May 1, 2013 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - 8-K: Current report filing

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 Income	10
d.	Investment Portfolio - Effective Yield 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.	Earnings per Share	16
b.	Equity in Earnings of Other Ventures	17
c.	Other Income (Loss)	17
d.	Ratings	18

Comments on Regulation G		19 - 20

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”, “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 19 and 20 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business consists of two reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Company's ventures unit, and (2) Lloyd's, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this release contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K 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 Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe Holdings Ltd.



	i



RenaissanceRe Holdings Ltd.
Financial Highlights

	Three months ended
	March 31, 2013			March 31, 2012
Highlights
Gross premiums written	$	635,418		$	664,151
Net premiums written	436,813			492,575
Net premiums earned	271,255			278,665
Net claims and claim expenses incurred	27,251			15,552
Underwriting income	172,981			196,619
Net investment income	43,615			66,971
Net income available to RenaissanceRe common shareholders	190,474			201,429
Net realized and unrealized gains on investments	13,850			46,113
Net other-than-temporary impairments	—			(134		)
Operating income available to RenaissanceRe common shareholders (1)	176,624			155,450
Total assets	$	8,096,920		$	8,353,598
Total shareholders' equity attributable to RenaissanceRe	$	3,563,105		$	3,794,565
Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.23		$	3.88
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.92		$	2.98
Dividends per common share	$	0.28		$	0.27
Book value per common share	$	71.07		$	62.68
Tangible book value per common share (1)	$	70.22		$	61.84
Tangible book value per common share plus accumulated dividends (1)	$	82.50		$	73.03
Change in tangible book value per common share plus change in accumulated dividends (1)	4.8		%	6.3		%
Financial ratios
Net claims and claim expense ratio - current accident year	23.9		%	25.6		%
Net claims and claim expense ratio - prior accident years	(13.9		)%	(20.0		)%
Net claims and claim expense ratio - calendar year	10.0		%	5.6		%
Underwriting expense ratio	26.2		%	23.8		%
Combined ratio	36.2		%	29.4		%
Operating return on average common equity - annualized (1)	22.5		%	19.7		%


(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
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Revenues
Gross premiums written	$	635,418		$	83,745		$	136,359		$	667,336		$	664,151
Net premiums written	$	436,813		$	77,417		$	105,035		$	427,630		$	492,575
(Increase) decrease in unearned premiums	(165,558		)	206,234			157,588			(183,214		)	(213,910		)
Net premiums earned	271,255			283,651			262,623			244,416			278,665
Net investment income	43,615			40,497			45,164			14,743			66,971
Net foreign exchange gains (losses)	1,756			1,272			3,001			2,410			(1,460		)
Equity in earnings of other ventures	5,835			6,612			4,310			6,846			5,470
Other income (loss)	7,004			5,781			(881		)	11,289			(39,094		)
Net realized and unrealized gains on investments	13,850			10,617			76,258			31,003			46,113
Total other-than-temporary impairments	—			—			—			(234		)	(161		)
Portion recognized in other comprehensive income, before taxes	—			—			—			25			27
Net other-than-temporary impairments	—			—			—			(209		)	(134		)
Total revenues	343,315			348,430			390,475			310,498			356,531
Expenses
Net claims and claim expenses incurred	27,251			186,893			73,215			49,551			15,552
Acquisition expenses	25,009			39,385			24,438			25,608			24,111
Operational expenses	46,014			53,121			42,390			41,407			42,383
Corporate expenses	4,529			3,964			3,850			4,067			4,811
Interest expense	5,034			5,772			5,891			5,716			5,718
Total expenses	107,837			289,135			149,784			126,349			92,575
Income from continuing operations before taxes	235,478			59,295			240,691			184,149			263,956
Income tax (expense) benefit	(122		)	(424		)	(144		)	(898		)	37
Income from continuing operations	235,356			58,871			240,547			183,251			263,993
Income (loss) from discontinued operations	—			1,121			(54		)	1,393			(173		)
Net income	235,356			59,992			240,493			184,644			263,820
Net income attributable to noncontrolling interests	(38,607		)	(9,692		)	(51,083		)	(33,624		)	(53,641		)
Net income attributable to RenaissanceRe	196,749			50,300			189,410			151,020			210,179
Dividends on preference shares	(6,275		)	(8,645		)	(8,750		)	(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders	$	190,474		$	41,655		$	180,660		$	142,270		$	201,429
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	4.32		$	0.86		$	3.67		$	2.75		$	3.93
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	—			0.02			—			0.03			—
Net income available to RenaissanceRe common shareholders per common share - basic	$	4.32		$	0.88		$	3.67		$	2.78		$	3.93
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	4.23			0.85			3.62			$	2.72		$	3.88
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	—			0.02			—			0.03			—
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.23		$	0.87		$	3.62		$	2.75		$	3.88
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.92		$	0.65		$	2.07		$	2.14		$	2.98
Operating return on average common equity - annualized (1)	22.5		%	3.9		%	12.7		%	13.7		%	19.7		%


