May 2, 2007 - FINANCIAL SUPPLEMENT - 8-K: Current report filing



		RenaissanceRe Holdings Ltd.

		Financial Supplement

		March 31, 2007



Contact:

Investors:
RenaissanceRe Holdings Ltd.
Todd R. Fonner
441-239-4801

Media:
Kekst and Company
David Lilly or Dawn Dover
212-521-4800

RenaissanceRe Holdings Ltd.

Contents

		Page(s)
Basis of Presentation		i
Financial Highlights		1
Income Statements
a.	Summary Consolidated Statements of Operations	2
b.	Consolidated Segment Underwriting Results	3
c.	Reinsurance Segment - Catastrophe and Specialty Underwriting Results	4
d.	Reinsurance Segment Gross Premiums Written	5
e.	Individual Risk Segement Gross Premiums Written	6
f.	DaViniciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	7

Balance Sheets
a.	Summary Consolidated Balance Sheets	8
b.	Composition of Investment Portfolio	9
c.	Summary of Other Investments	10

Loss Reserve Analysis
a.	Reserve for Claims and Claim Expenses	11
b.	Paid to Incurred Analysis	12

Other Items
a.	Equity in Earnings of Other Ventures	13
b.	Ratings	14

Comments on Regulation G		15

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including operating income, operating income per common share - diluted, operating return on average common equity - annualized, managed catastrophe premium and managed catastrophe premium, net of fully-collateralized joint ventures. 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 page 15 for Comments on Regulation G.

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, 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 Companys 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 Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006.

All information contained herein is unaudited, except for the financial data relating to the balance sheet for the year ended December 31, 2006. Unless otherwise noted, dollar amounts are in thousands, 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 Holdings Ltd. with the Securities and Exchange Commission, including the Annual Report on Form 10-K for 2006 and Quarterly Reports on Form 10-Q. Please refer to the Companys website at www.renre.com for further information about RenaissanceRe Holdings Ltd.

RenaissanceRe Holdings Ltd.

Financial Highlights

	Three months ended March 31,
	2007			2006

Highlights
Gross premiums written	$	632,729		$	748,392
Net premiums written		571,027			697,835
Net premiums earned		362,618			351,672
Net claims and claim expenses incurred		145,992			99,178
Underwriting income		124,373			162,749
Net investment income		108,015			80,434
Net income available to common shareholders		190,805			178,980
Net realized gains (losses) on investments		4,085			(16,756	)
Operating income available to common shareholders (1)		186,720			195,736
Total assets	$	7,787,116		$	7,158,262
Total shareholders' equity	$	3,303,560		$	2,415,889
Per share data
Net income available to common shareholders per common share - diluted	$	2.63		$	2.49
Operating income available to common shareholders per common share - diluted (1)	$	2.57		$	2.73
Dividends per common share	$	0.22		$	0.21
Book value per common share	$	36.71		$	26.65
Accumulated dividends per common share		6.34			5.49
Book value per common share plus accumulated dividends	$	43.05		$	32.14
Financial ratios
Net claims and claim expense ratio - current accident year		53.2	%		40.1	%
Net claims and claim expense ratio - prior accident years		(13.0	%)		(11.9	%)
Net claims and claim expense ratio - calendar year		40.2	%		28.2	%
Underwriting expense ratio		25.4	%		25.5	%
Combined ratio		65.6	%		53.7	%
Operating return on average common equity - annualized (1)		29.1	%		42.7	%

(1)	Operating income excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income.

