July 30, 2008 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

RenaissanceRe Holdings Ltd.

Contents


			Page(s)
Basis of Presentation			i

Financial Highlights			1

Income Statements
	a.	Summary Consolidated Statements of Operations	2-3
	b.	Consolidated Segment Underwriting Results	4-5
	c.	Reinsurance SegmentCatastrophe and Specialty Underwriting Results	6
	d.	Reinsurance SegmentGross Premiums Written	7-8
	e.	Individual Risk SegmentGross Premiums Written	9
	f.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	10-11

Balance Sheets
	a.	Summary Consolidated Balance Sheets	12

Investments
	a.	Composition of Investment Portfolio	13
	b.	Summary of Other Investments	14
	c.	Investment Income	15

Loss Reserve Analysis
	a.	Reserves for Claims and Claim Expenses	16
	b.	Paid to Incurred Analysis	17

Other Items
	a.	Equity in Earnings (Losses) of Other Ventures	18
	b.	Ratings	19

Comments on Regulation G			20-21

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including operating income, operating income per common sharediluted, operating return on average common equityannualized, managed catastrophe premium, managed catastrophe premium, net of fully-collateralized joint ventures and tangible book value per common share plus accumulated dividends. 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 20 and 21 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Companys business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by the Companys 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 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, as amended, for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.

All information contained herein is unaudited, except for the financial data relating to the balance sheet for the year ended December 31, 2007. 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, as amended, for the year ended December 31, 2007 and Quarterly Reports on Form 10-Q. Please refer to the Companys website at www.renre.com for further information about RenaissanceRe Holdings Ltd.


		i

RenaissanceRe Holdings Ltd.

Financial Highlights


	Three months ended June 30,						Six months ended June 30,
	2008			2007			2008			2007
*Highlights*
Gross premiums written	$	807,575		$	845,860		$	1,334,613		$	1,478,589
Net premiums written		614,022			609,842			1,017,138			1,180,869
Net premiums earned		376,573			358,454			685,487			721,072
Net claims and claim expenses incurred		114,217			138,854			196,373			284,846
Underwriting income		175,249			133,564			325,466			257,937
Net investment income		38,685			118,140			91,188			226,155
Net income available to common shareholders		135,721			183,166			272,886			373,971

Net realized losses on investments		(24,161	)		(11,566	)		(34,831	)		(7,481	)

Operating income available to common shareholders (1)		159,882			194,732			307,717			381,452

Total assets	$	8,550,276		$	8,558,363		$	8,550,276		$	8,558,363
Total shareholders equity	$	3,373,433		$	3,460,038		$	3,373,433		$	3,460,038

*Per share data*

Net income available to common shareholders per common sharediluted	$	2.13		$	2.53		$	4.18		$	5.16
Operating income available to common shareholders per common sharediluted (1)	$	2.50		$	2.69		$	4.71		$	5.26

Dividends per common share	$	0.23		$	0.22		$	0.46		$	0.44

Book value per common share	$	43.32		$	38.88		$	43.32		$	38.88
Adjustment for goodwill and intangible assets		(1.18	)		(0.09	)		(1.18	)		(0.09	)

Tangible book value per common share (1)		42.14			38.79			42.14			38.79
Accumulated dividends per common share		7.46			6.56			7.46			6.56

Tangible book value per common share plus accumulated dividends (1)	$	49.60		$	45.35		$	49.60		$	45.35


*Financial ratios*

Net claims and claim expense ratiocurrent accident year		43.5	%		55.2	%		42.5	%		54.2	%
Net claims and claim expense ratioprior accident years		(13.2	)%		(16.5	)%		(13.9	)%		(14.7	)%

Net claims and claim expense ratiocalendar year		30.3	%		38.7	%		28.6	%		39.5	%
Underwriting expense ratio		23.2	%		24.0	%		23.9	%		24.7	%

Combined ratio		53.5	%		62.7	%		52.5	%		64.2	%

Operating return on average common equityannualized (1)		23.4	%		28.5	%		22.3	%		28.8	%

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


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of OperationsQuarter to Date


	Three months ended
	June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007
Revenues
Gross premiums written	$	807,575		$	527,038		$	122,227		$	208,821		$	845,860

Net premiums written	$	614,022		$	403,116		$	105,303		$	149,163		$	609,842
(Increase) decrease in unearned premiums		(237,449	)		(94,202	)		230,937			217,894			(251,388	)

Net premiums earned		376,573			308,914			336,240			367,057			358,454
Net investment income		38,685			52,503			80,714			95,594			118,140
Net foreign exchange (losses) gains		(231	)		4,936			4,598			(5,424	)		(373	)
Equity in earnings (losses) of other ventures		4,872			6,250			(124,999	)		(23,986	)		9,675
Other (loss) income		(24	)		8,012			(20,221	)		(10,008	)		(5,498	)
Net realized (losses) gains on investments		(24,161	)		(10,670	)		7,182			1,592			(11,566	)

*Total revenues*		395,714			369,945			283,514			424,825			468,832

Expenses
Net claims and claim expenses incurred		114,217			82,156			62,728			131,700			138,854
Acquisition expenses		53,613			46,428			67,973			63,719			59,509
Operational expenses		33,494			30,113			28,287			27,126			26,527
Corporate expenses		7,111			8,703			9,771			7,158			4,927
Interest expense		5,937			6,804			7,226			7,226			7,195

*Total expenses*		214,372			174,204			175,985			236,929			237,012

Income before minority interest and taxes		181,342			195,741			107,529			187,896			231,820
Minority interestDaVinciRe		(41,341	)		(40,315	)		(54,070	)		(43,820	)		(37,399	)

