,756		1,286,661		1,736,813
Premiums receivable	3,781,542		4,141,899		4,481,492		3,928,122		2,894,631
Prepaid reinsurance premiums	854,722		1,137,556		1,361,041		1,229,716		823,582
Reinsurance recoverable	4,268,669		4,192,758		3,187,638		3,160,667		2,926,010
Accrued investment income	55,740		55,620		56,804		62,573		66,743
Deferred acquisition costs and value of business acquired	849,160		893,265		883,926		786,941		633,521
Receivable for investments sold	380,442		322,553		457,458		841,156		568,293
Other assets	224,053		240,491		196,959		318,249		363,170
Goodwill and other intangibles	243,496		245,015		246,576		248,080		249,641

Total assets	$	33,959,502	$	33,536,332	$	32,726,755	$	32,236,097	$	30,820,580
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	13,294,630	$	13,233,244	$	10,944,742	$	10,953,383	$	10,381,138
Unearned premiums	3,531,213		4,039,546		4,284,260		3,833,155		2,763,599
Debt	1,168,353		1,137,829		1,137,304		1,136,783		1,136,265
Reinsurance balances payable	3,860,963		3,964,137		4,489,841		4,254,645		3,488,352
Payable for investments purchased	1,170,568		718,099		795,185		1,133,787		1,132,538
Other liabilities	755,441		235,665		201,398		436,437		970,121

Total liabilities	23,781,168		23,328,520		21,852,730		21,748,190		19,872,013
Redeemable noncontrolling interests	3,554,053		3,458,298		3,656,419		3,409,570		3,388,319
Shareholders' Equity
Preference shares	750,000		750,000		525,000		525,000		525,000
Common shares	44,445		46,540		48,026		49,970		50,811
Additional paid-in capital	608,121		927,862		1,153,881		1,450,627		1,623,206
Accumulated other comprehensive loss	(10,909)		(12,709)		(14,061)		(12,382)		(12,642)
Retained earnings	5,232,624		5,037,821		5,504,760		5,065,122		5,373,873
Total shareholders' equity attributable to RenaissanceRe	6,624,281		6,749,514		7,217,606		7,078,337		7,560,248


Total liabilities, noncontrolling interests and shareholders' equity	$	33,959,502	$	33,536,332	$	32,726,755	$	32,236,097	$	30,820,580

Book value per common share	$	132.17	$	128.91	$	139.35	$	131.15	$	138.46


			3



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended December 31, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	384,657		$	928,361		$	1,313,018
Net premiums written	$	375,112		$	741,448		$	1,116,560
Net premiums earned	$	626,359		$	714,931		$	1,341,290
Net claims and claim expenses incurred	243,356			447,614			690,970
Acquisition expenses	131,007			202,979			333,986
Operational expenses	28,898			10,775			39,673
Underwriting income (loss)	$	223,098		$	53,563		$	276,661

Net claims and claim expenses incurred - current accident year	$	274,649		$	457,080		$	731,729
Net claims and claim expenses incurred - prior accident years	(31,293)			(9,466)			(40,759)
Net claims and claim expenses incurred - total	$	243,356		$	447,614		$	690,970

Net claims and claim expense ratio - current accident year	43.8		%	63.9		%	54.6		%
Net claims and claim expense ratio - prior accident years	(4.9)		%	(1.3)		%	(3.1)		%
Net claims and claim expense ratio - calendar year	38.9		%	62.6		%	51.5		%
Underwriting expense ratio	25.5		%	29.9		%	27.9		%
Combined ratio	64.4		%	92.5		%	79.4		%

	Three months ended December 31, 2020
	Property			Casualty and Specialty			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	536,218			365,135			901,353
Acquisition expenses	75,032			163,251			238,283
Operational expenses	26,159			14,945			41,104
Underwriting income (loss)	$	(130,268)		$	(21,387)		$	(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	(125,493)			(2,936)			(128,429)
Net claims and claim expenses incurred - total	$	536,218		$	365,135		$	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		%


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Year ended December 31, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	3,958,724		$	3,875,074		$	7,833,798
Net premiums written	$	2,868,002		$	3,071,373		$	5,939,375
Net premiums earned	$	2,608,298		$	2,585,883		$	5,194,181
Net claims and claim expenses incurred	2,163,016			1,713,071			3,876,087
Acquisition expenses	487,178			727,680			1,214,858
Operational expenses	143,608			68,576			212,184
Underwriting income (loss)	$	(185,504)		$	76,556		$	(108,948)

Net claims and claim expenses incurred - current accident year	$	2,396,389		$	1,729,168		$	4,125,557
Net claims and claim expenses incurred - prior accident years	(233,373)			(16,097)			(249,470)
Net claims and claim expenses incurred - total	$	2,163,016		$	1,713,071		$	3,876,087

Net claims and claim expense ratio - current accident year	91.9		%	66.9		%	79.4		%
Net claims and claim expense ratio - prior accident years	(9.0)		%	(0.7)		%	(4.8)		%
Net claims and claim expense ratio - calendar year	82.9		%	66.2		%	74.6		%
Underwriting expense ratio	24.2		%	30.8		%	27.5		%
Combined ratio	107.1		%	97.0		%	102.1		%