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date

	Three months ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Revenues
Gross premiums written	$	632,729		$	194,952		$	257,752		$	742,551		$	748,392
Net premiums written	$	571,027		$	156,846		$	162,695		$	512,244		$	697,835
(Increase) decrease in unearned premiums		(208,409	)		223,242			204,381			(81,303	)		(346,163	)
Net premiums earned		362,618			380,088			367,076			430,941			351,672
Net investment income		108,015			83,233			80,427			74,012			80,434
Net foreign exchange gains (losses)		5,167			(1,715	)		(2,160	)		(2,441	)		3,023
Equity in earnings of other ventures		10,701			8,624			10,131			9,221			6,552
Other (loss) income		(2,203	)		(4,160	)		2,006			(84	)		(1,679	)
Net realized gains (losses) on investments		4,085			2,489			4,151			(24,348	)		(16,756	)
Total revenues		488,383			468,559			461,631			487,301			423,246
Expenses
Net claims and claim expenses incurred		145,992			97,280			42,436			207,336			99,178
Acquisition expenses		63,729			73,288			63,998			74,597			68,814
Operational expenses		28,524			32,235			27,364			29,056			20,931
Corporate expenses		7,004			7,987			5,121			5,571			5,739
Interest expense		11,979			8,439			9,492			10,370			9,301
Total expenses		257,228			219,229			148,411			326,930			203,963
Income before minority interest and taxes		231,155			249,330			313,220			160,371			219,283
Minority interest - DaVinciRe Holdings		(29,107	)		(38,665	)		(52,830	)		(21,207	)		(31,457	)
Income before taxes		202,048			210,665			260,390			139,164			187,826
Income tax expense		(107	)		(42	)		(616	)		(94	)		(183	)
Net income		201,941			210,623			259,774			139,070			187,643
Dividends on preference shares		(11,136	)		(9,488	)		(8,662	)		(8,662	)		(8,663	)
Net income available to common shareholders	$	190,805		$	201,135		$	251,112		$	130,408		$	178,980
Operating income available to common shareholders per Common Share - diluted (1)	$	2.57		$	2.74		$	3.42		$	2.15		$	2.73
Net income available to common shareholders per Common Share - basic	$	2.68		$	2.83		$	3.53		$	1.84		$	2.52
Net income available to common shareholders per Common Share - diluted	$	2.63		$	2.78		$	3.48		$	1.81		$	2.49
Average shares outstanding - basic		71,281			71,178			71,093			71,049			70,935
Average shares outstanding - diluted		72,514			72,467			72,115			71,926			71,786
Net claims and claim expense ratio		40.2	%		25.6	%		11.6	%		48.1	%		28.2	%
Underwriting expense ratio		25.4	%		27.8	%		24.9	%		24.1	%		25.5	%
Combined ratio		65.6	%		53.4	%		36.5	%		72.2	%		53.7	%
Operating return on average common equity - annualized (1)		29.1	%		33.3	%		45.6	%		31.3	%		42.7	%

(1)	Operating income excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income.

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Quarter to Date

	Three months ended March 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	515,967		$	123,316		$	(6,554	)	$	632,729
Net premiums written	$	476,219		$	94,808					$	571,027
Net premiums earned	$	254,779		$	107,839					$	362,618
Net claims and claim expenses incurred		92,127			53,865						145,992
Acquisition expenses		28,362			35,367						63,729
Operational expenses		18,191			10,333						28,524
Underwriting income	$	116,099		$	8,274					$	124,373
Net claims and claim expenses incurred - current accident year	$	122,406		$	70,659					$	193,065
Net claims and claim expenses incurred - prior accident years		(30,279	)		(16,794	)					(47,073	)
Net claims and claim expenses incurred - total	$	92,127		$	53,865					$	145,992
Net claims and claim expense ratio - current accident year		48.0	%		65.5	%					53.2	%
Net claims and claim expense ratio - prior accident years		(11.9	%)		(15.6	%)					(13.0	%)
Net claims and claim expense ratio - calendar year		36.1	%		49.9	%					40.2	%
Underwriting expense ratio		18.3	%		42.4	%					25.4	%
Combined ratio		54.4	%		92.3	%					65.6	%

