April 27, 2011 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

Exhibit 99.2

LOGO



		RenaissanceRe Holdings Ltd. Financial Supplement

		March 31, 2011

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

Balance Sheets
a. Summary Consolidated Balance Sheets		7

Investments
a. Investment Portfolio - Composition		8
b. Summary of Other Investments		9
c. Investment Result		10
d. Investment Portfolio - Yield to Maturity and Credit Rating		11
e. Investment Portfolio - Change in Portfolio Composition		12
f. Fixed Maturity Investments - Corporate Sector		13
g. Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value		13

Loss Reserve Analysis
a. Reserves for Claims and Claim Expenses		14
b. Paid to Incurred Analysis		15

Other Items
a. (Loss) Earnings per Share		16
b. Equity in (Losses) Earnings of Other Ventures		17
c. Other Income (Loss)		18
d. Ratings		19

Comments on Regulation G		20-21

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including operating (loss) income (attributable) available to RenaissanceRe common shareholders, operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted, operating return on average common equity - annualized, managed catastrophe premium, tangible book value per common share and tangible book value per common share plus accumulated dividends. A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 20 and 21 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. On November 18, 2010, the Company entered into a definitive stock purchase agreement (the Stock Purchase Agreement) with QBE Holdings, Inc. (QBE) to sell substantially all of its U.S.-based insurance operations, including its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National Inc., its commercial property insurance operations and its claims operations. The Company classified the assets and liabilities associated with this transaction as held for sale. The financial results for these operations have been presented as discontinued operations in the Companys statements of operations for all periods presented. Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all amounts presented in this financial supplement relate to the Companys continuing operations. On March 4, 2011, the Company completed the sale of substantially all of its U.S.-based insurance operations to QBE.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Companys business consists of three reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Companys ventures unit, (2) Lloyds, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (Syndicate 1458), and (3) Insurance, which principally includes the Companys Bermuda-based insurance operations.

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, 2010 and its Quarterly Reports on Form 10-Q .

All information contained herein is unaudited. 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, 2010 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
	March 31, 2011			March 31, 2010
*Highlights*
Gross premiums written	$	610,505		$	516,011
Net premiums written		452,575			407,159
Net premiums earned		305,541			250,653
Net claims and claim expenses incurred		628,537			97,340
Underwriting (loss) income		(397,161	)		81,728
Net investment income		60,281			65,709
Net (loss) income (attributable) available to RenaissanceRe common shareholders		(248,033	)		165,047

Net realized and unrealized (losses) gains on investments		(5,214	)		48,200
Net other-than-temporary impairments					(33	)

Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)		(242,861	)		116,482

Total assets	$	8,015,100		$	8,085,206
Total shareholders equity attributable to RenaissanceRe	$	3,499,902		$	3,791,291

*Per share data*

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.69	)	$	2.73
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) (2)	$	(4.59	)	$	1.91

Dividends per common share	$	0.26		$	0.25

Book value per common share	$	57.01		$	53.86
Adjustment for goodwill and other intangibles (1)		(0.99	)		(2.02	)


Tangible book value per common share (1)		56.02			51.84
Accumulated dividends per common share		10.14			9.13


Tangible book value per common share plus accumulated dividends (1)	$	66.16		$	60.97


*Financial ratios*

Net claims and claim expense ratio - current accident year		228.0	%		83.6	%
Net claims and claim expense ratio - prior accident years		(22.3	%)		(44.8	%)


Net claims and claim expense ratio - calendar year		205.7	%		38.8	%
Underwriting expense ratio		24.3	%		28.6	%


Combined ratio		230.0	%		67.4	%


Operating return on average common equity - annualized (1)		(30.7	%)		14.8	%

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

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.


		1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations


	Three months ended
	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010
Revenues
Gross premiums written	$	610,505		$	31,201		$	111,543		$	506,540		$	516,011


Net premiums written	$	452,575		$	30,165		$	82,307		$	329,334		$	407,159
(Increase) decrease in unearned premiums		(147,034	)		159,577			130,048			(117,163	)		(156,506	)


Net premiums earned		305,541			189,742			212,355			212,171			250,653
Net investment income		60,281			52,503			59,570			26,173			65,709
Net foreign exchange gains (losses)		660			(4,646	)		(529	)		(609	)		(11,342	)
Equity in (losses) earnings of other ventures		(23,753	)		(10,390	)		(6,740	)		3,160			2,156
Other income (loss)		50,145			26,032			25,021			(3,742	)		(6,191	)
Net realized and unrealized (losses) gains on investments		(5,214	)		(66,149	)		92,342			70,051			48,200

Total other-than-temporary impairments											(798	)		(33	)
Portion recognized in other comprehensive income, before taxes											2


Net other-than-temporary impairments											(796	)		(33	)


*Total revenues*		387,660			187,092			382,019			306,408			349,152


Expenses
Net claims and claim expenses incurred		628,537			(27,128	)		77,936			(18,803	)		97,340
Acquisition expenses		32,335			18,803			26,143			23,580			26,435
Operational expenses		41,830			45,882			36,970			38,040			45,150
Corporate expenses		2,064			4,744			5,590			4,493			5,309
Interest expense		6,195			6,303			6,164			6,206			3,156


*Total expenses*		710,961			48,604			152,803			53,516			177,390

(Loss) income from continuing operations before taxes		(323,301	)		138,488			229,216			252,892			171,762
Income tax benefit		52			(196	)		2,399			958			2,963


*(Loss) income from continuing operations*		(323,249	)		138,292			231,615			253,850			174,725
(Loss) income from discontinued operations		(1,526	)		11,108			21,234			18,881			11,447


*Net (loss) income*		(324,775	)		149,400			252,849			272,731			186,172
Net loss (income) attributable to noncontrolling interests		85,492			(16,432	)		(37,524	)		(51,915	)		(10,550	)


*Net (loss) income attributable to RenaissanceRe*		(239,283	)		132,968			215,325			220,816			175,622
Dividends on preference shares		(8,750	)		(10,393	)		(10,575	)		(10,575	)		(10,575	)


