November 1, 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	3
b.	Consolidated Balance Sheets	4

Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	7
c.	Property Segment - Catastrophe and Other Property Underwriting Results	10
d.	Gross Premiums Written	12
e.	Net Premiums Written	13
f.	Net Premiums Earned	14
g.	Reserves for Claims and Claim Expenses	15
h.	Paid to Incurred Analysis	16

Managed Joint Ventures and Fee Income
a.	Fee Income	17
b.	Fee income - Five Quarter Trend	18
c.	Noncontrolling Interests	19
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	21

Investments
a.	Total Investment Result	22
b.	Investments Composition	24
c.	Managed Investments - Credit Rating	25
d.	Retained Investments - Credit Rating	26



Other Items
a.	Earnings per Share	27





Comments on Regulation G		28


RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. 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 total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” 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 28 through 35 for “Comments on Regulation G.”

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.



Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the performance of the


			i

Company’s investment portfolio and financial market volatility; the effects of inflation; the highly competitive nature of the Company’s industry, resulting in consolidation of competitors, customers and (re)insurance brokers, and the Company’s reliance on a small and decreasing number of brokers; the impact of large non-recurring contracts and reinstatement premiums on the Company’s financial results; the Company’s ability to attract and retain key executives and employees; the effect of cybersecurity risks, including technology breaches or failure; the Company’s ability to successfully implement its business strategies and initiatives, and the success of any of the Company’s strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda laws or regulations or as a result of increased global regulation of the insurance and reinsurance industries; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in its joint ventures or other entities it manages; the Company’s ability to determine any impairments taken on its investments; the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on the Company’s potential reinsurance, insurance and investment exposures, or other effects that it may have; foreign currency exchange rate fluctuations; the Company’s ability to raise capital if necessary; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company’s corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in serving process or enforcing judgments against the Company in the U.S.; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.


			ii


RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended			Nine months ended
	September 30, 2022				September 30, 2021			September 30, 2022			September 30, 2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(825,344)			$	(450,222)		$	(1,544,670)		$	(284,338)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	(396,674)			$	(414,538)		$	(6,597)		$	(132,093)

Underwriting income
Gross premiums written	$	2,220,661			$	1,774,180		$	7,628,264		$	6,520,780
Net premiums written	1,821,711				1,486,440			5,850,544			4,822,815




Underwriting income (loss)	(683,114)				(678,825)			(166,450)			(385,609)

Net claims and claim expense ratio:


Current accident year	113.2		%		129.2		%	76.6		%	88.1		%
Prior accident years	(1.8)		%		(9.8)		%	(1.9)		%	(5.4)		%
Calendar year	111.4		%		119.4		%	74.7		%	82.7		%

Acquisition expense ratio	23.6		%		21.8		%	24.5		%	22.9		%
Operating expense ratio	3.7		%		3.9		%	4.4		%	4.5		%
Combined ratio	138.7		%		145.1		%	103.6		%	110.0		%

Fee income
Management fee income	$	24,989			$	23,854		$	82,918		$	84,348
Performance fee income	739				4,481			5,414			14,133
Total fee income	$	25,728			$	28,335		$	88,332		$	98,481

Investment results - managed
Net investment income	$	157,793			$	78,267		$	348,695		$	238,996
Net realized and unrealized gains (losses) on investments	(641,500)				(42,071)			(1,968,624)			(196,616)


Total investment result	$	(483,707)			$	36,196		$	(1,619,929)		$	42,380
Total investment return - annualized	(8.9)		%		0.7		%	(10.1)		%	0.3		%

Investment results - retained (1)
Net investment income	$	110,105			$	60,105		$	247,763		$	185,685
Net realized and unrealized gains (losses) on investments	(453,242)				(37,975)			(1,613,936)			(169,272)
Total investment result	$	(343,137)			$	22,130		$	(1,366,173)		$	16,413
Total investment return - annualized	(9.6)		%		0.6		%	(12.7)		%	0.2		%

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


			1


Financial Highlights - Per Share Data & ROE

	Three months ended						Nine months ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(19.27)		$	(9.75)		$	(35.84)		$	(5.94)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(19.27)		$	(9.75)		$	(35.84)		$	(5.94)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	(9.27)		$	(8.98)		$	(0.16)		$	(2.77)

Average shares outstanding - basic	42,837			46,223			43,121			47,988
Average shares outstanding - diluted	42,837			46,223			43,121			47,988

Return on average common equity - annualized	(72.4)		%	(28.4)		%	(40.5)		%	(5.8)		%
Operating return on average common equity - annualized (1)	(34.8)		%	(26.1)		%	(0.2)		%	(2.7)		%

							September 30, 2022			December 31, 2021
Book value per common share							$	94.55		$	132.17
Tangible book value per common share (1)							$	88.66		$	126.27
Tangible book value per common share plus accumulated dividends (1)							$	113.29		$	149.79
Year to date change in tangible book value per common share plus change in accumulated dividends (1)							(28.9)		%	(4.0)		%

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


			2



Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended			Nine months ended
	September 30, 2022				September 30, 2021			September 30, 2022			September 30, 2021
Revenues
Gross premiums written	$	2,220,661			$	1,774,180		$	7,628,264		$	6,520,780
Net premiums written	$	1,821,711			$	1,486,440		$	5,850,544		$	4,822,815
Decrease (increase) in unearned premiums	(54,690)				19,825			(1,140,715)			(969,924)
Net premiums earned	1,767,021				1,506,265			4,709,829			3,852,891
Net investment income	157,793				78,267			348,695			238,996
Net foreign exchange gains (losses)	(1,383)				(4,755)			(67,690)			(24,309)
Equity in earnings (losses) of other ventures	1,739				5,305			2,732			8,479
Other income (loss)	2,834				1,692			4,950			4,449
Net realized and unrealized gains (losses) on investments	(641,500)				(42,071)			(1,968,624)			(196,616)



Total revenues	1,286,504				1,544,703			3,029,892			3,883,890
Expenses
Net claims and claim expenses incurred	1,967,931				1,798,045			3,515,903			3,185,117
Acquisition expenses	417,644				328,048			1,155,389			880,872
Operational expenses	64,560				58,997			204,987			172,511
Corporate expenses	10,384				10,196			35,238			30,726
Interest expense	12,101				11,919			35,951			35,664
Total expenses	2,472,620				2,207,205			4,947,468			4,304,890
Income (loss) before taxes	(1,186,116)				(662,502)			(1,917,576)			(421,000)
Income tax benefit (expense)	(2,814)				23,630			64,427			29,284


Net income (loss)	(1,188,930)				(638,872)			(1,853,149)			(391,716)
Net (income) loss attributable to redeemable noncontrolling interests	372,429				198,495			335,010			131,801
Net income (loss) attributable to RenaissanceRe	(816,501)				(440,377)			(1,518,139)			(259,915)
Dividends on preference shares	(8,843)				(9,845)			(26,531)			(24,423)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(825,344)			$	(450,222)		$	(1,544,670)		$	(284,338)



Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(19.27)			$	(9.75)		$	(35.84)		$	(5.94)