	Three months ended March 31, 2006
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	583,774		$	170,724		$	(6,106	)	$	748,392
Net premiums written	$	548,457		$	149,378					$	697,835
Net premiums earned	$	213,373		$	138,299					$	351,672
Net claims and claim expenses incurred		36,680			62,498						99,178
Acquisition expenses		28,506			40,308						68,814
Operational expenses		12,544			8,387						20,931
Underwriting income	$	135,643		$	27,106					$	162,749
Net claims and claim expenses incurred - current accident year	$	75,713		$	65,367					$	141,080
Net claims and claim expenses incurred - prior accident years		(39,033	)		(2,869	)					(41,902	)
Net claims and claim expenses incurred - total	$	36,680		$	62,498					$	99,178
Net claims and claim expense ratio - current accident year		35.5	%		47.3	%					40.1	%
Net claims and claim expense ratio - prior accident years		(18.3	%)		(2.1	%)					(11.9	%)
Net claims and claim expense ratio - calendar year		17.2	%		45.2	%					28.2	%
Underwriting expense ratio		19.2	%		35.2	%					25.5	%
Combined ratio		36.4	%		80.4	%					53.7	%

(1)	Represents gross premiums ceded from the Individual Risk segment to the Reinsurance segment.

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Catastrophe and Specialty Underwriting Results

	Three months ended March 31, 2007									Three months ended March 31, 2006
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	398,964		$	117,003		$	515,967		$	440,710		$	143,064		$	583,774
Net premiums written	$	359,216		$	117,003		$	476,219		$	405,393		$	143,064		$	548,457
Net premiums earned	$	200,393		$	54,386		$	254,779		$	155,806		$	57,567		$	213,373
Net claims and claim expenses incurred		91,292			835			92,127			42,458			(5,778	)		36,680
Acquisition expenses		21,634			6,728			28,362			19,265			9,241			28,506
Operational expenses		13,677			4,514			18,191			7,592			4,952			12,544
Underwriting income	$	73,790		$	42,309		$	116,099		$	86,491		$	49,152		$	135,643
Net claims and claim expenses incurred - current accident year	$	89,961		$	32,445		$	122,406		$	31,493		$	44,220		$	75,713
Net claims and claim expenses incurred - prior accident years		1,331			(31,610	)		(30,279	)		10,965			(49,998	)		(39,033	)
Net claims and claim expenses incurred - total	$	91,292		$	835		$	92,127		$	42,458		$	(5,778	)	$	36,680
Net claims and claim expense ratio - current accident year		44.9	%		59.7	%		48.0	%		20.2	%		76.8	%		35.5	%
Net claims and claim expense ratio - prior accident years		0.7	%		(58.1	%)		(11.9	%)		7.0	%		(86.9	%)		(18.3	%)
Net claims and claim expense ratio - calendar year		45.6	%		1.6	%		36.1	%		27.2	%		(10.1	%)		17.2	%
Underwriting expense ratio		17.6	%		20.7	%		18.3	%		17.2	%		24.7	%		19.2	%
Combined ratio		63.2	%		22.3	%		54.4	%		44.4	%		14.6	%		36.4	%

RenaissanceRe Holdings Ltd.

Reinsurance Segment Gross Premiums Written

	Three months ended
	March 31, 2007			Dec. 31, 2006		Sept. 30, 2006			June 30, 2006			March 31, 2006
Renaissance catastrophe premiums	$	240,027		$	20,630	$	92,150		$	377,063		$	283,797
Renaissance specialty premiums		107,590			28,164		20,367			27,736			121,843
Total Renaissance premiums		347,617			48,794		112,517			404,799			405,640
DaVinci catastrophe premiums		158,937			2,554		10,578			155,430			156,913
DaVinci specialty premiums		9,413			371		250			2,096			21,221
Total DaVinci premiums		168,350			2,925		10,828			157,526			178,134
Total Reinsurance premiums	$	515,967		$	51,719	$	123,345		$	562,325		$	583,774
Total specialty premiums (1)	$	117,003		$	28,535	$	20,617		$	29,832		$	143,064

Total catastrophe premiums	$	398,964		$	23,184	$	102,728		$	532,493		$	440,710
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		36,903					1,189			24,270			25,785
Catastrophe premiums assumed from the Individual Risk segment		(6,554	)		1,632		(31,109	)		(28,990	)		(6,106	)
Total managed catastrophe premiums (3)		429,313			24,816		72,808			527,773			460,389
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		6,435			322		(3,046	)		(111,253	)
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	435,748		$	25,138	$	69,762		$	416,520		$	460,389

(1)	Total specialty premiums written includes $nil, $nil, $0.7 million, $1.6 million and $nil of premiums assumed from the Individual Risk segment for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006.

