February 12, 2009 - COPY OF THE COMPANY'S PRESS RELEASE, ISSUED FEBRUARY 11, 2009 - 8-K: Current report filing

Exhibit 99.1

RenaissanceRe Reports Operating Income of $28.7 Million for the Fourth Quarter of 2008 or $0.47 Per Common

Share; Net Loss of $55.2 Million or $0.91 Loss Per Common Share

Annual Operating Income of $193.0 Million for 2008 or $3.04 Per Common Share; Annual Net Loss of $13.3

Million or $0.21 Loss Per Common Share

Pembroke, Bermuda, February 11, 2009 RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported $28.7 million in fourth quarter operating income available to common shareholders, or $0.47 per diluted common share, compared to $186.2 million, or $2.64 per diluted common share, in the fourth quarter of 2007. Operating income excludes net realized losses on investments of $83.9 million and net realized gains on investments of $7.2 million in the fourth quarters of 2008 and 2007, respectively, and, in the fourth quarter of 2007, $131.2 million of net unrealized losses on credit derivatives issued by ChannelRe Holdings Ltd. (ChannelRe). Net loss attributable to common shareholders was $55.2 million, or a loss of $0.91 per diluted common share in the fourth quarter of 2008, compared to net income available to common shareholders of $62.2 million, or $0.88 per diluted common share for the same quarter of 2007.

Neill A. Currie, CEO, commented: Our results reflect the impact of a tumultuous investment environment, as negative total returns in our investment portfolio for the quarter overshadowed very strong operating results. These strong results include over $200.0 million of underwriting profits and a 36% combined ratio, driven in part by a low level of insured catastrophe losses and favorable reserve development. We generated $193.0 million of operating income and a 7.4% operating return on equity for the year.

Mr. Currie added: The results of our January 1 renewals, reflect an improving pricing environment. With our well-capitalized balance sheet, strong ratings at all of our operating subsidiaries and continued investments in our people, infrastructure and product offerings, we are well positioned to execute on the opportunities we see in 2009 and beyond.

FOURTH QUARTER 2008 HIGHLIGHTS

Underwriting Results

Gross premiums written for the fourth quarter of 2008 were $161.6 million, a $39.4 million increase from the fourth quarter of 2007, driven by increases in both of the Companys segments as described in more detail below. The Company generated $205.7 million of underwriting income and had a combined ratio of 36.1% in the fourth quarter of 2008, compared to $177.3 million of underwriting income and a combined ratio of 47.3% in the fourth quarter of 2007. The Company experienced $104.2 million of favorable development on prior year reserves in the fourth quarter of 2008, compared to $106.8 million in the fourth quarter of 2007.

Reinsurance Segment

Gross premiums written for the Companys Reinsurance segment increased $26.7 million to $53.4 million in the fourth quarter of 2008, compared to $26.7 million in the fourth quarter of 2007. The increase is due to a $35.4 million increase in gross premiums written in the Companys catastrophe reinsurance unit, and was partially offset by an $8.7 million decrease in gross premiums written in the Companys specialty reinsurance unit. The increase in gross premiums written in the Companys catastrophe reinsurance unit is due to several factors including new business, the timing of the inception of the renewal of an existing program, and the lack of significant negative premium adjustments in the fourth quarter of 2008, compared to $20.2 million of negative premium adjustments recorded in the fourth quarter of 2007. The decrease in gross premiums written in the Companys specialty reinsurance unit in the fourth quarter of 2008, compared to the fourth quarter of 2007, was principally due to a reduction in the Companys participation on a personal lines property quota share reinsurance contract.

The Reinsurance segment generated $205.8 million of underwriting income and had a combined ratio of negative 2.8% in the fourth quarter of 2008, compared to $164.7 million of underwriting income and a combined ratio of 29.7% in the fourth quarter of 2007. The increase in underwriting income in the fourth quarter of 2008 was driven by a comparably low level of insured catastrophes and partially offset by a decrease in net premiums earned of $34.2 million. The Companys Reinsurance segment experienced $96.3 million of favorable development on prior year reserves in the fourth quarter of 2008 which includes $83.7 million related to the Companys catastrophe reinsurance unit, principally attributable to a reduction in ultimate net losses associated with hurricanes Katrina, Rita and Wilma which occurred in 2005, and $12.5 million related to the Companys specialty reinsurance unit, principally attributable to lower than expected claims emergence. The net positive impact on the Companys fourth quarter of 2008 results associated with the reduction in the ultimate net losses for the 2005 hurricanes was $45.9 million. Net positive impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, profit commissions and minority interest.

Individual Risk Segment

Gross premiums written for the Companys Individual Risk segment increased $14.6 million, or 15.6%, to $108.0 million in the fourth quarter of 2008, compared to $93.4 million in the fourth quarter of 2007, with the increase driven by a $23.6 million increase in the multi-peril crop insurance line of business and offset by modest decreases in the commercial multi-line, commercial property and personal lines property businesses. The increase in the multi-peril crop insurance line of business was primarily due to higher commodity prices on a comparative basis for the insured winter crops and an increase in insured acres. Due principally to growth in the Companys Individual Risk segments net premiums written for the year, net premiums earned increased $19.9 million to $121.8 million in the fourth quarter of 2008, compared to $101.9 million in the fourth quarter of 2007.

The Individual Risk segment incurred a $0.1 million underwriting loss which resulted in a 100.1% combined ratio in the fourth quarter of 2008, compared to $12.5 million of underwriting income and an 87.7% combined ratio in the fourth quarter of 2007. The reduction in underwriting income and increase in the combined ratio were driven in part by lower commodity prices during the multi-peril crop insurance policy settlement period in the fourth quarter of 2008 which led to an increase in the loss ratio and higher net claims and claim expenses for this line of business compared to the fourth quarter of 2007. In addition, the multi-peril crop insurance line of business now comprises a larger proportion of the Individual Risk segments gross premiums written than in 2007. Offsetting the increase in the multi-peril crop insurance loss ratio was a decrease in the acquisition ratio associated with this line of business. Certain components of underwriting expenses that were incurred in the fourth quarter of 2007 are no longer reflected due to the Companys acquisition of substantially all of the assets of Agro National, the agency that produces this business, in the second quarter of 2008.

