April 28, 2010 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

RenaissanceRe Holdings Ltd.

Financial Supplement

March 31, 2010

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
b.	Consolidated Segment Underwriting Results	3
c.	Reinsurance Segment - Unit Underwriting Results	4
d.	Reinsurance Segment - Gross Premiums Written and Managed Premiums	5
e.	Insurance Segment - Gross Premiums Written	6
f.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	7

Balance Sheets
a.	Summary Consolidated Balance Sheets	8

Investments
a.	Investment Portfolio - Composition	9
b.	Summary of Other Investments	10
c.	Investment Result	11
d.	Investment Portfolio - Yield to Maturity and Credit Rating	12
e.	Investment Portfolio - Change in Fair Value	13
f.	Fixed Maturity Investments - Securitized Assets	14
g.	Fixed Maturity Investments - Corporate Sector	15
h.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	15

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	16
b.	Paid to Incurred Analysis	17

Other Items
a.	Earnings per Share	18
b.	Equity in Earnings (Losses) of Other Ventures	19
c.	Other (Loss) Income	20
d.	Ratings	21

Comments on Regulation G		22-23

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RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement 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, managed catastrophe premium, managed specialty premiums, 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 22 and 23 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, its Lloyds unit and certain joint ventures and other investments managed by the Companys subsidiary RenaissanceRe Ventures Ltd., and (2) Insurance, which principally includes primary insurance. Effective January 1, 2010, the Company renamed its Individual Risk segment, Insurance.

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, 2009 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, 2009. 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, 2009 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.

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RenaissanceRe Holdings Ltd.

Financial Highlights


	Three months ended
	March 31, 2010			March 31, 2009
*Highlights*

Gross premiums written	$	563,465		$	598,301
Net premiums written		415,983			446,836
Net premiums earned		278,126			301,748
Net claims and claim expenses incurred		79,057			86,197
Underwriting income		89,843			131,190
Net investment income		67,181			42,126
Net income available to RenaissanceRe common shareholders		165,047			97,284

Net realized and unrealized gains on fixed maturity investments		48,598			22,126
Net other-than-temporary impairments		(33	)		(19,022	)

Operating income available to RenaissanceRe common shareholders (1)		116,482			94,180

Total assets	$	7,935,672		$	8,059,909
Total shareholders equity	$	3,791,291		$	3,121,403

*Per share data*

Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.73		$	1.57
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.91		$	1.52

Dividends per common share	$	0.25		$	0.24

Book value per common share	$	53.86		$	39.65
Adjustment for goodwill and other intangibles (1)		(2.02	)		(1.93	)

Tangible book value per common share (1)		51.84			37.72
Accumulated dividends per common share		9.13			8.16

Tangible book value per common share plus accumulated dividends (1)	$	60.97		$	45.88


*Financial ratios*

Net claims and claim expense ratio - current accident year		86.6	%		26.2	%
Net claims and claim expense ratio - prior accident years		(58.2	)%		2.4	%

Net claims and claim expense ratio - calendar year		28.4	%		28.6	%
Underwriting expense ratio		39.3	%		27.9	%

Combined ratio		67.7	%		56.5	%


Operating return on average common equity - annualized (1)		14.8	%		15.5	%

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

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RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Revenues
Gross premiums written	$	563,465		$	73,046		$	202,413		$	855,172		$	598,301

Net premiums written	$	415,983		$	53,093		$	75,098		$	631,370		$	446,836
(Increase) decrease in unearned premiums		(137,857	)		243,145			220,915			(251,553	)		(145,088	)

Net premiums earned		278,126			296,238			296,013			379,817			301,748
Net investment income		67,181			60,747			106,815			114,293			42,126
Net foreign exchange (losses) gains		(11,342	)		(862	)		1,556			(4,162	)		(10,155	)
Equity in earnings (losses) of other ventures		2,156			(523	)		4,331			5,432			1,736
Other (loss) income		(5,731	)		7,048			13,424			(3,656	)		(14,795	)
Net realized and unrealized gains on fixed maturity investments		48,598			35,353			16,794			18,889			22,126

Total other-than-temporary impairments		(33	)		(1,280	)		(1,408	)		(5,289	)		(19,022	)
Portion recognized in other comprehensive income, before taxes								1,062			3,456

Net other-than-temporary impairments		(33	)		(1,280	)		(346	)		(1,833	)		(19,022	)

*Total revenues*		378,955			396,721			438,587			508,780			323,764

Expenses
Net claims and claim expenses incurred		79,057			5,700			38,567			66,823			86,197
Acquisition expenses		44,675			48,473			44,203			52,495			44,604
Operational expenses		64,551			57,566			45,498			46,865			39,757
Corporate expenses		5,559			5,632			(4,319	)		6,339			6,588
Interest expense		3,156			3,027			3,748			4,200			4,136

*Total expenses*		196,998			120,398			127,697			176,722			181,282

Income before taxes		181,957			276,323			310,890			332,058			142,482
Income tax benefit (expense)		4,215			(5,301	)		(3,993	)		(652	)		852

*Net income*		186,172			271,022			306,897			331,406			143,334
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(10,550	)		(48,680	)		(37,694	)		(49,652	)		(35,475	)

*Net income attributable to RenaissanceRe*		175,622			222,342			269,203			281,754			107,859
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)

*Net income available to RenaissanceRe common shareholders*	$	165,047		$	211,767		$	258,628		$	271,179		$	97,284

Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.91		$	2.82		$	3.85		$	4.05		$	1.52

Net income available to RenaissanceRe common shareholders per common share - basic	$	2.75		$	3.41		$	4.15		$	4.35		$	1.57
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.73		$	3.38		$	4.12		$	4.32		$	1.57

Average shares outstanding - basic		58,407			60,604			60,898			60,963			60,635
Average shares outstanding - diluted		58,887			61,161			61,367			61,322			60,989