*Net (loss) income (attributable) available to RenaissanceRe common shareholders*	$	(248,033	)	$	122,575		$	204,750		$	210,241		$	165,047


Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(4.59	)	$	3.47		$	1.59		$	2.40		$	1.91

(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(4.66	)	$	2.04		$	3.33		$	3.35		$	2.55
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - basic		(0.03	)		0.21			0.40			0.34			0.20


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(4.69	)	$	2.25		$	3.73		$	3.69		$	2.75


(Loss) income from continuing operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.66	)	$	2.02		$	3.31		$	3.32		$	2.54
(Loss) income from discontinued operations (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)		(0.03	)		0.21			0.39			0.34			0.19


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (2)	$	(4.69	)	$	2.23		$	3.70		$	3.66		$	2.73


Average shares outstanding - basic		51,504			53,166			53,467			55,538			58,407
Average shares outstanding - diluted		51,504			53,667			53,965			56,044			58,887

Net claims and claim expense ratio		205.7	%		(14.3	%)		36.7	%		(8.9	%)		38.8	%
Underwriting expense ratio		24.3	%		34.1	%		29.7	%		29.1	%		28.6	%


Combined ratio		230.0	%		19.8	%		66.4	%		20.2	%		67.4	%


Operating return on average common equity - annualized (1)		(30.7	%)		22.5	%		11.3	%		17.9	%		14.8	%

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

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings per Share.


		2

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results


	Three months ended March 31, 2011
	Reinsurance			Lloyds			Insurance			Eliminations (1)			Total

Gross premiums written	$	573,682		$	36,620		$	280		$	(77	)	$	610,505

Net premiums written	$	423,566		$	28,737		$	272					$	452,575

Net premiums earned	$	289,429		$	15,674		$	438					$	305,541
Net claims and claim expenses incurred		595,404			30,523			2,610						628,537
Acquisition expenses		29,792			2,461			82						32,335
Operational expenses		32,363			8,972			495						41,830

Underwriting loss	$	(368,130	)	$	(26,282	)	$	(2,749	)				$	(397,161	)


Net claims and claim expenses incurred - current accident year	$	667,362		$	29,326		$	9					$	696,697
Net claims and claim expenses incurred - prior accident years		(71,958	)		1,197			2,601						(68,160	)

Net claims and claim expenses incurred - total	$	595,404		$	30,523		$	2,610					$	628,537


Net claims and claim expense ratio - current accident year		230.6	%		187.1	%		2.1	%					228.0	%
Net claims and claim expense ratio - prior accident years		(24.9	%)		7.6	%		593.8	%					(22.3	%)

Net claims and claim expense ratio - calendar year		205.7	%		194.7	%		595.9	%					205.7	%
Underwriting expense ratio		21.5	%		73.0	%		131.7	%					24.3	%

Combined ratio		227.2	%		267.7	%		727.6	%					230.0	%


	Three months ended March 31, 2010
	Reinsurance			Lloyds			Insurance			Eliminations (1)			Total

Gross premiums written	$	498,585		$	14,024		$	4,427		$	(1,025	)	$	516,011

Net premiums written	$	388,658		$	13,651		$	4,850					$	407,159

Net premiums earned	$	243,069		$	6,971		$	613					$	250,653
Net claims and claim expenses incurred		98,947			2,587			(4,194	)					97,340
Acquisition expenses		22,659			1,159			2,617						26,435
Operational expenses		34,017			6,134			4,999						45,150

Underwriting income (loss)	$	87,446		$	(2,909	)	$	(2,809	)				$	81,728


Net claims and claim expenses incurred - current accident year	$	204,065		$	2,686		$	2,859					$	209,610
Net claims and claim expenses incurred - prior accident years		(105,118	)		(99	)		(7,053	)					(112,270	)

Net claims and claim expenses incurred - total	$	98,947		$	2,587		$	(4,194	)				$	97,340


Net claims and claim expense ratio - current accident year		84.0	%		38.5	%		466.4	%					83.6	%
Net claims and claim expense ratio - prior accident years		(43.3	%)		(1.4	%)		(1,150.6	%)					(44.8	%)

Net claims and claim expense ratio - calendar year		40.7	%		37.1	%		(684.2	%)					38.8	%
Underwriting expense ratio		23.3	%		104.6	%		1,242.4	%					28.6	%

Combined ratio		64.0	%		141.7	%		558.2	%					67.4	%

(1)	Represents $Nil and $0.1 million of gross premiums ceded from the Insurance segment to the Reinsurance segment and from the Reinsurance segment to the Lloyds segment, respectively, for the three months ended March 31, 2011 (2010 - $0.8 million and $0.2 million, respectively).


		3

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results


	Three months ended March 31, 2011
	Catastrophe			Specialty			Total

Gross premiums written	$	498,678		$	75,004		$	573,682

Net premiums written	$	352,637		$	70,929		$	423,566

Net premiums earned	$	255,289		$	34,140		$	289,429
Net claims and claim expenses incurred		586,518			8,886			595,404
Acquisition expenses		23,613			6,179			29,792
Operational expenses		25,001			7,362			32,363

Underwriting (loss) income	$	(379,843	)	$	11,713		$	(368,130	)


Net claims and claim expenses incurred - current accident year	$	606,227		$	61,135		$	667,362
Net claims and claim expenses incurred - prior accident years		(19,709	)		(52,249	)		(71,958	)

Net claims and claim expenses incurred - total	$	586,518		$	8,886		$	595,404


Net claims and claim expense ratio - current accident year		237.5	%		179.1	%		230.6	%
Net claims and claim expense ratio - prior accident years		(7.8	%)		(153.1	%)		(24.9	%)

Net claims and claim expense ratio - calendar year		229.7	%		26.0	%		205.7	%
Underwriting expense ratio		19.1	%		39.7	%		21.5	%

