July 29, 2009 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO

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 of Other Ventures		18
b. Ratings		19

Comments on Regulation G		20-21

LOGO

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including operating income, operating income per common share - diluted, operating return on average common equity - annualized, managed catastrophe premium, 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 pages 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 for the year ended December 31, 2008 and its quarterly reports on Form 10-Q .

All information contained herein is unaudited, except for the financial data relating to the balance sheet for the year ended December 31, 2008. Unless otherwise noted, dollar amounts are in thousands, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe Holdings Ltd. with the Securities and Exchange Commission, including the Annual Report on Form 10-K for 2008 and its quarterly reports on Form 10-Q . Please refer to the Companys website at www.renre.com for further information about RenaissanceRe Holdings Ltd.


		i

RenaissanceRe Holdings Ltd.

Financial Highlights


	Three months ended June 30,						Six months ended June 30,
	2009			2008			2009			2008
*Highlights*
Gross premiums written	$	855,172		$	807,575		$	1,453,473		$	1,334,613
Net premiums written		631,370			614,022			1,078,206			1,017,138
Net premiums earned		379,817			376,573			681,565			685,487
Net claims and claim expenses incurred		66,823			114,217			153,020			196,373
Underwriting income		213,634			175,249			344,824			325,466
Net investment income		114,293			38,685			156,419			91,188
Net income available to RenaissanceRe common shareholders		271,179			135,721			368,463			272,886

Net realized gains on investments		18,889			2,412			41,015			17,124
Net other-than-temporary impairments		(1,833	)		(26,573	)		(20,855	)		(51,955	)

Operating income available to RenaissanceRe common shareholders (1)		254,123			159,882			348,303			307,717

Total assets	$	8,805,437		$	8,550,276		$	8,805,437		$	8,550,276
Total shareholders equity	$	3,403,602		$	3,373,433		$	3,403,602		$	3,373,433

*Per share data*
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.32		$	2.13		$	5.90		$	4.18
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.05		$	2.50		$	5.57		$	4.71
Dividends per common share	$	0.24		$	0.23		$	0.48		$	0.46

Book value per common share	$	44.17		$	43.32		$	44.17		$	43.32
Adjustment for goodwill and other intangibles (1)		(1.89	)		(1.18	)		(1.89	)		(1.18	)

Tangible book value per common share (1)		42.28			42.14			42.28			42.14
Accumulated dividends per common share		8.40			7.46			8.40			7.46

Tangible book value per common share plus accumulated dividends (1)	$	50.68		$	49.60		$	50.68		$	49.60


*Financial ratios*
Net claims and claim expense ratio - current accident year		45.6	%		43.5	%		37.0	%		42.5	%
Net claims and claim expense ratio - prior accident years		(28.0	%)		(13.2	%)		(14.5	%)		(13.9	%)

Net claims and claim expense ratio - calendar year		17.6	%		30.3	%		22.5	%		28.6	%
Underwriting expense ratio		26.2	%		23.2	%		26.9	%		23.9	%

Combined ratio		43.8	%		53.5	%		49.4	%		52.5	%


Operating return on average common equity - annualized (1)		38.9	%		23.4	%		27.5	%		22.3	%

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


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date


	Three months ended
	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Revenues
Gross premiums written	$	855,172		$	598,301		$	161,609		$	239,806		$	807,575


Net premiums written	$	631,370		$	446,836		$	142,074		$	194,408		$	614,022
(Increase) decrease in unearned premiums		(251,553	)		(145,088	)		179,921			184,934			(237,449	)

Net premiums earned		379,817			301,748			321,995			379,342			376,573
Net investment income (loss)		114,293			42,126			(82,724	)		15,767			38,685
Net foreign exchange (losses) gains		(4,162	)		(10,155	)		(5,553	)		3,448			(231	)
Equity in earnings of other ventures		5,432			1,736			148			2,333			4,872
Other (loss) income		(3,656	)		(14,795	)		6			2,258			(24	)
Net realized gains (losses) on investments		18,889			22,126			(17,622	)		11,198			2,412
Total other-than-temporary impairments		(5,289	)		(19,022	)		(66,251	)		(98,808	)		(26,573	)
Portion recognized in other comprehensive income, before taxes		3,456

Net other-than-temporary impairments		(1,833	)		(19,022	)		(66,251	)		(98,808	)		(26,573	)


*Total revenues*		508,780			323,764			149,999			315,538			395,714

Expenses
Net claims and claim expenses incurred		66,823			86,197			28,769			535,347			114,217
Acquisition expenses		52,495			44,604			59,281			54,231			53,613
Operational expenses		46,865			39,757			28,262			30,296			33,494
Corporate expenses		6,339			6,588			6,705			3,116			7,111
Interest expense		4,200			4,136			6,513			5,379			5,937


*Total expenses*		176,722			181,282			129,530			628,369			214,372

Income (loss) before taxes		332,058			142,482			20,469			(312,831	)		181,342
Income tax (expense) benefit		(652	)		852			368			455			6,295


*Net income (loss)*		331,406			143,334			20,837			(312,376	)		187,637
Net (income) loss attributable to redeemable noncontrolling interest - DaVinciRe		(49,652	)		(35,475	)		(65,454	)		91,977			(41,341	)


*Net income (loss) attributable to RenaissanceRe*		281,754			107,859			(44,617	)		(220,399	)		146,296
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)