(2)	Top Layer Re is accounted for under the equity method of accounting.

(3)	See Comments on Regulaton G.

RenaissanceRe Holdings Ltd.

Individual Risk Segment Gross Premiums Written

	Three months ended
	March 31, 2007		Dec. 31, 2006		Sept. 30, 2006		June 30, 2006			March 31, 2006
By Type of Business
Commercial multi-line	$	59,141	$	62,942	$	92,056	$	137,162		$	66,827
Commercial property		42,505		47,199		46,597		78,407			54,002
Personal lines property		21,670		31,460		27,585		(4,740	)		49,895
Total Individual Risk premiums	$	123,316	$	141,601	$	166,238	$	210,829		$	170,724

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Three months ended
	March 31, 2007			Dec. 31, 2006			Sep. 30, 2006			June 30, 2006			March 31, 2006
Revenues
Gross premiums written	$	168,350		$	2,925		$	10,828		$	157,526		$	178,134
Net premiums written	$	166,251		$	3,117		$	1,211		$	129,493		$	176,679
(Increase) decrease in unearned premiums		(87,786	)		66,821			70,893			(52,822	)		(115,844	)
Net premiums earned		78,465			69,938			72,104			76,671			60,835
Net investment income		18,657			16,572			16,036			14,372			12,087
Net foreign exchange gains (losses)		897			(1,428	)		(59	)		(2,905	)		326
Other (loss) income		(3,448	)		(1,045	)		(952	)		(136	)		4
Net realized gains (losses) on investments		763			646			1,178			(6,012	)		(3,552	)
Total revenues		95,334			84,683			88,307			81,990			69,700
Expenses
Net claims and claim expenses incurred (recovered)		35,118			9,251			(6,574	)		32,001			11,896
Acquisition expenses		12,771			16,567			18,341			13,334			10,085
Operational and corporate expenses		7,827			8,154			7,688			7,721			6,364
Interest expense		3,000			2,469			2,377			2,295			1,408
Total expenses		58,716			36,441			21,832			55,351			29,753
Income before minority interest		36,618			48,242			66,475			26,639			39,947
Minority interest		(79	)		(103	)		(138	)		(58	)		(83	)
Net income	$	36,539		$	48,139		$	66,337		$	26,581		$	39,864
Net claims and claim expenses incurred - current accident year	$	40,012		$	11,422		$	(2,032	)	$	21,437		$	10,409
Net claims and claim expenses incurred - prior accident years		(4,894	)		(2,171	)		(4,542	)		10,564			1,487
Net claims and claim expenses incurred - total	$	35,118		$	9,251		$	(6,574	)	$	32,001		$	11,896
Net claims and claim expense ratio - current accident year		51.0	%		16.3	%		(2.8	%)		27.9	%		17.1	%
Net claims and claim expense ratio - prior accident years		(6.2	%)		(3.1	%)		(6.3	%)		13.8	%		2.5	%
Net claims and claim expense ratio - calendar year		44.8	%		13.2	%		(9.1	%)		41.7	%		19.6	%
Underwriting expense ratio		26.3	%		35.3	%		36.1	%		27.5	%		27.0	%
Combined ratio		71.1	%		48.5	%		27.0	%		69.2	%		46.6	%