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(19.27)			$	(9.75)		$	(35.84)		$	(5.94)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	(9.27)			$	(8.98)		$	(0.16)		$	(2.77)

Return on average common equity - annualized	(72.4)		%		(28.4)		%	(40.5)		%	(5.8)		%
Operating return on average common equity - annualized (1)	(34.8)		%		(26.1)		%	(0.2)		%	(2.7)		%


			3



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	September 30, 2022		December 31, 2021
Assets
Fixed maturity investments trading, at fair value – amortized cost $13,555,195 at September 30, 2022 (December 31, 2021 – $13,552,579)	$	12,671,098	$	13,507,131


Short term investments, at fair value	4,935,960		5,298,385
Equity investments trading, at fair value	950,393		546,016
Other investments, at fair value	2,263,164		1,993,059
Investments in other ventures, under equity method	72,535		98,068
Total investments	20,893,150		21,442,659
Cash and cash equivalents	1,204,241		1,859,019
Premiums receivable	5,479,305		3,781,542
Prepaid reinsurance premiums	1,233,551		854,722
Reinsurance recoverable	4,969,244		4,268,669
Accrued investment income	84,508		55,740
Deferred acquisition costs and value of business acquired	1,181,156		849,160
Receivable for investments sold	298,346		380,442
Other assets	353,147		224,053
Goodwill and other intangibles	239,187		243,496

Total assets	$	35,935,835	$	33,959,502
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	15,662,955	$	13,294,630
Unearned premiums	5,046,150		3,531,213
Debt	1,169,917		1,168,353
Reinsurance balances payable	4,158,610		3,860,963
Payable for investments purchased	589,886		1,170,568
Other liabilities	251,485		755,441

Total liabilities	26,879,003		23,781,168
Redeemable noncontrolling interests	4,174,960		3,554,053
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2022 (December 31, 2021 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 43,701,890 shares issued and outstanding at September 30, 2022 (December 31, 2021 – 44,444,831)	43,702		44,445
Additional paid-in capital	465,565		608,121
Accumulated other comprehensive loss	(16,773)		(10,909)
Retained earnings	3,639,378		5,232,624
Total shareholders' equity attributable to RenaissanceRe	4,881,872		6,624,281


Total liabilities, noncontrolling interests and shareholders' equity	$	35,935,835	$	33,959,502

Book value per common share	$	94.55	$	132.17


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended September 30, 2022						Three months ended September 30, 2021
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	800,330		$	1,420,331		$	2,220,661		$	773,692		$	1,000,488		$	1,774,180
Net premiums written	$	696,520		$	1,125,191		$	1,821,711		$	681,095		$	805,345		$	1,486,440
Net premiums earned	$	839,817		$	927,204		$	1,767,021		$	816,376		$	689,889		$	1,506,265
Net claims and claim expenses incurred	1,372,583			595,348			1,967,931			1,323,678			474,367			1,798,045
Acquisition expenses	141,675			275,969			417,644			134,179			193,869			328,048
Operational expenses	48,158			16,402			64,560			40,448			18,549			58,997
Underwriting income (loss)	$	(722,599)		$	39,485		$	(683,114)		$	(681,929)		$	3,104		$	(678,825)

Net claims and claim expenses incurred:


Current accident year	$	1,396,842		$	602,995		$	1,999,837		$	1,469,613		$	476,082		$	1,945,695
Prior accident years	(24,259)			(7,647)			(31,906)			(145,935)			(1,715)			(147,650)
Total	$	1,372,583		$	595,348		$	1,967,931		$	1,323,678		$	474,367		$	1,798,045

Net claims and claim expense ratio:


Current accident year	166.3		%	65.0		%	113.2		%	180.0		%	69.0		%	129.2		%
Prior accident years	(2.9)		%	(0.8)		%	(1.8)		%	(17.9)		%	(0.2)		%	(9.8)		%
Calendar year	163.4		%	64.2		%	111.4		%	162.1		%	68.8		%	119.4		%
Acquisition expense ratio	16.9		%	29.7		%	23.6		%	16.4		%	28.1		%	21.8		%
Operating expense ratio	5.7		%	1.8		%	3.7		%	5.0		%	2.7		%	3.9		%

Combined ratio	186.0		%	95.7		%	138.7		%	183.5		%	99.6		%	145.1		%


			5



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2022						Nine months ended September 30, 2021
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	3,362,159		$	4,266,105		$	7,628,264		$	3,574,067		$	2,946,713		$	6,520,780
Net premiums written	$	2,474,661		$	3,375,883		$	5,850,544		$	2,492,890		$	2,329,925		$	4,822,815
Net premiums earned	$	2,081,989		$	2,627,840		$	4,709,829		$	1,981,939		$	1,870,952		$	3,852,891
Net claims and claim expenses incurred	1,804,268			1,711,635			3,515,903			1,919,660			1,265,457			3,185,117
Acquisition expenses	406,338			749,051			1,155,389			356,171			524,701			880,872
Operational expenses	144,717			60,270			204,987			114,710			57,801			172,511
Underwriting income (loss)	$	(273,334)		$	106,884		$	(166,450)		$	(408,602)		$	22,993		$	(385,609)

Net claims and claim expenses incurred:


Current accident year	$	1,880,337		$	1,728,262		$	3,608,599		$	2,121,740		$	1,272,088		$	3,393,828
Prior accident years	(76,069)			(16,627)			(92,696)			(202,080)			(6,631)			(208,711)
Total	$	1,804,268		$	1,711,635		$	3,515,903		$	1,919,660		$	1,265,457		$	3,185,117

Net claims and claim expense ratio:


Current accident year	90.3		%	65.8		%	76.6		%	107.1		%	68.0		%	88.1		%
Prior accident years	(3.6)		%	(0.7)		%	(1.9)		%	(10.2)		%	(0.4)		%	(5.4)		%
Calendar year	86.7		%	65.1		%	74.7		%	96.9		%	67.6		%	82.7		%
Acquisition expense ratio	19.4		%	28.5		%	24.5		%	17.9		%	28.0		%	22.9		%
Operating expense ratio	7.0		%	2.3		%	4.4		%	5.8		%	3.1		%	4.5		%

Combined ratio	113.1		%	95.9		%	103.6		%	120.6		%	98.8		%	110.0		%


			6


Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
	Total
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Gross premiums written	$	2,220,661		$	2,464,639		$	2,942,964		$	1,313,018		$	1,774,180
Net premiums written	$	1,821,711		$	1,863,616		$	2,165,217		$	1,116,560		$	1,486,440
Net premiums earned	$	1,767,021		$	1,456,383		$	1,486,425		$	1,341,290		$	1,506,265
Net claims and claim expenses incurred	1,967,931			706,239			841,733			690,970			1,798,045
Acquisition expenses	417,644			361,238			376,507			333,986			328,048
Operational expenses	64,560			72,520			67,907			39,673			58,997
Underwriting income (loss)	$	(683,114)		$	316,386		$	200,278		$	276,661		$	(678,825)

Net claims and claim expenses incurred:


Current accident year	$	1,999,837		$	749,196		$	859,566		$	731,729		$	1,945,695
Prior accident years	(31,906)			(42,957)			(17,833)			(40,759)			(147,650)
Total	$	1,967,931		$	706,239		$	841,733		$	690,970		$	1,798,045