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



	2



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended March 31, 2013
	Reinsurance			Lloyd's			Other			Eliminations			Total
Gross premiums written	$	561,126		$	74,292		$	—		$	—		$	635,418
Net premiums written	$	380,872		$	55,924		$	17					$	436,813
Net premiums earned	$	233,460		$	37,779		$	16					$	271,255
Net claims and claim expenses incurred	13,400			14,528			(677		)				27,251
Acquisition expenses	18,059			6,916			34						25,009
Operational expenses	33,675			12,178			161						46,014
Underwriting income	$	168,326		$	4,157		$	498					$	172,981

Net claims and claim expenses incurred - current accident year	$	47,029		$	17,871		$	—					$	64,900
Net claims and claim expenses incurred - prior accident years	(33,629		)	(3,343		)	(677		)				(37,649		)
Net claims and claim expenses incurred - total	$	13,400		$	14,528		$	(677	)				$	27,251

Net claims and claim expense ratio - current accident year	20.1		%	47.3		%	—		%				23.9		%
Net claims and claim expense ratio - prior accident years	(14.4		)%	(8.8		)%	(4,231.3		)%				(13.9		)%
Net claims and claim expense ratio - calendar year	5.7		%	38.5		%	(4,231.3		)%				10.0		%
Underwriting expense ratio	22.2		%	50.5		%	1,218.8		%				26.2		%
Combined ratio	27.9		%	89.0		%	(3,012.5		)%				36.2		%

	Three months ended March 31, 2012
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	609,762		$	54,817		$	—		$	(428	)	$	664,151
Net premiums written	$	458,638		$	33,937		$	—					$	492,575
Net premiums earned	$	253,818		$	24,822		$	25					$	278,665
Net claims and claim expenses incurred	8,324			9,001			(1,773		)				15,552
Acquisition expenses	19,386			4,668			57						24,111
Operational expenses	32,044			10,057			282						42,383
Underwriting income	$	194,064		$	1,096		$	1,459					$	196,619

Net claims and claim expenses incurred - current accident year	$	55,144		$	16,280		$	—					$	71,424
Net claims and claim expenses incurred - prior accident years	(46,820		)	(7,279		)	(1,773		)				(55,872		)
Net claims and claim expenses incurred - total	$	8,324		$	9,001		$	(1,773	)				$	15,552

Net claims and claim expense ratio - current accident year	21.7		%	65.6		%	—		%				25.6		%
Net claims and claim expense ratio - prior accident years	(18.4		)%	(29.3		)%	(7,092.0		)%				(20.0		)%
Net claims and claim expense ratio - calendar year	3.3		%	36.3		%	(7,092.0		)%				5.6		%
Underwriting expense ratio	20.2		%	59.3		%	1,356.0		%				23.8		%
Combined ratio	23.5		%	95.6		%	(5,736.0		)%				29.4		%

(1) Represents $0.4 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the three months ended March 31, 2012.



	3



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended March 31, 2013
	Catastrophe			Specialty			Total
Gross premiums written	$	478,796		$	82,330		$	561,126
Net premiums written	$	305,353		$	75,519		$	380,872
Net premiums earned	$	186,651		$	46,809		$	233,460
Net claims and claim expenses incurred	2,708			10,692			13,400
Acquisition expenses	9,620			8,439			18,059
Operational expenses	26,115			7,560			33,675
Underwriting income	$	148,208		$	20,118		$	168,326

Net claims and claim expenses incurred - current accident year	$	21,176		$	25,853		$	47,029
Net claims and claim expenses incurred - prior accident years	(18,468		)	(15,161		)	(33,629		)
Net claims and claim expenses incurred - total	$	2,708		$	10,692		$	13,400

Net claims and claim expense ratio - current accident year	11.3		%	55.2		%	20.1		%
Net claims and claim expense ratio - prior accident years	(9.8		)%	(32.4		)%	(14.4		)%
Net claims and claim expense ratio - calendar year	1.5		%	22.8		%	5.7		%
Underwriting expense ratio	19.1		%	34.2		%	22.2		%
Combined ratio	20.6		%	57.0		%	27.9		%

	Three months ended March 31, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	509,240		$	100,522		$	609,762
Net premiums written	$	362,252		$	96,386		$	458,638
Net premiums earned	$	215,055		$	38,763		$	253,818
Net claims and claim expenses incurred	(3,316		)	11,640			8,324
Acquisition expenses	14,317			5,069			19,386
Operational expenses	25,328			6,716			32,044
Underwriting income	$	178,726		$	15,338		$	194,064

Net claims and claim expenses incurred - current accident year	$	31,623		$	23,521		$	55,144
Net claims and claim expenses incurred - prior accident years	(34,939		)	(11,881		)	(46,820		)
Net claims and claim expenses incurred - total	$	(3,316	)	$	11,640		$	8,324

Net claims and claim expense ratio - current accident year	14.7		%	60.7		%	21.7		%
Net claims and claim expense ratio - prior accident years	(16.2		)%	(30.7		)%	(18.4		)%
Net claims and claim expense ratio - calendar year	(1.5		)%	30.0		%	3.3		%
Underwriting expense ratio	18.4		%	30.4		%	20.2		%
Combined ratio	16.9		%	60.4		%	23.5		%