	Year ended December 31, 2020
	Property			Casualty and Specialty			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	1,435,947			1,488,662			2,924,609
Acquisition expenses	353,700			543,977			897,677
Operational expenses	135,547			71,140			206,687
Underwriting income (loss)	$	11,021		$	(87,532)		$	(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	(157,049)			(26,763)			(183,812)
Net claims and claim expenses incurred - total	$	1,435,947		$	1,488,662		$	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		%


			5



Underwriting and Reserves
Segment Underwriting Results

	Three months ended
Property Segment	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Gross premiums written	$	384,657		$	773,692		$	1,183,556		$	1,616,819		$	308,315
Net premiums written	$	375,112		$	681,095		$	803,335		$	1,008,460		$	279,773
Net premiums earned	$	626,359		$	816,376		$	560,397		$	605,166		$	507,141
Net claims and claim expenses incurred	243,356			1,323,678			97,150			498,832			536,218
Acquisition expenses	131,007			134,179			109,238			112,754			75,032
Operational expenses	28,898			40,448			38,887			35,375			26,159
Underwriting income (loss)	$	223,098		$	(681,929)		$	315,122		$	(41,795)		$	(130,268)

Net claims and claim expenses incurred - current accident year	$	274,649		$	1,469,613		$	148,133		$	503,994		$	661,711
Net claims and claim expenses incurred - prior accident years	(31,293)			(145,935)			(50,983)			(5,162)			(125,493)
Net claims and claim expenses incurred - total	$	243,356		$	1,323,678		$	97,150		$	498,832		$	536,218

Net claims and claim expense ratio - current accident year	43.8		%	180.0		%	26.4		%	83.3		%	130.5		%
Net claims and claim expense ratio - prior accident years	(4.9)		%	(17.9)		%	(9.1)		%	(0.9)		%	(24.8)		%
Net claims and claim expense ratio - calendar year	38.9		%	162.1		%	17.3		%	82.4		%	105.7		%
Underwriting expense ratio	25.5		%	21.4		%	26.5		%	24.5		%	19.9		%
Combined ratio	64.4		%	183.5		%	43.8		%	106.9		%	125.6		%

	Three months ended
Casualty and Specialty Segment	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Gross premiums written	$	928,361		$	1,000,488		$	910,602		$	1,035,623		$	627,199
Net premiums written	$	741,448		$	805,345		$	708,957		$	815,623		$	466,538
Net premiums earned	$	714,931		$	689,889		$	632,393		$	548,670		$	521,944
Net claims and claim expenses incurred	447,614			474,367			422,871			368,219			365,135
Acquisition expenses	202,979			193,869			176,352			154,480			163,251
Operational expenses	10,775			18,549			19,316			19,936			14,945
Underwriting income (loss)	$	53,563		$	3,104		$	13,854		$	6,035		$	(21,387)

Net claims and claim expenses incurred - current accident year	$	457,080		$	476,082		$	423,917		$	372,089		$	368,071
Net claims and claim expenses incurred - prior accident years	(9,466)			(1,715)			(1,046)			(3,870)			(2,936)
Net claims and claim expenses incurred - total	$	447,614		$	474,367		$	422,871		$	368,219		$	365,135

Net claims and claim expense ratio - current accident year	63.9		%	69.0		%	67.0		%	67.8		%	70.5		%
Net claims and claim expense ratio - prior accident years	(1.3)		%	(0.2)		%	(0.1)		%	(0.7)		%	(0.5)		%
Net claims and claim expense ratio - calendar year	62.6		%	68.8		%	66.9		%	67.1		%	70.0		%
Underwriting expense ratio	29.9		%	30.8		%	30.9		%	31.8		%	34.1		%
Combined ratio	92.5		%	99.6		%	97.8		%	98.9		%	104.1		%


			6



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

	Three months ended December 31, 2021									Three months ended December 31, 2020
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	7,795		$	376,862		$	384,657		$	59,120		$	249,195		$	308,315
Net premiums written	$	632		$	374,480		$	375,112		$	50,206		$	229,567		$	279,773
Net premiums earned	$	260,044		$	366,315		$	626,359		$	301,980		$	205,161		$	507,141
Net claims and claim expenses incurred	55,992			187,364			243,356			324,474			211,744			536,218
Acquisition expenses	29,107			101,900			131,007			17,721			57,311			75,032
Operational expenses	23,262			5,636			28,898			20,767			5,392			26,159
Underwriting income (loss)	$	151,683		$	71,415		$	223,098		$	(60,982)		$	(69,286)		$	(130,268)

Net claims and claim expenses incurred - current accident year	$	76,196		$	198,453		$	274,649		$	415,248		$	246,463		$	661,711
Net claims and claim expenses incurred - prior accident years	(20,204)			(11,089)			(31,293)			(90,774)			(34,719)			(125,493)
Net claims and claim expenses incurred - total	$	55,992		$	187,364		$	243,356		$	324,474		$	211,744		$	536,218

