February 10, 2010 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO

RenaissanceRe Holdings Ltd.

Financial Supplement

December 31, 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 - Securitized Assets	17
g.	Fixed Maturity Investments - Corporate Sector	18
h.	Fixed Maturity and Short Term Investments - 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 (Losses) 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 its Annual Report on Form 10-K for the year ended December 31, 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 December 31,						Twelve months ended December 31,
	2009			2008			2009			2008
*Highlights*
Gross premiums written	$	73,046		$	161,609		$	1,728,932		$	1,736,028
Net premiums written		53,093			142,074			1,206,397			1,353,620
Net premiums earned		296,238			321,995			1,273,816			1,386,824
Net claims and claim expenses incurred		5,700			28,769			197,287			760,489
Underwriting income		184,499			205,683			697,068			290,617
Net investment income (loss)		60,747			(82,724	)		323,981			24,231
Net income (loss) available (attributable) to RenaissanceRe common shareholders		211,767			(55,192	)		838,858			(13,280	)

Net realized and unrealized gains (losses) on fixed maturity investments		35,353			(17,622	)		93,162			10,700
Net other-than-temporary impairments		(1,280	)		(66,251	)		(22,481	)		(217,014	)

Operating income available to RenaissanceRe common shareholders (1)		177,694			28,681			768,177			193,034

Total assets	$	7,801,041		$	7,984,051		$	7,801,041		$	7,984,051
Total shareholders equity	$	3,840,786		$	3,032,743		$	3,840,786		$	3,032,743

*Per share data*
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.38		$	(0.91	)	$	13.40		$	(0.21	)
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.82		$	0.47		$	12.25		$	3.04
Dividends per common share	$	0.24		$	0.23		$	0.96		$	0.92

Book value per common share	$	51.68		$	38.74		$	51.68		$	38.74
Adjustment for goodwill and other intangibles (1)		(1.95	)		(2.01	)		(1.95	)		(2.01	)

Tangible book value per common share (1)		49.73			36.73			49.73			36.73
Accumulated dividends per common share		8.88			7.92			8.88			7.92

Tangible book value per common share plus accumulated dividends (1)	$	58.61		$	44.65		$	58.61		$	44.65

Change in tangible book value per common share plus change in accumulated dividends		5.5	%		(0.2	%)		38.0	%		(8.0	%)

*Financial ratios*
Net claims and claim expense ratio - current accident year		27.3	%		41.3	%		34.7	%		71.8	%
Net claims and claim expense ratio - prior accident years		(25.4	%)		(32.4	%)		(19.2	%)		(17.0	%)

Net claims and claim expense ratio - calendar year		1.9	%		8.9	%		15.5	%		54.8	%
Underwriting expense ratio		35.8	%		27.2	%		29.8	%		24.2	%

Combined ratio		37.7	%		36.1	%		45.3	%		79.0	%


Operating return on average common equity - annualized (1)		22.7	%		4.8	%		27.6	%		7.4	%

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


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date


	Three months ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Revenues
Gross premiums written	$	73,046		$	202,413		$	855,172		$	598,301		$	161,609


Net premiums written	$	53,093		$	75,098		$	631,370		$	446,836		$	142,074
Decrease (increase) in unearned premiums		243,145			220,915			(251,553	)		(145,088	)		179,921

Net premiums earned		296,238			296,013			379,817			301,748			321,995
Net investment income (loss)		60,747			106,815			114,293			42,126			(82,724	)
Net foreign exchange (losses) gains		(862	)		1,556			(4,162	)		(10,155	)		(5,553	)
Equity in (losses) earnings of other ventures		(523	)		4,331			5,432			1,736			148
Other income (loss)		7,048			13,424			(3,656	)		(14,795	)		6
Net realized and unrealized gains (losses) on fixed maturity investments		35,353			16,794			18,889			22,126			(17,622	)

Total other-than-temporary impairments		(1,280	)		(1,408	)		(5,289	)		(19,022	)		(66,251	)
Portion recognized in other comprehensive income, before taxes					1,062			3,456

Net other-than-temporary impairments		(1,280	)		(346	)		(1,833	)		(19,022	)		(66,251	)


*Total revenues*		396,721			438,587			508,780			323,764			149,999

Expenses
Net claims and claim expenses incurred		5,700			38,567			66,823			86,197			28,769
Acquisition expenses		48,473			44,203			52,495			44,604			59,281
Operational expenses		57,566			45,498			46,865			39,757			28,262
Corporate expenses		5,632			(4,319	)		6,339			6,588			6,705
Interest expense		3,027			3,748			4,200			4,136			6,513


*Total expenses*		120,398			127,697			176,722			181,282			129,530

Income before taxes		276,323			310,890			332,058			142,482			20,469
Income tax (expense) benefit		(5,301	)		(3,993	)		(652	)		852			368


*Net income*		271,022			306,897			331,406			143,334			20,837
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(48,680	)		(37,694	)		(49,652	)		(35,475	)		(65,454	)


*Net income (loss) attributable to RenaissanceRe*		222,342			269,203			281,754			107,859			(44,617	)
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)


*Net income (loss) available (attributable) to RenaissanceRe common shareholders*	$	211,767		$	258,628		$	271,179		$	97,284		$	(55,192	)

Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.82		$	3.85		$	4.05		$	1.52		$	0.47
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	3.41		$	4.15		$	4.35		$	1.57		$	(0.91	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.38		$	4.12		$	4.32		$	1.57		$	(0.91	)

Average shares outstanding - basic		60,604			60,898			60,963			60,635			60,732
Average shares outstanding - diluted		61,161			61,367			61,322			60,989			61,269

Net claims and claim expense ratio		1.9	%		13.0	%		17.6	%		28.6	%		8.9	%
Underwriting expense ratio		35.8	%		30.3	%		26.2	%		27.9	%		27.2	%

Combined ratio		37.7	%		43.3	%		43.8	%		56.5	%		36.1	%


Operating return on average common equity - annualized (1)		22.7	%		33.3	%		38.9	%		15.5	%		4.8	%

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


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Year to Date


	Twelve months ended
	December 31, 2009			December 31, 2008
Revenues
Gross premiums written	$	1,728,932		$	1,736,028


Net premiums written	$	1,206,397		$	1,353,620
Decrease in unearned premiums		67,419			33,204


Net premiums earned		1,273,816			1,386,824
Net investment income		323,981			24,231
Net foreign exchange (losses) gains		(13,623	)		2,600
Equity in earnings of other ventures		10,976			13,603
Other income		2,021			10,252
Net realized and unrealized gains on fixed maturity investments		93,162			10,700