	4



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012
Reinsurance Segment
Renaissance catastrophe premiums	$	310,002	$	13,743	$	44,699	$	345,094	$	330,427
Renaissance specialty premiums	81,617		34,132		37,932		35,778		99,545
Total Renaissance premiums	391,619		47,875		82,631		380,872		429,972
DaVinci catastrophe premiums	168,794		9,781		25,006		234,644		178,813
DaVinci specialty premiums	713		—		—		1,523		977
Total DaVinci premiums	169,507		9,781		25,006		236,167		179,790
Total catastrophe unit premiums	478,796		23,524		69,705		579,738		509,240
Total specialty unit premiums	82,330		34,132		37,932		37,301		100,522
Total Reinsurance segment gross premiums written	$	561,126	$	57,656	$	107,637	$	617,039	$	609,762

Lloyd's Segment
Specialty	$	55,757	$	24,390	$	26,455	$	32,925	$	39,329
Catastrophe	18,535		1,761		2,267		17,372		15,488
Total Lloyd's segment gross premiums written	$	74,292	$	26,151	$	28,722	$	50,297	$	54,817

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	478,796	$	23,524	$	69,705	$	579,738	$	509,240
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	32,382		1,781		5,382		31,180		34,305
Catastrophe premiums written in the Lloyd's segment	18,535		1,761		2,267		17,372		15,488
Total managed catastrophe premiums (1)	$	529,713	$	27,066	$	77,354	$	628,290	$	559,033

(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, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Revenues
Gross premiums written	$	169,507		$	9,781		$	25,006		$	236,167		$	179,790
Net premiums written	$	137,522		$	7,012		$	18,554		$	185,088		$	154,680
(Increase) decrease in unearned premiums	(45,906		)	89,922			72,039			(104,070		)	(59,543		)
Net premiums earned	91,616			96,934			90,593			81,018			95,137
Net investment income	7,468			8,036			8,146			4,109			10,527
Net foreign exchange gains	130			804			1,115			1,465			76
Other loss	(548		)	(1,161		)	(1,384		)	(1,222		)	(462		)
Net realized and unrealized (losses) gains on investments	(1,505		)	790			21,553			7,025			16,666
Total revenues	97,161			105,403			120,023			92,395			121,944
Expenses
Net claims and claim expenses incurred	3,710			66,994			10,170			14,213			1,924
Acquisition expenses	24,274			14,528			22,783			19,051			24,099
Operational and corporate expenses	10,400			10,291			10,740			11,902			12,301
Interest expense	952			1,833			1,980			1,985			2,040
Total expenses	39,336			93,646			45,673			47,151			40,364
Net income	57,825			11,757			74,350			45,244			81,580
Net income attributable to redeemable noncontrolling interest	(118		)	(28		)	(152		)	(95		)	(167		)
Net income available to DaVinciRe common shareholders	$	57,707		$	11,729		$	74,198		$	45,149		$	81,413

Net claims and claim expenses incurred - current accident year	$	10,283		$	76,030		$	14,330		$	24,454		$	14,826
Net claims and claim expenses incurred - prior accident years	(6,573		)	(9,036		)	(4,160		)	(10,241		)	(12,902		)
Net claims and claim expenses incurred - total	$	3,710		$	66,994		$	10,170		$	14,213		$	1,924

Net claims and claim expense ratio - current accident year	11.2		%	78.4		%	15.8		%	30.2		%	15.6		%
Net claims and claim expense ratio - prior accident years	(7.2		)%	(9.3		)%	(4.6		)%	(12.7		)%	(13.6		)%
Net claims and claim expense ratio - calendar year	4.0		%	69.1		%	11.2		%	17.5		%	2.0		%
Underwriting expense ratio	37.9		%	25.6		%	37.0		%	38.2		%	38.3		%
Combined ratio	41.9		%	94.7		%	48.2		%	55.7		%	40.3		%



