Exhibit 99.1

RenaissanceRe Reports Net Income Available to RenaissanceRe Common Shareholders of $210.2 Million for the Second Quarter of 2010 or $3.66 Per Diluted Common Share

Operating Income of $139.9 Million for the Second Quarter of 2010 or $2.40 Per Diluted Common Share

Pembroke, Bermuda, July 27, 2010 — RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported net income available to common shareholders of $210.2 million or $3.66 per diluted common share in the second quarter of 2010, compared to net income available to common shareholders of $271.2 million or $4.32 per diluted common share for the second quarter of 2009. Operating income available to common shareholders was $139.9 million or $2.40 per diluted common share in the second quarter of 2010, compared to operating income available to common shareholders of $254.1 million or $4.05 per diluted common share for the second quarter of 2009. Operating income excludes net realized and unrealized gains on fixed maturity investments of $71.1 million and net other- than-temporary impairments of $0.8 million in the second quarter of 2010 and net realized gains on fixed maturity investments of $18.9 million and net other-than-temporary impairments of $1.8 million in the second quarter of 2009.

The Company reported an annualized return on average common equity of 26.8% and an annualized operating return on average common equity of 17.9% in the second quarter of 2010, compared to 41.5% and 38.9%, respectively, in the second quarter of 2009. Book value per common share increased $3.10, to $56.96 at June 30, 2010, a 5.8% increase in the second quarter of 2010, compared to an 11.4% increase in the second quarter of 2009.

Neill A. Currie, CEO, commented: “I am pleased to report another good quarter with an annualized operating return on average common equity of 18% and growth in book value per share of almost 6%. We generated strong underwriting profits, had a successful June 1st renewal season, and have underwritten an attractive portfolio of risks. We actively managed our capital during the quarter and remain committed to generating superior returns for our shareholders.”

Mr. Currie added: “Our ability to produce an attractive portfolio of business in this market is a testament to our position as a market leader with strong client and broker relationships. We will continue to maintain our strong underwriting discipline in this market while also continuing to focus on risk management and laying the foundation for future opportunities and long-term performance.”

SECOND QUARTER 2010 RESULTS

Underwriting Results

Gross premiums written for the second quarter of 2010 decreased $13.7 million, or 1.6%, to $841.5 million, compared to $855.2 million for the second quarter of 2009. As described in more detail below, the decrease in gross premiums written was primarily due to a decrease in managed catastrophe premiums of $70.4 million, or 12.0%, and partially offset by increases in the Company’s specialty, Lloyd’s and Insurance premiums. The Company generated $188.5 million of underwriting income and had a combined ratio of 42.3% in the second quarter of 2010, compared to $213.6 million of underwriting income and a 43.8% combined ratio in the second quarter of 2009. Included in the Company’s underwriting income for the second quarter of 2010 was $86.4 million of favorable development on prior year reserves, compared to $106.2 million of favorable development on prior year reserves in the second quarter of 2009.

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Reinsurance Segment

Gross premiums written for the Company’s Reinsurance segment decreased $24.3 million, or 4.4%, to $531.4 million in the second quarter of 2010, compared to $555.6 million in the second quarter of 2009. The Company’s managed catastrophe premiums decreased $70.4 million, or 12.0%, to $515.6 million in the second quarter of 2010, compared to $586.0 million in the second quarter of 2009. The Company’s reduction in managed catastrophe premiums principally reflected the deterioration of attractive market conditions on a risk-adjusted basis in the Company’s core markets combined with the nonrenewal of Timicuan Reinsurance II Ltd. (“Tim Re II”), a fully- collateralized property catastrophe joint venture for the 2009 underwriting year, that generated $41.8 million of gross premiums written in the second quarter of 2009. The Company’s managed specialty reinsurance premiums increased $16.9 million, to $13.5 million in the second quarter of 2010, compared to $(3.4) million in the second quarter of 2009. The increase in the Company’s specialty reinsurance premiums was primarily due to the negative impact during the second quarter of 2009 related to the non-renewal and portfolio transfer out of a catastrophe exposed homeowners personal lines property quota share contract, representing $24.2 million of negative gross premiums written in the second quarter of 2009. Excluding the impact of this transaction in the second quarter of 2009, the Company’s managed specialty premiums decreased $7.3 million, or 35.3%, in the second quarter of 2010 compared to the second quarter of 2009. This decrease was due to reductions in several lines of business due to softening market conditions combined with the timing of a political risk trade credit contract which incepted in the second quarter of 2009 and renewed in the first quarter of 2010. The Company’s newly formed Lloyd’s unit generated $13.8 million of managed gross premiums written in the second quarter of 2010.