Net claims and claim expense ratio - current accident year	29.3		%	54.2		%	43.8		%	137.5		%	120.1		%	130.5		%
Net claims and claim expense ratio - prior accident years	(7.8)		%	(3.1)		%	(4.9)		%	(30.2)		%	(16.9)		%	(24.8)		%
Net claims and claim expense ratio - calendar year	21.5		%	51.1		%	38.9		%	107.3		%	103.2		%	105.7		%
Underwriting expense ratio	20.2		%	29.4		%	25.5		%	12.8		%	30.6		%	19.9		%
Combined ratio	41.7		%	80.5		%	64.4		%	120.1		%	133.8		%	125.6		%

	Year ended December 31, 2021									Year ended December 31, 2020
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	2,235,736		$	1,722,988		$	3,958,724		$	1,886,785		$	1,112,357		$	2,999,142
Net premiums written	$	1,318,056		$	1,549,946		$	2,868,002		$	1,065,390		$	971,810		$	2,037,200
Net premiums earned	$	1,319,841		$	1,288,457		$	2,608,298		$	1,071,099		$	865,116		$	1,936,215
Net claims and claim expenses incurred	1,283,334			879,682			2,163,016			760,758			675,189			1,435,947
Acquisition expenses	130,702			356,476			487,178			115,636			238,064			353,700
Operational expenses	115,438			28,170			143,608			110,495			25,052			135,547
Underwriting income (loss)	$	(209,633)		$	24,129		$	(185,504)		$	84,210		$	(73,189)		$	11,021

Net claims and claim expenses incurred - current accident year	$	1,485,207		$	911,182		$	2,396,389		$	925,401		$	667,595		$	1,592,996
Net claims and claim expenses incurred - prior accident years	(201,873)			(31,500)			(233,373)			(164,643)			7,594			(157,049)
Net claims and claim expenses incurred - total	$	1,283,334		$	879,682		$	2,163,016		$	760,758		$	675,189		$	1,435,947

Net claims and claim expense ratio - current accident year	112.5		%	70.7		%	91.9		%	86.4		%	77.2		%	82.3		%
Net claims and claim expense ratio - prior accident years	(15.3)		%	(2.4)		%	(9.0)		%	(15.4)		%	0.8		%	(8.1)		%
Net claims and claim expense ratio - calendar year	97.2		%	68.3		%	82.9		%	71.0		%	78.0		%	74.2		%
Underwriting expense ratio	18.7		%	29.8		%	24.2		%	21.1		%	30.5		%	25.2		%
Combined ratio	115.9		%	98.1		%	107.1		%	92.1		%	108.5		%	99.4		%


			7



Underwriting and Reserves
Gross Premiums Written

	Three months ended										Twelve months ended
	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Property Segment
Catastrophe	$	7,795	$	335,493	$	761,323	$	1,131,125	$	59,120	$	2,235,736	$	1,886,785
Other property	376,862		438,199		422,233		485,694		249,195		1,722,988		1,112,357
Property segment gross premiums written	$	384,657	$	773,692	$	1,183,556	$	1,616,819	$	308,315	$	3,958,724	$	2,999,142

Casualty and Specialty Segment
General casualty (1)	$	281,926	$	346,754	$	286,686	$	343,170	$	190,996	$	1,258,536	$	904,594
Professional liability (2)	333,257		329,848		306,387		314,372		207,437		1,283,864		836,120
Financial lines (3)	139,799		128,586		86,175		144,386		122,023		498,946		514,192
Other (4)	173,379		195,300		231,354		233,695		106,743		833,728		552,117
Casualty and Specialty segment gross premiums written	$	928,361	$	1,000,488	$	910,602	$	1,035,623	$	627,199	$	3,875,074	$	2,807,023


(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, 2021
Property	$	1,555,210	$	1,996,760	$	2,825,718	$	6,377,688
Casualty and Specialty	1,784,334		128,065		5,004,543		6,916,942

Total	$	3,339,544	$	2,124,825	$	7,830,261	$	13,294,630

September 30, 2021
Property	$	1,265,040	$	1,319,022	$	4,005,279	$	6,589,341
Casualty and Specialty	1,768,649		151,263		4,723,991		6,643,903

Total	$	3,033,689	$	1,470,285	$	8,729,270	$	13,233,244

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


			9



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended December 31, 2021						Three months ended December 31, 2020
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	13,233,244	$	4,192,758	$	9,040,486	$	9,900,615	$	2,883,808	$	7,016,807
Incurred claims and claim expenses
Current year	1,028,496		296,767		731,729		1,555,246		525,464		1,029,782
Prior years	(103,058)		(62,299)		(40,759)		(249,115)		(120,686)		(128,429)
Total incurred claims and claim expenses	925,438		234,468		690,970		1,306,131		404,778		901,353
Paid claims and claim expenses
Current year	366,464		42,629		323,835		253,693		32,734		220,959
Prior years	476,322		109,345		366,977		638,762		339,320		299,442
Total paid claims and claim expenses	842,786		151,974		690,812		892,455		372,054		520,401