	6



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012
Assets
Fixed maturity investments trading, at fair value	$	4,511,885	$	4,665,421	$	5,089,540	$	4,948,955	$	4,176,827
Fixed maturity investments available for sale, at fair value	45,254		83,442		94,826		108,102		125,292
Total fixed maturity investments, at fair value	4,557,139		4,748,863		5,184,366		5,057,057		4,302,119
Short term investments, at fair value	997,889		821,163		679,356		654,912		1,172,839
Equity investments trading, at fair value	555		58,186		57,617		55,381		53,080
Other investments, at fair value	652,802		644,711		752,000		743,568		806,782
Investments in other ventures, under equity method	92,054		87,724		82,212		79,692		76,723
Total investments	6,300,439		6,360,647		6,755,551		6,590,610		6,411,543
Cash and cash equivalents	335,625		325,358		249,123		264,232		260,982
Premiums receivable	654,368		491,365		701,240		971,546		703,932
Prepaid reinsurance premiums	170,216		77,082		189,592		278,242		143,690
Reinsurance recoverable	162,948		192,512		209,490		198,777		279,398
Accrued investment income	29,921		33,478		37,327		35,938		30,782
Deferred acquisition costs	77,914		52,622		83,222		106,027		71,162
Receivable for investments sold	163,584		168,673		344,367		311,658		237,372
Other assets	193,521		218,405		215,008		193,798		205,660
Goodwill and other intangibles	8,384		8,486		8,588		8,690		9,077
Total assets	$	8,096,920	$	7,928,628	$	8,793,508	$	8,959,518	$	8,353,598
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,755,783	$	1,879,377	$	1,782,680	$	1,801,247	$	1,858,203
Unearned premiums	658,209		399,517		718,261		964,499		646,733
Debt	254,315		351,775		358,595		354,293		351,999
Reinsurance balances payable	380,939		290,419		356,136		396,669		285,207
Payable for investments purchased	397,517		278,787		576,052		519,619		361,460
Other liabilities	207,535		253,438		206,709		173,433		242,257
Liabilities of discontinued operations held for sale	—		—		1,318		1,959		12,539
Total liabilities	3,654,298		3,453,313		3,999,751		4,211,719		3,758,398
Redeemable noncontrolling interest - DaVinciRe	875,770		968,259		950,822		900,878		796,743
Shareholders' Equity
Preference shares	400,000		400,000		550,000		550,000		550,000
Common shares	44,510		45,542		48,228		50,609		51,765
Additional paid-in capital	—		—		—		—		379
Accumulated other comprehensive income	6,050		13,622		14,067		12,531		12,988
Retained earnings	3,112,545		3,043,901		3,226,661		3,229,870		3,179,433
Total shareholders' equity attributable to RenaissanceRe	3,563,105		3,503,065		3,838,956		3,843,010		3,794,565
Noncontrolling interest	3,747		3,991		3,979		3,911		3,892
Total shareholders' equity	3,566,852		3,507,056		3,842,935		3,846,921		3,798,457
Total liabilities, noncontrolling interests and shareholders' equity	$	8,096,920	$	7,928,628	$	8,793,508	$	8,959,518	$	8,353,598

Book value per common share	$	71.07	$	68.14	$	68.20	$	65.07	$	62.68



	7



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012
TYPE OF INVESTMENT
U.S. treasuries	$	1,186,742		18.8	%	$	1,259,800		19.8	%	$	1,178,345		17.4	%	$	1,126,759		17.1	%	$	1,309,243		20.4	%
Agencies	285,969			4.5	%	315,154			5.0	%	426,067			6.3	%	436,691			6.7	%	343,575			5.4	%
Non-U.S. government (Sovereign debt)	199,561			3.2	%	133,198			2.1	%	156,473			2.3	%	177,231			2.7	%	130,899			2.0	%
FDIC guaranteed corporate	—			—	%	—			—	%	14,105			0.2	%	29,386			0.4	%	103,554			1.6	%
Non-U.S. government-backed corporate	291,077			4.6	%	349,514			5.5	%	371,186			5.5	%	393,875			6.0	%	501,160			7.8	%
Corporate	1,603,571			25.5	%	1,615,207			25.4	%	1,719,627			25.5	%	1,664,722			25.3	%	1,146,211			17.9	%
Agency mortgage-backed	440,538			7.0	%	408,531			6.4	%	580,823			8.6	%	592,355			9.0	%	319,215			5.0	%
Non-agency mortgage-backed	240,217			3.8	%	248,339			3.9	%	224,619			3.3	%	153,674			2.3	%	108,047			1.7	%
Commercial mortgage-backed	297,101			4.7	%	406,166			6.4	%	499,491			7.4	%	470,167			7.1	%	329,343			5.1	%
Asset-backed	12,363			0.2	%	12,954			0.2	%	13,630			0.2	%	12,197			0.2	%	10,872			0.2	%
Total fixed maturity investments, at fair value	4,557,139			72.3	%	4,748,863			74.7	%	5,184,366			76.7	%	5,057,057			76.8	%	4,302,119			67.1	%
Short term investments, at fair value	997,889			15.8	%	821,163			12.9	%	679,356			10.1	%	654,912			9.9	%	1,172,839			18.3	%
Equity investments trading, at fair value	555			—	%	58,186			0.9	%	57,617			0.9	%	55,381			0.8	%	53,080			0.8	%
Other investments, at fair value	652,802			10.4	%	644,711			10.1	%	752,000			11.1	%	743,568			11.3	%	806,782			12.6	%
Total managed investment portfolio	6,208,385			98.5	%	6,272,923			98.6	%	6,673,339			98.7	%	6,510,918			98.9	%	6,334,820			98.8	%
Investments in other ventures, under equity method	92,054			1.5	%	87,724			1.4	%	82,212			1.2	%	79,692			1.2	%	76,723			1.2	%
Total investments	$	6,300,439		100.0	%	$	6,360,647		100.0	%	$	6,755,551		100.0	%	$	6,590,610		100.0	%	$	6,411,543		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	599,727		13.2	%	$	680,892		14.3	%	$	801,827		15.5	%	$	842,146		16.7	%	$	742,577		17.2	%
AA	2,338,605			51.3	%	2,429,172			51.2	%	2,690,342			51.9	%	2,626,291			51.9	%	2,459,756			57.2	%
A	791,902			17.4	%	844,698			17.8	%	936,264			18.0	%	917,152			18.1	%	574,809			13.4	%
BBB	305,241			6.7	%	322,527			6.8	%	336,207			6.5	%	319,760			6.3	%	272,616			6.3	%
Non-investment grade and not rated	521,664			11.4	%	471,574			9.9	%	419,726			8.1	%	351,708			7.0	%	252,361			5.9	%
Total fixed maturity investments, at fair value	$	4,557,139		100.0	%	$	4,748,863		100.0	%	$	5,184,366		100.0	%	$	5,057,057		100.0	%	$	4,302,119		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	215,538		4.7	%	$	433,074		9.1	%	$	417,722		8.0	%	$	405,636		8.0	%	$	386,259		9.0	%
Due after one through five years	2,639,058			57.9	%	2,389,856			50.3	%	2,633,322			50.8	%	2,624,676			52.0	%	2,367,344			55.0	%
Due after five through ten years	569,929			12.5	%	711,844			15.0	%	671,408			13.0	%	652,909			12.9	%	646,091			15.0	%
Due after ten years	142,395			3.1	%	138,099			2.9	%	143,351			2.8	%	145,443			2.9	%	134,948			3.1	%
Mortgage-backed securities	977,856			21.5	%	1,063,036			22.4	%	1,304,933			25.2	%	1,216,196			24.0	%	756,605			17.6	%
Asset-backed securities	12,363			0.3	%	12,954			0.3	%	13,630			0.2	%	12,197			0.2	%	10,872			0.3	%
Total fixed maturity investments, at fair value	$	4,557,139		100.0	%	$	4,748,863		100.0	%	$	5,184,366		100.0	%	$	5,057,057		100.0	%	$	4,302,119		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.4		%			1.4		%			1.4		%			1.8		%			1.6		%
Average duration of fixed maturities and short term investments	2.3					2.2					2.2					2.2					2.3



