October 28, 2009 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO

RenaissanceRe

RenaissanceRe Holdings Ltd.

Financial Supplement

September 30, 2009

Contact:

Investors:

RenaissanceRe Holdings Ltd.

Rohan Pai

Director of Investor Relations

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
e.	Individual Risk Segment - Gross Premiums Written	8
f.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	9-10

Balance Sheets
a.	Summary Consolidated Balance Sheets	11

Investments
a.	Investment Portfolio - Composition	12
b.	Summary of Other Investments	13
c.	Investment Result	14
d.	Investment Portfolio - Yield to Maturity and Credit Rating	15
e.	Investment Portfolio - Change in Fair Value	16
f.	Fixed Maturity Investments Available for Sale - Securitized Assets	17
g.	Fixed Maturity Investments Available for Sale - Corporate Sector	18
h.	Fixed Maturity Investments Available for Sale - Corporate Top 10 Issuers by Fair Value	18

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	19
b.	Paid to Incurred Analysis	20

Other Items
a.	Earnings per Share	21
b.	Equity in Earnings of Other Ventures	22
c.	Other Income (Loss)	23
d.	Ratings	24

Comments on Regulation G		25-26

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including operating income (loss) available (attributable) to RenaissanceRe common shareholders, operating income (loss) available (attributable) to RenaissanceRe common shareholders 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 25 and 26 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 September 30,						Nine months ended September 30,
	2009			2008			2009			2008
*Highlights*
Gross premiums written	$	202,413		$	239,806		$	1,655,886		$	1,574,419
Net premiums written		75,098			194,408			1,153,304			1,211,546
Net premiums earned		296,013			379,342			977,578			1,064,829
Net claims and claim expenses incurred		38,567			535,347			191,587			731,720
Underwriting income (loss)		167,745			(240,532	)		512,569			84,934
Net investment income		106,815			15,767			263,234			106,955
Net income (loss) available (attributable) to RenaissanceRe common shareholders		258,628			(230,974	)		627,091			41,912

Net realized gains on investments		16,794			11,198			57,809			28,322
Net other-than-temporary impairments		(346	)		(98,808	)		(21,201	)		(150,763	)

Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)		242,180			(143,364	)		590,483			164,353

Total assets	$	8,544,699		$	8,589,239		$	8,544,699		$	8,589,239
Total shareholders equity	$	3,720,470		$	3,041,241		$	3,720,470		$	3,041,241

*Per share data*
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	4.12		$	(3.79	)	$	10.03		$	0.65
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	3.85		$	(2.35	)	$	9.43		$	2.56
Dividends per common share	$	0.24		$	0.23		$	0.72		$	0.69

Book value per common share	$	49.21		$	38.94		$	49.21		$	38.94
Adjustment for goodwill and other intangibles (1)		(1.83	)		(1.92	)		(1.83	)		(1.92	)

Tangible book value per common share (1)		47.38			37.02			47.38			37.02
Accumulated dividends per common share		8.64			7.69			8.64			7.69

Tangible book value per common share plus accumulated dividends (1)	$	56.02		$	44.71		$	56.02		$	44.71


*Financial ratios*
Net claims and claim expense ratio - current accident year		36.8	%		150.6	%		36.9	%		81.0	%
Net claims and claim expense ratio - prior accident years		(23.8	%)		(9.5	%)		(17.3	%)		(12.3	%)

Net claims and claim expense ratio - calendar year		13.0	%		141.1	%		19.6	%		68.7	%
Underwriting expense ratio		30.3	%		22.3	%		28.0	%		23.3	%

Combined ratio		43.3	%		163.4	%		47.6	%		92.0	%


Operating return on average common equity - annualized (1)		33.3	%		(22.4	%)		29.5	%		8.2	%

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

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Revenues
Gross premiums written	$	202,413		$	855,172		$	598,301		$	161,609		$	239,806


Net premiums written	$	75,098		$	631,370		$	446,836		$	142,074		$	194,408
Decrease (increase) in unearned premiums		220,915			(251,553	)		(145,088	)		179,921			184,934

Net premiums earned		296,013			379,817			301,748			321,995			379,342
Net investment income (loss)		106,815			114,293			42,126			(82,724	)		15,767
Net foreign exchange gains (losses)		1,556			(4,162	)		(10,155	)		(5,553	)		3,448
Equity in earnings of other ventures		4,331			5,432			1,736			148			2,333
Other income (loss)		13,424			(3,656	)		(14,795	)		6			2,258
Net realized gains (losses) on investments		16,794			18,889			22,126			(17,622	)		11,198

Total other-than-temporary impairments		(1,408	)		(5,289	)		(19,022	)		(66,251	)		(98,808	)
Portion recognized in other comprehensive income, before taxes		1,062			3,456

Net other-than-temporary impairments		(346	)		(1,833	)		(19,022	)		(66,251	)		(98,808	)


*Total revenues*		438,587			508,780			323,764			149,999			315,538

Expenses
Net claims and claim expenses incurred		38,567			66,823			86,197			28,769			535,347
Acquisition expenses		44,203			52,495			44,604			59,281			54,231
Operational expenses		45,498			46,865			39,757			28,262			30,296
Corporate expenses		(4,319	)		6,339			6,588			6,705			3,116
Interest expense		3,748			4,200			4,136			6,513			5,379


*Total expenses*		127,697			176,722			181,282			129,530			628,369

Income (loss) before taxes		310,890			332,058			142,482			20,469			(312,831	)
Income tax (expense) benefit		(3,993	)		(652	)		852			368			455


*Net income (loss)*		306,897			331,406			143,334			20,837			(312,376	)
Net (income) loss attributable to redeemable noncontrolling interest - DaVinciRe		(37,694	)		(49,652	)		(35,475	)		(65,454	)		91,977


*Net income (loss) attributable to RenaissanceRe*		269,203			281,754			107,859			(44,617	)		(220,399	)
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)


*Net income (loss) available (attributable) to RenaissanceRe common shareholders*	$	258,628		$	271,179		$	97,284		$	(55,192	)	$	(230,974	)

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	3.85		$	4.05		$	1.52		$	0.47		$	(2.35	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	4.15		$	4.35		$	1.57		$	(0.91	)	$	(3.79	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (2)	$	4.12		$	4.32		$	1.57		$	(0.91	)	$	(3.79	)

Average shares outstanding - basic		60,898			60,963			60,635			60,732			60,943
Average shares outstanding - diluted		61,367			61,322			60,989			61,269			61,694

Net claims and claim expense ratio		13.0	%		17.6	%		28.6	%		8.9	%		141.1	%
Underwriting expense ratio		30.3	%		26.2	%		27.9	%		27.2	%		22.3	%

Combined ratio		43.3	%		43.8	%		56.5	%		36.1	%		163.4	%


Operating return on average common equity - annualized (1)		33.3	%		38.9	%		15.5	%		4.8	%		(22.4	%)