Foreign exchange (1)	(21,266)		(6,583)		(14,683)		66,847		9,478		57,369


Reserve for claims and claim expenses, end of period	$	13,294,630	$	4,268,669	$	9,025,961	$	10,381,138	$	2,926,010	$	7,455,128

	Year ended December 31, 2021						Year ended December 31, 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	6,290,090		2,164,533		4,125,557		4,297,339		1,188,918		3,108,421
Prior years	(384,474)		(135,004)		(249,470)		(404,135)		(220,323)		(183,812)
Total incurred claims and claim expenses	5,905,616		2,029,529		3,876,087		3,893,204		968,595		2,924,609
Paid claims and claim expenses
Current year	660,005		85,775		574,230		460,278		48,106		412,172
Prior years	2,241,273		591,401		1,649,872		2,373,235		780,779		1,592,456
Total paid claims and claim expenses	2,901,278		677,176		2,224,102		2,833,513		828,885		2,004,628
Foreign exchange (1)	(90,846)		(9,694)		(81,152)		95,924		(1,349)		97,273
Amounts disposed (2)	—		—		—		(158,826)		(3,648)		(155,178)




Reserve for claims and claim expenses, end of period	$	13,294,630	$	4,268,669	$	9,025,961	$	10,381,138	$	2,926,010	$	7,455,128

(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.


			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, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020			2021		2020
Management fee income
Joint ventures	$	8,603	$	8,602	$	14,741	$	11,128	$	8,458		$	43,074	$	45,499
Structured reinsurance products and other	8,542		8,646		8,677		8,774		8,830			34,639		34,951
Managed funds	7,578		6,606		8,552		8,622		9,490			31,358		31,026
Total management fee income	24,723		23,854		31,970		28,524		26,778			109,071		111,476

Performance fee income (loss)
Joint ventures	2,352		2,980		7,347		1,556		(1,984)			14,235		10,167
Structured reinsurance products and other	2,392		1,237		2,581		(1,293)		1,570			4,917		7,525
Managed funds	555		264		4,259		(4,798)		9,542			280		15,994
Total performance fee income (loss) (1)	5,299		4,481		14,187		(4,535)		9,128			19,432		33,686

Total fee income	$	30,022	$	28,335	$	46,157	$	23,989	$	35,906		$	128,503	$	145,162

(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:	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020			2021		2020
Underwriting income (loss) (1)	18,074		19,444		19,239		10,530		36,100			67,287		87,764
Earnings from equity method investments (2)	—		17		17		16		(4)			50		70
Redeemable noncontrolling interest (3)	11,948		8,874		26,901		13,443		(190)			61,166		57,328
Total fee income	$	30,022	$	28,335	$	46,157	$	23,989	$	35,906		$	128,503	$	145,162

(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										Twelve months ended
	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Redeemable noncontrolling interest - DaVinciRe	$	(55,098)	$	202,362	$	(84,266)	$	39,934	$	32,993	$	102,932	$	(113,671)
Redeemable noncontrolling interest - Medici	3,580		(6,526)		(11,989)		13,443		(13,534)		(1,492)		(55,970)
Redeemable noncontrolling interest - Vermeer	(16,998)		2,659		(17,289)		(6,527)		(13,992)		(38,155)		(61,012)
Net loss (income) attributable to redeemable noncontrolling interests (1)	$	(68,516)	$	198,495	$	(113,544)	$	46,850	$	5,467	$	63,285	$	(230,653)

(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, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Redeemable noncontrolling interest - DaVinciRe	$	1,499,451	$	1,443,589	$	1,642,656	$	1,555,714	$	1,560,693
Redeemable noncontrolling interest - Medici	856,820		883,925		880,320		737,702		717,999
Redeemable noncontrolling interest - Vermeer	1,197,782		1,130,784		1,133,443		1,116,154		1,109,627
Redeemable noncontrolling interests	$	3,554,053	$	3,458,298	$	3,656,419	$	3,409,570	$	3,388,319

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


	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
DaVinciRe	71.3	%	71.3	%	71.3	%	71.3	%	78.6	%
Medici	85.3	%	86.6	%	86.6	%	84.6	%	84.3	%
Vermeer	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


			12


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

	Three months ended															Twelve months ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Revenues
Gross premiums written	$	2,240		$	168,770		$	243,627		$	342,033		$	21,996		$	756,670		$	577,808
Net premiums written	$	1,109		$	159,697		$	205,907		$	315,476		$	22,266		$	682,189		$	519,048
Decrease (increase) in unearned premiums	134,218			79,853			(69,833)			(154,894)			120,081			(10,656)			(11,538)
Net premiums earned	135,327			239,550			136,074			160,582			142,347			671,533			507,510
Net investment income	6,937			6,549			7,118			8,261			8,848			28,865			44,831
Net foreign exchange gains (losses)	(561)			(818)			597			(590)			149			(1,372)			(1,534)