*Net income (loss) available (attributable) to RenaissanceRe common shareholders*	$	271,179		$	97,284		$	(55,192	)	$	(230,974	)	$	135,721

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	4.05		$	1.52		$	0.47		$	(2.35	)	$	2.50
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	4.35		$	1.57		$	(0.91	)	$	(3.79	)	$	2.16
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	4.32		$	1.57		$	(0.91	)	$	(3.79	)	$	2.13

Average shares outstanding - basic		60,963			60,635			60,732			60,943			62,921
Average shares outstanding - diluted		61,322			60,989			61,269			61,694			63,878

Net claims and claim expense ratio		17.6	%		28.6	%		8.9	%		141.1	%		30.3	%
Underwriting expense ratio		26.2	%		27.9	%		27.2	%		22.3	%		23.2	%

Combined ratio		43.8	%		56.5	%		36.1	%		163.4	%		53.5	%


Operating return on average common equity - annualized (1)		38.9	%		15.5	%		4.8	%		(22.4	%)		23.4	%

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


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Year to Date


	Six months ended
	June 30, 2009			June 30, 2008
Revenues
Gross premiums written	$	1,453,473		$	1,334,613


Net premiums written	$	1,078,206		$	1,017,138
Increase in unearned premiums		(396,641	)		(331,651	)

Net premiums earned		681,565			685,487
Net investment income		156,419			91,188
Net foreign exchange (losses) gains		(14,317	)		4,705
Equity in earnings of other ventures		7,168			11,122
Other (loss) income		(18,451	)		7,988
Net realized gains on investments		41,015			17,124
Total other-than-temporary impairments		(24,311	)		(51,955	)
Portion recognized in other comprehensive income, before taxes		3,456

Net other-than-temporary impairments		(20,855	)		(51,955	)


*Total revenues*		832,544			765,659

Expenses
Net claims and claim expenses incurred		153,020			196,373
Acquisition expenses		97,099			100,041
Operational expenses		86,622			63,607
Corporate expenses		12,927			15,814
Interest expense		8,336			12,741


*Total expenses*		358,004			388,576

Income before taxes		474,540			377,083
Income tax benefit (expense)		200			(1,391	)


*Net income*		474,740			375,692
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(85,127	)		(81,656	)


*Net income attributable to RenaissanceRe*		389,613			294,036
Dividends on preference shares		(21,150	)		(21,150	)


*Net income available to RenaissanceRe common shareholders*	$	368,463		$	272,886


Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	5.57		$	4.71
Net income available to RenaissanceRe common shareholders per common share - basic	$	5.94		$	4.25
Net income available to RenaissanceRe common shareholders per Common Share - diluted	$	5.90		$	4.18

Average shares outstanding - basic		60,799			64,224
Average shares outstanding - diluted		61,156			65,340

Net claims and claim expense ratio		22.5	%		28.6	%
Underwriting expense ratio		26.9	%		23.9	%

Combined ratio		49.4	%		52.5	%


Operating return on average common equity - annualized (1)		27.5	%		22.3	%

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


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Quarter to Date


	Three months ended June 30, 2009
	Reinsurance			Individual Risk			Eliminations (1)		Total

Gross premiums written	$	555,632		$	298,731		$	809	$	855,172


Net premiums written	$	394,981		$	236,389				$	631,370


Net premiums earned	$	227,912		$	151,905				$	379,817
Net claims and claim expenses incurred		(40,789	)		107,612					66,823
Acquisition expenses		21,136			31,359					52,495
Operational expenses		35,189			11,676					46,865


Underwriting income	$	212,376		$	1,258				$	213,634


Net claims and claim expenses incurred - current accident year	$	55,575		$	117,465				$	173,040
Net claims and claim expenses incurred - prior accident years		(96,364	)		(9,853	)				(106,217	)

Net claims and claim expenses incurred - total	$	(40,789	)	$	107,612				$	66,823


Net claims and claim expense ratio - current accident year		24.4	%		77.3	%				45.6	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(6.5	%)				(28.0	%)

Net claims and claim expense ratio - calendar year		(17.9	%)		70.8	%				17.6	%
Underwriting expense ratio		24.7	%		28.4	%				26.2	%

Combined ratio		6.8	%		99.2	%				43.8	%


	Three months ended June 30, 2008
	Reinsurance			Individual Risk			Eliminations (1)		Total

Gross premiums written	$	487,793		$	314,845		$	4,937	$	807,575


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


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


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


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

Net claims and claim expenses incurred - total	$	20,120		$	94,097				$	114,217


Net claims and claim expense ratio - current accident year		25.6	%		70.5	%				43.5	%
Net claims and claim expense ratio - prior accident years		(16.7	%)		(7.9	%)				(13.2	%)

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

Combined ratio		30.2	%		88.5	%				53.5	%

(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


	Six months ended June 30, 2009
	Reinsurance			Individual Risk			Eliminations (1)		Total

Gross premiums written	$	1,088,548		$	363,880		$	1,045	$	1,453,473


Net premiums written	$	809,768		$	268,438				$	1,078,206


Net premiums earned	$	453,883		$	227,682				$	681,565
Net claims and claim expenses incurred		(24,218	)		177,238					153,020
Acquisition expenses		40,157			56,942					97,099
Operational expenses		64,304			22,318					86,622