Total other-than-temporary impairments		(26,999	)		(217,014	)
Portion recognized in other-than-temporary impairments		4,518

Net other-than-temporary impairments		(22,481	)		(217,014	)


*Total revenues*		1,667,852			1,231,196

Expenses
Net claims and claim expenses incurred		197,287			760,489
Acquisition expenses		189,775			213,553
Operational expenses		189,686			122,165
Corporate expenses		14,240			25,635
Interest expense		15,111			24,633


*Total expenses*		606,099			1,146,475

Income before taxes		1,061,753			84,721
Income tax expense		(9,094	)		(568	)


*Net income*		1,052,659			84,153
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(171,501	)		(55,133	)


*Net income attributable to RenaissanceRe*		881,158			29,020
Dividends on preference shares		(42,300	)		(42,300	)


*Net income (loss) available (attributable) to RenaissanceRe common shareholders*	$	838,858		$	(13,280	)


Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	12.25		$	3.04
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	13.50		$	(0.21	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	13.40		$	(0.21	)

Average shares outstanding - basic		60,775			62,531
Average shares outstanding - diluted		61,210			63,411

Net claims and claim expense ratio		15.5	%		54.8	%
Underwriting expense ratio		29.8	%		24.2	%

Combined ratio		45.3	%		79.0	%

Operating return on average common equity - annualized (1)		27.6	%		7.4	%

(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 December 31, 2009
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	(10,240	)	$	83,558		$	(272	)	$	73,046


Net premiums written	$	(13,947	)	$	67,040					$	53,093


Net premiums earned	$	193,582		$	102,656					$	296,238
Net claims and claim expenses incurred		(47,507	)		53,207						5,700
Acquisition expenses		21,527			26,946						48,473
Operational expenses		41,063			16,503						57,566


Underwriting income	$	178,499		$	6,000					$	184,499


Net claims and claim expenses incurred - current accident year	$	18,232		$	62,568					$	80,800
Net claims and claim expenses incurred - prior accident years		(65,739	)		(9,361	)					(75,100	)

Net claims and claim expenses incurred - total	$	(47,507	)	$	53,207					$	5,700


Net claims and claim expense ratio - current accident year		9.4	%		60.9	%					27.3	%
Net claims and claim expense ratio - prior accident years		(33.9	%)		(9.1	%)					(25.4	%)

Net claims and claim expense ratio - calendar year		(24.5	%)		51.8	%					1.9	%
Underwriting expense ratio		32.3	%		42.4	%					35.8	%

Combined ratio		7.8	%		94.2	%					37.7	%


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

Gross premiums written	$	53,407		$	107,958		$	244		$	161,609


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


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


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


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

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


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

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

Combined ratio		(2.8	%)		100.1	%					36.1	%

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


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Year to Date


	Twelve months ended December 31, 2009
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	1,210,795		$	530,787		$	(12,650	)	$	1,728,932


Net premiums written	$	839,023		$	367,374					$	1,206,397


Net premiums earned	$	849,725		$	424,091					$	1,273,816
Net claims and claim expenses incurred		(87,639	)		284,926						197,287
Acquisition expenses		78,848			110,927						189,775
Operational expenses		139,328			50,358						189,686


Underwriting income (loss)	$	719,188		$	(22,120	)				$	697,068


Net claims and claim expenses incurred - current accident year	$	161,868		$	279,918					$	441,786
Net claims and claim expenses incurred - prior accident years		(249,507	)		5,008						(244,499	)

Net claims and claim expenses incurred - total	$	(87,639	)	$	284,926					$	197,287


Net claims and claim expense ratio - current accident year		19.0	%		66.0	%					34.7	%
Net claims and claim expense ratio - prior accident years		(29.3	%)		1.2	%					(19.2	%)

Net claims and claim expense ratio - calendar year		(10.3	%)		67.2	%					15.5	%
Underwriting expense ratio		25.7	%		38.0	%					29.8	%

Combined ratio		15.4	%		105.2	%					45.3	%


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

Gross premiums written	$	1,154,391		$	587,309		$	(5,672	)	$	1,736,028


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


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


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


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

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


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

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

Combined ratio		69.0	%		98.1	%					79.0	%

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


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Catastrophe and Specialty Underwriting Results


	Three months ended December 31, 2009									Three months ended December 31, 2008
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	(31,277	)	$	21,037		$	(10,240	)	$	24,557		$	28,850		$	53,407


Net premiums written	$	(32,842	)	$	18,895		$	(13,947	)	$	17,925		$	28,632		$	46,557


Net premiums earned	$	161,859		$	31,723		$	193,582		$	162,124		$	38,064		$	200,188
Net claims and claim expenses incurred		(49,772	)		2,265			(47,507	)		(76,396	)		26,539			(49,857	)
Acquisition expenses		17,821			3,706			21,527			18,238			8,704			26,942
Operational expenses		28,302			12,761			41,063			12,706			4,594			17,300


Underwriting income (loss)	$	165,508		$	12,991		$	178,499		$	207,576		$	(1,773	)	$	205,803


Net claims and claim expenses incurred - current accident year	$	7,276		$	10,956		$	18,232		$	7,346		$	39,052		$	46,398
Net claims and claim expenses incurred - prior accident years		(57,048	)		(8,691	)		(65,739	)		(83,742	)		(12,513	)		(96,255	)

Net claims and claim expenses incurred - total	$	(49,772	)	$	2,265		$	(47,507	)	$	(76,396	)	$	26,539		$	(49,857	)


Net claims and claim expense ratio - current accident year		4.5	%		34.5	%		9.4	%		4.5	%		102.6	%		23.2	%
Net claims and claim expense ratio - prior accident years		(35.3	%)		(27.4	%)		(33.9	%)		(51.6	%)		(32.9	%)		(48.1	%)

Net claims and claim expense ratio - calendar year		(30.8	%)		7.1	%		(24.5	%)		(47.1	%)		69.7	%		(24.9	%)
Underwriting expense ratio		28.5	%		51.9	%		32.3	%		19.1	%		35.0	%		22.1	%

Combined ratio		(2.3	%)		59.0	%		7.8	%		(28.0	%)		104.7	%		(2.8	%)


	Twelve months ended December 31, 2009									Twelve months ended December 31, 2008
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total

Gross premiums written	$	1,096,449		$	114,346		$	1,210,795		$	994,621		$	159,770		$	1,154,391


Net premiums written	$	732,886		$	106,137		$	839,023		$	712,341		$	159,552		$	871,893


