February 12, 2009 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO



		RenaissanceRe Holdings Ltd.

		Financial Supplement

		December 31, 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 income (loss), operating income (loss) per common share - diluted, operating return on average common equity - annualized, managed catastrophe premium, managed catastrophe premium, net of fully-collateralized joint ventures, tangible book value per common share 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, June 30, 2008 and September 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, June 30, 2008 and September 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 December 31,						Twelve months ended December 31,
	2008			2007			2008			2007
*Highlights*
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
Net premiums earned		321,995			336,240			1,386,824			1,424,369
Net claims and claim expenses incurred		28,769			62,728			760,489			479,274
Underwriting income		205,683			177,252			290,617			579,701
Net investment (loss) income		(82,724	)		80,714			24,231			402,463
Net (loss) income (attributable) available to common shareholders		(55,192	)		62,204			(13,280	)		569,575
Net realized (losses) gains on investments		(83,873	)		7,182			(206,314	)		1,293
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 (1)		28,681			186,223			193,034			735,453

Total assets	$	7,984,051		$	8,286,355		$	7,984,051		$	8,286,355
Total shareholders equity	$	3,032,743		$	3,477,503		$	3,032,743		$	3,477,503

*Per share data*
Net (loss) income (attributable) available to common shareholders per common share - diluted (2)	$	(0.91	)	$	0.88		$	(0.21	)	$	7.93
Operating income available to common shareholders per common share - diluted (1)	$	0.47		$	2.64		$	3.04		$	10.24

Dividends per common share	$	0.23		$	0.22		$	0.92		$	0.88

Book value per common share	$	38.74		$	41.03		$	38.74		$	41.03
Adjustment for goodwill and other intangibles (1)		(2.01	)		(0.09	)		(2.01	)		(0.09	)

Tangible book value per common share (1)		36.73			40.94			36.73			40.94
Accumulated dividends per common share		7.92			7.00			7.92			7.00

Tangible book value per common share plus accumulated dividends (1)	$	44.65		$	47.94		$	44.65		$	47.94


*Financial ratios*
Net claims and claim expense ratio - current accident year		41.3	%		50.4	%		71.8	%		50.0	%
Net claims and claim expense ratio - prior accident years		(32.4	%)		(31.7	%)		(17.0	%)		(16.4	%)

Net claims and claim expense ratio - calendar year		8.9	%		18.7	%		54.8	%		33.6	%
Underwriting 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.


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date


	Three months ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Revenues
Gross premiums written	$	161,609		$	239,806		$	807,575		$	527,038		$	122,227

Net premiums written	$	142,074		$	194,408		$	614,022		$	403,116		$	105,303
Decrease (increase) in unearned premiums		179,921			184,934			(237,449	)		(94,202	)		230,937

Net premiums earned		321,995			379,342			376,573			308,914			336,240
Net investment (loss) income		(82,724	)		15,767			38,685			52,503			80,714
Net foreign exchange (losses) gains		(5,553	)		3,448			(231	)		4,936			4,598
Equity in earnings (losses) of other ventures		148			2,333			4,872			6,250			(124,999	)
Other income (loss)		6			2,258			(24	)		8,012			(20,221	)
Net realized (losses) gains on investments		(83,873	)		(87,610	)		(24,161	)		(10,670	)		7,182

*Total revenues*		149,999			315,538			395,714			369,945			283,514

Expenses
Net claims and claim expenses incurred		28,769			535,347			114,217			82,156			62,728
Acquisition expenses		59,281			54,231			53,613			46,428			67,973
Operational expenses		28,262			30,296			33,494			30,113			28,287
Corporate expenses		6,705			3,116			7,111			8,703			9,771
Interest expense		6,513			5,379			5,937			6,804			7,226

*Total expenses*		129,530			628,369			214,372			174,204			175,985

Income (loss) before minority interest and taxes		20,469			(312,831	)		181,342			195,741			107,529
Minority interest - DaVinciRe		(65,454	)		91,977			(41,341	)		(40,315	)		(54,070	)

(Loss) income before taxes		(44,985	)		(220,854	)		140,001			155,426			53,459
Income tax benefit (expense)		368			455			6,295			(7,686	)		19,320

*Net (loss) income*		(44,617	)		(220,399	)		146,296			147,740			72,779
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)

*Net (loss) income (attributable) available to common shareholders*	$	(55,192	)	$	(230,974	)	$	135,721		$	137,165		$	62,204

