October 27, 2010 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO



		RenaissanceRe Holdings Ltd.

		Financial Supplement

		September 30, 2010

Contact:

Investors:
RenaissanceRe Holdings Ltd.
Rohan Pai Director of Investor Relations 441-295-4513

Media:
Kekst and Company
Peter Hill 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 (Losses) Earnings of Other Ventures	24
c.	Other Income (Loss)	25
d.	Ratings	26

Comments on Regulation G		27-28

LOGO

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, 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						Nine months ended
	September 30, 2010			September 30, 2009			September 30, 2010			September 30, 2009
*Highlights*
Gross premiums written	$	126,679		$	202,413		$	1,531,650		$	1,655,886
Net premiums written		103,094			75,098			1,071,639			1,153,304
Net premiums earned		309,389			296,013			914,037			977,578
Net claims and claim expenses incurred		125,626			38,567			252,350			191,587
Underwriting income		84,638			167,745			363,016			512,569
Net investment income		60,934			106,815			155,722			263,234
Net income available to RenaissanceRe common shareholders		204,750			258,628			580,038			627,091
Net realized and unrealized gains on fixed maturity investments		98,011			16,794			217,715			57,809
Net other-than-temporary impairments					(346	)		(829	)		(21,201	)

Operating income available to RenaissanceRe common shareholders (1)		90,904			242,180			347,317			590,483

Total assets	$	8,640,424		$	8,544,699		$	8,640,424		$	8,544,699
Total shareholders equity	$	3,973,810		$	3,720,470		$	3,973,810		$	3,720,470

*Per share data*
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.70		$	4.12		$	10.04		$	10.03
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.59		$	3.85		$	5.91		$	9.43
Dividends per common share	$	0.25		$	0.24		$	0.75		$	0.72

Book value per common share	$	60.57		$	49.21		$	60.57		$	49.21
Adjustment for goodwill and intangible assets		(2.05	)		(1.83	)		(2.05	)		(1.83	)

Tangible book value per common share (1)		58.52			47.38			58.52			47.38
Accumulated dividends per common share		9.63			8.64			9.63			8.64

Tangible book value per common share plus accumulated dividends (1)	$	68.15		$	56.02		$	68.15		$	56.02


*Financial ratios*
Net claims and claim expense ratio - current accident year		52.6	%		36.8	%		58.8	%		36.9	%
Net claims and claim expense ratio - prior accident years		(12.0	%)		(23.8	%)		(31.2	%)		(17.3	%)

Net claims and claim expense ratio - calendar year		40.6	%		13.0	%		27.6	%		19.6	%
Underwriting expense ratio		32.0	%		30.3	%		32.7	%		28.0	%

Combined ratio		72.6	%		43.3	%		60.3	%		47.6	%


Operating return on average common equity - annualized (1)		11.3	%		33.3	%		14.5	%		29.5	%

(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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Revenues
Gross premiums written	$	126,679		$	841,506		$	563,465		$	73,046		$	202,413


Net premiums written	$	103,094		$	552,562		$	415,983		$	53,093		$	75,098
Decrease (increase) in unearned premiums		206,295			(226,040	)		(137,857	)		243,145			220,915

Net premiums earned		309,389			326,522			278,126			296,238			296,013
Net investment income		60,934			27,607			67,181			60,747			106,815
Net foreign exchange (losses) gains		(529	)		(609	)		(11,342	)		(862	)		1,556
Equity in (losses) earnings of other ventures		(6,740	)		3,160			2,156			(523	)		4,331
Other income (loss)		27,255			(3,094	)		(5,731	)		7,048			13,424
Net realized and unrealized gains on fixed maturity investments		98,011			71,106			48,598			35,353			16,794
Total other-than-temporary impairments					(798	)		(33	)		(1,280	)		(1,408	)
Portion recognized in other comprehensive income, before taxes					2									1,062

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


*Total revenues*		488,320			423,896			378,955			396,721			438,587

Expenses
Net claims and claim expenses incurred		125,626			47,667			79,057			5,700			38,567
Acquisition expenses		49,977			39,944			44,675			48,473			44,203
Operational expenses		49,148			50,376			64,551			57,566			45,498
Corporate expenses		5,704			4,824			5,559			5,632			(4,319	)
Interest expense		6,164			6,206			3,156			3,027			3,748


*Total expenses*		236,619			149,017			196,998			120,398			127,697

Income before taxes		251,701			274,879			181,957			276,323			310,890
Income tax benefit (expense)		1,148			(2,148	)		4,215			(5,301	)		(3,993	)


*Net income*		252,849			272,731			186,172			271,022			306,897
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(37,524	)		(51,915	)		(10,550	)		(48,680	)		(37,694	)


*Net income attributable to RenaissanceRe*		215,325			220,816			175,622			222,342			269,203
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)


*Net income available to RenaissanceRe common shareholders*	$	204,750		$	210,241		$	165,047		$	211,767		$	258,628

Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.59		$	2.40		$	1.91		$	2.82		$	3.85
Net income available to RenaissanceRe common shareholders per common share - basic	$	3.73		$	3.69		$	2.75		$	3.41		$	4.15
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.70		$	3.66		$	2.73		$	3.38		$	4.12
Average shares outstanding - basic		53,467			55,538			58,407			60,604			60,898
Average shares outstanding - diluted		53,965			56,044			58,887			61,161			61,367

Net claims and claim expense ratio		40.6	%		14.6	%		28.4	%		1.9	%		13.0	%
Underwriting expense ratio		32.0	%		27.7	%		39.3	%		35.8	%		30.3	%

Combined ratio		72.6	%		42.3	%		67.7	%		37.7	%		43.3	%


Operating return on average common equity - annualized (1)		11.3	%		17.9	%		14.8	%		22.7	%		33.3	%

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


		2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Nine months ended
	September 30, 2010			September 30, 2009
Revenues
Gross premiums written	$	1,531,650		$	1,655,886


Net premiums written	$	1,071,639		$	1,153,304
Increase in unearned premiums		(157,602	)		(175,726	)

Net premiums earned		914,037			977,578
Net investment income		155,722			263,234
Net foreign exchange losses		(12,480	)		(12,761	)
Equity in (losses) earnings of other ventures		(1,424	)		11,499
Other income (loss)		18,430			(5,027	)
Net realized and unrealized gains on fixed maturity investments		217,715			57,809
Total other-than-temporary impairments		(831	)		(25,719	)
Portion recognized in other comprehensive income, before taxes		2			4,518

Net other-than-temporary impairments		(829	)		(21,201	)


*Total revenues*		1,291,171			1,271,131

Expenses
Net claims and claim expenses incurred		252,350			191,587
Acquisition expenses		134,596			141,302
Operational expenses		164,075			132,120
Corporate expenses		16,087			8,608
Interest expense		15,526			12,084


*Total expenses*		582,634			485,701

Income before taxes		708,537			785,430
Income tax benefit (expense)		3,215			(3,793	)


*Net income*		711,752			781,637
Net income attributable to redeemable noncontrolling interest - DaVinciRe		(99,989	)		(122,821	)


*Net income attributable to RenaissanceRe*		611,763			658,816
Dividends on preference shares		(31,725	)		(31,725	)