The Individual Risk segment experienced $7.9 million of favorable development on prior year reserves in the fourth quarter of 2008 compared to $8.1 million of favorable development in the fourth quarter of 2007. The favorable development on prior year reserves was principally due to revised reported loss development patterns for several of the Companys liability lines of business that were enhanced to reflect the Companys actual experience to date with these lines. The favorable development is principally attributable to the 2004 through 2007 accident years.

Investments

Returns on the Companys investment portfolio were down significantly in the fourth quarter of 2008 compared to the fourth quarter of 2007. The lower returns were principally due to widening credit spreads as a result of the turmoil in the financial markets which resulted in realized and unrealized losses within the Companys fixed maturity investments available for sale combined with lower returns within the Companys other investments. The Companys total investment result, which includes the sum of net investment loss, net realized losses on investments and the net change in unrealized holding gains on fixed maturity investments available for sale, was negative $104.2 million in the fourth quarter of 2008, a $204.7 million decrease from positive $100.5 million in the fourth quarter of 2007.

Net investment loss was $82.7 million in the fourth quarter of 2008 compared to net investment income of $80.7 million in the fourth quarter of 2007, a decrease of $163.4 million. The decrease was principally driven by a $20.7 million decrease in net investment income from the Companys short term investments, principally reflecting lower short term interest rates, a $62.7 million decrease from hedge fund and private equity investments and an $84.7 million decrease from the Companys other investments, principally senior secured bank loan funds and non-U.S. fixed income funds. The Companys hedge fund, private equity and other investments are accounted for at fair value with the change in fair value recorded in net investment loss. The results from the Companys other investments described above include net unrealized losses of $155.4 million in the fourth quarter of 2008, compared to $3.8 million of net unrealized losses in the fourth quarter of 2007.

Net realized losses on investments were $83.9 million in the fourth quarter of 2008 compared to net realized gains on investments of $7.2 million in the fourth quarter of 2007, a decrease of $91.1 million. The decrease was driven by a $58.7 million increase in other than temporary impairments which totaled $66.3 million in the fourth quarter of 2008 compared to $7.5 million in the fourth quarter of 2007, principally due to a widening of credit spreads. Included in other than temporary impairment charges are credit-related charges of $0.6 million and $nil for the fourth quarters of 2008 and 2007, respectively. The Company had essentially no fixed maturity investments available for sale in an unrealized loss position at December 31, 2008.

Other Items

The Companys cash outflows from operations were $10.4 million for the fourth quarter of 2008, compared to cash inflows of $166.9 million for the fourth quarter of 2007.

FULL YEAR 2008 HIGHLIGHTS

For the year ended December 31, 2008, the Company generated operating income available to common shareholders of $193.0 million, compared to $735.5 million in 2007. Operating income excludes net realized losses on investments of $206.3 million and net realized gains on investments of $1.3 million for 2008 and 2007, respectively, and net unrealized losses on credit derivatives issued by ChannelRe of $167.2 million in 2007. Operating income per diluted common share was $3.04 in 2008, compared to $10.24 in 2007. Net loss attributable to common shareholders was $13.3 million or a loss of $0.21 per diluted common share in 2008, compared to net income available to common shareholders of $569.6 million or $7.93 per diluted common share in 2007.

The Company generated an operating return on average common equity of 7.4% for 2008, compared to 27.0% for 2007. The Company generated a return on average common equity of negative 0.5% for 2008, compared to 20.9% for 2007. The Companys book value per common share decreased 5.6% in 2008, compared to a 19.3% increase in 2007.

The Companys 2008 operating results were negatively impacted by $276.2 million of net negative impact related to hurricanes Gustav and Ike. The net negative impact related to hurricanes Gustav and Ike described above includes the sum of net claims and claim expenses incurred, reinstatement premiums earned, lost profit commissions and minority interest. The Companys 2008 operating results were also negatively impacted by its investments results. The Companys net investment income totaled $24.2 million in 2008, a $378.2 million decrease from $402.5 million in 2007. In addition, the Companys total investment result, which includes the sum of net investment income, net realized losses on investments and the net change in unrealized holding gains on fixed maturity investments available for sale, was negative $152.7 million in 2008, a $575.9 million decrease from positive $423.3 million in 2007. The 5.6% decrease in the Companys book value per share in 2008 was principally driven by the Companys share repurchases during the year.

Underwriting Results

Gross premiums written for 2008 were $1,736.0 million, a decrease of $73.6 million, or 4.1%, from 2007. As described in more detail below, the decrease was driven by the then softening market conditions and selective underwriting where the Company chose to reduce its gross premiums written for certain classes of business. The Companys Reinsurance segment gross premiums written decreased $136.0 million, or 10.5%, to $1,154.4 million in

2008, compared to $1,290.4 million in 2007. The Companys Individual Risk segment gross premiums written increased $30.7 million, or 5.5%, to $587.3 million in 2008 from $556.6 million in 2007. As described in more detail below, the Company generated $290.6 million of underwriting income and had a combined ratio of 79.0% in 2008, compared to $579.7 million of underwriting income and a 59.3% combined ratio in 2007. The $289.1 million reduction in underwriting income in 2008 was principally due to hurricanes Gustav and Ike which resulted in $419.1 million of underwriting losses and increased the Companys combined ratio by 32.3 percentage points in 2008. The net negative impact from hurricanes Gustav and Ike was $276.2 million. Following is supplemental financial data regarding the underwriting impact by segment on the Companys 2008 results due to hurricanes Gustav and Ike:


	Twelve months ended December 31, 2008
(in millions of United States dollars)	Reinsurance			Individual Risk			Total
Net claims and claim expenses incurred	$	(432.6	)	$	(35.4	)	$	(468.0	)
Net reinstatement premiums earned		58.4			(4.8	)		53.6
Lost profit commissions		(4.7	)					(4.7	)

Net impact on underwriting result		(378.9	)		(40.2	)		(419.1	)
Minority interest - DaVinciRe		142.9						142.9

Net negative impact	$	(236.0	)	$	(40.2	)	$	(276.2	)

Impact on combined ratio		46.6	%		8.4	%		32.3	%

The Company experienced $234.8 million of favorable development on prior year reserves in 2008, compared to $233.2 million of favorable development in 2007, as discussed in more detail below.