Net premiums earned	$	705,598		$	144,127		$	849,725		$	717,570		$	192,189		$	909,759
Net claims and claim expenses incurred		(102,072	)		14,433			(87,639	)		372,760			68,140			440,900
Acquisition expenses		55,198			23,650			78,848			62,038			43,399			105,437
Operational expenses		103,040			36,288			139,328			62,626			19,171			81,797


Underwriting income	$	649,432		$	69,756		$	719,188		$	220,146		$	61,479		$	281,625


Net claims and claim expenses incurred - current accident year	$	82,323		$	79,545		$	161,868		$	504,351		$	124,671		$	629,022
Net claims and claim expenses incurred - prior accident years		(184,395	)		(65,112	)		(249,507	)		(131,591	)		(56,531	)		(188,122	)

Net claims and claim expenses incurred - total	$	(102,072	)	$	14,433		$	(87,639	)	$	372,760		$	68,140		$	440,900


Net claims and claim expense ratio - current accident year		11.7	%		55.2	%		19.0	%		70.3	%		64.9	%		69.1	%
Net claims and claim expense ratio - prior accident years		(26.2	%)		(45.2	%)		(29.3	%)		(18.4	%)		(29.4	%)		(20.6	%)

Net claims and claim expense ratio - calendar year		(14.5	%)		10.0	%		(10.3	%)		51.9	%		35.5	%		48.5	%
Underwriting expense ratio		22.5	%		41.6	%		25.7	%		17.4	%		32.5	%		20.5	%

Combined ratio		8.0	%		51.6	%		15.4	%		69.3	%		68.0	%		69.0	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written


	Three months ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009		December 31, 2008
Renaissance catastrophe premiums	$	(17,184	)	$	78,232		$	356,269		$	289,630	$	19,487
Renaissance specialty premiums		21,037			25,249			(3,370	)		68,973		26,875


Total Renaissance premiums		3,853			103,481			352,899			358,603		46,362


DaVinci catastrophe premiums		(14,093	)		29,076			202,733			171,786		5,070
DaVinci specialty premiums					(70	)					2,527		1,975


Total DaVinci premiums		(14,093	)		29,006			202,733			174,313		7,045


Total Reinsurance premiums	$	(10,240	)	$	132,487		$	555,632		$	532,916	$	53,407


Total specialty premiums	$	21,037		$	25,179		$	(3,370	)	$	71,500	$	28,850


Total catastrophe premiums	$	(31,277	)	$	107,308		$	559,002		$	461,416	$	24,557
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		2,432			(434	)		26,184			23,792
Catastrophe premiums assumed from the Individual Risk segment		(272	)		(13,423	)		809			236		244


Total managed catastrophe premiums (2)	$	(29,117	)	$	93,451		$	585,995		$	485,444	$	24,801


	Twelve months ended
	December 31, 2009			December 31, 2008
Renaissance catastrophe premiums	$	706,947		$	633,611
Renaissance specialty premiums		111,889			153,701


Total Renaissance premiums		818,836			787,312


DaVinci catastrophe premiums		389,502			361,010
DaVinci specialty premiums		2,457			6,069


Total DaVinci premiums		391,959			367,079


Total Reinsurance premiums	$	1,210,795		$	1,154,391


Total specialty premiums	$	114,346		$	159,770


Total catastrophe premiums	$	1,096,449		$	994,621
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		51,974			55,370
Catastrophe premiums assumed from the Individual Risk segment		(12,650	)		(5,672	)


Total managed catastrophe premiums (2)	$	1,135,773		$	1,044,319

(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
	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008
By Type of Business
Crop	$	25,882	$	21,296	$	234,994	$	8,152	$	52,229
Commercial multi-line		25,028		31,066		25,447		24,642		27,131
Commercial property		20,820		15,514		32,366		16,121		18,055
Personal lines property		11,828		15,473		5,924		16,234		10,543


Total Individual Risk premiums	$	83,558	$	83,349	$	298,731	$	65,149	$	107,958


	Twelve months ended
	December 31, 2009		December 31, 2008
By Type of Business
Crop	$	290,324	$	272,559
Commercial multi-line		106,183		119,987
Commercial property		84,821		134,601
Personal lines property		49,459		60,162

Total Individual Risk premiums	$	530,787	$	587,309


		8

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Revenues
Gross premiums written	$	(14,093	)	$	29,006		$	202,733		$	174,313		$	7,045


Net premiums written	$	(15,721	)	$	4,148		$	194,552		$	149,125		$	5,071
Decrease (increase) in unearned premiums		93,966			79,730			(109,562	)		(69,479	)		71,459


Net premiums earned		78,245			83,878			84,990			79,646			76,530
Net investment income (loss)		9,606			14,011			15,200			8,862			(211	)
Net foreign exchange gains (losses)		263			713			(968	)		(3,332	)		(717	)
Other (loss) income		(4,263	)		(6,157	)		(2,674	)		90			(1,370	)
Net realized and unrealized gains (losses) on fixed maturity investments		13,448			2,631			(255	)		1,344			(2,634	)

Total other-than-temporary impairments		(1,402	)								(108	)		(6,561	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments		(1,402	)								(108	)		(6,561	)


*Total revenues*		95,897			95,076			96,293			86,502			65,037

Expenses
Net claims and claim expenses incurred		(16,230	)		(729	)		(21,362	)		1,792			(35,507	)
Acquisition expenses		21,525			22,159			25,887			15,760			9,377
Operational and corporate expenses		11,383			12,051			10,540			10,427			3,943
Interest expense		489			631			927			1,145			2,495


*Total expenses*		17,167			34,112			15,992			29,124			(19,692	)


*Net income*		78,730			60,964			80,301			57,378			84,729
Net income attributable to redeemable noncontrolling interest		(158	)		(123	)		(163	)		(117	)		(175	)


*Net income available to DaVinciRe common shareholders*	$	78,572		$	60,841		$	80,138		$	57,261		$	84,554


Net claims and claim expenses incurred - current accident year	$	2,379		$	14,560		$	7,334		$	7,675		$	1,764
Net claims and claim expenses incurred - prior accident years		(18,609	)		(15,289	)		(28,696	)		(5,883	)		(37,271	)

Net claims and claim expenses incurred - total	$	(16,230	)	$	(729	)	$	(21,362	)	$	1,792		$	(35,507	)


Net claims and claim expense ratio - current accident year		3.0	%		17.4	%		8.6	%		9.6	%		2.3	%
Net claims and claim expense ratio - prior accident years		(23.7	%)		(18.3	%)		(33.7	%)		(7.4	%)		(48.7	%)

Net claims and claim expense ratio - calendar year		(20.7	%)		(0.9	%)		(25.1	%)		2.2	%		(46.4	%)
Underwriting expense ratio		42.0	%		40.8	%		42.8	%		32.9	%		17.4	%