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

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Year to Date


	Nine months ended
	September 30, 2009			September 30, 2008
Revenues
Gross premiums written	$	1,655,886		$	1,574,419


Net premiums written	$	1,153,304		$	1,211,546
Increase in unearned premiums		(175,726	)		(146,717	)


Net premiums earned		977,578			1,064,829
Net investment income		263,234			106,955
Net foreign exchange (losses) gains		(12,761	)		8,153
Equity in earnings of other ventures		11,499			13,455
Other (loss) income		(5,027	)		10,246
Net realized gains on investments		57,809			28,322

Total other-than-temporary impairments		(25,719	)		(150,763	)
Portion recognized in other comprehensive income, before taxes		4,518

Net other-than-temporary impairments		(21,201	)		(150,763	)


*Total revenues*		1,271,131			1,081,197

Expenses
Net claims and claim expenses incurred		191,587			731,720
Acquisition expenses		141,302			154,272
Operational expenses		132,120			93,903
Corporate expenses		8,608			18,930
Interest expense		12,084			18,120


*Total expenses*		485,701			1,016,945

Income before taxes		785,430			64,252
Income tax expense		(3,793	)		(936	)


*Net income*		781,637			63,316
Net (income) loss attributable to redeemable noncontrolling interest - DaVinciRe		(122,821	)		10,321


*Net income attributable to RenaissanceRe*		658,816			73,637
Dividends on preference shares		(31,725	)		(31,725	)


*Net income available to RenaissanceRe common shareholders*	$	627,091		$	41,912


Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	9.43		$	2.56
Net income available to RenaissanceRe common shareholders per common share - basic	$	10.09		$	0.66
Net income available to RenaissanceRe common shareholders per Common Share - diluted	$	10.03		$	0.65

Average shares outstanding - basic		60,832			63,131
Average shares outstanding - diluted		61,226			64,125

Net claims and claim expense ratio		19.6	%		68.7	%
Underwriting expense ratio		28.0	%		23.3	%

Combined ratio		47.6	%		92.0	%

Operating return on average common equity - annualized (1)		29.5	%		8.2	%

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


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Quarter to Date


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

Gross premiums written	$	132,487		$	83,349		$	(13,423	)	$	202,413


Net premiums written	$	43,202		$	31,896					$	75,098


Net premiums earned	$	202,260		$	93,753					$	296,013
Net claims and claim expenses incurred		(15,914	)		54,481						38,567
Acquisition expenses		17,164			27,039						44,203
Operational expenses		33,961			11,537						45,498


Underwriting income	$	167,049		$	696					$	167,745


Net claims and claim expenses incurred - current accident year	$	46,755		$	62,256					$	109,011
Net claims and claim expenses incurred - prior accident years		(62,669	)		(7,775	)					(70,444	)

Net claims and claim expenses incurred - total	$	(15,914	)	$	54,481					$	38,567


Net claims and claim expense ratio - current accident year		23.1	%		66.4	%					36.8	%
Net claims and claim expense ratio - prior accident years		(31.0	%)		(8.3	%)					(23.8	%)

Net claims and claim expense ratio - calendar year		(7.9	%)		58.1	%					13.0	%
Underwriting expense ratio		25.3	%		41.2	%					30.3	%

Combined ratio		17.4	%		99.3	%					43.3	%


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

Gross premiums written	$	169,463		$	83,685		$	(13,342	)	$	239,806


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


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


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


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

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


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

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

Combined ratio		190.6	%		110.1	%					163.4	%

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


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Year to Date


	Nine months ended September 30, 2009
	Reinsurance			Individual Risk			Eliminations (1)			Total

Gross premiums written	$	1,221,035		$	447,229		$	(12,378	)	$	1,655,886


Net premiums written	$	852,970		$	300,334					$	1,153,304


Net premiums earned	$	656,143		$	321,435					$	977,578
Net claims and claim expenses incurred		(40,132	)		231,719						191,587
Acquisition expenses		57,321			83,981						141,302
Operational expenses		98,265			33,855						132,120


Underwriting income (loss)	$	540,689		$	(28,120	)				$	512,569


Net claims and claim expenses incurred - current accident year	$	143,636		$	217,350					$	360,986
Net claims and claim expenses incurred - prior accident years		(183,768	)		14,369						(169,399	)

Net claims and claim expenses incurred - total	$	(40,132	)	$	231,719					$	191,587


Net claims and claim expense ratio - current accident year		21.9	%		67.6	%					36.9	%
Net claims and claim expense ratio - prior accident years		(28.0	%)		4.5	%					(17.3	%)

Net claims and claim expense ratio - calendar year		(6.1	%)		72.1	%					19.6	%
Underwriting expense ratio		23.7	%		36.6	%					28.0	%

Combined ratio		17.6	%		108.7	%					47.6	%


	Nine months ended September, 2008
	Reinsurance			Individual Risk			Eliminations (1)			Total

Gross premiums written	$	1,100,984		$	479,351		$	(5,916	)	$	1,574,419


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


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


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


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

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


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

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

Combined ratio		89.3	%		97.4	%					92.0	%

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


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Catastrophe and Specialty Underwriting Results


	Three months ended September 30, 2009									Three months ended September 30, 2008
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total

Gross premiums written	$	107,308		$	25,179		$	132,487		$	141,252		$	28,211		$	169,463


Net premiums written	$	19,656		$	23,546		$	43,202		$	101,018		$	28,211		$	129,229


Net premiums earned	$	176,519		$	25,741		$	202,260		$	217,626		$	33,432		$	251,058
Net claims and claim expenses incurred		(3,068	)		(12,846	)		(15,914	)		410,683			12,885			423,568
Acquisition expenses		14,365			2,799			17,164			27,838			6,631			34,469
Operational expenses		25,303			8,658			33,961			16,037			4,565			20,602


Underwriting income (loss)	$	139,919		$	27,130		$	167,049		$	(236,932	)	$	9,351		$	(227,581	)


Net claims and claim expenses incurred - current accident year	$	35,030		$	11,725		$	46,755		$	440,740		$	13,447		$	454,187
Net claims and claim expenses incurred - prior accident years		(38,098	)		(24,571	)		(62,669	)		(30,057	)		(562	)		(30,619	)

Net claims and claim expenses incurred - total	$	(3,068	)	$	(12,846	)	$	(15,914	)	$	410,683		$	12,885		$	423,568


Net claims and claim expense ratio - current accident year		19.8	%		45.5	%		23.1	%		202.5	%		40.2	%		180.9	%
Net claims and claim expense ratio - prior accident years		(21.5	%)		(95.4	%)		(31.0	%)		(13.8	%)		(1.7	%)		(12.2	%)

Net claims and claim expense ratio - calendar year		(1.7	%)		(49.9	%)		(7.9	%)		188.7	%		38.5	%		168.7	%
Underwriting expense ratio		22.4	%		44.5	%		25.3	%		20.2	%		33.5	%		21.9	%