Operating income (loss) available (attributable) to common shareholders per Common Share - diluted (1) (2)	$	0.47		$	(2.35	)	$	2.50		$	2.21		$	2.64
Net (loss) income (attributable) available to common shareholders per Common Share - basic	$	(0.91	)	$	(3.79	)	$	2.16		$	2.09		$	0.90
Net (loss) income (attributable) available to common shareholders per Common Share - diluted (2)	$	(0.91	)	$	(3.79	)	$	2.13		$	2.05		$	0.88

Average shares outstanding - basic		60,732			60,943			62,921			65,528			68,966
Average shares outstanding - diluted		61,269			61,694			63,878			66,803			70,413

Net claims and claim expense ratio		8.9	%		141.1	%		30.3	%		26.6	%		18.7	%
Underwriting expense ratio		27.2	%		22.3	%		23.2	%		24.8	%		28.6	%

Combined ratio		36.1	%		163.4	%		53.5	%		51.4	%		47.3	%

Operating return on average common equity - annualized (1)		4.8	%		(22.4	%)		23.4	%		21.3	%		26.1	%

(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.


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Year to Date


	Twelve months ended
	December 31, 2008			December 31, 2007
Revenues
Gross premiums written	$	1,736,028		$	1,809,637

Net premiums written	$	1,353,620		$	1,435,335
Decrease (increase) in unearned premiums		33,204			(10,966	)

Net premiums earned		1,386,824			1,424,369
Net investment income		24,231			402,463
Net foreign exchange gains		2,600			3,968
Equity in earnings (losses) of other ventures		13,603			(128,609	)
Other income (loss)		10,252			(37,930	)
Net realized (losses) gains on investments		(206,314	)		1,293

*Total revenues*		1,231,196			1,665,554

Expenses
Net claims and claim expenses incurred		760,489			479,274
Acquisition expenses		213,553			254,930
Operational expenses		122,165			110,464
Corporate expenses		25,635			28,860
Interest expense		24,633			33,626

*Total expenses*		1,146,475			907,154

Income before minority interest and taxes		84,721			758,400
Minority interest - DaVinciRe		(55,133	)		(164,396	)

Income before taxes		29,588			594,004
Income tax (expense) benefit		(568	)		18,432

*Net income*		29,020			612,436
Dividends on preference shares		(42,300	)		(42,861	)

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


Operating income available to common shareholders per Common Share - diluted (1)	$	3.04		$	10.24

Net (loss) income (attributable) available to common shareholders per Common Share - basic (2)	$	(0.21	)	$	8.08
Net (loss) income (attributable) available to common shareholders per Common Share - diluted	$	(0.21	)	$	7.93

Average shares outstanding - basic		62,531			70,520
Average shares outstanding - diluted		63,411			71,825

Net claims and claim expense ratio		54.8	%		33.6	%
Underwriting expense ratio		24.2	%		25.7	%

Combined ratio		79.0	%		59.3	%


Operating return on average common equity - annualized (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.


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Quarter to Date


	Three months ended December 31, 2008
	Reinsurance			Individual Risk			Eliminations (1)		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 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	%


	Three months ended December 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)		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 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.


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Year to Date


	Twelve months ended December 31, 2008
	Reinsurance			Individual Risk			Eliminations (1)			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 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	%


	Twelve months ended December 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)			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 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


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Catastrophe and Specialty Underwriting Results


	Three months ended December 31, 2008									Three months ended December 31, 2007
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	24,557		$	28,850		$	53,407		$	(10,815	)	$	37,508		$	26,693

Net premiums written	$	17,925		$	28,632		$	46,557		$	(8,701	)	$	37,508		$	28,807

Net premiums earned	$	162,124		$	38,064		$	200,188		$	168,843		$	65,532		$	234,375
Net claims and claim expenses incurred		(76,396	)		26,539			(49,857	)		(30,094	)		49,222			19,128
Acquisition expenses		18,238			8,704			26,942			17,693			15,811			33,504
Operational expenses		12,706			4,594			17,300			12,086			4,940			17,026

Underwriting income (loss)	$	207,576		$	(1,773	)	$	205,803		$	169,158		$	(4,441	)	$	164,717

Net claims and claim expenses incurred - current accident year	$	7,346		$	39,052		$	46,398		$	31,001		$	86,776		$	117,777
Net claims and claim expenses incurred - prior accident years		(83,742	)		(12,513	)		(96,255	)		(61,095	)		(37,554	)		(98,649	)

Net claims and claim expenses incurred - total	$	(76,396	)	$	26,539		$	(49,857	)	$	(30,094	)	$	49,222		$	19,128