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

		March 31, 2007			Dec. 31, 2006		Sept. 30, 2006		June 30, 2006		March 31, 2006
Assets
Fixed maturity investments available for sale, at fair value	$		3,155,864	$		3,111,930	$	3,176,045	$	3,079,855	$	3,101,935
Short term investments, at cost			2,183,564			2,410,971		1,841,330		1,911,693		1,621,623
Other investments, at fair value			620,576			592,829		559,256		526,844		506,974
Investments in other ventures, under equity method			239,021			227,075		195,787		186,979		172,618
Total investments			6,199,025			6,342,805		5,772,418		5,705,371		5,403,150
Cash and cash equivalents			270,608			214,399		245,817		187,340		240,684
Premiums receivable			538,720			419,150		623,869		857,687		566,956
Ceded reinsurance balances			116,020			133,971		232,439		241,315		62,856
Losses recoverable			248,599			301,854		394,335		464,556		625,697
Accrued investment income			41,881			41,234		38,437		37,639		31,785
Deferred acquisition costs			124,282			106,918		138,922		158,600		138,802
Receivable for investments sold			109,554			61,061		18		203		2,934
Other assets			138,427			147,634		93,302		85,918		85,398
Total assets	$		7,787,116	$		7,769,026	$	7,539,557	$	7,738,629	$	7,158,262

Liabilities, Minority Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$		2,109,864	$		2,098,155	$	2,155,213	$	2,347,525	$	2,419,252
Reserve for unearned premiums			768,882			578,424		900,133		1,113,391		853,629
Debt			450,000			450,000		410,000		485,000		500,000
Subordinated obligation to capital trust						103,093		103,093		103,093		103,093
Reinsurance balances payable			232,832			395,083		437,653		477,477		268,620
Payable for investments purchased			138,110			88,089		54,953		55,138		9,269
Other liabilities			104,300			125,401		68,874		63,053		56,581
Total liabilities			3,803,988			3,838,245		4,129,919		4,644,677		4,210,444

Minority interest - DaVinciRe			679,568			650,284		612,431		555,433		531,929

Shareholders Equity
Preference shares			650,000			800,000		500,000		500,000		500,000
Common shares			72,289			72,140		72,108		71,849		71,881
Additional paid-in capital			279,979			284,123		286,592		284,613		280,174
Accumulated other comprehensive income			27,420			25,217		25,472		4,993		2,088
Retained earnings			2,273,872			2,099,017		1,913,035		1,677,064		1,561,746
Total shareholders equity			3,303,560			3,280,497		2,797,207		2,538,519		2,415,889
Total liabilities, minority interest and shareholders equity	$		7,787,116	$		7,769,026	$	7,539,557	$	7,738,629	$	7,158,262
Book value per common share	$		36.71	$		34.38	$	31.86	$	28.37	$	26.65
Common shares outstanding			72,289			72,140		72,108		71,849		71,881

RenaissanceRe Holdings Ltd.

Composition of Investment Portfolio

	Mar. 31, 2007					Dec. 31, 2006					Sep. 30, 2006					June 30, 2006					Mar. 31, 2006
TYPE OF INVESTMENT
U.S. treasuries and agencies	$	1,214,606		19.6	%	$	1,180,064		18.6	%	$	1,403,475		24.2	%	$	1,388,386		24.3	%	$	1,524,192		28.1	%
Non-U.S. government		146,774		2.4	%		154,848		2.4	%		153,396		2.7	%		147,249		2.6	%		132,996		2.5	%
Corporate		1,015,171		16.4	%		995,410		15.7	%		855,272		14.8	%		817,097		14.3	%		599,597		11.1	%
Mortgage-backed		405,205		6.5	%		397,741		6.3	%		389,868		6.8	%		396,794		7.0	%		489,805		9.1	%
Asset-backed		374,108		6.0	%		383,867		6.1	%		374,034		6.5	%		330,329		5.8	%		355,345		6.6	%
Total fixed maturities available for sale		3,155,864		50.9	%		3,111,930		49.1	%		3,176,045		55.0	%		3,079,855		54.0	%		3,101,935		57.4	%
Short term investments, at cost		2,183,564		35.2	%		2,410,971		38.0	%		1,841,330		31.9	%		1,911,693		33.5	%		1,621,623		30.0	%
Other investments, at fair value		620,576		10.0	%		592,829		9.3	%		559,256		9.7	%		526,844		9.2	%		506,974		9.4	%
Total managed investment portfolio		5,960,004		96.1	%		6,115,730		96.4	%		5,576,631		96.6	%		5,518,392		96.7	%		5,230,532		96.8	%
Investments in other ventures, under equity method		239,021		3.9	%		227,075		3.6	%		195,787		3.4	%		186,979		3.3	%		172,618		3.2	%
Total investments	$	6,199,025		100.0	%	$	6,342,805		100.0	%	$	5,772,418		100.0	%	$	5,705,371		100.0	%	$	5,403,150		100.0	%