Combined ratio		21.3	%		39.9	%		17.7	%		35.1	%		(29.0	%)


		9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Twelve months ended
	December 31, 2009			December 31, 2008
Revenues
Gross premiums written	$	391,959		$	367,079


Net premiums written	$	332,104		$	341,197
Increase in unearned premiums		(5,345	)		(8,837	)


Net premiums earned		326,759			332,360
Net investment income		47,679			43,085
Net foreign exchange (losses) gains		(3,324	)		611
Other loss		(13,004	)		(2,959	)
Net realized and unrealized gains on fixed maturity investments		17,168			5,235

Total other-than-temporary impairments		(1,510	)		(41,746	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments		(1,510	)		(41,746	)


*Total revenues*		373,768			336,586

Expenses
Net claims and claim expenses incurred		(36,529	)		182,293
Acquisition expenses		85,331			50,106
Operational and corporate expenses		44,401			24,139
Interest expense		3,192			8,678


*Total expenses*		96,395			265,216


*Net income*		277,373			71,370
Net income attributable to redeemable noncontrolling interest		(561	)		(162	)


*Net income available to DaVinciRe common shareholders*	$	276,812		$	71,208


Net claims and claim expenses incurred - current accident year	$	31,948		$	237,365
Net claims and claim expenses incurred - prior accident years		(68,477	)		(55,072	)

Net claims and claim expenses incurred - total	$	(36,529	)	$	182,293


Net claims and claim expense ratio - current accident year		9.8	%		71.4	%
Net claims and claim expense ratio - prior accident years		(21.0	%)		(16.6	%)

Net claims and claim expense ratio - calendar year		(11.2	%)		54.8	%
Underwriting expense ratio		39.7	%		22.4	%

Combined ratio		28.5	%		77.2	%


		10

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008
Assets
Fixed maturity investments available for sale, at fair value	$	3,559,197	$	4,505,446	$	4,230,443	$	3,164,848	$	2,996,885
Fixed maturity investments trading, at fair value		736,595

Total fixed maturity investments, at fair value		4,295,792		4,505,446		4,230,443		3,164,848		2,996,885
Short term investments, at fair value		1,002,306		880,406		1,074,469		2,136,336		2,172,343
Other investments, at fair value		858,026		812,056		779,416		733,023		773,475
Investments in other ventures, under equity method		97,287		94,859		91,677		88,159		99,879

Total investments		6,253,411		6,292,767		6,176,005		6,122,366		6,042,582
Cash and cash equivalents		260,716		347,993		209,933		249,340		274,692
Premiums receivable		589,827		826,562		1,071,666		593,199		565,630
Ceded reinsurance balances		91,852		207,257		250,225		149,309		88,019
Losses recoverable		194,241		253,312		266,993		201,215		299,534
Accrued investment income		31,928		34,076		29,209		23,927		26,614
Deferred acquisition costs		61,870		95,614		114,836		97,710		81,904
Receivable for investments sold		7,431		188,497		332,763		308,483		236,485
Other secured assets		27,730		27,464		76,509		76,331		76,424
Other assets		205,347		201,982		206,455		165,492		217,986
Goodwill and other intangibles		76,688		69,175		70,843		72,537		74,181

*Total assets*	$	7,801,041	$	8,544,699	$	8,805,437	$	8,059,909	$	7,984,051

Liabilities, Redeemable Noncontrolling Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	1,702,006	$	1,837,879	$	1,938,295	$	1,992,049	$	2,160,612
Reserve for unearned premiums		446,649		805,199		1,069,082		716,613		510,235
Debt		300,000		450,000		450,000		450,000		450,000
Reinsurance balances payable		381,548		457,947		499,437		289,522		315,401
Payable for investments purchased		59,236		247,502		468,329		590,401		378,111
Other secured liabilities		27,500		27,500		77,420		77,420		77,420
Other liabilities		256,669		251,504		198,710		171,738		290,998

*Total liabilities*		3,173,608		4,077,531		4,701,273		4,287,743		4,182,777

Redeemable noncontrolling interest - DaVinciRe		786,647		746,698		700,562		650,763		768,531

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		61,745		62,390		62,345		62,324		61,503
Additional paid-in capital				25,494		18,600		11,373
Accumulated other comprehensive income		41,438		78,338		12,065		69,530		75,387
Retained earnings		3,087,603		2,904,248		2,660,592		2,328,176		2,245,853

*Total shareholders equity*		3,840,786		3,720,470		3,403,602		3,121,403		3,032,743

*Total liabilities, redeemable noncontrolling interest and shareholders equity*	$	7,801,041	$	8,544,699	$	8,805,437	$	8,059,909	$	7,984,051

Book value per common share	$	51.68	$	49.21	$	44.17	$	39.65	$	38.74

Common shares outstanding		61,745		62,390		62,345		62,324		61,503


		11

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	December 31, 2009					September 30, 2009					June 30, 2009					March 31, 2009					December 31, 2008
TYPE OF INVESTMENT
U.S. treasuries	$	918,157		14.7	%	$	713,715		11.3	%	$	300,521		4.9	%	$	227,594		3.7	%	$	467,480		7.8	%
Agencies		165,577		2.6	%		256,570		4.1	%		679,999		11.0	%		404,124		6.6	%		448,521		7.4	%
Non-U.S. government (Sovereign debt)		198,059		3.2	%		122,757		2.0	%		98,382		1.6	%		72,904		1.2	%		55,370		0.9	%
FDIC guaranteed corporate		855,988		13.7	%		903,137		14.4	%		812,509		13.2	%		516,115		8.4	%		207,393		3.4	%
Non-U.S. government-backed corporate		248,746		4.0	%		227,718		3.6	%		143,284		2.3	%		15,569		0.3	%		3,530		0.1	%
Corporate		1,135,504		18.2	%		860,057		13.7	%		741,295		12.0	%		510,848		8.3	%		537,975		8.9	%
Agency mortgage-backed securities		393,397		6.3	%		1,039,945		16.5	%		1,069,621		17.3	%		990,126		16.2	%		756,902		12.5	%
Non-agency mortgage-backed securities		36,383		0.6	%		46,179		0.7	%		49,590		0.8	%		62,059		1.0	%		98,672		1.6	%
Commercial mortgage-backed securities		251,472		4.0	%		232,053		3.7	%		204,275		3.3	%		213,943		3.5	%		255,020		4.3	%
Asset-backed securities		92,509		1.5	%		103,315		1.6	%		130,967		2.1	%		151,566		2.5	%		166,022		2.7	%