Combined ratio		248.8	%		65.7	%		227.2	%


	Three months ended March 31, 2010
	Catastrophe			Specialty			Total

Gross premiums written	$	424,120		$	74,465		$	498,585

Net premiums written	$	317,264		$	71,394		$	388,658

Net premiums earned	$	212,898		$	30,171		$	243,069
Net claims and claim expenses incurred		149,504			(50,557	)		98,947
Acquisition expenses		18,674			3,985			22,659
Operational expenses		28,012			6,005			34,017

Underwriting income	$	16,708		$	70,738		$	87,446


Net claims and claim expenses incurred - current accident year	$	181,096		$	22,969		$	204,065
Net claims and claim expenses incurred - prior accident years		(31,592	)		(73,526	)		(105,118	)

Net claims and claim expenses incurred - total	$	149,504		$	(50,557	)	$	98,947


Net claims and claim expense ratio - current accident year		85.1	%		76.1	%		84.0	%
Net claims and claim expense ratio - prior accident years		(14.9	%)		(243.7	%)		(43.3	%)

Net claims and claim expense ratio - calendar year		70.2	%		(167.6	%)		40.7	%
Underwriting expense ratio		22.0	%		33.1	%		23.3	%

Combined ratio		92.2	%		(134.5	%)		64.0	%


		4

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums


	Three months ended
	March 31, 2011		December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010
Reinsurance Segment

Renaissance catastrophe premiums	$	311,642	$	(3,273	)	$	62,434		$	302,625		$	268,294
Renaissance specialty premiums		74,395		25,647			21,363			7,389			72,449

Total Renaissance premiums		386,037		22,374			83,797			310,014			340,743


DaVinci catastrophe premiums		187,036		(4,434	)		25,844			186,917			155,826
DaVinci specialty premiums		609					936			(414	)		2,016

Total DaVinci premiums		187,645		(4,434	)		26,780			186,503			157,842

Total catastrophe unit premiums		498,678		(7,707	)		88,278			489,542			424,120
Total specialty unit premiums		75,004		25,647			22,299			6,975			74,465

Total Reinsurance segment gross premiums written	$	573,682	$	17,940		$	110,577		$	496,517		$	498,585


Lloyds Segment

Specialty	$	29,235	$	10,983		$	8,851		$	6,508		$	7,723
Catastrophe		7,385		309			1,422			7,324			5,669
Insurance				(2,710	)		(1,511	)		21,009			632

Total Lloyds segment gross premiums written	$	36,620	$	8,582		$	8,762		$	34,841		$	14,024


Insurance Segment

Commercial property	$	280	$	926		$	50		$	20		$	1,097
Personal lines property				383			541			(3,762	)		3,330

Total Insurance segment gross premiums written	$	280	$	1,309		$	591		$	(3,742	)	$	4,427


Managed Premiums (1)

Total catastrophe unit gross premiums written	$	498,678	$	(7,707	)	$	88,278		$	489,542		$	424,120
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		22,528		2,507			60			18,793			26,186
Catastrophe premiums written in the Lloyds unit		7,385		309			1,422			7,324			5,669
Catastrophe premiums assumed from the Insurance segment				660			(9,899	)		(67	)		(175	)

Total managed catastrophe premiums (1)	$	528,591	$	(4,231	)	$	79,861		$	515,592		$	455,800

(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.


		5

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations


	Three months ended
	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010
Revenues
Gross premiums written	$	187,645		$	(4,434	)	$	26,780		$	186,503		$	157,842


Net premiums written	$	167,982		$	(4,433	)	$	20,945		$	164,556		$	145,035
(Increase) decrease in unearned premiums		(51,160	)		79,052			61,507			(84,515	)		(50,822	)

Net premiums earned		116,822			74,619			82,452			80,041			94,213
Net investment income		6,974			6,725			7,980			6,207			10,274
Net foreign exchange gains (losses)		875			(1,499	)		(74	)		(30	)		(1,928	)
Other income (loss)		11,037			254			181			(152	)		(276	)
Net realized and unrealized (losses) gains on fixed maturity investments		(753	)		(16,280	)		28,968			16,441			5,757

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

Net other-than-temporary impairments											(648	)

*Total revenues*		134,955			63,819			119,507			101,859			108,040


Expenses
Net claims and claim expenses incurred		284,281			7,561			30,353			(8,155	)		62,471
Acquisition expenses		(1,054	)		16,254			14,065			15,394			19,671
Operational and corporate expenses		4,490			10,522			10,770			5,870			7,491
Interest expense		469			574			512			474			469

*Total expenses*		288,186			34,911			55,700			13,583			90,102

*Net (loss) income*		(153,231	)		28,908			63,807			88,276			17,938
Net loss (income) attributable to redeemable noncontrolling interest		305			(59	)		(128	)		(178	)		(37	)

*Net (loss) income (attributable) available to DaVinciRe common shareholders*	$	(152,926	)	$	28,849		$	63,679		$	88,098		$	17,901


Net claims and claim expenses incurred - current accident year	$	291,227		$	18,219		$	37,273		$	8,553		$	78,027
Net claims and claim expenses incurred - prior accident years		(6,946	)		(10,658	)		(6,920	)		(16,708	)		(15,556	)

Net claims and claim expenses incurred - total	$	284,281		$	7,561		$	30,353		$	(8,155	)	$	62,471


Net claims and claim expense ratio - current accident year		249.3	%		24.4	%		45.2	%		10.7	%		82.8	%
Net claims and claim expense ratio - prior accident years		(6.0	%)		(14.3	%)		(8.4	%)		(20.9	%)		(16.5	%)

Net claims and claim expense ratio - calendar year		243.3	%		10.1	%		36.8	%		(10.2	%)		66.3	%
Underwriting expense ratio		3.0	%		35.9	%		30.1	%		26.6	%		28.8	%

Combined ratio		246.3	%		46.0	%		66.9	%		16.4	%		95.1	%


		6

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets


	March 31, 2011		December 31, 2010		September 30, 2010		June 30, 2010		March 31, 2010

