Exhibit 99.1

RenaissanceRe Reports Net Income of $211.8 Million for the Fourth Quarter of 2009 or $3.38 Per Diluted

Common Share; Operating Income of $177.7 Million or $2.82 Per Diluted Common Share

Annual Net Income of $838.9 Million for 2009 or $13.40 Per Diluted Common Share; Annual Operating

Income of $768.2 Million or $12.25 Per Diluted Common Share

Pembroke, Bermuda, February 9, 2010 — RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported net income available to common shareholders of $211.8 million or $3.38 per diluted common share in the fourth quarter of 2009, compared to a net loss attributable to common shareholders of $55.2 million, or a loss of $0.91 per diluted common share, in the fourth quarter of 2008. Operating income available to common shareholders was $177.7 million for the fourth quarter of 2009, or $2.82 per diluted common share, compared to $28.7 million, or $0.47 per diluted common share, in the fourth quarter of 2008. Operating income excludes net realized and unrealized gains on fixed maturity investments of $35.4 million and net other-than-temporary impairments of $1.3 million in the fourth quarter of 2009 and net realized losses on fixed maturity investments of $17.6 million and net other-than-temporary impairments of $66.3 million in the fourth quarter of 2008.

The Company reported an annualized return on average common equity of 27.1% and an annualized operating return on average common equity of 22.7% in the fourth quarter of 2009, compared to negative 9.2% and positive 4.8%, respectively, in the fourth quarter of 2008. Book value per common share increased $2.47, or 5.0%, in the fourth quarter of 2009 to $51.68, compared to a 0.5% decrease in the fourth quarter of 2008. During the year ended December 31, 2009, book value per common share increased $12.94, or 33.4%, compared to a decrease of $2.29, or 5.6% during the year ended December 31, 2008.

Neill A. Currie, CEO, commented: “I am pleased to report strong full year earnings, resulting in an increase in our tangible book value per common share plus the change in accumulated dividends of 38%. These earnings are a result of a relatively low level of insured catastrophe losses, favorable development on prior year reserves, solid investment results and strong performance by our team. While volatility is inherent in our business, we seek to build a portfolio of risks with attractive expected returns, with the potential to achieve superior returns in good years, such as 2009, while seeking to ensure our losses are manageable in high catastrophe loss years.”

Mr. Currie added: “We are pleased with the results of our January 1 renewals and have constructed an attractive portfolio of business for 2010. We will continue to maintain our underwriting discipline, focusing on expected profit rather than premium volume. This discipline has been part of our culture since our formation and we believe this strategy will continue to benefit our shareholders over the long term.”

FOURTH QUARTER 2009 HIGHLIGHTS

Underwriting Results

Gross premiums written for the fourth quarter of 2009 were $73.0 million, an $88.6 million decrease from the fourth quarter of 2008, principally reflecting a $63.6 million decrease in the Company’s Reinsurance segment and a $24.4 million decrease in the Company’s Individual Risk segment, as described in more detail below. The Company generated $184.5 million of underwriting income and had a combined ratio of 37.7% in the fourth quarter of 2009, compared to $205.7 million of underwriting income and a combined ratio of 36.1% in the fourth quarter of 2008. The strong underwriting results in the fourth quarter of 2009 were primarily driven by a low level of insured catastrophes combined with $75.1 million of favorable development on prior year reserves in the quarter. As discussed in more detail below, the favorable development was principally driven by reductions in estimated ultimate net losses on the 2008, 2005 and 2004 hurricanes in the Company’s catastrophe reinsurance unit. Favorable development on prior year reserves in the fourth quarter of 2008 totaled $104.2 million.

