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

Exhibit 99.2

LOGO

RenaissanceRe Holdings Ltd.

Financial Supplement

June 30, 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	2-3
b.	Consolidated Segment Underwriting Results	4-5
c.	Reinsurance Segment - Unit Underwriting Results	6-7
d.	Reinsurance Segment - Gross Premiums Written and Managed Premiums	8-9
e.	Insurance Segment - Gross Premiums Written	10
f.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	11-12

Balance Sheets
a.	Summary Consolidated Balance Sheets	13

Investments
a.	Investment Portfolio - Composition	14
b.	Summary of Other Investments	15
c.	Investment Result	16
d.	Investment Portfolio - Yield to Maturity and Credit Rating	17
e.	Investment Portfolio - Change in Fair Value	18
f.	Fixed Maturity Investments - Securitized Assets	19
g.	Fixed Maturity Investments - Corporate Sector	20
h.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	20

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	21
b.	Paid to Incurred Analysis	22

Other Items
a.	Earnings per Share	23
b.	Equity in Earnings (Losses) of Other Ventures	24
c.	Other (Loss) Income	25
d.	Ratings	26

Comments on Regulation G		27-28

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 sharediluted, operating return on average common equityannualized, managed catastrophe premium, managed specialty premiums, managed Lloyds 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 27 and 28 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.


		i

RenaissanceRe Holdings Ltd.

Financial Highlights


	Three months ended						Six months ended
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009
*Highlights*
Gross premiums written	$	841,506		$	855,172		$	1,404,971		$	1,453,473
Net premiums written		552,562			631,370			968,545			1,078,206
Net premiums earned		326,522			379,817			604,648			681,565
Net claims and claim expenses incurred		47,667			66,823			126,724			153,020
Underwriting income		188,535			213,634			278,378			344,824
Net investment income		27,607			114,293			94,788			156,419
Net income available to RenaissanceRe common shareholders		210,241			271,179			375,288			368,463

Net realized and unrealized gains on fixed maturity investments		71,106			18,889			119,704			41,015
Net other-than-temporary impairments		(796	)		(1,833	)		(829	)		(20,855	)

Operating income available to RenaissanceRe common shareholders (1)		139,931			254,123			256,413			348,303

Total assets	$	8,553,059		$	8,805,437		$	8,553,059		$	8,805,437
Total shareholders equity	$	3,775,242		$	3,403,602		$	3,775,242		$	3,403,602

*Per share data*
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.66		$	4.32		$	6.37		$	5.90
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.40		$	4.05		$	4.30		$	5.57
Dividends per common share	$	0.25		$	0.24		$	0.50		$	0.48

Book value per common share	$	56.96		$	44.17		$	56.96		$	44.17
Adjustment for goodwill and other intangibles (1)		(2.10	)		(1.89	)		(2.10	)		(1.89	)

Tangible book value per common share (1)		54.86			42.28			54.86			42.28
Accumulated dividends per common share		9.38			8.40			9.38			8.40

Tangible book value per common share plus accumulated dividends (1)	$	64.24		$	50.68		$	64.24		$	50.68


*Financial ratios*
Net claims and claim expense ratio - current accident year		41.1	%		45.6	%		62.0	%		37.0	%
Net claims and claim expense ratio - prior accident years		(26.5	%)		(28.0	%)		(41.0	%)		(14.5	%)

Net claims and claim expense ratio - calendar year		14.6	%		17.6	%		21.0	%		22.5	%
Underwriting expense ratio		27.7	%		26.2	%		33.0	%		26.9	%

Combined ratio		42.3	%		43.8	%		54.0	%		49.4	%


Operating return on average common equity - annualized (1)		17.9	%		38.9	%		16.3	%		27.5	%

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


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Revenues
Gross premiums written	$	841,506		$	563,465		$	73,046		$	202,413		$	855,172

Net premiums written	$	552,562		$	415,983		$	53,093		$	75,098		$	631,370
(Increase) decrease in unearned premiums		(226,040	)		(137,857	)		243,145			220,915			(251,553	)

Net premiums earned		326,522			278,126			296,238			296,013			379,817
Net investment income		27,607			67,181			60,747			106,815			114,293
Net foreign exchange (losses) gains		(609	)		(11,342	)		(862	)		1,556			(4,162	)
Equity in earnings (losses) of other ventures		3,160			2,156			(523	)		4,331			5,432
Other (loss) income		(3,094	)		(5,731	)		7,048			13,424			(3,656	)
Net realized and unrealized gains on fixed maturity investments		71,106			48,598			35,353			16,794			18,889
Total other-than-temporary impairments		(798	)		(33	)		(1,280	)		(1,408	)		(5,289	)
Portion recognized in other comprehensive income, before taxes		2									1,062			3,456

Net other-than-temporary impairments		(796	)		(33	)		(1,280	)		(346	)		(1,833	)


*Total revenues*		423,896			378,955			396,721			438,587			508,780


Expenses
Net claims and claim expenses incurred		47,667			79,057			5,700			38,567			66,823
Acquisition expenses		39,944			44,675			48,473			44,203			52,495
Operational expenses		50,376			64,551			57,566			45,498			46,865
Corporate expenses		4,824			5,559			5,632			(4,319	)		6,339
Interest expense		6,206			3,156			3,027			3,748			4,200


*Total expenses*		149,017			196,998			120,398			127,697			176,722

Income before taxes		274,879			181,957			276,323			310,890			332,058
Income tax (expense) benefit		(2,148	)		4,215			(5,301	)		(3,993	)		(652	)


*Net income*		272,731			186,172			271,022			306,897			331,406
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(51,915	)		(10,550	)		(48,680	)		(37,694	)		(49,652	)


*Net income attributable to RenaissanceRe*		220,816			175,622			222,342			269,203			281,754
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)


*Net income available to RenaissanceRe common shareholders*	$	210,241		$	165,047		$	211,767		$	258,628		$	271,179

Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.40		$	1.91		$	2.82		$	3.85		$	4.05
Net income available to RenaissanceRe common shareholders per common share - basic	$	3.69		$	2.75		$	3.41		$	4.15		$	4.35
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.66		$	2.73		$	3.38		$	4.12		$	4.32

Average shares outstanding - basic		55,538			58,407			60,604			60,898			60,963
Average shares outstanding - diluted		56,044			58,887			61,161			61,367			61,322

Net claims and claim expense ratio		14.6	%		28.4	%		1.9	%		13.0	%		17.6	%
Underwriting expense ratio		27.7	%		39.3	%		35.8	%		30.3	%		26.2	%

Combined ratio		42.3	%		67.7	%		37.7	%		43.3	%		43.8	%


Operating return on average common equity - annualized (1)		17.9	%		14.8	%		22.7	%		33.3	%		38.9	%

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


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Six months ended
	June 30, 2010			June 30, 2009
Revenues
Gross premiums written	$	1,404,971		$	1,453,473


Net premiums written	$	968,545		$	1,078,206
Increase in unearned premiums		(363,897	)		(396,641	)


Net premiums earned		604,648			681,565
Net investment income		94,788			156,419
Net foreign exchange losses		(11,951	)		(14,317	)
Equity in earnings of other ventures		5,316			7,168
Other loss		(8,825	)		(18,451	)
Net realized gains on investments		119,704			41,015

Total other-than-temporary impairments		(831	)		(24,311	)
Portion recognized in other comprehensive income, before taxes		2			3,456

Net other-than-temporary impairments		(829	)		(20,855	)