Assets
Fixed maturity investments trading, at fair value	$	3,678,549	$	3,871,780	$	4,332,794	$	3,786,610	$	3,009,259
Fixed maturity investments available for sale, at fair value		232,320		244,917		273,339		569,851		1,332,602

Total fixed maturity investments, at fair value		3,910,869		4,116,697		4,606,133		4,356,461		4,341,861
Short term investments, at fair value		1,518,542		1,110,364		842,953		761,430		834,492
Equity investments trading, at fair value		12,707
Other investments, at fair value		782,325		787,548		792,377		782,345		866,865
Investments in other ventures, under equity method		78,623		85,603		79,976		86,448		84,942

Total investments		6,303,066		6,100,212		6,321,439		5,986,684		6,128,160
Cash and cash equivalents		252,631		277,738		248,120		220,299		267,279
Premiums receivable		574,547		322,080		487,744		690,086		450,981
Prepaid reinsurance premiums		125,722		60,643		153,346		208,020		105,489
Reinsurance recoverable		324,124		101,711		103,449		89,624		101,855
Accrued investment income		33,580		34,560		37,431		33,104		31,276
Deferred acquisition costs		56,656		35,648		60,359		78,160		55,464
Receivable for investments sold		136,943		99,226		158,465		153,923		53,863
Other secured assets		14,169		14,250		17,765		17,418		27,651
Other assets		176,644		205,373		188,165		157,275		140,502
Goodwill and other intangibles		14,537		14,690		14,844		14,998		15,152
Assets of discontinued operations held for sale		2,481		872,147		984,027		1,051,323		707,534

*Total assets*	$	8,015,100	$	8,138,278	$	8,775,154	$	8,700,914	$	8,085,206


Liabilities, Noncontrolling Interests and Shareholders Equity
Liabilities
Reserve for claims and claim expenses	$	2,070,095	$	1,257,843	$	1,364,225	$	1,345,887	$	1,419,647
Unearned premiums		500,165		286,183		538,462		723,183		503,491
Debt		549,178		549,155		549,132		549,109		549,086
Reinsurance balances payable		256,663		318,024		368,270		421,113		365,524
Payable for investments purchased		417,257		195,383		304,604		202,562		136,838
Other secured liabilities		14,000		14,000		17,500		17,500		27,500
Other liabilities		165,717		222,310		211,793		179,792		186,632
Liabilities of discontinued operations held for sale		2,246		598,511		706,255		778,985		446,672

*Total liabilities*		3,975,321		3,441,409		4,060,241		4,218,131		3,635,390

Redeemable noncontrolling interest - DaVinciRe		536,717		757,655		741,103		707,541		658,525

Shareholders Equity
Preference shares		550,000		550,000		650,000		650,000		650,000
Common shares		51,742		54,110		54,875		54,872		58,320
Additional paid-in capital						5,840
Accumulated other comprehensive income		19,845		19,823		23,774		22,153		30,771
Retained earnings		2,878,315		3,312,392		3,239,321		3,048,217		3,052,200

*Total shareholders equity attributable to RenaissanceRe*		3,499,902		3,936,325		3,973,810		3,775,242		3,791,291
Noncontrolling interest		3,160		2,889

*Total shareholders equity*		3,503,062		3,939,214		3,973,810		3,775,242		3,791,291

*Total liabilities, noncontrolling interests and shareholders equity*	$	8,015,100	$	8,138,278	$	8,775,154	$	8,700,914	$	8,085,206

Book value per common share	$	57.01	$	62.58	$	60.57	$	56.96	$	53.86

Common shares outstanding		51,742		54,110		54,875		54,872		58,320


		7

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition


	March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010					March 31, 2010
TYPE OF INVESTMENT

U.S. treasuries	$	522,006		8.3	%	$	761,461		12.4	%	$	1,198,741		19.0	%	$	1,385,037		23.1	%	$	1,328,756		21.7	%
Agencies		278,501		4.4	%		216,963		3.6	%		218,295		3.5	%		155,173		2.6	%		106,921		1.7	%
Non-U.S. government (Sovereign debt)		243,606		3.9	%		184,387		3.0	%		153,695		2.4	%		124,388		2.1	%		206,446		3.4	%
FDIC guaranteed corporate		305,745		4.9	%		388,468		6.4	%		399,938		6.3	%		502,542		8.4	%		634,525		10.4	%
Non-U.S. government-backed corporate		316,618		5.0	%		357,504		5.9	%		531,009		8.4	%		410,903		6.9	%		370,099		6.0	%
Corporate		1,523,224		24.1	%		1,512,411		24.7	%		1,510,917		24.0	%		1,362,866		22.8	%		1,250,528		20.5	%
Agency mortgage-backed securities		430,192		6.8	%		401,807		6.6	%		312,634		4.9	%		162,119		2.7	%		210,927		3.4	%
Non-agency mortgage-backed securities		35,848		0.6	%		34,149		0.6	%		35,954		0.6	%		36,660		0.6	%		30,984		0.5	%
Commercial mortgage-backed securities		213,809		3.4	%		219,440		3.6	%		198,246		3.1	%		167,186		2.8	%		152,698		2.5	%
Asset-backed securities		41,320		0.7	%		40,107		0.7	%		46,704		0.7	%		49,587		0.8	%		49,977		0.8	%

Total fixed maturity investments, at fair value		3,910,869		62.1	%		4,116,697		67.5	%		4,606,133		72.9	%		4,356,461		72.8	%		4,341,861		70.9	%
Short term investments, at fair value		1,518,542		24.1	%		1,110,364		18.2	%		842,953		13.3	%		761,430		12.7	%		834,492		13.6	%
Equity investments trading, at fair value		12,707		0.2	%
Other investments, at fair value		782,325		12.4	%		787,548		12.9	%		792,377		12.5	%		782,345		13.1	%		866,865		14.1	%