Net realized and unrealized gains (losses) on investments	(20,486)			(2,670)			4,389			(26,798)			3,436			(45,565)			62,078
Total revenues	121,217			242,611			148,178			141,455			154,780			653,461			612,885
Expenses
Net claims and claim expenses incurred	14,977			501,695			(19,754)			167,543			184,787			664,461			352,161
Acquisition expenses	19,242			14,490			31,593			16,317			3,138			81,642			64,842
Operational and corporate expenses	7,916			8,190			16,377			11,706			6,955			44,189			43,829
Interest expense	1,859			1,859			1,858			1,858			1,859			7,434			7,435
Total expenses	43,994			526,234			30,074			197,424			196,739			797,726			468,267
Income (loss) before taxes	77,223			(283,623)			118,104			(55,969)			(41,959)			(144,265)			144,618
Income tax benefit (expense)	—			—			(1)			—			(12)			(1)			(12)


Net income (loss) available (attributable) to DaVinciRe common shareholders	$	77,223		$	(283,623)		$	118,103		$	(55,969)		$	(41,971)		$	(144,266)		$	144,606

Net claims and claim expenses incurred - current accident year	$	26,746		$	561,674		$	8,270		$	181,716		$	209,903		$	778,406		$	425,786
Net claims and claim expenses incurred - prior accident years	(11,769)			(59,979)			(28,024)			(14,173)			(25,116)			(113,945)			(73,625)
Net claims and claim expenses incurred - total	$	14,977		$	501,695		$	(19,754)		$	167,543		$	184,787		$	664,461		$	352,161

Net claims and claim expense ratio - current accident year	19.8		%	234.5		%	6.1		%	113.2		%	147.5		%	115.9		%	83.9		%
Net claims and claim expense ratio - prior accident years	(8.7)		%	(25.1)		%	(20.6)		%	(8.9)		%	(17.7)		%	(17.0)		%	(14.5)		%
Net claims and claim expense ratio - calendar year	11.1		%	209.4		%	(14.5)		%	104.3		%	129.8		%	98.9		%	69.4		%
Underwriting expense ratio	20.0		%	9.5		%	35.2		%	17.5		%	7.1		%	18.8		%	21.4		%
Combined ratio	31.1		%	218.9		%	20.7		%	121.8		%	136.9		%	117.7		%	90.8		%


			13


RenaissanceRe Holdings Ltd.
Investments
Total Investment Result

	Three months ended															Twelve months ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Fixed maturity investments trading	$	55,643		$	56,825		$	59,510		$	62,933		$	66,912		$	234,911		$	278,215
Short term investments	464			514			782			573			1,047			2,333			20,799
Equity investments trading	4,077			1,823			1,626			1,491			1,628			9,017			6,404
Other investments
Catastrophe bonds	16,527			17,184			16,681			14,468			13,500			64,860			54,784
Other	8,100			7,571			9,339			3,801			4,083			28,811			9,417
Cash and cash equivalents	74			(38)			159			102			192			297			2,974
	84,885			83,879			88,097			83,368			87,362			340,229			372,593
Investment expenses	(4,402)			(5,612)			(7,172)			(3,564)			(5,645)			(20,750)			(18,555)
Net investment income	80,483			78,267			80,925			79,804			81,717			319,479			354,038






Net realized and unrealized gains (losses) on:
Fixed maturity investments trading, net of investments-related derivatives (1)	(116,689)			(31,424)			87,847			(261,759)			90,132			(322,025)			592,412




Equity investments trading, net of investments-related derivatives (1)	73,645			(21,680)			65,566			(67,922)			154,306			49,609			235,552
Other investments
Catastrophe bonds	(9,958)			(5,994)			2			(19,083)			(9,742)			(35,033)			(7,031)
Other	31,484			17,027			37,603			3,201			24,049			89,315			(297)
Net realized and unrealized gains (losses) on investments	(21,518)			(42,071)			191,018			(345,563)			258,745			(218,134)			820,636




Total investment result	$	58,965		$	36,196		$	271,943		$	(265,759)		$	340,462		$	101,345		$	1,174,674

Total investment return - annualized	1.1		%	0.7		%	5.2		%	(4.9)		%	6.6		%	0.5		%	5.9		%

(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, 2021				September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020
U.S. treasuries	$	6,247,779	29.1	%	$	6,730,967	32.3	%	$	6,327,895	31.5	%	$	5,107,878	25.1	%	$	4,960,409	24.1	%
Agencies	361,684		1.7	%	297,057		1.4	%	325,051		1.6	%	227,184		1.1	%	368,032		1.8	%

Non-U.S. government	549,613		2.6	%	495,243		2.4	%	508,320		2.5	%	518,162		2.5	%	491,531		2.4	%