Through the first six months of 2010, the Company’s managed catastrophe premiums are down 12.1%, compared to the first six months of 2009, after excluding $29.7 million of reinstatement gross premiums written in the first six months of 2010 as a result of European windstorm Xynthia and the Chilean earthquake. The Company’s managed specialty premiums are up 40.4% through the first six months of 2010, compared to the first six months of 2009 and the Company’s Lloyd’s unit generated $27.0 million of managed premiums written in the first six months of 2010. The Company’s Reinsurance segment premiums are prone to significant volatility due to the timing of contract inception and also due to the business being characterized by a relatively small number of relatively large transactions.

The Company’s Reinsurance segment generated $181.5 million of underwriting income and had a combined ratio of 15.5% in the second quarter of 2010, compared to $212.4 million and 6.8%, respectively, in the second quarter of 2009. The $30.9 million decrease in underwriting income in the second quarter of 2010 was due in part to a $13.1 million decrease in net premiums earned, driven by the decrease in gross premiums written noted above, combined with a $3.2 million increase in current accident year losses and a $15.0 million decrease in favorable development on prior year reserves in the second quarter of 2010, compared to the second quarter of 2009. The increase in current accident year losses was due in part to the establishment of $15.0 million of incurred but not reported reserves in the second quarter of 2010 in the Company’s specialty unit as a result of the Deepwater Horizon oil rig event. The Reinsurance segment experienced $81.4 million of favorable development in the second quarter of 2010 which includes $60.9 million in the Company’s catastrophe unit, $20.5 million in the Company’s specialty unit and $0.1 million in the Company’s Lloyd’s unit. The favorable development in the Company’s catastrophe unit was due to a $33.6 million decrease in estimated ultimate losses associated with a review of mature, large, mainly international catastrophe events conducted during the quarter, $11.2 million associated with decreases in estimated ultimate losses on certain specific events, including the 2004 hurricanes, 2005 hurricanes and the 2009 Austrian floods, as a result of lower than expected claims emergence, and $15.7 million due to better than expected claims emergence associated with a large number of relatively small catastrophes. In addition, the Company’s specialty unit experienced lower than expected claims emergence on prior accident year losses in the second quarter of 2010 which resulted in $20.5 million of favorable development on prior year reserves.

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Insurance Segment

Gross premiums written for the Company’s Insurance segment increased $32.5 million, or 10.9%, to $331.2 million in the second quarter of 2010, compared to $298.7 million in the second quarter of 2009, primarily due to growth in the Company’s crop insurance gross premiums written during the second quarter of 2010. Crop insurance gross premiums written increased $38.8 million, or 16.5%, to $273.8 million in the second quarter of 2010, compared to $235.0 million in the second quarter of 2009, driven by new business resulting from the Company’s growth in overall market share. Net premiums earned for the Insurance segment decreased $40.2 million, or 26.5%, to $111.7 million in the second quarter of 2010, compared to $151.9 million in the second quarter of 2009, primarily as a result of an increase in ceded premiums written, principally associated with the Company’s crop business. Gross premiums written in the Company’s Insurance segment can fluctuate significantly between quarters and between years based on several factors, including, without limitation, the timing of the inception or cessation of new program managers and quota share reinsurance contracts, including whether or not the Company has portfolio transfers in, or portfolio transfers out, of quota share reinsurance contracts of in-force books of business.