Net claims and claim expense ratio - current accident year		4.5	%		102.6	%		23.2	%		18.4	%		132.4	%		50.3	%
Net claims and claim expense ratio - prior accident years		(51.6	%)		(32.9	%)		(48.1	%)		(36.2	%)		(57.3	%)		(42.1	%)

Net claims and claim expense ratio - calendar year		(47.1	%)		69.7	%		(24.9	%)		(17.8	%)		75.1	%		8.2	%
Underwriting expense ratio		19.1	%		35.0	%		22.1	%		17.6	%		31.7	%		21.5	%

Combined ratio		(28.0	%)		104.7	%		(2.8	%)		(0.2	%)		106.8	%		29.7	%


	Twelve months ended December 31, 2008									Twelve months ended December 31, 2007
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	994,621		$	159,770		$	1,154,391		$	1,003,104		$	287,316		$	1,290,420

Net premiums written	$	712,341		$	159,552		$	871,893		$	737,177		$	287,316		$	1,024,493

Net premiums earned	$	717,570		$	192,189		$	909,759		$	726,265		$	231,396		$	957,661
Net claims and claim expenses incurred		372,760			68,140			440,900			128,573			112,545			241,118
Acquisition expenses		62,038			43,399			105,437			77,089			42,826			119,915
Operational expenses		62,626			19,171			81,797			49,370			18,599			67,969

Underwriting income	$	220,146		$	61,479		$	281,625		$	471,233		$	57,426		$	528,659

Net claims and claim expenses incurred - current accident year	$	504,351		$	124,671		$	629,022		$	221,662		$	213,833		$	435,495
Net claims and claim expenses incurred - prior accident years		(131,591	)		(56,531	)		(188,122	)		(93,089	)		(101,288	)		(194,377	)

Net claims and claim expenses incurred - total	$	372,760		$	68,140		$	440,900		$	128,573		$	112,545		$	241,118

Net claims and claim expense ratio - current accident year		70.3	%		64.9	%		69.1	%		30.5	%		92.4	%		45.5	%
Net claims and claim expense ratio - prior accident years		(18.4	%)		(29.4	%)		(20.6	%)		(12.8	%)		(43.8	%)		(20.3	%)

Net claims and claim expense ratio - calendar year		51.9	%		35.5	%		48.5	%		17.7	%		48.6	%		25.2	%
Underwriting expense ratio		17.4	%		32.5	%		20.5	%		17.4	%		26.6	%		19.6	%

Combined ratio		69.3	%		68.0	%		69.0	%		35.1	%		75.2	%		44.8	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written


	Three months ended
	Dec. 31, 2008		Sept. 30, 2008			June 30, 2008			Mar. 31, 2008		Dec. 31, 2007
Renaissance catastrophe premiums	$	19,487	$	97,839		$	291,317		$	224,968	$	(2,224	)
Renaissance specialty premiums		26,875		28,408			22,955			75,463		37,498

Total Renaissance premiums		46,362		126,247			314,272			300,431		35,274

DaVinci catastrophe premiums		5,070		43,413			173,349			139,178		(8,591	)
DaVinci specialty premiums		1,975		(197	)		172			4,119		10

Total DaVinci premiums		7,045		43,216			173,521			143,297		(8,581	)

Total Reinsurance premiums	$	53,407	$	169,463		$	487,793		$	443,728	$	26,693

Total specialty premiums (1)	$	28,850	$	28,211		$	23,127		$	79,582	$	37,508

Total catastrophe premiums	$	24,557	$	141,252		$	464,666		$	364,146	$	(10,815	)
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		244		(13,342	)		4,937			2,489		2,590

Total managed catastrophe premiums (3)		24,801		127,617			493,645			398,256		(5,514	)
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures				(20	)		(2,286	)				883

Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	24,801	$	127,597		$	491,359		$	398,256	$	(4,631	)

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


	Twelve months ended
	Dec. 31, 2008			Dec. 31, 2007
Renaissance catastrophe premiums	$	633,611		$	662,987
Renaissance specialty premiums		153,701			277,882

Total Renaissance premiums		787,312			940,869

DaVinci catastrophe premiums		361,010			340,117
DaVinci specialty premiums		6,069			9,434

Total DaVinci premiums		367,079			349,551

Total Reinsurance premiums	$	1,154,391		$	1,290,420

Total specialty premiums (1)	$	159,770		$	287,316

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

Total managed catastrophe premiums (3)		1,044,319			1,032,572
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		(2,306	)		(59,418	)

Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	1,042,013		$	973,154

(1)	Total specialty premiums written includes $nil and $0.4 million of premiums assumed from the Individual Risk segment for the years ended December 31, 2008 and 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.