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Reinsurance Segment

Gross premiums written for the Company’s Reinsurance segment were negative $10.2 million in the fourth quarter of 2009, compared to $53.4 million in the fourth quarter of 2008, a decrease of $63.6 million. The decrease is primarily due to a $55.8 million decrease in gross premiums written in the Company’s catastrophe reinsurance unit, combined with a $7.8 million decrease in gross premiums written in the Company’s specialty reinsurance unit. The decrease in gross premiums written in the Company’s catastrophe reinsurance unit is primarily due to estimated negative premium adjustments on the 2009 underwriting year of $19.2 million, principally due to an estimated decrease in the amount of premium underlying ceding companies have written in 2009, $15.0 million due to credit related issues with certain ceding companies which experienced significant financial difficulty in the fourth quarter of 2009, and the non-renewal of a large program in the fourth quarter of 2009, that originally incepted during the fourth quarter of 2008. The $7.8 million decrease in gross premiums written in the Company’s specialty reinsurance unit in the fourth quarter of 2009, compared to the fourth quarter of 2008, was principally due to the non-renewal and portfolio transfer out of a catastrophe exposed homeowners personal lines property quota share during the second quarter of 2009. The Reinsurance segment’s gross premiums written continue to be comprised of a relatively small number of large transactions which can result in significant increases or decreases in gross premiums written from one period to the next.

The Reinsurance segment generated $178.5 million of underwriting income and had a combined ratio of 7.8% in the fourth quarter of 2009, compared to $205.8 million of underwriting income and a combined ratio of negative 2.8% in the fourth quarter of 2008. The $27.3 million decrease in underwriting income and 10.6 percentage point increase in the combined ratio was principally driven by an $18.3 million increase in underwriting expenses, reflecting higher operating expenses as a result of an increase in personnel and related compensation and benefits costs, as well as a $6.6 million decrease in net premiums earned due in part to the negative premium adjustments discussed above. The Reinsurance segment experienced $18.2 million of current accident year losses in the fourth quarter of 2009, compared to $46.4 million of current accident year losses in the fourth quarter of 2008, with the $28.2 million decrease principally due to lower estimated losses in the Company’s specialty unit. Current accident year losses within the catastrophe unit of $7.3 million and $7.3 million in the fourth quarters of 2009 and 2008, respectively, were each low due to low insured catastrophe losses in the fourth quarters of 2009 and 2008, respectively. The Reinsurance segment experienced $65.7 million of favorable development on prior year reserves in the fourth quarter of 2009 which includes $57.0 million related to the Company’s catastrophe reinsurance unit, principally attributable to a reduction in ultimate net losses associated with the 2004 hurricanes, Charley, Frances, Ivan and Jeanne ($11.3 million), the 2005 hurricanes, Katrina, Rita and Wilma ($25.7 million), and the 2008 hurricanes, Gustav and Ike ($14.7 million), and $8.7 million related to the Company’s specialty reinsurance unit.

Individual Risk Segment

Gross premiums written for the Company’s Individual Risk segment decreased $24.4 million, or 22.6%, to $83.6 million in the fourth quarter of 2009, compared to $108.0 million in the fourth quarter of 2008, with the decrease driven primarily by a $26.3 million decrease in the Company’s crop insurance gross premiums written. The decrease in crop insurance gross premiums written was principally due to a significant decline in commodity prices used in determining the policy premium in the fourth quarter of 2009 compared to the fourth quarter of 2008. In 2009 the Company’s crop policy count increased compared to prior periods. There can be significant increases or decreases in gross premiums written in the Company’s Individual Risk segment between quarters and between years based on several factors, including, without limitation, the timing of the inception or cessation of new program managers and quota share reinsurance contracts. In addition, the Company’s gross premiums written in respect of its crop insurance business are subject to fluctuations from a number of factors including the impact of relevant commodity prices.