Reinsurance Segment

Gross premiums written for the Companys Reinsurance segment decreased $136.0 million, or 10.5%, to $1,154.4 million in 2008, compared to $1,290.4 million in 2007. For the year ended December 31, 2008, the Companys managed catastrophe premiums and specialty premiums totaled $1,044.3 million and $159.8 million, respectively, compared to $1,032.6 million and $287.3 million, respectively, in 2007. The $11.7 million, or 1.1%, increase in managed catastrophe premiums was principally due to $58.4 million of reinstatement premium written as a result of hurricanes Gustav and Ike and offset by a decrease in gross premiums written due to the then softening market conditions which resulted in lower premium rates and a reduction in business that met the Companys underwriting standards. The $127.5 million, or 44.4%, decrease in specialty premiums was principally driven by one new large transaction in 2007 that renewed in 2008 at a lower participation rate and on a smaller premium base than in 2007, resulting in a $66.4 million decrease in gross premiums written from this contract, combined with the then softening market conditions experienced in 2008, compared to 2007, which generally impacted all lines of business. The Reinsurance segments gross premiums written continue to be comprised of a relatively small number of large transactions which can result in significant increases or decreases in gross premiums written from one period to the next.

The Reinsurance segment generated $281.6 million of underwriting income and had a combined ratio of 69.0% in 2008, compared to $528.7 million of underwriting income and a 44.8% combined ratio in 2007. The decrease in underwriting income in 2008 was principally driven by a $199.8 million increase in net claims and claims expenses, primarily due to losses associated with hurricanes Gustav and Ike, combined with a $47.9 million decrease in net premiums earned due to the decrease in gross premiums written noted above. Hurricanes Gustav and Ike resulted in $378.9 million in underwriting losses and increased the Reinsurance segments combined ratio by 46.6 percentage points. The Reinsurance segment experienced $188.1 million of favorable development on prior year reserves in 2008, compared to $194.4 million of favorable development in 2007. The favorable development in 2008 included $131.6 million attributable to the Companys catastrophe reinsurance unit and was principally driven by a reduction of ultimate net losses from the 2005 accident year. The specialty reinsurance unit experienced $56.5 million of favorable development in 2008 which was principally due to lower than expected claims emergence.

Individual Risk Segment

Gross premiums written for the Companys Individual Risk segment increased $30.7 million, or 5.5%, to $587.3 million in 2008, compared to $556.6 million in 2007. The increase in gross premiums written for the Individual Risk segment is primarily due to a $93.8 million increase in the multi-peril crop line of business due principally to higher commodity prices and an increase in insured acres, and partially offset by reductions in the commercial property and commercial multi-line businesses where management maintained underwriting discipline in the then softening U.S. property and casualty market.

The Individual Risk segment generated $9.0 million of underwriting income and a 98.1% combined ratio in 2008, compared to $51.0 million of underwriting income and an 89.1% combined ratio in 2007. The $42.1 million decrease in underwriting income and 9.0 percentage point increase in the combined ratio was principally driven by hurricanes Gustav and Ike which resulted in $40.2 million of underwriting losses and added 8.4 percentage points to the Individual Risk segments 2008 combined ratio. The Individual Risk segments multi-peril crop insurance line of business generated an underwriting profit in 2008 and the returns for the year met the Companys long-term expectations. The Individual Risk segment experienced $46.7 million of favorable development in 2008 compared to $38.8 million in 2007. The increase in favorable development is primarily related to lower than expected claims emergence during 2008.

Investments

Returns on the Companys investment portfolio were down significantly in 2008 compared to 2007. The lower returns were principally due to widening credit spreads as a result of the turmoil in the financial markets which resulted in realized and unrealized losses within the Companys fixed maturity investments available for sale combined with lower returns within the Companys other investments. The Companys total investment result, which includes the sum of net investment income, net realized losses on investments and the net change in unrealized holding gains on fixed maturity investments available for sale, was negative $152.7 million in 2008, a $575.9 million decrease from $423.3 million in 2007.

Net investment income was $24.2 million in 2008 compared to $402.5 million in 2007, a decrease of $378.2 million. The decrease was principally driven by a $70.0 million decrease in net investment income from the Companys short term investments, due to lower short term interest rates and lower average short term investment balances, a $189.8 million decrease from hedge fund and private equity investments and a $135.3 million decrease in the Companys other investments, principally senior secured bank loan funds and non-U.S. fixed income funds. The Companys hedge fund, private equity and other investments are accounted for at fair value with the change in fair value recorded in net investment income. The results from the Companys other investments described above include net unrealized losses of $259.4 million in 2008, compared to net unrealized gains of $47.3 million in 2007.

Net realized losses on investments were $206.3 million in 2008 compared to net realized gains on investments of $1.3 million in 2007, a decrease of $207.6 million. The decrease was driven by a $191.5 million increase in other than temporary impairments which totaled $217.0 million in 2008 compared to $25.5 million in 2007, principally due to a widening of credit spreads. Included in other than temporary impairment charges are credit-related charges of $8.3 million and $nil for 2008 and 2007, respectively. The Company had essentially no fixed maturity investments available for sale in an unrealized loss position at December 31, 2008.

