October 29, 2008 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO



		RenaissanceRe Holdings Ltd.

		Financial Supplement

		September 30, 2008

Contact:

Investors:
RenaissanceRe Holdings Ltd.
Fred R. Donner, Chief Financial Officer and Executive Vice President 441-295-4513

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		2-3
b. Consolidated Segment Underwriting Results		4-5
c. Reinsurance Segment - Catastrophe and Specialty Underwriting Results		6
d. Reinsurance Segment - Gross Premiums Written		7-8
e. Individual Risk Segment - Gross 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 Result		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 (loss) income, operating (loss) income per common share - diluted, operating return on average common equity - annualized, 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 quarters ended March 31, 2008 and June 30, 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 Report on Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008. 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 September 30,						Nine months ended September 30,
	2008			2007			2008			2007
*Highlights*
Gross premiums written	$	239,806		$	208,821		$	1,574,419		$	1,687,410
Net premiums written		194,408			149,163			1,211,546			1,330,032
Net premiums earned		379,342			367,057			1,064,829			1,088,129
Net claims and claim expenses incurred		535,347			131,700			731,720			416,546
Underwriting (loss) income		(240,532	)		144,512			84,934			402,449
Net investment income		15,767			95,594			106,955			321,749
Net (loss) income (attributable) available to common shareholders		(230,974	)		133,400			41,912			507,371
Net realized (losses) gains on investments		(87,610	)		1,592			(122,441	)		(5,889	)
Net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method					(35,970	)					(35,970	)
Operating (loss) income (attributable) available to common shareholders (1)		(143,364	)		167,778			164,353			549,230

Total assets	$	8,589,239		$	8,761,338		$	8,589,239		$	8,761,338
Total shareholders equity	$	3,041,241		$	3,521,751		$	3,041,241		$	3,521,751

*Per share data*
Net (loss) income (attributable) available to common shareholders per common share - diluted (2)	$	(3.79	)	$	1.85		$	0.65		$	7.02
Operating (loss) income (attributable) available to common shareholders per common share - diluted (1) (2)	$	(2.35	)	$	2.33		$	2.56		$	7.60

Dividends per common share	$	0.23		$	0.22		$	0.69		$	0.66

Book value per common share	$	38.94		$	40.53		$	38.94		$	40.53
Adjustment for goodwill and other intangibles (1)		(1.92	)		(0.09	)		(1.87	)		(0.09	)

Tangible book value per common share (1)		37.02			40.44			37.07			40.44
Accumulated dividends per common share		7.69			6.78			7.69			6.78

Tangible book value per common share plus accumulated dividends (1)	$	44.71		$	47.22		$	44.76		$	47.22

*Financial ratios*
Net claims and claim expense ratio - current accident year		150.6	%		41.4	%		81.0	%		49.9	%
Net claims and claim expense ratio - prior accident years		(9.5	)%		(5.5	)%		(12.3	)%		(11.6	)%

Net claims and claim expense ratio - calendar year		141.1	%		35.9	%		68.7	%		38.3	%
Underwriting expense ratio		22.3	%		24.7	%		23.3	%		24.7	%

Combined ratio		163.4	%		60.6	%		92.0	%		63.0	%


Operating return on average common equity - annualized (1)		(22.4	)%		23.6	%		8.2	%		27.1	%

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

(2)	In accordance with FAS 128, diluted earnings per share calculations use average common shares outstanding - basic, when in a net loss position.


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date


	Three months ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Revenues
Gross premiums written	$	239,806		$	807,575		$	527,038		$	122,227		$	208,821

Net premiums written	$	194,408		$	614,022		$	403,116		$	105,303		$	149,163
Decrease (increase) in unearned premiums		184,934			(237,449	)		(94,202	)		230,937			217,894

Net premiums earned		379,342			376,573			308,914			336,240			367,057
Net investment income		15,767			38,685			52,503			80,714			95,594
Net foreign exchange gains (losses)		3,448			(231	)		4,936			4,598			(5,424	)
Equity in earnings (losses) of other ventures		2,333			4,872			6,250			(124,999	)		(23,986	)
Other income (loss)		2,258			(24	)		8,012			(20,221	)		(10,008	)
Net realized (losses) gains on investments		(87,610	)		(24,161	)		(10,670	)		7,182			1,592

*Total revenues*		315,538			395,714			369,945			283,514			424,825

Expenses
Net claims and claim expenses incurred		535,347			114,217			82,156			62,728			131,700
Acquisition expenses		54,231			53,613			46,428			67,973			63,719
Operational expenses		30,296			33,494			30,113			28,287			27,126
Corporate expenses		3,116			7,111			8,703			9,771			7,158
Interest expense		5,379			5,937			6,804			7,226			7,226

*Total expenses*		628,369			214,372			174,204			175,985			236,929

(Loss) income before minority interest and taxes		(312,831	)		181,342			195,741			107,529			187,896
Minority interest - DaVinciRe		91,977			(41,341	)		(40,315	)		(54,070	)		(43,820	)

(Loss) income before taxes		(220,854	)		140,001			155,426			53,459			144,076
Income tax benefit (expense)		455			6,295			(7,686	)		19,320			(101	)

*Net (loss) income*		(220,399	)		146,296			147,740			72,779			143,975
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)