The Individual Risk segment generated $6.0 million of underwriting income and a combined ratio of 94.2% in the fourth quarter of 2009, compared to an underwriting loss of $0.1 million and a combined ratio of 100.1% in the fourth quarter of 2008. The increase in underwriting income and reduction in the combined ratio were driven by a $24.0 million decrease in current accident year losses due to lower net claims and claim expenses in the Company’s crop insurance business in the fourth quarter of 2009, compared to the fourth quarter of 2008, and partially offset by a $19.2 million decrease in net premiums earned, principally driven by a 22.6% decrease in gross premiums written in 2009 compared to 2008. The Individual Risk segment experienced $9.4 million of favorable development on

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prior year reserves in the fourth quarter of 2009 compared to $7.9 million of favorable development in the fourth quarter of 2008. The favorable development on prior year reserves in the fourth quarter of 2009 was primarily due to a reduction in estimated ultimate losses on the 2005 hurricanes, compared to the favorable development in the fourth quarter of 2008, which was primarily due to revised reported loss development patterns for several of the Company’s liability lines of business that were enhanced to reflect the Company’s actual experience to date with these lines, principally for the 2004 through 2007 accident years.

Investments

Returns on the Company’s investment portfolio were notably higher in the fourth quarter of 2009 compared to the fourth quarter of 2008, primarily due to higher total returns on the Company’s non-investment grade allocations which the Company includes in other investments including its senior secured bank loan funds and non-U.S. fixed income funds as discussed in more detail below. The Company’s total investment result, which includes the sum of net investment income, net realized and unrealized gains and losses on fixed maturity investments available for sale and trading and net other-than-temporary impairments, was $48.8 million in the fourth quarter of 2009, compared to negative $104.2 million in the fourth quarter of 2008, an increase of $153.1 million. The Company’s total investment result for the fourth quarter of 2009 continued to benefit from tightening credit spreads and improved economic conditions, and partially offset by an increase in interest rates.

Net investment income was $60.7 million in the fourth quarter of 2009, compared to a net investment loss of $82.7 million in the fourth quarter of 2008. The $143.5 million increase in net investment income was principally driven by a $65.5 million increase from the Company’s hedge fund and private equity investments and a $99.0 million increase in net investment income from its other investments, principally senior secured bank loan funds and non-U.S. fixed income funds, and partially offset by a $16.0 million and $5.5 million decrease in net investment income from the Company’s fixed maturity investments and short term investments, respectively, principally due to lower yields on these investments. The Company’s hedge fund, private equity and other investments are accounted for at fair value with the change in fair value recorded in net investment income, which included net unrealized gains of $17.1 million in the fourth quarter of 2009, compared to net unrealized losses of $155.4 million in the fourth quarter of 2008.

Net realized and unrealized gains on fixed maturity investments were $35.4 million in the fourth quarter of 2009, compared to net realized and unrealized losses on fixed maturity investments of $17.6 million in the fourth quarter of 2008, an increase of $53.0 million. During the fourth quarter of 2009, the Company started designating, upon acquisition, certain fixed maturity investments as trading, rather than available for sale, and as a result, $11.4 million of unrealized losses on these securities are recorded in net realized and unrealized gains (losses) on fixed maturity investments in the Company’s consolidated statements of operations in the fourth quarter of 2009 rather than in accumulated other comprehensive income in shareholders’ equity. Net other-than-temporary impairments recognized in earnings were $1.3 million in the fourth quarter of 2009, compared to $66.3 million for the fourth quarter of 2008. The significant decrease in net other-than-temporary impairments is due to the combination of improved economic conditions in the fourth quarter of 2009, compared to the fourth quarter of 2008, and the adoption of new authoritative accounting guidance related to the recognition and presentation of other-than-temporary impairments during the second quarter of 2009.

Other Items

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FULL YEAR 2009 HIGHLIGHTS

For the year ended December 31, 2009, the Company reported net income available to common shareholders of $838.9 million or $13.40 per diluted common share, compared to a net loss attributable to common shareholders of $13.3 million, or a loss of $0.21 per diluted common share, in 2008. Operating income available to common shareholders was $768.2 million, or $12.25 per diluted common share, compared to $193.0 million, or $3.04 per diluted common share, in 2008. Operating income excludes net realized and unrealized gains on fixed maturity investments of $93.2 million and net other-than-temporary impairments of $22.5 million in 2009 and net realized and unrealized gains on fixed maturity investments of $10.7 million and net other-than-temporary impairments of $217.0 million in 2008.