	8



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
TYPE OF INVESTMENT
Private equity partnerships	$	345,666		$	344,669		$	359,880		$	360,268		$	389,451
Senior secured bank loan funds	204,114			202,929			279,839			269,317			266,141
Catastrophe bonds	75,019			91,310			106,319			106,470			95,827
Hedge funds	5,219			5,803			5,962			6,243			22,310
Non-U.S. fixed income funds	—			—			—			—			31,713
Miscellaneous other investments	22,784			—			—			1,270			1,340
Total other investments, at fair value	$	652,802		$	644,711		$	752,000		$	743,568		$	806,782

TYPE OF INVESTMENT
Private equity partnerships	52.9		%	53.4		%	47.9		%	48.5		%	48.2		%
Senior secured bank loan funds	31.3		%	31.5		%	37.2		%	36.2		%	33.0		%
Catastrophe bonds	11.5		%	14.2		%	14.1		%	14.3		%	11.9		%
Hedge funds	0.8		%	0.9		%	0.8		%	0.8		%	2.8		%
Non-U.S. fixed income funds	—		%	—		%	—		%	—		%	3.9		%
Miscellaneous other investments	3.5		%	—		%	—		%	0.2		%	0.2		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	9



RenaissanceRe Holdings Ltd.
Investment Income

	Three months ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Fixed maturity investments	$	24,310		$	28,922		$	24,785		$	22,436		$	26,333
Short term investments	318			54			219			234			500
Equity investments trading	—			554			181			181			170
Other investments
Hedge funds and private equity investments	14,880			8,192			10,383			(10,413		)	28,473
Other	6,995			5,902			12,737			4,975			14,170
Cash and cash equivalents	52			51			63			54			26
	46,555			43,675			48,368			17,467			69,672
Investment expenses	(2,940		)	(3,178		)	(3,204		)	(2,724		)	(2,701		)
Net investment income	43,615			40,497			45,164			14,743			66,971

Gross realized gains	34,080			22,152			19,891			19,458			36,286
Gross realized losses	(4,554		)	(3,650		)	(2,811		)	(3,294		)	(6,950		)
Net realized gains on fixed maturity investments	29,526			18,502			17,080			16,164			29,336
Net unrealized (losses) gains on fixed maturity investments trading	(23,065		)	(8,454		)	56,942			12,538			14,257
Net realized gains on equity investments trading	17,561			—			—			—			—
Net unrealized (losses) gains on equity investments trading	(10,172		)	569			2,236			2,301			2,520
Net realized and unrealized gains on investments	13,850			10,617			76,258			31,003			46,113
Total other-than-temporary impairments	—			—			—			(234		)	(161		)
Portion recognized in other comprehensive income, before taxes	—			—			—			25			27
Net other-than-temporary impairments	—			—			—			(209		)	(134		)

Change in net unrealized gains on fixed maturity investments available for sale	(6,067		)	(784		)	1,326			(706		)	778