*Net (loss) income (attributable) available to common shareholders*	$	(230,974	)	$	135,721		$	137,165		$	62,204		$	133,400

Operating (loss) income (attributable) available to common shareholders per common share - diluted (1) (2)	$	(2.35	)	$	2.50		$	2.21		$	2.64		$	2.33
Net (loss) income (attributable) available to common shareholders per common share - basic	$	(3.79	)	$	2.16		$	2.09		$	0.90		$	1.89
Net (loss) income (attributable) available to common shareholders per common share - diluted (2)	$	(3.79	)	$	2.13		$	2.05		$	0.88		$	1.85

Average shares outstanding - basic		60,943			62,921			65,528			68,966			70,575
Average shares outstanding - diluted (2)		61,694			63,878			66,803			70,413			71,945

Net claims and claim expense ratio		141.1	%		30.3	%		26.6	%		18.7	%		35.9	%
Underwriting expense ratio		22.3	%		23.2	%		24.8	%		28.6	%		24.7	%

Combined ratio		163.4	%		53.5	%		51.4	%		47.3	%		60.6	%

Operating return on average common equity - annualized (1)		(22.4	)%		23.4	%		21.3	%		26.1	%		23.6	%

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

(2)	In accordance with FAS 128, diluted earnings per share calculations use average common shares outstanding - basic, when in a net loss position.


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Year to Date


	Nine months ended
	September 30, 2008			September 30, 2007
Revenues
Gross premiums written	$	1,574,419		$	1,687,410

Net premiums written	$	1,211,546		$	1,330,032
Increase in unearned premiums		(146,717	)		(241,903	)

Net premiums earned		1,064,829			1,088,129
Net investment income		106,955			321,749
Net foreign exchange gains (losses)		8,153			(630	)
Equity in earnings (losses) of other ventures		13,455			(3,610	)
Other income (loss)		10,246			(17,709	)
Net realized losses on investments		(122,441	)		(5,889	)

*Total revenues*		1,081,197			1,382,040

Expenses
Net claims and claim expenses incurred		731,720			416,546
Acquisition expenses		154,272			186,957
Operational expenses		93,903			82,177
Corporate expenses		18,930			19,089
Interest expense		18,120			26,400

*Total expenses*		1,016,945			731,169

Income before minority interest and taxes		64,252			650,871
Minority interest - DaVinciRe		10,321			(110,326	)

Income before taxes		74,573			540,545
Income tax expense		(936	)		(888	)

*Net income*		73,637			539,657
Dividends on preference shares		(31,725	)		(32,286	)

*Net income available to common shareholders*	$	41,912		$	507,371

Operating income available to common shareholders per common share - diluted (1)	$	2.56		$	7.60
Net income available to common shareholders per common share - basic	$	0.66		$	7.14
Net income available to common shareholders per common share - diluted	$	0.65		$	7.02

Average shares outstanding - basic		63,131			71,038
Average shares outstanding - diluted		64,125			72,296

Net claims and claim expense ratio		68.7	%		38.3	%
Underwriting expense ratio		23.3	%		24.7	%

Combined ratio		92.0	%		63.0	%

Operating return on average common equity - annualized (1)		8.2	%		27.1	%

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


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Quarter to Date


	Three months ended September 30, 2008
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	169,463		$	83,685		$	(13,342	)	$	239,806

Net premiums written	$	129,229		$	65,179					$	194,408

Net premiums earned	$	251,058		$	128,284					$	379,342
Net claims and claim expenses incurred		423,568			111,779						535,347
Acquisition expenses		34,469			19,762						54,231
Operational expenses		20,602			9,694						30,296

Underwriting loss	$	(227,581	)	$	(12,951	)				$	(240,532	)


Net claims and claim expenses incurred - current accident year	$	454,187		$	117,157					$	571,344
Net claims and claim expenses incurred - prior accident years		(30,619	)		(5,378	)					(35,997	)

Net claims and claim expenses incurred - total	$	423,568		$	111,779					$	535,347


Net claims and claim expense ratio - current accident year		180.9	%		91.3	%					150.6	%
Net claims and claim expense ratio - prior accident years		(12.2	)%		(4.2	)%					(9.5	)%

Net claims and claim expense ratio - calendar year		168.7	%		87.1	%					141.1	%
Underwriting expense ratio		21.9	%		23.0	%					22.3	%

Combined ratio		190.6	%		110.1	%					163.4	%


	Three months ended September 30, 2007
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	141,545		$	101,534		$	(34,258	)	$	208,821

Net premiums written	$	91,112		$	58,051					$	149,163

Net premiums earned	$	242,520		$	124,537					$	367,057
Net claims and claim expenses incurred		67,335			64,365						131,700
Acquisition expenses		32,122			31,597						63,719
Operational expenses		16,301			10,825						27,126

Underwriting income	$	126,762		$	17,750					$	144,512


Net claims and claim expenses incurred - current accident year	$	83,104		$	68,755					$	151,859
Net claims and claim expenses incurred - prior accident years		(15,769	)		(4,390	)					(20,159	)

Net claims and claim expenses incurred - total	$	67,335		$	64,365					$	131,700


Net claims and claim expense ratio - current accident year		34.3	%		55.2	%					41.4	%
Net claims and claim expense ratio - prior accident years		(6.5	)%		(3.5	)%					(5.5	)%