Total managed investment portfolio		6,224,443		98.8	%		6,014,609		98.6	%		6,241,463		98.7	%		5,900,236		98.6	%		6,043,218		98.6	%
Investments in other ventures, under equity method		78,623		1.2	%		85,603		1.4	%		79,976		1.3	%		86,448		1.4	%		84,942		1.4	%

Total investments	$	6,303,066		100.0	%	$	6,100,212		100.0	%	$	6,321,439		100.0	%	$	5,986,684		100.0	%	$	6,128,160		100.0	%


CREDIT QUALITY OF FIXED MATURITY INVESTMENTS

AAA	$	2,284,378		58.4	%	$	2,531,922		61.5	%	$	3,012,436		65.5	%	$	2,906,525		66.8	%	$	2,977,409		68.5	%
AA		457,769		11.7	%		489,780		11.9	%		586,276		12.7	%		547,801		12.6	%		609,232		14.0	%
A		675,011		17.3	%		666,497		16.2	%		644,169		14.0	%		559,498		12.8	%		445,166		10.3	%
BBB		347,766		8.9	%		303,269		7.4	%		273,948		5.9	%		258,392		5.9	%		220,906		5.1	%
Non-investment grade		145,945		3.7	%		125,229		3.0	%		89,304		1.9	%		84,245		1.9	%		89,148		2.1	%

Total fixed maturity investments, at fair value	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%	$	4,341,861		100.0	%


MATURITY PROFILE OF FIXED MATURITY INVESTMENTS

Due in less than one year	$	208,422		5.3	%	$	90,450		2.2	%	$	39,960		0.9	%	$	10,303		0.2	%	$	63,709		1.5	%
Due after one through five years		1,969,491		50.3	%		2,330,181		56.6	%		2,826,941		61.4	%		3,001,349		68.9	%		2,966,917		68.3	%
Due after five through ten years		827,647		21.2	%		827,981		20.1	%		978,797		21.2	%		792,578		18.2	%		768,915		17.7	%
Due after ten years		184,140		4.7	%		172,582		4.2	%		166,897		3.6	%		136,679		3.1	%		97,734		2.3	%
Mortgage-backed securities		679,849		17.4	%		655,396		15.9	%		546,834		11.9	%		365,965		8.5	%		394,609		9.0	%
Asset-backed securities		41,320		1.1	%		40,107		1.0	%		46,704		1.0	%		49,587		1.1	%		49,977		1.2	%

Total fixed maturity investments, at fair value	$	3,910,869		100.0	%	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%	$	4,341,861		100.0	%


Average yield to maturity of fixed maturities and short term investments		2.1	%				2.1	%				1.7	%				2.0	%				2.1	%
Average duration of fixed maturities and short term investments		2.5					3.2					3.0					2.9					2.8


		8

RenaissanceRe Holdings Ltd.

Summary of Other Investments


	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010
TYPE OF INVESTMENT

Private equity partnerships	$	362,717		$	347,556		$	310,296		$	298,306		$	292,412
Senior secured bank loan funds		171,559			166,106			168,309			167,132			253,652
Catastrophe bonds		107,570			123,961			159,752			183,793			156,973
Non-U.S. fixed income funds		87,336			80,224			78,848			66,190			75,533
Hedge funds		40,616			41,005			44,043			43,639			56,475
Miscellaneous other investments		12,527			28,696			31,129			23,285			31,820

Total other investments, at fair value	$	782,325		$	787,548		$	792,377		$	782,345		$	866,865


TYPE OF INVESTMENT

Private equity partnerships		46.3	%		44.2	%		39.2	%		38.1	%		33.7	%
Senior secured bank loan funds		21.9	%		21.1	%		21.2	%		21.4	%		29.3	%
Catastrophe bonds		13.8	%		15.7	%		20.2	%		23.5	%		18.1	%
Non-U.S. fixed income funds		11.2	%		10.2	%		10.0	%		8.5	%		8.7	%
Hedge funds		5.2	%		5.2	%		5.5	%		5.5	%		6.5	%
Miscellaneous other investments		1.6	%		3.6	%		3.9	%		3.0	%		3.7	%

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


		9

RenaissanceRe Holdings Ltd.

Investment Result


	Three months ended
	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010

Fixed maturity investments	$	27,913		$	16,087		$	35,219		$	28,014		$	28,875
Short term investments		595			515			635			682			486
Equity investments trading		14
Other investments
Hedge funds and private equity investments		23,507			31,204			7,491			8,188			17,536
Other		10,827			7,292			18,979			(8,184	)		21,218
Cash and cash equivalents		41			120			74			22			61

		62,897			55,218			62,398			28,722			68,176
Investment expenses		(2,616	)		(2,715	)		(2,828	)		(2,549	)		(2,467	)

Net investment income		60,281			52,503			59,570			26,173			65,709

Gross realized gains		10,562			30,254			30,959			28,753			48,848
Gross realized losses		(12,617	)		(7,267	)		(748	)		(5,962	)		(5,170	)

Net realized (losses) gains on fixed maturity investments		(2,055	)		22,987			30,211			22,791			43,678

Net unrealized (losses) gains on fixed maturity investments trading		(3,758	)		(89,136	)		62,131			47,260			4,522
Net unrealized gains on equity investments trading		599

Net realized and unrealized (losses) gains on investments		(5,214	)		(66,149	)		92,342			70,051			48,200

Total other-than-temporary impairments											(798	)		(33	)
Portion recognized in other comprehensive income, before taxes											2

Net other-than-temporary impairments											(796	)		(33	)

Change in net unrealized gains on fixed maturity investments available for sale		252			(5,138	)		(3,453	)		(9,414	)		(8,641	)

*Total investment result*	$	55,319		$	(18,784	)	$	148,459		$	86,014		$	105,235


		10

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating


												Credit Rating (1)
March 31, 2011	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio			Yield to Maturity			AAA			AA			A			BBB			Non-Investment Grade			Not Rated