Other Items

During 2008, the Company repurchased approximately 8.1 million common shares in open market transactions at an aggregate cost of $428.4 million and at an average share price of $53.11.

The Companys cash flows from operations were $544.0 million in 2008, compared to $793.2 million in 2007.

This press release includes certain non-GAAP financial measures including operating income, operating income per common share diluted, operating return on average common equity annualized and managed catastrophe premiums. A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

Please refer to the Investor Information Financial Reports Financial Supplements section of the Companys website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Companys financial performance.

RenaissanceRe Holdings Ltd. will host a conference call on Thursday, February 12, 2009 at 9:30 a.m. (ET) to discuss this release. Live broadcast of the conference call will be available through the Investor Information Company Webcasts section of RenaissanceRes website at www.renre.com.

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 earnings release contain information about the Companys future business prospects. These statements may be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2007 and its quarterly reports on Form 10-Q for the quarters ending March 31, 2008, June 30, 2008 and September 30, 2008.


INVESTOR CONTACT:		MEDIA CONTACT:
Fred R. Donner		David Lilly or Dawn Dover
Chief Financial Officer and Executive Vice President		Kekst and Company
RenaissanceRe Holdings Ltd.		(212) 521-4800
(441) 295-4513

RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Statements of Operations

For the three and twelve months ended December 31, 2008 and 2007

(in thousands of United States Dollars, except per share amounts)

(Unaudited)


	Three months ended						Twelve months ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Revenues
Gross premiums written	$	161,609		$	122,227		$	1,736,028		$	1,809,637

Net premiums written	$	142,074		$	105,303		$	1,353,620		$	1,435,335
Decrease (increase) in unearned premiums		179,921			230,937			33,204			(10,966	)

Net premiums earned		321,995			336,240			1,386,824			1,424,369
Net investment (loss) income		(82,724	)		80,714			24,231			402,463
Net foreign exchange (losses) gains		(5,553	)		4,598			2,600			3,968
Equity in earnings (losses) of other ventures		148			(124,999	)		13,603			(128,609	)
Other income (loss)		6			(20,221	)		10,252			(37,930	)
Net realized (losses) gains on investments		(83,873	)		7,182			(206,314	)		1,293

*Total revenues*		149,999			283,514			1,231,196			1,665,554

Expenses
Net claims and claim expenses incurred		28,769			62,728			760,489			479,274
Acquisition expenses		59,281			67,973			213,553			254,930
Operational expenses		28,262			28,287			122,165			110,464
Corporate expenses		6,705			9,771			25,635			28,860
Interest expense		6,513			7,226			24,633			33,626

*Total expenses*		129,530			175,985			1,146,475			907,154

Income before minority interest and taxes		20,469			107,529			84,721			758,400
Minority interest - DaVinciRe		(65,454	)		(54,070	)		(55,133	)		(164,396	)

(Loss) income before taxes		(44,985	)		53,459			29,588			594,004
Income tax benefit (expense)		368			19,320			(568	)		18,432

*Net (loss) income*		(44,617	)		72,779			29,020			612,436
Dividends on preference shares		(10,575	)		(10,575	)		(42,300	)		(42,861	)

*Net (loss) income (attributable) available to common shareholders*	$	(55,192	)	$	62,204		$	(13,280	)	$	569,575

Operating income available to common shareholders per Common Share - diluted (1)	$	0.47		$	2.64		$	3.04		$	10.24
Net (loss) income (attributable) available to common shareholders per Common Share - basic	$	(0.91	)	$	0.90		$	(0.21	)	$	8.08
Net (loss) income (attributable) available to common shareholders per Common Share - diluted (2)	$	(0.91	)	$	0.88		$	(0.21	)	$	7.93

Average shares outstanding - basic		60,732			68,966			62,531			70,520
Average shares outstanding - diluted		61,269			70,413			63,411			71,825

Net claims and claim expense ratio		8.9	%		18.7	%		54.8	%		33.6	%
Expense ratio		27.2	%		28.6	%		24.2	%		25.7	%

Combined ratio		36.1	%		47.3	%		79.0	%		59.3	%

Operating return on average common equity - annualized (1)		4.8	%		26.1	%		7.4	%		27.0	%

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

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

RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Balance Sheets

(in thousands of United States Dollars, except per share amounts)


	At
	December 31, 2008		December 31, 2007
	(Unaudited)		(Audited)
Assets
Fixed maturity investments available for sale, at fair value	$	2,996,885	$	3,914,363
Short term investments, at fair value		2,172,343		1,821,549
Other investments, at fair value		773,475		807,864
Investments in other ventures, under equity method		99,879		90,572

Total investments		6,042,582		6,634,348
Cash and cash equivalents		274,692		330,226
Premiums receivable		565,630		475,075
Ceded reinsurance balances		88,019		107,916
Losses recoverable		299,534		183,275
Accrued investment income		26,614		39,084
Deferred acquisition costs		81,904		104,212
Receivable for investments sold		236,485		144,037
Other secured assets		76,424		90,488
Other assets		217,986		171,457
Goodwill and other intangibles		74,181		6,237

*Total assets*	$	7,984,051	$	8,286,355

Liabilities, Minority Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	2,160,612	$	2,028,496
Reserve for unearned premiums		510,235		563,336
Debt		450,000		451,951
Reinsurance balances payable		315,401		275,430
Payable for investments purchased		378,111		422,974
Other secured liabilities		77,420		88,920
Other liabilities		290,998		162,294

*Total liabilities*		4,182,777		3,993,401

Minority interest - DaVinciRe		768,531		815,451
Shareholders Equity
Preference shares		650,000		650,000
Common shares		61,503		68,920
Additional paid-in capital				107,867
Accumulated other comprehensive income		75,387		44,719
Retained earnings		2,245,853		2,605,997

