The accompanying notes to the preliminary unaudited pro forma consolidated financial information;

RenaissanceRe’s separate audited historical consolidated financial statements and accompanying notes as of and for the year ended December 31, 2018, included in RenaissanceRe’s Annual Report on Form 10-K for the year ended December 31, 2018;

TMR AG’s separate audited historical consolidated financial statements and accompanying notes as of and for the years ended December 31, 2018 and 2017, included in RenaissanceRe’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission (the “Commission”) on March 26, 2019; and

TMR UK’s separate audited historical financial statements and accompanying notes as of and for the years ended December 31, 2018 and 2017, included in RenaissanceRe’s Current Report on Form 8-K/A filed with the Commission on March 26, 2019.

Assets

Fixed maturity investments trading, at fair value

Fixed maturity investments available for sale, at fair value

Short term investments, at fair value

Equity investments trading, at fair value

Other investments, at fair value

Investments in other ventures, under equity method

Total investments

Cash and cash equivalents

Premiums receivable

Prepaid reinsurance premiums

Funds held by ceding companies

Reinsurance recoverable

Accrued investment income

Deferred acquisition costs and value of business acquired

Receivable for investments sold

Reinsurance deposit assets

Other assets

Goodwill and other intangible assets

Total assets

Liabilities, Noncontrolling Interests and Shareholders’ Equity

Liabilities

Reserve for claims and claim expenses

Unearned premiums

Debt

Reinsurance balances payable

Payable for investments purchased

Other liabilities

Total liabilities

Redeemable noncontrolling interests

Shareholders’ Equity

Preference shares

Common shares

Additional paid-in capital

Accumulated other comprehensive (loss) income

Retained earnings

Total shareholders’ equity

Total liabilities, noncontrolling interests and shareholders’ equity

Selected Share Data

Common shares outstanding

Book value per common share

Revenues

Gross premiums written

Net premiums written

Net premiums earned

Net investment income (loss)

Net foreign exchange (losses) gains

Equity in earnings of other ventures

Other income (loss)

Net realized and unrealized losses on investments

Total revenues

Expenses

Net claims and claim expenses incurred

Acquisition expenses

Operational expenses

Corporate expenses

Interest expense

Total expenses

Income before taxes

Income tax benefit (expense)

Net income

Net income attributable to redeemable noncontrolling interests

Net income attributable to RenaissanceRe

Dividends on preference shares

Net income available to RenaissanceRe common shareholders

Per Share Data

Net income available to RenaissanceRe common shareholders per common share—basic (Note 5)

Net income available to RenaissanceRe common shareholders per common share—diluted (Note 5)

Average shares outstanding—basic (Note 5)

Average shares outstanding—diluted (Note 5)

Dividends per common share

Assets

Fixed maturity investments trading, at fair value

Fixed maturity investments available for sale, at fair value

Short term investments, at fair value

Equity investments trading, at fair value

Other investments, at fair value/ Investments/ Other financial investments

Deposits with ceding undertakings

Total investments

Cash and cash equivalents

Cash at bank and in hand

Premiums receivable

Debtors

Derivative balances receivable

Prepaid reinsurance premiums

Reinsurers’ share of technical provisions—provision for unearned premiums

Fair value of derivative assets

Funds held by ceding companies

Funds withheld

Reinsurance recoverable

Outstanding losses recoverable from reinsurers

Reinsurer’s share of technical provisions—claims outstanding

Accrued investment income

Accrued interest receivable / Accrued interest

Deferred acquisition costs / Deferred acquisition expenses

Unearned profit commission

Receivable for investments sold

Deposit assets

Current tax asset

Deferred tax asset

Property and equipment

Other prepayments and accrued income

Other assets

Goodwill and other intangible assets

Total assets

Liabilities and Shareholder’s Equity

Liabilities

Reserve for claims and claim expenses

Outstanding losses and loss expenses

Technical provisions—claims outstanding

Liability for collateral held on behalf of counterparties

Unearned premiums

Technical provisions—provision for unearned premium

Reinsurance balances payable

Creditors

Derivative balances payable

Deposit liabilities

Fair value of derivative liabilities

Deferred commission income

Payable for investments purchased

Accounts payable and accrued expenses

Accruals and deferred income

Retirement benefit obligation

Deferred fee income

Provision for taxation / Current tax liability

Deferred tax liability

Other liabilities

Total liabilities

Shareholder’s Equity

Common shares

Share capital / Called up share capital

Additional paid-in capital

Contributed surplus

Accumulated other comprehensive (loss) income

Retained earnings

Profit and loss account

Total shareholder’s equity

Total liabilities and shareholder’s equity

Revenues

Gross premiums written

Reinsurance premiums assumed / Premiums written—gross amount

Net premiums written

Net premiums earned

Earned premiums, net of reinsurance

Net investment income

Total investment return

Net foreign exchange (losses) gains

Other charges

Other underwriting income

Other income (loss)