Total fixed maturity investments, at fair value		4,295,792		68.8	%		4,505,446		71.6	%		4,230,443		68.5	%		3,164,848		51.7	%		2,996,885		49.6	%
Short term investments, at fair value		1,002,306		16.0	%		880,406		14.0	%		1,074,469		17.4	%		2,136,336		34.9	%		2,172,343		36.0	%
Other investments, at fair value		858,026		13.7	%		812,056		12.9	%		779,416		12.6	%		733,023		12.0	%		773,475		12.8	%

Total managed investment portfolio		6,156,124		98.5	%		6,197,908		98.5	%		6,084,328		98.5	%		6,034,207		98.6	%		5,942,703		98.4	%
Investments in other ventures, under equity method		97,287		1.5	%		94,859		1.5	%		91,677		1.5	%		88,159		1.4	%		99,879		1.6	%

Total investments	$	6,253,411		100.0	%	$	6,292,767		100.0	%	$	6,176,005		100.0	%	$	6,122,366		100.0	%	$	6,042,582		100.0	%

CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	3,107,713		72.3	%	$	3,636,884		80.7	%	$	3,498,768		82.7	%	$	2,625,260		83.0	%	$	2,524,500		84.2	%
AA		493,965		11.5	%		368,744		8.2	%		344,888		8.2	%		210,173		6.6	%		147,405		4.9	%
A		424,563		9.9	%		266,502		5.9	%		227,803		5.4	%		200,312		6.3	%		200,318		6.7	%
BBB		184,374		4.3	%		149,509		3.3	%		86,188		2.0	%		65,726		2.1	%		66,123		2.2	%
Non-investment grade		85,177		2.0	%		83,807		1.9	%		72,796		1.7	%		63,377		2.0	%		58,539		2.0	%

Total fixed maturity investments, at fair value	$	4,295,792		100.0	%	$	4,505,446		100.0	%	$	4,230,443		100.0	%	$	3,164,848		100.0	%	$	2,996,885		100.0	%

MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	83,280		1.9	%	$	125,570		2.8	%	$	136,859		3.2	%	$	110,388		3.5	%	$	115,316		3.8	%
Due after one through five years		2,867,397		66.7	%		2,550,285		56.6	%		2,292,095		54.2	%		1,363,800		43.1	%		1,327,837		44.4	%
Due after five through ten years		498,382		11.6	%		297,289		6.6	%		271,697		6.4	%		191,201		6.0	%		183,396		6.1	%
Due after 10 years		72,972		1.7	%		110,810		2.5	%		75,339		1.8	%		81,765		2.6	%		93,720		3.1	%
Mortgage-backed securities		681,252		15.9	%		1,318,177		29.2	%		1,323,486		31.3	%		1,266,128		40.0	%		1,110,594		37.1	%
Asset-backed securities		92,509		2.2	%		103,315		2.3	%		130,967		3.1	%		151,566		4.8	%		166,022		5.5	%

Total fixed maturity investments, at fair value	$	4,295,792		100.0	%	$	4,505,446		100.0	%	$	4,230,443		100.0	%	$	3,164,848		100.0	%	$	2,996,885		100.0	%


	Dec. 31, 2009					Sept. 30, 2009					June 30, 2009					Mar. 31, 2009					Dec. 31, 2008
Average yield to maturity of fixed maturities and short term investments		2.3	%				2.4	%				3.0	%				2.5	%				2.8	%
Average duration of fixed maturities and short term investments		2.6					2.5					2.5					1.3					1.5
Average credit quality of fixed maturities and short term investments		AA					AA					AA					AA					AA


		12

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
TYPE OF INVESTMENT
Private equity partnerships	$	286,108		$	279,030		$	263,263		$	247,559		$	258,901
Senior secured bank loan funds		245,701			240,514			259,234			220,202			215,870
Catastrophe bonds		160,051			124,192			100,502			93,798			93,085
Non-U.S. fixed income funds		75,891			81,083			68,192			81,757			81,719
Hedge funds		54,163			52,955			66,625			72,428			105,838
Miscellaneous other investments		36,112			34,282			21,600			17,279			18,062

Total other investments, at fair value	$	858,026		$	812,056		$	779,416		$	733,023		$	773,475


TYPE OF INVESTMENT
Private equity partnerships		33.4	%		34.4	%		33.8	%		33.7	%		33.5	%
Senior secured bank loan funds		28.6	%		29.6	%		33.3	%		30.0	%		27.9	%
Catastrophe bonds		18.7	%		15.3	%		12.9	%		12.8	%		12.0	%
Non-U.S. fixed income funds		8.8	%		10.0	%		8.7	%		11.2	%		10.6	%
Hedge funds		6.3	%		6.5	%		8.5	%		9.9	%		13.7	%
Miscellaneous other investments		4.2	%		4.2	%		2.8	%		2.4	%		2.3	%

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															Twelve months ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Fixed maturity investments	$	37,289		$	44,127		$	40,007		$	39,127		$	53,290		$	160,550		$	201,220
Short term investments		1,827			2,285			2,741			3,071			7,313			9,924			48,437
Other investments
Hedge funds and private equity investments		10,183			15,510			12,327			(19,741	)		(55,364	)		18,279			(101,779	)
Other		14,058			47,748			61,740			21,821			(84,983	)		145,367			(117,867	)
Cash and cash equivalents		223			102			157			373			1,552			855			7,452

		63,580			109,772			116,972			44,651			(78,192	)		334,975			37,463
Investment expenses		(2,833	)		(2,957	)		(2,679	)		(2,525	)		(4,532	)		(10,994	)		(13,232	)

Net investment income (loss)		60,747			106,815			114,293			42,126			(82,724	)		323,981			24,231

Gross realized gains		52,363			26,734			33,213			31,423			40,749			143,733			99,634
Gross realized losses		(5,622	)		(9,940	)		(14,324	)		(9,297	)		(58,371	)		(39,183	)		(88,934	)

Net realized gains (losses) on fixed maturity investments		46,741			16,794			18,889			22,126			(17,622	)		104,550			10,700
Net unrealized losses on fixed maturity investments, trading		(11,388	)														(11,388	)

Net realized and unrealized gains (losses) on fixed maturity investments		35,353			16,794			18,889			22,126			(17,622	)		93,162			10,700
Total other-than-temporary impairments		(1,280	)		(1,408	)		(5,289	)		(19,022	)		(66,251	)		(26,999	)		(217,014	)
Portion recognized in other comprehensive income, before taxes					1,062			3,456									4,518