Total investment income	$	51,398		$	50,330		$	122,748		$	44,831		$	113,728



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
March 31, 2013	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	997,889	$	997,889		15.8	%	0.1	%	$	921,775		$	68,574		$	2,692		$	4,070		$	35		$	743
			100.0		%					92.4		%	6.9		%	0.2		%	0.4		%	—		%	0.1		%
Fixed maturity investments
U.S. treasuries	1,184,037		1,186,742			18.8	%	0.5	%	—			1,186,742			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	264,638		266,087			4.2	%	0.6	%	—			266,087			—			—			—			—
Other agencies	19,736		19,882			0.3	%	0.9	%	—			19,882			—			—			—			—
Total agencies	284,374		285,969			4.5	%	0.7	%	—			285,969			—			—			—			—
Non-U.S. government (Sovereign debt)	197,700		199,561			3.2	%	1.5	%	133,493			25,374			10,188			16,085			14,184			237
Non-U.S. government-backed corporate	291,186		291,077			4.6	%	0.7	%	230,038			51,629			6,205			—			3,205			—
Corporate	1,554,927		1,603,571			25.5	%	2.5	%	27,894			251,145			740,956			266,401			303,233			13,942
Mortgage-backed
Residential mortgage-backed
Agency securities	437,511		440,538			7.0	%	2.0	%	—			440,538			—			—			—			—
Non-agency securities - Prime	117,919		125,909			2.0	%	3.4	%	13,349			7,312			3,135			9,017			93,096			—
Non-agency securities - Alt A	103,457		114,308			1.8	%	4.8	%	2,230			2,582			8,361			13,738			87,397			—
Total residential mortgage-backed	658,887		680,755			10.8	%	2.8	%	15,579			450,432			11,496			22,755			180,493			—
Commercial mortgage-backed	286,943		297,101			4.7	%	1.9	%	180,360			87,314			23,057			—			—			6,370
Total mortgage-backed	945,830		977,856			15.5	%	2.5	%	195,939			537,746			34,553			22,755			180,493			6,370
Asset-backed
Credit cards	4,270		4,635			0.1	%	1.6	%	4,635			—			—			—			—			—
Auto loans	1,680		1,732			—	%	0.5	%	1,732			—			—			—			—			—
Student loans	1,532		1,542			—	%	0.9	%	1,542			—			—			—			—			—
Other	4,073		4,454			0.1	%	—	%	4,454			—			—			—			—			—
Total asset-backed	11,555		12,363			0.2	%	0.8	%	12,363			—			—			—			—			—
Total securitized assets	957,385		990,219			15.7	%	2.5	%	208,302			537,746			34,553			22,755			180,493			6,370
Total fixed maturity investments	4,469,609		4,557,139			72.3	%	1.7	%	599,727			2,338,605			791,902			305,241			501,115			20,549
			100.0		%					13.2		%	51.3		%	17.4		%	6.7		%	11.0		%	0.4		%
Equity investments trading			555			—	%			—			—			—			—			—			555
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			345,666			5.5	%			—			—			—			—			—			345,666
Senior secured bank loan funds			204,114			3.2	%			—			—			—			—			175,577			28,537
Catastrophe bonds			75,019			1.2	%			—			—			—			—			70,769			4,250
Hedge funds			5,219			0.1	%			—			—			—			—			—			5,219
Miscellaneous other investments			22,784			0.4	%			—			—			—			—			—			22,784
Total other investments			652,802			10.4	%			—			—			—			—			246,346			406,456
			100.0		%					—		%	—		%	—		%	—		%	37.7		%	62.3		%
Investments in other ventures			92,054			1.5	%			—			—			—			—			—			92,054
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,300,439		100.0	%			$	1,521,502		$	2,407,179		$	794,594		$	309,311		$	747,496		$	520,357
			100.0		%					24.1		%	38.2		%	12.6		%	4.9		%	11.9		%	8.3		%

(1)

The credit ratings included in this table are those assigned by Standard & Poor’s 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, 2013				December 31, 2012				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	997,889	15.8	%	$	821,163	12.9	%	$	176,726		2.9	%
Fixed maturity investments
U.S. treasuries	1,186,742		18.8	%	1,259,800		19.8	%	(73,058		)	(1.0	)%
Agencies
Fannie Mae & Freddie Mac	266,087		4.2	%	292,098		4.6	%	(26,011		)	(0.4	)%
Other agencies	19,882		0.3	%	23,056		0.4	%	(3,174		)	(0.1	)%
Total agencies	285,969		4.5	%	315,154		5.0	%	(29,185		)	(0.5	)%
Non-U.S. government (Sovereign debt)	199,561		3.2	%	133,198		2.1	%	66,363			1.1	%
Non-U.S. government-backed corporate	291,077		4.6	%	349,514		5.5	%	(58,437		)	(0.9	)%
Corporate	1,603,571		25.5	%	1,615,207		25.4	%	(11,636		)	0.1	%
Mortgage-backed
Residential mortgage-backed
Agency securities	440,538		7.0	%	408,531		6.4	%	32,007			0.6	%
Non-agency securities - Prime	125,909		2.0	%	131,819		2.1	%	(5,910		)	(0.1	)%
Non-agency securities - Alt A	114,308		1.8	%	116,520		1.8	%	(2,212		)	—	%
Total residential mortgage-backed	680,755		10.8	%	656,870		10.3	%	23,885			0.5	%
Commercial mortgage-backed	297,101		4.7	%	406,166		6.4	%	(109,065		)	(1.7	)%
Total mortgage-backed	977,856		15.5	%	1,063,036		16.7	%	(85,180		)	(1.2	)%
Asset-backed
Credit cards	4,635		0.1	%	4,623		0.1	%	12			—	%
Auto loans	1,732		—	%	2,238		—	%	(506		)	—	%
Student loans	1,542		—	%	1,650		—	%	(108		)	—	%
Other	4,454		0.1	%	4,443		0.1	%	11			—	%
Total asset-backed	12,363		0.2	%	12,954		0.2	%	(591		)	—	%
Total securitized assets	990,219		15.7	%	1,075,990		16.9	%	(85,771		)	(1.2	)%
Total fixed maturity investments	4,557,139		72.3	%	4,748,863		74.7	%	(191,724		)	(2.4	)%
Equity investments trading	555		—	%	58,186		0.9	%	(57,631		)	(0.9	)%
Other investments
Private equity partnerships	345,666		5.5	%	344,669		5.4	%	997			0.1	%
Senior secured bank loan funds	204,114		3.2	%	202,929		3.2	%	1,185			—	%
Catastrophe bonds	75,019		1.2	%	91,310		1.4	%	(16,291		)	(0.2	)%
Hedge funds	5,219		0.1	%	5,803		0.1	%	(584		)	—	%
Miscellaneous other investments	22,784		0.4	%	—		—	%	22,784			0.4	%
Total other investments	652,802		10.4	%	644,711		10.1	%	8,091			0.3	%
Investments in other ventures	92,054		1.5	%	87,724		1.4	%	4,330			0.1	%
Total managed investment portfolio	$	6,300,439	100.0	%	$	6,360,647	100.0	%	$	(60,208	)