Net claims and claim expense ratio		28.4	%		1.9	%		13.0	%		17.6	%		28.6	%
Underwriting expense ratio		39.3	%		35.8	%		30.3	%		26.2	%		27.9	%

Combined ratio		67.7	%		37.7	%		43.3	%		43.8	%		56.5	%

Operating return on average common equity- annualized (1)		14.8	%		22.7	%		33.3	%		38.9	%		15.5	%

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

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RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Three months ended March 31, 2010
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	512,392		$	51,880		$	(807	)	$	563,465

Net premiums written	$	402,309		$	13,674					$	415,983

Net premiums earned	$	250,040		$	28,086					$	278,126
Net claims and claim expenses incurred		101,534			(22,477	)					79,057
Acquisition expenses		23,818			20,857						44,675
Operational expenses		40,151			24,400						64,551

Underwriting income	$	84,537		$	5,306					$	89,843

Net claims and claim expenses incurred - current accident year	$	206,751		$	34,005					$	240,756
Net claims and claim expenses incurred - prior accident years		(105,217	)		(56,482	)					(161,699	)

Net claims and claim expenses incurred - total	$	101,534		$	(22,477	)				$	79,057


Net claims and claim expense ratio - current accident year		82.7	%		121.1	%					86.6	%
Net claims and claim expense ratio - prior accident years		(42.1	)%		(201.1	)%					(58.2	)%

Net claims and claim expense ratio - calendar year		40.6	%		(80.0	)%					28.4	%
Underwriting expense ratio		25.6	%		161.1	%					39.3	%

Combined ratio		66.2	%		81.1	%					67.7	%


	Three months ended March 31, 2009
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	532,916		$	65,149		$	236		$	598,301

Net premiums written	$	414,787		$	32,049					$	446,836

Net premiums earned	$	225,971		$	75,777					$	301,748
Net claims and claim expenses incurred		16,571			69,626						86,197
Acquisition expenses		19,021			25,583						44,604
Operational expenses		29,115			10,642						39,757

Underwriting income (loss)	$	161,264		$	(30,074	)				$	131,190

Net claims and claim expenses incurred - current accident year	$	41,306		$	37,629					$	78,935
Net claims and claim expenses incurred - prior accident years		(24,735	)		31,997						7,262

Net claims and claim expenses incurred - total	$	16,571		$	69,626					$	86,197


Net claims and claim expense ratio - current accident year		18.3	%		49.7	%					26.2	%
Net claims and claim expense ratio - prior accident years		(11.0	)%		42.2	%					2.4	%

Net claims and claim expense ratio - calendar year		7.3	%		91.9	%					28.6	%
Underwriting expense ratio		21.3	%		47.8	%					27.9	%

Combined ratio		28.6	%		139.7	%					56.5	%

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

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RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Three months ended March 31, 2010
	Catastrophe			Specialty			Lloyds			Eliminations (1)			Total
Gross premiums written	$	424,120		$	74,465		$	14,024		$	(217	)	$	512,392

Net premiums written	$	317,264		$	71,394		$	13,651					$	402,309

Net premiums earned	$	212,898		$	30,171		$	6,971					$	250,040
Net claims and claim expenses incurred		149,504			(50,557	)		2,587						101,534
Acquisition expenses		18,674			3,985			1,159						23,818
Operational expenses		28,012			6,005			6,134						40,151

Underwriting income (loss)	$	16,708		$	70,738		$	(2,909	)				$	84,537

Net claims and claim expenses incurred - current accident year	$	181,096		$	22,969		$	2,686					$	206,751
Net claims and claim expenses incurred - prior accident years		(31,592	)		(73,526	)		(99	)					(105,217	)

Net claims and claim expenses incurred - total	$	149,504		$	(50,557	)	$	2,587					$	101,534

Net claims and claim expense ratio - current accident year		85.1	%		76.1	%		38.5	%					82.7	%
Net claims and claim expense ratio - prior accident years		(14.9	)%		(243.7	)%		(1.4	)%					(42.1	)%

Net claims and claim expense ratio - calendar year		70.2	%		(167.6	)%		37.1	%					40.6	%
Underwriting expense ratio		22.0	%		33.1	%		104.6	%					25.6	%

Combined ratio		92.2	%		(134.5	)%		141.7	%					66.2	%


	Three months ended March 31, 2009
	Catastrophe			Specialty			Total
Gross premiums written	$	461,416		$	71,500		$	532,916

Net premiums written	$	347,443		$	67,344		$	414,787

Net premiums earned	$	185,125		$	40,846		$	225,971
Net claims and claim expenses incurred		7,491			9,080			16,571
Acquisition expenses		10,423			8,598			19,021
Operational expenses		22,601			6,514			29,115

Underwriting income	$	144,610		$	16,654		$	161,264

Net claims and claim expenses incurred - current accident year	$	19,807		$	21,499		$	41,306
Net claims and claim expenses incurred - prior accident years		(12,316	)		(12,419	)		(24,735	)

Net claims and claim expenses incurred - total	$	7,491		$	9,080		$	16,571

Net claims and claim expense ratio - current accident year		10.7	%		52.6	%		18.3	%
Net claims and claim expense ratio - prior accident years		(6.7	)%		(30.4	)%		(11.0	)%

Net claims and claim expense ratio - calendar year		4.0	%		22.2	%		7.3	%
Underwriting expense ratio		17.9	%		37.0	%		21.3	%

Combined ratio		21.9	%		59.2	%		28.6	%

(1)	Represents gross premiums ceded from the catastrophe unit to the Lloyds unit.

