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

Balance Sheets
a.	Summary Consolidated Balance Sheets	12

Investments
a.	Investment Portfolio - Composition	13
b.	Summary of Other Investments	14
c.	Total Investment Result	15
d.	Investment Portfolio - Effective Yield and Credit Rating	16
e.	Investment Portfolio - Change in Portfolio Composition	17
f.	Fixed Maturity Investments - Corporate Sector	18
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	18

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	19
b.	Paid to Incurred Analysis	20

Other Items
a.	Earnings per Share	21
b.	Equity in Earnings of Other Ventures	22
c.	Other Income (Loss)	22
d.	Ratings	23

Comments on Regulation G		24 - 25

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 24 and 25 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						Six months ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Highlights
Gross premiums written	$	703,223		$	667,336		$	1,338,641		$	1,331,487
Net premiums written	559,109			427,630			995,922			920,205
Net premiums earned	291,889			244,416			563,144			523,081
Net claims and claim expenses incurred	103,962			49,551			131,213			65,103
Underwriting income	113,341			127,850			286,322			324,469
Net investment income	27,324			17,673			70,518			83,149
Net income available to RenaissanceRe common shareholders	26,806			142,270			217,280			343,699
Net realized and unrealized (losses) gains on investments	(69,544		)	28,073			(55,273		)	75,681
Net other-than-temporary impairments	—			(209		)	—			(343		)
Operating income available to RenaissanceRe common shareholders (1)	96,350			111,476			272,553			266,926
Total assets	$	8,467,383		$	8,959,518		$	8,467,383		$	8,959,518
Total shareholders' equity attributable to RenaissanceRe	$	3,568,297		$	3,843,010		$	3,568,297		$	3,843,010
Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	0.60		$	2.75		$	4.83		$	6.63
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.17		$	2.14		$	6.08		$	5.13
Dividends per common share	$	0.28		$	0.27		$	0.56		$	0.54
Book value per common share	$	71.38		$	65.07		$	71.38		$	65.07
Tangible book value per common share (1)	$	70.53		$	64.24		$	70.53		$	64.24
Tangible book value per common share plus accumulated dividends (1)	$	83.09		$	75.70		$	83.09		$	75.70
Change in tangible book value per common share plus change in accumulated dividends (1)	0.8		%	4.3		%	5.7		%	10.8		%
Financial ratios
Net claims and claim expense ratio - current accident year	44.8		%	38.9		%	34.7		%	31.8		%
Net claims and claim expense ratio - prior accident years	(9.2		)%	(18.6		)%	(11.4		)%	(19.4		)%
Net claims and claim expense ratio - calendar year	35.6		%	20.3		%	23.3		%	12.4		%
Underwriting expense ratio	25.6		%	27.4		%	25.9		%	25.6		%
Combined ratio	61.2		%	47.7		%	49.2		%	38.0		%
Operating return on average common equity - annualized (1)	12.2		%	13.7		%	17.3		%	16.7		%