Short term investments	$	1,518,542	$	1,518,542			24.4	%		0.2	%	$	1,514,895		$			$			$	2,628		$	1,019		$
				100.0	%								99.8	%		0.0	%		0.0	%		0.1	%		0.1	%		0.0	%

Fixed maturity investments
U.S. treasuries		526,144		522,006			8.4	%		1.3	%		522,006
Agencies
Fannie Mae & Freddie Mac		257,239		257,763			4.1	%		1.0	%		257,763
Other agencies		20,595		20,738			0.3	%		0.8	%		20,738

Total agencies		277,834		278,501			4.4	%		1.0	%		278,501
Non-U.S. government (Sovereign debt)		240,294		243,606			3.9	%		2.7	%		149,178			36,012			22,320			17,133			15,671			3,292
FDIC guaranteed corporate		303,923		305,745			4.9	%		0.6	%		305,745
Non-U.S. government-backed corporate		315,019		316,618			5.1	%		1.5	%		283,941			28,033			4,644
Corporate		1,501,912		1,523,224			24.5	%		4.0	%		90,248			391,031			611,475			307,710			117,842			4,918
Mortgage-backed securities
Residential mortgage-backed
Agency securities		431,672		430,192			6.9	%		3.7	%		430,192
Non-agency securities - Prime		19,251		20,450			0.3	%		5.4	%		12,002									6,067			2,381
Non-agency securities - Alt A		13,088		15,398			0.2	%		5.3	%		12,383									1,174			1,841

Total residential mortgage-backed		464,011		466,040			7.4	%		3.8	%		454,577									7,241			4,222
Commercial mortgage-backed		205,715		213,809			3.5	%		3.6	%		158,862			2,693			36,572			15,682

Total mortgage-backed		669,726		679,849			10.9	%		3.7	%		613,439			2,693			36,572			22,923			4,222
Asset-backed
Student loans		32,119		32,972			0.5	%		1.1	%		32,972
Credit cards		3,146		3,147			0.1	%		1.0	%		3,147
Other		5,000		5,201			0.1	%		1.4	%		5,201

Total asset-backed		40,265		41,320			0.7	%		1.1	%		41,320

Total securitized assets		709,991		721,169			11.6	%		3.6	%		654,759			2,693			36,572			22,923			4,222

Total fixed maturity investments		3,875,117		3,910,869			62.8	%		2.8	%		2,284,378			457,769			675,011			347,766			137,735			8,210
				100.0	%								58.4	%		11.7	%		17.3	%		8.9	%		3.5	%		0.2	%

Equity investments trading				12,707			0.2	%																				12,707

Other investments
Private equity partnerships				362,717			5.8	%																				362,717
Senior secured bank loan funds				171,559			2.8	%																	171,559
Catastrophe bonds				107,570			1.7	%																	107,570
Non-U.S. fixed income funds				87,336			1.4	%														51,031			36,305
Hedge funds				40,616			0.7	%																				40,616
Miscellaneous other investments				12,527			0.2	%														6,195						6,332

Total other investments				782,325			12.6	%														57,226			315,434			409,665

Total managed investment portfolio			$	6,224,443			100.0	%				$	3,799,273		$	457,769		$	675,011		$	407,620		$	454,188		$	430,582
				100.0	%								61.1	%		7.4	%		10.8	%		6.5	%		7.3	%		6.9	%

(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.


		11

RenaissanceRe Holdings Ltd.

Investment Portfolio - Change in Portfolio Composition


	March 31, 2011					December 31, 2010					Change
	Fair Value		% of Total Managed Investment Portfolio			Fair Value		% of Total Managed Investment Portfolio			$			%
Short term investments	$	1,518,542		24.4	%	$	1,110,364		18.4	%	$	408,178			6.0	%

Fixed maturity investments
U.S. treasuries		522,006		8.4	%		761,461		12.7	%		(239,455	)		(4.3	%)
Agencies
Fannie Mae & Freddie Mac		257,763		4.1	%		174,287		2.9	%		83,476			1.2	%
Other agencies		20,738		0.3	%		42,676		0.7	%		(21,938	)		(0.4	%)

Total agencies		278,501		4.4	%		216,963		3.6	%		61,538			0.8	%
Non-U.S. government (Sovereign debt)		243,606		3.9	%		184,387		3.1	%		59,219			0.8	%
FDIC guaranteed corporate		305,745		4.9	%		388,468		6.5	%		(82,723	)		(1.6	%)
Non-U.S. government-backed corporate		316,618		5.1	%		357,504		5.9	%		(40,886	)		(0.8	%)
Corporate		1,523,224		24.5	%		1,512,411		25.1	%		10,813			(0.6	%)
Mortgage-backed
Residential mortgage-backed
Agency securities		430,192		6.9	%		401,807		6.7	%		28,385			0.2	%

Non-agency securities - Prime		20,450		0.3	%		19,591		0.3	%		859			0.0	%
Non-agency securities - Alt A		15,398		0.2	%		14,558		0.2	%		840			0.0	%

Total residential mortgage-backed		466,040		7.4	%		435,956		7.2	%		30,084			0.2	%
Commercial mortgage-backed		213,809		3.5	%		219,440		3.7	%		(5,631	)		(0.2	%)

Total mortgage-backed		679,849		10.9	%		655,396		10.9	%		24,453			0.0	%
Asset-backed
Student loans		32,972		0.5	%		33,056		0.6	%		(84	)		(0.1	%)
Auto				0.0	%		1,809		0.0	%		(1,809	)		0.0	%
Credit cards		3,147		0.1	%				0.0	%		3,147			0.1	%
Other		5,201		0.1	%		5,242		0.1	%		(41	)		0.0	%

Total asset-backed		41,320		0.7	%		40,107		0.7	%		1,213			0.0	%

Total securitized assets		721,169		11.6	%		695,503		11.6	%		25,666			0.0	%

Total fixed maturity investments		3,910,869		62.8	%		4,116,697		68.5	%		(205,828	)		(5.7	%)