The Insurance segment generated $7.0 million of underwriting income and had a combined ratio of 93.7% in the second quarter of 2010, compared to $1.3 million of underwriting income and a combined ratio of 99.2% in the second quarter of 2009. The increase in underwriting income was primarily due to a $37.4 million decrease in net claims and claim expenses and a $12.5 million decrease in acquisition expenses, and partially offset by the $40.2 million decrease in net premiums earned, as noted above. The decrease in the net claims and claim expenses was principally driven by a reduction of losses in the Company’s crop insurance line of business in the second quarter of 2010, compared to the second quarter of 2009, due to lower expected loss activity as well as an increase in ceded losses. The decrease in acquisition expenses in the second quarter of 2010, compared to the second quarter of 2009, was primarily related to the $67.7 million increase in ceded premiums written during the second quarter of 2010, which resulted in additional ceding commissions offsetting gross acquisition expenses, combined with an increase in the proportional amount of crop insurance gross premiums written to date, which have a lower acquisition expense ratio than the Company’s other lines of business within its Insurance segment. The Company’s Insurance segment experienced $5.0 million of favorable development on prior year reserves in the second quarter of 2010, compared to $9.9 million of favorable development in the second quarter of 2009.

Investments

Returns on the Company’s investment portfolio decreased in the second quarter of 2010, compared to the second quarter of 2009, primarily due to lower total returns in certain of the Company’s non-investment grade allocations, a portion of which the Company includes in other investments, as well as lower returns in its hedge fund and private equity investments during the second quarter of 2010, compared to the second quarter of 2009. The Company’s total investment result, which includes the sum of net investment income, net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments was $88.5 million in the second quarter of 2010, compared to $150.8 million in the second quarter of 2009. The Company’s total investment result for the second quarter of 2010 was favorably impacted by declining interest rates, which was partially offset by a widening of credit spreads. Although the decline in interest rates resulted in improved total returns in the second quarter of 2010 on the Company’s fixed maturity portfolio, the overall yield on the fixed maturity portfolio has declined, which the Company currently expects will result in lower net investment income in future periods based on the Company’s current portfolio.

Net investment income was $27.6 million in the second quarter of 2010, compared to net investment income of $114.3 million in the second quarter of 2009. The $86.7 million decrease in net investment income was principally driven by a $69.9 million decrease from the Company’s other investments, driven by lower returns for the Company’s investments in senior secured bank loan funds and non-U.S. fixed income funds, a $4.1 million decrease from its hedge fund and private equity investments and a $12.3 million decrease in net investment income from its fixed maturity investments. The Company’s hedge fund, private equity and other investments are accounted for at fair value with the change in fair value recorded in net investment income which included net unrealized losses of $19.2 million in the second quarter of 2010, compared to $69.3 million of net unrealized gains in the second quarter of 2009.

3

Net realized and unrealized gains on fixed maturity investments were $71.1 million in the second quarter of 2010, compared to net realized gains on fixed maturity investments of $18.9 million in the second quarter of 2009, an improvement of $52.2 million. During the fourth quarter of 2009, the Company started designating, upon acquisition, certain fixed maturity investments as trading, rather than available for sale, and as a result, $48.0 million of net unrealized gains on these securities are recorded in net realized and unrealized gains on fixed maturity investments in the Company’s consolidated statements of operations in the second quarter of 2010 rather than in accumulated other comprehensive income in shareholders’ equity. Net other-than-temporary impairments recognized in earnings were $0.8 million in the second quarter of 2010, compared to $1.8 million for the second quarter of 2009. The Company’s change in net unrealized gains on available for sale fixed maturity investments included in accumulated other comprehensive income for the second quarter of 2010 was a loss of $9.4 million.

Other Items

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This Press Release includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share – diluted”, “operating return on average common equity – annualized”, “managed catastrophe premiums”, “managed specialty premiums” and “managed Lloyd’s unit premiums”. A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

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

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, July 28, 2010 at 8:30 a.m. (ET) to discuss this release. Live broadcast of the conference call will be available through the “Investor Information – Company Webcasts” section of RenaissanceRe’s website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance, its Lloyd’s operations and certain joint ventures and other investments managed by the Company’s 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 earnings release contain information about the Company’s future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2009 and its quarterly reports on Form 10-Q.

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RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Statements of Operations

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

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Balance Sheets

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

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars) (Unaudited)

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

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RenaissanceRe Holdings Ltd. and Subsidiaries

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

(in thousands of United States Dollars)

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data - Gross Premiums Written and Managed Premiums

(in thousands of United States Dollars)

(Unaudited)