Underwriting income (loss)	$	373,640		$	(28,816	)			$	344,824


Net claims and claim expenses incurred - current accident year	$	96,881		$	155,094				$	251,975
Net claims and claim expenses incurred - prior accident years		(121,099	)		22,144					(98,955	)

Net claims and claim expenses incurred - total	$	(24,218	)	$	177,238				$	153,020


Net claims and claim expense ratio - current accident year		21.3	%		68.1	%				37.0	%
Net claims and claim expense ratio - prior accident years		(26.6	%)		9.7	%				(14.5	%)

Net claims and claim expense ratio - calendar year		(5.3	%)		77.8	%				22.5	%
Underwriting expense ratio		23.0	%		34.9	%				26.9	%

Combined ratio		17.7	%		112.7	%				49.4	%


	Six months ended June 30, 2008
	Reinsurance			Individual Risk			Eliminations (1)		Total

Gross premiums written	$	931,521		$	395,666		$	7,426	$	1,334,613


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


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


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


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

Net claims and claim expenses incurred - total	$	67,189		$	129,184				$	196,373


Net claims and claim expense ratio - current accident year		28.0	%		71.6	%				42.5	%
Net claims and claim expense ratio - prior accident years		(13.3	%)		(14.7	%)				(13.9	%)

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

Combined ratio		33.8	%		90.3	%				52.5	%

(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 June 30, 2009									Three months ended June 30, 2008
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total

Gross premiums written	$	559,002		$	(3,370	)	$	555,632		$	464,666		$	23,127		$	487,793


Net premiums written	$	398,629		$	(3,648	)	$	394,981		$	330,060		$	23,127		$	353,187


Net premiums earned	$	182,095		$	45,817		$	227,912		$	164,471		$	61,815		$	226,286
Net claims and claim expenses incurred		(56,723	)		15,934			(40,789	)		7,984			12,136			20,120
Acquisition expenses		12,589			8,547			21,136			12,323			13,188			25,511
Operational expenses		26,834			8,355			35,189			17,498			5,258			22,756


Underwriting income	$	199,395		$	12,981		$	212,376		$	126,666		$	31,233		$	157,899


Net claims and claim expenses incurred - current accident year	$	20,210		$	35,365		$	55,575		$	26,076		$	31,785		$	57,861
Net claims and claim expenses incurred - prior accident years		(76,933	)		(19,431	)		(96,364	)		(18,092	)		(19,649	)		(37,741	)

Net claims and claim expenses incurred - total	$	(56,723	)	$	15,934		$	(40,789	)	$	7,984		$	12,136		$	20,120


Net claims and claim expense ratio - current accident year		11.1	%		77.2	%		24.4	%		15.9	%		51.4	%		25.6	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(42.4	%)		(42.3	%)		(11.0	%)		(31.8	%)		(16.7	%)

Net claims and claim expense ratio - calendar year		(31.2	%)		34.8	%		(17.9	%)		4.9	%		19.6	%		8.9	%
Underwriting expense ratio		21.7	%		36.9	%		24.7	%		18.1	%		29.9	%		21.3	%

Combined ratio		(9.5	%)		71.7	%		6.8	%		23.0	%		49.5	%		30.2	%


	Six months ended June 30, 2009									Six months ended June 30, 2008
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total

Gross premiums written	$	1,020,418		$	68,130		$	1,088,548		$	828,812		$	102,709		$	931,521


Net premiums written	$	746,072		$	63,696		$	809,768		$	593,398		$	102,709		$	696,107


Net premiums earned	$	367,220		$	86,663		$	453,883		$	337,820		$	120,693		$	458,513
Net claims and claim expenses incurred		(49,232	)		25,014			(24,218	)		38,473			28,716			67,189
Acquisition expenses		23,012			17,145			40,157			15,962			28,064			44,026
Operational expenses		49,435			14,869			64,304			33,883			10,012			43,895


Underwriting income	$	344,005		$	29,635		$	373,640		$	249,502		$	53,901		$	303,403


Net claims and claim expenses incurred - current accident year	$	40,017		$	56,864		$	96,881		$	56,265		$	72,172		$	128,437
Net claims and claim expenses incurred - prior accident years		(89,249	)		(31,850	)		(121,099	)		(17,792	)		(43,456	)		(61,248	)

Net claims and claim expenses incurred - total	$	(49,232	)	$	25,014		$	(24,218	)	$	38,473		$	28,716		$	67,189


Net claims and claim expense ratio - current accident year		10.9	%		65.6	%		21.3	%		16.7	%		59.8	%		28.0	%
Net claims and claim expense ratio - prior accident years		(24.3	%)		(36.7	%)		(26.6	%)		(5.3	%)		(36.0	%)		(13.3	%)

Net claims and claim expense ratio - calendar year		(13.4	%)		28.9	%		(5.3	%)		11.4	%		23.8	%		14.7	%
Underwriting expense ratio		19.7	%		36.9	%		23.0	%		14.7	%		31.5	%		19.1	%

Combined ratio		6.3	%		65.8	%		17.7	%		26.1	%		55.3	%		33.8	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written


	Three months ended
	June 30, 2009			March 31, 2009		December 31, 2008		September 30, 2008			June 30, 2008
Renaissance catastrophe premiums	$	356,269		$	289,630	$	19,487	$	97,839		$	291,317
Renaissance specialty premiums		(3,370	)		68,973		26,875		28,408			22,955