*Total revenues*		802,851			832,544

Expenses
Net claims and claim expenses incurred		126,724			153,020
Acquisition expenses		84,619			97,099
Operational expenses		114,927			86,622
Corporate expenses		10,383			12,927
Interest expense		9,362			8,336


*Total expenses*		346,015			358,004

Income before taxes		456,836			474,540
Income tax benefit		2,067			200


*Net income*		458,903			474,740
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(62,465	)		(85,127	)


*Net income attributable to RenaissanceRe*		396,438			389,613
Dividends on preference shares		(21,150	)		(21,150	)


*Net income available to RenaissanceRe common shareholders*	$	375,288		$	368,463


Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.30		$	5.57
Net income available to RenaissanceRe common shareholders per common share - basic	$	6.42		$	5.94
Net income available to RenaissanceRe common shareholders per Common Share - diluted	$	6.37		$	5.90

Average shares outstanding - basic		56,972			60,799
Average shares outstanding - diluted		57,465			61,156

Net claims and claim expense ratio		21.0	%		22.5	%
Underwriting expense ratio		33.0	%		26.9	%

Combined ratio		54.0	%		49.4	%

Operating return on average common equity - annualized (1)		16.3	%		27.5	%

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


		3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Three months ended June 30, 2010
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	531,358		$	331,224		$	(21,076	)	$	841,506

Net premiums written	$	351,330		$	201,232					$	552,562

Net premiums earned	$	214,853		$	111,669					$	326,522
Net claims and claim expenses incurred		(22,580	)		70,247						47,667
Acquisition expenses		21,113			18,831						39,944
Operational expenses		34,822			15,554						50,376

Underwriting income	$	181,498		$	7,037					$	188,535

Net claims and claim expenses incurred - current accident year	$	58,808		$	75,274					$	134,082
Net claims and claim expenses incurred - prior accident years		(81,388	)		(5,027	)					(86,415	)

Net claims and claim expenses incurred - total	$	(22,580	)	$	70,247					$	47,667

Net claims and claim expense ratio - current accident year		27.4	%		67.4	%					41.1	%
Net claims and claim expense ratio - prior accident years		(37.9	%)		(4.5	%)					(26.5	%)

Net claims and claim expense ratio - calendar year		(10.5	%)		62.9	%					14.6	%
Underwriting expense ratio		26.0	%		30.8	%					27.7	%

Combined ratio		15.5	%		93.7	%					42.3	%


	Three months ended June 30, 2009
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	555,632		$	298,731		$	809		$	855,172

Net premiums written	$	394,981		$	236,389					$	631,370

Net premiums earned	$	227,912		$	151,905					$	379,817
Net claims and claim expenses incurred		(40,789	)		107,612						66,823
Acquisition expenses		21,136			31,359						52,495
Operational expenses		35,189			11,676						46,865

Underwriting income	$	212,376		$	1,258					$	213,634


Net claims and claim expenses incurred - current accident year	$	55,575		$	117,465					$	173,040
Net claims and claim expenses incurred - prior accident years		(96,364	)		(9,853	)					(106,217	)

Net claims and claim expenses incurred - total	$	(40,789	)	$	107,612					$	66,823

Net claims and claim expense ratio - current accident year		24.4	%		77.3	%					45.6	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(6.5	%)					(28.0	%)

Net claims and claim expense ratio - calendar year		(17.9	%)		70.8	%					17.6	%
Underwriting expense ratio		24.7	%		28.4	%					26.2	%

Combined ratio		6.8	%		99.2	%					43.8	%

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


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Six months ended June 30, 2010
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,043,750		$	383,104		$	(21,883	)	$	1,404,971

Net premiums written	$	753,639		$	214,906					$	968,545


Net premiums earned	$	464,893		$	139,755					$	604,648
Net claims and claim expenses incurred		78,954			47,770						126,724
Acquisition expenses		44,931			39,688						84,619
Operational expenses		74,973			39,954						114,927


Underwriting income	$	266,035		$	12,343					$	278,378

Net claims and claim expenses incurred - current accident year	$	265,559		$	109,279					$	374,838
Net claims and claim expenses incurred - prior accident years		(186,605	)		(61,509	)					(248,114	)

Net claims and claim expenses incurred - total	$	78,954		$	47,770					$	126,724


Net claims and claim expense ratio - current accident year		57.1	%		78.2	%					62.0	%
Net claims and claim expense ratio - prior accident years		(40.1	%)		(44.0	%)					(41.0	%)

Net claims and claim expense ratio - calendar year		17.0	%		34.2	%					21.0	%
Underwriting expense ratio		25.8	%		57.0	%					33.0	%

Combined ratio		42.8	%		91.2	%					54.0	%


	Six months ended June 30, 2009
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,088,548		$	363,880		$	1,045		$	1,453,473

Net premiums written	$	809,768		$	268,438					$	1,078,206

Net premiums earned	$	453,883		$	227,682					$	681,565
Net claims and claim expenses incurred		(24,218	)		177,238						153,020
Acquisition expenses		40,157			56,942						97,099
Operational expenses		64,304			22,318						86,622

Underwriting income (loss)	$	373,640		$	(28,816	)				$	344,824

Net claims and claim expenses incurred - current accident year	$	96,881		$	155,094					$	251,975
Net claims and claim expenses incurred - prior accident years		(121,099	)		22,144						(98,955	)

Net claims and claim expenses incurred - total	$	(24,218	)	$	177,238					$	153,020

Net claims and claim expense ratio - current accident year		21.3	%		68.1	%					37.0	%
Net claims and claim expense ratio - prior accident years		(26.6	%)		9.7	%					(14.5	%)

Net claims and claim expense ratio - calendar year		(5.3	%)		77.8	%					22.5	%
Underwriting expense ratio		23.0	%		34.9	%					26.9	%

Combined ratio		17.7	%		112.7	%					49.4	%

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


		5

RenaissanceRe Holdings Ltd.

Reinsurance Segment Unit Underwriting Results


	Three months ended June 30, 2010
	Catastrophe			Specialty			Lloyds			Total
Gross premiums written	$	489,542		$	6,975		$	34,841		$	531,358

Net premiums written	$	312,491		$	6,509		$	32,330		$	351,330

Net premiums earned	$	173,910		$	24,313		$	16,630		$	214,853
Net claims and claim expenses incurred		(40,043	)		9,711			7,752			(22,580	)
Acquisition expenses		15,380			2,561			3,172			21,113
Operational expenses		24,045			5,824			4,953			34,822

Underwriting income	$	174,528		$	6,217		$	753		$	181,498

Net claims and claim expenses incurred - current accident year	$	20,826		$	30,168		$	7,814		$	58,808
Net claims and claim expenses incurred - prior accident years		(60,869	)		(20,457	)		(62	)		(81,388	)

Net claims and claim expenses incurred - total	$	(40,043	)	$	9,711		$	7,752		$	(22,580	)

Net claims and claim expense ratio - current accident year		12.0	%		124.1	%		47.0	%		27.4	%
Net claims and claim expense ratio - prior accident years		(35.0	%)		(84.2	%)		(0.4	%)		(37.9	%)

Net claims and claim expense ratio - calendar year		(23.0	%)		39.9	%		46.6	%		(10.5	%)
Underwriting expense ratio		22.6	%		34.5	%		48.9	%		26.0	%

Combined ratio		(0.4	%)		74.4	%		95.5	%		15.5	%


	Three months ended June 30, 2009
	Catastrophe			Specialty			Total
Gross premiums written	$	559,002		$	(3,370	)	$	555,632