Combined ratio		20.7	%		(5.4	%)		17.4	%		208.9	%		72.0	%		190.6	%


	Nine months ended September 30, 2009									Nine months ended September 30, 2008
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total

Gross premiums written	$	1,127,726		$	93,309		$	1,221,035		$	970,064		$	130,920		$	1,100,984


Net premiums written	$	765,728		$	87,242		$	852,970		$	694,416		$	130,920		$	825,336


Net premiums earned	$	543,739		$	112,404		$	656,143		$	555,446		$	154,125		$	709,571
Net claims and claim expenses incurred		(52,300	)		12,168			(40,132	)		449,156			41,601			490,757
Acquisition expenses		37,377			19,944			57,321			43,800			34,695			78,495
Operational expenses		74,738			23,527			98,265			49,920			14,577			64,497


Underwriting income	$	483,924		$	56,765		$	540,689		$	12,570		$	63,252		$	75,822


Net claims and claim expenses incurred - current accident year	$	75,047		$	68,589		$	143,636		$	497,005		$	85,619		$	582,624
Net claims and claim expenses incurred - prior accident years		(127,347	)		(56,421	)		(183,768	)		(47,849	)		(44,018	)		(91,867	)

Net claims and claim expenses incurred - total	$	(52,300	)	$	12,168		$	(40,132	)	$	449,156		$	41,601		$	490,757


Net claims and claim expense ratio - current accident year		13.8	%		61.0	%		21.9	%		89.5	%		55.6	%		82.1	%
Net claims and claim expense ratio - prior accident years		(23.4	%)		(50.2	%)		(28.0	%)		(8.6	%)		(28.6	%)		(12.9	%)

Net claims and claim expense ratio - calendar year		(9.6	%)		10.8	%		(6.1	%)		80.9	%		27.0	%		69.2	%
Underwriting expense ratio		20.6	%		38.7	%		23.7	%		16.8	%		32.0	%		20.1	%

Combined ratio		11.0	%		49.5	%		17.6	%		97.7	%		59.0	%		89.3	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009		December 31, 2008		September 30, 2008
Renaissance catastrophe premiums	$	78,232		$	356,269		$	289,630	$	19,487	$	97,839
Renaissance specialty premiums		25,249			(3,370	)		68,973		26,875		28,408


Total Renaissance premiums		103,481			352,899			358,603		46,362		126,247


DaVinci catastrophe premiums		29,076			202,733			171,786		5,070		43,413
DaVinci specialty premiums		(70	)					2,527		1,975		(197	)


Total DaVinci premiums		29,006			202,733			174,313		7,045		43,216


Total Reinsurance premiums	$	132,487		$	555,632		$	532,916	$	53,407	$	169,463


Total specialty premiums	$	25,179		$	(3,370	)	$	71,500	$	28,850	$	28,211


Total catastrophe premiums	$	107,308		$	559,002		$	461,416	$	24,557	$	141,252
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		(434	)		26,184			23,792				(293	)
Catastrophe premiums assumed from the Individual Risk segment		(13,423	)		809			236		244		(13,342	)


Total managed catastrophe premiums (2)	$	93,451		$	585,995		$	485,444	$	24,801	$	127,617


	Nine months ended
	September 30, 2009			September 30, 2008
Renaissance catastrophe premiums	$	724,131		$	614,124
Renaissance specialty premiums		90,852			126,826


Total Renaissance premiums		814,983			740,950


DaVinci catastrophe premiums		403,595			355,940
DaVinci specialty premiums		2,457			4,094


Total DaVinci premiums		406,052			360,034


Total Reinsurance premiums	$	1,221,035		$	1,100,984


Total specialty premiums	$	93,309		$	130,920


Total catastrophe premiums	$	1,127,726		$	970,064
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		49,542			55,370
Catastrophe premiums assumed from the Individual Risk segment		(12,378	)		(5,916	)


Total managed catastrophe premiums (2)	$	1,164,890		$	1,019,518

(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.

Individual Risk Segment - Gross Premiums Written


	Three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
By Line of Business
Commercial multi-line	$	31,066	$	25,447	$	24,642	$	27,131	$	29,773
Multi-peril crop		21,296		234,994		8,152		52,229		11,881
Commercial property		15,514		32,366		16,121		18,055		24,863
Personal lines property		15,473		5,924		16,234		10,543		17,168


Total Individual Risk premiums	$	83,349	$	298,731	$	65,149	$	107,958	$	83,685


	Nine months ended
	September 30, 2009		September 30, 2008
By Line of Business
Multi-peril crop	$	264,442	$	220,330
Commercial multi-line		81,155		92,856
Commercial property		64,001		116,546
Personal lines property		37,631		49,619

Total Individual Risk premiums	$	447,229	$	479,351


		8

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Revenues
Gross premiums written	$	29,006		$	202,733		$	174,313		$	7,045		$	43,216


Net premiums written	$	4,148		$	194,552		$	149,125		$	5,071		$	38,485
Decrease (increase) in unearned premiums		79,730			(109,562	)		(69,479	)		71,459			61,787


Net premiums earned		83,878			84,990			79,646			76,530			100,272
Net investment income (loss)		14,011			15,200			8,862			(211	)		12,149
Net foreign exchange gains (losses)		713			(968	)		(3,332	)		(717	)		124
Other (loss) income		(6,157	)		(2,674	)		90			(1,370	)		(114	)
Net realized gains (losses) on investments		2,631			(255	)		1,344			(2,634	)		4,261

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

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


*Total revenues*		95,076			96,293			86,502			65,037			92,101

Expenses
Net claims and claim expenses incurred		(729	)		(21,362	)		1,792			(35,507	)		202,378
Acquisition expenses		22,159			25,887			15,760			9,377			2,706
Operational and corporate expenses		12,051			10,540			10,427			3,943			4,325
Interest expense		631			927			1,145			2,495			1,754


*Total expenses*		34,112			15,992			29,124			(19,692	)		211,163


*Net income (loss)*		60,964			80,301			57,378			84,729			(119,062	)
Net (income) loss attributable to redeemable noncontrolling interest		(123	)		(163	)		(117	)		(175	)		235


*Net income (loss) available (attributable) to DaVinciRe common shareholders*	$	60,841		$	80,138		$	57,261		$	84,554		$	(118,827	)


Net claims and claim expenses incurred - current accident year	$	14,560		$	7,334		$	7,675		$	1,764		$	213,116
Net claims and claim expenses incurred - prior accident years		(15,289	)		(28,696	)		(5,883	)		(37,271	)		(10,738	)

Net claims and claim expenses incurred - total	$	(729	)	$	(21,362	)	$	1,792		$	(35,507	)	$	202,378