CREDIT QUALITY OF FIXED MATURITIES
AAA	$	2,286,168		72.4	%	$	2,248,182		72.2	%	$	2,455,167		77.3	%	$	2,392,763		77.7	%	$	2,578,170		83.2	%
AA		514,643		16.3	%		479,340		15.4	%		339,209		10.7	%		308,840		10.0	%		201,560		6.5	%
A		157,437		5.0	%		167,068		5.4	%		172,119		5.4	%		181,165		5.9	%		124,810		4.0	%
BBB		122,030		3.9	%		139,453		4.5	%		138,423		4.4	%		130,218		4.2	%		131,444		4.2	%
Non-investment grade		75,586		2.4	%		77,887		2.5	%		71,127		2.2	%		66,869		2.2	%		65,951		2.1	%
Total fixed maturities available for sale	$	3,155,864		100.0	%	$	3,111,930		100.0	%	$	3,176,045		100.0	%	$	3,079,855		100.0	%	$	3,101,935		100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	529,078		16.8	%	$	508,982		16.4	%	$	329,405		10.4	%	$	299,264		9.7	%	$	317,280		10.3	%
Due after one through five years		1,534,647		48.6	%		1,539,509		49.5	%		1,777,781		55.9	%		1,769,729		57.4	%		1,679,450		54.1	%
Due after five through ten years		221,741		7.0	%		178,143		5.7	%		215,586		6.8	%		199,011		6.5	%		171,807		5.5	%
Due after ten years		91,085		2.9	%		103,688		3.3	%		89,371		2.8	%		84,728		2.8	%		88,248		2.8	%
U.S. mortgage-backed securities		405,205		12.8	%		397,741		12.8	%		389,868		12.3	%		396,794		12.9	%		489,805		15.8	%
U.S. asset-backed securities		374,108		11.9	%		383,867		12.3	%		374,034		11.8	%		330,329		10.7	%		355,345		11.5	%
Total fixed maturities available for sale	$	3,155,864		100.0	%	$	3,111,930		100.0	%	$	3,176,045		100.0	%	$	3,079,855		100.0	%	$	3,101,935		100.0	%

		As of or for the three months ended
	Mar. 31, 2007					Dec. 31, 2006					Sep. 30, 2006					June 30, 2006					Mar. 31, 2006
Average yield to maturity of fixed maturities and short term investments		5.1	%				5.3	%				5.2	%				5.5	%				5.0	%
Average duration of fixed maturities and short term investments		1.3					1.3					1.4					1.4					1.4
Average credit quality of fixed maturities and short term investments		AA					AA					AA					AA					AA

RenaissanceRe Holdings Ltd.

Summary of Other Investments

	Mar. 31, 2007			Dec. 31, 2006			Sept. 30, 2006			June 30, 2006			March 31, 2006
TYPE OF INVESTMENT
Private equity partnerships	$	247,809		$	223,245		$	208,583		$	194,280		$	174,181
Catastrophe bonds		115,865			114,614			50,041
Senior secured bank loan fund		83,007			81,428			79,831			78,535			77,771
Hedge funds		73,283			72,439			125,262			159,837			162,433
Non-U.S. convertible fund		37,754			36,080			32,815			32,149			31,077
European high yield credit fund		32,847			31,919			29,620			29,022			27,447
Medium term note representing an interest in a pool of European fixed income securities		30,000			30,000			30,000			30,000			30,000
Miscellaneous other investments		11			3,104			3,104			3,021			4,065
Total other investments	$	620,576		$	592,829		$	559,256		$	526,844		$	506,974