Net claims and claim expense ratio:


Current accident year	113.2		%	51.4		%	57.8		%	54.6		%	129.2		%
Prior accident years	(1.8)		%	(2.9)		%	(1.2)		%	(3.1)		%	(9.8)		%
Calendar year	111.4		%	48.5		%	56.6		%	51.5		%	119.4		%
Acquisition expense ratio	23.6		%	24.8		%	25.3		%	24.9		%	21.8		%
Operating expense ratio	3.7		%	5.0		%	4.6		%	3.0		%	3.9		%
Combined ratio	138.7		%	78.3		%	86.5		%	79.4		%	145.1		%


			7



Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
	Property
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Gross premiums written	$	800,330		$	1,218,321		$	1,343,508		$	384,657		$	773,692
Net premiums written	$	696,520		$	887,975		$	890,166		$	375,112		$	681,095
Net premiums earned	$	839,817		$	623,581		$	618,591		$	626,359		$	816,376
Net claims and claim expenses incurred	1,372,583			171,924			259,761			243,356			1,323,678
Acquisition expenses	141,675			137,567			127,096			131,007			134,179
Operational expenses	48,158			49,627			46,932			28,898			40,448
Underwriting income (loss)	$	(722,599)		$	264,463		$	184,802		$	223,098		$	(681,929)

Net claims and claim expenses incurred:


Current accident year	$	1,396,842		$	206,976		$	276,519		$	274,649		$	1,469,613
Prior accident years	(24,259)			(35,052)			(16,758)			(31,293)			(145,935)
Total	$	1,372,583		$	171,924		$	259,761		$	243,356		$	1,323,678

Net claims and claim expense ratio:


Current accident year	166.3		%	33.2		%	44.7		%	43.8		%	180.0		%
Prior accident years	(2.9)		%	(5.6)		%	(2.7)		%	(4.9)		%	(17.9)		%
Calendar year	163.4		%	27.6		%	42.0		%	38.9		%	162.1		%
Acquisition expense ratio	16.9		%	22.0		%	20.5		%	20.9		%	16.4		%
Operating expense ratio	5.7		%	8.0		%	7.6		%	4.6		%	5.0		%

Combined ratio	186.0		%	57.6		%	70.1		%	64.4		%	183.5		%


			8


Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
	Casualty and Specialty
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Gross premiums written	$	1,420,331		$	1,246,318		$	1,599,456		$	928,361		$	1,000,488
Net premiums written	$	1,125,191		$	975,641		$	1,275,051		$	741,448		$	805,345
Net premiums earned	$	927,204		$	832,802		$	867,834		$	714,931		$	689,889
Net claims and claim expenses incurred	595,348			534,315			581,972			447,614			474,367
Acquisition expenses	275,969			223,671			249,411			202,979			193,869
Operational expenses	16,402			22,893			20,975			10,775			18,549
Underwriting income (loss)	$	39,485		$	51,923		$	15,476		$	53,563		$	3,104

Net claims and claim expenses incurred:


Current accident year	$	602,995		$	542,220		$	583,047		$	457,080		$	476,082
Prior accident years	(7,647)			(7,905)			(1,075)			(9,466)			(1,715)
Total	$	595,348		$	534,315		$	581,972		$	447,614		$	474,367

Net claims and claim expense ratio:


Current accident year	65.0		%	65.1		%	67.2		%	63.9		%	69.0		%
Prior accident years	(0.8)		%	(0.9)		%	(0.1)		%	(1.3)		%	(0.2)		%
Calendar year	64.2		%	64.2		%	67.1		%	62.6		%	68.8		%
Acquisition expense ratio	29.7		%	26.9		%	28.7		%	28.4		%	28.1		%
Operating expense ratio	1.8		%	2.7		%	2.4		%	1.5		%	2.7		%
Combined ratio	95.7		%	93.8		%	98.2		%	92.5		%	99.6		%


			9



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

	Three months ended September 30, 2022									Three months ended September 30, 2021
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	391,347		$	408,983		$	800,330		$	335,493		$	438,199		$	773,692
Net premiums written	$	324,265		$	372,255		$	696,520		$	254,032		$	427,063		$	681,095
Net premiums earned	$	506,749		$	333,068		$	839,817		$	446,508		$	369,868		$	816,376
Net claims and claim expenses incurred	828,628			543,955			1,372,583			927,399			396,279			1,323,678
Acquisition expenses	37,666			104,009			141,675			28,114			106,065			134,179
Operational expenses	39,078			9,080			48,158			33,200			7,248			40,448
Underwriting income (loss)	$	(398,623)		$	(323,976)		$	(722,599)		$	(542,205)		$	(139,724)		$	(681,929)

Net claims and claim expenses incurred:


Current accident year	$	865,112		$	531,730		$	1,396,842		$	1,053,963		$	415,650		$	1,469,613
Prior accident years	(36,484)			12,225			(24,259)			(126,564)			(19,371)			(145,935)
Total	$	828,628		$	543,955		$	1,372,583		$	927,399		$	396,279		$	1,323,678

Net claims and claim expense ratio:


Current accident year	170.7		%	159.6		%	166.3		%	236.0		%	112.4		%	180.0		%
Prior accident years	(7.2)		%	3.7		%	(2.9)		%	(28.3)		%	(5.3)		%	(17.9)		%
Calendar year	163.5		%	163.3		%	163.4		%	207.7		%	107.1		%	162.1		%
Acquisition expense ratio	7.5		%	31.3		%	16.9		%	6.3		%	28.7		%	16.4		%
Operating expense ratio	7.7		%	2.7		%	5.7		%	7.4		%	2.0		%	5.0		%

Combined ratio	178.7		%	197.3		%	186.0		%	221.4		%	137.8		%	183.5		%


			10



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





















	Nine months ended September 30, 2022									Nine months ended September 30, 2021
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	2,080,771		$	1,281,388		$	3,362,159		$	2,227,941		$	1,346,126		$	3,574,067
Net premiums written	$	1,424,556		$	1,050,105		$	2,474,661		$	1,317,424		$	1,175,466		$	2,492,890
Net premiums earned	$	1,065,516		$	1,016,473		$	2,081,989		$	1,059,797		$	922,142		$	1,981,939
Net claims and claim expenses incurred	900,135			904,133			1,804,268			1,227,342			692,318			1,919,660
Acquisition expenses	110,108			296,230			406,338			101,595			254,576			356,171
Operational expenses	117,612			27,105			144,717			92,176			22,534			114,710
Underwriting income (loss)	$	(62,339)		$	(210,995)		$	(273,334)		$	(361,316)		$	(47,286)		$	(408,602)

Net claims and claim expenses incurred:


Current accident year	$	997,230		$	883,107		$	1,880,337		$	1,409,011		$	712,729		$	2,121,740
Prior accident years	(97,095)			21,026			(76,069)			(181,669)			(20,411)			(202,080)
Total	$	900,135		$	904,133		$	1,804,268		$	1,227,342		$	692,318		$	1,919,660

Net claims and claim expense ratio:


Current accident year	93.6		%	86.9		%	90.3		%	133.0		%	77.3		%	107.1		%
Prior accident years	(9.1)		%	2.0		%	(3.6)		%	(17.2)		%	(2.2)		%	(10.2)		%
Calendar year	84.5		%	88.9		%	86.7		%	115.8		%	75.1		%	96.9		%
Acquisition expense ratio	10.4		%	29.2		%	19.4		%	9.6		%	27.6		%	17.9		%
Operating expense ratio	11.0		%	2.7		%	7.0		%	8.7		%	2.4		%	5.8		%

Combined ratio	105.9		%	120.8		%	113.1		%	134.1		%	105.1		%	120.6		%


			11



Underwriting and Reserves
Gross Premiums Written
	Three months ended		Nine months ended
	September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Property Segment
Catastrophe	$	162,960		$	106,850	$	1,829,509	$	1,899,907
Catastrophe - gross reinstatement premiums	228,387			228,643		251,262		328,034
Total catastrophe gross premiums written	$	391,347		$	335,493	$	2,080,771	$	2,227,941
Other property	406,003			427,492		1,274,450		1,334,416
Other property - gross reinstatement premiums	2,980			10,707		6,938		11,710
Total other property gross premiums written	$	408,983		$	438,199	$	1,281,388	$	1,346,126
Property segment gross premiums written	$	800,330		$	773,692	$	3,362,159	$	3,574,067

Casualty and Specialty Segment
General casualty (1)	$	397,818		$	346,754	$	1,200,693	$	976,610
Professional liability (2)	380,125			329,848		1,378,645		950,607
Financial lines (3)	365,863			128,586		844,447		359,147
Other (4)	276,525			195,300		842,320		660,349
Casualty and Specialty segment gross premiums written	$	1,420,331		$	1,000,488	$	4,266,105	$	2,946,713


(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.


			12


Underwriting and Reserves
Net Premiums Written
	Three months ended				Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Property Segment
Catastrophe	$	120,834	$	57,660	$	1,198,957	$	1,028,352
Catastrophe - net reinstatement premiums	203,431		196,371		225,599		289,071
Total catastrophe net premiums written	$	324,265	$	254,031	$	1,424,556	$	1,317,423
Other property	401,440		421,790		1,075,562		1,169,624
Other property - net reinstatement premiums	(29,185)		5,273		(25,457)		5,842
Total other property net premiums written	$	372,255	$	427,063	$	1,050,105	$	1,175,466
Property segment net premiums written	$	696,520	$	681,094	$	2,474,661	$	2,492,889

Casualty and Specialty Segment
General casualty (1)	$	330,005	$	292,026	$	1,002,357	$	811,566
Professional liability (2)	298,977		255,405		1,086,205		738,419
Financial lines (3)	260,189		90,371		593,315		247,145
Other (4)	236,020		167,543		694,006		532,795
Casualty and Specialty segment net premiums written	$	1,125,191	$	805,345	$	3,375,883	2,329,925


(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.


			13


Underwriting and Reserves
Net Premiums Earned
	Three months ended				Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Property Segment
Catastrophe	$	303,318	$	250,137	$	839,917	$	770,726
Catastrophe - net reinstatement premiums	203,431		196,371		225,599		289,071
Total catastrophe net premiums earned	$	506,749	$	446,508	$	1,065,516	$	1,059,797
Other property	362,253		364,595		1,041,930		916,300
Other property - net reinstatement premiums	(29,185)		5,273		(25,457)		5,842
Total other property net premiums earned	$	333,068	$	369,868	$	1,016,473	$	922,142
Property segment net premiums earned	$	839,817	$	816,376	$	2,081,989	$	1,981,939

Casualty and Specialty Segment
General casualty (1)	$	315,064	$	236,362	$	891,345	$	633,245
Professional liability (2)	283,653		220,324		867,293		582,955
Financial lines (3)	112,840		69,210		283,330		234,908
Other (4)	215,647		163,993		585,872		419,844
Casualty and Specialty segment net premiums earned	$	927,204	$	689,889	$	2,627,840	$	1,870,952


(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.


			14



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2022
Property	$	1,835,138	$	1,722,667	$	4,214,919	$	7,772,724
Casualty and Specialty	1,875,979		144,419		5,869,833		7,890,231

Total	$	3,711,117	$	1,867,086	$	10,084,752	$	15,662,955







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


			15



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended September 30, 2022						Three months ended September 30, 2021
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	13,442,806	$	4,206,459	$	9,236,347	$	10,944,742	$	3,187,638	$	7,757,104
Incurred claims and claim expenses
Current year	3,196,128		1,196,291		1,999,837		3,342,005		1,396,310		1,945,695
Prior years	(99,588)		(67,682)		(31,906)		(278,179)		(130,529)		(147,650)
Total incurred claims and claim expenses	3,096,540		1,128,609		1,967,931		3,063,826		1,265,781		1,798,045
Paid claims and claim expenses
Current year	73,028		12,894		60,134		220,568		35,451		185,117
Prior years	655,646		330,648		324,998		515,272		228,203		287,069
Total paid claims and claim expenses	728,674		343,542		385,132		735,840		263,654		472,186

Foreign exchange (1)	(147,717)		(22,282)		(125,435)		(39,484)		2,993		(42,477)


Reserve for claims and claim expenses, end of period	$	15,662,955	$	4,969,244	$	10,693,711	$	13,233,244	$	4,192,758	$	9,040,486

	Nine months ended September 30, 2022						Nine months ended September 30, 2021
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	13,294,630	$	4,268,669	$	9,025,961	$	10,381,138	$	2,926,010	$	7,455,128
Incurred claims and claim expenses
Current year	5,099,492		1,490,893		3,608,599		5,261,594		1,867,766		3,393,828
Prior years	(186,179)		(93,483)		(92,696)		(281,416)		(72,705)		(208,711)
Total incurred claims and claim expenses	4,913,313		1,397,410		3,515,903		4,980,178		1,795,061		3,185,117
Paid claims and claim expenses
Current year	118,612		17,354		101,258		293,541		43,146		250,395
Prior years	2,077,584		622,607		1,454,977		1,764,951		482,056		1,282,895
Total paid claims and claim expenses	2,196,196		639,961		1,556,235		2,058,492		525,202		1,533,290
Foreign exchange (1)	(348,792)		(56,874)		(291,918)		(69,580)		(3,111)		(66,469)





Reserve for claims and claim expenses, end of period	$	15,662,955	$	4,969,244	$	10,693,711	$	13,233,244	$	4,192,758	$	9,040,486

(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.


			16

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”), Fontana Holdings L.P. and its subsidiaries (“Fontana”), and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. (“Medici”). Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.