Net other-than-temporary impairments		(1,280	)		(346	)		(1,833	)		(19,022	)		(66,251	)		(22,481	)		(217,014	)
Net unrealized (losses) gains on fixed maturity investments available for sale		(46,004	)		74,697			(57,166	)		(5,407	)		62,363			(33,880	)		29,433
FAS 115-2 cumulative effect adjustment (1)								76,615									76,615

Net change in unrealized holding gains on fixed maturity investments available for sale		(46,004	)		74,697			19,449			(5,407	)		62,363			42,735			29,433

*Total investment result*	$	48,816		$	197,960		$	150,798		$	39,823		$	(104,234	)	$	437,397		$	(152,650	)

(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 December 31, 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	$	1,002,306	$	1,002,306		16.3	%	0.2	%	$	976,986		$	1,502		$	22,660		$	1,158		$			$
				100.0	%						97.5	%		0.1	%		2.3	%		0.1	%		0.0	%		0.0	%
Fixed maturity investments
U.S. treasuries		926,728		918,157		15.0	%	2.1	%		918,157
Agencies
Fannie Mae & Freddie Mac		83,051		83,632		1.4	%	1.7	%		78,827						4,805
Other agencies		81,020		81,945		1.3	%	1.7	%		81,945

Total agencies		164,071		165,577		2.7	%	1.7	%		160,772						4,805
Non-U.S. government (Sovereign debt)		189,922		198,059		3.2	%	3.3	%		130,948			21,670			12,954			22,777			8,989			721
FDIC guaranteed corporate		850,193		855,988		13.9	%	1.4	%		855,988
Non-U.S. government-backed corporate		248,888		248,746		4.0	%	2.5	%		239,805			8,941
Corporate		1,111,299		1,135,504		18.4	%	3.7	%		78,040			454,694			378,698			149,059			72,163			2,850
Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		391,838		393,397		6.4	%	3.5	%		393,397
Non-agency securities		21,285		21,822		0.4	%	6.6	%		15,522			5,402						773			125
Non-agency securities - Alt A		13,786		14,561		0.2	%	9.6	%		11,843			916			1,473						329
Non-agency securities - Sub-prime

Total residential mortgage-backed securities		426,909		429,780		7.0	%	3.9	%		420,762			6,318			1,473			773			454
Commercial mortgage-backed securities		253,713		251,472		4.1	%	4.8	%		210,732			2,342			26,633			11,765

Total mortgage-backed securities		680,622		681,252		11.1	%	4.2	%		631,494			8,660			28,106			12,538			454
Asset-backed securities
Student loans		51,936		54,973		0.9	%	1.4	%		54,973
Auto		19,402		19,604		0.3	%	1.5	%		19,604
Credit cards		6,964		7,093		0.1	%	0.9	%		7,093
Other		11,141		10,839		0.2	%	4.4	%		10,839

Total asset-backed securities		89,443		92,509		1.5	%	1.7	%		92,509

Total securitized assets		770,065		773,761		12.6	%	3.9	%		724,003			8,660			28,106			12,538			454

Total fixed maturity investments		4,261,166		4,295,792		69.8	%	2.8	%		3,107,713			493,965			424,563			184,374			81,606			3,571
				100.0	%						72.3	%		11.5	%		9.9	%		4.3	%		1.9	%		0.1	%

Other investments
Private equity partnerships				286,108		4.6	%																			286,108
Senior secured bank loan funds				245,701		4.0	%																245,701
Catastrophe bonds				160,051		2.6	%							25,595									134,456
Non-U.S. fixed income funds				75,891		1.2	%													45,215			30,676
Hedge funds				54,163		0.9	%																			54,163
Miscellaneous other investments				36,112		0.6	%													27,750						8,362

Total other investments				858,026		13.9	%							25,595						72,965			410,833			348,633
Total managed investment portfolio			$	6,156,124		100.0	%			$	4,084,699		$	521,062		$	447,223		$	258,497		$	492,439		$	352,204
				100.0	%						66.3	%		8.5	%		7.3	%		4.2	%		8.0	%		5.7	%

(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 December 31, 2009				At December 31, 2008				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,002,306	16.3	%	$	2,172,343	36.6	%	$	(1,170,037	)	(53.9	%)

Fixed maturity investments

U.S. treasuries		918,157	15.0	%		467,480	7.9	%		450,677		96.4	%

Agencies

Fannie Mae & Freddie Mac		83,632	1.4	%		385,229	6.4	%		(301,597	)	(78.3	%)
Other agencies		81,945	1.3	%		63,292	1.1	%		18,653		29.5	%


Total agencies		165,577	2.7	%		448,521	7.5	%		(282,944	)	(63.1	%)

Non-U.S. government (Sovereign debt)		198,059	3.2	%		55,370	0.9	%		142,689		257.7	%

FDIC guaranteed corporate		855,988	13.9	%		207,393	3.5	%		648,595		312.7	%

Non-U.S. government-backed corporate		248,746	4.0	%		3,530	0.1	%		245,216		6946.6	%

Corporate		1,135,504	18.4	%		537,975	9.1	%		597,529		111.1	%

Mortgage-backed securities
Residential mortgage-backed securities
Agency securities		393,397	6.4	%		756,902	12.7	%		(363,505	)	(48.0	%)
Non-agency securities		21,822	0.4	%		70,916	1.2	%		(49,094	)	(69.2	%)
Non-agency securities - Alt A		14,561	0.2	%		27,756	0.5	%		(13,195	)	(47.5	%)
Non-agency securities - Sub-prime			0.0	%			0.0	%				0.0	%


Total residential mortgage-backed securities		429,780	7.0	%		855,574	14.4	%		(425,794	)	(49.8	%)

Commercial mortgage-backed securities		251,472	4.1	%		255,020	4.3	%		(3,548	)	(1.4	%)


Total mortgage-backed securities		681,252	11.1	%		1,110,594	18.7	%		(429,342	)	(38.7	%)

Asset-backed securities
Student loans		54,973	0.9	%		46,988	0.8	%		7,985		17.0	%
Auto		19,604	0.3	%		95,812	1.6	%		(76,208	)	(79.5	%)
Credit cards		7,093	0.1	%		12,056	0.2	%		(4,963	)	(41.2	%)
Other		10,839	0.2	%		11,166	0.1	%		(327	)	(2.9	%)


Total asset-backed securities		92,509	1.5	%		166,022	2.7	%		(73,513	)	(44.3	%)


Total securitized assets		773,761	12.6	%		1,276,616	21.4	%		(502,855	)	(39.4	%)


Total fixed maturity investments		4,295,792	69.8	%		2,996,885	50.4	%		1,298,907		43.3	%