*Total shareholders equity*		3,032,743		3,477,503

*Total liabilities, minority interest and shareholders equity*	$	7,984,051	$	8,286,355

Book value per common share	$	38.74	$	41.03

Common shares outstanding		61,503		68,920

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars) (Unaudited)


	Three months ended December 31, 2008
	Reinsurance			Individual Risk			Eliminations (1)		Other			Total
Gross premiums written	$	53,407		$	107,958		$	244	$			$	161,609

Net premiums written	$	46,557		$	95,517							$	142,074

Net premiums earned	$	200,188		$	121,807							$	321,995
Net claims and claim expenses incurred		(49,857	)		78,626								28,769
Acquisition expenses		26,942			32,339								59,281
Operational expenses		17,300			10,962								28,262

Underwriting income (loss)	$	205,803		$	(120	)							205,683

Net investment loss										(82,724	)		(82,724	)
Equity in earnings of other ventures										148			148
Other income										6			6
Interest and preference share dividends										(17,088	)		(17,088	)
Minority interest - DaVinciRe										(65,454	)		(65,454	)
Other items, net										(11,890	)		(11,890	)
Net realized losses on investments										(83,873	)		(83,873	)

Net loss attributable to common shareholders									$	(260,875	)	$	(55,192	)

Net claims and claim expenses incurred - current accident year	$	46,398		$	86,546							$	132,944
Net claims and claim expenses incurred - prior accident years		(96,255	)		(7,920	)							(104,175	)

Net claims and claim expenses incurred - total	$	(49,857	)	$	78,626							$	28,769

Net claims and claim expense ratio - current accident year		23.2	%		71.1	%							41.3	%
Net claims and claim expense ratio - prior accident years		(48.1	%)		(6.6	%)							(32.4	%)

Net claims and claim expense ratio - calendar year		(24.9	%)		64.5	%							8.9	%
Underwriting expense ratio		22.1	%		35.6	%							27.2	%

Combined ratio		(2.8	%)		100.1	%							36.1	%

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


	Three months ended December 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)		Other			Total
Gross premiums written	$	26,693		$	93,353		$	2,181	$			$	122,227

Net premiums written	$	28,807		$	76,496							$	105,303

Net premiums earned	$	234,375		$	101,865							$	336,240
Net claims and claim expenses incurred		19,128			43,600								62,728
Acquisition expenses		33,504			34,469								67,973
Operational expenses		17,026			11,261								28,287

Underwriting income	$	164,717		$	12,535								177,252

Net investment income										80,714			80,714
Equity in losses of other ventures										(124,999	)		(124,999	)
Other loss										(20,221	)		(20,221	)
Interest and preference share dividends										(17,801	)		(17,801	)
Minority interest - DaVinciRe										(54,070	)		(54,070	)
Other items, net										14,147			14,147
Net realized gains on investments										7,182			7,182

Net income available to common shareholders									$	(115,048	)	$	62,204

Net claims and claim expenses incurred - current accident year	$	117,777		$	51,722							$	169,499
Net claims and claim expenses incurred - prior accident years		(98,649	)		(8,122	)							(106,771	)

Net claims and claim expenses incurred - total	$	19,128		$	43,600							$	62,728

Net claims and claim expense ratio - current accident year		50.3	%		50.8	%							50.4	%
Net claims and claim expense ratio - prior accident years		(42.1	%)		(8.0	%)							(31.7	%)

Net claims and claim expense ratio - calendar year		8.2	%		42.8	%							18.7	%
Underwriting expense ratio		21.5	%		44.9	%							28.6	%

Combined ratio		29.7	%		87.7	%							47.3	%

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

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information (contd.)

(in thousands of United States Dollars) (Unaudited)


	Twelve months ended December 31, 2008
	Reinsurance			Individual Risk			Eliminations (1)			Other			Total
Gross premiums written	$	1,154,391		$	587,309		$	(5,672	)	$			$	1,736,028

Net premiums written	$	871,893		$	481,727								$	1,353,620

Net premiums earned	$	909,759		$	477,065								$	1,386,824
Net claims and claim expenses incurred		440,900			319,589									760,489
Acquisition expenses		105,437			108,116									213,553
Operational expenses		81,797			40,368									122,165

Underwriting income	$	281,625		$	8,992									290,617

Net investment income											24,231			24,231
Equity in earnings of other ventures											13,603			13,603
Other income											10,252			10,252
Interest and preference share dividends											(66,933	)		(66,933	)
Minority interest - DaVinciRe											(55,133	)		(55,133	)
Other items, net											(23,603	)		(23,603	)
Net realized losses on investments											(206,314	)		(206,314	)

Net loss attributable to common shareholders										$	(303,897	)	$	(13,280	)

Net claims and claim expenses incurred - current accident year	$	629,022		$	366,294								$	995,316
Net claims and claim expenses incurred - prior accident years		(188,122	)		(46,705	)								(234,827	)

Net claims and claim expenses incurred - total	$	440,900		$	319,589								$	760,489

Net claims and claim expense ratio - current accident year		69.1	%		76.8	%								71.8	%
Net claims and claim expense ratio - prior accident years		(20.6	%)		(9.8	%)								(17.0	%)

Net claims and claim expense ratio - calendar year		48.5	%		67.0	%								54.8	%
Underwriting expense ratio		20.5	%		31.1	%								24.2	%

Combined ratio		69.0	%		98.1	%								79.0	%

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


	Twelve months ended December 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)			Other			Total
Gross premiums written	$	1,290,420		$	556,594		$	(37,377	)	$			$	1,809,637

Net premiums written	$	1,024,493		$	410,842								$	1,435,335

Net premiums earned	$	957,661		$	466,708								$	1,424,369
Net claims and claim expenses incurred		241,118			238,156									479,274
Acquisition expenses		119,915			135,015									254,930
Operational expenses		67,969			42,495									110,464

