Premiums for the first quarter of 2005 include $104.7 million of gross written premiums, $119.4 million of net written premiums and $40.9 million of net premiums earned by the Company's consolidated joint venture, DaVinci Re, during the first quarter of 2005, compared to $130.8 million of gross written premiums, $128.7 million of net written premiums and $47.0 million of net premiums earned by DaVinci Re during the first quarter of 2004.

Other (Loss) Income

During the first quarter of 2005 RenaissanceRe recognized a net $3.5 million loss on fees and other items compared to income of $1.1 million in the first quarter of 2004. Fee income remained stable at $1.0 million in the first quarter of 2005 compared to $1.1 million in the first quarter of 2004 while other items generated a $4.5 million loss in the first quarter of 2005 compared with no loss for the first quarter of 2004. The $4.5 million loss in other items was primarily a result of a $2.1 million decrease in the fair value of the Company's Platinum Underwriters Holdings Ltd. ("Platinum") warrant and a $2.0 million loss on the Company's short positions in credit derivatives.

Equity in Earnings of Other Ventures

Equity in earnings of other ventures generated $7.6 million in income in the first quarter of 2005 compared to $6.5 million in income in the first quarter of 2004. Included in this is RenaissanceRe's equity in the earnings of the Company's investments in Top Layer Reinsurance Ltd. and ChannelRe Holdings Ltd. for the first quarter of 2005. In the first quarter of 2004, equity in earnings of other ventures included the Company's equity in the earnings of Top Layer Reinsurance Ltd. and the Company's investment in a joint venture focused on trading weather sensitive commodities. In the third quarter of 2004 the Company's ownership percentage in the weather sensitive trading joint venture decreased and the Company's income in this venture is currently reflected in net investment income.

Underwriting Ratios, Reserve Development

For the first quarter of 2005, the Company generated a combined ratio of 90.2%, a loss ratio of 66.9% and an expense ratio of 23.3%, compared to a combined ratio, loss ratio and expense ratio of 59.3%, 36.4% and 22.9% for the first quarter of 2004, respectively.

For the first quarter of 2005, the Company's Reinsurance segment generated a loss ratio of 70.8% and an expense ratio of 17.4%, compared to a loss ratio and an expense ratio of 28.2% and 14.4%, for the first quarter of 2004, respectively. For the quarter, the Company's Individual Risk segment generated a loss ratio of 59.0% and an expense ratio of 35.2%, compared to a loss ratio and an expense ratio of 53.2% and 40.2%, for the first quarter of 2004, respectively.

The results of the Reinsurance segment, for the three months ended March 31, 2005, include a net negative impact of $43.1 million related to the European windstorm, which includes net claims and claim expenses of $60.7 million, offset by reinstatement premiums of $1.3 million and minority interest of $16.3 million.

During the quarter, the Company recorded favorable development on prior year reserves of $17.6 million or a benefit of 5.8 percentage points to the Company's quarterly loss ratio. The Company's Reinsurance segment contributed $18.1 million of favorable development, and the Company's Individual Risk segment contributed $0.5 million of adverse development. Net paid losses for the quarter were $159.5 million. See the attached supplemental financial data for additional information regarding claims and claim expenses incurred and loss ratios by segment.

The Company expects, during the second quarter, to review its processes and assumptions used in establishing its catastrophe reinsurance reserves. It is possible that this review may result in a reduction to its loss reserves, which may be material. The Company intends to undertake similar reviews of its reserves for other lines of business later in 2005.

Operating expenses increased to $18.8 million from $12.4 million as a result of the benefit of a reversal of an accrual for incentive compensation expense in the first quarter of 2004 that did not recur in 2005.

2

Net Investment Income and Net Realized Gains and Losses on Investments

Net investment income for the first quarter of 2005 was $51.2 million, compared to $35.1 million for the same quarter in 2004. Net investment income includes $12.1 million of net unrealized gains in the first quarter of 2005 compared to $6.3 million in the first quarter of 2004 reflecting the Company's investments in hedge funds, private equity funds and other investments.