Income before taxes		140,001			155,426			53,459			144,076			194,421
Income tax benefit (expense)		6,295			(7,686	)		19,320			(101	)		(680	)

*Net income*		146,296			147,740			72,779			143,975			193,741
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)

*Net income available to common shareholders*	$	135,721		$	137,165		$	62,204		$	133,400		$	183,166

Operating income available to common shareholders per common sharediluted (1)	$	2.50		$	2.21		$	2.64		$	2.33		$	2.69

Net income available to common shareholders per common sharebasic	$	2.16		$	2.09		$	0.90		$	1.89		$	2.57
Net income available to common shareholders per common sharediluted	$	2.13		$	2.05		$	0.88		$	1.85		$	2.53

Average shares outstandingbasic		62,921			65,528			68,966			70,575			71,259
Average shares outstandingdiluted		63,878			66,803			70,413			71,945			72,430

Net claims and claim expense ratio		30.3	%		26.6	%		18.7	%		35.9	%		38.7	%
Underwriting expense ratio		23.2	%		24.8	%		28.6	%		24.7	%		24.0	%

Combined ratio		53.5	%		51.4	%		47.3	%		60.6	%		62.7	%

Operating return on average common equityannualized (1)		23.4	%		21.3	%		26.1	%		23.6	%		28.5	%

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


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of OperationsYear to Date


	Six months ended
	June 30, 2008			June 30, 2007
Revenues
Gross premiums written	$	1,334,613		$	1,478,589

Net premiums written	$	1,017,138		$	1,180,869
Increase in unearned premiums		(331,651	)		(459,797	)

Net premiums earned		685,487			721,072
Net investment income		91,188			226,155
Net foreign exchange gains		4,705			4,794
Equity in earnings of other ventures		11,122			20,376
Other income (loss)		7,988			(7,701	)
Net realized losses on investments		(34,831	)		(7,481	)

*Total revenues*		765,659			957,215

Expenses
Net claims and claim expenses incurred		196,373			284,846
Acquisition expenses		100,041			123,238
Operational expenses		63,607			55,051
Corporate expenses		15,814			11,931
Interest expense		12,741			19,174

*Total expenses*		388,576			494,240

Income before minority interest and taxes		377,083			462,975
Minority interestDaVinciRe		(81,656	)		(66,506	)

Income before taxes		295,427			396,469
Income tax expense		(1,391	)		(787	)

*Net income*		294,036			395,682
Dividends on preference shares		(21,150	)		(21,711	)

*Net income available to common shareholders*	$	272,886		$	373,971


Operating income available to common shareholders per common sharediluted (1)	$	4.71		$	5.26

Net income available to common shareholders per common sharebasic	$	4.25		$	5.25

Net income available to common shareholders per common sharediluted	$	4.18		$	5.16

Average shares outstandingbasic		64,224			71,270
Average shares outstandingdiluted		65,340			72,472

Net claims and claim expense ratio		28.6	%		39.5	%
Underwriting expense ratio		23.9	%		24.7	%

Combined ratio		52.5	%		64.2	%


Operating return on average common equityannualized (1)		22.3	%		28.8	%

(1)	See Comments on Regulation G for a reconciliation of operating income to net income.


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting ResultsQuarter to Date


	Three months ended June 30, 2008
	Reinsurance			Individual Risk			Eliminations (1)		Total
Gross premiums written	$	487,793		$	314,845		$	4,937	$	807,575

Net premiums written	$	353,187		$	260,835				$	614,022

Net premiums earned	$	226,286		$	150,287				$	376,573
Net claims and claim expenses incurred		20,120			94,097					114,217
Acquisition expenses		25,511			28,102					53,613
Operational expenses		22,756			10,738					33,494

Underwriting income	$	157,899		$	17,350				$	175,249


Net claims and claim expenses incurredcurrent accident year	$	57,861		$	105,926				$	163,787
Net claims and claim expenses incurredprior accident years		(37,741	)		(11,829	)				(49,570	)

Net claims and claim expenses incurredtotal	$	20,120		$	94,097				$	114,217


Net claims and claim expense ratiocurrent accident year		25.6	%		70.5	%				43.5	%
Net claims and claim expense ratioprior accident years		(16.7	)%		(7.9	)%				(13.2	)%

Net claims and claim expense ratiocalendar year		8.9	%		62.6	%				30.3	%
Underwriting expense ratio		21.3	%		25.9	%				23.2	%

Combined ratio		30.2	%		88.5	%				53.5	%


	Three months ended June 30, 2007
	Reinsurance			Individual Risk			Eliminations (1)		Total
Gross premiums written	$	606,215		$	238,391		$	1,254	$	845,860

Net premiums written	$	428,355		$	181,487				$	609,842

Net premiums earned	$	225,987		$	132,467				$	358,454
Net claims and claim expenses incurred		62,528			76,326					138,854
Acquisition expenses		25,927			33,582					59,509
Operational expenses		16,451			10,076					26,527

Underwriting income	$	121,081		$	12,483				$	133,564


Net claims and claim expenses incurredcurrent accident year	$	112,208		$	85,793				$	198,001
Net claims and claim expenses incurredprior accident years		(49,680	)		(9,467	)				(59,147	)

Net claims and claim expenses incurredtotal	$	62,528		$	76,326				$	138,854


Net claims and claim expense ratiocurrent accident year		49.7	%		64.8	%				55.2	%
Net claims and claim expense ratioprior accident years		(22.0	)%		(7.1	)%				(16.5	)%