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RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written and Managed Premiums


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Reinsurance Segment

Renaissance catastrophe premiums	$	268,294		$	(17,184	)	$	78,232		$	356,269		$	289,630
Renaissance specialty premiums		72,449			21,037			25,249			(3,370	)		68,973

Total Renaissance premiums		340,743			3,853			103,481			352,899			358,603


DaVinci catastrophe premiums		155,826			(14,093	)		29,076			202,733			171,786
DaVinci specialty premiums		2,016						(70	)					2,527

Total DaVinci premiums		157,842			(14,093	)		29,006			202,733			174,313


Lloyds catastrophe premiums		5,669
Lloyds specialty premiums		7,723
Lloyds Insurance premiums		632

Total Lloyds unit premiums		14,024
Catastrophe unit premiums ceded to the Lloyds unit		(217	)

Total Lloyds unit premiums after intercompany cession	$	13,807		$			$			$			$


Total Reinsurance segment premiums	$	512,392		$	(10,240	)	$	132,487		$	555,632		$	532,916


Managed Premiums (2)

Total catastrophe unit premiums	$	424,120		$	(31,277	)	$	107,308		$	559,002		$	461,416

Catastrophe premiums written on behalf of our joint venture, Top Layer Re (1)		26,186			2,432			(434	)		26,184			23,792
Catastrophe premiums written in the Lloyds unit		5,669
Catastrophe premiums assumed from the Insurance segment		(175	)		(272	)		(13,423	)		809			236


Total managed catastrophe premiums (2)	$	455,800		$	(29,117	)	$	93,451		$	585,995		$	485,444


Total specialty unit premiums	$	74,465		$	21,037		$	25,179		$	(3,370	)	$	71,500

Specialty premiums written in the Lloyds unit		7,723


Total managed specialty premiums (2)	$	82,188		$	21,037		$	25,179		$	(3,370	)	$	71,500

(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.

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RenaissanceRe Holdings Ltd.

Insurance Segment - Gross Premiums Written


	Three months ended
	March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009
By Line of Business

Commercial multi-line	$	26,804	$	25,028	$	31,066	$	25,447	$	24,642
Commercial property		13,008		20,820		15,514		32,366		16,121
Crop		7,136		25,882		21,296		234,994		8,152
Personal lines property		4,932		11,828		15,473		5,924		16,234

Total Insurance premiums	$	51,880	$	83,558	$	83,349	$	298,731	$	65,149

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DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Revenues
Gross premiums written	$	157,842		$	(14,093	)	$	29,006		$	202,733		$	174,313

Net premiums written	$	145,035		$	(15,721	)	$	4,148		$	194,552		$	149,125
(Increase) decrease in unearned premiums		(50,822	)		93,966			79,730			(109,562	)		(69,479	)

Net premiums earned		94,213			78,245			83,878			84,990			79,646
Net investment income		10,274			9,606			14,011			15,200			8,862
Net foreign exchange (losses) gains		(1,928	)		263			713			(968	)		(3,332	)
Other (loss) income		(276	)		(4,263	)		(6,157	)		(2,674	)		90
Net realized and unrealized gains (losses) on fixed maturity investments		5,757			13,448			2,631			(255	)		1,344
Total other-than-temporary impairments					(1,402	)								(108	)
Portion recognized in other comprehensive income, before taxes

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

*Total revenues*		108,040			95,897			95,076			96,293			86,502

Expenses
Net claims and claim expenses incurred		62,471			(16,230	)		(729	)		(21,362	)		1,792
Acquisition expenses		19,671			21,525			22,159			25,887			15,760
Operational and corporate expenses		7,491			11,383			12,051			10,540			10,427
Interest expense		469			489			631			927			1,145

*Total expenses*		90,102			17,167			34,112			15,992			29,124

*Net income*		17,938			78,730			60,964			80,301			57,378
Net income attributable to redeemable noncontrolling interest		(37	)		(158	)		(123	)		(163	)		(117	)

*Net income available to DaVinciRe common shareholders*	$	17,901		$	78,572		$	60,841		$	80,138		$	57,261

Net claims and claim expenses incurred - current accident year	$	78,027		$	2,379		$	14,560		$	7,334		$	7,675
Net claims and claim expenses incurred - prior accident years		(15,556	)		(18,609	)		(15,289	)		(28,696	)		(5,883	)

Net claims and claim expenses incurred - total	$	62,471		$	(16,230	)	$	(729	)	$	(21,362	)	$	1,792

Net claims and claim expense ratio - current accident year		82.8	%		3.0	%		17.4	%		8.6	%		9.6	%
Net claims and claim expense ratio - prior accident years		(16.5	)%		(23.7	)%		(18.3	)%		(33.7	)%		(7.4	)%

Net claims and claim expense ratio - calendar year		66.3	%		(20.7	)%		(0.9	)%		(25.1	)%		2.2	%
Underwriting expense ratio		28.8	%		42.0	%		40.8	%		42.8	%		32.9	%

Combined ratio		95.1	%		21.3	%		39.9	%		17.7	%		35.1	%

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RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009
Assets
Fixed maturity investments available for sale, at fair value	$	1,485,161	$	3,559,197	$	4,505,446	$	4,230,443	$	3,164,848
Fixed maturity investments trading, at fair value		3,049,335		736,595

Total fixed maturity investments, at fair value		4,534,496		4,295,792		4,505,446		4,230,443		3,164,848
Short term investments, at fair value		864,328		1,002,306		880,406		1,074,469		2,136,336
Other investments, at fair value		866,865		858,026		812,056		779,416		733,023
Investments in other ventures, under equity method		84,942		97,287		94,859		91,677		88,159

Total investments		6,350,631		6,253,411		6,292,767		6,176,005		6,122,366
Cash and cash equivalents		358,773		260,716		347,993		209,933		249,340
Premiums receivable		511,832		589,827		826,562		1,071,666		593,199
Ceded reinsurance balances		121,836		91,852		207,257		250,225		149,309
Losses recoverable		156,820		194,241		253,312		266,993		201,215
Accrued investment income		32,784		31,928		34,076		29,209		23,927
Deferred acquisition costs		74,489		61,870		95,614		114,836		97,710
Receivable for investments sold		53,863		7,431		188,497		332,763		308,483
Other secured assets		27,651		27,730		27,464		76,509		76,331
Other assets		171,577		205,347		201,982		206,455		165,492
Goodwill and other intangibles		75,416		76,688		69,175		70,843		72,537