Net claims and claim expense ratio - current accident year		17.4	%		8.6	%		9.6	%		2.3	%		212.5	%
Net claims and claim expense ratio - prior accident years		(18.3	%)		(33.7	%)		(7.4	%)		(48.7	%)		(10.7	%)

Net claims and claim expense ratio - calendar year		(0.9	%)		(25.1	%)		2.2	%		(46.4	%)		201.8	%
Underwriting expense ratio		40.8	%		42.8	%		32.9	%		17.4	%		7.0	%

Combined ratio		39.9	%		17.7	%		35.1	%		(29.0	%)		208.8	%


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Nine months ended
	September 30, 2009			September 30, 2008
Revenues
Gross premiums written	$	406,052		$	360,034


Net premiums written	$	347,825		$	336,126
Increase in unearned premiums		(99,311	)		(80,296	)


Net premiums earned		248,514			255,830
Net investment income		38,073			43,296
Net foreign exchange (losses) gains		(3,587	)		1,328
Other loss		(8,741	)		(1,589	)
Net realized gains on investments		3,720			7,868

Total other-than-temporary impairments		(108	)		(35,184	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments		(108	)		(35,184	)


*Total revenues*		277,871			271,549

Expenses
Net claims and claim expenses (recovered) incurred		(20,299	)		217,800
Acquisition expenses		63,806			40,729
Operational and corporate expenses		33,018			20,196
Interest expense		2,703			6,183


*Total expenses*		79,228			284,908


*Net income (loss)*		198,643			(13,359	)
Net (income) loss attributable to redeemable noncontrolling interest		(403	)		13


*Net income (loss) available to DaVinciRe common shareholders*	$	198,240		$	(13,346	)


Net claims and claim expenses incurred - current accident year	$	29,569		$	235,601
Net claims and claim expenses incurred - prior accident years		(49,868	)		(17,801	)

Net claims and claim expenses incurred - total	$	(20,299	)	$	217,800


Net claims and claim expense ratio - current accident year		11.9	%		92.1	%
Net claims and claim expense ratio - prior accident years		(20.1	%)		(7.0	%)

Net claims and claim expense ratio - calendar year		(8.2	%)		85.1	%
Underwriting expense ratio		39.0	%		23.8	%

Combined ratio		30.8	%		108.9	%


		10

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Assets
Fixed maturity investments available for sale, at fair value	$	4,505,446	$	4,230,443	$	3,164,848	$	2,996,885	$	3,645,294
Short term investments, at fair value		880,406		1,074,469		2,136,336		2,172,343		1,438,201
Other investments, at fair value		812,056		779,416		733,023		773,475		902,328
Investments in other ventures, under equity method		94,859		91,677		88,159		99,879		117,789

Total investments		6,292,767		6,176,005		6,122,366		6,042,582		6,103,612
Cash and cash equivalents		347,993		209,933		249,340		274,692		427,176
Premiums receivable		826,562		1,071,666		593,199		565,630		728,046
Ceded reinsurance balances		207,257		250,225		149,309		88,019		155,487
Losses recoverable		253,312		266,993		201,215		299,534		300,076
Accrued investment income		34,076		29,209		23,927		26,614		35,134
Deferred acquisition costs		95,614		114,836		97,710		81,904		114,038
Receivable for investments sold		188,497		332,763		308,483		236,485		368,313
Other secured assets		27,464		76,509		76,331		76,424		107,252
Other assets		201,982		206,455		165,492		217,986		178,163
Goodwill and other intangibles		69,175		70,843		72,537		74,181		71,942

*Total assets*	$	8,544,699	$	8,805,437	$	8,059,909	$	7,984,051	$	8,589,239

Liabilities, Redeemable Noncontrolling Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	1,837,879	$	1,938,295	$	1,992,049	$	2,160,612	$	2,433,420
Reserve for unearned premiums		805,199		1,069,082		716,613		510,235		757,624
Debt		450,000		450,000		450,000		450,000		450,000
Reinsurance balances payable		457,947		499,437		289,522		315,401		360,829
Payable for investments purchased		247,502		468,329		590,401		378,111		545,100
Other secured liabilities		27,500		77,420		77,420		77,420		106,420
Other liabilities		251,504		198,710		171,738		290,998		195,071

*Total liabilities*		4,077,531		4,701,273		4,287,743		4,182,777		4,848,464

Redeemable noncontrolling interest - DaVinciRe		746,698		700,562		650,763		768,531		699,534

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		62,390		62,345		62,324		61,503		61,401
Additional paid-in capital		25,494		18,600		11,373
Accumulated other comprehensive income		78,338		12,065		69,530		75,387		16,544
Retained earnings		2,904,248		2,660,592		2,328,176		2,245,853		2,313,296

*Total shareholders equity*		3,720,470		3,403,602		3,121,403		3,032,743		3,041,241

*Total liabilities, redeemable noncontrolling interest and shareholders equity*	$	8,544,699	$	8,805,437	$	8,059,909	$	7,984,051	$	8,589,239

Book value per common share	$	49.21	$	44.17	$	39.65	$	38.74	$	38.94

Common shares outstanding		62,390		62,345		62,324		61,503		61,401


		11

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	September 30, 2009					June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008
TYPE OF INVESTMENT
U.S. treasuries	$	713,715		11.3	%	$	300,521		4.9	%	$	227,594		3.7	%	$	467,480		7.8	%	$	690,264		11.3	%
Agencies		256,570		4.1	%		679,999		11.0	%		404,124		6.6	%		448,521		7.4	%		419,053		6.9	%
Non-U.S. government		122,757		2.0	%		98,382		1.6	%		72,904		1.2	%		55,370		0.9	%		83,556		1.4	%
FDIC guaranteed corporate		903,137		14.4	%		812,509		13.2	%		516,115		8.4	%		207,393		3.4	%
Non-U.S. government-backed corporate		227,718		3.6	%		143,284		2.3	%		15,569		0.3	%		3,530		0.1	%
Corporate		860,057		13.7	%		741,295		12.0	%		510,848		8.3	%		537,975		8.9	%		740,013		12.1	%
Agency mortgage-backed securities		1,039,945		16.5	%		1,069,621		17.3	%		990,126		16.2	%		756,902		12.5	%		708,269		11.6	%
Non-agency mortgage-backed securities		46,179		0.7	%		49,590		0.8	%		62,059		1.0	%		98,672		1.6	%		220,478		3.6	%
Commercial mortgage-backed securities		232,053		3.7	%		204,275		3.3	%		213,943		3.5	%		255,020		4.3	%		435,000		7.1	%
Asset-backed		103,315		1.6	%		130,967		2.1	%		151,566		2.5	%		166,022		2.7	%		348,661		5.7	%

Total fixed maturities available for sale, at fair value		4,505,446		71.6	%		4,230,443		68.5	%		3,164,848		51.7	%		2,996,885		49.6	%		3,645,294		59.7	%
Short term investments, at fair value		880,406		14.0	%		1,074,469		17.4	%		2,136,336		34.9	%		2,172,343		36.0	%		1,438,201		23.6	%
Other investments, at fair value		812,056		12.9	%		779,416		12.6	%		733,023		12.0	%		773,475		12.8	%		902,328		14.8	%