During the first quarter of 2005, the Company incurred net realized losses of $10.2 million as a result of trading activity in a rising interest rate environment, compared to net realized gains of $32.5 million during the first quarter of 2004.

Other Items

RenaissanceRe's corporate expenses of $11.3 million incurred during the first quarter of 2005 were $6.8 million higher than the first quarter of 2004. The increase in such expenses is due principally to $7.4 million of professional fees incurred during the first quarter of 2005 related to the Company's restatement of its consolidated financial statements for the years ended December 31, 2003, 2002 and 2001 and a review of the Company's business practices in light of the industry-wide investigations by various governmental authorities.

The Company's cash flows from operations were $253.2 million for the first quarter of 2005.

As described in the Company's press release issued February 22, 2005 and the Company's 2004 Annual Report filed on Form 10-K, the Company has corrected accounting errors relating to the timing of the recognition of premium on multi-year ceded reinsurance contracts for the first three quarters of 2004. The comparative 2004 financial data contained in this press release includes these corrections.

Shareholders' Equity

Shareholders' equity attributable to common shareholders was $2.1 billion at March 31, 2005, compared to $2.1 billion at December 31, 2004. Book value per common share at March 31, 2005 was $30.04, compared to $30.19 per common share at December 31, 2004. Book value per common share was affected by a $41.3 million reduction in accumulated other comprehensive income during the quarter, primarily as a result of a decrease in the fair value of the Company's fixed maturity investments available for sale due to rising interest rates as well as a reduction in the value of the Company's investment in Platinum common shares.

This Press Release includes certain non-GAAP financial measures including "operating income," "operating EPS or operating income per common share," "annualized operating return on equity" and "managed catastrophe premium." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, May 4, 2005 at 8:00 a.m. (EDT) to discuss this release. Live broadcast of the conference call will be available through the Investor Section of RenaissanceRe's website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. Our business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by our subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk business, which includes primary insurance and quota share reinsurance.

Cautionary Statement under "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this news release 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

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Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2004.

INVESTOR CONTACT:				MEDIA CONTACT:
Todd R. Fonner				David Lilly or Dawn Dover
Vice President - Treasurer				Kekst and Company
RenaissanceRe Holdings Ltd.				(212) 521-4800
(441) 239-4801

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RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Statements of Income
For the three months ended March 31, 2005 and 2004
(in thousands of United States Dollars, except per share amounts)
(Unaudited)

				Three months ended
				March 31, 2005				March 31, 2004
								(Restated)
Revenues
Gross premiums written				$	694,333			$	780,288
Net premiums written				$	615,793			$	700,219
Increase in unearned premiums					(314,292	)			(392,127	)
Net premiums earned					301,501				308,092
Net investment income					51,215				35,050
Net foreign exchange gains					714				2,087
Equity in earnings of other ventures					7,567				6,520
Other (loss) income					(3,515	)			1,109
Net realized gains (losses) on investments					(10,189	)			32,521
Total revenues					347,293				385,379
Expenses
Net claims and claim expenses incurred					201,648				112,178
Acquisition expenses					51,508				58,031
Operational expenses					18,843				12,376
Corporate expenses					11,339				4,552
Interest expense					6,605				6,271
Total expenses					289,943				193,408
Income before minority interest					57,350				191,971
Minority interest — DaVinciRe					4,384				17,990
Net income					52,966				173,981
Dividends on preference shares					8,663				5,104
Net income available to common shareholders				$	44,303			$	168,877
Operating Income per Common Share — diluted*				$	0.76			$	1.90
Net income available to common shareholders per Common Share — basic				$	0.63			$	2.43
Net income available to common shareholders per Common Share — diluted				$	0.62			$	2.36
Average shares outstanding — basic					70,358				69,444
Average shares outstanding — diluted					71,951				71,592
Net claims and claim expense ratio					66.9	%			36.4	%
Underwriting expense ratio					23.3	%			22.9	%
Combined ratio					90.2	%			59.3	%
Operating return on average common equity (annualized)*					10.2	%			25.2	%

	*   Excludes net realized gains (losses) on investments (see — "Comments on Regulation G")