Underwriting income	$	528,659		$	51,042									579,701

Net investment income											402,463			402,463
Equity in losses of other ventures											(128,609	)		(128,609	)
Other loss											(37,930	)		(37,930	)
Interest and preference share dividends											(76,487	)		(76,487	)
Minority interest - DaVinciRe											(164,396	)		(164,396	)
Other items, net											(6,460	)		(6,460	)
Net realized gains on investments											1,293			1,293

Net income available to common shareholders										$	(10,126	)	$	569,575

Net claims and claim expenses incurred - current accident year	$	435,495		$	276,929								$	712,424
Net claims and claim expenses incurred - prior accident years		(194,377	)		(38,773	)								(233,150	)

Net claims and claim expenses incurred - total	$	241,118		$	238,156								$	479,274

Net claims and claim expense ratio - current accident year		45.5	%		59.3	%								50.0	%
Net claims and claim expense ratio - prior accident years		(20.3	%)		(8.3	%)								(16.4	%)

Net claims and claim expense ratio - calendar year		25.2	%		51.0	%								33.6	%
Underwriting expense ratio		19.6	%		38.1	%								25.7	%

Combined ratio		44.8	%		89.1	%								59.3	%

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

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Gross Premiums Written Analysis

(in thousands of United States Dollars)

(Unaudited)


	Three months ended					Twelve months ended
Reinsurance Segment	December 31, 2008		December 31, 2007			December 31, 2008			December 31, 2007
Renaissance catastrophe premiums	$	19,487	$	(2,224	)	$	633,611		$	662,987
Renaissance specialty premiums		26,875		37,498			153,701			277,882

Total Renaissance premiums		46,362		35,274			787,312			940,869

DaVinci catastrophe premiums		5,070		(8,591	)		361,010			340,117
DaVinci specialty premiums		1,975		10			6,069			9,434

Total DaVinci premiums		7,045		(8,581	)		367,079			349,551

Total Reinsurance premiums	$	53,407	$	26,693		$	1,154,391		$	1,290,420

Total specialty premiums	$	28,850	$	37,508		$	159,770		$	287,316

Total catastrophe premiums	$	24,557	$	(10,815	)	$	994,621		$	1,003,104
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)				2,711			55,370			66,436
Catastrophe premiums assumed from the Individual Risk segment		244		2,590			(5,672	)		(36,968	)

Total managed catastrophe premiums (2)		24,801		(5,514	)		1,044,319			1,032,572
Managed premiums assumed for fully-collateralized joint ventures				883			(2,306	)		(59,418	)

Total managed catastrophe premiums, net of fully-collateralized joint ventures (2)	$	24,801	$	(4,631	)	$	1,042,013		$	973,154

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

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


	Three months ended				Twelve months ended
Individual Risk Segment	December 31, 2008		December 31, 2007		December 31, 2008		December 31, 2007
Multi-peril crop	$	52,229	$	28,616	$	272,559	$	178,728
Commercial property		18,055		20,559		134,601		164,438
Commercial multi-line		27,131		31,840		119,987		162,422
Personal lines property		10,543		12,338		60,162		51,006

Total Individual Risk premiums	$	107,958	$	93,353	$	587,309	$	556,594

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Total Investment Result

(in thousands of United States Dollars)

(Unaudited)


	Three months ended						Twelve months ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Fixed maturity investments available for sale	$	53,290		$	44,339		$	201,220		$	176,785
Short term investments		7,313			28,057			48,437			118,483
Other investments
Hedge funds and private equity investments		(55,364	)		7,343			(101,779	)		87,985
Other		(84,983	)		(257	)		(117,867	)		17,469
Cash and cash equivalents		1,552			3,520			7,452			11,026

		(78,192	)		83,002			37,463			411,748
Investment expenses		(4,532	)		(2,288	)		(13,232	)		(9,285	)

Net investment (loss) income		(82,724	)		80,714			24,231			402,463

Gross realized gains		40,749			17,985			99,634			35,923
Gross realized losses		(58,371	)		(3,282	)		(88,934	)		(9,117	)
Other than temporary impairments		(66,251	)		(7,521	)		(217,014	)		(25,513	)

Net realized (losses) gains on investments		(83,873	)		7,182			(206,314	)		1,293

Net change in unrealized holding gains on fixed maturity investments available for sale		62,363			12,612			29,433			19,502

*Total investment result*	$	(104,234	)	$	100,508		$	(152,650	)	$	423,258

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Investment Portfolio - Yield to Maturity and Credit Rating

(in thousands of United States Dollars)

(Unaudited)


										Credit Rating (1)
At December 31, 2008	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio		Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	2,172,343	$	2,172,343		36.6	%	0.3	%	$	2,071,671		$	39,397		$	59,059		$	1,022		$	1,194		$
				100.0	%						95.4	%		1.8	%		2.7	%		0.0	%		0.1	%		0.0	%
Fixed maturity investments available for sale
U.S. treasuries and agencies
U.S. treasuries		462,489		467,480		7.9	%	1.5	%		467,480
Agency debt
Fannie Mae & Freddie Mac		370,519		385,229		6.4	%	1.9	%		385,229
Other agencies		61,008		63,292		1.1	%	1.9	%		63,292

Total agency debt		431,527		448,521		7.5	%	1.9	%		448,521

Total U.S. treasuries and agencies		894,016		916,001		15.4	%	1.7	%		916,001
Non U.S. government		53,592		57,058		1.0	%	5.9	%		27,483			8,520			226			11,022			9,807
Corporate		719,234		747,210		12.6	%	5.1	%		305,546			138,885			200,092			54,362			48,325
Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		731,679		756,902		12.7	%	4.0	%		756,902
Non-agency securities		70,629		70,916		1.2	%	11.9	%		70,374									542
Non-agency securities - Alt A		27,475		27,756		0.5	%	15.6	%		27,152									197			407
Non-agency securities - Sub-prime						0.0	%	0.0	%