*Net income available to RenaissanceRe common shareholders*	$	580,038		$	627,091

Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	5.91		$	9.43
Net income available to RenaissanceRe common shareholders per common share -basic	$	10.13		$	10.09
Net income available to RenaissanceRe common shareholders per Common Share - diluted	$	10.04		$	10.03
Average shares outstanding - basic		55,804			60,832
Average shares outstanding - diluted		56,299			61,226

Net claims and claim expense ratio		27.6	%		19.6	%
Underwriting expense ratio		32.7	%		28.0	%

Combined ratio		60.3	%		47.6	%


Operating return on average common equity - annualized (1)		14.5	%		29.5	%

(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 September 30, 2010
	Reinsurance			Insurance			Eliminations (1)			Total

Gross premiums written	$	119,339		$	15,728		$	(8,388	)	$	126,679


Net premiums written	$	92,450		$	10,644					$	103,094


Net premiums earned	$	219,036		$	90,353					$	309,389
Net claims and claim expenses incurred		80,167			45,459						125,626
Acquisition expenses		25,815			24,162						49,977
Operational expenses		35,883			13,265						49,148


Underwriting income	$	77,171		$	7,467					$	84,638


Net claims and claim expenses incurred - current accident year	$	114,046		$	48,582					$	162,628
Net claims and claim expenses incurred - prior accident years		(33,879	)		(3,123	)					(37,002	)

Net claims and claim expenses incurred - total	$	80,167		$	45,459					$	125,626


Net claims and claim expense ratio - current accident year		52.1	%		53.8	%					52.6	%
Net claims and claim expense ratio - prior accident years		(15.5	%)		(3.5	%)					(12.0	%)

Net claims and claim expense ratio - calendar year		36.6	%		50.3	%					40.6	%
Underwriting expense ratio		28.2	%		41.4	%					32.0	%

Combined ratio		64.8	%		91.7	%					72.6	%


	Three months ended September 30, 2009
	Reinsurance			Insurance			Eliminations (1)			Total

Gross premiums written	$	132,487		$	83,349		$	(13,423	)	$	202,413


Net premiums written	$	43,202		$	31,896					$	75,098


Net premiums earned	$	202,260		$	93,753					$	296,013
Net claims and claim expenses incurred		(15,914	)		54,481						38,567
Acquisition expenses		17,164			27,039						44,203
Operational expenses		33,961			11,537						45,498


Underwriting income	$	167,049		$	696					$	167,745


Net claims and claim expenses incurred - current accident year	$	46,755		$	62,256					$	109,011
Net claims and claim expenses incurred - prior accident years		(62,669	)		(7,775	)					(70,444	)

Net claims and claim expenses incurred - total	$	(15,914	)	$	54,481					$	38,567


Net claims and claim expense ratio - current accident year		23.1	%		66.4	%					36.8	%
Net claims and claim expense ratio - prior accident years		(31.0	%)		(8.3	%)					(23.8	%)

Net claims and claim expense ratio - calendar year		(7.9	%)		58.1	%					13.0	%
Underwriting expense ratio		25.3	%		41.2	%					30.3	%

Combined ratio		17.4	%		99.3	%					43.3	%

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


		4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Nine months ended September 30, 2010
	Reinsurance			Insurance			Eliminations (1)			Total

Gross premiums written	$	1,163,089		$	398,832		$	(30,271	)	$	1,531,650


Net premiums written	$	846,089		$	225,550					$	1,071,639


Net premiums earned	$	683,929		$	230,108					$	914,037
Net claims and claim expenses incurred		159,121			93,229						252,350
Acquisition expenses		70,746			63,850						134,596
Operational expenses		110,856			53,219						164,075


Underwriting income	$	343,206		$	19,810					$	363,016


Net claims and claim expenses incurred - current accident year	$	379,605		$	157,861					$	537,466
Net claims and claim expenses incurred - prior accident years		(220,484	)		(64,632	)					(285,116	)

Net claims and claim expenses incurred - total	$	159,121		$	93,229					$	252,350


Net claims and claim expense ratio - current accident year		55.5	%		68.6	%					58.8	%
Net claims and claim expense ratio - prior accident years		(32.2	%)		(28.1	%)					(31.2	%)

Net claims and claim expense ratio - calendar year		23.3	%		40.5	%					27.6	%
Underwriting expense ratio		26.5	%		50.9	%					32.7	%

Combined ratio		49.8	%		91.4	%					60.3	%


	Nine months ended September 30, 2009
	Reinsurance			Insurance			Eliminations (1)			Total

Gross premiums written	$	1,221,035		$	447,229		$	(12,378	)	$	1,655,886


Net premiums written	$	852,970		$	300,334					$	1,153,304


Net premiums earned	$	656,143		$	321,435					$	977,578
Net claims and claim expenses incurred		(40,132	)		231,719						191,587
Acquisition expenses		57,321			83,981						141,302
Operational expenses		98,265			33,855						132,120


Underwriting income (loss)	$	540,689		$	(28,120	)				$	512,569


Net claims and claim expenses incurred - current accident year	$	143,636		$	217,350					$	360,986
Net claims and claim expenses incurred - prior accident years		(183,768	)		14,369						(169,399	)

Net claims and claim expenses incurred - total	$	(40,132	)	$	231,719					$	191,587


Net claims and claim expense ratio - current accident year		21.9	%		67.6	%					36.9	%
Net claims and claim expense ratio - prior accident years		(28.0	%)		4.5	%					(17.3	%)

Net claims and claim expense ratio - calendar year		(6.1	%)		72.1	%					19.6	%
Underwriting expense ratio		23.7	%		36.6	%					28.0	%

Combined ratio		17.6	%		108.7	%					47.6	%

(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 September 30, 2010
	Catastrophe			Specialty			Lloyds			Total

Gross premiums written	$	88,278		$	22,299		$	8,762		$	119,339


Net premiums written	$	64,134		$	22,175		$	6,141		$	92,450


Net premiums earned	$	176,130		$	28,927		$	13,979		$	219,036
Net claims and claim expenses incurred		71,191			1,289			7,687			80,167
Acquisition expenses		18,962			3,502			3,351			25,815
Operational expenses		23,252			6,385			6,246			35,883


Underwriting income (loss)	$	62,725		$	17,751		$	(3,305	)	$	77,171


Net claims and claim expenses incurred - current accident year	$	87,178		$	19,166		$	7,702		$	114,046
Net claims and claim expenses incurred - prior accident years		(15,987	)		(17,877	)		(15	)		(33,879	)

Net claims and claim expenses incurred - total	$	71,191		$	1,289		$	7,687		$	80,167


Net claims and claim expense ratio - current accident year		49.5	%		66.3	%		55.1	%		52.1	%
Net claims and claim expense ratio - prior accident years		(9.1	%)		(61.8	%)		(0.1	%)		(15.5	%)

Net claims and claim expense ratio - calendar year		40.4	%		4.5	%		55.0	%		36.6	%
Underwriting expense ratio		24.0	%		34.1	%		68.6	%		28.2	%

Combined ratio		64.4	%		38.6	%		123.6	%		64.8	%


	Three months ended September 30, 2009
	Catastrophe			Specialty			Total

Gross premiums written	$	107,308		$	25,179		$	132,487


Net premiums written	$	19,656		$	23,546		$	43,202


Net premiums earned	$	176,519		$	25,741		$	202,260
Net claims and claim expenses incurred		(3,068	)		(12,846	)		(15,914	)
Acquisition expenses		14,365			2,799			17,164
Operational expenses		25,303			8,658			33,961