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RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)

				At
				March 31, 2005				December 31, 2004
				(Unaudited)				(Audited)
Assets
Fixed maturity investments available for sale, at fair value				$	3,049,756			$	3,223,292
Short term investments, at cost					752,582				608,292
Other investments, at fair value					800,506				684,590
Total managed investment portfolio					4,602,844				4,516,174
Equity investment in reinsurance company, at fair value					142,862				150,519
Investments in other ventures, under equity method					176,651				159,556
Total investments					4,922,357				4,826,249
Cash and cash equivalents					161,699				66,740
Premiums receivable					453,547				206,813
Ceded reinsurance balances					90,965				61,303
Losses recoverable					258,220				217,788
Accrued investment income					27,294				30,060
Deferred acquisition costs					104,986				70,933
Other assets					46,211				46,432
Total assets				$	6,065,279			$	5,526,318
Liabilities, Minority Interest and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses				$	1,541,997			$	1,459,398
Reserve for unearned premiums					709,289				365,335
Debt					350,000				350,000
Subordinated obligation to capital trust					103,093				103,093
Reinsurance balances payable					315,935				188,564
Other liabilities					58,104				68,092
Total liabilities					3,078,418				2,534,482
Minority interest — DaVinciRe					349,207				347,794
Shareholders' Equity
Preference shares					500,000				500,000
Common shares and additional paid-in capital					333,796				328,896
Accumulated other comprehensive income					37,678				78,960
Retained earnings					1,766,180				1,736,186
Total shareholders' equity					2,637,654				2,644,042
Total liabilities, minority interest and shareholders' equity				$	6,065,279			$	5,526,318
Book value per common share				$	30.04			$	30.19
Common shares outstanding					71,172				71,029

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data — Segment Information
(in thousands of United States Dollars)

				Three months ended March 31, 2005
				Reinsurance				Individual Risk				Other				Total
Gross premiums written (1)				$	585,284			$	109,049			$	—			$	694,333
Net premiums written				$	528,133			$	87,660				—			$	615,793
Net premiums earned				$	200,370			$	101,131				—			$	301,501
Net claims and claim expenses incurred					141,944				59,704				—				201,648
Acquisition expenses					20,538				30,970				—				51,508
Operational expenses					14,227				4,616				—				18,843
Underwriting income				$	23,661			$	5,841				—				29,502
Net investment income													51,215				51,215
Equity in earnings of other ventures													7,567				7,567
Other loss													(3,515	)			(3,515	)
Interest and preference share dividends													(15,268	)			(15,268	)
Minority interest — DaVinciRe													(4,384	)			(4,384	)
Other items, net													(10,625	)			(10,625	)
Net realized losses on investments													(10,189	)			(10,189	)
Net income available to common shareholders												$	14,801			$	44,303
Net claims and claim expenses incurred — current accident year				$	160,036			$	59,202							$	219,238
Net claims and claim expenses incurred — prior years					(18,092	)			502								(17,590	)
Net claims and claim expenses incurred — total				$	141,944			$	59,704							$	201,648
Net claims and claim expense ratio — accident year					79.9	%			58.5	%							72.7	%
Net claims and claim expense ratio — calendar year					70.8	%			59.0	%							66.9	%
Underwriting expense ratio					17.4	%			35.2	%							23.3	%
Combined ratio					88.2	%			94.2	%							90.2	%

(1)	Reinsurance segment gross premiums written excludes $11.5 million of premiums assumed from the Individual Risk segment.