Net claims and claim expense ratio - calendar year		27.8	%		51.7	%					35.9	%
Underwriting expense ratio		20.0	%		34.1	%					24.7	%

Combined ratio		47.8	%		85.8	%					60.6	%

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


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Year to Date


	Nine months ended September 30, 2008
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	1,100,984		$	479,351		$	(5,916	)	$	1,574,419

Net premiums written	$	825,336		$	386,210					$	1,211,546

Net premiums earned	$	709,571		$	355,258					$	1,064,829
Net claims and claim expenses incurred		490,757			240,963						731,720
Acquisition expenses		78,495			75,777						154,272
Operational expenses		64,497			29,406						93,903

Underwriting income	$	75,822		$	9,112					$	84,934


Net claims and claim expenses incurred - current accident year	$	582,624		$	279,748					$	862,372
Net claims and claim expenses incurred - prior accident years		(91,867	)		(38,785	)					(130,652	)

Net claims and claim expenses incurred - total	$	490,757		$	240,963					$	731,720


Net claims and claim expense ratio - current accident year		82.1	%		78.7	%					81.0	%
Net claims and claim expense ratio - prior accident years		(12.9	)%		(10.9	)%					(12.3	)%

Net claims and claim expense ratio - calendar year		69.2	%		67.8	%					68.7	%
Underwriting expense ratio		20.1	%		29.6	%					23.3	%

Combined ratio		89.3	%		97.4	%					92.0	%


	Nine months ended September 30, 2007
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	1,263,727		$	463,241		$	(39,558	)	$	1,687,410

Net premiums written	$	995,686		$	334,346					$	1,330,032

Net premiums earned	$	723,286		$	364,843					$	1,088,129
Net claims and claim expenses incurred		221,990			194,556						416,546
Acquisition expenses		86,411			100,546						186,957
Operational expenses		50,943			31,234						82,177

Underwriting income	$	363,942		$	38,507					$	402,449


Net claims and claim expenses incurred - current accident year	$	317,718		$	225,207					$	542,925
Net claims and claim expenses incurred - prior accident years		(95,728	)		(30,651	)					(126,379	)

Net claims and claim expenses incurred - total	$	221,990		$	194,556					$	416,546


Net claims and claim expense ratio - current accident year		43.9	%		61.7	%					49.9	%
Net claims and claim expense ratio - prior accident years		(13.2	)%		(8.4	)%					(11.6	)%

Net claims and claim expense ratio - calendar year		30.7	%		53.3	%					38.3	%
Underwriting expense ratio		19.0	%		36.1	%					24.7	%

Combined ratio		49.7	%		89.4	%					63.0	%

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


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Catastrophe and Specialty Underwriting Results


	Three months ended September 30, 2008									Three months ended September 30, 2007
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	141,252		$	28,211		$	169,463		$	102,127		$	39,418		$	141,545

Net premiums written	$	101,018		$	28,211		$	129,229		$	51,694		$	39,418		$	91,112

Net premiums earned	$	217,626		$	33,432		$	251,058		$	186,692		$	55,828		$	242,520
Net claims and claim expenses incurred		410,683			12,885			423,568			21,805			45,530			67,335
Acquisition expenses		27,838			6,631			34,469			19,870			12,252			32,122
Operational expenses		16,037			4,565			20,602			11,846			4,455			16,301

Underwriting (loss) income	$	(236,932	)	$	9,351		$	(227,581	)	$	133,171		$	(6,409	)	$	126,762

Net claims and claim expenses incurred - current accident year	$	440,740		$	13,447		$	454,187		$	36,131		$	46,973		$	83,104
Net claims and claim expenses incurred - prior accident years		(30,057	)		(562	)		(30,619	)		(14,326	)		(1,443	)		(15,769	)

Net claims and claim expenses incurred - total	$	410,683		$	12,885		$	423,568		$	21,805		$	45,530		$	67,335

Net claims and claim expense ratio - current accident year		202.5	%		40.2	%		180.9	%		19.4	%		84.1	%		34.3	%
Net claims and claim expense ratio - prior accident years		(13.8	)%		(1.7	)%		(12.2	)%		(7.7	)%		(2.5	)%		(6.5	)%

Net claims and claim expense ratio - calendar year		188.7	%		38.5	%		168.7	%		11.7	%		81.6	%		27.8	%
Underwriting expense ratio		20.2	%		33.5	%		21.9	%		17.0	%		29.9	%		20.0	%

Combined ratio		208.9	%		72.0	%		190.6	%		28.7	%		111.5	%		47.8	%


	Nine months ended September 30, 2008									Nine months ended September 30, 2007
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	970,064		$	130,920		$	1,100,984		$	1,013,919		$	249,808		$	1,263,727

Net premiums written	$	694,416		$	130,920		$	825,336		$	745,878		$	249,808		$	995,686

Net premiums earned	$	555,446		$	154,125		$	709,571		$	557,422		$	165,864		$	723,286
Net claims and claim expenses incurred		449,156			41,601			490,757			158,667			63,323			221,990
Acquisition expenses		43,800			34,695			78,495			59,396			27,015			86,411
Operational expenses		49,920			14,577			64,497			37,284			13,659			50,943