	12



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	March 31, 2013
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	722,244	$	18,899	$	151,154	$	434,319	$	60,431	$	45,408	$	12,033
Industrial, utilities and energy	300,971		6,837		28,508		97,347		94,131		73,747		401
Communications and technology	220,491		1,254		12,677		102,893		37,385		64,789		1,493
Consumer	180,963		—		14,058		53,237		40,077		73,576		15
Health care	101,310		—		39,124		30,969		6,416		24,801		—
Basic materials	60,960		—		—		14,548		25,953		20,459		—
Other	16,632		904		5,624		7,643		2,008		453		—
Total corporate fixed maturity investments, at fair value (1)	$	1,603,571	$	27,894	$	251,145	$	740,956	$	266,401	$	303,233	$	13,942

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

	March 31, 2013
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	62,540	$	1,534	$	61,006
General Electric Company	62,264		—		62,264
Citigroup Inc.	54,712		—		54,712
Bank of America Corp.	53,659		—		53,659
Goldman Sachs Group Inc.	50,986		—		50,986
Morgan Stanley	35,502		—		35,502
HSBC Holdings PLC	34,199		24		34,175
Wells Fargo & Co.	27,759		—		27,759
Verizon Communications Inc.	22,995		—		22,995
Ford Motor Co.	21,879		—		21,879
Total (2)	$	426,495	$	1,558	$	424,937


(1)	Excludes non-U.S. government-backed corporate fixed maturity investments, at fair value.


(2)	Excludes non-U.S. government-backed corporate fixed maturity investments, reverse repurchase agreements and commercial paper, at fair value.



	13



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2013
Catastrophe	$	608,907	$	216,050	$	240,581	$	1,065,538
Specialty	104,771		76,732		289,515		471,018
Total Reinsurance	713,678		292,782		530,096		1,536,556
Lloyd's	29,325		11,615		116,850		157,790
Other	15,534		6,635		39,268		61,437
Total	$	758,537	$	311,032	$	686,214	$	1,755,783

December 31, 2012
Catastrophe	$	706,264	$	222,208	$	255,786	$	1,184,258
Specialty	111,234		80,971		286,108		478,313
Total Reinsurance	817,498		303,179		541,894		1,662,571
Lloyd's	29,260		10,548		109,662		149,470
Other	17,016		8,522		41,798		67,336
Total	$	863,774	$	322,249	$	693,354	$	1,879,377

September 30, 2012
Catastrophe	$	703,573	$	229,511	$	168,185	$	1,101,269
Specialty	121,427		88,538		272,481		482,446
Total Reinsurance	825,000		318,049		440,666		1,583,715
Lloyd's	26,631		7,528		92,413		126,572
Other	19,556		8,478		44,359		72,393
Total	$	871,187	$	334,055	$	577,438	$	1,782,680

June 30, 2012
Catastrophe	$	698,335	$	306,158	$	160,478	$	1,164,971
Specialty	123,978		87,277		247,290		458,545
Total Reinsurance	822,313		393,435		407,768		1,623,516
Lloyd's	19,219		7,920		74,411		101,550
Other	21,605		8,336		46,240		76,181
Total	$	863,137	$	409,691	$	528,419	$	1,801,247

March 31, 2012
Catastrophe	$	633,228	$	243,651	$	350,708	$	1,227,587
Specialty	135,492		53,045		270,225		458,762
Total Reinsurance	768,720		296,696		620,933		1,686,349
Lloyd's	18,421		7,579		67,101		93,101
Other	20,810		5,338		52,605		78,753
Total	$	807,951	$	309,613	$	740,639	$	1,858,203