Total Renaissance premiums		352,899			358,603		46,362		126,247			314,272

DaVinci catastrophe premiums		202,733			171,786		5,070		43,413			173,349
DaVinci specialty premiums					2,527		1,975		(197	)		172


Total DaVinci premiums		202,733			174,313		7,045		43,216			173,521


Total Reinsurance premiums	$	555,632		$	532,916	$	53,407	$	169,463		$	487,793


Total specialty premiums	$	(3,370	)	$	71,500	$	28,850	$	28,211		$	23,127


Total catastrophe premiums	$	559,002		$	461,416	$	24,557	$	141,252		$	464,666
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		26,184			23,792				(293	)		24,042
Catastrophe premiums assumed from the Individual Risk segment		809			236		244		(13,342	)		4,937


Total managed catastrophe premiums (2)	$	585,995		$	485,444	$	24,801	$	127,617		$	493,645

(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.


		7

RenaissanceRe Holdings Ltd.

Reinsurance Segment Gross Premiums Written


	Six months ended
	June 30, 2009		June 30, 2008
Renaissance catastrophe premiums	$	645,899	$	516,285
Renaissance specialty premiums		65,603		98,418


Total Renaissance premiums		711,502		614,703

DaVinci catastrophe premiums		374,519		312,527
DaVinci specialty premiums		2,527		4,291


Total DaVinci premiums		377,046		316,818


Total Reinsurance premiums	$	1,088,548	$	931,521


Total specialty premiums	$	68,130	$	102,709


Total catastrophe premiums	$	1,020,418	$	828,812
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		49,976		55,663
Catastrophe premiums assumed from the Individual Risk segment		1,045		7,426


Total managed catastrophe premiums (2)	$	1,071,439	$	891,901

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

(2)	See comments on Regulaton G.


		8

RenaissanceRe Holdings Ltd.

Individual Risk Segment - Gross Premiums Written


	Three months ended
	June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008
By Line of Business
Multi-peril crop	$	234,994	$	8,152	$	52,229	$	11,881	$	203,077
Commercial multi-line		25,447		24,642		27,131		29,773		31,699
Commercial property		32,366		16,121		18,055		24,863		60,830
Personal lines property		5,924		16,234		10,543		17,168		19,239


Total Individual Risk premiums	$	298,731	$	65,149	$	107,958	$	83,685	$	314,845


	Six months ended
	June 30, 2009		June 30, 2008
By Line of Business
Multi-peril crop	$	243,146	$	208,449
Commercial multi-line		50,089		63,083
Commercial property		48,487		91,683
Personal lines property		22,158		32,451

Total Individual Risk premiums	$	363,880	$	395,666


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Revenues
Gross premiums written	$	202,733		$	174,313		$	7,045		$	43,216		$	173,521


Net premiums written	$	194,552		$	149,125		$	5,071		$	38,485		$	163,390
(Increase) decrease in unearned premiums		(109,562	)		(69,479	)		71,459			61,787			(85,705	)


Net premiums earned		84,990			79,646			76,530			100,272			77,685
Net investment income (loss)		15,200			8,862			(211	)		12,149			15,183
Net foreign exchange (losses) gains		(968	)		(3,332	)		(717	)		124			(559	)
Other (loss) income		(2,674	)		90			(1,370	)		(114	)		(1,258	)
Net realized (losses) gains on investments		(255	)		1,344			(2,634	)		4,261			1,388

Total other-than-temporary impairments					(108	)		(6,561	)		(24,591	)		(5,153	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments					(108	)		(6,561	)		(24,591	)		(5,153	)


*Total revenues*		96,293			86,502			65,037			92,101			87,286

Expenses
Net claims and claim expenses (recovered) incurred		(21,362	)		1,792			(35,507	)		202,378			3,001
Acquisition expenses		25,887			15,760			9,377			2,706			20,929
Operational and corporate expenses		10,540			10,427			3,943			4,325			8,060
Interest expense		927			1,145			2,495			1,754			1,782


*Total expenses*		15,992			29,124			(19,692	)		211,163			33,772


*Net income (loss)*		80,301			57,378			84,729			(119,062	)		53,514
Net (income) loss attributable to redeemable noncontrolling interest		(163	)		(117	)		(175	)		235			(111	)


*Net income (loss) available (attributable) to DaVinciRe common shareholders*	$	80,138		$	57,261		$	84,554		$	(118,827	)	$	53,403


Net claims and claim expenses incurred - current accident year	$	7,334		$	7,675		$	1,764		$	213,116		$	10,171
Net claims and claim expenses incurred - prior accident years		(28,696	)		(5,883	)		(37,271	)		(10,738	)		(7,170	)

Net claims and claim expenses incurred - total	$	(21,362	)	$	1,792		$	(35,507	)	$	202,378		$	3,001


Net claims and claim expense ratio - current accident year		8.6	%		9.6	%		2.3	%		212.5	%		13.1	%
Net claims and claim expense ratio - prior accident years		(33.7	%)		(7.4	%)		(48.7	%)		(10.7	%)		(9.2	%)

Net claims and claim expense ratio - calendar year		(25.1	%)		2.2	%		(46.4	%)		201.8	%		3.9	%
Underwriting expense ratio		42.8	%		32.9	%		17.4	%		7.0	%		37.3	%