Net claims and claim expense ratiocalendar year		27.7	%		57.7	%				38.7	%
Underwriting expense ratio		18.8	%		33.0	%				24.0	%

Combined ratio		46.5	%		90.7	%				62.7	%

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


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting ResultsYear to Date


	Six months ended June 30, 2008
	Reinsurance			Individual Risk			Eliminations (1)		Total
Gross premiums written	$	931,521		$	395,666		$	7,426	$	1,334,613

Net premiums written	$	696,107		$	321,031				$	1,017,138

Net premiums earned	$	458,513		$	226,974				$	685,487
Net claims and claim expenses incurred		67,189			129,184					196,373
Acquisition expenses		44,026			56,015					100,041
Operational expenses		43,895			19,712					63,607

Underwriting income	$	303,403		$	22,063				$	325,466


Net claims and claim expenses incurredcurrent accident year	$	128,437		$	162,591				$	291,028
Net claims and claim expenses incurredprior accident years		(61,248	)		(33,407	)				(94,655	)

Net claims and claim expenses incurredtotal	$	67,189		$	129,184				$	196,373


Net claims and claim expense ratiocurrent accident year		28.0	%		71.6	%				42.5	%
Net claims and claim expense ratioprior accident years		(13.3	)%		(14.7	)%				(13.9	)%

Net claims and claim expense ratiocalendar year		14.7	%		56.9	%				28.6	%
Underwriting expense ratio		19.1	%		33.4	%				23.9	%

Combined ratio		33.8	%		90.3	%				52.5	%


	Six months ended June 30, 2007
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	1,122,182		$	361,707		$	(5,300	)	$	1,478,589

Net premiums written	$	904,574		$	276,295					$	1,180,869

Net premiums earned	$	480,766		$	240,306					$	721,072
Net claims and claim expenses incurred		154,655			130,191						284,846
Acquisition expenses		54,289			68,949						123,238
Operational expenses		34,642			20,409						55,051

Underwriting income	$	237,180		$	20,757					$	257,937


Net claims and claim expenses incurredcurrent accident year	$	234,614		$	156,452					$	391,066
Net claims and claim expenses incurredprior accident years		(79,959	)		(26,261	)					(106,220	)

Net claims and claim expenses incurredtotal	$	154,655		$	130,191					$	284,846


Net claims and claim expense ratiocurrent accident year		48.8	%		65.1	%					54.2	%
Net claims and claim expense ratioprior accident years		(16.6	)%		(10.9	)%					(14.7	)%

Net claims and claim expense ratiocalendar year		32.2	%		54.2	%					39.5	%
Underwriting expense ratio		18.5	%		37.2	%					24.7	%

Combined ratio		50.7	%		91.4	%					64.2	%

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


		5

RenaissanceRe Holdings Ltd.

Reinsurance SegmentCatastrophe and Specialty Underwriting Results


	Three months ended June 30, 2008									Three months ended June 30, 2007
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	464,666		$	23,127		$	487,793		$	512,828		$	93,387		$	606,215

Net premiums written	$	330,060		$	23,127		$	353,187		$	334,968		$	93,387		$	428,355

Net premiums earned	$	164,471		$	61,815		$	226,286		$	170,337		$	55,650		$	225,987
Net claims and claim expenses incurred		7,984			12,136			20,120			45,570			16,958			62,528
Acquisition expenses		12,323			13,188			25,511			17,892			8,035			25,927
Operational expenses		17,498			5,258			22,756			11,761			4,690			16,451

Underwriting income	$	126,666		$	31,233		$	157,899		$	95,114		$	25,967		$	121,081

Net claims and claim expenses incurredcurrent accident year	$	26,076		$	31,785		$	57,861		$	64,569		$	47,639		$	112,208
Net claims and claim expenses incurredprior accident years		(18,092	)		(19,649	)		(37,741	)		(18,999	)		(30,681	)		(49,680	)

Net claims and claim expenses incurredtotal	$	7,984		$	12,136		$	20,120		$	45,570		$	16,958		$	62,528

Net claims and claim expense ratiocurrent accident year		15.9	%		51.4	%		25.6	%		37.9	%		85.6	%		49.7	%
Net claims and claim expense ratioprior accident years		(11.0	)%		(31.8	)%		(16.7	)%		(11.2	)%		(55.1	)%		(22.0	)%

Net claims and claim expense ratiocalendar year		4.9	%		19.6	%		8.9	%		26.7	%		30.5	%		27.7	%
Underwriting expense ratio		18.1	%		29.9	%		21.3	%		17.4	%		22.9	%		18.8	%

Combined ratio		23.0	%		49.5	%		30.2	%		44.1	%		53.4	%		46.5	%


	Six months ended June 30, 2008									Six months ended June 30, 2007
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	828,812		$	102,709		$	931,521		$	911,792		$	210,390		$	1,122,182

Net premiums written	$	593,398		$	102,709		$	696,107		$	694,184		$	210,390		$	904,574

Net premiums earned	$	337,820		$	120,693		$	458,513		$	370,730		$	110,036		$	480,766
Net claims and claim expenses incurred		38,473			28,716			67,189			136,862			17,793			154,655
Acquisition expenses		15,962			28,064			44,026			39,526			14,763			54,289
Operational expenses		33,883			10,012			43,895			25,438			9,204			34,642

Underwriting income	$	249,502		$	53,901		$	303,403		$	168,904		$	68,276		$	237,180