Other investments
Private equity partnerships		286,108	4.6	%		258,901	4.3	%		27,207		10.5	%
Senior secured bank loan funds		245,701	4.0	%		215,870	3.6	%		29,831		13.8	%
Catastrophe bonds		160,051	2.6	%		93,085	1.6	%		66,966		71.9	%
Non-U.S. fixed income funds		75,891	1.2	%		81,719	1.4	%		(5,828	)	(7.1	%)
Hedge funds		54,163	0.9	%		105,838	1.8	%		(51,675	)	(48.8	%)
Miscellaneous other investments		36,112	0.6	%		18,062	0.3	%		18,050		99.9	%


Total other investments		858,026	13.9	%		773,475	13.0	%		84,551		10.9	%

Total managed investment portfolio	$	6,156,124	100.0	%	$	5,942,703	100.0	%	$	213,421		3.6	%


		16

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Securitized Assets


					% of Total Managed Investment Portfolio
At December 31, 2009	Fair Value		% of Total Managed Investment Portfolio		Vintage												% of Total Securitized Assets		Weighted Average Life
At December 31, 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	$	6,156,124	100.0	%

Mortgage-backed securities

Residential mortgage-backed securities

Agency securities		393,397	6.4	%	3.3	%	1.0	%	1.0	%	0.4	%	0.5	%	0.2	%	50.8	%	4.9
Non-agency securities		21,822	0.4	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.3	%	2.8	%	4.5
Non-agency securities - Alt A		14,561	0.2	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.1	%	1.9	%	4.3
Non-agency securities - Sub-prime			0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%

Total non-agency securities		36,383	0.6	%	0.0	%	0.0	%	0.0	%	0.0	%	0.2	%	0.4	%	4.7	%	4.4

Total residential mortgage-backed securities		429,780	7.0	%	3.3	%	1.0	%	1.0	%	0.4	%	0.7	%	0.6	%	55.5	%	4.8
Commercial mortgage-backed securities		251,472	4.1	%	0.1	%	0.2	%	0.3	%	0.5	%	1.2	%	1.8	%	32.5	%	2.7

Total mortgage-backed securities		681,252	11.1	%	3.4	%	1.2	%	1.3	%	0.9	%	1.9	%	2.4	%	88.0	%	4.1

Asset-backed securities

Student loans		54,973	0.9	%	0.0	%	0.6	%	0.0	%	0.0	%	0.2	%	0.1	%	7.2	%	5.3
Auto		19,604	0.3	%	0.0	%	0.1	%	0.0	%	0.2	%	0.0	%	0.0	%	2.5	%	0.7
Credit cards		7,093	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.0	%	0.9	%	1.1
Other		10,839	0.2	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.1	%	1.4	%	2.4


Total asset-backed securities		92,509	1.5	%	0.0	%	0.7	%	0.0	%	0.2	%	0.4	%	0.2	%	12.0	%	3.6


Total securitized assets	$	773,761	12.6	%	3.4	%	1.9	%	1.3	%	1.1	%	2.3	%	2.6	%	100.0	%	4.0


		17

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


	At December 31, 2009
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade
Financials	$	555,341	$	37,317	$	252,644	$	231,541	$	26,490	$	7,349
Industrial, utilities and energy		184,799				50,465		63,383		48,902		22,049
Consumer		259,646		25,613		151,585		23,735		31,152		27,561
Communications and technology		111,988		15,110				56,008		25,505		15,365
Basic materials		23,730						4,031		17,010		2,689

Total corporate fixed maturity investments, at fair value (1)	$	1,135,504	$	78,040	$	454,694	$	378,698	$	149,059	$	75,013

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


	At December 31, 2009
Issuer	Total		Fixed maturity investments		Short term investments
General Electric Company	$	84,959	$	83,210	$	1,749
Wells Fargo & Company		75,614		75,614
JP Morgan Chase & Co.		60,415		58,615		1,800
Pfizer Inc.		38,291		38,291
Novartis AG		31,304		31,304
Rabobank Nederland		28,873		27,373		1,500
Credit Suisse Group AG		28,529		28,529
Citigroup Inc.		27,612		25,812		1,800
Barclays PLC		26,996		24,999		1,997
Bank of America Corporation		26,416		25,906		510


Total (2)	$	429,009	$	419,653	$	9,356

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

(2)	Excludes FDIC guaranteed and non-U.S. government backed corporate fixed maturity and short term investments, at fair value.


		18

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


December 31, 2009	Case Reserves		Additional Case Reserves		IBNR		Total
Property catastrophe reinsurance	$	165,153	$	148,252	$	258,451	$	571,856
Specialty reinsurance		119,674		101,612		382,818		604,104

Total Reinsurance		284,827		249,864		641,269		1,175,960
Individual Risk		189,389		3,658		332,999		526,046

Total	$	474,216	$	253,522	$	974,268	$	1,702,006

September 30, 2009
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


		19

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended December 31, 2009									Three months ended December 31, 2008
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,837,879		$	253,312		$	1,584,567		$	2,433,420		$	300,076		$	2,133,344

Incurred losses and loss expenses
Current year		96,827			16,027			80,800			161,988			29,044			132,944
Prior years		(89,485	)		(14,385	)		(75,100	)		(116,458	)		(12,283	)		(104,175	)

Total incurred losses and loss expenses		7,342			1,642			5,700			45,530			16,761			28,769

Paid losses and loss expenses
Current year		76,272			4,527			71,745			190,866			232			190,634
Prior years		66,943			56,186			10,757			127,472			17,071			110,401

Total paid losses and loss expenses		143,215			60,713			82,502			318,338			17,303			301,035

Reserve for losses and loss expenses, end of period	$	1,702,006		$	194,241		$	1,507,765		$	2,160,612		$	299,534		$	1,861,078


	Twelve months ended December 31, 2009									Twelve months ended December 31, 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		548,178			106,392			441,786			1,199,740			204,424			995,316
Prior years		(264,028	)		(19,529	)		(244,499	)		(271,477	)		(36,650	)		(234,827	)

Total incurred losses and loss expenses		284,150			86,863			197,287			928,263			167,774			760,489

Paid losses and loss expenses
Current year		183,903			6,106			177,797			348,091			1,246			346,845
Prior years		558,853			186,050			372,803			448,056			50,269			397,787

Total paid losses and loss expenses		742,756			192,156			550,600			796,147			51,515			744,632

Reserve for losses and loss expenses, end of period	$	1,702,006		$	194,241		$	1,507,765		$	2,160,612		$	299,534		$	1,861,078


		20

RenaissanceRe Holdings Ltd.