	Three months ended		Nine months ended
	September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Management fee income
Joint ventures	$	12,271		$	8,602	$	43,369	$	34,471
Structured reinsurance products and other	6,377			8,646		20,250		26,097
Managed funds	6,341			6,606		19,299		23,780
Total management fee income	24,989			23,854		82,918		84,348

Performance fee income (loss)
Joint ventures	1,915			2,980		2,849		11,883
Structured reinsurance products and other	(1,360)			1,237		2,060		2,525
Managed funds	184			264		505		(275)
Total performance fee income (loss) (1)	739			4,481		5,414		14,133

Total fee income	$	25,728		$	28,335	$	88,332	$	98,481

(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		Nine months ended
Fee income contributing to:	September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Underwriting income (loss) (1)	$	11,366		$	19,444	$	36,278	$	49,213
Earnings from equity method investments (2)	19			17		69		50
Redeemable noncontrolling interests (3)	14,343			8,874		51,985		49,218
Total fee income	$	25,728		$	28,335	$	88,332	$	98,481

(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.


			17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

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


	Three months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Management fee income
Joint ventures	$	12,271	$	17,703	$	13,395	$	8,603	$	8,602
Structured reinsurance products and other	6,377		6,649		7,224		8,542		8,646
Managed funds	6,341		6,355		6,603		7,578		6,606
Total management fee income	24,989		30,707		27,222		24,723		23,854

Performance fee income (loss)
Joint ventures	1,915		1,037		(103)		2,352		2,980
Structured reinsurance products and other	(1,360)		2,486		934		2,392		1,237
Managed funds	184		25		296		555		264
Total performance fee income (loss) (1)	739		3,548		1,127		5,299		4,481

Total fee income	$	25,728	$	34,255	$	28,349	$	30,022	$	28,335

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



	Three months ended
Fee income contributing to:	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Underwriting income (loss) (1)	$	11,366	$	12,751	$	12,161	$	18,074	$	19,444
Earnings from equity method investments (2)	19		27		23		—		17
Redeemable noncontrolling interests (3)	14,343		21,477		16,165		11,948		8,874
Total fee income	$	25,728	$	34,255	$	28,349	$	30,022	$	28,335

(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.


			18

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, Vermeer and Fontana (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:


	Three months ended		Nine months ended
	September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Redeemable noncontrolling interests - DaVinciRe	$	219,191		$	202,362	$	185,692	$	158,030
Redeemable noncontrolling interests - Medici	107,461			(6,526)		139,635		(5,072)
Redeemable noncontrolling interests - Vermeer	39,164			2,659		(2,471)		(21,157)
Redeemable noncontrolling interests - Fontana	6,613			—		12,154		—
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	372,429		$	198,495	$	335,010	$	131,801


	Three months ended				Nine months ended
	September 30, 2022		September 30, 2021			September 30, 2022		September 30, 2021
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	277,939	$	193,061		$	74,013	$	95,954
Non-operating (income) loss attributable to redeemable noncontrolling interests	94,490		5,434			260,997		35,847
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	372,429	$	198,495		$	335,010	$	131,801

(1)A negative number in the tables 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.

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


			19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

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


	September 30, 2022		December 31, 2021
Redeemable noncontrolling interests - DaVinciRe	$	1,618,490	$	1,499,451
Redeemable noncontrolling interests - Medici	964,687		856,820
Redeemable noncontrolling interests - Vermeer	1,330,253		1,197,782
Redeemable noncontrolling interests - Fontana	261,530		—
Redeemable noncontrolling interests	$	4,174,960	$	3,554,053

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


	September 30, 2022		December 31, 2021
DaVinciRe	69.1	%	71.3	%
Medici	87.0	%	85.3	%
Vermeer	100.0	%	100.0	%
Fontana	68.4	%	—	%


			20


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

	Three months ended			Nine months ended
	September 30, 2022				September 30, 2021			September 30, 2022			September 30, 2021
Revenues
Gross premiums written	$	181,804			$	168,770		$	914,121		$	754,430
Net premiums written	$	169,168			$	159,697		$	844,110		$	681,080
Decrease (increase) in unearned premiums	126,396				79,853			(208,410)			(144,874)
Net premiums earned	295,564				239,550			635,700			536,206
Net investment income	25,994				6,549			51,977			21,928
Net foreign exchange gains (losses)	4,165				(818)			5,162			(811)

Net realized and unrealized gains (losses) on investments	(98,706)				(2,670)			(292,377)			(25,079)
Total revenues	227,017				242,611			400,462			532,244
Expenses
Net claims and claim expenses incurred	512,073				501,695			552,916			649,484
Acquisition expenses	20,394				14,490			62,649			62,400
Operational and corporate expenses	9,839				8,190			44,343			36,273
Interest expense	1,859				1,859			5,575			5,575
Total expenses	544,165				526,234			665,483			753,732
Income (loss) before taxes	(317,148)				(283,623)			(265,021)			(221,488)
Income tax benefit (expense)	(5)				—			(5)			(1)


Net income (loss) available (attributable) to DaVinciRe common shareholders	$	(317,153)			$	(283,623)		$	(265,026)		$	(221,489)

Net claims and claim expenses incurred - current accident year	$	524,996			$	561,674		$	615,664		$	751,660
Net claims and claim expenses incurred - prior accident years	(12,923)				(59,979)			(62,748)			(102,176)
Net claims and claim expenses incurred - total	$	512,073			$	501,695		$	552,916		$	649,484

Net claims and claim expense ratio - current accident year	177.6		%		234.5		%	96.8		%	140.2		%
Net claims and claim expense ratio - prior accident years	(4.3)		%		(25.1)		%	(9.8)		%	(19.1)		%
Net claims and claim expense ratio - calendar year	173.3		%		209.4		%	87.0		%	121.1		%
Underwriting expense ratio	10.2		%		9.5		%	16.8		%	18.4		%
Combined ratio	183.5		%		218.9		%	103.8		%	139.5		%


			21



Investments
Total Investment Result

	Managed (1)			Retained (2)
	Three months ended			Three months ended
	September 30, 2022				September 30, 2021			September 30, 2022			September 30, 2021
Fixed maturity investments trading	$	107,182			$	56,825		$	87,326		$	51,404
Short term investments	11,601				514			4,733			388
Equity investments trading	6,120				1,823			6,120			1,823
Other investments
Catastrophe bonds	25,748				17,184			3,707			3,541
Other	11,258				7,571			11,258			7,571
Cash and cash equivalents	1,386				(38)			1,261			(26)
	163,295				83,879			114,405			64,701
Investment expenses	(5,502)				(5,612)			(4,300)			(4,596)
Net investment income	$	157,793			$	78,267		$	110,105		$	60,105

Net investment income return - annualized	3.2		%		1.4		%	3.2		%	1.7		%


Net realized gains (losses) on fixed maturity investments trading	(213,493)				27,501			(164,791)			24,521
Net unrealized gains (losses) on fixed maturity investments trading	(210,665)				(56,869)			(180,596)			(51,675)
Net realized and unrealized gains (losses) on investments-related derivatives	(55,580)				(2,056)			(56,422)			(2,380)
Net realized gains (losses) on equity investments trading	3,066				52,604			3,066			52,604
Net unrealized gains (losses) on equity investments trading	(46,301)				(74,284)			(46,297)			(74,269)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(126,992)				(5,994)			(16,667)			(3,803)
Net realized and unrealized gains (losses) on other investments - other	8,465				17,027			8,465			17,027
Net realized and unrealized gains (losses) on investments	(641,500)				(42,071)			(453,242)			(37,975)
Total investment result	$	(483,707)			$	36,196		$	(343,137)		$	22,130

Average invested assets	$	20,745,479			$	21,908,291		$	13,752,864		$	14,257,183

Total investment return - annualized	(8.9)		%		0.7		%	(9.6)		%	0.6		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.