Net premiums written	$	398,629		$	(3,648	)	$	394,981

Net premiums earned	$	182,095		$	45,817		$	227,912
Net claims and claim expenses incurred		(56,723	)		15,934			(40,789	)
Acquisition expenses		12,589			8,547			21,136
Operational expenses		26,834			8,355			35,189

Underwriting income	$	199,395		$	12,981		$	212,376

Net claims and claim expenses incurred - current accident year	$	20,210		$	35,365		$	55,575
Net claims and claim expenses incurred - prior accident years		(76,933	)		(19,431	)		(96,364	)

Net claims and claim expenses incurred - total	$	(56,723	)	$	15,934		$	(40,789	)

Net claims and claim expense ratio - current accident year		11.1	%		77.2	%		24.4	%
Net claims and claim expense ratio - prior accident years		(42.3	%)		(42.4	%)		(42.3	%)

Net claims and claim expense ratio - calendar year		(31.2	%)		34.8	%		(17.9	%)
Underwriting expense ratio		21.7	%		36.9	%		24.7	%

Combined ratio		(9.5	%)		71.7	%		6.8	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Six months ended June 30, 2010
	Catastrophe			Specialty			Lloyds			Eliminations (1)			Total
Gross premiums written	$	913,662		$	81,440		$	48,865		$	(217	)	$	1,043,750

Net premiums written	$	629,755		$	77,903		$	45,981					$	753,639

Net premiums earned	$	386,808		$	54,484		$	23,601					$	464,893
Net claims and claim expenses incurred		109,461			(40,846	)		10,339						78,954
Acquisition expenses		34,054			6,546			4,331						44,931
Operational expenses		52,057			11,829			11,087						74,973

Underwriting income (loss)	$	191,236		$	76,955		$	(2,156	)				$	266,035

Net claims and claim expenses incurred - current accident year	$	201,922		$	53,137		$	10,500					$	265,559
Net claims and claim expenses incurred - prior accident years		(92,461	)		(93,983	)		(161	)					(186,605	)

Net claims and claim expenses incurred - total	$	109,461		$	(40,846	)	$	10,339					$	78,954

Net claims and claim expense ratio - current accident year		52.2	%		97.5	%		44.5	%					57.1	%
Net claims and claim expense ratio - prior accident years		(23.9	%)		(172.5	%)		(0.7	%)					(40.1	%)

Net claims and claim expense ratio - calendar year		28.3	%		(75.0	%)		43.8	%					17.0	%
Underwriting expense ratio		22.3	%		33.8	%		65.3	%					25.8	%

Combined ratio		50.6	%		(41.2	%)		109.1	%					42.8	%


	Six months ended June 30, 2009
	Catastrophe			Specialty			Total
Gross premiums written	$	1,020,418		$	68,130		$	1,088,548

Net premiums written	$	746,072		$	63,696		$	809,768

Net premiums earned	$	367,220		$	86,663		$	453,883
Net claims and claim expenses incurred		(49,232	)		25,014			(24,218	)
Acquisition expenses		23,012			17,145			40,157
Operational expenses		49,435			14,869			64,304

Underwriting income	$	344,005		$	29,635		$	373,640

Net claims and claim expenses incurred - current accident year	$	40,017		$	56,864		$	96,881
Net claims and claim expenses incurred - prior accident years		(89,249	)		(31,850	)		(121,099	)

Net claims and claim expenses incurred - total	$	(49,232	)	$	25,014		$	(24,218	)

Net claims and claim expense ratio - current accident year		10.9	%		65.6	%		21.3	%
Net claims and claim expense ratio - prior accident years		(24.3	%)		(36.7	%)		(26.6	%)

Net claims and claim expense ratio - calendar year		(13.4	%)		28.9	%		(5.3	%)
Underwriting expense ratio		19.7	%		36.9	%		23.0	%

Combined ratio		6.3	%		65.8	%		17.7	%

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


		7

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written and Managed Premiums


	Three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Reinsurance Segment
Renaissance catastrophe premiums	$	302,625		$	268,294		$	(17,184	)	$	78,232		$	356,269
Renaissance specialty premiums		7,389			72,449			21,037			25,249			(3,370	)

Total Renaissance premiums		310,014			340,743			3,853			103,481			352,899

DaVinci catastrophe premiums		186,917			155,826			(14,093	)		29,076			202,733
DaVinci specialty premiums		(414	)		2,016						(70	)

Total DaVinci premiums		186,503			157,842			(14,093	)		29,006			202,733

Lloyds catastrophe premiums		7,324			5,669
Lloyds specialty premiums		6,508			7,723
Lloyds Insurance premiums		21,009			632

Total Lloyds unit premiums		34,841			14,024
Catastrophe unit premiums ceded to the Lloyds unit					(217	)

Total Lloyds unit premiums, net of inter-unit cessions		34,841			13,807

Total Reinsurance segment premiums	$	531,358		$	512,392		$	(10,240	)	$	132,487		$	555,632


Managed Premiums (1)
Total catastrophe unit premiums	$	489,542		$	424,120		$	(31,277	)	$	107,308		$	559,002
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		18,793			26,186			2,432			(434	)		26,184
Catastrophe premiums written in the Lloyds unit		7,324			5,669
Catastrophe premiums assumed from the Insurance segment		(67	)		(175	)		(272	)		(13,423	)		809

Total managed catastrophe premiums (1)	$	515,592		$	455,800		$	(29,117	)	$	93,451		$	585,995

Total specialty unit premiums	$	6,975		$	74,465		$	21,037		$	25,179		$	(3,370	)
Specialty premiums written in the Lloyds unit		6,508			7,723

Total managed specialty premiums (1)	$	13,483		$	82,188		$	21,037		$	25,179		$	(3,370	)

Total Lloyds unit premiums	$	34,841		$	14,024		$			$			$
Catastrophe unit premiums ceded to the Lloyds unit					(217	)
Insurance segment premiums ceded to the Lloyds unit		(21,009	)		(632	)

Total managed Lloyds unit premiums (1)	$	13,832		$	13,175		$			$			$

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

(2)	Top Layer Re is accounted for under the equity method of accounting.


		8

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Gross Premiums Written and Managed Premiums


	Six months ended
	June 30, 2010			June 30, 2009
Reinsurance Segment

Renaissance catastrophe premiums	$	570,919		$	645,899
Renaissance specialty premiums		79,838			65,603


Total Renaissance premiums		650,757			711,502


DaVinci catastrophe premiums		342,743			374,519
DaVinci specialty premiums		1,602			2,527


Total DaVinci premiums		344,345			377,046


Lloyds catastrophe premiums		12,993
Lloyds specialty premiums		14,231
Lloyds Insurance premiums		21,641

Total Lloyds unit premiums		48,865
Catastrophe unit premiums ceded to the Lloyds unit		(217	)


Total Lloyds unit premiums, net of inter-unit cessions		48,648

Total Reinsurance segment premiums	$	1,043,750		$	1,088,548


Managed Premiums (1)

Total catastrophe unit premiums	$	913,662		$	1,020,418
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		44,979			49,976
Catastrophe premiums written in the Lloyds unit		12,776
Catastrophe premiums assumed from the Insurance segment		(242	)		1,045


Total managed catastrophe premiums (1)	$	971,175		$	1,071,439


Total specialty unit premiums	$	81,440		$	68,130
Specialty premiums written in the Lloyds unit		14,231

Total managed specialty premiums (1)	$	95,671		$	68,130


Total Lloyds unit premiums	$	48,865		$
Catastrophe unit premiums ceded to the Lloyds unit		(217	)
Insurance segment premiums ceded to the Lloyds unit		(21,641	)

Total managed Lloyds unit premiums (1)	$	27,007		$

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

(2)	Top Layer Re is accounted for under the equity method of accounting.