Earnings per Share


	Three months ended
(common shares in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	211,767		$	258,628		$	271,179		$	97,284		$	(55,192	)
Amount allocated to participating common shareholders (1)		(5,171	)		(6,067	)		(6,007	)		(1,809	)		594

	$	206,596		$	252,561		$	265,172		$	95,475		$	(54,598	)

Denominator:
Denominator for basic income per RenaissanceRe common share -

Weighted average common shares		60,604			60,898			60,963			60,635			60,732

Per common share equivalents of employee stock options and restricted shares		557			469			359			354			537

Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		61,161			61,367			61,322			60,989			61,269


Basic income (loss) per RenaissanceRe common share	$	3.41		$	4.15		$	4.35		$	1.57		$	(0.91	)
Diluted income (loss) per RenaissanceRe common share	$	3.38		$	4.12		$	4.32		$	1.57		$	(0.91	)

	Twelve months ended
(common shares in thousands)	December 31, 2009			December 31, 2008
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	838,858		$	(13,280	)
Amount allocated to participating common shareholders (1)		(18,473	)		59

	$	820,385		$	(13,221	)

Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares		60,775			62,531
Per common share equivalents of employee stock options and restricted shares		435			880

Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		61,210			63,411

Basic income (loss) per RenaissanceRe common share	$	13.50		$	(0.21	)
Diluted income (loss) per RenaissanceRe common share	$	13.40		$	(0.21	)

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


		21

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures


	Three months ended
	December 31, 2009			September 30, 2009			June 30, 2009		March 31, 2009			December 31, 2008
Top Layer Re	$	2,912		$	3,385		$	4,176	$	2,146		$	2,310
Tower Hill and the Tower Hill Companies		(3,226	)		1,098			536		(491	)		(840	)
Other		(209	)		(152	)		720		81			(1,322	)

*Total equity in (losses) earnings of other ventures*	$	(523	)	$	4,331		$	5,432	$	1,736		$	148


	Twelve months ended
	December 31, 2009			December 31, 2008
Top Layer Re	$	12,619		$	11,377
Tower Hill and the Tower Hill Companies		(2,083	)		545
Other		440			1,681

*Total equity in earnings of other ventures*	$	10,976		$	13,603


		22

RenaissanceRe Holdings Ltd.

Other Income (Loss)


	Three months ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Weather and energy risk management operations	$	12,268		$	13,674		$	6,428		$	4,814		$	5,232
Mark-to-market on Platinum warrant		5,419			12,839			424			(13,724	)		1,836
Weather-related and loss mitigation		(2,717	)		(2,110	)		(2,963	)		(3,279	)		(1,919	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(9,841	)		(13,147	)		(7,928	)		(2,678	)		(3,717	)
Other items		1,919			2,168			383			72			(1,426	)

*Total other income (loss)*	$	7,048		$	13,424		$	(3,656	)	$	(14,795	)	$	6


	Twelve months ended
	December 31, 2009			December 31, 2008
Weather and energy risk management operations	$	37,184		$	25,122
Mark-to-market on Platinum warrant		4,958			(538	)
Weather-related and loss mitigation		(11,069	)		(9,072	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(33,594	)		(9,739	)
Other items		4,542			4,479

*Total other income*	$	2,021		$	10,252


		23

RenaissanceRe Holdings Ltd.

Ratings


At December 31, 2009	A.M. Best	S&P	Moodys	Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	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	A3	BBB+
RENAISSANCERE (3)		Excellent

(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.

(3)	The S&P rating for RenaissanceRe represents the rating on its Enterprise Risk Management practices.


		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 available to RenaissanceRe common shareholders 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 available to RenaissanceRe common shareholders 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 and unrealized gains and losses on fixed maturity investments and net other-than-temporary impairments. The Companys management believes that operating income available to RenaissanceRe common shareholders 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 fixed maturity investment portfolio. The Company also uses operating income available to RenaissanceRe common shareholders to calculate operating income available to RenaissanceRe common shareholders 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 available to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common sharediluted to operating income available to RenaissanceRe common shareholders per common sharediluted; and 3) return on average common equityannualized to operating return on average common equityannualized:


	Three months ended															Year ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	211,767		$	258,628		$	271,179		$	97,284		$	(55,192	)	$	838,858		$	(13,280	)
Adjustment for net realized and unrealized (gains) losses on fixed maturity investments		(35,353	)		(16,794	)		(18,889	)		(22,126	)		17,622			(93,162	)		(10,700	)
Adjustment for net other-than-temporary impairments		1,280			346			1,833			19,022			66,251			22,481			217,014

Operating income available to RenaissanceRe common shareholders	$	177,694		$	242,180		$	254,123		$	94,180		$	28,681		$	768,177		$	193,034

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.38		$	4.12		$	4.32		$	1.57		$	(0.91	)	$	13.40		$	(0.21	)
Adjustment for net realized and unrealized (gains) losses on fixed maturity investments		(0.58	)		(0.27	)		(0.31	)		(0.36	)		0.29			(1.52	)		(0.17	)
Adjustment for net other-than-temporary impairments		0.02						0.04			0.31			1.09			0.37			3.42

Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.82		$	3.85		$	4.05		$	1.52		$	0.47		$	12.25		$	3.04


Return on average common equity - annualized		27.1	%		35.5	%		41.5	%		16.0	%		(9.2	%)		30.2	%		(0.5	%)
Adjustment for net realized and unrealized (gains) losses on fixed maturity investments		(4.6	%)		(2.2	%)		(2.9	%)		(3.6	%)		2.9	%		(3.4	%)		(0.4	%)
Adjustment for net other-than-temporary impairments		0.2	%					0.3	%		3.1	%		11.1	%		0.8	%		8.3	%

Operating return on average common equity - annualized		22.7	%		33.3	%		38.9	%		15.5	%		4.8	%		27.6	%		7.4	%


		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
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			December 31, 2007
Book value per common share	$	51.68		$	49.21		$	44.17		$	39.65		$	38.74		$	38.94		$	41.03
Adjustment for goodwill and other intangibles (1)		(1.95	)		(1.83	)		(1.89	)		(1.93	)		(2.01	)		(1.92	)		(0.09	)

Tangible book value per common share		49.73			47.38			42.28			37.72			36.73			37.02			40.94
Adjustment for accumulated dividends		8.88			8.64			8.40			8.16			7.92			7.69			7.00

Tangible book value per common share plus accumulated dividends	$	58.61		$	56.02		$	50.68		$	45.88		$	44.65		$	44.71		$	47.94

(1)

At December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008, and December 31, 2007, goodwill and other intangibles included $43.8 million, $45.3 million, $46.7 million, $48.3 million, $49.8 million, $46.4 million and $nil, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


		26

Form: 8-K

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