Equity investments trading		12,707		0.2	%							12,707			0.2	%

Other investments
Private equity partnerships		362,717		5.8	%		347,556		5.7	%		15,161			0.1	%
Senior secured bank loan funds		171,559		2.8	%		166,106		2.8	%		5,453			0.0	%
Catastrophe bonds		107,570		1.7	%		123,961		2.1	%		(16,391	)		(0.4	%)
Non-U.S. fixed income funds		87,336		1.4	%		80,224		1.3	%		7,112			0.1	%
Hedge funds		40,616		0.7	%		41,005		0.7	%		(389	)		0.0	%
Miscellaneous other investments		12,527		0.2	%		28,696		0.5	%		(16,169	)		(0.3	%)

Total other investments		782,325		12.6	%		787,548		13.1	%		(5,223	)		(0.5	%)

Total managed investment portfolio	$	6,224,443		100.0	%	$	6,014,609		100.0	%	$	209,834


		12

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector


	March 31, 2011
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated

Financials	$	831,932	$	68,819	$	270,356	$	401,045	$	62,520	$	24,993	$	4,199
Industrial, utilities and energy		249,877		4,249		30,451		95,953		91,134		28,090
Communications and technology		158,194		1,970				81,568		53,917		20,171		568
Consumer		103,215				19,914		14,713		45,820		22,633		135
Health care		73,901				54,043		6,157		5,215		8,486
Basic materials		65,003						4,627		47,019		13,341		16
Other		41,102		15,210		16,267		7,412		2,085		128


Total corporate fixed maturity investments, at fair value (1)	$	1,523,224	$	90,248	$	391,031	$	611,475	$	307,710	$	117,842	$	4,918

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


	March 31, 2011
Issuer	Total		Short term investments		Fixed maturity investments

JP Morgan Chase & Co.	$	65,820	$		$	65,820
General Electric Company		63,567				63,567
Citigroup Inc.		55,449				55,449
Barclays PLC		49,029				49,029
Bank of America Corp.		45,986				45,986
Credit Suisse Group AG		45,441				45,441
Wells Fargo & Company		42,869		4,500		38,369
Lloyds Banking Group PLC		35,393				35,393
Goldman Sachs Group Inc.		31,755				31,755
Morgan Stanley		30,223				30,223


Total (2)	$	465,532	$	4,500	$	461,032

(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 investments, repurchase agreements and commerical paper, at fair value.


		13

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses


	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2011

Catastrophe	$	156,246	$	422,871	$	838,360	$	1,417,477
Specialty		112,092		49,221		338,671		499,984


Total Reinsurance		268,338		472,092		1,177,031		1,917,461
Lloyds		217		14,774		36,526		51,517
Insurance		38,291		5,300		57,526		101,117


Total	$	306,846	$	492,166	$	1,271,083	$	2,070,095


December 31, 2010

Catastrophe	$	173,157	$	281,202	$	163,021	$	617,380
Specialty		102,521		60,196		350,573		513,290


Total Reinsurance		275,678		341,398		513,594		1,130,670
Lloyds		172		6,874		12,985		20,031
Insurance		40,943		3,317		62,882		107,142


Total	$	316,793	$	351,589	$	589,461	$	1,257,843


September 30, 2010

Catastrophe	$	201,704	$	238,572	$	250,899	$	691,175
Specialty		93,732		81,587		358,368		533,687


Total Reinsurance		295,436		320,159		609,267		1,224,862
Lloyds		190		8,651		8,196		17,037
Insurance		47,900		6,044		68,382		122,326


Total	$	343,526	$	334,854	$	685,845	$	1,364,225


June 30, 2010

Catastrophe	$	134,647	$	270,696	$	244,164	$	649,507
Specialty		110,188		80,107		358,056		548,351


Total Reinsurance		244,835		350,803		602,220		1,197,858
Lloyds				6,246		4,894		11,140
Insurance		50,160		11,413		75,316		136,889


Total	$	294,995	$	368,462	$	682,430	$	1,345,887


March 31, 2010

Catastrophe	$	140,851	$	132,874	$	455,140	$	728,865
Specialty		114,049		82,769		349,647		546,465


Total Reinsurance		254,900		215,643		804,787		1,275,330
Lloyds				1,089		2,603		3,692
Insurance		53,395		6,221		81,009		140,625


Total	$	308,295	$	222,953	$	888,399	$	1,419,647


		14

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis


	Three months ended March 31, 2011									Three months ended March 31, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net

Reserve for losses and loss expenses, beginning of period	$	1,257,843		$	101,711		$	1,156,132		$	1,344,433		$	84,099		$	1,260,334

Incurred losses and loss expenses
Current year		937,217			240,520			696,697			252,515			42,905			209,610
Prior years		(73,894	)		(5,734	)		(68,160	)		(118,390	)		(6,120	)		(112,270	)


Total incurred losses and loss expenses		863,323			234,786			628,537			134,125			36,785			97,340


Paid losses and loss expenses
Current year		512						512			(242	)					(242	)
Prior years		50,559			12,373			38,186			59,153			19,029			40,124


Total paid losses and loss expenses		51,071			12,373			38,698			58,911			19,029			39,882


Reserve for losses and loss expenses, end of period	$	2,070,095		$	324,124		$	1,745,971		$	1,419,647		$	101,855		$	1,317,792


		15

RenaissanceRe Holdings Ltd.

(Loss) Earnings per Share


	Three months ended
(common shares in thousands)	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010

Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(248,033	)	$	122,575		$	204,750		$	210,241		$	165,047
Amount allocated to participating common shareholders (1)		6,327			(3,107	)		(5,147	)		(5,322	)		(4,196	)

	$	(241,706	)	$	119,468		$	199,603		$	204,919		$	160,851


Denominator:
Denominator for basic income per RenaissanceRe common share -

Weighted average common shares		51,504			53,166			53,467			55,538			58,407

Per common share equivalents of employee stock options and restricted shares					501			498			506			480

Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)		51,504			53,667			53,965			56,044			58,887


Basic (loss) income per RenaissanceRe common share	$	(4.69	)	$	2.25		$	3.73		$	3.69		$	2.75

Diluted (loss) income per RenaissanceRe common share (2)	$	(4.69	)	$	2.23		$	3.70		$	3.66		$	2.73

(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Companys 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan and for the three months ended March 31, 2011, the 2010 Performance-Based Equity Incentive Plan.