		9

RenaissanceRe Holdings Ltd.

Insurance Segment - Gross Premiums Written


	Three months ended
	June 30, 2010		March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009
By Line of Business
Crop	$	273,833	$	7,136	$	25,882	$	21,296	$	234,994
Commercial multi-line		30,911		26,804		25,028		31,066		25,447
Commercial property		20,801		13,008		20,820		15,514		32,366
Personal lines property		5,679		4,932		11,828		15,473		5,924

Total Insurance premiums	$	331,224	$	51,880	$	83,558	$	83,349	$	298,731


	Six months ended
	June 30, 2010		June 30, 2009
By Line of Business
Crop	$	280,969	$	243,146
Commercial multi-line		57,715		50,089
Commercial property		33,809		48,487
Personal lines property		10,611		22,158

Total Insurance premiums	$	383,104	$	363,880


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Revenues
Gross premiums written	$	186,503		$	157,842		$	(14,093	)	$	29,006		$	202,733

Net premiums written	$	164,556		$	145,035		$	(15,721	)	$	4,148		$	194,552
(Increase) decrease in unearned premiums		(84,515	)		(50,822	)		93,966			79,730			(109,562	)


Net premiums earned		80,041			94,213			78,245			83,878			84,990
Net investment income		6,207			10,274			9,606			14,011			15,200
Net foreign exchange (losses) gains		(30	)		(1,928	)		263			713			(968	)
Other loss		(152	)		(276	)		(4,263	)		(6,157	)		(2,674	)
Net realized and unrealized gains (losses) on fixed maturity investments		16,441			5,757			13,448			2,631			(255	)
Total other-than-temporary impairments		(648	)					(1,402	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments		(648	)					(1,402	)

*Total revenues*		101,859			108,040			95,897			95,076			96,293

Expenses
Net claims and claim expenses incurred		(8,155	)		62,471			(16,230	)		(729	)		(21,362	)
Acquisition expenses		15,394			19,671			21,525			22,159			25,887
Operational and corporate expenses		5,870			7,491			11,383			12,051			10,540
Interest expense		474			469			489			631			927


*Total expenses*		13,583			90,102			17,167			34,112			15,992


*Net income*		88,276			17,938			78,730			60,964			80,301
Net income attributable to redeemable noncontrolling interest		(178	)		(37	)		(158	)		(123	)		(163	)


*Net income available to DaVinciRe common shareholders*	$	88,098		$	17,901		$	78,572		$	60,841		$	80,138


Net claims and claim expenses incurred - current accident year	$	8,553		$	78,027		$	2,379		$	14,560		$	7,334
Net claims and claim expenses incurred - prior accident years		(16,708	)		(15,556	)		(18,609	)		(15,289	)		(28,696	)

Net claims and claim expenses incurred - total	$	(8,155	)	$	62,471		$	(16,230	)	$	(729	)	$	(21,362	)


Net claims and claim expense ratio - current accident year		10.7	%		82.8	%		3.0	%		17.4	%		8.6	%
Net claims and claim expense ratio - prior accident years		(20.9	%)		(16.5	%)		(23.7	%)		(18.3	%)		(33.7	%)

Net claims and claim expense ratio - calendar year		(10.2	%)		66.3	%		(20.7	%)		(0.9	%)		(25.1	%)
Underwriting expense ratio		26.6	%		28.8	%		42.0	%		40.8	%		42.8	%

Combined ratio		16.4	%		95.1	%		21.3	%		39.9	%		17.7	%


		11

Da VinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Six months ended
	June 30, 2010			June 30, 2009
Revenues
Gross premiums written	$	344,345		$	377,046


Net premiums written	$	309,591		$	343,677
Increase in unearned premiums		(135,337	)		(179,041	)


Net premiums earned		174,254			164,636
Net investment income		16,481			24,062
Net foreign exchange losses		(1,958	)		(4,300	)
Other loss		(428	)		(2,584	)
Net realized and unrealized gains on fixed maturity investments		22,198			1,089

Total other-than-temporary impairments		(648	)		(108	)
Portion recognized in other comprehensive income, before taxes

Net other-than-temporary impairments		(648	)		(108	)


*Total revenues*		209,899			182,795

Expenses
Net claims and claim expenses incurred		54,316			(19,570	)
Acquisition expenses		35,065			41,647
Operational and corporate expenses		13,361			20,967
Interest expense		943			2,072


*Total expenses*		103,685			45,116


*Net income*		106,214			137,679
Net income attributable to redeemable noncontrolling interest		(215	)		(280	)


*Net income available to DaVinciRe common shareholders*	$	105,999		$	137,399


Net claims and claim expenses incurred - current accident year	$	86,580		$	15,009
Net claims and claim expenses incurred - prior accident years		(32,264	)		(34,579	)

Net claims and claim expenses incurred - total	$	54,316		$	(19,570	)


Net claims and claim expense ratio - current accident year		49.7	%		9.1	%
Net claims and claim expense ratio - prior accident years		(18.5	%)		(21.0	%)

Net claims and claim expense ratio - calendar year		31.2	%		(11.9	%)
Underwriting expense ratio		27.8	%		38.0	%

Combined ratio		59.0	%		26.1	%


		12

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	June 30, 2010		March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009
Assets
Fixed maturity investments available for sale, at fair value	$	725,730	$	1,485,161	$	3,559,197	$	4,505,446	$	4,230,443
Fixed maturity investments trading, at fair value		3,847,759		3,049,335		736,595

Total fixed maturity investments, at fair value		4,573,489		4,534,496		4,295,792		4,505,446		4,230,443
Short term investments, at fair value		792,308		864,328		1,002,306		880,406		1,074,469
Other investments, at fair value		782,345		866,865		858,026		812,056		779,416
Investments in other ventures, under equity method		86,448		84,942		97,287		94,859		91,677

Total investments		6,234,590		6,350,631		6,253,411		6,292,767		6,176,005
Cash and cash equivalents		285,054		358,773		260,716		347,993		209,933
Premiums receivable		1,021,496		511,832		589,827		826,562		1,071,666
Ceded reinsurance balances		276,296		121,836		91,852		207,257		250,225
Losses recoverable		179,841		156,820		194,241		253,312		266,993
Accrued investment income		34,649		32,784		31,928		34,076		29,209
Deferred acquisition costs		100,725		74,489		61,870		95,614		114,836
Receivable for investments sold		153,923		53,863		7,431		188,497		332,763
Other secured assets		17,418		27,651		27,730		27,464		76,509
Other assets		174,924		171,577		205,347		201,982		206,455
Goodwill and other intangibles		74,143		75,416		76,688		69,175		70,843

*Total assets*	$	8,553,059	$	7,935,672	$	7,801,041	$	8,544,699	$	8,805,437

Liabilities, Redeemable Noncontrolling Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	1,682,083	$	1,695,397	$	1,702,006	$	1,837,879	$	1,938,295
Reserve for unearned premiums		994,990		614,490		446,649		805,199		1,069,082
Debt		549,109		549,086		300,000		450,000		450,000
Reinsurance balances payable		406,891		241,544		381,548		457,947		499,437
Payable for investments purchased		202,562		136,838		59,236		247,502		468,329
Other secured liabilities		17,500		27,500		27,500		27,500		77,420
Other liabilities		217,141		221,001		256,669		251,504		198,710