	14



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended March 31, 2013								Three months ended March 31, 2012
	Gross			Recoveries		Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,879,377		$	192,512	$	1,686,865		$	1,992,354		$	404,029		$	1,588,325
Incurred losses and loss expenses
Current year	69,994			5,094		64,900			77,931			6,507			71,424
Prior years	(35,996		)	1,653		(37,649		)	(62,649		)	(6,777		)	(55,872		)
Total incurred losses and loss expenses	33,998			6,747		27,251			15,282			(270		)	15,552
Paid losses and loss expenses
Current year	1,139			—		1,139			7,657			—			7,657
Prior years	156,453			36,311		120,142			141,776			124,361			17,415
Total paid losses and loss expenses	157,592			36,311		121,281			149,433			124,361			25,072
Reserve for losses and loss expenses, end of period	$	1,755,783		$	162,948	$	1,592,835		$	1,858,203		$	279,398		$	1,578,805



	15



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	190,474		$	41,655		$	180,660		$	142,270		$	201,429
Amount allocated to participating common shareholders (1)	(2,918		)	(640		)	(2,787		)	(2,236		)	(3,404		)
	$	187,556		$	41,015		$	177,873		$	140,034		$	198,025
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,461			46,442			48,394			50,278			50,377
Per common share equivalents of employee stock options and restricted shares	829			855			725			734			604
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,290			47,297			49,119			51,012			50,981

Basic income per RenaissanceRe common share	$	4.32		$	0.88		$	3.67		$	2.78		$	3.93
Diluted income per RenaissanceRe common share	$	4.23		$	0.87		$	3.62		$	2.75		$	3.88


(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan and Non-Employee Director Stock 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 Earnings of Other Ventures

	Three months ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Top Layer Re	$	4,126		$	5,972		$	4,970		$	5,113		$	4,737
Tower Hill Companies	1,581			174			1,930			1,744			1,117
Other	128			466			(2,590		)	(11		)	(384		)
Total equity in earnings of other ventures	$	5,835		$	6,612		$	4,310		$	6,846		$	5,470

Other Income (Loss)

	Three months ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Weather and energy risk management operations	$	8,713		$	8,631		$	172		$	5,875		$	(35,463	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(1,931		)	(3,255		)	(3,696		)	4,082			(1,779		)
Other items	222			405			2,643			1,332			(1,852		)
Total other income (loss)	$	7,004		$	5,781		$	(881	)	$	11,289		$	(39,094	)



	17



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P (4)	Moody's	Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	A+
DaVinci	A	A+	A3	—
RenaissanceRe Specialty Risks	A	A	—	—
Top Layer Re	A+	AA	—	—
Renaissance Reinsurance of Europe	A+	AA-	—	—

LLOYD'S SEGMENT
Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	A+

RENAISSANCERE (3)	—	Excellent	—	—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies in the Reinsurance segment reflect the insurer's financial strength rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent its financial strength rating.

(3) The S&P rating for RenaissanceRe represents rating on its Enterprise Risk Management practices.

(4) The S&P ratings for the companies in the Reinsurance segment reflect, in addition to the insurer's financial strength rating, the insurer's issuer credit rating.



	18

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 Company's 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 Company's 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 investments, net other-than-temporary impairments. The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio and equity investments trading. 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
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Net income available to RenaissanceRe common shareholders	$	190,474		$	41,655		$	180,660		$	142,270		$	201,429
Adjustment for net realized and unrealized gains on investments	(13,850		)	(10,617		)	(76,258		)	(31,003		)	(46,113		)
Adjustment for net other-than-temporary impairments	—			—			—			209			134
Operating income available to RenaissanceRe common shareholders	$	176,624		$	31,038		$	104,402		$	111,476		$	155,450

Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.23		$	0.87		$	3.62		$	2.75		$	3.88
Adjustment for net realized and unrealized gains on investments	(0.31		)	(0.22		)	(1.55		)	(0.61		)	(0.90		)
Adjustment for net other-than-temporary impairments	—			—			—			—			—
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.92		$	0.65		$	2.07		$	2.14		$	2.98

Return on average common equity - annualized	24.3		%	5.2		%	22.0		%	17.5		%	25.6		%
Adjustment for net realized and unrealized gains on investments	(1.8		)%	(1.3		)%	(9.3		)%	(3.8		)%	(5.9		)%
Adjustment for net other-than-temporary impairments	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	22.5		%	3.9		%	12.7		%	13.7		%	19.7		%



	19

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. “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 Company's joint venture Top Layer Re, which is accounted for under the equity method of accounting and the inclusion of catastrophe premiums written on behalf of the Company's Lloyd's segment. The Company's 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 per share; “tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, 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 per share. The Company's 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, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Book value per common share	$	71.07		$	68.14		$	68.20		$	65.07		$	62.68
Adjustment for goodwill and other intangibles (1)	(0.85		)	(0.86		)	(0.85		)	(0.83		)	(0.84		)
Tangible book value per common share	70.22			67.28			67.35			64.24			61.84
Adjustment for accumulated dividends	12.28			12.00			11.73			11.46			11.19
Tangible book value per common share plus accumulated dividends	$	82.50		$	79.28		$	79.08		$	75.70		$	73.03

Quarter change in book value per common share	4.3		%	(0.1		)%	4.8		%	3.8		%	5.8		%
Quarter change in tangible book value per common share plus change in accumulated dividends	4.8		%	0.3		%	5.3		%	4.3		%	6.3		%


(1)	At March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, goodwill and other intangibles included $29.3 million, $30.4 million, $32.2 million, $33.3 million and $34.5 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	20

Form: 8-K

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