Underwriting income	$	139,919		$	27,130		$	167,049


Net claims and claim expenses incurred - current accident year	$	35,030		$	11,725		$	46,755
Net claims and claim expenses incurred - prior accident years		(38,098	)		(24,571	)		(62,669	)

Net claims and claim expenses incurred - total	$	(3,068	)	$	(12,846	)	$	(15,914	)


Net claims and claim expense ratio - current accident year		19.8	%		45.5	%		23.1	%
Net claims and claim expense ratio - prior accident years		(21.5	%)		(95.4	%)		(31.0	%)

Net claims and claim expense ratio - calendar year		(1.7	%)		(49.9	%)		(7.9	%)
Underwriting expense ratio		22.4	%		44.5	%		25.3	%

Combined ratio		20.7	%		(5.4	%)		17.4	%


		6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Nine months ended September 30, 2010
	Catastrophe			Specialty			Lloyds			Eliminations (1)			Total

Gross premiums written	$	1,001,940		$	103,739		$	57,627		$	(217	)	$	1,163,089


Net premiums written	$	693,889		$	100,078		$	52,122					$	846,089


Net premiums earned	$	562,938		$	83,411		$	37,580					$	683,929
Net claims and claim expenses incurred		180,652			(39,557	)		18,026						159,121
Acquisition expenses		53,016			10,048			7,682						70,746
Operational expenses		75,309			18,214			17,333						110,856


Underwriting income (loss)	$	253,961		$	94,706		$	(5,461	)				$	343,206


Net claims and claim expenses incurred - current accident year	$	289,100		$	72,303		$	18,202					$	379,605
Net claims and claim expenses incurred - prior accident years		(108,448	)		(111,860	)		(176	)					(220,484	)

Net claims and claim expenses incurred - total	$	180,652		$	(39,557	)	$	18,026					$	159,121


Net claims and claim expense ratio - current accident year		51.4	%		86.7	%		48.4	%					55.5	%
Net claims and claim expense ratio - prior accident years		(19.3	%)		(134.1	%)		(0.4	%)					(32.2	%)

Net claims and claim expense ratio - calendar year		32.1	%		(47.4	%)		48.0	%					23.3	%
Underwriting expense ratio		22.8	%		33.9	%		66.5	%					26.5	%

Combined ratio		54.9	%		(13.5	%)		114.5	%					49.8	%


	Nine months ended September 30, 2009
	Catastrophe			Specialty			Total

Gross premiums written	$	1,127,726		$	93,309		$	1,221,035


Net premiums written	$	765,728		$	87,242		$	852,970


Net premiums earned	$	543,739		$	112,404		$	656,143
Net claims and claim expenses incurred		(52,300	)		12,168			(40,132	)
Acquisition expenses		37,377			19,944			57,321
Operational expenses		74,738			23,527			98,265


Underwriting income	$	483,924		$	56,765		$	540,689


Net claims and claim expenses incurred - current accident year	$	75,047		$	68,589		$	143,636
Net claims and claim expenses incurred - prior accident years		(127,347	)		(56,421	)		(183,768	)

Net claims and claim expenses incurred - total	$	(52,300	)	$	12,168		$	(40,132	)


Net claims and claim expense ratio - current accident year		13.8	%		61.0	%		21.9	%
Net claims and claim expense ratio - prior accident years		(23.4	%)		(50.2	%)		(28.0	%)

Net claims and claim expense ratio - calendar year		(9.6	%)		10.8	%		(6.1	%)
Underwriting expense ratio		20.6	%		38.7	%		23.7	%

Combined ratio		11.0	%		49.5	%		17.6	%

(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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Reinsurance Segment

Renaissance catastrophe premiums	$	62,434		$	302,625		$	268,294		$	(17,184	)	$	78,232
Renaissance specialty premiums		21,363			7,389			72,449			21,037			25,249


Total Renaissance premiums		83,797			310,014			340,743			3,853			103,481

DaVinci catastrophe premiums		25,844			186,917			155,826			(14,093	)		29,076
DaVinci specialty premiums		936			(414	)		2,016						(70	)


Total DaVinci premiums		26,780			186,503			157,842			(14,093	)		29,006


Lloyds catastrophe premiums		1,422			7,324			5,669
Lloyds specialty premiums		8,851			6,508			7,723
Lloyds Insurance premiums		(1,511	)		21,009			632


Total Lloyds unit premiums		8,762			34,841			14,024

Catastrophe unit premiums ceded to the Lloyds unit								(217	)

Total Lloyds unit premiums, net of inter-unit cessions		8,762			34,841			13,807


Total Reinsurance segment premiums	$	119,339		$	531,358		$	512,392		$	(10,240	)	$	132,487


Managed Premiums (1)

Total catastrophe unit premiums	$	88,278		$	489,542		$	424,120		$	(31,277	)	$	107,308
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		60			18,793			26,186			2,432			(434	)
Catastrophe premiums written in the Lloyds unit		1,422			7,324			5,669
Catastrophe premiums assumed from the Insurance segment		(9,899	)		(67	)		(175	)		(272	)		(13,423	)

Total managed catastrophe premiums (1)	$	79,861		$	515,592		$	455,800		$	(29,117	)	$	93,451


Total specialty unit premiums	$	22,299		$	6,975		$	74,465		$	21,037		$	25,179

Specialty premiums written in the Lloyds unit		8,851			6,508			7,723


Total managed specialty premiums (1)	$	31,150		$	13,483		$	82,188		$	21,037		$	25,179


Total Lloyds unit premiums	$	8,762		$	34,841		$	14,024		$			$
Catastrophe unit premiums ceded to the Lloyds unit								(217	)
Insurance segment premiums ceded to the Lloyds unit		1,511			(21,009	)		(632	)


Total managed Lloyds unit premiums (1)	$	10,273		$	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


	Nine months ended
	September 30, 2010			September 30, 2009
Reinsurance Segment

Renaissance catastrophe premiums	$	633,353		$	724,131
Renaissance specialty premiums		101,201			90,852


Total Renaissance premiums		734,554			814,983


DaVinci catastrophe premiums		368,587			403,595
DaVinci specialty premiums		2,538			2,457

Total DaVinci premiums		371,125			406,052


Lloyds catastrophe premiums		14,415
Lloyds specialty premiums		23,082
Lloyds Insurance premiums		20,130

Total Lloyds unit premiums		57,627
Catastrophe unit premiums ceded to the Lloyds unit		(217	)

Total Lloyds unit premiums, net of inter-unit cessions		57,410

Total Reinsurance segment premiums	$	1,163,089		$	1,221,035


Managed Premiums (1)

Total catastrophe unit premiums	$	1,001,940		$	1,127,726
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		45,039			49,542
Catastrophe premiums written in the Lloyds unit		14,415
Catastrophe premiums assumed from the Insurance segment		(10,141	)		(12,378	)

Total managed catastrophe premiums (1)	$	1,051,253		$	1,164,890


Total specialty unit premiums	$	103,739		$	93,309
Specialty premiums written in the Lloyds unit		23,082

Total managed specialty premiums (1)	$	126,821		$	93,309


Total Lloyds unit premiums	$	57,627		$
Catastrophe unit premiums ceded to the Lloyds unit		(217	)
Insurance segment premiums ceded to the Lloyds unit		(20,130	)