Non-U.S. government-backed corporate	474,848		2.2	%	409,322		2.0	%	396,966		2.0	%	335,662		1.6	%	338,014		1.6	%
Corporate	3,214,438		15.0	%	3,346,556		16.0	%	3,387,433		16.9	%	4,289,072		21.1	%	4,261,025		20.7	%
Agency mortgage-backed	721,955		3.4	%	754,118		3.6	%	703,757		3.5	%	957,563		4.7	%	1,113,792		5.4	%
Non-agency mortgage-backed	233,346		1.1	%	243,654		1.2	%	260,432		1.3	%	272,529		1.3	%	291,444		1.4	%
Commercial mortgage-backed	634,925		3.0	%	621,153		3.0	%	588,262		2.9	%	713,044		3.5	%	791,272		3.8	%
Asset-backed	1,068,543		5.0	%	941,178		4.5	%	920,273		4.6	%	888,140		4.4	%	890,984		4.3	%
Total fixed maturity investments, at fair value	13,507,131		63.1	%	13,839,248		66.4	%	13,418,389		66.8	%	13,309,234		65.3	%	13,506,503		65.5	%
Short term investments, at fair value	5,298,385		24.7	%	4,667,273		22.4	%	4,392,652		21.9	%	5,091,143		25.0	%	4,993,735		24.3	%
Total consolidated fixed maturity and short term investments, at fair value	18,805,516		87.8	%	18,506,521		88.8	%	17,811,041		88.7	%	18,400,377		90.3	%	18,500,238		89.8	%
Equity investments trading, at fair value	546,016		2.5	%	527,839		2.5	%	577,090		2.9	%	503,137		2.5	%	702,617		3.4	%
Catastrophe bonds	1,104,034		5.1	%	1,037,640		5.0	%	1,026,397		5.1	%	941,604		4.6	%	881,290		4.3	%
Direct private investments	88,373		0.4	%	84,587		0.4	%	81,344		0.4	%	75,874		0.4	%	79,807		0.4	%
Fund investments	725,802		3.4	%	616,510		3.0	%	477,295		2.4	%	361,578		1.8	%	295,851		1.4	%
Term Loan	74,850		0.3	%	—		—	%	—		—	%	—		—	%	—		—	%
Total other investments, at fair value	1,993,059		9.2	%	1,738,737		8.4	%	1,585,036		8.0	%	1,379,056		6.8	%	1,256,948		6.2	%
Total managed investment portfolio	21,344,591		99.5	%	20,773,097		99.7	%	19,973,167		99.6	%	20,282,570		99.6	%	20,459,803		99.4	%
Investments in other ventures, under equity method	98,068		0.5	%	93,344		0.3	%	91,938		0.4	%	91,362		0.4	%	98,373		0.6	%
Total investments	$	21,442,659	100.0	%	$	20,866,441	100.0	%	$	20,065,105	100.0	%	$	20,373,932	100.0	%	$	20,558,176	100.0	%


			15


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	December 31, 2021				September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020
AAA	$	1,857,331	13.8	%	$	1,825,727	13.2	%	$	1,793,720	13.4	%	$	1,859,370	14.0	%	$	1,915,147	14.2	%
AA	8,155,048		60.3	%	8,449,810		61.0	%	7,982,119		59.5	%	7,022,443		52.8	%	7,210,622		53.4	%
A	1,114,771		8.3	%	1,063,127		7.7	%	1,060,647		7.9	%	1,504,569		11.3	%	1,485,463		11.0	%
BBB	1,073,103		7.9	%	1,133,307		8.2	%	1,171,756		8.7	%	1,509,280		11.3	%	1,538,681		11.4	%
Non-investment grade and not rated	1,306,878		9.7	%	1,367,277		9.9	%	1,410,147		10.5	%	1,413,572		10.6	%	1,356,590		10.0	%
Total fixed maturity investments, at fair value	$	13,507,131	100.0	%	$	13,839,248	100.0	%	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	365,418	2.7	%	$	388,647	2.8	%	$	365,154	2.7	%	$	572,443	4.3	%	$	637,418	4.7	%
Due after one through five years	6,297,063		46.6	%	6,540,886		47.3	%	6,191,724		46.1	%	5,569,638		41.9	%	5,391,122		39.9	%
Due after five through ten years	3,877,715		28.7	%	4,003,465		28.9	%	4,060,205		30.3	%	3,786,423		28.4	%	3,806,564		28.2	%
Due after ten years	308,166		2.3	%	346,146		2.5	%	328,582		2.4	%	549,453		4.1	%	583,908		4.3	%
Mortgage-backed securities	1,590,226		11.8	%	1,618,926		11.7	%	1,552,451		11.6	%	1,943,137		14.6	%	2,196,507		16.3	%
Asset-backed securities	1,068,543		7.9	%	941,178		6.8	%	920,273		6.9	%	888,140		6.7	%	890,984		6.6	%
Total fixed maturity investments, at fair value	$	13,507,131	100.0	%	$	13,839,248	100.0	%	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%


			16



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

						Credit Rating (1)
December 31, 2021	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	5,298,385	$	5,298,385		0.1	%	$	5,261,431		$	21,682		$	13,431		$	203		$	177		$	1,461
			100.0		%			99.3		%	0.4		%	0.3		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,302,313		6,247,779			1.1	%	—			6,247,779			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	4,455		4,353			1.2	%	—			4,353			—			—			—			—
Other agencies	359,974		357,331			1.2	%	56,067			301,264			—			—			—			—
Total agencies	364,429		361,684			1.2	%	56,067			305,617			—			—			—			—