			22



Investments
Total Investment Result

	Managed (1)			Retained (2)
	Nine months ended			Nine months ended
	September 30, 2022				September 30, 2021			September 30, 2022			September 30, 2021
Fixed maturity investments trading	$	246,146			$	179,268		$	206,294		$	161,833
Short term investments	17,134				1,869			6,836			1,265
Equity investments trading	13,390				4,940			13,390			4,940
Other investments
Catastrophe bonds	63,343				48,333			9,379			10,413
Other	23,704				20,711			23,704			20,711
Cash and cash equivalents	1,250				223			1,137			254
	364,967				255,344			260,740			199,416
Investment expenses	(16,272)				(16,348)			(12,977)			(13,731)
Net investment income	$	348,695			$	238,996		$	247,763		$	185,685

Net investment income return - annualized	2.3		%		1.5		%	2.4		%	1.7		%


Net realized gains (losses) on fixed maturity investments trading	(621,799)				81,060			(512,583)			71,513
Net unrealized gains (losses) on fixed maturity investments trading	(824,662)				(289,872)			(716,116)			(263,975)
Net realized and unrealized gains (losses) on investments-related derivatives	(161,946)				3,476			(163,517)			5,117
Net realized gains (losses) on equity investments trading	38,638				255,902			38,638			256,064
Net unrealized gains (losses) on equity investments trading	(222,074)				(279,938)			(222,076)			(280,197)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(159,913)				(25,075)			(21,414)			(15,625)
Net realized and unrealized gains (losses) on other investments - other	(16,868)				57,831			(16,868)			57,831
Net realized and unrealized gains (losses) on investments	(1,968,624)				(196,616)			(1,613,936)			(169,272)
Total investment result	$	(1,619,929)			$	42,380		$	(1,366,173)		$	16,413

Average invested assets	$	20,946,208			$	21,645,496		$	14,087,633		$	14,264,445

Total investment return - annualized	(10.1)		%		0.3		%	(12.7)		%	0.2		%


			23



Investments
Investments Composition




	September 30, 2022								December 31, 2021
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)









Fixed maturity investments trading, at fair value
U.S. treasuries	$	5,745,880	$	(239,857)	$	4,665,776	$	(218,727)	$	6,247,779	$	(54,534)	$	5,175,003	$	(47,562)
Corporate	4,121,508		$	(440,148)	3,211,115		(382,655)		3,689,286		10,472		3,156,556		11,969
Other (3)	2,803,710		(204,092)		2,337,524		(166,795)		3,570,066		(1,386)		3,085,843		(2,084)
Total fixed maturity investments trading, at fair value	12,671,098		(884,097)		10,214,415		(768,177)		13,507,131		(45,448)		11,417,402		(37,677)
Short term investments, at fair value	4,935,960		—		1,309,375		—		5,298,385		—		1,450,158		—

Equity investments trading, at fair value	950,393		(65,852)		950,107		(65,962)		546,016		156,245		545,708		156,120

Other investments, at fair value
Catastrophe bonds	1,135,053		(217,779)		175,961		(56,354)		1,104,034		(63,665)		217,493		(36,249)
Direct private equity investments	69,923		(28,218)		69,923		(28,218)		88,373		(4,768)		88,373		(4,768)
Fund investments	958,188		105,285		958,188		105,285		725,802		138,045		725,803		138,046
Term loans	100,000		—		100,000		—		74,850		—		74,850		—
Total other investments, at fair value	2,263,164		(140,712)		1,304,072		20,713		1,993,059		69,612		1,106,519		97,029
Investments in other ventures, under equity method	72,535		—		72,535		—		98,068		—		98,068		—
Total investments	$	20,893,150	$	(1,090,661)	$	13,850,504	$	(813,426)	$	21,442,659	$	180,409	$	14,617,855	$	215,472


	September 30, 2022					December 31, 2021
	Managed (1)		Retained (2)			Managed (1)		Retained (2)


Weighted average yield to maturity of investments (4)	5.1	%	5.3		%	1.6	%	1.8		%

Average duration of investments, in years (4)	2.5		3.3			2.8		3.5
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)			$	(17.58)				$	(0.85)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

(3)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading.

(4)Excludes equity investments trading, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See "Comments on Regulation G" for reconciliation of non-GAAP financial measures.


			24



Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																Investments not subject to credit ratings
September 30, 2022	Fair Value				AAA			AA			A			BBB			Non- Investment Grade						Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	5,745,880			$	—		$	5,745,880		$	—		$	—		$	—		$	—			$	—
Corporate (3)	4,121,508				179,981			358,713			1,385,122			1,225,631			941,231			30,830				—



Agencies	375,894				30,950			344,944			—			—			—			—				—

Non-U.S. government	443,869				230,646			196,234			8,607			7,330			1,052			—				—









Residential mortgage-backed	698,496				38,254			503,381			2,540			8,427			94,979			50,915				—
Commercial mortgage-backed	257,827				198,068			33,846			5,592			11,694			4,533			4,094				—







Asset-backed	1,027,624				667,602			187,198			60,293			38,884			64,815			8,832				—

Total fixed maturity investments trading, at fair value	12,671,098				1,345,501			7,370,196			1,462,154			1,291,966			1,106,610			94,671				—

Short term investments, at fair value	4,935,960				4,861,621			71,672			758			156			75			1,678				—

Equity investments trading, at fair value
Fixed income exchange traded funds (4)	394,851				—			—			—			196,296			198,555			—				—
Other equity investments trading	555,542				—			—			—			—			—			—				555,542
Total equity investments trading, at fair value	950,393				—			—			—			196,296			198,555			—				555,542

Other investments, at fair value
Catastrophe bonds	1,135,053				—			—			—			—			1,135,053			—				—
Direct private equity investments	69,923				—			—			—			—			—			—				69,923
Fund investments:
Private credit funds	677,499				—			—			—			—			—			—				677,499
Private equity funds	280,689				—			—			—			—			—			—				280,689
Term loans	100,000				—			—			100,000			—			—			—				—
Total other investments, at fair value	2,263,164				—			—			100,000			—			1,135,053			—				1,028,111

Investments in other ventures, under equity method	72,535				—			—			—			—			—			—				72,535

Total investments	$	20,893,150			$	6,207,122		$	7,441,868		$	1,562,912		$	1,488,418		$	2,440,293		$	96,349			$	1,656,188
	100.0		%		29.7		%	35.6		%	7.5		%	7.1		%	11.7		%	0.5		%		7.9		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)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 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.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.