Total managed investment portfolio		6,197,908		98.5	%		6,084,328		98.5	%		6,034,207		98.6	%		5,942,703		98.4	%		5,985,823		98.1	%
Investments in other ventures, under equity method		94,859		1.5	%		91,677		1.5	%		88,159		1.4	%		99,879		1.6	%		117,789		1.9	%

Total investments	$	6,292,767		100.0	%	$	6,176,005		100.0	%	$	6,122,366		100.0	%	$	6,042,582		100.0	%	$	6,103,612		100.0	%

CREDIT QUALITY OF FIXED MATURITIES
AAA	$	3,636,884		80.7	%	$	3,498,768		82.7	%	$	2,625,260		83.0	%	$	2,524,500		84.2	%	$	2,928,677		80.3	%
AA		368,744		8.2	%		344,888		8.2	%		210,173		6.6	%		147,405		4.9	%		377,421		10.4	%
A		266,502		5.9	%		227,803		5.4	%		200,312		6.3	%		200,318		6.7	%		172,897		4.7	%
BBB		149,509		3.3	%		86,188		2.0	%		65,726		2.1	%		66,123		2.2	%		93,506		2.6	%
Non-investment grade		83,807		1.9	%		72,796		1.7	%		63,377		2.0	%		58,539		2.0	%		72,793		2.0	%

Total fixed maturities available for sale, at fair value	$	4,505,446		100.0	%	$	4,230,443		100.0	%	$	3,164,848		100.0	%	$	2,996,885		100.0	%	$	3,645,294		100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	125,570		2.8	%	$	136,859		3.2	%	$	110,388		3.5	%	$	115,316		3.8	%	$	223,439		6.1	%
Due after one through five years		2,550,285		56.6	%		2,292,095		54.2	%		1,363,800		43.1	%		1,327,837		44.4	%		1,256,700		34.5	%
Due after five through ten years		297,289		6.6	%		271,697		6.4	%		191,201		6.0	%		183,396		6.1	%		370,532		10.1	%
Due after 10 years		110,810		2.5	%		75,339		1.8	%		81,765		2.6	%		93,720		3.1	%		82,215		2.3	%
Mortgage-backed securities		1,318,177		29.2	%		1,323,486		31.3	%		1,266,128		40.0	%		1,110,594		37.1	%		1,363,747		37.4	%
Asset-backed securities		103,315		2.3	%		130,967		3.1	%		151,566		4.8	%		166,022		5.5	%		348,661		9.6	%

Total fixed maturities available for sale, at fair value	$	4,505,446		100.0	%	$	4,230,443		100.0	%	$	3,164,848		100.0	%	$	2,996,885		100.0	%	$	3,645,294		100.0	%


	Sept. 30, 2009					June 30, 2009					Mar. 31, 2009					Dec. 31, 2008					Sept. 30, 2008
Average yield to maturity of fixed maturities and short term investments		2.4	%				3.0	%				2.5	%				2.8	%				5.0	%
Average duration of fixed maturities and short term investments		2.5					2.5					1.3					1.5					2.2
Average credit quality of fixed maturities and short term investments		AA					AA					AA					AA					AA


		12

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
TYPE OF INVESTMENT
Private equity partnerships	$	279,030		$	263,263		$	247,559		$	258,901		$	297,167
Senior secured bank loan funds		240,514			259,234			220,202			215,870			272,752
Catastrophe bonds		124,192			100,502			93,798			93,085			83,434
Non-U.S. fixed income funds		81,083			68,192			81,757			81,719			104,196
Hedge funds		52,955			66,625			72,428			105,838			115,345
Miscellaneous other investments		34,282			21,600			17,279			18,062			29,434

Total other investments, at fair value	$	812,056		$	779,416		$	733,023		$	773,475		$	902,328


TYPE OF INVESTMENT
Private equity partnerships		34.4	%		33.8	%		33.7	%		33.5	%		33.0	%
Senior secured bank loan funds		29.6	%		33.3	%		30.0	%		27.9	%		30.2	%
Catastrophe bonds		15.3	%		12.9	%		12.8	%		12.0	%		9.2	%
Non-U.S. fixed income funds		10.0	%		8.7	%		11.2	%		10.6	%		11.5	%
Hedge funds		6.5	%		8.5	%		9.9	%		13.7	%		12.8	%
Miscellaneous other investments		4.2	%		2.8	%		2.4	%		2.3	%		3.3	%

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


		13

RenaissanceRe Holdings Ltd.

Investment Result


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Fixed maturity investments available for sale	$	44,127		$	40,007		$	39,127		$	53,290		$	52,087
Short term investments		2,285			2,741			3,071			7,313			9,990
Other investments
Hedge funds and private equity investments		15,510			12,327			(19,741	)		(55,364	)		(15,080	)
Other		47,748			61,740			21,821			(84,983	)		(30,306	)
Cash and cash equivalents		102			157			373			1,552			1,956

		109,772			116,972			44,651			(78,192	)		18,647
Investment expenses		(2,957	)		(2,679	)		(2,525	)		(4,532	)		(2,880	)

Net investment income (loss)		106,815			114,293			42,126			(82,724	)		15,767

Gross realized gains		26,734			33,213			31,423			40,749			20,007
Gross realized losses		(9,940	)		(14,324	)		(9,297	)		(58,371	)		(8,809	)

Net realized gains (losses) on investments		16,794			18,889			22,126			(17,622	)		11,198
Total other-than-temporary impairments		(1,408	)		(5,289	)		(19,022	)		(66,251	)		(98,808	)
Portion recognized in other comprehensive income, before taxes		1,062			3,456

Net other-than-temporary impairments		(346	)		(1,833	)		(19,022	)		(66,251	)		(98,808	)
Net unrealized (losses) gains on fixed maturity investments available for sale		74,697			(57,166	)		(5,407	)		62,363			(21,411	)
FAS 115-2 cumulative effect adjustment (1)					76,615


Net change in unrealized holding gains on fixed maturity investments available for sale		74,697			19,449			(5,407	)		62,363			(21,411	)

*Total investment result*	$	197,960		$	150,798		$	39,823		$	(104,234	)	$	(93,254	)


	Nine months ended
	September 30, 2009			September 30, 2008
Fixed maturity investments available for sale	$	123,261		$	147,930
Short term investments		8,097			41,124
Other investments
Hedge funds and private equity investments		8,096			(46,415	)
Other		131,309			(32,884	)
Cash and cash equivalents		632			5,900

		271,395			115,655
Investment expenses		(8,161	)		(8,700	)

Net investment income		263,234			106,955

Gross realized gains		91,370			58,885
Gross realized losses		(33,561	)		(30,563	)

Net realized gains (losses) on investments		57,809			28,322
Total other-than-temporary impairments		(25,719	)		(150,763	)
Portion recognized in other comprehensive income, before taxes		4,518

Net other-than-temporary impairments		(21,201	)		(150,763	)
Net unrealized losses on fixed maturity investments available for sale		12,124			(32,930	)
FAS 115-2 cumulative effect adjustment (1)		76,615

Net change in unrealized holding gains on fixed maturity investments available for sale		88,739			(32,930	)

*Total investment result*	$	388,581		$	(48,416	)

(1)	Cumulative effect adjustment to opening retained earnings as of April 1, 2009, related to the recognition and presentation of other-than-temporary impairments, as required by FASB ASC Topic Investments - Debt and Equity Securities.