*Total assets*	$	7,935,672	$	7,801,041	$	8,544,699	$	8,805,437	$	8,059,909


Liabilities, Redeemable Noncontrolling Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	1,695,397	$	1,702,006	$	1,837,879	$	1,938,295	$	1,992,049
Reserve for unearned premiums		614,490		446,649		805,199		1,069,082		716,613
Debt		549,086		300,000		450,000		450,000		450,000
Reinsurance balances payable		241,544		381,548		457,947		499,437		289,522
Payable for investments purchased		136,838		59,236		247,502		468,329		590,401
Other secured liabilities		27,500		27,500		27,500		77,420		77,420
Other liabilities		221,001		256,669		251,504		198,710		171,738

*Total liabilities*		3,485,856		3,173,608		4,077,531		4,701,273		4,287,743

Redeemable noncontrolling interest - DaVinciRe		658,525		786,647		746,698		700,562		650,763

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		58,320		61,745		62,390		62,345		62,324
Additional paid-in capital						25,494		18,600		11,373
Accumulated other comprehensive income		30,771		41,438		78,338		12,065		69,530
Retained earnings		3,052,200		3,087,603		2,904,248		2,660,592		2,328,176

*Total shareholders equity*		3,791,291		3,840,786		3,720,470		3,403,602		3,121,403

*Total liabilities, redeemable noncontrolling interest and shareholders equity*	$	7,935,672	$	7,801,041	$	8,544,699	$	8,805,437	$	8,059,909

Book value per common share	$	53.86	$	51.68	$	49.21	$	44.17	$	39.65

Common shares outstanding		58,320		61,745		62,390		62,345		62,324

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RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	March 31, 2010					December 31, 2009					September 30, 2009					June 30, 2009					March 31, 2009
TYPE OF INVESTMENT

U.S. treasuries	$	1,382,328		21.8	%	$	918,157		14.7	%	$	713,715		11.3	%	$	300,521		4.9	%	$	227,594		3.7	%
Agencies		126,660		2.0	%		165,577		2.6	%		256,570		4.1	%		679,999		11.0	%		404,124		6.6	%
Non-U.S. government (Sovereign debt)		207,517		3.3	%		198,059		3.2	%		122,757		2.0	%		98,382		1.6	%		72,904		1.2	%
FDIC guaranteed corporate		642,969		10.1	%		855,988		13.7	%		903,137		14.4	%		812,509		13.2	%		516,115		8.4	%
Non-U.S. government-backed corporate		370,099		5.8	%		248,746		4.0	%		227,718		3.6	%		143,284		2.3	%		15,569		0.3	%
Corporate		1,312,556		20.7	%		1,135,504		18.2	%		860,057		13.7	%		741,295		12.0	%		510,848		8.3	%
Agency mortgage-backed		232,883		3.7	%		393,397		6.3	%		1,039,945		16.5	%		1,069,621		17.3	%		990,126		16.2	%
Non-agency mortgage-backed		30,984		0.5	%		36,383		0.6	%		46,179		0.7	%		49,590		0.8	%		62,059		1.0	%
Commercial mortgage-backed		178,523		2.8	%		251,472		4.0	%		232,053		3.7	%		204,275		3.3	%		213,943		3.5	%
Asset-backed		49,977		0.8	%		92,509		1.5	%		103,315		1.6	%		130,967		2.1	%		151,566		2.5	%

Total fixed maturity investments, at fair value		4,534,496		71.5	%		4,295,792		68.8	%		4,505,446		71.6	%		4,230,443		68.5	%		3,164,848		51.7	%
Short term investments, at fair value		864,328		13.6	%		1,002,306		16.0	%		880,406		14.0	%		1,074,469		17.4	%		2,136,336		34.9	%
Other investments, at fair value		866,865		13.6	%		858,026		13.7	%		812,056		12.9	%		779,416		12.6	%		733,023		12.0	%

Total managed investment portfolio		6,265,689		98.7	%		6,156,124		98.5	%		6,197,908		98.5	%		6,084,328		98.5	%		6,034,207		98.6	%
Investments in other ventures, under equity method		84,942		1.3	%		97,287		1.5	%		94,859		1.5	%		91,677		1.5	%		88,159		1.4	%

Total investments	$	6,350,631		100.0	%	$	6,253,411		100.0	%	$	6,292,767		100.0	%	$	6,176,005		100.0	%	$	6,122,366		100.0	%


CREDIT QUALITY OF FIXED MATURITY INVESTMENTS

AAA	$	3,109,595		68.6	%	$	3,107,713		72.3	%	$	3,636,884		80.7	%	$	3,498,768		82.7	%	$	2,625,260		83.0	%
AA		622,286		13.7	%		493,965		11.5	%		368,744		8.2	%		344,888		8.2	%		210,173		6.6	%
A		482,405		10.6	%		424,563		9.9	%		266,502		5.9	%		227,803		5.4	%		200,312		6.3	%
BBB		231,062		5.1	%		184,374		4.3	%		149,509		3.3	%		86,188		2.0	%		65,726		2.1	%
Non-investment grade		89,148		2.0	%		85,177		2.0	%		83,807		1.9	%		72,796		1.7	%		63,377		2.0	%

Total fixed maturity investments, at fair value	$	4,534,496		100.0	%	$	4,295,792		100.0	%	$	4,505,446		100.0	%	$	4,230,443		100.0	%	$	3,164,848		100.0	%