			25



Investments
Retained Investments - Credit Rating (1)

				Credit Rating (2)																Investments not subject to credit ratings
September 30, 2022	Fair Value				AAA			AA			A			BBB			Non- Investment Grade						Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	4,665,776			$	—		$	4,665,776		$	—		$	—		$	—		$	—			$	—
Corporate (3)	3,211,115				131,284			279,665			1,039,203			927,696			806,715			26,552				—



Agencies	296,304				26,683			269,621			—			—			—			—				—

Non-U.S. government	368,803				190,539			161,275			8,607			7,330			1,052			—				—









Residential mortgage-backed	509,827				29,101			323,865			2,540			8,427			94,979			50,915				—
Commercial mortgage-backed	175,672				121,561			29,522			4,268			11,694			4,533			4,094				—







Asset-backed	986,918				628,555			186,423			59,409			38,884			64,815			8,832				—

Total fixed maturity investments trading, at fair value	10,214,415				1,127,723			5,916,147			1,114,027			994,031			972,094			90,393				—

Short term investments, at fair value	1,309,375				1,258,623			48,049			987			156			75			1,485				—

Equity investments trading, at fair value
Fixed income exchange traded funds (4)	394,851				—			—			—			196,296			198,555			—				—
Other equity investments trading	555,256				—			—			—			—			—			—				555,256
Total equity investments trading, at fair value	950,107				—			—			—			196,296			198,555			—				555,256

Other investments, at fair value
Catastrophe bonds	175,961				—			—			—			—			175,961			—				—
Direct private equity investments	69,923				—			—			—			—			—			—				69,923
Fund investments:
Private credit funds	677,499				—			—			—			—			—			—				677,499
Private equity funds	280,689				—			—			—			—			—			—				280,689
Term loans	100,000				—			—			100,000			—			—			—				—
Total other investments, at fair value	1,304,072				—			—			100,000			—			175,961			—				1,028,111

Investments in other ventures, under equity method	72,535				—			—			—			—			—			—				72,535

Total investments	$	13,850,504			$	2,386,346		$	5,964,196		$	1,215,014		$	1,190,483		$	1,346,685		$	91,878			$	1,655,902
	100.0		%		17.2		%	43.1		%	8.8		%	8.6		%	9.7		%	0.6		%		12.0		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.


			26



Other Items
Earnings per Share

	Three months ended		Nine months ended
(common shares in thousands)	September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(825,344)		$	(450,222)	$	(1,544,670)	$	(284,338)
Amount allocated to participating common shareholders (1)	(306)			(229)		(813)		(485)
Net income (loss) allocated to RenaissanceRe common shareholders	$	(825,650)		$	(450,451)	$	(1,545,483)	$	(284,823)
Denominator:

Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	42,837			46,223		43,121		47,988
Per common share equivalents of non-vested shares (2)	—			—		—		—

Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	42,837			46,223		43,121		47,988
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(19.27)		$	(9.75)	$	(35.84)	$	(5.94)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(19.27)		$	(9.75)	$	(35.84)	$	(5.94)

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

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted. For the three and nine months ended September 30, 2022, per common share equivalents of non-vested shares of 94 thousand and 81 thousand, respectively, could potentially be dilutive in future periods if the Company reports net income allocated to RenaissanceRe common shareholders.


			27



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 provided certain of these financial measures in previous investor communications and the Company’s management believes that such 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 or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or 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 (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, (4) the income tax expense or benefit associated with these adjustments and (5) 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 these adjustments. 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.


			28



Comments on Regulation G


	Three months ended			Nine months ended
	September 30, 2022				September 30, 2021			September 30, 2022			September 30, 2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(825,344)			$	(450,222)		$	(1,544,670)		$	(284,338)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	514,508				36,077			1,808,711			171,541
Adjustment for net foreign exchange losses (gains)	1,383				4,755			67,690			24,309
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK	—				—			—			135
Adjustment for income tax expense (benefit) (1)	7,269				286			(77,331)			(7,893)
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)	(94,490)				(5,434)			(260,997)			(35,847)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	(396,674)			$	(414,538)		$	(6,597)		$	(132,093)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(19.27)			$	(9.75)		$	(35.84)		$	(5.94)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	12.01				0.78			41.95			3.57
Adjustment for net foreign exchange losses (gains)	0.03				0.10			1.57			0.51
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK	—				—			—			—
Adjustment for income tax expense (benefit) (1)	0.17				0.01			(1.79)			(0.16)
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)	(2.21)				(0.12)			(6.05)			(0.75)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(9.27)			$	(8.98)		$	(0.16)		$	(2.77)

Return on average common equity - annualized	(72.4)		%		(28.4)		%	(40.5)		%	(5.8)		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	45.2		%		2.3		%	47.3		%	3.5		%
Adjustment for net foreign exchange losses (gains)	0.1		%		0.3		%	1.8		%	0.5		%
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK	—		%		—		%	—		%	—		%
Adjustment for income tax expense (benefit) (1)	0.6		%		—		%	(2.0)		%	(0.2)		%
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)	(8.3)		%		(0.3)		%	(6.8)		%	(0.7)		%
Operating return on average common equity - annualized	(34.8)		%		(26.1)		%	(0.2)		%	(2.7)		%

(1)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.

(2)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.


			29



Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

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


	September 30, 2022			December 31, 2021
Book value per common share	$	94.55		$	132.17
Adjustment for goodwill and other intangibles (1)	(5.89)			(5.90)
Tangible book value per common share	88.66			126.27
Adjustment for accumulated dividends	24.63			23.52
Tangible book value per common share plus accumulated dividends	$	113.29		$	149.79



Year to date change in book value per common share	(28.5)		%	(4.5)		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(28.9)		%	(4.0)		%

(1)At September 30, 2022 and December 31, 2021, the adjustment for goodwill and other intangibles included $18.0 million and $18.6 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


			30



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 the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “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 portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts 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 September 30, 2022									Three months ended September 30, 2021
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	107,182		$	(19,856)		$	87,326		$	56,825		$	(5,421)		$	51,404
Short term investments	11,601			(6,868)			4,733			514			(126)			388
Equity investments trading	6,120			—			6,120			1,823			—			1,823
Other investments
Catastrophe bonds	25,748			(22,041)			3,707			17,184			(13,643)			3,541
Other	11,258			—			11,258			7,571			—			7,571
Cash and cash equivalents	1,386			(125)			1,261			(38)			12			(26)
	163,295			(48,890)			114,405			83,879			(19,178)			64,701
Investment expenses	(5,502)			1,202			(4,300)			(5,612)			1,016			(4,596)
Net investment income	$	157,793		$	(47,688)		$	110,105		$	78,267		$	(18,162)		$	60,105

Net investment income return - annualized	3.2		%	—		%	3.2		%	1.4		%	0.3		%	1.7		%

Net realized gains (losses) on fixed maturity investments trading	(213,493)			48,702			(164,791)			27,501			(2,980)			24,521
Net unrealized gains (losses) on fixed maturity investments trading	(210,665)			30,069			(180,596)			(56,869)			5,194			(51,675)
Net realized and unrealized gains (losses) on investments-related derivatives	(55,580)			(842)			(56,422)			(2,056)			(324)			(2,380)
Net realized gains (losses) on equity investments trading	3,066			—			3,066			52,604			—			52,604
Net unrealized gains (losses) on equity investments trading	(46,301)			4			(46,297)			(74,284)			15			(74,269)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(126,992)			110,325			(16,667)			(5,994)			2,191			(3,803)
Net realized and unrealized gains (losses) on other investments - other	8,465			—			8,465			17,027			—			17,027
Net realized and unrealized gains (losses) on investments	(641,500)			188,258			(453,242)			(42,071)			4,096			(37,975)
Total investment result	$	(483,707)		$	140,570		$	(343,137)		$	36,196		$	(14,066)		$	22,130

Average invested assets	$	20,745,479		$	(6,992,615)		$	13,752,864		$	21,908,291		$	(7,651,108)		$	14,257,183

Total investment return - annualized	(8.9)		%	(0.7)		%	(9.6)		%	0.7		%	(0.1)		%	0.6		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.