Total managed Lloyds unit premiums (1)	$	37,280		$

(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
	September 30, 2010			June 30, 2010		March 31, 2010		December 31, 2009		September 30, 2009
By Line of Business
Commercial multi-line	$	19,142		$	30,911	$	26,804	$	25,028	$	31,066
Personal lines property		9,894			5,679		4,932		11,828		15,473
Commercial property		2,808			20,801		13,008		20,820		15,514
Crop		(16,116	)		273,833		7,136		25,882		21,296

Total Insurance premiums	$	15,728		$	331,224	$	51,880	$	83,558	$	83,349


	Nine months ended
	September 30, 2010			September 30, 2009
By Line of Business
Crop	$	264,853		$	264,442
Commercial multi-line		76,857			81,155
Commercial property		36,617			64,001
Personal lines property		20,505			37,631

Total Insurance premiums	$	398,832		$	447,229


		10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Revenues
Gross premiums written	$	26,780		$	186,503		$	157,842		$	(14,093	)	$	29,006


Net premiums written	$	20,945		$	164,556		$	145,035		$	(15,721	)	$	4,148
Decrease (increase) in unearned premiums		61,507			(84,515	)		(50,822	)		93,966			79,730


Net premiums earned		82,452			80,041			94,213			78,245			83,878
Net investment income		7,980			6,207			10,274			9,606			14,011
Net foreign exchange (losses) gains		(74	)		(30	)		(1,928	)		263			713
Other income (loss)		181			(152	)		(276	)		(4,263	)		(6,157	)
Net realized and unrealized gains on fixed maturity investments		28,968			16,441			5,757			13,448			2,631
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*		119,507			101,859			108,040			95,897			95,076

Expenses
Net claims and claim expenses incurred		30,353			(8,155	)		62,471			(16,230	)		(729	)
Acquisition expenses		14,065			15,394			19,671			21,525			22,159
Operational and corporate expenses		10,770			5,870			7,491			11,383			12,051
Interest expense		512			474			469			489			631


*Total expenses*		55,700			13,583			90,102			17,167			34,112


*Net income*		63,807			88,276			17,938			78,730			60,964
Net income attributable to redeemable noncontrolling interest		(128	)		(178	)		(37	)		(158	)		(123	)


*Net income available to DaVinciRe common shareholders*	$	63,679		$	88,098		$	17,901		$	78,572		$	60,841

Net claims and claim expenses incurred - current accident year	$	37,273		$	8,553		$	78,027		$	2,379		$	14,560
Net claims and claim expenses incurred - prior accident years		(6,920	)		(16,708	)		(15,556	)		(18,609	)		(15,289	)

Net claims and claim expenses incurred - total	$	30,353		$	(8,155	)	$	62,471		$	(16,230	)	$	(729	)


Net claims and claim expense ratio - current accident year		45.2	%		10.7	%		82.8	%		3.0	%		17.4	%
Net claims and claim expense ratio - prior accident years		(8.4	%)		(20.9	%)		(16.5	%)		(23.7	%)		(18.3	%)

Net claims and claim expense ratio - calendar year		36.8	%		(10.2	%)		66.3	%		(20.7	%)		(0.9	%)
Underwriting expense ratio		30.1	%		26.6	%		28.8	%		42.0	%		40.8	%

Combined ratio		66.9	%		16.4	%		95.1	%		21.3	%		39.9	%


		11

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Nine months ended
	September 30, 2010			September 30, 2009
Revenues
Gross premiums written	$	371,125		$	406,052


Net premiums written	$	330,536		$	347,825
Increase in unearned premiums		(73,830	)		(99,311	)


Net premiums earned		256,706			248,514
Net investment income		24,461			38,073
Net foreign exchange losses		(2,032	)		(3,587	)
Other loss		(247	)		(8,741	)
Net realized and unrealized gains on fixed maturity investments		51,166			3,720
Total other-than-temporary impairments		(648	)		(108	)
Portion recognized in other comprehensive income, before taxes

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


*Total revenues*		329,406			277,871

Expenses
Net claims and claim expenses incurred		84,669			(20,299	)
Acquisition expenses		49,130			63,806
Operational and corporate expenses		24,131			33,018
Interest expense		1,455			2,703


*Total expenses*		159,385			79,228


*Net income*		170,021			198,643
Net income attributable to redeemable noncontrolling interest		(343	)		(403	)


*Net income available to DaVinciRe common shareholders*	$	169,678		$	198,240


Net claims and claim expenses incurred - current accident year	$	123,853		$	29,569
Net claims and claim expenses incurred - prior accident years		(39,184	)		(49,868	)

Net claims and claim expenses incurred - total	$	84,669		$	(20,299	)


Net claims and claim expense ratio - current accident year		48.2	%		11.9	%
Net claims and claim expense ratio - prior accident years		(15.2	%)		(20.1	%)

Net claims and claim expense ratio - calendar year		33.0	%		(8.2	%)
Underwriting expense ratio		28.5	%		39.0	%

Combined ratio		61.5	%		30.8	%


		12

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009		September 30, 2009
Assets
Fixed maturity investments available for sale, at fair value	$	330,056	$	725,730	$	1,485,161	$	3,559,197	$	4,505,446
Fixed maturity investments trading, at fair value		4,490,081		3,847,759		3,049,335		736,595


Total fixed maturity investments, at fair value		4,820,137		4,573,489		4,534,496		4,295,792		4,505,446
Short term investments, at fair value		884,787		792,308		864,328		1,002,306		880,406
Other investments, at fair value		792,377		782,345		866,865		858,026		812,056
Investments in other ventures, under equity method		79,976		86,448		84,942		97,287		94,859


Total investments		6,577,277		6,234,590		6,350,631		6,253,411		6,292,767
Cash and cash equivalents		351,775		285,054		358,773		260,716		347,993
Premiums receivable		763,549		1,021,496		511,832		589,827		826,562
Prepaid reinsurance premiums		178,272		276,296		121,836		91,852		207,257
Reinsurance recoverable		200,919		179,841		156,820		194,241		253,312
Accrued investment income		38,811		34,649		32,784		31,928		34,076
Deferred acquisition costs		80,306		100,725		74,489		61,870		95,614
Receivable for investments sold		158,465		153,923		53,863		7,431		188,497
Other secured assets		17,765		17,418		27,651		27,730		27,464
Other assets		200,320		174,924		171,577		205,347		201,982
Goodwill and other intangibles		72,965		74,143		75,416		76,688		69,175


*Total assets*	$	8,640,424	$	8,553,059	$	7,935,672	$	7,801,041	$	8,544,699


Liabilities, Redeemable Noncontrolling Interest and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	1,706,339	$	1,682,083	$	1,695,397	$	1,702,006	$	1,837,879
Unearned premiums		690,671		994,990		614,490		446,649		805,199
Debt		549,132		549,109		549,086		300,000		450,000
Reinsurance balances payable		364,491		406,891		241,544		381,548		457,947
Payable for investments purchased		304,604		202,562		136,838		59,236		247,502
Other secured liabilities		17,500		17,500		27,500		27,500		27,500
Other liabilities		292,774		217,141		221,001		256,669		251,504


*Total liabilities*		3,925,511		4,070,276		3,485,856		3,173,608		4,077,531


Redeemable noncontrolling interest - DaVinciRe		741,103		707,541		658,525		786,647		746,698