(2)	Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.


		16

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures


	Three months ended
	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010		March 31, 2010

Tower Hill Companies	$	(449	)	$	(30	)	$	2,023		$	229	$	(1,071	)
Top Layer Re		(22,509	)		(9,437	)		(8,655	)		2,609		3,380
Other		(795	)		(923	)		(108	)		322		(153	)


*Total equity in (losses) earnings of other ventures*	$	(23,753	)	$	(10,390	)	$	(6,740	)	$	3,160	$	2,156


		17

RenaissanceRe Holdings Ltd.

Other Income (Loss)


	Three months ended
	March 31, 2011		December 31, 2010		September 30, 2010			June 30, 2010			March 31, 2010

Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	43,521	$	8,448	$	(677	)	$	(1,041	)	$	(1,516	)
Weather and energy risk management operations		3,295		15,206		(4,740	)		(492	)		(1,825	)
Mark-to-market on Platinum warrant		2,975		1,067		14,352			(1,668	)		(3,697	)
Other items		354		1,311		251			(541	)		847


*Total other income (loss)*	$	50,145	$	26,032	$	25,021		$	(3,742	)	$	(6,191	)


		18

RenaissanceRe Holdings Ltd.

Ratings

A.M. Best

S&P (5)

Moodys

Fitch

REINSURANCE SEGMENT (1)

Renaissance Reinsurance

A+

AA-

A+

DaVinci

A+

Top Layer Re

A+

Renaissance Europe

A+

AA-

LLOYDS SEGMENT

RenaissanceRe Syndicate 1458

Lloyds Overall Market Rating (2)

A+

INSURANCE SEGMENT (1)

Glencoe (3)

A+

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 rating for Glencoe is under review with negative implications and the S&P rating for Glencoe is under CreditWatch negative.

(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.


		19

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 (loss) income (attributable) 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 (loss) income (attributable) available to RenaissanceRe common shareholders as used herein differs from net (loss) income (attributable) 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 investments from continuing and discontinued operations, net other-than-temporary impairments from continuing and discontinued operations 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 (loss) income (attributable) 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 equity investments trading. The Company also uses operating (loss) income (attributable) available to RenaissanceRe common shareholders to calculate operating (loss) income (attributable) 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 (loss) income (attributable) available to RenaissanceRe common shareholders to operating (loss) income (attributable) available to RenaissanceRe common shareholders; 2) net (loss) income (attributable) available to RenaissanceRe common shareholders per common share diluted to operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share diluted; and 3) return on average common equity annualized to operating return on average common equity annualized:


	Three months ended
	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010

Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(248,033	)	$	122,575		$	204,750		$	210,241		$	165,047
Adjustment for net realized and unrealized losses (gains) on investments of continuing operations		5,214			66,149			(92,342	)		(70,051	)		(48,200	)
Adjustment for net other-than-temporary impairments of continuing operations											796			33
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		(42	)		353			(5,669	)		(1,055	)		(398	)
Adjustment for gain on sale of ChannelRe								(15,835	)


Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(242,861	)	$	189,077		$	90,904		$	139,931		$	116,482


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(4.69	)	$	2.23		$	3.70		$	3.66		$	2.73
Adjustment for net realized and unrealized losses (gains) on investments of continuing operations		0.10			1.23			(1.71	)		(1.24	)		(0.82	)
Adjustment for net other-than-temporary impairments of continuing operations
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations					0.01			(0.11	)		(0.02	)
Adjustment for gain on sale of ChannelRe								(0.29	)


Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(4.59	)	$	3.47		$	1.59		$	2.40		$	1.91


Return on average common equity - annualized		(31.3	%)		14.6	%		25.4	%		26.8	%		20.9	%
Adjustment for net realized and unrealized losses (gains) on investments of continuing operations		0.6	%		7.9	%		(11.4	%)		(8.8	%)		(6.1	%)
Adjustment for net other-than-temporary impairments of continuing operations
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations								(0.7	%)		(0.1	%)
Adjustment for gain on sale of ChannelRe								(2.0	%)


Operating return on average common equity - annualized		(30.7	%)		22.5	%		11.3	%		17.9	%		14.8	%


		20

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement managed catastrophe premiums. Managed catastrophe premiums is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Companys Insurance segment. Managed catastrophe premiums differs from total catastrophe unit gross premiums written, 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 segment, and the exclusion of catastrophe premiums assumed from the Companys Insurance segment. The Companys management believes managed catastrophe premiums is useful to investors and other interested parties because it provides a measure of total catastrophe 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
	March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010

Book value per common share	$	57.01		$	62.58		$	60.57		$	56.96		$	53.86
Adjustment for goodwill and other intangibles (1)		(0.99	)		(2.03	)		(2.05	)		(2.10	)		(2.02	)


Tangible book value per common share		56.02			60.55			58.52			54.86			51.84
Adjustment for accumulated dividends		10.14			9.88			9.63			9.38			9.13


Tangible book value per common share plus accumulated dividends	$	66.16		$	70.43		$	68.15		$	64.24		$	60.97


Change in book value per common share		(8.9	%)		3.3	%		6.3	%		5.8	%		4.2	%

Change in tangible book value per common share plus change in accumulated dividends		(7.1	%)		3.9	%		7.1	%		6.3	%		4.7	%

(1)

At March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, goodwill and other intangibles included $36.8 million, $38.1 million, $39.5 million, $40.9 million and $42.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method and $Nil, $57.0 million, $58.1 million, $59.1 million and $60.3 million, respectively, of goodwill and intangibles included in assets of discontinued operations held for sale.


		21

Form: 8-K

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