Combined ratio		17.7	%		35.1	%		(29.0	%)		208.8	%		41.2	%


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Six months ended
	June 30, 2009			June 30, 2008
Revenues
Gross premiums written	$	377,046		$	316,818


Net premiums written	$	343,677		$	297,641
Increase in unearned premiums		(179,041	)		(142,083	)


Net premiums earned		164,636			155,558
Net investment income		24,062			31,147
Net foreign exchange (losses) gains		(4,300	)		1,204
Other loss		(2,584	)		(1,475	)
Net realized (losses) gains on investments		1,089			3,607

Total other-than-temporary impairments		(108	)		(10,593	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments		(108	)		(10,593	)


*Total revenues*		182,795			179,448

Expenses
Net claims and claim expenses (recovered) incurred		(19,570	)		15,422
Acquisition expenses		41,647			38,023
Operational and corporate expenses		20,967			15,871
Interest expense		2,072			4,429


*Total expenses*		45,116			73,745


*Net income*		137,679			105,703
Net income attributable to redeemable noncontrolling interest		(280	)		(222	)


*Net income available to DaVinciRe common shareholders*	$	137,399		$	105,481


Net claims and claim expenses incurred - current accident year	$	15,009		$	22,485
Net claims and claim expenses incurred - prior accident years		(34,579	)		(7,063	)

Net claims and claim expenses incurred - total	$	(19,570	)	$	15,422


Net claims and claim expense ratio - current accident year		9.1	%		14.5	%
Net claims and claim expense ratio - prior accident years		(21.0	%)		(4.6	%)

Net claims and claim expense ratio - calendar year		(11.9	%)		9.9	%
Underwriting expense ratio		38.0	%		34.7	%

Combined ratio		26.1	%		44.6	%


		11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008
Assets
Fixed maturity investments available for sale, at fair value	$	4,230,443	$	3,164,848	$	2,996,885	$	3,645,294	$	3,775,345
Short term investments, at fair value		1,074,469		2,136,336		2,172,343		1,438,201		1,400,884
Other investments, at fair value		779,416		733,023		773,475		902,328		927,247
Investments in other ventures, under equity method		91,677		88,159		99,879		117,789		104,438

Total investments		6,176,005		6,122,366		6,042,582		6,103,612		6,207,914
Cash and cash equivalents		209,933		249,340		274,692		427,176		262,951
Premiums receivable		1,071,666		593,199		565,630		728,046		965,955
Ceded reinsurance balances		250,225		149,309		88,019		155,487		206,888
Losses recoverable		266,993		201,215		299,534		300,076		191,789
Accrued investment income		29,209		23,927		26,614		35,134		32,976
Deferred acquisition costs		114,836		97,710		81,904		114,038		134,319
Receivable for investments sold		332,763		308,483		236,485		368,313		209,320
Other secured assets		76,509		76,331		76,424		107,252		107,025
Other assets		206,455		165,492		217,986		178,163		156,970
Goodwill and other intangibles		70,843		72,537		74,181		71,942		74,169

*Total assets*	$	8,805,437	$	8,059,909	$	7,984,051	$	8,589,239	$	8,550,276

Liabilities, Redeemable Noncontrolling Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	1,938,295	$	1,992,049	$	2,160,612	$	2,433,420	$	2,009,803
Reserve for unearned premiums		1,069,082		716,613		510,235		757,624		993,959
Debt		450,000		450,000		450,000		450,000		450,000
Reinsurance balances payable		499,437		289,522		315,401		360,829		408,775
Payable for investments purchased		468,329		590,401		378,111		545,100		247,482
Other secured liabilities		77,420		77,420		77,420		106,420		106,420
Other liabilities		198,710		171,738		290,998		195,071		165,905

*Total liabilities*		4,701,273		4,287,743		4,182,777		4,848,464		4,382,344

Redeemable noncontrolling interest - DaVinciRe		700,562		650,763		768,531		699,534		794,499

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		62,345		62,324		61,503		61,401		62,862
Additional paid-in capital		18,600		11,373
Accumulated other comprehensive income		12,065		69,530		75,387		16,544		35,562
Retained earnings		2,660,592		2,328,176		2,245,853		2,313,296		2,625,009

*Total shareholders equity*		3,403,602		3,121,403		3,032,743		3,041,241		3,373,433

*Total liabilities, redeemable noncontrolling interest and shareholders equity*	$	8,805,437	$	8,059,909	$	7,984,051	$	8,589,239	$	8,550,276

Book value per common share	$	44.17	$	39.65	$	38.74	$	38.94	$	43.32

Common shares outstanding		62,345		62,324		61,503		61,401		62,862


		12

RenaissanceRe Holdings Ltd.