Underwriting income	$	12,570		$	63,252		$	75,822		$	302,075		$	61,867		$	363,942

Net claims and claim expenses incurred - current accident year	$	497,005		$	85,619		$	582,624		$	190,661		$	127,057		$	317,718
Net claims and claim expenses incurred - prior accident years		(47,849	)		(44,018	)		(91,867	)		(31,994	)		(63,734	)		(95,728	)

Net claims and claim expenses incurred - total	$	449,156		$	41,601		$	490,757		$	158,667		$	63,323		$	221,990

Net claims and claim expense ratio - current accident year		89.5	%		55.6	%		82.1	%		34.2	%		76.6	%		43.9	%
Net claims and claim expense ratio - prior accident years		(8.6	)%		(28.6	)%		(12.9	)%		(5.7	)%		(38.4	)%		(13.2	)%

Net claims and claim expense ratio - calendar year		80.9	%		27.0	%		69.2	%		28.5	%		38.2	%		30.7	%
Underwriting expense ratio		16.8	%		32.0	%		20.1	%		17.3	%		24.5	%		19.0	%

Combined ratio		97.7	%		59.0	%		89.3	%		45.8	%		62.7	%		49.7	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written


	Three months ended
	Sept. 30, 2008			June 30, 2008			Mar. 31, 2008		Dec. 31, 2007			Sept. 30, 2007
Renaissance catastrophe premiums	$	97,839		$	291,317		$	224,968	$	(2,224	)	$	84,271
Renaissance specialty premiums		28,408			22,955			75,463		37,498			39,536

Total Renaissance premiums		126,247			314,272			300,431		35,274			123,807

DaVinci catastrophe premiums		43,413			173,349			139,178		(8,591	)		17,856
DaVinci specialty premiums		(197	)		172			4,119		10			(118	)

Total DaVinci premiums		43,216			173,521			143,297		(8,581	)		17,738

Total Reinsurance premiums	$	169,463		$	487,793		$	443,728	$	26,693		$	141,545

Total specialty premiums (1)	$	28,211		$	23,127		$	79,582	$	37,508		$	39,418

Total catastrophe premiums	$	141,252		$	464,666		$	364,146	$	(10,815	)	$	102,127
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		(293	)		24,042			31,621		2,711
Catastrophe premiums assumed from the Individual Risk segment		(13,342	)		4,937			2,489		2,590			(34,258	)

Total managed catastrophe premiums (3)		127,617			493,645			398,256		(5,514	)		67,869
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		(20	)		(2,286	)				883			(938	)

Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	127,597		$	491,359		$	398,256	$	(4,631	)	$	66,931

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


	Nine months ended
	Sept. 30, 2008			Sept. 30, 2007
Renaissance catastrophe premiums	$	614,124		$	665,211
Renaissance specialty premiums		126,826			240,384

Total Renaissance premiums		740,950			905,595

DaVinci catastrophe premiums		355,940			348,708
DaVinci specialty premiums		4,094			9,424

Total DaVinci premiums		360,034			358,132

Total Reinsurance premiums	$	1,100,984		$	1,263,727

Total specialty premiums (1)	$	130,920		$	249,808

Total catastrophe premiums	$	970,064		$	1,013,919
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		55,370			63,725
Catastrophe premiums assumed from the Individual Risk segment		(5,916	)		(39,558	)

Total managed catastrophe premiums (3)		1,019,518			1,038,086
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		(2,306	)		(60,301	)

Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	1,017,212		$	977,785

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

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

(3)	See comments on Regulaton G.


		8

RenaissanceRe Holdings Ltd.

Individual Risk Segment - Gross Premiums Written


	Three months ended
	Sept. 30, 2008		June 30, 2008		Mar. 31, 2008		Dec. 31, 2007		Sept. 30, 2007
By Type of Business
Multi-peril crop	$	11,881	$	203,077	$	5,372	$	28,616	$	22,171
Commercial property		24,863		60,830		30,853		20,559		26,361
Commercial multi-line		29,773		31,699		31,384		31,840		38,257
Personal lines property		17,168		19,239		13,212		12,338		14,745

Total Individual Risk premiums	$	83,685	$	314,845	$	80,821	$	93,353	$	101,534


	Nine months ended
	Sept. 30, 2008		Sept. 30, 2007
By Type of Business
Multi-peril crop	$	220,330	$	150,112
Commercial property		116,546		143,879
Commercial multi-line		92,856		130,582
Personal lines property		49,619		38,668

Total Individual Risk premiums	$	479,351	$	463,241


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	Sept. 30, 2008			June 30, 2008			Mar. 31, 2008			Dec. 31, 2007			Sept. 30, 2007
Revenues
Gross premiums written	$	43,216		$	173,521		$	143,297		$	(8,581	)	$	17,738

Net premiums written	$	38,485		$	163,390		$	134,251		$	(9,173	)	$	5,662
Decrease (increase) in unearned premiums		61,787			(85,705	)		(56,378	)		83,214			76,796