Net claims and claim expenses incurredcurrent accident year	$	56,265		$	72,172		$	128,437		$	154,530		$	80,084		$	234,614
Net claims and claim expenses incurredprior accident years		(17,792	)		(43,456	)		(61,248	)		(17,668	)		(62,291	)		(79,959	)

Net claims and claim expenses incurredtotal	$	38,473		$	28,716		$	67,189		$	136,862		$	17,793		$	154,655

Net claims and claim expense ratiocurrent accident year		16.7	%		59.8	%		28.0	%		41.7	%		72.8	%		48.8	%
Net claims and claim expense ratioprior accident years		(5.3	)%		(36.0	)%		(13.3	)%		(4.8	)%		(56.6	)%		(16.6	)%

Net claims and claim expense ratiocalendar year		11.4	%		23.8	%		14.7	%		36.9	%		16.2	%		32.2	%
Underwriting expense ratio		14.7	%		31.5	%		19.1	%		17.5	%		21.8	%		18.5	%

Combined ratio		26.1	%		55.3	%		33.8	%		54.4	%		38.0	%		50.7	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance SegmentGross Premiums Written


	Three months ended
	June 30, 2008			Mar. 31, 2008		Dec. 31, 2007			Sept. 30, 2007			June 30, 2007
Renaissance catastrophe premiums	$	291,317		$	224,968	$	(2,224	)	$	84,271		$	340,913
Renaissance specialty premiums		22,955			75,463		37,498			39,536			93,258

Total Renaissance premiums		314,272			300,431		35,274			123,807			434,171

DaVinci catastrophe premiums		173,349			139,178		(8,591	)		17,856			171,915
DaVinci specialty premiums		172			4,119		10			(118	)		129

Total DaVinci premiums		173,521			143,297		(8,581	)		17,738			172,044

Total Reinsurance premiums	$	487,793		$	443,728	$	26,693		$	141,545		$	606,215

Total specialty premiums (1)	$	23,127		$	79,582	$	37,508		$	39,418		$	93,387

Total catastrophe premiums	$	464,666		$	364,146	$	(10,815	)	$	102,127		$	512,828
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		24,042			31,621		2,711						26,822
Catastrophe premiums assumed from the Individual Risk segment		4,937			2,489		2,590			(34,258	)		1,254

Total managed catastrophe premiums (3)		493,645			398,256		(5,514	)		67,869			540,904

Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		(2,286	)				883			(938	)		(65,798	)

Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	491,359		$	398,256	$	(4,631	)	$	66,931		$	475,106

(1)	Total specialty premiums written includes $nil, $nil, $0.4 million, $nil and $nil of premiums assumed from the Individual Risk segment for the three months ended June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively.

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

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


		7

RenaissanceRe Holdings Ltd.

Reinsurance Segment Gross Premiums Written


	Six months ended
	June 30, 2008			June 30, 2007
Renaissance catastrophe premiums	$	516,285		$	580,940
Renaissance specialty premiums		98,418			200,848

Total Renaissance premiums		614,703			781,788

DaVinci catastrophe premiums		312,527			330,852
DaVinci specialty premiums		4,291			9,542

Total DaVinci premiums		316,818			340,394

Total Reinsurance premiums	$	931,521		$	1,122,182

Total specialty premiums (1)	$	102,709		$	210,390

Total catastrophe premiums	$	828,812		$	911,792
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		55,663			63,725
Catastrophe premiums assumed from the Individual Risk segment		7,426			(5,300	)

Total managed catastrophe premiums (3)		891,901			970,217

Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		(2,286	)		(59,363	)

Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	889,615		$	910,854

(1)	Total specialty premiums written includes $nil and $nil of premiums assumed from the Individual Risk segment for the six months ended June 30, 2008 and 2007, respectively.

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

(3)	See comments on Regulation G.


		8

RenaissanceRe Holdings Ltd.

Individual Risk Segment - Gross Premiums Written


	Three months ended
	June 30, 2008		Mar. 31, 2008		Dec. 31, 2007		Sept. 30, 2007		June 30, 2007
By Type of Business

Multi-peril crop	$	203,077	$	5,372	$	28,616	$	22,171	$	116,690
Commercial multi-line		31,699		31,384		31,840		38,257		44,435
Commercial property		60,830		30,853		20,559		26,361		75,013
Personal lines property		19,239		13,212		12,338		14,745		2,253

Total Individual Risk premiums	$	314,845	$	80,821	$	93,353	$	101,534	$	238,391


	Six months ended
	June 30, 2008		June 30, 2007
By Type of Business

Multi-peril crop	$	208,449	$	127,941
Commercial multi-line		63,083		92,325
Commercial property		91,683		117,518
Personal lines property		32,451		23,923

Total Individual Risk premiums	$	395,666	$	361,707


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	June 30, 2008			Mar. 31, 2008			Dec. 31, 2007			Sept. 30, 2007			June 30, 2007
Revenues
Gross premiums written	$	173,521		$	143,297		$	(8,581	)	$	17,738		$	172,044

Net premiums written	$	163,390		$	134,251		$	(9,173	)	$	5,662		$	159,155
(Increase) decrease in unearned premiums		(85,705	)		(56,378	)		83,214			76,796			(83,855	)

Net premiums earned		77,685			77,873			74,041			82,458			75,300
Net investment income		15,183			15,964			18,517			19,496			18,961
Net foreign exchange (losses) gains		(559	)		1,763			1,738			(1,545	)		(170	)
Other loss		(1,258	)		(217	)		(4,706	)		(5,548	)		(3,422	)
Net realized (losses) gains on investments		(3,765	)		(3,221	)		2,873			350			(2,972	)