Total residential mortgage-backed securities		829,783		855,574		14.4	%	5.0	%		854,428									739			407
Commercial mortgage- backed securities		254,373		255,020		4.3	%	10.5	%		255,020

Total mortgage-backed securities		1,084,156		1,110,594		18.7	%	6.3	%		1,109,448									739			407
Asset-backed securities
Auto		95,798		95,812		1.6	%	8.5	%		95,812
Credit cards		12,053		12,056		0.2	%	6.5	%		12,056
Other - Stranded cost		7,638		7,639		0.1	%	5.3	%		7,639
Other		50,504		50,515		0.8	%	8.2	%		50,515

Total asset-backed securities		165,993		166,022		2.7	%	8.1	%		166,022

Total securitized assets		1,250,149		1,276,616		21.4	%	6.2	%		1,275,470									739			407

Total fixed maturity investments available for sale		2,916,991		2,996,885		50.4	%	4.7	%		2,524,500			147,405			200,318			66,123			58,539
				100.0	%						84.2	%		4.9	%		6.7	%		2.2	%		2.0	%		0.0	%
Other investments
Private equity partnerships				258,901		4.3	%																			258,901
Senior secured bank loan funds				215,870		3.6	%																215,870
Hedge funds				105,838		1.8	%																			105,838
Catastrophe bonds				93,085		1.6	%							23,430									68,356			1,299
Non-U.S. fixed income funds				81,719		1.4	%													59,343			22,376
Miscellaneous other investments				18,062		0.3	%													8,880						9,182

Total other investments				773,475		13.0	%							23,430						68,223			306,602			375,220
Total managed investment portfolio			$	5,942,703		100.0	%			$	4,596,171		$	210,232		$	259,377		$	135,368		$	366,335		$	375,220
				100.0	%						77.3	%		3.5	%		4.4	%		2.3	%		6.2	%		6.3	%

(1)

The credit ratings included in this table are those assigned by Standard & Poors Corporation. The Company has grouped short term investments with an A-1+ and A-1 short-term issue credit rating as AAA, short term investments with A-2 short-term issue credit rating as AA and short term investments with an A-3 short-term issue credit rating as A.

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Investment Portfolio

(in thousands of United States Dollars)

(Unaudited)


	At December 31, 2008				At September 30, 2008				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	2,172,343	36.6	%	$	1,438,201	24.0	%	$	734,142		51.0	%
Fixed maturity investments available for sale
U.S. treasuries and agencies
U.S. treasuries		467,480	7.9	%		690,265	11.5	%		(222,785	)	(32.3	%)
Agency debt
Fannie Mae & Freddie Mac		385,229	6.4	%		390,796	6.5	%		(5,567	)	(1.4	%)
Other agencies		63,292	1.1	%		28,256	0.5	%		35,036		124.0	%

Total agency debt		448,521	7.5	%		419,052	7.0	%		29,469		7.0	%

Total U.S. treasuries and agencies		916,001	15.4	%		1,109,317	18.5	%		(193,316	)	(17.4	%)
Non U.S. government		57,058	1.0	%		83,556	1.4	%		(26,498	)	(31.7	%)
Corporate		747,210	12.6	%		740,013	12.4	%		7,197		1.0	%
Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		756,902	12.7	%		708,269	11.8	%		48,633		6.9	%
Non-agency securities		70,916	1.2	%		160,289	2.7	%		(89,373	)	(55.8	%)
Non-agency securities - Alt A		27,756	0.5	%		60,189	1.0	%		(32,433	)	(53.9	%)
Non-agency securities - Sub-prime			0.0	%			0.0	%				0.0	%

Total residential mortgage-backed securities		855,574	14.4	%		928,747	15.5	%		(73,173	)	(7.9	%)
Commercial mortgage-backed securities		255,020	4.3	%		435,000	7.3	%		(179,980	)	(41.4	%)

Total mortgage-backed securities		1,110,594	18.7	%		1,363,747	22.8	%		(253,153	)	(18.6	%)
Asset-backed securities
Auto		95,812	1.6	%		132,185	2.2	%		(36,373	)	(27.5	%)
Credit cards		12,056	0.2	%		96,226	1.6	%		(84,170	)	(87.5	%)
Other - Stranded cost		7,639	0.1	%		44,841	0.7	%		(37,202	)	(83.0	%)
Other		50,515	0.8	%		75,409	1.3	%		(24,894	)	(33.0	%)

Total asset-backed securities		166,022	2.7	%		348,661	5.8	%		(182,639	)	(52.4	%)

Total securitized assets		1,276,616	21.4	%		1,712,408	28.6	%		(435,792	)	(25.4	%)

Total fixed maturity investments available for sale		2,996,885	50.4	%		3,645,294	60.9	%		(648,409	)	(17.8	%)
Other investments
Private equity partnerships		258,901	4.3	%		297,167	5.0	%		(38,266	)	(12.9	%)
Senior secured bank loan funds		215,870	3.6	%		272,752	4.6	%		(56,882	)	(20.9	%)
Hedge funds		105,838	1.8	%		115,345	1.9	%		(9,507	)	(8.2	%)
Catastrophe bonds		93,085	1.6	%		83,434	1.4	%		9,651		11.6	%
Non-U.S. fixed income funds		81,719	1.4	%		104,196	1.7	%		(22,477	)	(21.6	%)
Miscellaneous other investments		18,062	0.3	%		29,434	0.5	%		(11,372	)	(38.6	%)

Total other investments		773,475	13.0	%		902,328	15.1	%		(128,853	)	(14.3	%)

Total managed investment portfolio	$	5,942,703	100.0	%	$	5,985,823	100.0	%	$	(43,120	)	(0.7	%)

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Fixed Maturity Investments Available for Sale - Securitized Assets

(in thousands of United States Dollars)

(Unaudited)