Shareholders Equity
Preference shares		650,000		650,000		650,000		650,000		650,000
Common shares		54,875		54,872		58,320		61,745		62,390
Additional paid-in capital		5,840								25,494
Accumulated other comprehensive income		23,774		22,153		30,771		41,438		78,338
Retained earnings		3,239,321		3,048,217		3,052,200		3,087,603		2,904,248


*Total shareholders equity*		3,973,810		3,775,242		3,791,291		3,840,786		3,720,470


*Total liabilities, redeemable noncontrolling interest and shareholders equity*	$	8,640,424	$	8,553,059	$	7,935,672	$	7,801,041	$	8,544,699


Book value per common share	$	60.57	$	56.96	$	53.86	$	51.68	$	49.21


Common shares outstanding		54,875		54,872		58,320		61,745		62,390


		13

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	September 30, 2010				June 30, 2010				March 31, 2010				December 31, 2009				September 30, 2009
TYPE OF INVESTMENT
U.S. treasuries	$	1,278,069	19.5	%	$	1,459,252	23.4	%	$	1,382,328	21.8	%	$	918,157	14.7	%	$	713,715	11.3	%
Agencies		229,956	3.5	%		171,505	2.8	%		126,660	2.0	%		165,577	2.6	%		256,570	4.1	%
Non-U.S. government (Sovereign debt)		153,695	2.3	%		125,466	2.0	%		207,517	3.3	%		198,059	3.2	%		122,757	2.0	%
FDIC guaranteed corporate		408,682	6.2	%		511,033	8.2	%		642,969	10.1	%		855,988	13.7	%		903,137	14.4	%
Non-U.S. government-backed corporate		531,009	8.1	%		410,903	6.6	%		370,099	5.8	%		248,746	4.0	%		227,718	3.6	%
Corporate		1,574,462	24.0	%		1,427,483	22.9	%		1,312,556	20.7	%		1,135,504	18.2	%		860,057	13.7	%
Agency mortgage-backed		336,501	5.1	%		188,441	3.0	%		232,883	3.7	%		393,397	6.3	%		1,039,945	16.5	%
Non-agency mortgage-backed		35,954	0.5	%		36,660	0.6	%		30,984	0.5	%		36,383	0.6	%		46,179	0.7	%
Commercial mortgage-backed		225,105	3.4	%		193,159	3.1	%		178,523	2.8	%		251,472	4.0	%		232,053	3.7	%
Asset-backed		46,704	0.7	%		49,587	0.8	%		49,977	0.8	%		92,509	1.5	%		103,315	1.6	%

Total fixed maturity investments, at fair value		4,820,137	73.3	%		4,573,489	73.4	%		4,534,496	71.5	%		4,295,792	68.8	%		4,505,446	71.6	%
Short term investments, at fair value		884,787	13.5	%		792,308	12.7	%		864,328	13.6	%		1,002,306	16.0	%		880,406	14.0	%
Other investments, at fair value		792,377	12.0	%		782,345	12.5	%		866,865	13.6	%		858,026	13.7	%		812,056	12.9	%

Total managed investment portfolio		6,497,301	98.8	%		6,148,142	98.6	%		6,265,689	98.7	%		6,156,124	98.5	%		6,197,908	98.5	%
Investments in other ventures, under equity method		79,976	1.2	%		86,448	1.4	%		84,942	1.3	%		97,287	1.5	%		94,859	1.5	%

Total investments	$	6,577,277	100.0	%	$	6,234,590	100.0	%	$	6,350,631	100.0	%	$	6,253,411	100.0	%	$	6,292,767	100.0	%

CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	3,167,185	65.7	%	$	3,060,539	66.9	%	$	3,109,595	68.6	%	$	3,107,713	72.3	%	$	3,636,884	80.7	%
AA		597,545	12.4	%		561,800	12.3	%		622,286	13.7	%		493,965	11.5	%		368,744	8.2	%
A		682,326	14.1	%		597,658	13.1	%		482,405	10.6	%		424,563	9.9	%		266,502	5.9	%
BBB		283,777	5.9	%		269,247	5.9	%		231,062	5.1	%		184,374	4.3	%		149,509	3.3	%
Non-investment grade		89,304	1.9	%		84,245	1.8	%		89,148	2.0	%		85,177	2.0	%		83,807	1.9	%

Total fixed maturity investments, at fair value	$	4,820,137	100.0	%	$	4,573,489	100.0	%	$	4,534,496	100.0	%	$	4,295,792	100.0	%	$	4,505,446	100.0	%

MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	41,622	0.9	%	$	23,050	0.5	%	$	79,612	1.8	%	$	83,280	1.9	%	$	125,570	2.8	%
Due after one through five years		2,980,797	61.8	%		3,133,274	68.5	%		3,078,692	67.9	%		2,867,397	66.7	%		2,550,285	56.6	%
Due after five through ten years		986,273	20.5	%		812,639	17.8	%		786,091	17.3	%		498,382	11.6	%		297,289	6.6	%
Due after 10 years		167,181	3.5	%		136,679	3.0	%		97,734	2.2	%		72,972	1.7	%		110,810	2.5	%
Mortgage-backed securities		597,560	12.3	%		418,260	9.1	%		442,390	9.7	%		681,252	15.9	%		1,318,177	29.2	%
Asset-backed securities		46,704	1.0	%		49,587	1.1	%		49,977	1.1	%		92,509	2.2	%		103,315	2.3	%

Total fixed maturity investments, at fair value	$	4,820,137	100.0	%	$	4,573,489	100.0	%	$	4,534,496	100.0	%	$	4,295,792	100.0	%	$	4,505,446	100.0	%


	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Average yield to maturity of fixed maturity and short term investments		1.7	%		2.0	%		2.1	%		2.3	%		2.4	%
Average duration of fixed maturity and short term investments		3.0			2.8			2.7			2.6			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


	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
TYPE OF INVESTMENT
Private equity partnerships	$	310,296		$	298,306		$	292,412		$	286,108		$	279,030
Senior secured bank loan funds		168,309			167,132			253,652			245,701			240,514
Catastrophe bonds		159,752			183,793			156,973			160,051			124,192
Non-U.S. fixed income funds		78,848			66,190			75,533			75,891			81,083
Hedge funds		44,043			43,639			56,475			54,163			52,955
Miscellaneous other investments		31,129			23,285			31,820			36,112			34,282

Total other investments, at fair value	$	792,377		$	782,345		$	866,865		$	858,026		$	812,056


TYPE OF INVESTMENT
Private equity partnerships		39.2	%		38.1	%		33.7	%		33.4	%		34.4	%
Senior secured bank loan funds		21.2	%		21.4	%		29.3	%		28.6	%		29.6	%
Catastrophe bonds		20.2	%		23.5	%		18.1	%		18.7	%		15.3	%
Non-U.S. fixed income funds		10.0	%		8.5	%		8.7	%		8.8	%		10.0	%
Hedge funds		5.5	%		5.5	%		6.5	%		6.3	%		6.5	%
Miscellaneous other investments		3.9	%		3.0	%		3.7	%		4.2	%		4.2	%

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															Nine months ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			September 30, 2010			September 30, 2009
Fixed maturity investments	$	34,838		$	27,742		$	28,643		$	37,289		$	44,127		$	91,223		$	123,261
Short term investments		2,469			2,458			2,284			1,827			2,285			7,211			8,097
Other investments
Hedge funds and private equity investments		7,491			8,188			17,536			10,183			15,510			33,215			8,096
Other		18,979			(8,184	)		21,218			14,058			47,748			32,013			131,309
Cash and cash equivalents		73			65			66			223			102			204			632