Composition of Investment Portfolio


	June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008
TYPE OF INVESTMENT
U.S. treasuries	$	300,521		4.9	%	$	227,594		3.7	%	$	467,480		7.8	%	$	690,264		11.3	%	$	648,806		10.5	%
Agencies		679,999		11.0	%		404,124		6.6	%		448,521		7.4	%		419,053		6.9	%		332,298		5.3	%
Non-U.S. government		98,382		1.6	%		72,904		1.2	%		55,370		0.9	%		83,556		1.4	%		59,168		1.0	%
FDIC guaranteed corporate		812,509		13.2	%		516,115		8.4	%		207,393		3.4	%
Non-U.S. government backed corporate securities		143,284		2.3	%		15,569		0.3	%		3,530		0.1	%
Corporate		741,295		12.0	%		510,848		8.3	%		537,975		8.9	%		740,013		12.1	%		886,561		14.3	%
Agency mortgage-backed securities		1,069,621		17.3	%		990,126		16.2	%		756,902		12.5	%		708,269		11.6	%		630,107		10.2	%
Non-agency mortgage-backed securities		49,590		0.8	%		62,059		1.0	%		98,672		1.6	%		220,478		3.6	%		257,614		4.1	%
Commercial mortgage-backed securities		204,275		3.3	%		213,943		3.5	%		255,020		4.3	%		435,000		7.1	%		461,948		7.4	%
Asset-backed		130,967		2.1	%		151,566		2.5	%		166,022		2.7	%		348,661		5.7	%		498,843		8.0	%

Total fixed maturities available for sale, at fair value		4,230,443		68.5	%		3,164,848		51.7	%		2,996,885		49.6	%		3,645,294		59.7	%		3,775,345		60.8	%
Short term investments, at fair value		1,074,469		17.4	%		2,136,336		34.9	%		2,172,343		36.0	%		1,438,201		23.6	%		1,400,884		22.6	%
Other investments, at fair value		779,416		12.6	%		733,023		12.0	%		773,475		12.8	%		902,328		14.8	%		927,247		14.9	%

Total managed investment portfolio		6,084,328		98.5	%		6,034,207		98.6	%		5,942,703		98.4	%		5,985,823		98.1	%		6,103,476		98.3	%
Investments in other ventures, under equity method		91,677		1.5	%		88,159		1.4	%		99,879		1.6	%		117,789		1.9	%		104,438		1.7	%

Total investments	$	6,176,005		100.0	%	$	6,122,366		100.0	%	$	6,042,582		100.0	%	$	6,103,612		100.0	%	$	6,207,914		100.0	%

CREDIT QUALITY OF FIXED MATURITIES
AAA	$	3,498,768		82.7	%	$	2,625,260		83.0	%	$	2,524,500		84.2	%	$	2,928,677		80.3	%	$	2,963,317		78.5	%
AA		344,888		8.2	%		210,173		6.6	%		147,405		4.9	%		377,421		10.4	%		438,615		11.6	%
A		227,803		5.4	%		200,312		6.3	%		200,318		6.7	%		172,897		4.7	%		192,189		5.1	%
BBB		86,188		2.0	%		65,726		2.1	%		66,123		2.2	%		93,506		2.6	%		96,869		2.6	%
Non-investment grade		72,796		1.7	%		63,377		2.0	%		58,539		2.0	%		72,793		2.0	%		84,355		2.2	%

Total fixed maturities available for sale, at fair value	$	4,230,443		100.0	%	$	3,164,848		100.0	%	$	2,996,885		100.0	%	$	3,645,294		100.0	%	$	3,775,345		100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	136,859		3.2	%	$	110,388		3.5	%	$	115,316		3.8	%	$	223,439		6.1	%	$	260,972		6.9	%
Due after one through five years		2,292,095		54.2	%		1,363,800		43.1	%		1,327,837		44.4	%		1,256,700		34.5	%		1,271,122		33.7	%
Due after five through ten years		271,697		6.4	%		191,201		6.0	%		183,396		6.1	%		370,532		10.1	%		306,472		8.1	%
Due after 10 years		75,339		1.8	%		81,765		2.6	%		93,720		3.1	%		82,215		2.3	%		88,267		2.3	%
Mortgage-backed securities		1,323,486		31.3	%		1,266,128		40.0	%		1,110,594		37.1	%		1,363,747		37.4	%		1,349,669		35.8	%
Asset-backed securities		130,967		3.1	%		151,566		4.8	%		166,022		5.5	%		348,661		9.6	%		498,843		13.2	%

Total fixed maturities available for sale, at fair value	$	4,230,443		100.0	%	$	3,164,848		100.0	%	$	2,996,885		100.0	%	$	3,645,294		100.0	%	$	3,775,345		100.0	%


	June 30, 2009					Mar. 31, 2009					Dec. 31, 2008					Sept. 30, 2008					June 30, 2008
Average yield to maturity of fixed maturities and short term investments		3.0	%				2.5	%				2.8	%				5.0	%				4.1	%
Average duration of fixed maturities and short term investments		2.5					1.3					1.5					2.2					2.1
Average credit quality of fixed maturities and short term investments		AA					AA					AA					AA					AA


		13

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
TYPE OF INVESTMENT
Private equity partnerships	$	263,263		$	247,559		$	258,901		$	297,167		$	297,877
Senior secured bank loan funds		259,234			220,202			215,870			272,752			290,801
Catastrophe bonds		100,502			93,798			93,085			83,434			56,774
Non-U.S. fixed income funds		68,192			81,757			81,719			104,196			122,970
Hedge funds		66,625			72,428			105,838			115,345			125,204
Miscellaneous other investments		21,600			17,279			18,062			29,434			33,621

Total other investments, at fair value	$	779,416		$	733,023		$	773,475		$	902,328		$	927,247