TYPE OF INVESTMENT
Private equity partnerships		39.9	%		37.7	%		37.2	%		36.9	%		34.5	%
Catastrophe bonds		18.7	%		19.3	%		8.9	%		0.0	%		0.0	%
Senior secured bank loan fund		13.4	%		13.7	%		14.3	%		14.9	%		15.3	%
Hedge funds		11.8	%		12.2	%		22.4	%		30.3	%		32.0	%
Non-U.S. convertible fund		6.1	%		6.1	%		5.9	%		6.1	%		6.1	%
European high yield credit fund		5.3	%		5.4	%		5.3	%		5.5	%		5.4	%
Medium term note representing an interest in a pool of European fixed income securities		4.8	%		5.1	%		5.4	%		5.7	%		5.9	%
Miscellaneous other investments		0.0	%		0.5	%		0.6	%		0.6	%		0.8	%
Total other investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

RenaissanceRe Holdings Ltd.

Reserve for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2007
Property catastrophe reinsurance	$	380,995	$	282,113	$	247,714	$	910,822
Specialty reinsurance		94,178		78,215		406,171		578,564
Total Reinsurance		475,173		360,328		653,885		1,489,386
Individual Risk		267,059		21,088		332,331		620,478
Total	$	742,232	$	381,416	$	986,216	$	2,109,864

December 31, 2006
Property catastrophe reinsurance	$	366,337	$	282,544	$	226,579	$	875,460
Specialty reinsurance		104,010		77,315		412,466		593,791
Total Reinsurance		470,347		359,859		639,045		1,469,251
Individual Risk		272,119		15,611		341,174		628,904
Total	$	742,466	$	375,470	$	980,219	$	2,098,155

September 30, 2006
Property catastrophe reinsurance	$	432,924	$	265,016	$	221,404	$	919,344
Specialty reinsurance		104,298		75,811		414,250		594,359
Total Reinsurance		537,222		340,827		635,654		1,513,703
Individual Risk		286,624		19,774		335,112		641,510
Total	$	823,846	$	360,601	$	970,766	$	2,155,213

June 30, 2006
Property catastrophe reinsurance	$	498,426	$	309,485	$	224,725	$	1,032,636
Specialty reinsurance		175,937		88,563		414,323		678,823
Total Reinsurance		674,363		398,048		639,048		1,711,459
Individual Risk		284,780		15,566		335,720		636,066
Total	$	959,143	$	413,614	$	974,768	$	2,347,525

March 31, 2006
Property catastrophe reinsurance	$	555,631	$	428,796	$	158,488	$	1,142,915
Specialty reinsurance		158,410		103,011		403,464		664,885
Total Reinsurance		714,041		531,807		561,952		1,807,800
Individual Risk		240,624				370,828		611,452
Total	$	954,665	$	531,807	$	932,780	$	2,419,252

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis

	Three months ended March 31, 2007								Three months ended March 31, 2006
	Gross			Recoveries		Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,098,155		$	301,854	$	1,796,301		$	2,614,551		$	673,190		$	1,941,361
Incurred losses and loss expenses
Current year		214,038			20,973		193,065			159,751			18,671			141,080
Prior years		(38,652	)		8,421		(47,073	)		(46,565	)		(4,663	)		(41,902	)
Total incurred losses and loss expenses		175,386			29,394		145,992			113,186			14,008			99,178
Paid losses and loss expenses
Current year		12,093			746		11,347			1,665			-			1,665
Prior years		151,584			81,903		69,681			306,820			61,501			245,319
Total paid losses and loss expenses		163,677			82,649		81,028			308,485			61,501			246,984
Reserve for losses and loss expenses, end of period	$	2,109,864		$	248,599	$	1,861,265		$	2,419,252		$	625,697		$	1,793,555

RenaissanceRe Holdings Ltd.