		8

RenaissanceRe Holdings Ltd.

Individual Risk Segment - Gross Premiums Written


	Three months ended
	Dec. 31, 2008		Sept. 30, 2008		June 30, 2008		March 31, 2008		Dec. 31, 2007
By Type of Business
Multi-peril crop	$	52,229	$	11,881	$	203,077	$	5,372	$	28,616
Commercial property		18,055		24,863		60,830		30,853		20,559
Commercial multi-line		27,131		29,773		31,699		31,384		31,840
Personal lines property		10,543		17,168		19,239		13,212		12,338

Total Individual Risk premiums	$	107,958	$	83,685	$	314,845	$	80,821	$	93,353


	Twelve months ended
	Dec. 31, 2008		Dec. 31, 2007
By Type of Business
Multi-peril crop	$	272,559	$	178,728
Commercial property		134,601		164,438
Commercial multi-line		119,987		162,422
Personal lines property		60,162		51,006

Total Individual Risk premiums	$	587,309	$	556,594


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operation - Quarter to Date


	Three months ended
	Dec. 31, 2008			Sept. 30, 2008			June 30, 2008			Mar. 31, 2008			Dec. 31, 2007
Revenues
Gross premiums written	$	7,045		$	43,216		$	173,521		$	143,297		$	(8,581	)

Net premiums written	$	5,071		$	38,485		$	163,390		$	134,251		$	(9,173	)
Decrease (increase) in unearned premiums		71,459			61,787			(85,705	)		(56,378	)		83,214

Net premiums earned		76,530			100,272			77,685			77,873			74,041
Net investment (loss) income		(211	)		12,149			15,183			15,964			18,517
Net foreign exchange (losses) gains		(717	)		124			(559	)		1,763			1,738
Other loss		(1,370	)		(114	)		(1,258	)		(217	)		(4,706	)
Net realized (losses) gains on investments		(9,195	)		(20,330	)		(3,765	)		(3,221	)		2,873

*Total revenues*		65,037			92,101			87,286			92,162			92,463

Expenses
Net claims and claim expenses incurred		(35,507	)		202,378			3,001			12,421			(5,806	)
Acquisition expenses		9,377			2,706			20,929			17,094			19,424
Operational and corporate expenses		3,943			4,325			8,060			7,811			7,758
Interest expense		2,495			1,754			1,782			2,647			3,067

*Total expenses*		(19,692	)		211,163			33,772			39,973			24,443

Income before minority interest		84,729			(119,062	)		53,514			52,189			68,020
Minority interest		(175	)		235			(111	)		(111	)		(143	)

*Net income (loss)*	$	84,554		$	(118,827	)	$	53,403		$	52,078		$	67,877

Net claims and claim expenses incurred - current accident year	$	1,764		$	213,116		$	10,171		$	12,314		$	10,636
Net claims and claim expenses incurred - prior accident years		(37,271	)		(10,738	)		(7,170	)		107			(16,442	)

Net claims and claim expenses incurred - total	$	(35,507	)	$	202,378		$	3,001		$	12,421		$	(5,806	)


Net claims and claim expense ratio - current accident year		2.3	%		212.5	%		13.1	%		15.8	%		14.4	%
Net claims and claim expense ratio - prior accident years		(48.7	%)		(10.7	%)		(9.2	%)		0.2	%		(22.2	%)

Net claims and claim expense ratio - calendar year		(46.4	%)		201.8	%		3.9	%		16.0	%		(7.8	%)
Underwriting expense ratio		17.4	%		7.0	%		37.3	%		31.9	%		36.7	%

Combined ratio		(29.0	%)		208.8	%		41.2	%		47.9	%		28.9	%


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations - Year to Date


	Twelve months ended
	Dec. 31, 2008			Dec. 31, 2007
Revenues
Gross premiums written	$	367,079		$	349,551

Net premiums written	$	341,197		$	321,895
Increase in unearned premiums		(8,837	)		(11,631	)

Net premiums earned		332,360			310,264
Net investment income		43,085			75,631
Net foreign exchange gains		611			920
Other loss		(2,959	)		(17,124	)
Net realized (losses) gains on investments		(36,511	)		1,014

*Total revenues*		336,586			370,705

Expenses
Net claims and claim expenses incurred		182,293			51,201
Acquisition expenses		50,106			68,590
Operational and corporate expenses		24,139			31,934
Interest expense		8,678			12,167

*Total expenses*		265,216			163,892

Income before minority interest		71,370			206,813
Minority interest		(162	)		(439	)