		63,850			30,269			69,747			63,580			109,772			163,866			271,395

Investment expenses		(2,916	)		(2,662	)		(2,566	)		(2,833	)		(2,957	)		(8,144	)		(8,161	)


Net investment income		60,934			27,607			67,181			60,747			106,815			155,722			263,234


Gross realized gains		35,615			29,058			48,887			52,363			26,734			113,560			91,370
Gross realized losses		(748	)		(5,962	)		(5,170	)		(5,622	)		(9,940	)		(11,880	)		(33,561	)


Net realized gains on fixed maturity investments		34,867			23,096			43,717			46,741			16,794			101,680			57,809
Net unrealized gains (losses) on fixed maturity investments, trading		63,144			48,010			4,881			(11,388	)					116,035

Net realized and unrealized gains on fixed maturity investments		98,011			71,106			48,598			35,353			16,794			217,715			57,809
Total other-than-temporary impairments					(798	)		(33	)		(1,280	)		(1,408	)		(831	)		(25,719	)
Portion recognized in other comprehensive income, before taxes					2									1,062			2			4,518

Net other-than-temporary impairments					(796	)		(33	)		(1,280	)		(346	)		(829	)		(21,201	)
Net unrealized (losses) gains on fixed maturity investments available for sale		(3,453	)		(9,414	)		(8,641	)		(46,004	)		74,697			(21,508	)		12,124
FAS 115-2 cumulative effect adjustment (1)																				76,615

Net change in unrealized holding gains on fixed maturity investments available for sale		(3,453	)		(9,414	)		(8,641	)		(46,004	)		74,697			(21,508	)		88,739

*Total investment result*	$	155,492		$	88,503		$	107,105		$	48,816		$	197,960		$	351,100		$	388,581

(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


September 30, 2010	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio			Yield to Maturity			Credit Rating (1)
September 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	$	884,787	$	884,787			13.6	%		0.3	%	$	859,947		$	5,766		$	2,978		$	16,096		$			$
				100.	0%								97.2	%		0.7	%		0.3	%		1.8	%
Fixed maturity investments
U.S. treasuries		1,249,316		1,278,069			19.6	%		1.0	%		1,278,069
Agencies
Fannie Mae & Freddie Mac		186,449		187,954			2.9	%		0.6	%		187,954
Other agencies		41,882		42,002			0.6	%		1.2	%		42,002

Total agencies		228,331		229,956			3.5	%		0.7	%		229,956
Non-U.S. government (Sovereign debt)		143,994		153,695			2.4	%		2.7	%		82,664			10,134			16,764			28,612			13,293			2,228
FDIC guaranteed corporate		404,823		408,682			6.3	%		0.5	%		408,682
Non-U.S. government-backed corporate		519,435		531,009			8.2	%		1.2	%		480,016			46,228			4,765
Corporate		1,514,765		1,574,462			24.2	%		3.1	%		100,172			538,477			628,451			235,580			66,704			5,078
Mortgage-backed securities
Residential mortgage-backed
Agency securities		333,567		336,501			5.2	%		2.2	%		336,501
Non-agency securities - Prime		19,747		21,084			0.3	%		3.8	%		16,325									4,759
Non-agency securities - Alt A		12,744		14,870			0.2	%		6.4	%		12,869												2,001
Non-agency securities - Sub-prime

Total residential mortgage-backed		366,058		372,455			5.7	%		2.4	%		365,695									4,759			2,001
Commercial mortgage-backed		216,070		225,105			3.5	%		2.9	%		175,227			2,706			32,346			14,826

Total mortgage-backed		582,128		597,560			9.2	%		2.6	%		540,922			2,706			32,346			19,585			2,001
Asset-backed
Student loans		32,302		33,148			0.5	%		1.1	%		33,148
Auto		4,364		4,385			0.1	%		0.9	%		4,385
Credit cards		3,759		3,775			0.1	%		1.8	%		3,775
Other		5,000		5,396			0.1	%		5.3	%		5,396

Total asset-backed		45,425		46,704			0.8	%		1.6	%		46,704

Total securitized assets		627,553		644,264			10.0	%		2.6	%		587,626			2,706			32,346			19,585			2,001

Total fixed maturity investments		4,688,217		4,820,137			74.2	%		1.9	%		3,167,185			597,545			682,326			283,777			81,998			7,306
				100.0	%								65.7	%		12.4	%		14.2	%		5.9	%		1.7	%		0.1	%

Other investments
Private equity partnerships				310,296			4.7	%																				310,296
Senior secured bank loan funds				168,309			2.6	%																	168,309
Catastrophe bonds				159,752			2.5	%																	159,752
Non-U.S. fixed income funds				78,848			1.2	%														45,678			33,170
Hedge funds				44,043			0.7	%																				44,043
Miscellaneous other investments				31,129			0.5	%														21,600			2,963			6,566

Total other investments				792,377			12.2	%														67,278			364,194			360,905

Total managed investment portfolio			$	6,497,301			100.0	%				$	4,027,132		$	603,311		$	685,304		$	367,151		$	446,192		$	368,211
				100.0	%								61.9	%		9.3	%		10.5	%		5.7	%		6.9	%		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


	September 30, 2010					December 31, 2009					Change
	Fair Value		% of Total Managed Investment Portfolio			Fair Value		% of Total Managed Investment Portfolio			$			%
Short term investments	$	884,787		13.6	%	$	1,002,306		16.3	%	$	(117,519	)		(2.7	%)

Fixed maturity investments
U.S. treasuries		1,278,069		19.6	%		918,157		15.0	%		359,912			4.6	%
Agencies
Fannie Mae & Freddie Mac		187,954		2.9	%		83,632		1.4	%		104,322			1.5	%
Other agencies		42,002		0.6	%		81,945		1.3	%		(39,943	)		(0.7	%)

Total agencies		229,956		3.5	%		165,577		2.7	%		64,379			0.8	%
Non-U.S. government (Sovereign debt)		153,695		2.4	%		198,059		3.2	%		(44,364	)		(0.8	%)
FDIC guaranteed corporate		408,682		6.3	%		855,988		13.9	%		(447,306	)		(7.6	%)
Non-U.S. government-backed corporate		531,009		8.2	%		248,746		4.0	%		282,263			4.2	%
Corporate		1,574,462		24.2	%		1,135,504		18.4	%		438,958			5.8	%
Mortgage-backed
Residential mortgage-backed
Agency securities		336,501		5.2	%		393,397		6.4	%		(56,896	)		(1.2	%)
Non-agency securities - Prime		21,084		0.3	%		21,822		0.4	%		(738	)		(0.1	%)
Non-agency securities - Alt A		14,870		0.2	%		14,561		0.2	%		309			0.0	%
Non-agency securities - Sub-prime				0.0	%				0.0	%					0.0	%

Total residential mortgage-backed		372,455		5.7	%		429,780		7.0	%		(57,325	)		(1.3	%)
Commercial mortgage-backed		225,105		3.5	%		251,472		4.1	%		(26,367	)		(0.6	%)

Total mortgage-backed		597,560		9.2	%		681,252		11.1	%		(83,692	)		(1.9	%)
Asset-backed
Student loans		33,148		0.5	%		54,973		0.9	%		(21,825	)		(0.4	%)
Auto		4,385		0.1	%		19,604		0.3	%		(15,219	)		(0.2	%)
Credit cards		3,775		0.1	%		7,093		0.1	%		(3,318	)		0.0	%
Other		5,396		0.1	%		10,839		0.2	%		(5,443	)		(0.1	%)