				Three months ended March 31, 2004 (Restated)
				Reinsurance				Individual Risk				Other				Total
Gross premiums written				$	660,350			$	119,938			$	—			$	780,288
Net premiums written				$	590,436			$	109,783				—			$	700,219
Net premiums earned				$	207,316			$	100,776				—			$	308,092
Net claims and claim expenses incurred					58,539				53,639				—				112,178
Acquisition expenses					23,811				34,220				—				58,031
Operational expenses					6,126				6,250				—				12,376
Underwriting income				$	118,840			$	6,667				—				125,507
Net investment income													35,050				35,050
Equity in earnings of other ventures													6,520				6,520
Other income													1,109				1,109
Interest and preference share dividends													(11,375	)			(11,375	)
Minority interest — DaVinciRe													(17,990	)			(17,990	)
Other items, net													(2,465	)			(2,465	)
Net realized gains on investments													32,521				32,521
Net income available to common shareholders												$	43,370			$	168,877
Net claims and claim expenses incurred — current accident year				$	75,410			$	58,457							$	133,867
Net claims and claim expenses incurred — prior years					(16,871	)			(4,818	)							(21,689	)
Net claims and claim expenses incurred — total				$	58,539			$	53,639							$	112,178
Net claims and claim expense ratio — accident year					36.4	%			58.0	%							43.5	%
Net claims and claim expense ratio — calendar year					28.2	%			53.2	%							36.4	%
Underwriting expense ratio					14.4	%			40.2	%							22.9	%
Combined ratio					42.6	%			93.4	%							59.3	%

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RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data
(in thousands of United States Dollars)

Gross Written Premiums				Three months ended
				March 31, 2005				March 31, 2004
Renaissance catastrophe premiums				$	253,019			$	299,136
Renaissance specialty premiums					227,525				230,455
Total Renaissance Reinsurance premiums					480,544				529,591
DaVinci catastrophe premiums					82,638				103,196
DaVinci specialty premiums					22,102				27,563
Total DaVinci Reinsurance premiums					104,740				130,759
Total Reinsurance premiums (1)					585,284				660,350
Individual Risk premiums					109,049				119,938
Total premiums				$	694,333			$	780,288
Total managed catastrophe premiums (2)				$	375,438			$	441,387
Total specialty premiums				$	249,627			$	258,018

(1)	Reinsurance gross premiums written excludes $11.5 million of premiums assumed from the Individual Risk segment for the three months ended March 31, 2005.

(2)	Total managed catastrophe premiums include Renaissance and DaVinci catastrophe premium, as above, and catastrophe premium of $39.8 million and $39.1 million for the three months ended March 31, 2005 and 2004, respectively, written on behalf of our joint venture, Top Layer Re.

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Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures in this Press Release within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company's management believes that these measurements 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 the 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.

The Company uses "operating income" 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" as used herein differs from "net income available to common shareholders", which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized gains and losses on investments. In addition, the Company's management believes that "operating income" 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 Company's investment portfolio, which is not considered by management to be a relevant indicator of business operations. The Company also uses "operating income" to calculate "operating income per common share" and "operating return on average common equity". The following is a reconciliation of 1) net income available to common shareholders to operating income available to common shareholders; 2) net income available to common shareholders per common share to operating income available to common shareholders per common share; and 3) return on average common equity to operating return on average common equity:

				Three months ended
(In thousands of U.S. dollars)				March 31, 2005				March 31, 2004
								(Restated)
Net income available to common shareholders				$	44,303			$	168,877
Adjustment for net realized losses (gains) on investments					10,189				(32,521	)
Operating income available to common shareholders				$	54,492			$	136,356
Net income available to common shareholders per common share				$	0.62			$	2.36
Adjustment for net realized losses (gains) on investments					0.14				(0.46	)
Operating income available to common shareholders per common share — diluted				$	0.76			$	1.90
Return on average common equity (annualized)					8.3	%			31.2	%
Adjustment for net realized losses (gains) on investments					1.9	%			(6.0	%)
Operating return on average common equity (annualized)					10.2	%			25.2	%

While the Company provides herein estimates of operating income for 2005, the Company has not provided estimates of net income for such period as it believes it is unable to accurately predict future gains and losses on investments, which investment results could influence the Company's net income for this period.

The Company has also included in this Press Release "managed catastrophe premium". "Managed catastrophe premium" is defined as gross catastrophe premium written by Renaissance Reinsurance and its related joint ventures. "Managed catastrophe premium" differs from total catastrophe premium, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premium written on behalf of the Company's joint venture Top Layer Re, which is accounted for under the equity method of accounting. Refer to supplemental financial data on gross written premiums.

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