TYPE OF INVESTMENT
Private equity partnerships		33.8	%		33.7	%		33.5	%		33.0	%		32.1	%
Senior secured bank loan funds		33.3	%		30.0	%		27.9	%		30.2	%		31.4	%
Catastrophe bonds		12.9	%		12.8	%		12.0	%		9.2	%		6.1	%
Non-U.S. fixed income funds		8.7	%		11.2	%		10.6	%		11.5	%		13.3	%
Hedge funds		8.5	%		9.9	%		13.7	%		12.8	%		13.5	%
Miscellaneous other investments		2.8	%		2.4	%		2.3	%		3.3	%		3.6	%

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
	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Fixed maturity investments available for sale	$	40,007		$	39,127		$	53,290		$	52,087		$	46,308
Short term investments		2,741			3,071			7,313			9,990			12,054
Other investments
Hedge funds and private equity investments		12,327			(19,741	)		(55,364	)		(15,080	)		(29,395	)
Other		61,740			21,821			(84,983	)		(30,306	)		11,863
Cash and cash equivalents		157			373			1,552			1,956			1,042

		116,972			44,651			(78,192	)		18,647			41,872
Investment expenses		(2,679	)		(2,525	)		(4,532	)		(2,880	)		(3,187	)

Net investment income (loss)		114,293			42,126			(82,724	)		15,767			38,685

Gross realized gains		33,213			31,423			40,749			20,007			18,606
Gross realized losses		(14,324	)		(9,297	)		(58,371	)		(8,809	)		(16,194	)

Net realized gains on investments		18,889			22,126			(17,622	)		11,198			2,412
Total other-than-temporary impairments		(5,289	)		(19,022	)		(66,251	)		(98,808	)		(26,573	)
Portion recognized in other comprehensive income, before taxes		3,456

Net other-than-temporary impairments		(1,833	)		(19,022	)		(66,251	)		(98,808	)		(26,573	)
Net unrealized (losses) gains on fixed maturity investments available for sale		(57,166	)		(5,407	)		62,363			(21,411	)		(35,248	)
FAS 115-2 cumulative effect adjustment (1)		76,615


Net change in unrealized holding gains on fixed maturity investments available for sale		19,449			(5,407	)		62,363			(21,411	)		(35,248	)

*Total investment result*	$	150,798		$	39,823		$	(104,234	)	$	(93,254	)	$	(20,724	)


	Six months ended
	June 30, 2009			June 30, 2008
Fixed maturity investments available for sale	$	79,134		$	95,843
Short term investments		5,812			31,134
Other investments
Hedge funds and private equity investments		(7,414	)		(31,335	)
Other		83,561			(2,578	)
Cash and cash equivalents		530			3,944

		161,623			97,008
Investment expenses		(5,204	)		(5,820	)

Net investment income		156,419			91,188

Gross realized gains		64,636			38,878
Gross realized losses		(23,621	)		(21,754	)

Net realized gains on investments		41,015			17,124
Total other-than-temporary impairments		(24,311	)		(51,955	)
Portion recognized in other comprehensive income, before taxes		3,456

Net other-than-temporary impairments		(20,855	)		(51,955	)
Net unrealized losses on fixed maturity investments available for sale		(62,573	)		(11,519	)
FAS 115-2 cumulative effect adjustment (1)		76,615

Net change in unrealized holding gains on fixed maturity investments available for sale		14,042			(11,519	)

*Total investment result*	$	190,621		$	44,838

(1)	Cumulative effect adjustment to opening retained earnings as of April 1, 2009, as a result of the adoption of Financial Accounting Standards Board (FASB) Staff Position No. 115-2 and 124-2, Recognition and Presentation of Other-Than-Temporary Impairments (FAS 115-2).


		15

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


June 30, 2009	Case Reserves		Additional Case Reserves		IBNR		Total
Property catastrophe reinsurance	$	215,829	$	254,199	$	216,781	$	686,809
Specialty reinsurance		108,376		142,266		387,696		638,338

Total Reinsurance		324,205		396,465		604,477		1,325,147
Individual Risk		199,646		15,948		397,554		613,148

Total	$	523,851	$	412,413	$	1,002,031	$	1,938,295

March 31, 2009
Property catastrophe reinsurance	$	273,811	$	281,956	$	231,970	$	787,737
Specialty reinsurance		106,700		145,266		379,921		631,887

Total Reinsurance		380,511		427,222		611,891		1,419,624
Individual Risk		236,905		13,519		322,001		572,425

Total	$	617,416	$	440,741	$	933,892	$	1,992,049

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


		16

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended June 30, 2009									Three months ended June 30, 2008
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,992,049		$	201,215		$	1,790,834		$	1,986,006		$	151,555		$	1,834,451

Incurred losses and loss expenses
Current year		222,789			49,749			173,040			209,909			46,122			163,787
Prior years		(102,741	)		3,476			(106,217	)		(57,444	)		(7,874	)		(49,570	)

Total incurred losses and loss expenses		120,048			53,225			66,823			152,465			38,248			114,217

Paid losses and loss expenses
Current year		20,040			(1,576	)		21,616			10,528			(5,370	)		15,898
Prior years		153,762			(10,977	)		164,739			118,140			3,384			114,756

Total paid losses and loss expenses		173,802			(12,553	)		186,355			128,668			(1,986	)		130,654

Reserve for losses and loss expenses, end of period	$	1,938,295		$	266,993		$	1,671,302		$	2,009,803		$	191,789		$	1,818,014


	Six months ended June 30, 2009									Six months ended June 30, 2008
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,160,612		$	299,534		$	1,861,078		$	2,028,496		$	183,275		$	1,845,221

Incurred losses and loss expenses
Current year		312,668			60,693			251,975			345,261			54,233			291,028
Prior years		(94,587	)		4,368			(98,955	)		(110,768	)		(16,113	)		(94,655	)

Total incurred losses and loss expenses		218,081			65,061			153,020			234,493			38,120			196,373

Paid losses and loss expenses
Current year		25,096			(199	)		25,295			17,005			(4,730	)		21,735
Prior years		415,302			97,801			317,501			236,181			34,336			201,845

Total paid losses and loss expenses		440,398			97,602			342,796			253,186			29,606			223,580

Reserve for losses and loss expenses, end of period	$	1,938,295		$	266,993		$	1,671,302		$	2,009,803		$	191,789		$	1,818,014


		17

RenaissanceRe Holdings Ltd.