Net premiums earned		100,272			77,685			77,873			74,041			82,458
Net investment income		12,149			15,183			15,964			18,517			19,496
Net foreign exchange gains (losses)		124			(559	)		1,763			1,738			(1,545	)
Other loss		(114	)		(1,258	)		(217	)		(4,706	)		(5,548	)
Net realized (losses) gains on investments		(20,330	)		(3,765	)		(3,221	)		2,873			350

*Total revenues*		92,101			87,286			92,162			92,463			95,211

Expenses
Net claims and claim expenses incurred (recovered)		202,378			3,001			12,421			(5,806	)		9,302
Acquisition expenses		2,706			20,929			17,094			19,424			19,162
Operational and corporate expenses		4,325			8,060			7,811			7,758			8,554
Interest expense		1,754			1,782			2,647			3,067			3,067

*Total expenses*		211,163			33,772			39,973			24,443			40,085

(Loss) income before minority interest		(119,062	)		53,514			52,189			68,020			55,126
Minority interest		235			(111	)		(111	)		(143	)		(116	)

*Net (loss) income*	$	(118,827	)	$	53,403		$	52,078		$	67,877		$	55,010

Net claims and claim expenses incurred - current accident year	$	213,116		$	10,171		$	12,314		$	10,636		$	14,393
Net claims and claim expenses incurred - prior accident years		(10,738	)		(7,170	)		107			(16,442	)		(5,091	)

Net claims and claim expenses incurred - total	$	202,378		$	3,001		$	12,421		$	(5,806	)	$	9,302

Net claims and claim expense ratio - current accident year		212.5	%		13.1	%		15.8	%		14.4	%		17.5	%
Net claims and claim expense ratio - prior accident years		(10.7	)%		(9.2	)%		0.2	%		(22.2	)%		(6.2	)%

Net claims and claim expense ratio - calendar year		201.8	%		3.9	%		16.0	%		(7.8	%)		11.3	%
Underwriting expense ratio		7.0	%		37.3	%		31.9	%		36.7	%		33.6	%

Combined ratio		208.8	%		41.2	%		47.9	%		28.9	%		44.9	%


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Nine months ended
	Sept. 30, 2008			Sept. 30, 2007
Revenues
Gross premiums written	$	360,034		$	358,132

Net premiums written	$	336,126		$	331,068
Increase in unearned premiums		(80,296	)		(94,845	)

Net premiums earned		255,830			236,223
Net investment income		43,296			57,114
Net foreign exchange gains (losses)		1,328			(818	)
Other loss		(1,589	)		(12,418	)
Net realized losses on investments		(27,316	)		(1,859	)

*Total revenues*		271,549			278,242

Expenses
Net claims and claim expenses incurred		217,800			57,007
Acquisition expenses		40,729			49,166
Operational and corporate expenses		20,196			24,176
Interest expense		6,183			9,100

*Total expenses*		284,908			139,449

(Loss) income before minority interest		(13,359	)		138,793
Minority interest		13			(296	)

*Net (loss) income*	$	(13,346	)	$	138,497


Net claims and claim expenses incurred - current accident year	$	235,601		$	74,442
Net claims and claim expenses incurred - prior accident years		(17,801	)		(17,435	)

Net claims and claim expenses incurred - total	$	217,800		$	57,007


Net claims and claim expense ratio - current accident year		92.1	%		31.5	%
Net claims and claim expense ratio - prior accident years		(7.0	)%		(7.4	)%

Net claims and claim expense ratio - calendar year		85.1	%		24.1	%
Underwriting expense ratio		23.8	%		31.1	%

Combined ratio		108.9	%		55.2	%


		11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	Sept. 30, 2008		June 30, 2008		March 31, 2008		Dec. 31, 2007		Sept. 30, 2007
Assets
Fixed maturity investments available for sale, at fair value	$	3,645,294	$	3,775,345	$	3,816,518	$	3,914,363	$	3,475,449
Short term investments, at fair value		1,438,201		1,400,884		1,565,589		1,821,549		2,418,958
Other investments, at fair value		902,328		927,247		858,621		807,864		716,686
Investments in other ventures, under equity method		117,789		104,438		99,466		90,572		176,256

Total investments		6,103,612		6,207,914		6,340,194		6,634,348		6,787,349
Cash and cash equivalents		427,176		262,951		335,409		330,226		317,295
Premiums receivable		728,046		965,955		499,384		475,075		714,495
Ceded reinsurance balances		155,487		206,888		122,631		107,916		194,357
Losses recoverable		300,076		191,789		151,555		183,275		220,037
Accrued investment income		35,134		32,976		36,337		39,084		41,483
Deferred acquisition costs		114,038		134,319		106,310		104,212		142,171
Receivable for investments sold		368,313		209,320		349,835		144,037		197,110
Other secured assets		107,252		107,025		107,784		90,488
Other assets		178,163		156,970		114,957		171,457		140,944
Goodwill and other intangibles		71,942		74,169		5,546		6,237		6,097

*Total assets*	$	8,589,239	$	8,550,276	$	8,169,942	$	8,286,355	$	8,761,338

Liabilities, Minority Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	2,433,420	$	2,009,803	$	1,986,006	$	2,028,496	$	2,128,644
Reserve for unearned premiums		757,624		993,959		673,991		563,336		880,714
Debt		450,000		450,000		450,999		451,951		450,540
Reinsurance balances payable		360,829		408,775		263,700		275,430		358,333
Payable for investments purchased		545,100		247,482		387,838		422,974		511,153
Other secured liabilities		106,420		106,420		106,420		88,920
Other liabilities		195,071		165,905		156,185		162,294		148,388