Net realized and unrealized losses on investments

Total revenues

Expenses

Net claims and claim expenses incurred

Net loss and loss expenses incurred

Claims incurred, net of reinsurance

Acquisition expenses

Profit commission

Net derivative expense

Other underwriting expense

Operational expenses

General and administrative expenses

Operating expenses, net of reinsurance

Net foreign exchange (gains) losses

Total expenses

Income before taxes / Operating profit and profit on ordinary activities before tax

Income tax benefit (expense)

Tax (expense) benefit

Tax charge on profit on ordinary activities

Net income

Estimated Pro Forma Acquisition Consideration

Book Value

Book value as at December 31, 2018 of the TMR Group Entities

Goodwill and intangible assets as at December 31, 2018 of the TMR Group Entities

Tangible book value as at December 31, 2018 of the TMR Group Entities

Transaction costs to be paid by the TMR Group Entities

Adjusted tangible book value as at December 31, 2018 of the TMR Group Entities

Book value multiple

Adjusted tangible book value as at December 31, 2018, after application of the book value multiple

Special dividend paid to Tokio from the TMR Group Entities

Total estimated RenaissanceRe pro forma acquisition consideration

Estimated Pro Forma Funding of RenaissanceRe Acquisition Consideration

RenaissanceRe common shares

Common shares issued by RenaissanceRe to Tokio

Common share price of RenaissanceRe (1)

Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio

Cash consideration

Cash consideration funded by a partial drawdown of RenaissanceRe’s existing revolving credit facility, replaced with a portion of the Senior Notes

Cash consideration funded through the sale of a portion of RenaissanceRe’s fixed maturity investments trading

Cash consideration funded by available cash resources

Total cash consideration paid by RenaissanceRe as acquisition consideration

Total estimated RenaissanceRe pro forma acquisition consideration

Preliminary Estimates of Goodwill, Intangible Assets Acquired and Value of Business Acquired

Shareholders’ equity as at December 31, 2018 of the TMR Group Entities

TMR Group Entities pro forma estimated transaction costs

Pro forma adjusted shareholders’ equity of the TMR Group Entities

Preliminary adjustments for fair value, by applicable balance sheet caption, net of tax (see Note 4 for description):

Deferred acquisition costs, net of value of business acquired

Goodwill and intangible assets of the TMR Group Entities

Reserve for claims and claim expenses

Identifiable intangible assets resulting from the acquisition of the TMR Group Entities

Deferred tax asset, net of deferred tax liabilities

Total of preliminary adjustments for fair value by applicable balance sheet caption, net of tax

Estimated pro forma shareholders’ equity of the TMR Group Entities, at fair value

Adjusted tangible book value as at December 31, 2018, after application of the book value multiple

Estimated pro forma purchase price over the fair value of net assets acquired assigned to goodwill

RenaissanceRe share price is based on the 30-day trailing volume weighted average price as of market close on March 15, 2019.

Assets

(a)

To reflect the portion of the cash consideration paid by RenaissanceRe to effect the acquisition of the TMR Group Entities funded through the sale of a portion of RenaissanceRe’s fixed maturity investments trading.

To reclassify the TMR Group Entities fixed maturity investments available for sale to fixed maturity investments trading to conform to RenaissanceRe’s accounting policies.

(b)

(c)

To reflect the special dividend paid to Tokio from the TMR Group Entities.

To reflect cash inflow funded by a partial drawdown of RenaissanceRe’s existing revolving credit facility, repaid with a portion of the Senior Notes.

To reflect cash inflow from the Senior Notes, a portion of which was used to repay the partial drawdown of RenaissanceRe’s existing revolving credit facility.

To reflect the portion of the cash proceeds from the Senior Notes used to repay the partial drawdown of RenaissanceRe’s existing revolving credit facility

To reflect the portion of the cash consideration paid by RenaissanceRe to effect the acquisition of the TMR Group Entities funded by available cash resources, including cash inflow funded by the partial drawdown of RenaissanceRe’s existing revolving credit facility.

To reflect estimated transaction costs paid by RenaissanceRe.

To reflect estimated transaction costs paid by the TMR Group Entities.