Equity in Earnings of Other Ventures


	Three months ended
	June 30, 2009		March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Top Layer Re	$	4,176	$	2,146		$	2,310		$	2,431		$	3,023
Tower Hill and the Tower Hill Companies		536		(491	)		(840	)		(832	)		879
Starbound II										777			1,063
Other		720		81			(1,322	)		(43	)		(93	)

*Total equity in earnings of other ventures*	$	5,432	$	1,736		$	148		$	2,333		$	4,872


	Six months ended
	June 30, 2009		June 30, 2008
Top Layer Re	$	6,322	$	6,636
Tower Hill and the Tower Hill Companies		45		2,217
Starbound II				2,425
Other		801		(156	)

*Total equity in earnings of other ventures*	$	7,168	$	11,122


		18

RenaissanceRe Holdings Ltd.

Ratings


June 30, 2009	A.M. Best	S&P	Moodys	Fitch
REINSURANCE SEGMENT 1
Renaissance Reinsurance	A+	AA-	A2	A
DaVinci	A	A+
Top Layer Re	A+	AA
Renaissance Europe	A+	AA-

INDIVIDUAL RISK SEGMENT 1
Glencoe	A
Stonington	A
Stonington Lloyds	A
Lantana	A
RENAISSANCERE 2	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 income (loss) available (attributable) to RenaissanceRe 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 other-than-temporary impairment losses on fixed maturity investments available for sale. 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, which is not considered by management to be a relevant indicator of its 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 income (loss) available (attributable) to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to operating income (loss) available (attributable) to RenaissanceRe 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
	June 30, 2009			March 31, 2009			Dec. 31, 2008			Sept. 30, 2008			June 30, 2008
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	271,179		$	97,284		$	(55,192	)	$	(230,974	)	$	135,721
Adjustment for net realized (gains) losses on investments		(18,889	)		(22,126	)		17,622			(11,198	)		(2,412	)
Adjustment for net other-than-temporary impairments		1,833			19,022			66,251			98,808			26,573

Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	254,123		$	94,180		$	28,681		$	(143,364	)	$	159,882

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	4.32		$	1.57		$	(0.91	)	$	(3.79	)	$	2.13
Adjustment for net realized (gains) losses on investments		(0.31	)		(0.36	)		0.29			(0.18	)		(0.04	)
Adjustment for net other-than-temporary impairments		0.04			0.31			1.09			1.62			0.41

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	4.05		$	1.52		$	0.47		$	(2.35	)	$	2.50


Return on average common equity - annualized		41.5	%		16.0	%		(9.2	%)		(36.1	%)		19.9	%
Adjustment for net realized (gains) losses on investments		(2.9	%)		(3.6	%)		2.9	%		(1.7	%)		(0.4	%)
Adjustment for net other-than-temporary impairments		0.3	%		3.1	%		11.1	%		15.4	%		3.9	%

Operating return on average common equity - annualized		38.9	%		15.5	%		4.8	%		(22.4	%)		23.4	%


	Six months ended
	June 30, 2009			June 30, 2008
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	368,463		$	272,886
Adjustment for net realized gains on investments		(41,015	)		(17,124	)
Adjustment for net other-than-temporary impairments		20,855			51,955

Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	348,303		$	307,717

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	5.90		$	4.18
Adjustment for net realized gains on investments		(0.67	)		(0.26	)
Adjustment for net other-than-temporary impairments		0.34			0.79

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	5.57		$	4.71

Return on average common equity - annualized		29.1	%		19.8	%
Adjustment for net realized gains on investments		(3.2	%)		(1.2	%)
Adjustment for net other-than-temporary impairments		1.6	%		3.7	%

Operating return on average common equity - annualized		27.5	%		22.3	%

(1)	In accordance with FASB Statement No. 128, Earnings per Share (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 Financial Supplement managed catastrophe premiums. 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. 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.


		20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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


	At
	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Book value per common share	$	44.17		$	39.65		$	38.74		$	38.94		$	43.32
Adjustment for goodwill and intangible assets (1)		(1.89	)		(1.93	)		(2.01	)		(1.92	)		(1.18	)


Tangible book value per common share		42.28			37.72			36.73			37.02			42.14
Adjustment for accumulated dividends		8.40			8.16			7.92			7.69			7.46


Tangible book value per common share plus accumulated dividends	$	50.68		$	45.88		$	44.65		$	44.71		$	49.60

(1)

At June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008 and June 30, 2008, goodwill and other intangibles included $46.7 million, $48.3 million, $49.8 million, $46.4 million and $nil, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


		21

Form: 8-K

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