*Total revenues*		87,286			92,162			92,463			95,211			87,697

Expenses
Net claims and claim expenses incurred (recovered)		3,001			12,421			(5,806	)		9,302			12,587
Acquisition expenses		20,929			17,094			19,424			19,162			17,233
Operational and corporate expenses		8,060			7,811			7,758			8,554			7,795
Interest expense		1,782			2,647			3,067			3,067			3,033

*Total expenses*		33,772			39,973			24,443			40,085			40,648

Income before minority interest		53,514			52,189			68,020			55,126			47,049
Minority interest		(111	)		(111	)		(143	)		(116	)		(101	)

*Net income*	$	53,403		$	52,078		$	67,877		$	55,010		$	46,948

Net claims and claim expenses incurredcurrent accident year	$	10,171		$	12,314		$	10,636		$	14,393		$	20,037
Net claims and claim expenses incurredprior accident years		(7,170	)		107			(16,442	)		(5,091	)		(7,450	)

Net claims and claim expenses incurredtotal	$	3,001		$	12,421		$	(5,806	)	$	9,302		$	12,587

Net claims and claim expense ratiocurrent accident year		13.1	%		15.8	%		14.4	%		17.5	%		26.6	%
Net claims and claim expense ratioprior accident years		(9.2	)%		0.2	%		(22.2	)%		(6.2	)%		(9.9	)%

Net claims and claim expense ratiocalendar year		3.9	%		16.0	%		(7.8	)%		11.3	%		16.7	%
Underwriting expense ratio		37.3	%		31.9	%		36.7	%		33.6	%		33.2	%

Combined ratio		41.2	%		47.9	%		28.9	%		44.9	%		49.9	%


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Six months ended
	June 30, 2008			June 30, 2007
Revenues
Gross premiums written	$	316,818		$	340,394

Net premiums written	$	297,641		$	325,406
Increase in unearned premiums		(142,083	)		(171,641	)

Net premiums earned		155,558			153,765
Net investment income		31,147			37,618
Net foreign exchange gains		1,204			727
Other loss		(1,475	)		(6,870	)
Net realized losses on investments		(6,986	)		(2,209	)

*Total revenues*		179,448			183,031

Expenses
Net claims and claim expenses incurred		15,422			47,705
Acquisition expenses		38,023			30,004
Operational and corporate expenses		15,871			15,622
Interest expense		4,429			6,033

*Total expenses*		73,745			99,364

Income before minority interest		105,703			83,667
Minority interest		(222	)		(180	)

*Net income*	$	105,481		$	83,487


Net claims and claim expenses incurredcurrent accident year	$	22,485		$	60,049
Net claims and claim expenses incurredprior accident years		(7,063	)		(12,344	)

Net claims and claim expenses incurredtotal	$	15,422		$	47,705


Net claims and claim expense ratiocurrent accident year		14.5	%		39.1	%
Net claims and claim expense ratioprior accident years		(4.6	)%		(8.1	)%

Net claims and claim expense ratiocalendar year		9.9	%		31.0	%
Underwriting expense ratio		34.7	%		29.7	%

Combined ratio		44.6	%		60.7	%


		11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	June 30, 2008		March 31, 2008		Dec. 31, 2007		Sept. 30, 2007		June 30, 2007
Assets
Fixed maturity investments available for sale, at fair value	$	3,775,345	$	3,816,518	$	3,914,363	$	3,475,449	$	3,179,189
Short term investments, at fair value		1,400,884		1,565,589		1,821,549		2,418,958		2,268,172
Other investments, at fair value		927,247		858,621		807,864		716,686		661,709
Investments in other ventures, under equity method		104,438		99,466		90,572		176,256		235,371

Total investments		6,207,914		6,340,194		6,634,348		6,787,349		6,344,441
Cash and cash equivalents		262,951		335,409		330,226		317,295		266,455
Premiums receivable		965,955		499,384		475,075		714,495		927,657
Ceded reinsurance balances		206,888		122,631		107,916		194,357		241,488
Losses recoverable		191,789		151,555		183,275		220,037		236,990
Accrued investment income		32,976		36,337		39,084		41,483		41,824
Deferred acquisition costs		134,319		106,310		104,212		142,171		171,931
Receivable for investments sold		209,320		349,835		144,037		197,110		193,387
Other secured assets		107,025		107,784		90,488
Other assets		156,970		114,957		171,457		140,944		127,645
Goodwill and other intangibles		74,169		5,546		6,237		6,097		6,545

*Total assets*	$	8,550,276	$	8,169,942	$	8,286,355	$	8,761,338	$	8,558,363

Liabilities, Minority Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	2,009,803	$	1,986,006	$	2,028,496	$	2,128,644	$	2,128,216
Reserve for unearned premiums		993,959		673,991		563,336		880,714		1,145,739
Debt		450,000		450,999		451,951		450,540		450,000
Reinsurance balances payable		408,775		263,700		275,430		358,333		344,945
Payable for investments purchased		247,482		387,838		422,974		511,153		200,833
Other secured liabilities		106,420		106,420		88,920
Other liabilities		165,905		156,185		162,294		148,388		114,406

*Total liabilities*		4,382,344		4,025,139		3,993,401		4,477,772		4,384,139

Minority interestDaVinciRe		794,499		758,851		815,451		761,815		714,186

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		62,862		64,927		68,920		70,852		72,266
Additional paid-in capital						107,867		212,297		283,693
Accumulated other comprehensive income		35,562		65,363		44,719		29,649		12,939
Retained earnings		2,625,009		2,605,662		2,605,997		2,558,953		2,441,140

*Total shareholders equity*		3,373,433		3,385,952		3,477,503		3,521,751		3,460,038

*Total liabilities, minority interest and shareholders equity*	$	8,550,276	$	8,169,942	$	8,286,355	$	8,761,338	$	8,558,363


Book value per common share	$	43.32	$	42.14	$	41.03	$	40.53	$	38.88


Common shares outstanding		62,862		64,927		68,920		70,852		72,266


		12

RenaissanceRe Holdings Ltd.