*Total liabilities*		4,070,276		3,485,856		3,173,608		4,077,531		4,701,273

Redeemable noncontrolling interest - DaVinciRe		707,541		658,525		786,647		746,698		700,562
Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		54,872		58,320		61,745		62,390		62,345
Additional paid-in capital								25,494		18,600
Accumulated other comprehensive income		22,153		30,771		41,438		78,338		12,065
Retained earnings		3,048,217		3,052,200		3,087,603		2,904,248		2,660,592

*Total shareholders equity*		3,775,242		3,791,291		3,840,786		3,720,470		3,403,602

*Total liabilities, redeemable noncontrolling interest and shareholders equity*	$	8,553,059	$	7,935,672	$	7,801,041	$	8,544,699	$	8,805,437

Book value per common share	$	56.96	$	53.86	$	51.68	$	49.21	$	44.17

Common shares outstanding		54,872		58,320		61,745		62,390		62,345


		13

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	June 30, 2010					March 31, 2010					December 31, 2009					September 30, 2009					June 30, 2009
TYPE OF INVESTMENT
U.S. treasuries	$	1,459,252		23.4	%	$	1,382,328		21.8	%	$	918,157		14.7	%	$	713,715		11.3	%	$	300,521		4.9	%
Agencies		171,505		2.8	%		126,660		2.0	%		165,577		2.6	%		256,570		4.1	%		679,999		11.0	%
Non-U.S. government (Sovereign debt)		125,466		2.0	%		207,517		3.3	%		198,059		3.2	%		122,757		2.0	%		98,382		1.6	%
FDIC guaranteed corporate		511,033		8.2	%		642,969		10.1	%		855,988		13.7	%		903,137		14.4	%		812,509		13.2	%
Non-U.S. government-backed corporate		410,903		6.6	%		370,099		5.8	%		248,746		4.0	%		227,718		3.6	%		143,284		2.3	%
Corporate		1,427,483		22.9	%		1,312,556		20.7	%		1,135,504		18.2	%		860,057		13.7	%		741,295		12.0	%
Agency mortgage-backed		188,441		3.0	%		232,883		3.7	%		393,397		6.3	%		1,039,945		16.5	%		1,069,621		17.3	%
Non-agency mortgage-backed		36,660		0.6	%		30,984		0.5	%		36,383		0.6	%		46,179		0.7	%		49,590		0.8	%
Commercial mortgage-backed		193,159		3.1	%		178,523		2.8	%		251,472		4.0	%		232,053		3.7	%		204,275		3.3	%
Asset-backed		49,587		0.8	%		49,977		0.8	%		92,509		1.5	%		103,315		1.6	%		130,967		2.1	%

Total fixed maturity investments, at fair value		4,573,489		73.4	%		4,534,496		71.5	%		4,295,792		68.8	%		4,505,446		71.6	%		4,230,443		68.5	%
Short term investments, at fair value		792,308		12.7	%		864,328		13.6	%		1,002,306		16.0	%		880,406		14.0	%		1,074,469		17.4	%
Other investments, at fair value		782,345		12.5	%		866,865		13.6	%		858,026		13.7	%		812,056		12.9	%		779,416		12.6	%

Total managed investment portfolio		6,148,142		98.6	%		6,265,689		98.7	%		6,156,124		98.5	%		6,197,908		98.5	%		6,084,328		98.5	%
Investments in other ventures, under equity method		86,448		1.4	%		84,942		1.3	%		97,287		1.5	%		94,859		1.5	%		91,677		1.5	%

Total investments	$	6,234,590		100.0	%	$	6,350,631		100.0	%	$	6,253,411		100.0	%	$	6,292,767		100.0	%	$	6,176,005		100.0	%

CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	3,060,539		66.9	%	$	3,109,595		68.6	%	$	3,107,713		72.3	%	$	3,636,884		80.7	%	$	3,498,768		82.7	%
AA		561,800		12.3	%		622,286		13.7	%		493,965		11.5	%		368,744		8.2	%		344,888		8.2	%
A		597,658		13.1	%		482,405		10.6	%		424,563		9.9	%		266,502		5.9	%		227,803		5.4	%
BBB		269,247		5.9	%		231,062		5.1	%		184,374		4.3	%		149,509		3.3	%		86,188		2.0	%
Non-investment grade		84,245		1.8	%		89,148		2.0	%		85,177		2.0	%		83,807		1.9	%		72,796		1.7	%

Total fixed maturity investments, at fair value	$	4,573,489		100.0	%	$	4,534,496		100.0	%	$	4,295,792		100.0	%	$	4,505,446		100.0	%	$	4,230,443		100.0	%

MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	23,050		0.5	%	$	79,612		1.8	%	$	83,280		1.9	%	$	125,570		2.8	%	$	136,859		3.2	%
Due after one through five years		3,133,274		68.5	%		3,078,692		67.9	%		2,867,397		66.7	%		2,550,285		56.6	%		2,292,095		54.2	%
Due after five through ten years		812,639		17.8	%		786,091		17.3	%		498,382		11.6	%		297,289		6.6	%		271,697		6.4	%
Due after 10 years		136,679		3.0	%		97,734		2.2	%		72,972		1.7	%		110,810		2.5	%		75,339		1.8	%
Mortgage-backed securities		418,260		9.1	%		442,390		9.7	%		681,252		15.9	%		1,318,177		29.2	%		1,323,486		31.3	%
Asset-backed securities		49,587		1.1	%		49,977		1.1	%		92,509		2.2	%		103,315		2.3	%		130,967		3.1	%

Total fixed maturity investments, at fair value	$	4,573,489		100.0	%	$	4,534,496		100.0	%	$	4,295,792		100.0	%	$	4,505,446		100.0	%	$	4,230,443		100.0	%


	June 30, 2010					Mar. 31, 2010					Dec. 31, 2009					Sept. 30, 2009					June 30, 2009
Average yield to maturity of fixed maturity and short term investments		2.0	%				2.1	%				2.3	%				2.4	%				3.0	%
Average duration of fixed maturity and short term investments		2.8					2.7					2.6					2.5					2.5
Average credit quality of fixed maturity and short term investments		AA					AA					AA					AA					AA


		14

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
TYPE OF INVESTMENT
Private equity partnerships	$	298,306		$	292,412		$	286,108		$	279,030		$	263,263
Catastrophe bonds		183,793			156,973			160,051			124,192			100,502
Senior secured bank loan funds		167,132			253,652			245,701			240,514			259,234
Non-U.S. fixed income funds		66,190			75,533			75,891			81,083			68,192
Hedge funds		43,639			56,475			54,163			52,955			66,625
Miscellaneous other investments		23,285			31,820			36,112			34,282			21,600

Total other investments, at fair value	$	782,345		$	866,865		$	858,026		$	812,056		$	779,416


TYPE OF INVESTMENT
Private equity partnerships		38.1	%		33.7	%		33.4	%		34.4	%		33.8	%
Catastrophe bonds		23.5	%		18.1	%		18.7	%		15.3	%		12.9	%
Senior secured bank loan funds		21.4	%		29.3	%		28.6	%		29.6	%		33.3	%
Non-U.S. fixed income funds		8.5	%		8.7	%		8.8	%		10.0	%		8.7	%
Hedge funds		5.5	%		6.5	%		6.3	%		6.5	%		8.5	%
Miscellaneous other investments		3.0	%		3.7	%		4.2	%		4.2	%		2.8	%

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


		15

RenaissanceRe Holdings Ltd.