The Company reported a return on average common equity of 30.2% and an operating return on average common equity of 27.6% in 2009, compared to negative 0.5% and positive 7.4%, respectively, in 2008. Book value per common share was $51.68 at December 31, 2009, an increase of $12.94, or 33.4%, in 2009, compared to a 5.6% decrease in 2008.

As discussed in more detail below, the Company’s 2009 operating results, in comparison to its 2008 operating results, were positively impacted by significantly improved investments results, due primarily to higher total returns on certain non-investment grade allocations which are included in other investments and higher returns on the Company’s hedge fund and private equity investments, combined with higher underwriting income, principally driven by a decrease in current accident year net claims and claim expenses due to a comparably low level of insured catastrophes occurring during 2009, compared to 2008, specifically the comparative impact of events such as hurricanes Gustav and Ike, which occurred during 2008 and negatively impacted the Company’s 2008 results.

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Underwriting Results

Gross premiums written for 2009 were $1,728.9 million, a decrease of $7.1 million from 2008. As described in more detail below, the decrease in gross premiums written was driven by a $56.5 million decrease in the gross premiums written in the Company’s Individual Risk segment and partially offset by a $49.4 million increase in gross premiums written in the Company’s Reinsurance segment (net of intercompany premium). As described in more detail below, the Company generated $697.1 million of underwriting income and had a combined ratio of 45.3% in 2009, compared to $290.6 million of underwriting income and a 79.0% combined ratio in 2008. The $406.5 million increase in underwriting income and 33.7 percentage point decrease in the combined ratio was driven by the comparably low level of insured catastrophes during 2009, compared to 2008, specifically the comparative impact of hurricanes Gustav and Ike which resulted in $419.1 million of underwriting losses and increased the Company’s combined ratio by 32.3 percentage points in 2008. The net negative impact from hurricanes Gustav and Ike was $276.2 million in 2008. Following is supplemental financial data regarding the underwriting impact by segment on the Company’s 2008 results due to hurricanes Gustav and Ike:

The Company experienced $244.5 million of favorable development on prior year reserves in 2009, compared to $234.8 million of favorable development in 2008, as discussed in more detail below.

Reinsurance Segment

Gross premiums written for the Company’s Reinsurance segment increased $56.4 million, or 4.9%, to $1,210.8 million in 2009, compared to $1,154.4 million in 2008. For the year ended December 31, 2009, the Company’s managed catastrophe premiums and specialty premiums totaled $1,135.8 million and $114.3 million, respectively, compared to $1,044.3 million and $159.8 million, respectively, in 2008. Excluding the impact of $58.4 million of reinstatement premiums written in 2008 as a result of hurricanes Gustav and Ike, the Company’s managed catastrophe gross premiums written increased $149.9 million, or 15.2%, in 2009, compared to 2008, due to the Company’s ability and determination to increase the capacity provided to its catastrophe unit clients in light of, among other things, attractive market conditions for the 2009 underwriting year, the inception of several new programs, and $32.0 million of premium written on behalf of and ceded to Timicuan Reinsurance II Ltd., a side-car established by the Company in the second quarter of 2009 for the 2009 underwriting year. The Company’s specialty gross premiums written decreased $45.4 million, or 28.4%, compared to the comparative period in 2008, principally due to the non-renewal of several programs that did not meet the Company’s underwriting standards, combined with the non-renewal and portfolio transfer out of a catastrophe exposed homeowners personal lines property quota share contract during the second quarter of 2009. The Reinsurance segment’s gross premiums written continue to be comprised of a relatively small number of large transactions which can result in significant increases or decreases in gross premiums written from one period to the next.