*Total liabilities*		4,848,464		4,382,344		4,025,139		3,993,401		4,477,772

Minority interest - DaVinciRe		699,534		794,499		758,851		815,451		761,815

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		61,401		62,862		64,927		68,920		70,852
Additional paid-in capital								107,867		212,297
Accumulated other comprehensive income		16,544		35,562		65,363		44,719		29,649
Retained earnings		2,313,296		2,625,009		2,605,662		2,605,997		2,558,953

*Total shareholders equity*		3,041,241		3,373,433		3,385,952		3,477,503		3,521,751

*Total liabilities, minority interest and shareholders equity*	$	8,589,239	$	8,550,276	$	8,169,942	$	8,286,355	$	8,761,338


Book value per common share	$	38.94	$	43.32	$	42.14	$	41.03	$	40.53


Common shares outstanding		61,401		62,862		64,927		68,920		70,852


		12

RenaissanceRe Holdings Ltd.

Composition of Investment Portfolio


	Sept. 30, 2008				June 30, 2008				March 31, 2008				Dec. 31, 2007				Sept. 30, 2007
TYPE OF INVESTMENT
U.S. treasuries and agencies	$	1,109,317	18.2	%	$	981,104	15.8	%	$	1,081,873	17.1	%	$	1,057,979	15.9	%	$	1,005,748	14.8	%
Non-U.S. government		83,556	1.4	%		59,168	1.0	%		80,708	1.3	%		66,496	1.0	%		127,346	1.9	%
Corporate		740,013	12.1	%		886,561	14.3	%		887,499	14.0	%		937,289	14.1	%		950,739	14.0	%
Mortgage-backed		1,363,747	22.3	%		1,349,669	21.7	%		1,206,209	19.0	%		1,251,582	18.9	%		861,157	12.7	%
Asset-backed		348,661	5.7	%		498,843	8.0	%		560,229	8.8	%		601,017	9.1	%		530,459	7.8	%

Total fixed maturities available for sale, at fair value		3,645,294	59.7	%		3,775,345	60.8	%		3,816,518	60.2	%		3,914,363	59.0	%		3,475,449	51.2	%
Short term investments, at fair value		1,438,201	23.6	%		1,400,884	22.6	%		1,565,589	24.7	%		1,821,549	27.4	%		2,418,958	35.6	%
Other investments, at fair value		902,328	14.8	%		927,247	14.9	%		858,621	13.5	%		807,864	12.2	%		716,686	10.6	%

Total managed investment portfolio		5,985,823	98.1	%		6,103,476	98.3	%		6,240,728	98.4	%		6,543,776	98.6	%		6,611,093	97.4	%
Investments in other ventures, under equity method		117,789	1.9	%		104,438	1.7	%		99,466	1.6	%		90,572	1.4	%		176,256	2.6	%

Total investments	$	6,103,612	100.0	%	$	6,207,914	100.0	%	$	6,340,194	100.0	%	$	6,634,348	100.0	%	$	6,787,349	100.0	%


CREDIT QUALITY OF FIXED MATURITIES
AAA	$	2,928,677	80.3	%	$	2,963,317	78.5	%	$	3,046,146	79.8	%	$	3,130,143	80.0	%	$	2,656,928	76.4	%
AA		377,421	10.4	%		438,615	11.6	%		397,282	10.4	%		404,173	10.3	%		447,123	12.9	%
A		172,897	4.7	%		192,189	5.1	%		175,885	4.6	%		182,780	4.7	%		173,240	5.0	%
BBB		93,506	2.6	%		96,869	2.6	%		118,854	3.1	%		123,529	3.1	%		115,382	3.3	%
Non-investment grade		72,793	2.0	%		84,355	2.2	%		78,351	2.1	%		73,738	1.9	%		82,776	2.4	%

Total fixed maturities available for sale, at fair value	$	3,645,294	100.0	%	$	3,775,345	100.0	%	$	3,816,518	100.0	%	$	3,914,363	100.0	%	$	3,475,449	100.0	%


MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	223,439	6.1	%	$	260,972	6.9	%	$	306,567	8.0	%	$	385,497	9.8	%	$	383,365	11.0	%
Due after one through five years		1,256,700	34.5	%		1,271,122	33.7	%		1,344,276	35.2	%		1,323,586	33.8	%		1,324,174	38.1	%
Due after five through ten years		370,532	10.1	%		306,472	8.1	%		315,651	8.3	%		267,579	6.8	%		290,864	8.4	%
Due after ten years		82,215	2.3	%		88,267	2.3	%		83,586	2.2	%		85,102	2.2	%		85,430	2.4	%
Mortgage-backed securities		1,363,747	37.4	%		1,349,669	35.8	%		1,206,209	31.6	%		1,251,582	32.0	%		861,157	24.8	%
Asset-backed securities		348,661	9.6	%		498,843	13.2	%		560,229	14.7	%		601,017	15.4	%		530,459	15.3	%