		14

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating


										Credit Rating (1)
At September 30, 2009	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio		Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	880,406	$	880,406		14.2	%	0.2	%	$	877,484		$	2,822		$			$			$	100		$
				100.0	%						99.7	%		0.3	%		0.0	%		0.0	%		0.0	%		0.0	%
Fixed maturity investments available for sale
U.S. treasuries		709,262		713,715		11.5	%	1.8	%		713,715
Agencies
Fannie Mae & Freddie Mac		181,286		183,491		3.0	%	1.8	%		178,636						4,855
Other agencies		71,550		73,079		1.1	%	1.9	%		73,079

Total agencies		252,836		256,570		4.1	%	1.8	%		251,715						4,855
Non-U.S. government		112,603		122,757		2.0	%	3.9	%		68,613			19,516			1,476			20,739			11,878			535
FDIC guaranteed corporate		892,871		903,137		14.6	%	1.5	%		903,137
Non-U.S. government-backed corporate		224,606		227,718		3.7	%	2.4	%		223,137			4,581
Corporate		817,276		860,057		13.9	%	3.7	%		95,789			336,327			232,629			124,381			70,931
Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		1,019,302		1,039,945		16.8	%	3.3	%		1,039,945
Non-agency securities		34,191		33,451		0.5	%	7.6	%		25,712			6,921						689			129
Non-agency securities - Alt A		12,717		12,728		0.2	%	13.2	%		9,391			1,399			1,604						334
Non-agency securities - Sub-prime

Total residential mortgage-backed securities		1,066,210		1,086,124		17.5	%	3.5	%		1,075,048			8,320			1,604			689			463
Commercial mortgage-backed securities		235,753		232,053		3.7	%	5.4	%		202,415						25,938			3,700

Total mortgage-backed securities		1,301,963		1,318,177		21.2	%	3.8	%		1,277,463			8,320			27,542			4,389			463
Asset-backed securities
Student loans		54,560		55,524		0.9	%	1.7	%		55,524
Auto		29,328		29,756		0.5	%	1.6	%		29,756
Credit cards		6,962		7,131		0.1	%	1.3	%		7,131
Other		11,161		10,904		0.2	%	7.8	%		10,904

Total asset-backed securities		102,011		103,315		1.7	%	2.3	%		103,315

Total securitized assets		1,403,974		1,421,492		22.9	%	3.7	%		1,380,778			8,320			27,542			4,389			463

Total fixed maturity investments available for sale		4,413,428		4,505,446		72.7	%	2.8	%		3,636,884			368,744			266,502			149,509			83,272			535
				100.0	%						80.8	%		8.2	%		5.9	%		3.3	%		1.8	%		0.0	%

Other investments
Private equity partnerships				279,030		4.5	%																			279,030
Senior secured bank loan funds				240,514		3.8	%																240,514
Catastrophe bonds				124,192		2.0	%										25,209						98,983
Non-U.S. fixed income funds				81,083		1.3	%													44,494			36,589
Hedge funds				52,955		0.9	%																			52,955
Miscellaneous other investments				34,282		0.6	%													25,900			8,382

Total other investments				812,056		13.1	%										25,209			70,394			384,468			331,985
Total managed investment portfolio			$	6,197,908		100.0	%			$	4,514,368		$	371,566		$	291,711		$	219,903		$	467,840		$	332,520
				100.0	%						72.9	%		6.0	%		4.7	%		3.5	%		7.5	%		5.4	%

(1)

The credit ratings included in this table are those assigned by Standard & Poors Corporation (S&P). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short-term issue credit rating as AAA, short term investments with A-2 short-term issue credit rating as AA and short term investments with an A-3 short-term issue credit rating as A.


		15

RenaissanceRe Holdings Ltd.

Investment Portfolio - Change in Fair Value


	At September 30, 2009				At December 31, 2008				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	880,406	14.2	%	$	2,172,343	36.6	%	$	(1,291,937	)	(59.5	%)

Fixed maturity investments available for sale

U.S. treasuries		713,715	11.5	%		467,480	7.9	%		246,235		52.7	%

Agencies

Fannie Mae & Freddie Mac		183,491	3.0	%		385,229	6.4	%		(201,738	)	(52.4	%)
Other agencies		73,079	1.1	%		63,292	1.1	%		9,787		15.5	%


Total agencies		256,570	4.1	%		448,521	7.5	%		(191,951	)	(42.8	%)

Non-U.S. government		122,757	2.0	%		55,370	0.9	%		67,387		121.7	%

FDIC guaranteed corporate		903,137	14.6	%		207,393	3.5	%		695,744		335.5	%

Non-U.S. government-backed corporate		227,718	3.7	%		3,530	0.1	%		224,188		6350.9	%

Corporate		860,057	13.9	%		537,975	9.1	%		322,082		59.9	%

Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		1,039,945	16.8	%		756,902	12.7	%		283,043		37.4	%
Non-agency securities		33,451	0.5	%		70,916	1.2	%		(37,465	)	(52.8	%)
Non-agency securities - Alt A		12,728	0.2	%		27,756	0.5	%		(15,028	)	(54.1	%)
Non-agency securities - Sub-prime			0.0	%			0.0	%				0.0	%


Total residential mortgage-backed securities		1,086,124	17.5	%		855,574	14.4	%		230,550		26.9	%

Commercial mortgage-backed securities		232,053	3.7	%		255,020	4.3	%		(22,967	)	(9.0	%)


Total mortgage-backed securities		1,318,177	21.2	%		1,110,594	18.7	%		207,583		18.7	%

Asset-backed securities
Student loans		55,524	0.9	%		46,988	0.8	%		8,536		18.2	%
Auto		29,756	0.5	%		95,812	1.6	%		(66,056	)	(68.9	%)
Credit cards		7,131	0.1	%		12,056	0.2	%		(4,925	)	(40.9	%)
Other		10,904	0.2	%		11,166	0.1	%		(262	)	(2.3	%)


Total asset-backed securities		103,315	1.7	%		166,022	2.7	%		(62,707	)	(37.8	%)