Composition of Investment Portfolio


	June 30, 2008					March 31, 2008					Dec. 31, 2007					Sept. 30, 2007					June 30, 2007
TYPE OF INVESTMENT
U.S. treasuries and agencies	$	981,104		15.8	%	$	1,081,873		17.1	%	$	1,057,979		15.9	%	$	1,005,748		14.8	%	$	1,006,808		15.9	%
Non-U.S. government		59,168		1.0	%		80,708		1.3	%		66,496		1.0	%		127,346		1.9	%		143,004		2.3	%
Corporate		886,561		14.3	%		887,499		14.0	%		937,289		14.1	%		950,739		14.0	%		967,070		15.2	%
Mortgage-backed		1,349,669		21.7	%		1,206,209		19.0	%		1,251,582		18.9	%		861,157		12.7	%		634,066		10.0	%
Asset-backed		498,843		8.0	%		560,229		8.8	%		601,017		9.1	%		530,459		7.8	%		428,241		6.7	%

Total fixed maturities available for sale, at fair value		3,775,345		60.8	%		3,816,518		60.2	%		3,914,363		59.0	%		3,475,449		51.2	%		3,179,189		50.1	%
Short term investments, at fair value		1,400,884		22.6	%		1,565,589		24.7	%		1,821,549		27.4	%		2,418,958		35.6	%		2,268,172		35.8	%
Other investments, at fair value		927,247		14.9	%		858,621		13.5	%		807,864		12.2	%		716,686		10.6	%		661,709		10.4	%

Total managed investment portfolio		6,103,476		98.3	%		6,240,728		98.4	%		6,543,776		98.6	%		6,611,093		97.4	%		6,109,070		96.3	%
Investments in other ventures, under equity method		104,438		1.7	%		99,466		1.6	%		90,572		1.4	%		176,256		2.6	%		235,371		3.7	%

Total investments	$	6,207,914		100.0	%	$	6,340,194		100.0	%	$	6,634,348		100.0	%	$	6,787,349		100.0	%	$	6,344,441		100.0	%

CREDIT QUALITY OF FIXED MATURITIES
AAA	$	2,963,317		78.5	%	$	3,046,146		79.8	%	$	3,130,143		80.0	%	$	2,656,928		76.4	%	$	2,339,451		73.6	%
AA		438,615		11.6	%		397,282		10.4	%		404,173		10.3	%		447,123		12.9	%		484,035		15.2	%
A		192,189		5.1	%		175,885		4.6	%		182,780		4.7	%		173,240		5.0	%		161,038		5.1	%
BBB		96,869		2.6	%		118,854		3.1	%		123,529		3.1	%		115,382		3.3	%		115,184		3.6	%
Non-investment grade		84,355		2.2	%		78,351		2.1	%		73,738		1.9	%		82,776		2.4	%		79,481		2.5	%

Total fixed maturities available for sale, at fair value	$	3,775,345		100.0	%	$	3,816,518		100.0	%	$	3,914,363		100.0	%	$	3,475,449		100.0	%	$	3,179,189		100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	260,972		6.9	%	$	306,567		8.0	%	$	385,497		9.8	%	$	383,365		11.0	%	$	471,367		14.8	%
Due after one through five years		1,271,122		33.7	%		1,344,276		35.2	%		1,323,586		33.8	%		1,324,174		38.1	%		1,324,211		41.6	%
Due after five through ten years		306,472		8.1	%		315,651		8.3	%		267,579		6.8	%		290,864		8.4	%		240,195		7.6	%
Due after 10 years		88,267		2.3	%		83,586		2.2	%		85,102		2.2	%		85,430		2.4	%		81,109		2.6	%
Mortgage-backed securities		1,349,669		35.8	%		1,206,209		31.6	%		1,251,582		32.0	%		861,157		24.8	%		634,066		19.9	%
Asset-backed securities		498,843		13.2	%		560,229		14.7	%		601,017		15.4	%		530,459		15.3	%		428,241		13.5	%

Total fixed maturities available for sale, at fair value	$	3,775,345		100.0	%	$	3,816,518		100.0	%	$	3,914,363		100.0	%	$	3,475,449		100.0	%	$	3,179,189		100.0	%


	As of or for the three months ended
	June 30, 2008					March 31, 2008					Dec. 31, 2007					Sept. 30, 2007					June 30, 2007
Average yield to maturity of fixed maturities and short term investments		4.1	%				4.0	%				4.5	%				4.9	%				5.4	%
Average duration of fixed maturities and short term investments		2.1					1.9					1.8					1.3					1.3
Average credit quality of fixed maturities and short term investments		AA					AA					AA					AA					AA


		13

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	June 30, 2008			Mar. 31, 2008			Dec. 31, 2007			Sept. 30, 2007			June 30, 2007
TYPE OF INVESTMENT
Private equity partnerships	$	297,877		$	308,188		$	301,446		$	293,099		$	278,312
Senior secured bank loan funds		290,801			226,341			158,203			98,412			84,136
Hedge funds		125,204			125,048			126,417			75,230			72,577
Non-U.S. fixed income funds		122,970			121,153			126,252			125,687			103,124
Catastrophe bonds		56,774			47,003			95,535			124,247			123,549
Miscellaneous other investments		33,621			30,888			11			11			11