MATURITY PROFILE OF FIXED MATURITY INVESTMENTS

Due in less than one year	$	79,612		1.8	%	$	83,280		1.9	%	$	125,570		2.8	%	$	136,859		3.2	%	$	110,388		3.5	%
Due after one through five years		3,078,692		67.9	%		2,867,397		66.7	%		2,550,285		56.6	%		2,292,095		54.2	%		1,363,800		43.1	%
Due after five through ten years		786,091		17.3	%		498,382		11.6	%		297,289		6.6	%		271,697		6.4	%		191,201		6.0	%
Due after 10 years		97,734		2.2	%		72,972		1.7	%		110,810		2.5	%		75,339		1.8	%		81,765		2.6	%
Mortgage-backed securities		442,390		9.7	%		681,252		15.9	%		1,318,177		29.2	%		1,323,486		31.3	%		1,266,128		40.0	%
Asset-backed securities		49,977		1.1	%		92,509		2.2	%		103,315		2.3	%		130,967		3.1	%		151,566		4.8	%

Total fixed maturity investments, at fair value	$	4,534,496		100.0	%	$	4,295,792		100.0	%	$	4,505,446		100.0	%	$	4,230,443		100.0	%	$	3,164,848		100.0	%


	Mar. 31, 2010					Dec. 31, 2009					Sept. 30, 2009					June 30, 2009					Mar. 31, 2009
Average yield to maturity of fixed maturity and short term investments		2.1	%				2.3	%				2.4	%				3.0	%				2.5	%
Average duration of fixed maturity and short term investments		2.7					2.6					2.5					2.5					1.3
Average credit quality of fixed maturity and short term investments		AA					AA					AA					AA					AA

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Summary of Other Investments


	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
TYPE OF INVESTMENT

Private equity partnerships	$	292,412		$	286,108		$	279,030		$	263,263		$	247,559
Senior secured bank loan funds		253,652			245,701			240,514			259,234			220,202
Catastrophe bonds		156,973			160,051			124,192			100,502			93,798
Non-U.S. fixed income funds		75,533			75,891			81,083			68,192			81,757
Hedge funds		56,475			54,163			52,955			66,625			72,428
Miscellaneous other investments		31,820			36,112			34,282			21,600			17,279

Total other investments, at fair value	$	866,865		$	858,026		$	812,056		$	779,416		$	733,023


TYPE OF INVESTMENT

Private equity partnerships		33.7	%		33.4	%		34.4	%		33.8	%		33.7	%
Senior secured bank loan funds		29.3	%		28.6	%		29.6	%		33.3	%		30.0	%
Catastrophe bonds		18.1	%		18.7	%		15.3	%		12.9	%		12.8	%
Non-U.S. fixed income funds		8.7	%		8.8	%		10.0	%		8.7	%		11.2	%
Hedge funds		6.5	%		6.3	%		6.5	%		8.5	%		9.9	%
Miscellaneous other investments		3.7	%		4.2	%		4.2	%		2.8	%		2.4	%

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

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Investment Result


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Fixed maturity investments	$	28,643		$	37,289		$	44,127		$	40,007		$	39,127
Short term investments		2,284			1,827			2,285			2,741			3,071
Other investments
Hedge funds and private equity investments		17,536			10,183			15,510			12,327			(19,741	)
Other		21,218			14,058			47,748			61,740			21,821
Cash and cash equivalents		66			223			102			157			373

		69,747			63,580			109,772			116,972			44,651
Investment expenses		(2,566	)		(2,833	)		(2,957	)		(2,679	)		(2,525	)


Net investment income		67,181			60,747			106,815			114,293			42,126

Gross realized gains		48,887			52,363			26,734			33,213			31,423
Gross realized losses		(5,170	)		(5,622	)		(9,940	)		(14,324	)		(9,297	)


Net realized gains on fixed maturity investments		43,717			46,741			16,794			18,889			22,126

Net unrealized gains (losses) on fixed maturity investments, trading		4,881			(11,388	)

Net realized and unrealized gains on fixed maturity investments		48,598			35,353			16,794			18,889			22,126

Total other-than-temporary impairments		(33	)		(1,280	)		(1,408	)		(5,289	)		(19,022	)
Portion recognized in other comprehensive income, before taxes								1,062			3,456


Net other-than-temporary impairments		(33	)		(1,280	)		(346	)		(1,833	)		(19,022	)

Net unrealized (losses) gains on fixed maturity investments available for sale		(8,641	)		(46,004	)		74,697			(57,166	)		(5,407	)
FAS 115-2 cumulative effect adjustment (1)											76,615


Net change in unrealized holding gains on fixed maturity investments available for sale		(8,641	)		(46,004	)		74,697			19,449			(5,407	)

*Total investment result*	$	107,105		$	48,816		$	197,960		$	150,798		$	39,823

(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.

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Investment Portfolio - Yield to Maturity and Credit Rating


	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio		Yield to Maturity		Credit Rating (1)
At March 31, 2010	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio		Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	864,328	$	864,328		13.8	%	0.2	%	$	843,372		$	5,858		$	1,849		$	13,249		$			$
				100.0	%						97.6	%		0.7	%		0.2	%		1.5	%
Fixed maturity investments

U.S. treasuries		1,387,847		1,382,328		22.0	%	1.9	%		1,382,328

Agencies

Fannie Mae & Freddie Mac		67,828		68,485		1.1	%	1.4	%		68,485
Other agencies		57,726		58,175		0.9	%	1.2	%		58,175

Total agencies		125,554		126,660		2.0	%	1.3	%		126,660

Non-U.S. government (Sovereign debt)		199,156		207,517		3.3	%	3.5	%		126,579			21,391			16,730			26,780			16,037

FDIC guaranteed corporate		638,358		642,969		10.3	%	1.1	%		642,969

Non-U.S. government-backed corporate		368,849		370,099		5.9	%	2.0	%		310,721			58,024			1,354