Total securitized assets		1,421,492	22.9	%		1,276,616	21.4	%		144,876		11.3	%


Total fixed maturity investments available for sale		4,505,446	72.7	%		2,996,885	50.4	%		1,508,561		50.3	%

Other investments
Private equity partnerships		279,030	4.5	%		258,901	4.3	%		20,129		7.8	%
Senior secured bank loan funds		240,514	3.8	%		215,870	3.6	%		24,644		11.4	%
Catastrophe bonds		124,192	2.0	%		93,085	1.8	%		31,107		33.4	%
Non-U.S. fixed income funds		81,083	1.3	%		81,719	1.6	%		(636	)	(0.8	%)
Hedge funds		52,955	0.9	%		105,838	1.4	%		(52,883	)	(50.0	%)
Miscellaneous other investments		34,282	0.6	%		18,062	0.3	%		16,220		89.8	%


Total other investments		812,056	13.1	%		773,475	13.0	%		38,581		5.0	%

Total managed investment portfolio	$	6,197,908	100.0	%	$	5,942,703	100.0	%	$	255,205		4.3	%


		16

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments Available for Sale - Securitized Assets


					% of Total Managed Investment Portfolio
At September 30, 2009	Fair Value		% of Total Managed Investment Portfolio		Vintage												% of Total Securitized Assets		Weighted Average Life
At September 30, 2009	Fair Value		% of Total Managed Investment Portfolio		2009		2008		2007		2006		2005		2004 & Prior		% of Total Securitized Assets		Weighted Average Life
Total managed investment portfolio	$	6,197,908	100.0	%

Mortgage-backed securities

Residential mortgage-backed securities

Agency securities		1,039,945	16.8	%	4.0	%	6.1	%	3.1	%	1.0	%	0.6	%	2.0	%	73.2	%	3.2
Non-agency securities		33,451	0.5	%	0.0	%	0.0	%	0.0	%	0.1	%	0.2	%	0.2	%	2.4	%	4.2
Non-agency securities - Alt A		12,728	0.2	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.1	%	0.9	%	4.2
Non-agency securities - Sub-prime			0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%

Total non-agency securities		46,179	0.7	%	0.0	%	0.0	%	0.0	%	0.1	%	0.3	%	0.3	%	3.3	%	4.2

Total residential mortgage-backed securities		1,086,124	17.5	%	4.0	%	6.1	%	3.1	%	1.1	%	0.9	%	2.3	%	76.5	%	3.2
Commercial mortgage-backed securities		232,053	3.7	%	0.2	%	0.2	%	0.3	%	0.5	%	0.9	%	1.6	%	16.3	%	2.7

Total mortgage-backed securities		1,318,177	21.2	%	4.2	%	6.3	%	3.4	%	1.6	%	1.8	%	3.9	%	92.8	%	3.1

Asset-backed securities

Student loans		55,524	0.9	%	0.0	%	0.6	%	0.0	%	0.0	%	0.2	%	0.1	%	3.9	%	5.2
Auto		29,756	0.5	%	0.0	%	0.1	%	0.0	%	0.3	%	0.1	%	0.0	%	2.0	%	0.7
Credit cards		7,131	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.0	%	0.5	%	1.4
Other		10,904	0.2	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.1	%	0.8	%	1.2


Total asset-backed securities		103,315	1.7	%	0.0	%	0.7	%	0.0	%	0.3	%	0.5	%	0.2	%	7.2	%	3.2


Total securitized assets	$	1,421,492	22.9	%	4.2	%	7.0	%	3.4	%	1.9	%	2.3	%	4.1	%	100.0	%	3.1


		17

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments Available for Sale - Corporate Sector


	At September 30, 2009
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade
Financials	$	406,977	$	34,982	$	207,513	$	123,305	$	24,852	$	16,325
Industrial, utilities and energy		143,694		81		44,019		41,049		39,915		18,630
Consumer		195,580		45,571		84,795		25,651		18,844		20,719
Communications and technology		95,509		15,155				39,325		28,334		12,695
Basic materials		18,297						3,299		12,436		2,562

Total corporate fixed maturity investments available for sale, at fair value (1)	$	860,057	$	95,789	$	336,327	$	232,629	$	124,381	$	70,931

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


	At September 30, 2009
Issuer	Total		Short term investments		Fixed maturity investments available for sale
General Electric Company	$	70,106	$	1,748	$	68,358
Wells Fargo & Company		68,712		1,300		67,412
JP Morgan Chase & Co.		34,212				34,212
Pfizer Inc.		29,859				29,859
The Bank of New York Mellon Corporation		27,220				27,220
Rabobank Nederland		26,326		2,999		23,327
Novartis AG		24,544				24,544
Royal Dutch Shell plc		21,991				21,991
Wal-Mart Stores, Inc.		20,964				20,964
Citigroup Inc.		16,886		1,800		15,086


Total (1)	$	340,820	$	7,847	$	332,973

(1)	Excludes FDIC guaranteed and non-U.S. government backed corporate fixed maturity investments available for sale, at fair value.


		18

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


September 30, 2009	Case Reserves		Additional Case Reserves		IBNR		Total
Property catastrophe reinsurance	$	190,779	$	233,954	$	236,429	$	661,162
Specialty reinsurance		110,806		130,040		372,405		613,251

Total Reinsurance		301,585		363,994		608,834		1,274,413
Individual Risk		196,320		6,705		360,441		563,466

Total	$	497,905	$	370,699	$	969,275	$	1,837,879

June 30, 2009
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


		19

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended September 30, 2009									Three months ended September 30, 2008
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,938,295		$	266,993		$	1,671,302		$	2,009,803		$	191,789		$	1,818,014

Incurred losses and loss expenses
Current year		138,683			29,672			109,011			692,491			121,147			571,344
Prior years		(79,956	)		(9,512	)		(70,444	)		(44,251	)		(8,254	)		(35,997	)

Total incurred losses and loss expenses		58,727			20,160			38,567			648,240			112,893			535,347

Paid losses and loss expenses
Current year		82,535			1,778			80,757			140,220			5,744			134,476
Prior years		76,608			32,063			44,545			84,403			(1,138	)		85,541

Total paid losses and loss expenses		159,143			33,841			125,302			224,623			4,606			220,017

Reserve for losses and loss expenses, end of period	$	1,837,879		$	253,312		$	1,584,567		$	2,433,420		$	300,076		$	2,133,344


	Nine months ended September 30, 2009									Nine months ended September 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		451,351			90,365			360,986			1,037,752			175,380			862,372
Prior years		(174,543	)		(5,144	)		(169,399	)		(155,019	)		(24,367	)		(130,652	)

Total incurred losses and loss expenses		276,808			85,221			191,587			882,733			151,013			731,720

Paid losses and loss expenses
Current year		107,631			1,579			106,052			157,225			1,014			156,211
Prior years		491,910			129,864			362,046			320,584			33,198			287,386

Total paid losses and loss expenses		599,541			131,443			468,098			477,809			34,212			443,597

Reserve for losses and loss expenses, end of period	$	1,837,879		$	253,312		$	1,584,567		$	2,433,420		$	300,076		$	2,133,344


		20

RenaissanceRe Holdings Ltd.