			31



Comments on Regulation G

Retained Total Investment Result


	Nine months ended September 30, 2022									Nine months ended September 30, 2021
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	246,146		$	(39,852)		$	206,294		$	179,268		$	(17,435)		$	161,833
Short term investments	17,134			(10,298)			6,836			1,869			(604)			1,265
Equity investments trading	13,390			—			13,390			4,940			—			4,940
Other investments
Catastrophe bonds	63,343			(53,964)			9,379			48,333			(37,920)			10,413
Other	23,704			—			23,704			20,711			—			20,711
Cash and cash equivalents	1,250			(113)			1,137			223			31			254
	364,967			(104,227)			260,740			255,344			(55,928)			199,416
Investment expenses	(16,272)			3,295			(12,977)			(16,348)			2,617			(13,731)
Net investment income	$	348,695		$	(100,932)		$	247,763		$	238,996		$	(53,311)		$	185,685

Net investment income return - annualized	2.3		%	0.1		%	2.4		%	1.5		%	0.2		%	1.7		%

Net realized gains (losses) on fixed maturity investments trading	(621,799)			109,216			(512,583)			81,060			(9,547)			71,513
Net unrealized gains (losses) on fixed maturity investments trading	(824,662)			108,546			(716,116)			(289,872)			25,897			(263,975)
Net realized and unrealized gains (losses) on investments-related derivatives	(161,946)			(1,571)			(163,517)			3,476			1,641			5,117
Net realized gains (losses) on equity investments trading	38,638			—			38,638			255,902			162			256,064
Net unrealized gains (losses) on equity investments trading	(222,074)			(2)			(222,076)			(279,938)			(259)			(280,197)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(159,913)			138,499			(21,414)			(25,075)			9,450			(15,625)
Net realized and unrealized gains (losses) on other investments - other	(16,868)			—			(16,868)			57,831			—			57,831
Net realized and unrealized gains (losses) on investments	(1,968,624)			354,688			(1,613,936)			(196,616)			27,344			(169,272)
Total investment result	$	(1,619,929)		$	253,756		$	(1,366,173)		$	42,380		$	(25,967)		$	16,413

Average invested assets	$	20,946,208		$	(6,858,575)		$	14,087,633		$	21,645,496		$	(7,381,051)		$	14,264,445

Total investment return - annualized	(10.1)		%	(2.6)		%	(12.7)		%	0.3		%	(0.1)		%	0.2		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds


			32



Comments on Regulation G

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments 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 investments to "retained total investments."


	September 30, 2022						December 31, 2021
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	5,745,880		(1,080,104)		4,665,776		6,247,779		(1,072,776)		5,175,003
Corporate (4)	4,121,508		(910,393)		3,211,115		3,689,286		(532,730)		3,156,556
Agencies	375,894		(79,590)		296,304		361,684		(58,997)		302,687




Non-U.S. government	443,869		(75,066)		368,803		549,613		(83,792)		465,821









Residential mortgage-backed	698,496		(188,669)		509,827		955,301		(222,661)		732,640
Commercial mortgage-backed	257,827		(82,155)		175,672		634,925		(74,577)		560,348







Asset-backed	1,027,624		(40,706)		986,918		1,068,543		(44,196)		1,024,347

Total fixed maturity investments trading, at fair value	12,671,098		(2,456,683)		10,214,415		13,507,131		(2,089,729)		11,417,402

Short term investments, at fair value	$	4,935,960	$	(3,626,585)	$	1,309,375	$	5,298,385	$	(3,848,227)	$	1,450,158

Equity investments trading, at fair value
Fixed income exchange traded funds	394,851		—		394,851		90,422		—		90,422
Other equity investments trading	555,542		(286)		555,256		455,594		(308)		455,286
Total equity investments trading, at fair value	950,393		(286)		950,107		546,016		(308)		545,708

Other investments, at fair value
Catastrophe bonds	1,135,053		(959,092)		175,961		1,104,034		(886,541)		217,493
Direct private equity investments	69,923		—		69,923		88,373		—		88,373
Fund investments:
Private credit funds	677,499		—		677,499		473,112		—		473,112
Private equity funds	280,689		—		280,689		241,297		—		241,297
Hedge funds	—		—		—		11,393		1		11,394
Term loans	100,000		—		100,000		74,850		—		74,850
Total other investments, at fair value	2,263,164		(959,092)		1,304,072		1,993,059		(886,540)		1,106,519

Investments in other ventures, under equity method	72,535		—		72,535		98,068		—		98,068

Total investments	$	20,893,150	(7,042,646)		$	13,850,504	21,442,659		(6,824,804)		14,617,855

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.


			33


Comments on Regulation G

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss)".



	September 30, 2022						December 31, 2021
Type of Investment	Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)		Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	(239,857)	$	21,130	$	(218,727)	$	(54,534)	$	6,972	$	(47,562)
Corporate	(440,148)		57,493		(382,655)		10,472		1,497		11,969
Other (4)	(204,092)		37,297		(166,795)		(1,386)		(698)		(2,084)
Total fixed maturity investments trading, at fair value	(884,097)		115,920		(768,177)		(45,448)		7,771		(37,677)

Equity investments trading, at fair value	(65,852)		(110)		(65,962)		156,245		(125)		156,120

Other investments, at fair value
Catastrophe bonds	(217,779)		161,425		(56,354)		(63,665)		27,416		(36,249)
Direct private equity investments	(28,218)		—		(28,218)		(4,768)		—		(4,768)
Fund investments	105,285		—		105,285		138,045		1		138,046

Total other investments, at fair value	(140,712)		161,425		20,713		69,612		27,417		97,029

Total investments	$	(1,090,661)	$	277,235	$	(813,426)	$	180,409	$	35,063	$	215,472

Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)					$	(17.58)					$	(0.85)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading.

(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $768.2 million and $37.7 million at September 30, 2022 and December 31, 2021, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.


			34


Comments on Regulation G

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to "operating (income) loss attributable to redeemable noncontrolling interests."


	Three months ended				Nine months ended
	September 30, 2022		September 30, 2021			September 30, 2022		September 30, 2021
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	372,429	$	198,495		$	335,010	$	131,801
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	80,550		1,905			216,169		17,894
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	13,940		3,528			44,828		17,953
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	94,490		5,433			260,997		35,847
Operating (income) loss attributable to redeemable noncontrolling interests	$	277,939	$	193,062		$	74,013	$	95,954

(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.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


			35

Form: 8-K

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