Total asset-backed		46,704		0.8	%		92,509		1.5	%		(45,805	)		(0.7	%)

Total securitized assets		644,264		10.0	%		773,761		12.6	%		(129,497	)		(2.6	%)

Total fixed maturity investments		4,820,137		74.2	%		4,295,792		69.8	%		524,345			4.4	%

Other investments
Private equity partnerships		310,296		4.7	%		286,108		4.6	%		24,188			0.1	%
Senior secured bank loan funds		168,309		2.6	%		245,701		4.0	%		(77,392	)		(1.4	%)
Catastrophe bonds		159,752		2.5	%		160,051		2.6	%		(299	)		(0.1	%)
Non-U.S. fixed income funds		78,848		1.2	%		75,891		1.2	%		2,957			0.0	%
Hedge funds		44,043		0.7	%		54,163		0.9	%		(10,120	)		(0.2	%)
Miscellaneous other investments		31,129		0.5	%		36,112		0.6	%		(4,983	)		(0.1	%)

Total other investments		792,377		12.2	%		858,026		13.9	%		(65,649	)		(1.7	%)

Total managed investment portfolio	$	6,497,301		100.0	%	$	6,156,124		100.0	%	$	341,177


		18

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Securitized Assets


	% of Total Managed Investment Portfolio
	Vintage
September 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	$	6,497,301		100.0	%

Mortgage-backed

Residential mortgage-backed
Agency securities		336,501		5.2	%		1.1	%		2.6	%		1.0	%		0.2	%		0.0	%		0.3	%		52.2	%		2.5

Non-agency securities - Prime		21,084		0.3	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.3	%		3.3	%		2.8
Non-agency securities - Alt A		14,870		0.2	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.2	%		2.3	%		3.9
Non-agency securities - Sub-prime


Total non-agency securities		35,954		0.5	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.5	%		5.6	%		3.3


Total residential mortgage-backed		372,455		5.7	%		1.1	%		2.6	%		1.0	%		0.2	%		0.0	%		0.8	%		57.8	%		2.5

Commercial mortgage-backed		225,105		3.5	%		0.1	%		0.1	%		0.2	%		0.4	%		0.4	%		2.3	%		35.0	%		3.8


Total mortgage-backed		597,560		9.2	%		1.2	%		2.7	%		1.2	%		0.6	%		0.4	%		3.1	%		92.8	%		3.0

Asset-backed

Student loans		33,148		0.5	%		0.0	%		0.0	%		0.4	%		0.0	%		0.0	%		0.1	%		5.1	%		4.6
Auto		4,385		0.1	%		0.0	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.7	%		0.3
Credit cards		3,775		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.1	%		0.6	%
Other		5,396		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.1	%		0.8	%		1.1


Total asset-backed		46,704		0.8	%		0.0	%		0.0	%		0.5	%		0.0	%		0.0	%		0.3	%		7.2	%		3.4


Total securitized assets	$	644,264		10.0	%		1.2	%		2.7	%		1.7	%		0.6	%		0.4	%		3.4	%		100.0	%		3.0


		19

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


	September 30, 2010
Sector	Total		AAA		AA		A		BBB		Non- Investment Grade		Not Rated
Financials	$	939,841	$	65,813	$	388,652	$	419,712	$	56,500	$	4,957	$	4,207
Industrial, utilities and energy		280,496		2,786		61,198		98,356		86,679		31,477
Consumer		213,804		29,009		88,627		27,813		51,312		17,043
Communications and technology		122,519		2,564				80,283		27,917		10,895		860
Basic materials		17,802						2,287		13,172		2,332		11

Total corporate fixed maturity investments, at fair value (1)	$	1,574,462	$	100,172	$	538,477	$	628,451	$	235,580	$	66,704	$	5,078

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


	September 30, 2010
Issuer	Total		Short term investments		Fixed maturity investments
General Electric Company	$	96,579	$	800	$	95,779
Wells Fargo & Company		75,664				75,664
JP Morgan Chase & Co.		71,504		750		70,754
Credit Suisse Group AG		68,146		801		67,345
Barclays PLC		57,483				57,483
Bank of America Corp.		47,987				47,987
Rabobank Nederland		43,020		1,000		42,020
Citigroup Inc.		38,784				38,784
Morgan Stanley		32,278				32,278
Roche Holding AG		29,882				29,882


Total (2)	$	561,327	$	3,351	$	557,976

(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


	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2010
Catastrophe	$	201,704	$	238,572	$	250,899	$	691,175
Specialty		93,732		81,587		358,368		533,687
Lloyds		190		8,651		8,196		17,037


Total Reinsurance		295,626		328,810		617,463		1,241,899
Insurance		151,458		6,044		306,938		464,440


Total	$	447,084	$	334,854	$	924,401	$	1,706,339


June 30, 2010
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


		21

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended September 30, 2010									Three months ended September 30, 2009
	Gross			Recoveries			Net			Gross			Recoveries			Net

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

Incurred losses and loss expenses
Current year		194,265			31,637			162,628			138,683			29,672			109,011
Prior years		(40,295	)		(3,293	)		(37,002	)		(79,956	)		(9,512	)		(70,444	)


Total incurred losses and loss expenses		153,970			28,344			125,626			58,727			20,160			38,567


Paid losses and loss expenses
Current year		68,861			4,396			64,465			82,535			1,778			80,757
Prior years		60,853			2,870			57,983			76,608			32,063			44,545


Total paid losses and loss expenses		129,714			7,266			122,448			159,143			33,841			125,302


Reserve for losses and loss expenses, end of period	$	1,706,339		$	200,919		$	1,505,420		$	1,837,879		$	253,312		$	1,584,567


	Nine months ended September 30, 2010									Nine months ended September 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		657,911			120,445			537,466			451,351			90,365			360,986
Prior years		(312,110	)		(26,994	)		(285,116	)		(174,543	)		(5,144	)		(169,399	)


Total incurred losses and loss expenses		345,801			93,451			252,350			276,808			85,221			191,587


Paid losses and loss expenses
Current year		89,151			6,438			82,713			107,631			1,579			106,052
Prior years		252,317			80,335			171,982			491,910			129,864			362,046


Total paid losses and loss expenses		341,468			86,773			254,695			599,541			131,443			468,098


Reserve for losses and loss expenses, end of period	$	1,706,339		$	200,919		$	1,505,420		$	1,837,879		$	253,312		$	1,584,567


		22

RenaissanceRe Holdings Ltd.