*Net income*	$	71,208		$	206,374


Net claims and claim expenses incurred - current accident year	$	237,365		$	85,078
Net claims and claim expenses incurred - prior accident years		(55,072	)		(33,877	)

Net claims and claim expenses incurred - total	$	182,293		$	51,201


Net claims and claim expense ratio - current accident year		71.4	%		27.4	%
Net claims and claim expense ratio - prior accident years		(16.6	%)		(10.9	%)

Net claims and claim expense ratio - calendar year		54.8	%		16.5	%
Underwriting expense ratio		22.4	%		32.4	%

Combined ratio		77.2	%		48.9	%


		11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	Dec. 31, 2008		Sept. 30, 2008		June 30, 2008		March 31, 2008		Dec. 31, 2007
Assets
Fixed maturity investments available for sale, at fair value	$	2,996,885	$	3,645,294	$	3,775,345	$	3,816,518	$	3,914,363
Short term investments, at fair value		2,172,343		1,438,201		1,400,884		1,565,589		1,821,549
Other investments, at fair value		773,475		902,328		927,247		858,621		807,864
Investments in other ventures, under equity method		99,879		117,789		104,438		99,466		90,572

Total investments		6,042,582		6,103,612		6,207,914		6,340,194		6,634,348
Cash and cash equivalents		274,692		427,176		262,951		335,409		330,226
Premiums receivable		565,630		728,046		965,955		499,384		475,075
Ceded reinsurance balances		88,019		155,487		206,888		122,631		107,916
Losses recoverable		299,534		300,076		191,789		151,555		183,275
Accrued investment income		26,614		35,134		32,976		36,337		39,084
Deferred acquisition costs		81,904		114,038		134,319		106,310		104,212
Receivable for investments sold		236,485		368,313		209,320		349,835		144,037
Other secured assets		76,424		107,252		107,025		107,784		90,488
Other assets		217,986		178,163		156,970		114,957		171,457
Goodwill and other intangibles		74,181		71,942		74,169		5,546		6,237

*Total assets*	$	7,984,051	$	8,589,239	$	8,550,276	$	8,169,942	$	8,286,355

Liabilities, Minority Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	2,160,612	$	2,433,420	$	2,009,803	$	1,986,006	$	2,028,496
Reserve for unearned premiums		510,235		757,624		993,959		673,991		563,336
Debt		450,000		450,000		450,000		450,999		451,951
Reinsurance balances payable		315,401		360,829		408,775		263,700		275,430
Payable for investments purchased		378,111		545,100		247,482		387,838		422,974
Other secured liabilities		77,420		106,420		106,420		106,420		88,920
Other liabilities		290,998		195,071		165,905		156,185		162,294

*Total liabilities*		4,182,777		4,848,464		4,382,344		4,025,139		3,993,401

Minority interest - DaVinciRe		768,531		699,534		794,499		758,851		815,451
Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		61,503		61,401		62,862		64,927		68,920
Additional paid-in capital										107,867
Accumulated other comprehensive income		75,387		16,544		35,562		65,363		44,719
Retained earnings		2,245,853		2,313,296		2,625,009		2,605,662		2,605,997

*Total shareholders equity*		3,032,743		3,041,241		3,373,433		3,385,952		3,477,503

*Total liabilities, minority interest and shareholders equity*	$	7,984,051	$	8,589,239	$	8,550,276	$	8,169,942	$	8,286,355

Book value per common share	$	38.74	$	38.94	$	43.32	$	42.14	$	41.03

Common shares outstanding		61,503		61,401		62,862		64,927		68,920


		12

RenaissanceRe Holdings Ltd.

Composition of Investment Portfolio


	Dec. 31, 2008				Sept. 30, 2008				June 30, 2008				Mar. 31, 2008				Dec. 31, 2007
TYPE OF INVESTMENT
U.S. treasuries and agencies	$	916,001	15.2	%	$	1,109,317	18.2	%	$	981,104	15.8	%	$	1,081,873	17.1	%	$	1,057,979	15.9	%
Non-U.S. government		57,058	0.9	%		83,556	1.4	%		59,168	1.0	%		80,708	1.3	%		66,496	1.0	%
Corporate		747,210	12.4	%		740,013	12.1	%		886,561	14.3	%		887,499	14.0	%		937,289	14.1	%
Mortgage-backed		1,110,594	18.4	%		1,363,747	22.3	%		1,349,669	21.7	%		1,206,209	19.0	%		1,251,582	18.9	%
Asset-backed		166,022	2.7	%		348,661	5.7	%		498,843	8.0	%		560,229	8.8	%		601,017	9.1	%