(d)

(e)

(f)

(g)

(h)

(i)

To reflect deferred tax assets related to the preliminary unaudited pro forma adjustments using the applicable statutory tax rates of the respective jurisdictions the adjustments impacted. The respective statutory tax rate used for the adjustments impacting Switzerland was 21.2%, Australia 30.0%, and Bermuda 0.0%. The adjustments impacting the U.K. were tax effected at either the current statutory tax rate of 19.0% or the future U.K. statutory tax rate of 17.0% depending on the timing of when these adjustments will be realized. The adjustments impacting the U.S. were not tax effected at the U.S. statutory tax rate of 21.0% due to the TMR Group entities U.S. valuation allowance position.

Adjustment to reclassify the balance to other assets to conform with RenaissanceRe’s presentation.

Adjustment to reclassify the balance to other assets to conform with RenaissanceRe’s presentation.

(j)

To reflect the existing goodwill and intangible assets of the TMR Group Entities at fair value, which is estimated to be $Nil

To reflect the estimated fair value of identifiable indefinite lived intangible assets resulting from the acquisition of the TMR Group Entities (state insurance licenses).

To reflect the estimated fair value of identifiable finite lived intangible assets resulting from the acquisition of the TMR Group Entities (renewal rights, top broker relationships, other brokers / direct relationships and non-compete agreements).

To reflect goodwill determined based on the acquisition consideration paid to effect the acquisition of the TMR Group Entities in excess of the estimated fair value of the net assets acquired.

Liabilities

(k)

Adjustments to reserve for claims and claim expenses:

To reflect net claims and claim expenses at fair value. The adjustments reflect a deduction which represents the discount due to the present value calculation of the unpaid claims and claim expenses based on an estimated payout of the net unpaid claims and claim expenses partially offset by an increase in net claims and claim expenses due to the addition of an estimated market based risk margin which represents the estimated cost of capital required by a market participant to assume the net claims and claim expenses.

(l)

Adjustment to conform balance to RenaissanceRe’s accounting policies (see footnote (1)).

(m)

Adjustments to debt:

To reflect the Senior Notes.

(n)

Adjustment to conform balance to RenaissanceRe’s accounting policies (see footnote (1)).

(o)

Adjustments to other liabilities:

To reflect deferred tax liabilities related to identifiable intangible assets and the value of business acquired using the applicable statutory tax rates of the respective jurisdictions where the assets were recorded. The respective statutory tax rate used for the intangible assets recorded in Switzerland was 21.2%, Australia 30.0%, and Bermuda 0.0%. The intangible assets recorded in the U.K. were tax effected at either the current statutory tax rate of 19.0% or the future U.K. statutory tax rate of 17.0% depending on the timing of when intangible assets and the value of business acquired will be realized. Only the indefinite lived intangibles recorded in the U.S. were tax effected at the U.S. statutory tax rate of 21.0% due to the TMR Group entities U.S. valuation allowance position.

Shareholders’ Equity

(p)

Adjustments to common shares:

To reflect the par value of the RenaissanceRe common shares issued as part of the consideration paid to effect the acquisition of the TMR Group Entities in excess of par value.

To reflect the elimination of the par value of the TMR Group Entities common shares outstanding.

(q)

Adjustments to additional paid-in capital:

To reflect additional-paid in capital from RenaissanceRe common shares issued as part of the consideration paid to effect the acquisition of the TMR Group Entities.

To reflect the elimination of the TMR Group Entities additional paid-in capital.

(r)

To reflect the elimination of the TMR Group Entities accumulated other comprehensive loss in connection with the reclassification of the TMR Group Entities fixed maturity investments available for sale to fixed maturity investments trading to conform with RenaissanceRe’s accounting policies.

(s)

Adjustments to retained earnings:

To reflect estimated transaction costs to be paid by RenaissanceRe.

To reflect estimated transaction costs to be paid by the TMR Group Entities.

To reflect the special dividend paid by the TMR Group Entities to Tokio as part of the estimated acquisition consideration.

To reflect the elimination of the TMR Group Entities retained earnings, net of adjustments.

(t)

Adjustments to common shares outstanding (in thousands of shares):

To reflect the elimination of the TMR Group Entities common shares outstanding.

To reflect RenaissanceRe common shares issued as part of the consideration paid to Tokio to effect the acquisition of the TMR Group Entities.

Revenues

(u)

Adjustment to conform balance to RenaissanceRe’s accounting policies (see footnote (1)).

(v)

Adjustment to conform balance to RenaissanceRe’s accounting policies (see footnote (1)).

(w)

To reflect the estimated impact on net investment income due to the net decreases in fixed maturity investments trading and cash and cash equivalents as a result of consideration paid by RenaissanceRe to effect the acquisition of the TMR Group Entities, the special dividend paid by the TMR Group Entities and transaction costs incurred by RenaissanceRe and the TMR Group Entities (see footnote (2)).