Non-U.S. government	552,935		549,613			1.2	%	286,810			202,067			45,192			14,257			1,287			—

Non-U.S. government-backed corporate	476,200		474,848			1.4	%	168,177			272,297			24,480			3,702			6,192			—
Corporate	3,202,614		3,214,438			2.8	%	31,603			113,253			979,752			996,288			1,053,867			39,675
Mortgage-backed
Residential mortgage-backed
Agency securities	721,711		721,955			1.9	%	—			721,955			—			—			—			—
Non-agency securities	232,144		233,346			3.2	%	51,279			11,749			1,810			5,751			110,459			52,298


Total residential mortgage-backed	953,855		955,301			2.2	%	51,279			733,704			1,810			5,751			110,459			52,298
Commercial mortgage-backed	631,016		634,925			1.9	%	492,903			113,736			4,191			15,835			2,514			5,746
Total mortgage-backed	1,584,871		1,590,226			2.1	%	544,182			847,440			6,001			21,586			112,973			58,044
Asset-backed
Collateralized loan obligations	955,057		954,512			1.8	%	672,310			162,176			50,457			36,639			21,223			11,707



Other	114,160		114,031			1.3	%	98,182			4,419			8,889			631			1,712			198
Total asset-backed	1,069,217		1,068,543			1.8	%	770,492			166,595			59,346			37,270			22,935			11,905
Total securitized assets	2,654,088		2,658,769			2.0	%	1,314,674			1,014,035			65,347			58,856			135,908			69,949
Total fixed maturity investments	13,552,579		13,507,131			1.7	%	1,857,331			8,155,048			1,114,771			1,073,103			1,197,254			109,624
			100.0		%			13.8		%	60.3		%	8.3		%	7.9		%	8.9		%	0.8		%
Total consolidated fixed maturity and short term investments, at fair value	$	18,850,964	$	18,805,516		1.2	%	$	7,118,762		$	8,176,730		$	1,128,202		$	1,073,306		$	1,197,431		$	111,085
			100.0		%			37.9		%	43.4		%	6.0		%	5.7		%	6.4		%	0.6		%

(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, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Total investment result
Net investment income	$	80,483	$	78,267	$	80,925	$	79,804	$	81,717	$	319,479	$	354,038
Net realized and unrealized gains (losses) on investments	(21,518)		(42,071)		191,018		(345,563)		258,745		(218,134)		820,636
Total investment result	$	58,965	$	36,196	$	271,943	$	(265,759)	$	340,462	$	101,345	$	1,174,674

Retained total investment result (1)
Retained net investment income	$	61,930	$	60,105	$	62,982	$	62,598	$	64,250	$	247,615	$	269,013
Retained net realized and unrealized gains (losses) on investments	1,653		(37,975)		187,391		(318,688)		258,293		(167,619)		764,777
Retained total investment result	$	63,583	$	22,130	$	250,373	$	(256,090)	$	322,543	$	79,996	$	1,033,790

(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, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	18,805,516		$	18,506,521		$	17,811,041		$	18,400,377		$	18,500,238
Weighted average yield to maturity of fixed maturity and short term investments	1.2		%	1.1		%	1.0		%	1.2		%	0.9		%
Average duration of fixed maturities and short term investments, in years	3.0			3.0			3.0			2.9			2.9
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	12,867,560		$	13,032,675		$	12,569,024		$	12,736,000		$	13,219,754
Weighted average yield to maturity of retained fixed maturity and short term investments	1.6		%	1.3		%	1.3		%	1.5		%	1.2		%
Average duration of retained fixed maturities and short term investments, in years	3.7			3.7			3.8			3.7			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, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	210,917	$	(450,222)	$	456,818	$	(290,934)	$	189,812
Amount allocated to participating common shareholders (1)	(3,022)		(229)		(5,809)		(129)		(2,285)
Net income (loss) allocated to RenaissanceRe common shareholders	$	207,895	$	(450,451)	$	451,009	$	(291,063)	$	187,527
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	44,722		46,223		48,163		49,579		50,022
Per common share equivalents of non-vested shares	26		—		63		—		89
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,748		46,223		48,226		49,579		50,111
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	4.65	$	(9.75)	$	9.36	$	(5.87)	$	3.75
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.65	$	(9.75)	$	9.35	$	(5.87)	$	3.74

	Twelve months ended
(common shares in thousands)	December 31, 2021		December 31, 2020
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(73,421)	$	731,482
Amount allocated to participating common shareholders (1)	(727)		(8,968)
Net income (loss) allocated to RenaissanceRe common shareholders	$	(74,148)	$	722,514
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	47,171		47,103
Per common share equivalents of non-vested shares	—		75
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	47,171		47,178
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(1.57)	$	15.34
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(1.57)	$	15.31