Total fixed maturities available for sale, at fair value		2,996,885	49.6	%		3,645,294	59.7	%		3,775,345	60.8	%		3,816,518	60.2	%		3,914,363	59.0	%
Short term investments, at fair value		2,172,343	36.0	%		1,438,201	23.6	%		1,400,884	22.6	%		1,565,589	24.7	%		1,821,549	27.4	%
Other investments, at fair value		773,475	12.8	%		902,328	14.8	%		927,247	14.9	%		858,621	13.5	%		807,864	12.2	%

Total managed investment portfolio		5,942,703	98.4	%		5,985,823	98.1	%		6,103,476	98.3	%		6,240,728	98.4	%		6,543,776	98.6	%
Investments in other ventures, under equity method		99,879	1.6	%		117,789	1.9	%		104,438	1.7	%		99,466	1.6	%		90,572	1.4	%

Total investments	$	6,042,582	100.0	%	$	6,103,612	100.0	%	$	6,207,914	100.0	%	$	6,340,194	100.0	%	$	6,634,348	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
AAA	$	2,524,500	84.2	%	$	2,928,677	80.3	%	$	2,963,317	78.5	%	$	3,046,146	79.8	%	$	3,130,143	80.0	%
AA		147,405	4.9	%		377,421	10.4	%		438,615	11.6	%		397,282	10.4	%		404,173	10.3	%
A		200,318	6.7	%		172,897	4.7	%		192,189	5.1	%		175,885	4.6	%		182,780	4.7	%
BBB		66,123	2.2	%		93,506	2.6	%		96,869	2.6	%		118,854	3.1	%		123,529	3.1	%
Non-investment grade		58,539	2.0	%		72,793	2.0	%		84,355	2.2	%		78,351	2.1	%		73,738	1.9	%

Total fixed maturities available for sale, at fair value	$	2,996,885	100.0	%	$	3,645,294	100.0	%	$	3,775,345	100.0	%	$	3,816,518	100.0	%	$	3,914,363	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	115,316	3.8	%	$	223,439	6.1	%	$	260,972	6.9	%	$	306,567	8.0	%	$	385,497	9.8	%
Due after one through five years		1,327,837	44.4	%		1,256,700	34.5	%		1,271,122	33.7	%		1,344,276	35.2	%		1,323,586	33.8	%
Due after five through ten years		183,396	6.1	%		370,532	10.1	%		306,472	8.1	%		315,651	8.3	%		267,579	6.8	%
Due after 10 years		93,720	3.1	%		82,215	2.3	%		88,267	2.3	%		83,586	2.2	%		85,102	2.2	%
U.S. mortgage-backed securities		1,110,594	37.1	%		1,363,747	37.4	%		1,349,669	35.8	%		1,206,209	31.6	%		1,251,582	32.0	%
U.S. asset-backed securities		166,022	5.5	%		348,661	9.6	%		498,843	13.2	%		560,229	14.7	%		601,017	15.4	%

Total fixed maturities available for sale, at fair value	$	2,996,885	100.0	%	$	3,645,294	100.0	%	$	3,775,345	100.0	%	$	3,816,518	100.0	%	$	3,914,363	100.0	%


	As of or for the three months ended
	Dec. 31, 2008		Sept. 30, 2008		June 30, 2008		March 31, 2008		Dec. 31, 2007
Average yield to maturity of fixed maturities and short term investments	2.8	%	5.0	%	4.1	%	4.0	%	4.5	%
Average duration of fixed maturities and short term investments	1.5		2.2		2.1		1.9		1.8
Average credit quality of fixed maturities and short term investments	AA		AA		AA		AA		AA


		13

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
TYPE OF INVESTMENT
Private equity partnerships	$	258,901		$	297,167		$	297,877		$	308,188		$	301,446
Senior secured bank loan funds		215,870			272,752			290,801			226,341			158,203
Hedge funds		105,838			115,345			125,204			125,048			126,417
Catastrophe bonds		93,085			83,434			56,774			47,003			95,535
Non-U.S. fixed income funds		81,719			104,196			122,970			121,153			126,252
Miscellaneous other investments		18,062			29,434			33,621			30,888			11

Total other investments, at fair value	$	773,475		$	902,328		$	927,247		$	858,621		$	807,864