(x)

Adjustment to reconcile U.K. GAAP and IFRS to GAAP. Foreign currency gains and losses that were previously recorded as other comprehensive income under U.K. GAAP and IFRS are recorded within revenues under GAAP as applied by RenaissanceRe.

(y)

To reclassify the change in net realized and unrealized losses in conjunction with the reclassification of the TMR Group Entities fixed maturity investments available for sale to fixed maturity investments trading to conform to RenaissanceRe’s accounting policies.

Total adjustments to revenues

Expenses

(z)

To amortize the adjustments resulting from the difference between the estimated fair value and the historical carrying value of the TMR Group Entities net reserve for claims and claim expenses.

(aa)

Adjustments to acquisition expenses:

Adjustment to reclassify the balance from acquisition expenses to operating expenses to conform to RenaissanceRe’s presentation.

To reflect the estimated impact of the adjustments to reflect deferred acquisition costs at fair value, which is estimated to be $Nil.

To amortize certain identifiable intangible assets (e.g., renewal rights) and the value of business acquired using a weighted average useful life of 3.3 years.

(ab)

Adjustments to operational expenses:

Adjustment to reclassify the balance from acquisition expenses to operating expenses to conform to RenaissanceRe’s presentation.

To amortize certain identifiable intangible assets (i.e., non-compete agreements) using a weighted average useful life of 1.5 years.

(ac)

Adjustments to interest expense:

To reflect estimated interest expense on the Senior Notes.

To amortize the estimated debt issuance costs on the Senior Notes over the estimated 10 year term of the debt.

Total adjustments to expenses

(ad)

To reflect the income tax impact on preliminary unaudited pro forma adjustments using the applicable statutory tax rates for the respective jurisdictions the adjustments impacted. The respective statutory tax rate used for the adjustments impacting Switzerland was 21.2%, Australia 30.0%, Bermuda 0.0%, and the U.K. 19.0%. The adjustments impacting the U.S. were not tax effected at the U.S. statutory tax rate of 21.0% due to the TMR Group entities U.S. valuation allowance position.

Total adjustments to net income

The entries to conform the accounting policies relate to aligning the methodologies for recognizing gross premiums written for proportional contracts and multi-year contracts. RenaissanceRe recognizes the estimated annual gross premiums written on proportional and multi-year reinsurance contracts over the policy exposure period while the TMR Group Entities recognize gross premiums written at the reinsurance contract inception date. The methodologies applied by RenaissanceRe and the TMR Group Entities for both proportional and multi-year contracts are acceptable under GAAP (and IFRS and U.K. GAAP with respect to the historical financial statements of TMR AG and TMR UK, respectively) and, since RenaissanceRe and the TMR Group Entities both earn the premium and related acquisition expenses consistently over the policy exposure period, the conforming accounting policy entries do not impact net income.

The table below outlines the calculation to determine the pro forma estimated impact on net investment income due to (decreases) increases in fixed maturity investments trading and cash and cash equivalents as a result of the pro forma net cash consideration paid by RenaissanceRe and the TMR Group Entities to effect the acquisition of the TMR Group Entities, inclusive of the special dividend paid to Tokio from the TMR Group Entities, and estimated transaction costs expected to be paid by RenaissanceRe and the TMR Group Entities:

Decreases to fixed maturity investments trading, at fair value:

To reflect the portion of the cash consideration paid by RenaissanceRe to effect the acquisition of the TMR Group Entities funded through the sale of a portion of RenaissanceRe’s fixed maturity investments trading.

(Decreases) increases to cash and cash equivalents:

To reflect the special dividend paid to Tokio from the TMR Group Entities.

To reflect the portion of the cash consideration paid by RenaissanceRe to effect the acquisition of the TMR Group Entities funded by available cash resources, including cash inflow funded by the partial drawdown of RenaissanceRe’s existing revolving credit facility.

To reflect estimated transaction costs to be paid by RenaissanceRe.

To reflect estimated transaction costs to be paid by the TMR Group Entities.

To reflect cash inflow from the Senior Notes, a portion of which will repay the partial drawdown of RenaissanceRe’s existing revolving credit facility.

Net pro forma decrease in net investment income for the year ended December 31, 2018

Pro forma net income available to RenaissanceRe common shareholders

Pro forma amounts allocated to RenaissanceRe participating common shareholders (1)

Pro forma net income

Average common shares outstanding:

RenaissanceRe historical

RenaissanceRe common shares issued as acquisition consideration to effect the acquisition of the TMR Group Entities

Pro forma average common shares outstanding

Pro forma net income available to RenaissanceRe common shareholders per common share

Represents estimated earnings attributable to holders of unvested restricted shares.