Earnings per Share


	Three months ended
(common shares in thousands)	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	258,628		$	271,179		$	97,284		$	(55,192	)	$	(230,974	)
Amount allocated to participating common shareholders (1)		(6,067	)		(6,007	)		(1,809	)		594			2,901

	$	252,561		$	265,172		$	95,475		$	(54,598	)	$	(228,073	)

Denominator:
Denominator for basic income per RenaissanceRe common share -

Weighted average common shares		60,898			60,963			60,635			60,732			60,943

Per common share equivalents of employee stock options and restricted shares		469			359			354			537			751


Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		61,367			61,322			60,989			61,269			61,694


Basic income (loss) per RenaissanceRe common share	$	4.15		$	4.35		$	1.57		$	(0.91	)	$	(3.79	)

Diluted income (loss) per RenaissanceRe common share (2)	$	4.12		$	4.32		$	1.57		$	(0.91	)	$	(3.79	)

	Nine months ended
(common shares in thousands)	September 30, 2009			September 30, 2008
Numerator:
Net income available to RenaissanceRe common shareholders	$	627,091		$	41,912
Amount allocated to participating common shareholders (1)		(13,310	)		(607	)

	$	613,781		$	41,305

Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares		60,832			63,131
Per common share equivalents of employee stock options and restricted shares		394			994

Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		61,226			64,125

Basic income per RenaissanceRe common share	$	10.09		$	0.66
Diluted income per RenaissanceRe common share	$	10.03		$	0.65

(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Companys 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.

(2)	Earnings per share calculations use average common shares outstanding-basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.


		21

RenaissanceRe Holdings Ltd.

Equity in Earnings of Other Ventures


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Top Layer Re	$	3,385		$	4,176		$	2,146		$	2,310		$	2,431
Tower Hill and the Tower Hill Companies		1,098			536			(491	)		(840	)		(832	)
Starbound II														777
Other		(152	)		720			81			(1,322	)		(43	)

*Total equity in earnings of other ventures*	$	4,331		$	5,432		$	1,736		$	148		$	2,333


	Nine months ended
	September 30, 2009			September 30, 2008
Top Layer Re	$	9,707		$	9,067
Tower Hill and the Tower Hill Companies		1,143			1,385
Starbound II					3,202
Other		649			(199	)

*Total equity in earnings of other ventures*	$	11,499		$	13,455


		22

RenaissanceRe Holdings Ltd.

Other Income (Loss)


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Weather and energy risk operations	$	13,674		$	6,428		$	4,814		$	5,232		$	(589	)
Mark-to-market on Platinum warrant		12,839			424			(13,724	)		1,836			5,538
Weather-related and loss mitigation		(2,110	)		(2,963	)		(3,279	)		(1,919	)		(3,070	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(13,147	)		(7,928	)		(2,678	)		(3,717	)		(1,847	)
Other items		2,168			383			72			(1,426	)		2,226

*Total other income (loss)*	$	13,424		$	(3,656	)	$	(14,795	)	$	6		$	2,258


	Nine months ended
	September 30, 2009			September 30, 2008
Weather and energy risk operations	$	24,916		$	19,890
Mark-to-market on Platinum warrant		(461	)		(2,374	)
Weather-related and loss mitigation		(8,352	)		(7,153	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(23,753	)		(6,022	)
Other items		2,623			5,905

*Total other (loss) income*	$	(5,027	)	$	10,246


		23

RenaissanceRe Holdings Ltd.

Ratings


September 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	A+
Stonington	A	A+
Stonington Lloyds	A	A+
Lantana	A	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.


		24

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 sharediluted and operating return on average common equityannualized. 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 sharediluted to operating income (loss) available (attributable) to RenaissanceRe common shareholders per common sharediluted; and 3) return on average common equityannualized to operating return on average common equity, annualized:


	Three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	258,628		$	271,179		$	97,284		$	(55,192	)	$	(230,974	)
Adjustment for net realized (gains) losses on investments		(16,794	)		(18,889	)		(22,126	)		17,622			(11,198	)
Adjustment for net other-than-temporary impairments		346			1,833			19,022			66,251			98,808

Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	242,180		$	254,123		$	94,180		$	28,681		$	(143,364	)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	4.12		$	4.32		$	1.57		$	(0.91	)	$	(3.79	)
Adjustment for net realized (gains) losses on investments		(0.27	)		(0.31	)		(0.36	)		0.29			(0.18	)
Adjustment for net other-than-temporary impairments					0.04			0.31			1.09			1.62

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	3.85		$	4.05		$	1.52		$	0.47		$	(2.35	)


Return on average common equity - annualized		35.5	%		41.5	%		16.0	%		(9.2	%)		(36.1	%)
Adjustment for net realized (gains) losses on investments		(2.2	%)		(2.9	%)		(3.6	%)		2.9	%		(1.7	%)
Adjustment for net other-than-temporary impairments					0.3	%		3.1	%		11.1	%		15.4	%

Operating return on average common equity - annualized		33.3	%		38.9	%		15.5	%		4.8	%		(22.4	%)


	Nine months ended
	September 30, 2009			September 30, 2008
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	627,091		$	41,912
Adjustment for net realized gains on investments		(57,809	)		(28,322	)
Adjustment for net other-than-temporary impairments		21,201			150,763

Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	590,483		$	164,353

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	10.03		$	0.65
Adjustment for net realized gains on investments		(0.94	)		(0.44	)
Adjustment for net other-than-temporary impairments		0.34			2.35

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	9.43		$	2.56

Return on average common equity - annualized		31.3	%		2.1	%
Adjustment for net realized gains on investments		(2.8	%)		(1.4	%)
Adjustment for net other-than-temporary impairments		1.0	%		7.5	%

Operating return on average common equity - annualized		29.5	%		8.2	%

(1)	Earnings per share calculations use average common shares outstanding-basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.


		25

RenaissanceRe Holdings Ltd.

Comments on Regulation G

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.

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
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Book value per common share	$	49.21		$	44.17		$	39.65		$	38.74		$	38.94
Adjustment for goodwill and intangible assets (1)		(1.83	)		(1.89	)		(1.93	)		(2.01	)		(1.92	)

Tangible book value per common share		47.38			42.28			37.72			36.73			37.02
Adjustment for accumulated dividends		8.64			8.40			8.16			7.92			7.69

Tangible book value per common share plus accumulated dividends	$	56.02		$	50.68		$	45.88		$	44.65		$	44.71

(1)

At September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008 and September 30, 2008, goodwill and other intangibles included $45.3 million, $46.7 million, $48.3 million, $49.8 million and $46.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


		26

Form: 8-K

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