Investment Result


	Three months ended															Six months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			June 30, 2010			June 30, 2009
Fixed maturity investments	$	27,742		$	28,643		$	37,289		$	44,127		$	40,007		$	56,385		$	79,134
Short term investments		2,458			2,284			1,827			2,285			2,741			4,742			5,812
Other investments
Hedge funds and private equity investments		8,188			17,536			10,183			15,510			12,327			25,724			(7,414	)
Other		(8,184	)		21,218			14,058			47,748			61,740			13,034			83,561
Cash and cash equivalents		65			66			223			102			157			131			530

		30,269			69,747			63,580			109,772			116,972			100,016			161,623
Investment expenses		(2,662	)		(2,566	)		(2,833	)		(2,957	)		(2,679	)		(5,228	)		(5,204	)

Net investment income		27,607			67,181			60,747			106,815			114,293			94,788			156,419

Gross realized gains		29,058			48,887			52,363			26,734			33,213			77,945			64,636
Gross realized losses		(5,962	)		(5,170	)		(5,622	)		(9,940	)		(14,324	)		(11,132	)		(23,621	)

Net realized gains on fixed maturity investments		23,096			43,717			46,741			16,794			18,889			66,813			41,015
Net unrealized gains (losses) on fixed maturity investments, trading		48,010			4,881			(11,388	)								52,891

Net realized and unrealized gains on fixed maturity investments		71,106			48,598			35,353			16,794			18,889			119,704			41,015
Total other-than-temporary impairments		(798	)		(33	)		(1,280	)		(1,408	)		(5,289	)		(831	)		(24,311	)
Portion recognized in other comprehensive income, before taxes		2									1,062			3,456			2			3,456

Net other-than-temporary impairments		(796	)		(33	)		(1,280	)		(346	)		(1,833	)		(829	)		(20,855	)
Net unrealized (losses) gains on fixed maturity investments available for sale		(9,414	)		(8,641	)		(46,004	)		74,697			(57,166	)		(18,055	)		(62,573	)
FAS 115-2 cumulative effect adjustment (1)														76,615						76,615


Net change in unrealized holding gains on fixed maturity investments available for sale		(9,414	)		(8,641	)		(46,004	)		74,697			19,449			(18,055	)		14,042

*Total investment result*	$	88,503		$	107,105		$	48,816		$	197,960		$	150,798		$	195,608		$	190,621

(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.


		16

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating


										Credit Rating (1)
At June 30, 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	$	792,308	$	792,308		12.9	%	0.3	%	$	755,347		$	14,693		$	5,436		$	16,832		$			$
				100.0	%						95.3	%		1.9	%		0.7	%		2.1	%
Fixed maturity investments
U.S. treasuries		1,438,784		1,459,252		23.7	%	1.3	%		1,459,252
Agencies
Fannie Mae & Freddie Mac		146,746		148,116		2.4	%	0.9	%		148,116
Other agencies		23,091		23,389		0.4	%	0.7	%		23,389

Total agencies		169,837		171,505		2.8	%	0.9	%		171,505
Non-U.S. government (Sovereign debt)		123,342		125,466		2.0	%	3.6	%		64,602			4,975			15,076			26,514			12,185			2,114
FDIC guaranteed corporate		505,808		511,033		8.3	%	0.7	%		511,033
Non-U.S. government-backed corporate		406,622		410,903		6.7	%	1.8	%		352,397			53,971			4,535
Corporate		1,422,453		1,427,483		23.3	%	3.7	%		88,082			500,285			547,436			223,848			62,668			5,164
Mortgage-backed securities
Residential mortgage-backed
Agency securities		183,801		188,441		3.1	%	2.6	%		188,441
Non-agency securities		20,644		21,797		0.4	%	4.9	%		16,816									4,981
Non-agency securities - Alt A		13,012		14,863		0.2	%	7.5	%		12,749												2,114
Non-agency securities - Sub-prime

Total residential mortgage-backed		217,457		225,101		3.7	%	3.2	%		218,006									4,981			2,114
Commercial mortgage-backed		187,755		193,159		3.1	%	3.5	%		146,075			2,569			30,611			13,904

Total mortgage-backed		405,212		418,260		6.8	%	3.3	%		364,081			2,569			30,611			18,885			2,114
Asset-backed
Student loans		32,356		33,251		0.5	%	1.4	%		33,251
Auto		7,206		7,257		0.1	%	1.0	%		7,257
Credit cards		3,757		3,811		0.1	%	0.9	%		3,811
Other		5,000		5,268		0.1	%	0.5	%		5,268

Total asset-backed		48,319		49,587		0.8	%	1.2	%		49,587

Total securitized assets		453,531		467,847		7.6	%	3.1	%		413,668			2,569			30,611			18,885			2,114

Total fixed maturity investments		4,520,377		4,573,489		74.4	%	2.3	%		3,060,539			561,800			597,658			269,247			76,967			7,278
				100.0	%						66.9	%		12.2	%		13.1	%		5.9	%		1.7	%		0.2	%

Other investments
Private equity partnerships				298,306		4.8	%																			298,306
Catastrophe bonds				183,793		3.0	%							25,941									157,852
Senior secured bank loan funds				167,132		2.7	%																167,132
Non-U.S. fixed income funds				66,190		1.1	%													38,274			27,916
Hedge funds				43,639		0.7	%																			43,639
Miscellaneous other investments				23,285		0.4	%													19,980			3,305

Total other investments				782,345		12.7	%							25,941						58,254			356,205			341,945
Total managed investment portfolio			$	6,148,142		100.0	%			$	3,815,886		$	602,434		$	603,094		$	344,333		$	433,172		$	349,223
				100.0	%						62.1	%		9.8	%		9.8	%		5.6	%		7.0	%		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.


		17

RenaissanceRe Holdings Ltd.

Investment Portfolio - Change in Fair Value


	At June 30, 2010				At December 31, 2009				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	792,308	12.9	%	$	1,002,306	16.3	%	$	(209,998	)	(3.4	%)

Fixed maturity investments

U.S. treasuries		1,459,252	23.7	%		918,157	15.0	%		541,095		8.7	%

Agencies

Fannie Mae & Freddie Mac		148,116	2.4	%		83,632	1.4	%		64,484		1.0	%
Other agencies		23,389	0.4	%		81,945	1.3	%		(58,556	)	(0.9	%)


Total agencies		171,505	2.8	%		165,577	2.7	%		5,928		0.1	%

Non-U.S. government (Sovereign debt)		125,466	2.0	%		198,059	3.2	%		(72,593	)	(1.2	%)

FDIC guaranteed corporate		511,033	8.3	%		855,988	13.9	%		(344,955	)	(5.6	%)

Non-U.S. government-backed corporate		410,903	6.7	%		248,746	4.0	%		162,157		2.7	%

Corporate		1,427,483	23.3	%		1,135,504	18.4	%		291,979		4.9	%

Mortgage-backed
Residential mortgage-backed
Agency securities		188,441	3.1	%		393,397	6.4	%		(204,956	)	(3.3	%)
Non-agency securities		21,797	0.4	%		21,822	0.4	%		(25	)	0.0	%
Non-agency securities - Alt A		14,863	0.2	%		14,561	0.2	%		302		0.0	%
Non-agency securities - Sub-prime			0.0	%			0.0	%				0.0	%