The Reinsurance segment generated $719.2 million of underwriting income and had a combined ratio of 15.4% in 2009, compared to $281.6 million of underwriting income and a 69.0% combined ratio in 2008. The $437.6 million increase in underwriting income was primarily due to a $528.5 million decrease in net claims and claim expenses due to a comparably lower level of insured catastrophes occurring in 2009 compared to 2008, specifically the comparative impact of events such as hurricanes Gustav and Ike, which added $432.6 million in net claims and claim expenses and 46.6 percentage points to the Reinsurance segment’s combined ratio in 2008.

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The Reinsurance segment experienced $249.5 million of favorable development on prior year reserves in 2009, which includes $184.4 million related to the Company’s catastrophe reinsurance unit and $65.1 million related to the Company’s specialty reinsurance unit. The favorable development within the Company’s catastrophe reinsurance unit in 2009 was principally attributable to a reduction in ultimate net losses associated with the 2008 hurricanes, Gustav and Ike ($44.7 million); the 2005 hurricanes, Katrina, Rita and Wilma ($25.5 million); the 2007 European windstorm Kyrill ($16.7 million); the 2007 California wildfires ($14.1 million); the 2007 flooding in the U.K. ($14.6 million); and the 2004 hurricanes, Charley, Frances, Ivan and Jeanne ($11.3 million), due to better than expected reported claims activity, and with respect of the 2004 and 2005 hurricanes, the adoption of a new actuarial technique using reported loss development factors to estimate the ultimate losses for these events. The remaining favorable development within the Company’s catastrophe reinsurance unit was due to a reduction of ultimate net losses on a variety of smaller catastrophes such as hail storms, winter freezes, floods, fires, tornadoes which occurred during the 2006 through 2008 accident years. The favorable development within the Company’s specialty reinsurance unit in 2009 was principally attributable to lower than expected claims emergence on the 2005 through 2008 underwriting years of $87.6 million which was driven by the application of the Company’s formulaic actuarial reserving methodology for this business with the reductions being due to actual paid and reported loss activity being more favorable to date than what was originally anticipated when setting the initial IBNR reserves, as well as $10.0 million due to a reduction in one claim on a contract related to the 2005 hurricanes, and partially offset by a $32.5 million increase in the Company’s estimated ultimate net losses on the 2008 Madoff matter.

Individual Risk Segment

Gross premiums written for the Company’s Individual Risk segment decreased $56.5 million, or 9.6%, to $530.8 million in 2009, compared to $587.3 million in 2008. The decrease in gross premiums written was primarily due to decreases of $49.8 million, $13.8 million and $10.7 million from the Company’s commercial property, commercial multi-line and personal lines property businesses, respectively, as a result of the Company’s decision in late 2008 to terminate several program manager relationships and a commercial property quota share contract as a result of the then softening market conditions and, during the second quarter of 2009, to reduce its participation on a personal lines property quota share contract. Offsetting these decreases in gross premiums written for 2009 was a $17.8 million increase in the Company’s crop insurance gross premiums written, principally driven by an increase in policy count and insured acres, which more than offset a decline in commodity prices used in determining the policy premium. There can be significant increases or decreases in gross premiums written in the Company’s Individual Risk segment between quarters and between years based on several factors, including, without limitation, the timing of the inception or cessation of new program managers and quota share reinsurance contracts. In addition, the Company’s gross premiums written in respect of its crop insurance business are subject to fluctuations from a number of factors including the impact of relevant commodity prices.

The Individual Risk segment incurred an underwriting loss of $22.1 million and a combined ratio of 105.2% in 2009, compared to generating underwriting income of $9.0 million and a combined ratio of 98.1% in 2008. The $31.1 million decrease in underwriting income and 7.1 percentage point increase in the combined ratio were principally due to a $53.0 million decrease in net premiums earned and a $12.8 million increase in underwriting expenses, partially offset by a $34.7 million decrease in net claims and claim expenses incurred as a result of the comparably low level of catastrophes during 2009, compared to 2008. The Individual Risk segment underwriting results for accident year 2009 were negatively impacted by $17.5 million of net crop hail losses in excess of net premiums earned within the Company’s crop insurance business. Included in net claims and claim expense in the Company’s Individual Risk segment for 2008 was $35.4 million of net claims and claim expenses related to hurricanes Gustav and Ike, which added 8.4 percentage points to the combined ratio.