Earnings per Share


	Three months ended
(common shares in thousands)	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	204,750		$	210,241		$	165,047		$	211,767		$	258,628
Amount allocated to participating common shareholders (1)		(5,147	)		(5,322	)		(4,196	)		(5,171	)		(6,067	)

	$	199,603		$	204,919		$	160,851		$	206,596		$	252,561


Denominator:
Denominator for basic income per RenaissanceRe common share - Weighted average common shares		53,467			55,538			58,407			60,604			60,898
Per common share equivalents of employee stock options and restricted shares		498			506			480			557			469

Denominator for diluted income per RenaissanceRe common share - Adjusted weighted average common shares and assumed conversions		53,965			56,044			58,887			61,161			61,367

Basic income per RenaissanceRe common share	$	3.73		$	3.69		$	2.75		$	3.41		$	4.15
Diluted income per RenaissanceRe common share	$	3.70		$	3.66		$	2.73		$	3.38		$	4.12

	Nine months ended
(common shares in thousands)	September 30, 2010			September 30, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	580,038		$	627,091
Amount allocated to participating common shareholders (1)		(14,639	)		(13,310	)

	$	565,399		$	613,781


Denominator:
Denominator for basic income per RenaissanceRe common share - Weighted average common shares		55,804			60,832
Per common share equivalents of employee stock options and restricted shares		495			394

Denominator for diluted income per RenaissanceRe common share - Adjusted weighted average common shares and assumed conversions		56,299			61,226

Basic income per RenaissanceRe common share	$	10.13		$	10.09
Diluted income per RenaissanceRe common share	$	10.04		$	10.03

(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 nine months ended September 30, 2010, the 2010 Performance-Based Equity Incentive Plan.


		23

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures


	Three months ended
	September 30, 2010			June 30, 2010		March 31, 2010			December 31, 2009			September 30, 2009
Tower Hill Companies	$	2,023		$	229	$	(1,071	)	$	(3,226	)	$	1,098
Top Layer Re		(8,655	)		2,609		3,380			2,912			3,385
Other		(108	)		322		(153	)		(209	)		(152	)

*Total equity in (losses) earnings of other ventures*	$	(6,740	)	$	3,160	$	2,156		$	(523	)	$	4,331


	Nine months ended
	September 30, 2010			September 30, 2009
Tower Hill Companies	$	1,181		$	1,143
Top Layer Re		(2,666	)		9,707
Other		61			649

*Total equity in (losses) earnings of other ventures*	$	(1,424	)	$	11,499


		24

RenaissanceRe Holdings Ltd.

Other Income (Loss)


	Three months ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Gain on sale of ChannelRe	$	15,835		$			$			$			$
Mark-to-market on Platinum warrant		14,352			(1,668	)		(3,697	)		5,419			12,839
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		1,063			128			(1,440	)		(9,841	)		(13,147	)
Weather-related and loss mitigation		(216	)		(18	)		188			(2,717	)		(2,110	)
Weather and energy risk management operations		(4,740	)		(492	)		(1,825	)		12,268			13,674
Other items		961			(1,044	)		1,043			1,919			2,168


*Total other income (loss)*	$	27,255		$	(3,094	)	$	(5,731	)	$	7,048		$	13,424


	Nine months ended
	September 30, 2010			September 30, 2009
Gain on sale of ChannelRe	$	15,835		$
Mark-to-market on Platinum warrant		8,987			(461	)
Weather-related and loss mitigation		(46	)		(8,352	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		(249	)		(23,753	)
Weather and energy risk operations		(7,057	)		24,916
Other items		960			2,623


*Total other income (loss)*	$	18,430		$	(5,027	)


		25

RenaissanceRe Holdings Ltd.

Ratings


September 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, net other-than-temporary impairments and in the third quarter of 2010, the gain on the sale of the Companys ownership interest in ChannelRe. 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 and the gain associated with the sale of the Companys ownership interest in ChannelRe. 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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Net income available to RenaissanceRe common shareholders	$	204,750		$	210,241		$	165,047		$	211,767		$	258,628
Adjustment for net realized and unrealized gains on fixed maturity investments		(98,011	)		(71,106	)		(48,598	)		(35,353	)		(16,794	)
Adjustment for net other-than-temporary impairments					796			33			1,280			346
Adjustment for gain on sale of ChannelRe		(15,835	)

Operating income available to RenaissanceRe common shareholders	$	90,904		$	139,931		$	116,482		$	177,694		$	242,180


Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.70		$	3.66		$	2.73		$	3.38		$	4.12
Adjustment for net realized and unrealized gains on fixed maturity investments		(1.82	)		(1.26	)		(0.82	)		(0.58	)		(0.27	)
Adjustment for net other-than-temporary impairments											0.02
Adjustment for gain on sale of ChannelRe		(0.29	)

Operating income available to RenaissanceRe common shareholders per common share - diluted	$	1.59		$	2.40		$	1.91		$	2.82		$	3.85


Return on average common equity - annualized		25.4	%		26.8	%		20.9	%		27.1	%		35.5	%
Adjustment for net realized and unrealized gains on fixed maturity investments		(12.1	%)		(8.9	%)		(6.1	%)		(4.6	%)		(2.2	%)
Adjustment for net other-than-temporary impairments											0.2	%
Adjustment for gain on sale of ChannelRe		(2.0	%)

Operating return on average common equity - annualized		11.3	%		17.9	%		14.8	%		22.7	%		33.3	%


	Nine months ended
	September 30, 2010			September 30, 2009
Net income available to RenaissanceRe common shareholders	$	580,038		$	627,091
Adjustment for net realized and unrealized gains on fixed maturity investments		(217,715	)		(57,809	)
Adjustment for net other-than-temporary impairments		829			21,201
Adjustment for gain on sale of ChannelRe		(15,835	)

Operating income available to RenaissanceRe common shareholders	$	347,317		$	590,483


Net income available to RenaissanceRe common shareholders per common share - diluted	$	10.04		$	10.03
Adjustment for net realized and unrealized gains on fixed maturity investments		(3.87	)		(0.94	)
Adjustment for net other-than-temporary impairments		0.02			0.34
Adjustment for gain on sale of ChannelRe		(0.28	)

Operating income available to RenaissanceRe common shareholders per common share - diluted	$	5.91		$	9.43


Return on average common equity - annualized		24.2	%		31.3	%
Adjustment for net realized and unrealized gains on fixed maturity investments		(9.1	%)		(2.8	%)
Adjustment for net other-than-temporary impairments					1.0	%
Adjustment for gain on sale of ChannelRe		(0.6	%)

Operating return on average common equity - annualized		14.5	%		29.5	%


		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 excluding 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 assumed from 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 because they provide a measure of total catastrophe, specialty and Lloyds 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 and tangible book value per common share plus accumulated dividends. Tangible book value per common share is defined as book value per common share excluding goodwill and intangible assets; tangible book value per common share plus accumulated dividends is defined as book value per common share excluding goodwill and intangible assets, plus accumulated dividends. Tangible book value per common share 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. The Companys management believes tangible book value per common share and tangible book value per common share plus accumulated dividends are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:


	At
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Book value per common share	$	60.57		$	56.96		$	53.86		$	51.68		$	49.21
Adjustment for goodwill and other intangibles (1)		(2.05	)		(2.10	)		(2.02	)		(1.95	)		(1.83	)

Tangible book value per common share		58.52			54.86			51.84			49.73			47.38
Adjustment for accumulated dividends		9.63			9.38			9.13			8.88			8.64

Tangible book value per common share plus accumulated dividends	$	68.15		$	64.24		$	60.97		$	58.61		$	56.02

Change in book value per common share		6.3	%		5.8	%		4.2	%		5.0	%		11.4	%
Change in tangible book value per common share plus change in accumulated dividends		7.1	%		6.3	%		4.7	%		5.5	%		12.6	%

(1)

At September 30, 2010, June 30, 2010, March 31, 2010, December 31, 2009 and September 30, 2009, goodwill and other intangibles included $39.5 million, $40.9 million, $42.4 million, $43.8 million and $45.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


		28

Form: 8-K

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