Total residential mortgage-backed		225,101	3.7	%		429,780	7.0	%		(204,679	)	(3.3	%)

Commercial mortgage-backed		193,159	3.1	%		251,472	4.1	%		(58,313	)	(1.0	%)


Total mortgage-backed		418,260	6.8	%		681,252	11.1	%		(262,992	)	(4.3	%)

Asset-backed
Student loans		33,251	0.5	%		54,973	0.9	%		(21,722	)	(0.4	%)
Auto		7,257	0.1	%		19,604	0.3	%		(12,347	)	(0.2	%)
Credit cards		3,811	0.1	%		7,093	0.1	%		(3,282	)	0.0	%
Other		5,268	0.1	%		10,839	0.2	%		(5,571	)	(0.1	%)


Total asset-backed		49,587	0.8	%		92,509	1.5	%		(42,922	)	(0.7	%)


Total securitized assets		467,847	7.6	%		773,761	12.6	%		(305,914	)	(5.0	%)


Total fixed maturity investments		4,573,489	74.4	%		4,295,792	69.8	%		277,697		4.6	%

Other investments
Private equity partnerships		298,306	4.8	%		286,108	4.6	%		12,198		0.2	%
Catastrophe bonds		183,793	3.0	%		160,051	2.6	%		23,742		0.4	%
Senior secured bank loan funds		167,132	2.7	%		245,701	4.0	%		(78,569	)	(1.3	%)
Non-U.S. fixed income funds		66,190	1.1	%		75,891	1.2	%		(9,701	)	(0.1	%)
Hedge funds		43,639	0.7	%		54,163	0.9	%		(10,524	)	(0.2	%)
Miscellaneous other investments		23,285	0.4	%		36,112	0.6	%		(12,827	)	(0.2	%)


Total other investments		782,345	12.7	%		858,026	13.9	%		(75,681	)	(1.2	%)

Total managed investment portfolio	$	6,148,142	100.0	%	$	6,156,124	100.0	%	$	(7,982	)


		18

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Securitized Assets


					% of Total Managed Investment Portfolio
At June 30, 2010	Fair Value		% of Total Managed Investment Portfolio		Vintage												% of Total Securitized Assets		Weighted Average Life
At June 30, 2010	Fair Value		% of Total Managed Investment Portfolio		2010		2009		2008		2007		2006		2005 & Prior		% of Total Securitized Assets		Weighted Average Life
Total managed investment portfolio	$	6,148,142	100.0	%

Mortgage-backed

Residential mortgage-backed

Agency securities		188,441	3.1	%	0.6	%	1.5	%	0.3	%	0.2	%	0.0	%	0.5	%	40.3	%	3.1
Non-agency securities		21,797	0.4	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.4	%	4.7	%	2.9
Non-agency securities - Alt A		14,863	0.2	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.2	%	3.2	%	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		36,660	0.6	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.6	%	7.9	%	3.3

Total residential mortgage-backed		225,101	3.7	%	0.6	%	1.5	%	0.3	%	0.2	%	0.0	%	1.1	%	48.2	%	3.2
Commercial mortgage-backed		193,159	3.1	%	0.0	%	0.1	%	0.2	%	0.4	%	0.4	%	2.0	%	41.3	%	3.7

Total mortgage-backed		418,260	6.8	%	0.6	%	1.6	%	0.5	%	0.6	%	0.4	%	3.1	%	89.5	%	3.4

Asset-backed

Student loans		33,251	0.5	%	0.0	%	0.0	%	0.5	%	0.0	%	0.0	%	0.0	%	7.1	%	4.5
Auto		7,257	0.1	%	0.0	%	0.0	%	0.1	%	0.0	%	0.0	%	0.0	%	1.5	%	0.4
Credit cards		3,811	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	0.8	%	0.3
Other		5,268	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	1.1	%	1.1


Total asset-backed		49,587	0.8	%	0.0	%	0.0	%	0.6	%	0.0	%	0.0	%	0.2	%	10.5	%	3.2


Total securitized assets	$	467,847	7.6	%	0.6	%	1.6	%	1.1	%	0.6	%	0.4	%	3.3	%	100.0	%	3.4


		19

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


	At June 30, 2010
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	868,778	$	59,032	$	366,270	$	382,779	$	53,187	$	3,333	$	4,177
Industrial, utilities and energy		226,798		100		52,687		77,682		70,992		25,258		79
Consumer		206,269		24,246		81,328		23,212		57,266		20,169		48
Communications and technology		108,081		4,704				60,983		29,647		11,895		852
Basic materials		17,557						2,780		12,756		2,013		8

Total corporate fixed maturity investments, at fair value (1)	$	1,427,483	$	88,082	$	500,285	$	547,436	$	223,848	$	62,668	$	5,164

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


	At June 30, 2010
Issuer	Total		Short term investments		Fixed maturity investments
General Electric Company	$	90,389	$	700	$	89,689
Wells Fargo & Company		79,325		749		78,576
JP Morgan Chase & Co.		72,935		600		72,335
Credit Suisse Group AG		57,299		1,806		55,493
Barclays PLC		53,579				53,579
Bank of America Corp.		45,633		501		45,132
Rabobank Nederland		39,580		500		39,080
Citigroup Inc.		36,567		500		36,067
Roche Holdings AG		28,989				28,989
Morgan Stanley		27,103				27,103


Total (2)	$	531,399	$	5,356	$	526,043

(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.


		20

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


June 30, 2010	Case Reserves		Additional Case Reserves		IBNR		Total
Catastrophe	$	134,647	$	270,696	$	244,164	$	649,507
Specialty		110,188		80,107		358,056		548,351
Lloyds				6,246		4,894		11,140

Total Reinsurance		244,835		357,049		607,114		1,208,998
Insurance		153,782		11,413		307,890		473,085

Total	$	398,617	$	368,462	$	915,004	$	1,682,083

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


		21

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended June 30, 2010									Three months ended June 30, 2009
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,695,397		$	156,820		$	1,538,577		$	1,992,049		$	201,215		$	1,790,834

Incurred losses and loss expenses
Current year		171,756			37,674			134,082			222,789			49,749			173,040
Prior years		(93,881	)		(7,466	)		(86,415	)		(102,741	)		3,476			(106,217	)

Total incurred losses and loss expenses		77,875			30,208			47,667			120,048			53,225			66,823

Paid losses and loss expenses
Current year		18,673			704			17,969			20,040			(1,576	)		21,616
Prior years		72,516			6,483			66,033			153,762			(10,977	)		164,739

Total paid losses and loss expenses		91,189			7,187			84,002			173,802			(12,553	)		186,355

Reserve for losses and loss expenses, end of period	$	1,682,083		$	179,841		$	1,502,242		$	1,938,295		$	266,993		$	1,671,302


	Six months ended June 30, 2010									Six months ended June 30, 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		463,646			88,808			374,838			312,668			60,693			251,975
Prior years		(271,815	)		(23,701	)		(248,114	)		(94,587	)		4,368			(98,955	)

Total incurred losses and loss expenses		191,831			65,107			126,724			218,081			65,061			153,020

Paid losses and loss expenses
Current year		20,290			2,042			18,248			25,096			(199	)		25,295
Prior years		191,464			77,465			113,999			415,302			97,801			317,501

Total paid losses and loss expenses		211,754			79,507			132,247			440,398			97,602			342,796

Reserve for losses and loss expenses, end of period	$	1,682,083		$	179,841		$	1,502,242		$	1,938,295		$	266,993		$	1,671,302


		22

RenaissanceRe Holdings Ltd.