Corporate		1,306,064		1,312,556		21.0	%	3.4	%		80,942			540,336			434,462			185,904			56,716			14,196

Mortgage-backed securities

Residential mortgage-backed Agency securities		230,445		232,883		3.7	%	3.1	%		232,883

Non-agency securities		15,236		16,301		0.3	%	5.2	%		11,131									5,170
Non-agency securities - Alt A		13,224		14,683		0.2	%	8.6	%		12,484												2,199
Non-agency securities - Sub-prime

Total residential mortgage-backed		258,905		263,867		4.2	%	3.5	%		256,498									5,170			2,199

Commercial mortgage-backed		174,622		178,523		2.9	%	3.7	%		132,921			2,535			29,859			13,208

Total mortgage-backed		433,527		442,390		7.1	%	3.6	%		389,419			2,535			29,859			18,378			2,199

Asset-backed
Student loans		32,423		33,557		0.5	%	1.0	%		33,557
Auto		7,760		7,846		0.1	%	0.9	%		7,846
Credit cards		3,763		3,850		0.1	%	0.7	%		3,850
Other		5,000		4,724		0.1	%	7.4	%		4,724

Total asset-backed		48,946		49,977		0.8	%	1.6	%		49,977

Total securitized assets		482,473		492,367		7.9	%	3.2	%		439,396			2,535			29,859			18,378			2,199

Total fixed maturity investments		4,508,301		4,534,496		72.4	%	2.5	%		3,109,595			622,286			482,405			231,062			74,952			14,196
				100.0	%						68.6	%		13.7	%		10.6	%		5.1	%		1.7	%		0.3	%

Other investments
Private equity partnerships				292,412		4.7	%																			292,412
Senior secured bank loan funds				253,652		4.0	%																253,652
Catastrophe bonds				156,973		2.5	%							25,771									131,202
Non-U.S. fixed income funds				75,533		1.2	%													44,451			31,082
Hedge funds				56,475		0.9	%																			56,475
Miscellaneous other investments				31,820		0.5	%													31,820

Total other investments				866,865		13.8	%							25,771						76,271			415,936			348,887

Total managed investment portfolio			$	6,265,689		100.0	%			$	3,952,967		$	653,915		$	484,254		$	320,582		$	490,888		$	363,083
				100.0	%						63.1	%		10.5	%		7.7	%		5.1	%		7.8	%		5.8	%

(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.

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Investment Portfolio - Change in Fair Value


	At March 31, 2010				At December 31, 2009				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	864,328	13.8	%	$	1,002,306	16.3	%	$	(137,978	)	(13.8	)%

Fixed maturity investments

U.S. treasuries		1,382,328	22.0	%		918,157	15.0	%		464,171		50.6	%

Agencies
Fannie Mae & Freddie Mac		68,485	1.1	%		83,632	1.4	%		(15,147	)	(18.1	)%
Other agencies		58,175	0.9	%		81,945	1.3	%		(23,770	)	(29.0	)%

Total agencies		126,660	2.0	%		165,577	2.7	%		(38,917	)	(23.5	)%

Non-U.S. government (Sovereign debt)		207,517	3.3	%		198,059	3.2	%		9,458		4.8	%

FDIC guaranteed corporate		642,969	10.3	%		855,988	13.9	%		(213,019	)	(24.9	)%

Non-U.S. government-backed corporate		370,099	5.9	%		248,746	4.0	%		121,353		48.8	%

Corporate		1,312,556	21.0	%		1,135,504	18.4	%		177,052		15.6	%

Mortgage-backed

Residential mortgage-backed Agency securities		232,883	3.7	%		393,397	6.4	%		(160,514	)	(40.8	)%

Non-agency securities		16,301	0.3	%		21,822	0.4	%		(5,521	)	(25.3	)%
Non-agency securities - Alt A		14,683	0.2	%		14,561	0.2	%		122		0.8	%
Non-agency securities - Sub-prime			0.0	%			0.0	%				0.0	%

Total residential mortgage-backed		263,867	4.2	%		429,780	7.0	%		(165,913	)	(38.6	)%

Commercial mortgage-backed		178,523	2.9	%		251,472	4.1	%		(72,949	)	(29.0	)%

Total mortgage-backed		442,390	7.1	%		681,252	11.1	%		(238,862	)	(35.1	)%

Asset-backed
Student loans		33,557	0.5	%		54,973	0.9	%		(21,416	)	(39.0	)%
Auto		7,846	0.1	%		19,604	0.3	%		(11,758	)	(60.0	)%
Credit cards		3,850	0.1	%		7,093	0.1	%		(3,243	)	(45.7	)%
Other		4,724	0.1	%		10,839	0.2	%		(6,115	)	(56.4	)%

Total asset-backed		49,977	0.8	%		92,509	1.5	%		(42,532	)	(46.0	)%

Total securitized assets		492,367	7.9	%		773,761	12.6	%		(281,394	)	(36.4	)%

Total fixed maturity investments		4,534,496	72.4	%		4,295,792	69.8	%		238,704		5.6	%

Other investments

Private equity partnerships		292,412	4.7	%		286,108	4.6	%		6,304		2.2	%
Senior secured bank loan funds		253,652	4.0	%		245,701	4.0	%		7,951		3.2	%
Catastrophe bonds		156,973	2.5	%		160,051	2.6	%		(3,078	)	(1.9	)%
Non-U.S. fixed income funds		75,533	1.2	%		75,891	1.2	%		(358	)	(0.5	)%
Hedge funds		56,475	0.9	%		54,163	0.9	%		2,312		4.3	%
Miscellaneous other investments		31,820	0.5	%		36,112	0.6	%		(4,292	)	(11.9	)%

Total other investments		866,865	13.8	%		858,026	13.9	%		8,839		1.0	%

Total managed investment portfolio	$	6,265,689	100.0	%	$	6,156,124	100.0	%	$	109,565		1.8	%