Total other investments, at fair value	$	927,247		$	858,621		$	807,864		$	716,686		$	661,709

TYPE OF INVESTMENT
Private equity partnerships		32.1	%		35.8	%		37.4	%		40.9	%		42.0	%
Senior secured bank loan funds		31.4	%		26.4	%		19.6	%		13.8	%		12.7	%
Hedge funds		13.5	%		14.6	%		15.6	%		10.5	%		11.0	%
Non-U.S. fixed income funds		13.3	%		14.1	%		15.6	%		17.5	%		15.6	%
Catastrophe bonds		6.1	%		5.5	%		11.8	%		17.3	%		18.7	%
Miscellaneous other investments		3.6	%		3.6	%		0.0	%		0.0	%		0.0	%

Total other investments, at fair value		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%


		14

RenaissanceRe Holdings Ltd.

Investment Income


	Three months ended
	June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007
Fixed maturity investments available for sale	$	46,308		$	49,535		$	44,339		$	42,429		$	47,742
Short term investments		12,054			19,080			28,057			33,108			28,319
Other investments
Hedge funds and private equity investments		(29,395	)		(1,940	)		7,343			16,978			35,184
Other		11,863			(14,441	)		(257	)		2,775			6,398
Cash and cash equivalents		1,042			2,902			3,520			2,919			2,826

		41,872			55,136			83,002			98,209			120,469
Investment expenses		(3,187	)		(2,633	)		(2,288	)		(2,615	)		(2,329	)

Net investment income		38,685			52,503			80,714			95,594			118,140

Net realized (losses) gains on investments		(24,161	)		(10,670	)		7,182			1,592			(11,566	)
Net change in unrealized holding (losses) gains on fixed maturity investments available for sale		(35,248	)		23,729			10,057			23,433			(17,834	)

*Total investment income*	$	(20,724	)	$	65,562		$	97,953		$	120,619		$	88,740


	Six months ended
	June 30, 2008			June 30, 2007
Fixed maturity investments available for sale	$	95,843		$	90,017
Short term investments		31,134			57,318
Other investments
Hedge funds and private equity investments		(31,335	)		63,664
Other		(2,578	)		14,951
Cash and cash equivalents		3,944			4,587

		97,008			230,537
Investment expenses		(5,820	)		(4,382	)

Net investment income		91,188			226,155

Net realized losses on investments		(34,831	)		(7,481	)
Net change in unrealized holding losses on fixed maturity investments available for sale		(11,519	)		(15,543	)

*Total investment income*	$	44,838		$	203,131


		15

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


June 30, 2008	Case Reserves		Additional Case Reserves		IBNR		Total
Property catastrophe reinsurance	$	207,054	$	253,801	$	245,737	$	706,592
Specialty reinsurance		111,652		141,268		400,024		652,944

Total Reinsurance		318,706		395,069		645,761		1,359,536
Individual Risk		226,020		9,780		414,467		650,267

Total	$	544,726	$	404,849	$	1,060,228	$	2,009,803

March 31, 2008
Property catastrophe reinsurance	$	248,291	$	272,396	$	239,705	$	760,392
Specialty reinsurance		114,812		81,355		458,964		655,131

Total Reinsurance		363,103		353,751		698,669		1,415,523
Individual Risk		230,699		18,708		321,076		570,483

Total	$	593,802	$	372,459	$	1,019,745	$	1,986,006

December 31, 2007
Property catastrophe reinsurance	$	275,436	$	287,201	$	204,487	$	767,124
Specialty reinsurance		109,567		93,280		448,756		651,603

Total Reinsurance		385,003		380,481		653,243		1,418,727
Individual Risk		237,747		10,359		361,663		609,769

Total	$	622,750	$	390,840	$	1,014,906	$	2,028,496

September 30, 2007
Property catastrophe reinsurance	$	268,412	$	332,990	$	238,595	$	839,997
Specialty reinsurance		124,511		97,262		401,376		623,149

Total Reinsurance		392,923		430,252		639,971		1,463,146
Individual Risk		246,111		13,360		406,027		665,498

Total	$	639,034	$	443,612	$	1,045,998	$	2,128,644

June 30, 2007
Property catastrophe reinsurance	$	337,825	$	258,807	$	288,602	$	885,234
Specialty reinsurance		101,025		75,551		408,954		585,530

Total Reinsurance		438,850		334,358		697,556		1,470,764
Individual Risk		261,637		19,263		376,552		657,452

Total	$	700,487	$	353,621	$	1,074,108	$	2,128,216


		16

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended June 30, 2008									Three months ended June 30, 2007
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,986,006		$	151,555		$	1,834,451		$	2,109,864		$	248,599		$	1,861,265

Incurred losses and loss expenses
Current year		209,909			46,122			163,787			235,709			37,708			198,001
Prior years		(57,444	)		(7,874	)		(49,570	)		(63,890	)		(4,743	)		(59,147	)

Total incurred losses and loss expenses		152,465			38,248			114,217			171,819			32,965			138,854

Paid losses and loss expenses
Current year		10,528			(5,370	)		15,898			7,797			2,220			5,577
Prior years		118,140			3,384			114,756			145,670			42,354			103,316

Total paid losses and loss expenses		128,668			(1,986	)		130,654			153,467			44,574			108,893

Reserve for losses and loss expenses, end of period	$	2,009,803		$	191,789		$	1,818,014		$	2,128,216		$	236,990		$	1,891,226