TYPE OF INVESTMENT
Private equity partnerships		33.5	%		33.0	%		32.1	%		35.8	%		37.4	%
Senior secured bank loan funds		27.9	%		30.2	%		31.4	%		26.4	%		19.6	%
Hedge funds		13.7	%		12.8	%		13.5	%		14.6	%		15.6	%
Catastrophe bonds		12.0	%		9.2	%		6.1	%		5.5	%		11.8	%
Non-U.S. fixed income funds		10.6	%		11.5	%		13.3	%		14.1	%		15.6	%
Miscellaneous other investments		2.3	%		3.3	%		3.6	%		3.6	%		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
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Fixed maturity investments available for sale	$	53,290		$	52,087		$	46,308		$	49,535		$	44,339
Short term investments		7,313			9,990			12,054			19,080			28,057
Other investments
Hedge funds and private equity investments		(55,364	)		(15,080	)		(29,395	)		(1,940	)		7,343
Other		(84,983	)		(30,306	)		11,863			(14,441	)		(257	)
Cash and cash equivalents		1,552			1,956			1,042			2,902			3,520

		(78,192	)		18,647			41,872			55,136			83,002
Investment expenses		(4,532	)		(2,880	)		(3,187	)		(2,633	)		(2,288	)

Net investment (loss) income		(82,724	)		15,767			38,685			52,503			80,714

Gross realized gains		40,749			20,007			18,606			20,272			17,985
Gross realized losses		(58,371	)		(8,809	)		(16,194	)		(5,560	)		(3,282	)
Other than temporary impairments		(66,251	)		(98,808	)		(26,573	)		(25,382	)		(7,521	)

Net realized (losses) gains on investments		(83,873	)		(87,610	)		(24,161	)		(10,670	)		7,182
Net change in unrealized holding gains on fixed maturity investments available for sale		62,363			(21,411	)		(35,248	)		23,729			12,612

*Total investment result*	$	(104,234	)	$	(93,254	)	$	(20,724	)	$	65,562		$	100,508


	Twelve months ended
	December 31, 2008			December 31, 2007
Fixed maturity investments available for sale	$	201,220		$	176,785
Short term investments		48,437			118,483
Other investments
Hedge funds and private equity investments		(101,779	)		87,985
Other		(117,867	)		17,469
Cash and cash equivalents		7,452			11,026

		37,463			411,748
Investment expenses		(13,232	)		(9,285	)

Net investment income		24,231			402,463

Gross realized gains		99,634			35,923
Gross realized losses		(88,934	)		(9,117	)
Other than temporary impairments		(217,014	)		(25,513	)

Net realized (losses) gains on investments		(206,314	)		1,293
Net change in unrealized holding gains on fixed maturity investments available for sale		29,433			19,502

*Total investment result*	$	(152,650	)	$	423,258


		15

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2008
Property catastrophe reinsurance	$	312,944	$	297,279	$	250,946	$	861,169
Specialty reinsurance		113,953		135,345		387,352		636,650

Total Reinsurance		426,897		432,624		638,298		1,497,819
Individual Risk		253,327		14,591		394,875		662,793

Total	$	680,224	$	447,215	$	1,033,173	$	2,160,612

September 30, 2008
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


		16

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended December 31, 2008									Three months ended December 31, 2007
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,433,420		$	300,076		$	2,133,344		$	2,128,644		$	220,037		$	1,908,607
Incurred losses and loss expenses
Current year		161,988			29,044			132,944			165,339			(4,160	)		169,499
Prior years		(116,458	)		(12,283	)		(104,175	)		(114,842	)		(8,071	)		(106,771	)

Total incurred losses and loss expenses		45,530			16,761			28,769			50,497			(12,231	)		62,728

Paid losses and loss expenses
Current year		190,866			232			190,634			70,809			1,350			69,459
Prior years		127,472			17,071			110,401			79,836			23,181			56,655

Total paid losses and loss expenses		318,338			17,303			301,035			150,645			24,531			126,114

Reserve for losses and loss expenses, end of period	$	2,160,612		$	299,534		$	1,861,078		$	2,028,496		$	183,275		$	1,845,221


	Twelve months ended December 31, 2008									Twelve months ended December 31, 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		1,199,740			204,424			995,316			797,044			84,620			712,424
Prior years		(271,477	)		(36,650	)		(234,827	)		(233,286	)		(136	)		(233,150	)

Total incurred losses and loss expenses		928,263			167,774			760,489			563,758			84,484			479,274

Paid losses and loss expenses
Current year		348,091			1,246			346,845			134,562			8,746			125,816
Prior years		448,056			50,269			397,787			498,855			194,317			304,538

Total paid losses and loss expenses		796,147			51,515			744,632			633,417			203,063			430,354

Reserve for losses and loss expenses, end of period	$	2,160,612		$	299,534		$	1,861,078		$	2,028,496		$	183,275		$	1,845,221


		17

RenaissanceRe Holdings Ltd.