	Fair Value		% of Total Managed Investment Portfolio		% of Total Managed Investment Portfolio												% of Total Securitized Assets		Average Duration
					Vintage
At December 31, 2008					2008		2007		2006		2005		2004		2003 & Prior
Total managed investment portfolio	$	5,942,703	100.0	%
Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		756,902	12.7	%	8.5	%	2.0	%	0.7	%	0.7	%	0.5	%	0.3	%	59.2	%	2.5
Non-agency securities		70,916	1.2	%	0.0	%	0.0	%	0.2	%	0.5	%	0.2	%	0.2	%	5.6	%	0.8
Non-agency securities - Alt A		27,756	0.5	%	0.0	%	0.0	%	0.0	%	0.2	%	0.2	%	0.1	%	2.2	%	0.3
Non-agency securities - Sub-prime			0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%

Total non-agency securities		98,672	1.7	%	0.0	%	0.0	%	0.2	%	0.7	%	0.4	%	0.3	%	7.8	%	0.6

Total residential mortgage-backed securities		855,574	14.4	%	8.5	%	2.0	%	0.9	%	1.4	%	0.9	%	0.6	%	67.0	%	2.3
Commercial mortgage-backed securities		255,020	4.3	%	0.1	%	0.3	%	0.5	%	1.1	%	0.5	%	1.8	%	20.0	%	2.0

Total mortgage-backed securities		1,110,594	18.7	%	8.6	%	2.3	%	1.4	%	2.5	%	1.4	%	2.4	%	87.0	%	2.2
Asset-backed securities
Auto		95,812	1.6	%	0.1	%	0.0	%	0.9	%	0.6	%	0.0	%	0.0	%	7.5	%	0.8
Credit cards		12,056	0.2	%	0.0	%	0.0	%	0.1	%	0.1	%	0.0	%	0.0	%	0.9	%	0.6
Other - Stranded cost		7,639	0.1	%	0.0	%	0.0	%	0.0	%	0.1	%	0.0	%	0.0	%	0.6	%	1.7
Other		50,515	0.8	%	0.6	%	0.0	%	0.0	%	0.2	%	0.1	%	0.1	%	4.0	%	0.3

Total asset-backed securities		166,022	2.7	%	0.7	%	0.0	%	1.0	%	1.0	%	0.1	%	0.1	%	13.0	%	0.7

Total securitized assets	$	1,276,616	21.4	%	9.3	%	2.3	%	2.4	%	3.5	%	1.5	%	2.5	%	100.0	%	2.0

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Investment Portfolio - Fixed Maturity Investments Available for Sale - Corporate

(in thousands of United States Dollars)

(Unaudited)


	At December 31, 2008
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade
Financials	$	546,493	$	301,366	$	117,367	$	107,720	$	9,775	$	10,265
Industrial, utilities and energy		68,675		2,644		3,546		31,316		16,897		14,272
Consumer		67,566		1,536		17,972		25,247		9,290		13,521
Communications and technology		56,943						32,586		16,330		8,027
Basic materials		7,533						3,223		2,070		2,240

Total corporate fixed maturity investments available for sale	$	747,210	$	305,546	$	138,885	$	200,092	$	54,362	$	48,325

RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Investment Portfolio

Short Term Investments and Fixed Maturity Investments Available for Sale - Top 10 Corporate Issuers by Fair Value

(in thousands of United States Dollars)

(Unaudited)


	At December 31, 2008
Issuer	Total		Short term investments		Fixed maturity investments available for sale
General Electric Company	$	134,576	$		$	134,576
JPMorgan Chase & Co.		66,200		35,952		30,248
Sovereign Bancorp Inc.		51,491				51,491
Wells Fargo & Company		44,965				44,965
U.S. Bancorp		28,829		7,998		20,831
New York Community Bancorp, Inc.		25,770				25,770
PNC Financial Services		21,292		12,897		8,395
Regions Financial Corporation		20,331				20,331
SunTrust Banks Inc.		19,016				19,016
Bank of America Corporation		18,059				18,059

Total		430,529	$	56,847	$	373,682

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures in this Press Release within the meaning of Regulation G. The Company has 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 guaranty 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 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 income available to common shareholders; 2) net (loss) income (attributable) available to common shareholders per common share diluted to operating income available to common shareholders per common share diluted; and 3) return on average common equity annualized to operating return on average common equity annualized:


	Three months ended						Twelve months ended
(in thousands of United States dollars, except for per share amounts)	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net (loss) income (attributable) available to common shareholders	$	(55,192	)	$	62,204		$	(13,280	)	$	569,575
Adjustment for net realized losses (gains) on investments		83,873			(7,182	)		206,314			(1,293	)
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method					131,201						167,171

Operating income available to common shareholders	$	28,681		$	186,223		$	193,034		$	735,453

Net (loss) income (attributable) available to common shareholders per common share - diluted (1)	$	(0.91	)	$	0.88		$	(0.21	)	$	7.93
Adjustment for net realized losses (gains) on investments		1.38			(0.10	)		3.25			(0.02	)
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method					1.86						2.33

Operating income available to common shareholders per common share - diluted	$	0.47		$	2.64		$	3.04		$	10.24

Return on average common equity - annualized		(9.2	%)		8.7	%		(0.5	%)		20.9	%
Adjustment for net realized losses (gains) on investments		14.0	%		(1.0	%)		7.9	%		(0.1	%)
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method					18.4	%					6.2	%

Operating return on average common equity - annualized		4.8	%		26.1	%		7.4	%		27.0	%

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

The Company has also included in this Press Release managed catastrophe premiums and managed catastrophe premiums, net of fully-collateralized joint ventures. Managed catastrophe premiums is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures. 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 Reinsurance Ltd. (Top Layer Re), which is accounted for under the equity method of accounting. 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; and 2) 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 written directly on behalf of the Companys fully-collateralized joint ventures.

Form: 8-K

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