Equity in Earnings of Other Ventures

	Three months ended
	March 31, 2007		December 31, 2006			September 30, 2006		June 30, 2006		March 31, 2006
ChannelRe	$	4,829	$	5,653		$	5,142	$	4,639	$	3,663
Top Layer Re		3,933		3,232			3,176		3,506		2,789
Starbound		1,686		880			941		305
Tower Hill		253		(1,141	)		872		771		100
Total equity in earnings of other ventures	$	10,701	$	8,624		$	10,131	$	9,221	$	6,552

RenaissanceRe Holdings Ltd.

Ratings

At March 31, 2007	S&P	A.M. Best	Moodys

REINSURANCE SEGMENT¹
Renaissance Reinsurance	A+	A	A2
DaVinci	A	A	-
Top Layer Re	AA	A+	-
Renaissance Europe	-	A	-

INDIVIDUAL RISK SEGMENT¹
Glencoe	-	A-	-
Stonington	-	A-	-
Stonington Lloyds	-	A-	-
Lantana	-	A-	-

RENAISSANCERE²	A-	bbb+	Baa1

1	The S&P, A.M. Best and Moodys ratings for the companies in the Reinsurance and Individual Risk segments reflect the insurers financial strength rating.

2	The S&P, A.M. Best and Moodys ratings for RenaissanceRe represent the credit ratings on its senior unsecured debt.

RenaissanceRe Holdings Ltd.

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 in this Financial Supplement within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Companys 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 Companys 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 Companys management believes that operating income is useful to investors because it more accurately measures and predicts the Companys results of operations by removing the variability arising from fluctuations in the Companys 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 - diluted and operating return on average common equity - annualized. 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 - diluted to operating income available to common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity, annualized:

	Three months ended
	March 31, 2007			Dec. 31, 2006			Sept. 30, 2006			June 30, 2006			March 31, 2006
Net income available to common shareholders	$	190,805		$	201,135		$	251,112		$	130,408		$	178,980
Adjustment for net realized (gains) losses on investments		(4,085	)		(2,489	)		(4,151	)		24,348			16,756
Operating income available to common shareholders	$	186,720		$	198,646		$	246,961		$	154,756		$	195,736
Net income available to common shareholders per common share - diluted	$	2.63		$	2.78		$	3.48		$	1.81		$	2.49
Adjustment for net realized (gains) losses on investments		(0.06	)		(0.04	)		(0.06	)		0.34			0.24
Operating income available to common shareholders per common share - diluted	$	2.57		$	2.74		$	3.42		$	2.15		$	2.73
Return on average common equity - annualized		29.7	%		33.7	%		46.3	%		26.4	%		39.0	%
Adjustment for net realized (gains) losses on investments		(0.6	%)		(0.4	%)		(0.7	%)		4.9	%		3.7	%
Operating return on average common equity - annualized		29.1	%		33.3	%		45.6	%		31.3	%		42.7	%

The Company has also included in this Press Release managed catastrophe premiums and managed catastrophe premiums, net of fully-collateralized joint ventures. Managed catastrophe premiums is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Companys Individual Risk segment. Managed catastrophe premiums differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Companys joint venture Top Layer Re, which is accounted for under the equity method of accounting and the exclusion of catastrophe premiums assumed from the Companys Individual Risk segment. Managed catastrophe premiums, net of fully-collateralized joint ventures differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to: 1) the inclusion of catastrophe premiums written on behalf of the Companys joint venture Top Layer Re, which is accounted for under the equity method of accounting; 2) the exclusion of catastrophe premiums assumed from the Companys Individual Risk segment; and 3) the deduction of catastrophe premiums that are written by the Company and ceded directly to the Companys fully-collateralized joint ventures which include Starbound Reinsurance Ltd. and Timicuan Reinsurance Ltd. The Companys management believes managed catastrophe premiums is useful to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. The Company believes managed catastrophe premiums, net of fully-collateralized joint ventures is also a useful measure to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures, net of catastrophe premiums assumed from the Companys Individual Risk segment and net of catastrophe premiums written directly on behalf of the Companys fully-collateralized joint ventures.

Form: 8-K

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