Total fixed maturities available for sale, at fair value	$	3,645,294	100.0	%	$	3,775,345	100.0	%	$	3,816,518	100.0	%	$	3,914,363	100.0	%	$	3,475,449	100.0	%


	As of or for the three months ended
	Sept. 30, 2008		June 30, 2008		March 31, 2008		Dec. 31, 2007		Sept. 30, 2007
Average yield to maturity of fixed maturities and short term investments	5.0	%	4.1	%	4.0	%	4.5	%	4.9	%
Average duration of fixed maturities and short term investments	2.2		2.1		1.9		1.8		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


	Sept. 30, 2008			June 30, 2008			Mar. 31, 2008			Dec. 31, 2007			Sept. 30, 2007
TYPE OF INVESTMENT
Private equity partnerships	$	297,167		$	297,877		$	308,188		$	301,446		$	293,099
Senior secured bank loan funds		272,752			290,801			226,341			158,203			98,412
Hedge funds		115,345			125,204			125,048			126,417			75,230
Non-U.S. fixed income funds		104,196			122,970			121,153			126,252			125,687
Catastrophe bonds		83,434			56,774			47,003			95,535			124,247
Miscellaneous other investments		29,434			33,621			30,888			11			11

Total other investments, at fair value	$	902,328		$	927,247		$	858,621		$	807,864		$	716,686


TYPE OF INVESTMENT
Private equity partnerships		33.0	%		32.1	%		35.8	%		37.4	%		40.9	%
Senior secured bank loan funds		30.2	%		31.4	%		26.4	%		19.6	%		13.8	%
Hedge funds		12.8	%		13.5	%		14.6	%		15.6	%		10.5	%
Non-U.S. fixed income funds		11.5	%		13.3	%		14.1	%		15.6	%		17.5	%
Catastrophe bonds		9.2	%		6.1	%		5.5	%		11.8	%		17.3	%
Miscellaneous other investments		3.3	%		3.6	%		3.6	%		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 Result


	Three months ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Fixed maturity investments available for sale	$	52,087		$	46,308		$	49,535		$	44,339		$	42,429
Short term investments		9,990			12,054			19,080			28,057			33,108
Other investments
Hedge funds and private equity investments		(15,080	)		(29,395	)		(1,940	)		7,343			16,978
Other		(30,306	)		11,863			(14,441	)		(257	)		2,775
Cash and cash equivalents		1,956			1,042			2,902			3,520			2,919

		18,647			41,872			55,136			83,002			98,209
Investment expenses		(2,880	)		(3,187	)		(2,633	)		(2,288	)		(2,615	)

Net investment income		15,767			38,685			52,503			80,714			95,594


Gross realized gains		20,007			18,606			20,272			18,247			7,527
Gross realized losses		(8,809	)		(16,194	)		(5,560	)		(3,554	)		(1,613	)
Other than temporary impairments		(98,808	)		(26,573	)		(25,382	)		(7,511	)		(4,322	)

Net realized (losses) gains on investments		(87,610	)		(24,161	)		(10,670	)		7,182			1,592
Net change in unrealized holding gains on fixed maturity investments available for sale		(21,411	)		(35,248	)		23,729			10,057			22,433

*Total investment result*	$	(93,254	)	$	(20,724	)	$	65,562		$	97,953		$	119,619


	Nine months ended
	September 30, 2008			September 30, 2007
Fixed maturity investments available for sale	$	147,930		$	132,446
Short term investments		41,124			90,426
Other investments
Hedge funds and private equity investments		(46,415	)		80,642
Other		(32,884	)		17,726
Cash and cash equivalents		5,900			7,506

		115,655			328,746
Investment expenses		(8,700	)		(6,997	)

Net investment income		106,955			321,749


Gross realized gains		58,885			17,938
Gross realized losses		(30,563	)		(5,835	)
Other than temporary impairments		(150,763	)		(17,992	)

Net realized losses on investments		(122,441	)		(5,889	)
Net change in unrealized holding gains on fixed maturity investments available for sale		(32,930	)		6,890

*Total investment result*	$	(48,416	)	$	322,750


		15

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


September 30, 2008	Case Reserves		Additional Case Reserves		IBNR		Total
Property catastrophe reinsurance	$	272,682	$	529,537	$	293,315	$	1,095,534
Specialty reinsurance		113,337		152,012		387,899		653,248

Total Reinsurance		386,019		681,549		681,214		1,748,782
Individual Risk		224,912		16,125		443,601		684,638

Total	$	610,931	$	697,674	$	1,124,815	$	2,433,420


June 30, 2008
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


		16

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended September 30, 2008									Three months ended September 30, 2007
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for losses and loss expenses, beginning of period	$	2,009,803		$	191,789		$	1,818,014		$	2,128,216		$	236,990	$	1,891,226

Incurred losses and loss expenses
Current year		692,491			121,147			571,344			181,958			30,099		151,859
Prior years		(44,251	)		(8,254	)		(35,997	)		(15,902	)		4,257		(20,159	)

Total incurred losses and loss expenses		648,240			112,893			535,347			166,056			34,356		131,700

Paid losses and loss expenses
Current year		140,220			5,744			134,476			43,863			4,430		39,433
Prior years		84,403			(1,138	)		85,541			121,765			46,879		74,886