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Fixed Maturity Investments - Securitized Assets


	Fair Value		% of Total Managed Investment Portfolio		% of Total Managed Investment Portfolio												% of Total Securitized Assets		Weighted Average Life
					Vintage
At March 31, 2010					2010		2009		2008		2007		2006		2005 & Prior
Total managed investment portfolio	$	6,265,689	100.0	%

Mortgage-backed

Residential mortgage-backed Agency securities		232,883	3.7	%	0.0	%	1.7	%	0.7	%	0.5	%	0.2	%	0.6	%	47.3	%	4.0

Non-agency securities		16,301	0.3	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.3	%	3.3	%	4.3
Non-agency securities - Alt A		14,683	0.2	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.2	%	3.0	%	3.9
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		30,984	0.5	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.5	%	6.3	%	4.1

Total residential mortgage-backed		263,867	4.2	%	0.0	%	1.7	%	0.7	%	0.5	%	0.2	%	1.1	%	53.6	%	4.0

Commercial mortgage-backed		178,523	2.9	%	0.0	%	0.1	%	0.2	%	0.4	%	0.4	%	1.8	%	36.3	%	3.8

Total mortgage-backed		442,390	7.1	%	0.0	%	1.8	%	0.9	%	0.9	%	0.6	%	2.9	%	89.9	%	3.9

Asset-backed

Student loans		33,557	0.5	%	0.0	%	0.0	%	0.5	%	0.0	%	0.0	%	0.0	%	6.8	%	4.6
Auto		7,846	0.1	%	0.0	%	0.0	%	0.1	%	0.0	%	0.0	%	0.0	%	1.6	%	0.6
Credit cards		3,850	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.8	%	0.5
Other		4,724	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.9	%	3.8

Total asset-backed		49,977	0.8	%	0.0	%	0.0	%	0.6	%	0.0	%	0.0	%	0.2	%	10.1	%	3.6

Total securitized assets	$	492,367	7.9	%	0.0	%	1.8	%	1.5	%	0.9	%	0.6	%	3.1	%	100.0	%	3.9

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RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


	At March 31, 2010
Sector	Total		AAA		AA		A		BBB		Non- Investment Grade		Not Rated
Financials	$	754,466	$	42,220	$	350,600	$	307,929	$	35,576	$	3,945	$	14,196
Consumer		264,746		23,483		143,230		20,149		57,949		19,935
Industrial, utilities and energy		175,583				46,506		55,563		55,414		18,100
Communications and technology		97,104		15,239				47,052		22,458		12,355
Basic materials		20,657						3,769		14,507		2,381

Total corporate fixed maturity investments, at fair value (1)	$	1,312,556	$	80,942	$	540,336	$	434,462	$	185,904	$	56,716	$	14,196

Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value
	At March 31, 2010
Issuer	Total		Short term investments		Fixed maturity investments
Wells Fargo & Company	$	88,578	$		$	88,578
JP Morgan Chase & Co.		85,512		599		84,913
General Electric Company		74,044		699		73,345
Credit Suisse Group AG		43,255				43,255
Barclays PLC		43,213		1,100		42,113
Rabobank Nederland		35,342		500		34,842
Pfizer Inc.		33,725				33,725
Novartis AG		33,342				33,342
Roche Holdings AG		33,202				33,202
Svenska Handelsbanken Ab		30,710				30,710

Total (2)	$	500,923	$	2,898	$	498,025

(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 repurchase agreements, at fair value.

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RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2010
Catastrophe	$	140,851	$	132,874	$	455,140	$	728,865
Specialty		114,049		82,769		349,647		546,465
Lloyds				1,089		2,603		3,692

Total Reinsurance		254,900		216,732		807,390		1,279,022
Insurance		164,849		6,221		245,305		416,375

Total	$	419,749	$	222,953	$	1,052,695	$	1,695,397

December 31, 2009
Catastrophe	$	165,153	$	148,252	$	258,451	$	571,856
Specialty		119,674		101,612		382,818		604,104

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

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

September 30, 2009
Catastrophe	$	190,779	$	233,954	$	236,429	$	661,162
Specialty		110,806		130,040		372,405		613,251

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

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

June 30, 2009
Catastrophe	$	215,829	$	254,199	$	216,781	$	686,809
Specialty		108,376		142,266		387,696		638,338

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

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

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

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

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

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RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended March 31, 2010									Three months ended March 31, 2009
	Gross			Recoveries			Net			Gross		Recoveries		Net
Reserve for losses and loss expenses, beginning of period	$	1,702,006		$	194,241		$	1,507,765		$	2,160,612	$	299,534	$	1,861,078

Incurred losses and loss expenses
Current year		291,890			51,134			240,756			89,879		10,944		78,935
Prior years		(177,934	)		(16,235	)		(161,699	)		8,154		892		7,262

Total incurred losses and loss expenses		113,956			34,899			79,057			98,033		11,836		86,197

Paid losses and loss expenses
Current year		1,617			1,338			279			5,056		1,377		3,679
Prior years		118,948			70,982			47,966			261,540		108,778		152,762

Total paid losses and loss expenses		120,565			72,320			48,245			266,596		110,155		156,441

Reserve for losses and loss expenses, end of period	$	1,695,397		$	156,820		$	1,538,577		$	1,992,049	$	201,215	$	1,790,834

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RenaissanceRe Holdings Ltd.