Earnings per Share


	Three months ended
(common shares in thousands)	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	210,241		$	165,047		$	211,767		$	258,628		$	271,179
Amount allocated to participating common shareholders (1)		(5,322	)		(4,196	)		(5,171	)		(6,067	)		(6,007	)

	$	204,919		$	160,851		$	206,596		$	252,561		$	265,172

Denominator:
Denominator for basic income per RenaissanceRe common share -

Weighted average common shares		55,538			58,407			60,604			60,898			60,963

Per common share equivalents of employee stock options and restricted shares		506			480			557			469			359


Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		56,044			58,887			61,161			61,367			61,322


Basic income per RenaissanceRe common share	$	3.69		$	2.75		$	3.41		$	4.15		$	4.35

Diluted income per RenaissanceRe common share	$	3.66		$	2.73		$	3.38		$	4.12		$	4.32

	Six months ended
(common shares in thousands)	June 30, 2010			June 30, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	375,288		$	368,463
Amount allocated to participating common shareholders (1)		(9,486	)		(7,424	)

	$	365,802		$	361,039

Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares		56,972			60,799
Per common share equivalents of employee stock options and restricted shares		493			356

Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		57,465			61,155

Basic income per RenaissanceRe common share	$	6.42		$	5.94
Diluted income per RenaissanceRe common share	$	6.37		$	5.90

(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Companys 2001 Stock Incentive Plan, Non-Employee Director Stock Incentive Plan and for the three and six months ended June 30, 2010, the 2010 Performance-Based Equity Incentive Plan.


		23

RenaissanceRe Holdings Ltd.

Equity in Earnings (Losses) of Other Ventures


	Three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Top Layer Re	$	2,609		$	3,380		$	2,912		$	3,385		$	4,176
Tower Hill Companies		229			(1,071	)		(3,226	)		1,098			536
Other		322			(153	)		(209	)		(152	)		720

*Total equity in earnings (losses) of other ventures*	$	3,160		$	2,156		$	(523	)	$	4,331		$	5,432


	Six months ended
	June 30, 2010			June 30, 2009
Top Layer Re	$	5,989		$	6,322
Tower Hill Companies		(842	)		45
Other		169			801

*Total equity in earnings of other ventures*	$	5,316		$	7,168


		24

RenaissanceRe Holdings Ltd.

Other (Loss) Income


	Three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	128		$	(1,440	)	$	(9,841	)	$	(13,147	)	$	(7,928	)
Weather-related and loss mitigation		(18	)		188			(2,717	)		(2,110	)		(2,963	)
Weather and energy risk management operations		(492	)		(1,825	)		12,268			13,674			6,428
Mark-to-market on Platinum warrant		(1,668	)		(3,697	)		5,419			12,839			424
Other items		(1,044	)		1,043			1,919			2,168			383

*Total other (loss) income*	$	(3,094	)	$	(5,731	)	$	7,048		$	13,424		$	(3,656	)


	Six months ended
	June 30, 2010			June 30, 2009
Weather-related and loss mitigation	$	170		$	(6,242	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(1,312	)		(10,606	)
Weather and energy risk operations		(2,317	)		11,242
Mark-to-market on Platinum warrant		(5,365	)		(13,300	)
Other items		(1	)		455

*Total other loss*	$	(8,825	)	$	(18,451	)


		25

RenaissanceRe Holdings Ltd.

Ratings


June 30, 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 its financial strength rating.

(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 and Insurance segments reflect, in addition to the insurers financial strength rating, the insurers issuer credit rating.


		26

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
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Net income available to RenaissanceRe common shareholders	$	210,241		$	165,047		$	211,767		$	258,628		$	271,179
Adjustment for net realized and unrealized gains on fixed maturity investments		(71,106	)		(48,598	)		(35,353	)		(16,794	)		(18,889	)
Adjustment for net other-than-temporary impairments		796			33			1,280			346			1,833

Operating income available to RenaissanceRe common shareholders	$	139,931		$	116,482		$	177,694		$	242,180		$	254,123

Net income available to RenaissanceRe common shareholders per common sharediluted	$	3.66		$	2.73		$	3.38		$	4.12		$	4.32
Adjustment for net realized and unrealized gains on fixed maturity investments		(1.26	)		(0.82	)		(0.58	)		(0.27	)		(0.31	)
Adjustment for net other-than-temporary impairments								0.02						0.04

Operating income available to RenaissanceRe common shareholders per common sharediluted	$	2.40		$	1.91		$	2.82		$	3.85		$	4.05


Return on average common equityannualized		26.8	%		20.9	%		27.1	%		35.5	%		41.5	%
Adjustment for net realized and unrealized gains on fixed maturity investments		(8.9	%)		(6.1	%)		(4.6	%)		(2.2	%)		(2.9	%)
Adjustment for net other-than-temporary impairments								0.2	%					0.3	%

Operating return on average common equityannualized		17.9	%		14.8	%		22.7	%		33.3	%		38.9	%


	Six months ended
	June 30, 2010			June 30, 2009
Net income available to RenaissanceRe common shareholders	$	375,288		$	368,463
Adjustment for net realized and unrealized gains on fixed maturity investments		(119,104	)		(41,015	)
Adjustment for net other-than-temporary impairments		829			20,855

Operating income available to RenaissanceRe common shareholders	$	256,413		$	348,303


Net income available to RenaissanceRe common shareholders per common sharediluted	$	6.37		$	5.90
Adjustment for net realized and unrealized gains on fixed maturity investments		(2.07	)		(0.67	)
Adjustment for net other-than-temporary impairments					0.34

Operating income available to RenaissanceRe common shareholders per common sharediluted	$	4.30		$	5.57

Return on average common equityannualized		23.8	%		29.1	%
Adjustment for net realized and unrealized gains on fixed maturity investments		(7.5	%)		(3.2	%)
Adjustment for net other-than-temporary impairments					1.6	%

Operating return on average common equityannualized		16.3	%		27.5	%


		27

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement managed catastrophe premiums, managed specialty premiums and managed Lloyds unit 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. Managed Lloyds unit premiums is defined as gross premiums written by the Company Lloyds unit, excluding premiums assumed from the Companys catastrophe unit and premiums assumed from the Companys Insurance segment. Managed Lloyds unit premiums differ from total Lloyds unit premiums, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of premiums written on behalf of the Companys catastrophe unit, and the exclusion of premiums assumed from the Companys Insurance segment. The Companys management believes managed catastrophe premiums, managed specialty premiums and managed Lloyds unit 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
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Book value per common share	$	56.96		$	53.86		$	51.68		$	49.21		$	44.17
Adjustment for goodwill and other intangibles (1)		(2.10	)		(2.02	)		(1.95	)		(1.83	)		(1.89	)

Tangible book value per common share		54.86			51.84			49.73			47.38			42.28
Adjustment for accumulated dividends		9.38			9.13			8.88			8.64			8.40

Tangible book value per common share plus accumulated dividends	$	64.24		$	60.97		$	58.61		$	56.02		$	50.68

Change in book value per common share		5.8	%		4.2	%		5.0	%		11.4	%		11.4	%
Change in tangible book value per common share plus change in accumulated dividends		6.3	%		4.7	%		5.5	%		12.6	%		12.7	%

(1)

At June 30, 2010, March 31, 2010, December 31, 2009, September 30, 2009 and June 30, 2009, goodwill and other intangibles included $40.9 million, $42.4 million, $43.8 million, $45.3 million and $46.7 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


		28

Form: 8-K

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