Total paid losses and loss expenses		224,623			4,606			220,017			165,628			51,309		114,319

Reserve for losses and loss expenses, end of period	$	2,433,420		$	300,076		$	2,133,344		$	2,128,644		$	220,037	$	1,908,607


	Nine months ended September 30, 2008									Nine months ended September 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		1,037,752			175,380			862,372			631,705			88,780		542,925
Prior years		(155,019	)		(24,367	)		(130,652	)		(118,444	)		7,935		(126,379	)

Total incurred losses and loss expenses		882,733			151,013			731,720			513,261			96,715		416,546

Paid losses and loss expenses
Current year		157,225			1,014			156,211			63,753			7,396		56,357
Prior years		320,584			33,198			287,386			419,019			171,136		247,883

Total paid losses and loss expenses		477,809			34,212			443,597			482,772			178,532		304,240

Reserve for losses and loss expenses, end of period	$	2,433,420		$	300,076		$	2,133,344		$	2,128,644		$	220,037	$	1,908,607


		17

RenaissanceRe Holdings Ltd.

Equity in Earnings (Losses) of Other Ventures


	Three months ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Top Layer Re	$	2,431		$	3,023		$	3,613		$	3,162		$	4,093
Starbound II		777			1,063			1,362			1,071			1,057
Tower Hill and Tower Hill Companies		(832	)		879			1,338			1,969			1,131
ChannelRe											(131,201	)		(30,568	)
Other		(43	)		(93	)		(63	)					301

*Total equity in earnings (losses) of other ventures*	$	2,333		$	4,872		$	6,250		$	(124,999	)	$	(23,986	)


	Nine months ended
	September 30, 2008			September 30, 2007
Top Layer Re	$	9,067		$	11,787
Starbound II		3,202			1,401
Tower Hill and Tower Hill Companies		1,385			1,463
ChannelRe					(20,550	)
Other		(199	)		2,289

*Total equity in earnings (losses) of other ventures*	$	13,455		$	(3,610	)


		18

RenaissanceRe Holdings Ltd.

Ratings


At September 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 (loss) 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 (loss) income as used herein differs from net (loss) income (attributable) available to common shareholders, which the Company believes is the most directly comparable GAAP measures, 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 (loss) income such unrealized gains and losses attributable to credit derivatives and other credit-related products. The Companys management believes that operating (loss) 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 (loss) income to calculate operating (loss) income per common share - diluted and operating return on average common equity - annualized. The following is a reconciliation of 1) net (loss) income (attributable) available to common shareholders to operating (loss) income (attributable) available to common shareholders; 2) net (loss) income (attributable) available to common shareholders per common share - diluted to operating (loss) income (attributable) 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															Nine months ended
	Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007			Sept. 30, 2008			Sept. 30, 2007
Net (loss) income (attributable) available to common shareholders	$	(230,974	)	$	135,721		$	137,165		$	62,204		$	133,400		$	41,912		$	507,371
Adjustment for net realized losses (gains) on investments		87,610			24,161			10,670			(7,182	)		(1,592	)		122,441			5,889
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method											131,201			35,970						35,970

Operating (loss) income (attributable) available to common shareholders	$	(143,364	)	$	159,882		$	147,835		$	186,223		$	167,778		$	164,353		$	549,230

Net (loss) income (attributable) available to common shareholders per common share - diluted (1)	$	(3.79	)	$	2.13		$	2.05		$	0.88		$	1.85		$	0.65		$	7.02
Adjustment for net realized losses (gains) on investments		1.44			0.37			0.16			(0.10	)		(0.02	)		1.91			0.08
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method											1.86			0.50						0.50

Operating (loss) income (attributable) available to common shareholders per common share - diluted (1)	$	(2.35	)	$	2.50		$	2.21		$	2.64		$	2.33		$	2.56		$	7.60

Return on average common equity - annualized		(36.1	%)		19.9	%		19.7	%		8.7	%		18.8	%		2.1	%		25.0	%
Adjustment for net realized losses (gains) on investments		13.7	%		3.5	%		1.6	%		(1.0	%)		(0.2	%)		6.1	%		0.3	%
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method											18.4	%		5.0	%					1.8	%

Operating return on average common equityannualized		(22.4	%)		23.4	%		21.3	%		26.1	%		23.6	%		8.2	%		27.1	%

(1)	In accordance with FAS 128, diluted earnings per share calculations use average common shares outstandingbasic, when in a net loss position.

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
	Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007
Book value per common share	$	38.94		$	43.32		$	42.14		$	41.03		$	40.53
Adjustment for goodwill and other intangibles (1)		(1.92	)		(1.18	)		(0.09	)		(0.09	)		(0.09	)

Tangible book value per common share		37.02			42.14			42.05			40.94			40.44
Adjustment for accumulated dividends		7.69			7.46			7.23			7.00			6.78

Tangible book value per common share plus accumulated dividends	$	44.71		$	49.60		$	49.28		$	47.94		$	47.22

(1)	At September 30, 2008, goodwill and other intangibles includes $46.4 million of goodwill and other intangibles related to the Companys third quarter of 2008 investment in the Tower Hill Companies which is recorded in investments in other ventures, under equity method.


		21

Form: 8-K

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