Earnings per Share


	Three months ended
(common shares in thousands)	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	165,047		$	211,767		$	258,628		$	271,179		$	97,284
Amount allocated to participating common shareholders (1)		(4,196	)		(5,171	)		(6,067	)		(6,007	)		(1,809	)

	$	160,851		$	206,596		$	252,561		$	265,172		$	95,475

Denominator:
Denominator for basic income per RenaissanceRe common share - Weighted average common shares		58,407			60,604			60,898			60,963			60,635
Per common share equivalents of employee stock options and restricted shares		480			557			469			359			354

Denominator for diluted income per RenaissanceRe common share - Adjusted weighted average common shares and assumed conversions		58,887			61,161			61,367			61,322			60,989


Basic income per RenaissanceRe common share	$	2.75		$	3.41		$	4.15		$	4.35		$	1.57

Diluted income per RenaissanceRe common share	$	2.73		$	3.38		$	4.12		$	4.32		$	1.57

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

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RenaissanceRe Holdings Ltd.

Equity in Earnings (Losses) of Other Ventures


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009		March 31, 2009
Top Layer Re	$	3,380		$	2,912		$	3,385		$	4,176	$	2,146
Tower Hill Companies		(1,071	)		(3,226	)		1,098			536		(491	)
Other		(153	)		(209	)		(152	)		720		81


*Total equity in earnings (losses) of other ventures*	$	2,156		$	(523	)	$	4,331		$	5,432	$	1,736

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RenaissanceRe Holdings Ltd.

Other (Loss) Income


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Weather-related and loss mitigation	$	188		$	(2,717	)	$	(2,110	)	$	(2,963	)	$	(3,279	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(1,440	)		(9,841	)		(13,147	)		(7,928	)		(2,678	)
Weather and energy risk management operations		(1,825	)		12,268			13,674			6,428			4,814
Mark-to-market on Platinum warrant		(3,697	)		5,419			12,839			424			(13,724	)
Other items		1,043			1,919			2,168			383			72


*Total other (loss) income*	$	(5,731	)	$	7,048		$	13,424		$	(3,656	)	$	(14,795	)

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RenaissanceRe Holdings Ltd.

Ratings


March 31, 2010	A.M. Best	S&P (5)	Moodys	Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	A
DaVinci	A	A+
Top Layer Re	A+	AA
Renaissance Europe	A+	AA-

RenaissanceRe Syndicate 1458
Lloyds Overall Market Rating (2)	A	A+		A+

INSURANCE SEGMENT (1)
Glencoe	A	A+
Stonington	A	A+
Stonington Lloyds	A	A+
Lantana	A	A+

RENAISSANCERE (3)	a-	A	A3	BBB+

RENAISSANCERE (4)		Excellent

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

(2)	The A.M. Best, S&P and Fitch ratings for the Lloyds Overall Market Rating represent the financial strength rating of Lloyds.

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

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

(5)	The S&P ratings for the companies in the Reinsurance (excluding Top Layer Re) and Insurance segments reflect, in addition to the insurers financial strength rating, the insurers counterparty credit rating.

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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 available 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 share diluted and operating return on average common equity annualized. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share diluted to operating income available to RenaissanceRe common shareholders per common share diluted; and 3) return on average common equity annualized to operating return on average common equity annualized:


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Net income available to RenaissanceRe common shareholders	$	165,047		$	211,767		$	258,628		$	271,179		$	97,284
Adjustment for net realized and unrealized gains on fixed maturity investments		(48,598	)		(35,353	)		(16,794	)		(18,889	)		(22,126	)
Adjustment for net other-than-temporary impairments		33			1,280			346			1,833			19,022

Operating income available to RenaissanceRe common shareholders	$	116,482		$	177,694		$	242,180		$	254,123		$	94,180

Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.73		$	3.38		$	4.12		$	4.32		$	1.57
Adjustment for net realized and unrealized gains on fixed maturity investments		(0.82	)		(0.58	)		(0.27	)		(0.31	)		(0.36	)
Adjustment for net other-than-temporary impairments					0.02						0.04			0.31

Operating income available to RenaissanceRe common shareholders per common share - diluted	$	1.91		$	2.82		$	3.85		$	4.05		$	1.52


Return on average common equity - annualized		20.9	%		27.1	%		35.5	%		41.5	%		16.0	%
Adjustment for net realized and unrealized gains on fixed maturity investments		(6.1	)%		(4.6	)%		(2.2	)%		(2.9	)%		(3.6	)%
Adjustment for net other-than-temporary impairments					0.2	%					0.3	%		3.1	%

Operating return on average common equity - annualized		14.8	%		22.7	%		33.3	%		38.9	%		15.5	%

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RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement managed catastrophe premiums and managed specialty 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 Insurance segment. Managed catastrophe premiums differ from total catastrophe unit 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, the inclusion of catastrophe premiums written on behalf of the Companys Lloyds unit, and the exclusion of catastrophe premiums assumed from the Companys Insurance segment. Managed specialty premiums is defined as gross specialty premiums written by Renaissance Reinsurance, DaVinci and the Companys Lloyds unit. Managed specialty premiums differ from total specialty unit premiums, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of specialty premiums written on behalf of the Companys Lloyds unit. The Companys management believes managed catastrophe premiums and managed specialty premiums are useful to investors and other interested parties because they provide a measure of total catastrophe or specialty reinsurance premiums, as applicable, 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
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Book value per common share	$	53.86		$	51.68		$	49.21		$	44.17		$	39.65
Adjustment for goodwill and intangible assets (1)		(2.02	)		(1.95	)		(1.83	)		(1.89	)		(1.93	)


Tangible book value per common share		51.84			49.73			47.38			42.28			37.72
Adjustment for accumulated dividends		9.13			8.88			8.64			8.40			8.16

Tangible book value per common share plus accumulated dividends	$	60.97		$	58.61		$	56.02		$	50.68		$	45.88


Change in book value per common share		4.2	%		5.0	%		11.4	%		11.4	%		2.3	%

Change in tangible book value per common share plus change in accumulated dividends		4.7	%		5.5	%		12.6	%		12.7	%		3.3	%

(1)

At March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, goodwill and other intangibles included $42.4 million, $43.8 million, $45.3 million, $46.7 million and $48.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

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Form: 8-K

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