Equity in Earnings (Losses) of Other Ventures


	Three months ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Top Layer Re	$	2,310		$	2,431		$	3,023		$	3,613		$	3,162
Starbound II					777			1,063			1,362			1,071
Tower Hill and Tower Hill Companies		(840	)		(832	)		879			1,338			1,969
ChannelRe														(131,201	)
Other		(1,322	)		(43	)		(93	)		(63	)

*Total equity in earnings (losses) of other ventures*	$	148		$	2,333		$	4,872		$	6,250		$	(124,999	)


	Twelve months ended
	December 31, 2008			December 31, 2007
Top Layer Re	$	11,377		$	14,949
Starbound II		3,202			2,472
Tower Hill and Tower Hill Companies		545			3,432
ChannelRe					(151,751	)
Other		(1,521	)		2,289

*Total equity in earnings (losses) of other ventures*	$	13,603		$	(128,609	)


		18

RenaissanceRe Holdings Ltd.

Ratings


At December 31, 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+	AA-

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

RENAISSANCERE²	a-	A	Baa1	BBB+

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

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


		19

RenaissanceRe Holdings Ltd.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures in this Financial Supplement within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Companys management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Companys overall financial performance.

The Company uses operating income (loss) 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 (loss) 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 Holdings Ltd. (ChannelRe), a financial guarantee reinsurer whose investment is accounted for by the Company under the equity method. The Company believes that the prevailing convention among financial guarantee insurers, reinsurers and other market participants, such as ChannelRe, is to exclude from operating income (loss) such unrealized gains and losses attributable to credit derivatives and other credit-related products. The Companys management believes that operating income (loss) 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 (loss) to calculate operating income (loss) 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 (loss) available (attributable) to common shareholders; 2) net (loss) income (attributable) available to common shareholders per common share - diluted to operating income (loss) available (attributable) 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															Year ended
	Dec. 31, 2008			Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007			Dec. 31, 2008			Dec. 31, 2007
Net (loss) income (attributable) available to common shareholders	$	(55,192	)	$	(230,974	)	$	135,721		$	137,165		$	62,204		$	(13,280	)	$	569,575
Adjustment for net realized losses (gains) on investments		83,873			87,610			24,161			10,670			(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 (loss) available (attributable) to common shareholders	$	28,681		$	(143,364	)	$	159,882		$	147,835		$	186,223		$	193,034		$	735,453

Net (loss) income (attributable) available to common shareholders per common share - diluted (1)	$	(0.91	)	$	(3.79	)	$	2.13		$	2.05		$	0.88		$	(0.21	)	$	7.93
Adjustment for net realized losses (gains) on investments		1.38			1.44			0.37			0.16			(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 (loss) available (attributable) to common shareholders per common share - diluted (1)	$	0.47		$	(2.35	)	$	2.50		$	2.21		$	2.64		$	3.04		$	10.24

Return on average common equity - annualized		(9.2	%)		(36.1	%)		19.9	%		19.7	%		8.7	%		(0.5	%)		20.9	%
Adjustment for net realized losses (gains) on investments		14.0	%		13.7	%		3.5	%		1.6	%		(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	%		(22.4	%)		23.4	%		21.3	%		26.1	%		7.4	%		27.0	%

(1)	In accordance with FAS 128, diluted earnings per share calculations use average common shares outstanding - basic, 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 included in this Financial Supplement tangible book value per common share which is defined as book value per common share excluding goodwill and other intangibles. The Company has also included in this Financial Supplement tangible book value per common share plus accumulated dividends which is defined as book value per common share excluding goodwill and other intangibles, plus accumulated dividends. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:


	At
	Dec. 31, 2008			Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007			Dec. 31, 2006
Book value per common share	$	38.74		$	38.94		$	43.32		$	42.14		$	41.03		$	40.53		$	34.38
Adjustment for goodwill and other intangibles (1)		(2.01	)		(1.92	)		(1.18	)		(0.09	)		(0.09	)		(0.09	)		(0.08	)

Tangible book value per common share		36.73			37.02			42.14			42.05			40.94			40.44			34.30
Adjustment for accumulated dividends		7.92			7.69			7.46			7.23			7.00			6.78			6.12

Tangible book value per common share plus accumulated dividends	$	44.65		$	44.71		$	49.60		$	49.28		$	47.94		$	47.22		$	40.42

(1)	At December 31, 2008 and September 30, 2008, goodwill and other intangibles includes $49.8 million and $46.4 million, respecitvely, of goodwill and other intangibles included in investment in other ventures, under equity method.


		21

Form: 8-K

Documents