The Individual Risk segment experienced $5.0 million of adverse development in 2009, compared to favorable development of $46.7 million in 2008. The adverse development in 2009 was principally driven by $26.9 million of adverse development in the Company’s crop insurance business primarily due to an increase in the severity of reported loss activity in 2009 on the 2008 crop year. This more than offset a $2.4 million reduction in ultimate net losses on the 2004 and 2005 hurricanes, principally due to the adoption of a new actuarial technique using reported loss development factors to estimate the ultimate losses for these events, $2.1 million of favorable development due

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to changes in actuarial assumptions and $17.4 million of favorable development principally driven by the application of the Company’s formulaic actuarial reserving methodology for this business with the reductions being due to actual paid and reported loss activity being more favorable to date than what was originally anticipated when setting the initial IBNR reserves.

Investments

Returns on the Company’s investment portfolio were significantly higher in 2009 compared to 2008, primarily due to higher total returns on the Company’s non-investment grade allocations which the Company includes in other investments including its senior secured bank loan funds and non-U.S. fixed income funds as discussed in more detail below. The Company’s total investment result, which includes the sum of net investment income, net realized and unrealized gains and losses on fixed maturity investments available for sale and trading and net other-than-temporary impairments, was $437.4 million in 2009, a $590.0 million increase from negative $152.7 million in 2008. The Company does not anticipate a repeat of its 2009 investment performance in future periods.

Net investment income was $324.0 million in 2009 compared to $24.2 million in 2008, an increase of $299.8 million. The increase in net investment income in 2009 was principally driven by a $120.1 million increase from the Company’s hedge fund and private equity investments and a $263.2 million increase in net investment income from its other investments, principally senior secured bank loan funds and non-U.S. fixed income funds, and partially offset by a $40.7 million and $38.5 million decrease in net investment income from the Company’s fixed maturity investments and short term investments, respectively, principally due to lower yields on these investments. The Company’s hedge fund, private equity and other investments are accounted for at fair value with the change in fair value recorded in net investment income, which included net unrealized gains of $88.5 million in 2009, compared to net unrealized losses of $259.4 million in 2008.

Net realized and unrealized gains on fixed maturity investments were $93.2 million in 2009, compared to net realized gains on fixed maturity investments of $10.7 million in 2008, an increase of $82.5 million. As noted above, during the fourth quarter of 2009, the Company started designating, upon acquisition, certain fixed maturity investments as trading, rather than available for sale, and as a result, $11.4 million of unrealized losses on these securities are recorded in net realized and unrealized gains (losses) on fixed maturity investments in the Company’s consolidated statements of operations in 2009 rather than in accumulated other comprehensive income in shareholders’ equity. Net other-than-temporary impairments recognized in earnings were $22.5 million in 2009, compared to $217.0 million in 2008. The significant decrease in net other-than-temporary impairments is due to the combination of improved economic conditions in 2009, compared to 2008, and the adoption of new authoritative accounting guidance related to the recognition and presentation of other-than-temporary impairments during the second quarter of 2009.

Other Items

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This press release includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share – diluted”, “operating return on average common equity – annualized”, “tangible book value per common share plus accumulated dividends” and “managed catastrophe premiums”. A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

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

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, February 10, 2010 at 9:30 a.m. (ET) to discuss this release. Live broadcast of the conference call will be available through the “Investor Information – Company Webcasts” section of RenaissanceRe’s website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by the Company’s subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk, which includes primary insurance and quota share reinsurance.

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this earnings release contain information about the Company’s 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.

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RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Statements of Operations

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

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Balance Sheets

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

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars)

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information (cont’d.)

(in thousands of United States Dollars)

(Unaudited)