	Six months ended June 30, 2008									Six months ended June 30, 2007
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,028,496		$	183,275		$	1,845,221		$	2,098,155		$	301,854		$	1,796,301

Incurred losses and loss expenses
Current year		345,261			54,233			291,028			449,747			58,681			391,066
Prior years		(110,768	)		(16,113	)		(94,655	)		(102,542	)		3,678			(106,220	)

Total incurred losses and loss expenses		234,493			38,120			196,373			347,205			62,359			284,846

Paid losses and loss expenses
Current year		17,005			(4,730	)		21,735			19,890			2,966			16,924
Prior years		236,181			34,336			201,845			297,254			124,257			172,997

Total paid losses and loss expenses		253,186			29,606			223,580			317,144			127,223			189,921

Reserve for losses and loss expenses, end of period	$	2,009,803		$	191,789		$	1,818,014		$	2,128,216		$	236,990		$	1,891,226


		17

RenaissanceRe Holdings Ltd.

Equity in Earnings (Losses) of Other Ventures


	Three months ended
	June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007
Top Layer Re	$	3,023		$	3,613		$	3,162		$	4,093		$	3,761
Starbound II		1,063			1,362			1,071			1,057			344
Tower Hill		879			1,338			1,969			1,131			79
ChannelRe								(131,201	)		(30,568	)		5,189
Other		(93	)		(63	)					301			302

*Total equity in earnings (losses) of other ventures*	$	4,872		$	6,250		$	(124,999	)	$	(23,986	)	$	9,675


	Six months ended
	June 30, 2008			June 30, 2007
Top Layer Re	$	6,636		$	7,694
Starbound II		2,425			344
Tower Hill		2,217			332
ChannelRe					10,018
Other		(156	)		1,988

*Total equity in earnings of other ventures*	$	11,122		$	20,376


		18

RenaissanceRe Holdings Ltd.

Ratings


At June 30, 2008	A.M. Best	S&P	Moodys	Fitch
REINSURANCE SEGMENT¹
Renaissance Reinsurance	A+	AA-	A2	A
DaVinci	A	A+
Top Layer Re	A+	AA
Renaissance Europe	A+

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

RENAISSANCERE²	a-	A	Baa1	BBB+

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

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


		19

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 and net unrealized gains and losses on credit derivatives issued by entities included in investments in other ventures, under equity method. In the presentation below, the only adjustments in respect of unrealized gains and losses reflect unrealized mark-to-market losses on credit derivatives and other credit-related products issued by ChannelRe, a financial guarantee reinsurer whose investment is accounted for by the Company under the equity method. The Company believes that the prevailing convention among financial guarantee insurers, reinsurers and other market participants, such as ChannelRe, is to exclude from operating income such unrealized gains and losses attributable to credit derivatives and other credit-related products. 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 and credit derivatives issued by entities included in investments in other ventures, under equity method, which are not considered by management to be relevant indicators of business operations. The Company also uses operating income to calculate operating income per common sharediluted and operating return on average common equityannualized. 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 sharediluted to operating income available to common shareholders per common sharediluted; and 3) return on average common equityannualized to operating return on average common equity, annualized:


	Three months ended															Six months ended
	June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007			June 30, 2007			June 30, 2008			June 30, 2007
Net income available to common shareholders	$	135,721		$	137,165		$	62,204		$	133,400		$	183,166		$	272,886		$	373,971
Adjustment for net realized losses (gains) on investments		24,161			10,670			(7,182	)		(1,592	)		11,566			34,831			7,481
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method								131,201			35,970

Operating income available to common shareholders	$	159,882		$	147,835		$	186,223		$	167,778		$	194,732		$	307,717		$	381,452

Net income available to common shareholders per common sharediluted	$	2.13		$	2.05		$	0.88		$	1.85		$	2.53		$	4.18		$	5.16
Adjustment for net realized losses (gains) on investments		0.37			0.16			(0.10	)		(0.02	)		0.16			0.53			0.10
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method								1.86			0.50

Operating income available to common shareholders per common sharediluted	$	2.50		$	2.21		$	2.64		$	2.33		$	2.69		$	4.71		$	5.26

Return on average common equityannualized		19.9	%		19.7	%		8.7	%		18.8	%		26.8	%		19.8	%		28.2	%
Adjustment for net realized losses (gains) on investments		3.5	%		1.6	%		(1.0	)%		(0.2	)%		1.7	%		2.5	%		0.6	%
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method								18.4	%		5.0	%

Operating return on average common equityannualized		23.4	%		21.3	%		26.1	%		23.6	%		28.5	%		22.3	%		28.8	%

The Company has also included in this Financial Supplement 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., Starbound Reinsurance II 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.


		20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement tangible book value per common share plus accumulated dividends. This is defined as book value per common share excluding goodwill and other intangibles, plus accumulated dividends. Tangible book value per common share plus accumulated dividends differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and other intangibles and the inclusion of accumulated dividends. The following is a reconciliation of book value per common share to tangible book value per common share plus accumulated dividends:


	At
	June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007			June 30, 2007
Book value per common share	$	43.32		$	42.14		$	41.03		$	40.53		$	38.88
Adjustment for goodwill and other intangibles		(1.18	)		(0.09	)		(0.09	)		(0.09	)		(0.09	)

Tangible book value per common share		42.14			42.05			40.94			40.44			38.79
Adjustment for accumulated dividends		7.46			7.23			7.00			6.78			6.56

Tangible book value per common share plus accumulated dividends	$	49.60		$	49.28		$	47.94		$	47.22		$	45.35


		21

Form: 8-K

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