(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															Twelve months ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	210,917		$	(450,222)		$	456,818		$	(290,934)		$	189,812		$	(73,421)		$	731,482
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	11,560			36,077			(191,016)			326,480			(268,487)			183,101			(827,667)
Adjustment for net foreign exchange losses (gains)	16,697			4,755			(3,234)			22,788			(23,270)			41,006			(27,773)
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—			—			—			135			7,346			135			47,964
Adjustment for income tax expense (benefit) (2)	(3,628)			286			11,786			(19,965)			7,723			(11,521)			29,863
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3)	(21,854)			(5,434)			3,696			(34,109)			9,754			(57,701)			60,771
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	213,692		$	(414,538)		$	278,050		$	4,395		$	(77,122)		$	81,599		$	14,640

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.65		$	(9.75)		$	9.35		$	(5.87)		$	3.74		$	(1.57)		$	15.31
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	0.26			0.78			(3.96)			6.59			(5.36)			3.88			(17.54)
Adjustment for net foreign exchange losses (gains)	0.37			0.10			(0.07)			0.46			(0.46)			0.87			(0.59)
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—			—			—			—			0.15			—			1.02
Adjustment for income tax expense (benefit) (2)	(0.08)			0.01			0.24			(0.40)			0.15			(0.24)			0.63
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3)	(0.49)			(0.12)			0.08			(0.69)			0.19			(1.22)			1.29
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.71		$	(8.98)		$	5.64		$	0.09		$	(1.59)		$	1.72		$	0.12

Return on average common equity - annualized	14.2		%	(28.4)		%	27.6		%	(17.1)		%	10.9		%	(1.1)		%	11.7		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	0.8		%	2.3		%	(11.5)		%	19.2		%	(15.4)		%	2.9		%	(13.4)		%
Adjustment for net foreign exchange losses (gains)	1.1		%	0.3		%	(0.2)		%	1.4		%	(1.3)		%	0.6		%	(0.4)		%
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—		%	—		%	—		%	—		%	0.4		%	—		%	0.8		%
Adjustment for income tax expense (benefit) (2)	(0.2)		%	—		%	0.7		%	(1.2)		%	0.4		%	(0.2)		%	0.5		%
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3)	(1.5)		%	(0.3)		%	0.2		%	(2.0)		%	0.6		%	(0.9)		%	1.0		%
Operating return on average common equity - annualized	14.4		%	(26.1)		%	16.8		%	0.3		%	(4.4)		%	1.3		%	0.2		%

(1) Included in 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, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Book value per common share	$	132.17		$	128.91		$	139.35		$	131.15		$	138.46
Adjustment for goodwill and other intangibles (1)	(5.90)			(5.67)			(5.60)			(5.42)			(5.37)
Tangible book value per common share	126.27			123.24			133.75			125.73			133.09
Adjustment for accumulated dividends	23.52			23.16			22.80			22.44			22.08
Tangible book value per common share plus accumulated dividends	$	149.79		$	146.40		$	156.55		$	148.17		$	155.17

Quarterly change in book value per common share	2.5		%	(7.5)		%	6.3		%	(5.3)		%	2.5		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	2.8		%	(7.6)		%	6.7		%	(5.3)		%	3.0		%
Year to date change in book value per common share	(4.5)		%	(6.9)		%	0.6		%	(5.3)		%	14.9		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(4.0)		%	(6.6)		%	1.0		%	(5.3)		%	17.9		%

(1) At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, goodwill and other intangibles included $18.6 million, $19.0 million, $22.4 million, $22.7 million, and $23.0 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


			22



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, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Net investment income	$	80,483	$	78,267	$	80,925	$	79,804	$	81,717	$	319,479	$	354,038
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(18,553)		(18,162)		(17,943)		(17,206)		(17,467)		(71,864)		(85,025)
Retained net investment income	61,930		60,105		62,982		62,598		64,250		247,615		269,013

Net realized and unrealized gains (losses) on investments	(21,518)		(42,071)		191,018		(345,563)		258,745		(218,134)		820,636
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	23,171		4,096		(3,627)		26,875		(452)		50,515		(55,859)
Retained net realized and unrealized gains (losses) on investments	1,653		(37,975)		187,391		(318,688)		258,293		(167,619)		764,777

Total investment result	58,965		36,196		271,943		(265,759)		340,462		101,345		1,174,674
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	4,618		(14,066)		(21,570)		9,669		(17,919)		(21,349)		(140,884)
Retained total investment result	$	63,583	$	22,130	$	250,373	$	(256,090)	$	322,543	$	79,996	$	1,033,790


			23



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, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Fixed maturity investments, at fair value	$	13,507,131	$	13,839,248	$	13,418,389	$	13,309,234	$	13,506,503
Short term investments, at fair value	5,298,385		4,667,273		4,392,652		5,091,143		4,993,735
Total consolidated fixed maturity and short term investments, at fair value	$	18,805,516	$	18,506,521	$	17,811,041	$	18,400,377	$	18,500,238
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,937,956)		(5,473,846)		(5,242,017)		(5,664,377)		(5,280,484)
Retained fixed maturity and short term investments, at fair value	$	12,867,560	$	13,032,675	$	12,569,024	$	12,736,000	$	13,219,754


			24

Form: 8-K

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