(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
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Revenues
Gross premiums written	$	703,223		$	635,418		$	83,745		$	136,359		$	667,336
Net premiums written	$	559,109		$	436,813		$	77,417		$	105,035		$	427,630
(Increase) decrease in unearned premiums	(267,220		)	(165,558		)	206,234			157,588			(183,214		)
Net premiums earned	291,889			271,255			283,651			262,623			244,416
Net investment income	27,324			43,194			38,974			46,119			17,673
Net foreign exchange (losses) gains	(1,085		)	1,756			1,272			3,001			2,410
Equity in earnings of other ventures	3,772			5,835			6,612			4,310			6,846
Other income (loss)	631			7,004			5,781			(881		)	11,289
Net realized and unrealized (losses) gains on investments	(69,544		)	14,271			12,140			75,303			28,073
Total other-than-temporary impairments	—			—			—			—			(234		)
Portion recognized in other comprehensive income, before taxes	—			—			—			—			25
Net other-than-temporary impairments	—			—			—			—			(209		)
Total revenues	252,987			343,315			348,430			390,475			310,498
Expenses
Net claims and claim expenses incurred	103,962			27,251			186,893			73,215			49,551
Acquisition expenses	31,767			25,009			39,385			24,438			25,608
Operational expenses	42,819			46,014			53,121			42,390			41,407
Corporate expenses	21,588			4,529			3,964			3,850			4,067
Interest expense	4,300			5,034			5,772			5,891			5,716
Total expenses	204,436			107,837			289,135			149,784			126,349
Income from continuing operations before taxes	48,551			235,478			59,295			240,691			184,149
Income tax expense	(247		)	(122		)	(424		)	(144		)	(898		)
Income from continuing operations	48,304			235,356			58,871			240,547			183,251
Income (loss) from discontinued operations	—			—			1,121			(54		)	1,393
Net income	48,304			235,356			59,992			240,493			184,644
Net income attributable to noncontrolling interests	(14,015		)	(38,607		)	(9,692		)	(51,083		)	(33,624		)
Net income attributable to RenaissanceRe	34,289			196,749			50,300			189,410			151,020
Dividends on preference shares	(7,483		)	(6,275		)	(8,645		)	(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders	$	26,806		$	190,474		$	41,655		$	180,660		$	142,270
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	0.61		$	4.32		$	0.86		$	3.67		$	2.75
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	$	0.61		$	4.32		$	0.88		$	3.67		$	2.78
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	0.60			4.23			0.85			3.62			$	2.72
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	$	0.60		$	4.23		$	0.87		$	3.62		$	2.75
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.17		$	3.92		$	0.65		$	2.07		$	2.14
Operating return on average common equity - annualized (1)	12.2		%	22.5		%	3.9		%	12.7		%	13.7		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Six months ended
	June 30, 2013			June 30, 2012
Revenues
Gross premiums written	$	1,338,641		$	1,331,487
Net premiums written	$	995,922		$	920,205
Increase in unearned premiums	(432,778		)	(397,124		)
Net premiums earned	563,144			523,081
Net investment income	70,518			83,149
Net foreign exchange gains	671			950
Equity in earnings of other ventures	9,607			12,316
Other income (loss)	7,635			(27,805		)
Net realized and unrealized (losses) gains on investments	(55,273		)	75,681
Total other-than-temporary impairments	—			(395		)
Portion recognized in other comprehensive income, before taxes	—			52
Net other-than-temporary impairments	—			(343		)
Total revenues	596,302			667,029
Expenses
Net claims and claim expenses incurred	131,213			65,103
Acquisition expenses	56,776			49,719
Operational expenses	88,833			83,790
Corporate expenses	26,117			8,878
Interest expense	9,334			11,434
Total expenses	312,273			218,924
Income from continuing operations before taxes	284,029			448,105
Income tax expense	(369		)	(861		)
Income from continuing operations	283,660			447,244
Income from discontinued operations	—			1,220
Net income	283,660			448,464
Net income attributable to noncontrolling interests	(52,622		)	(87,265		)
Net income attributable to RenaissanceRe	231,038			361,199
Dividends on preference shares	(13,758		)	(17,500		)
Net income available to RenaissanceRe common shareholders	$	217,280		$	343,699
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	4.93		$	6.70
Income from discontinued operations available to RenaissanceRe common shareholders per common share - basic	—			0.02
Net income available to RenaissanceRe common shareholders per common share - basic	$	4.93		$	6.72
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	4.83			$	6.61
Income from discontinued operations available to RenaissanceRe common shareholders per common share - diluted	—			0.02
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.83		$	6.63
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	6.08		$	5.13
Operating return on average common equity - annualized (1)	17.3		%	16.7		%


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended June 30, 2013
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	635,442		$	68,769		$	—		$	(988	)	$	703,223
Net premiums written	$	494,200		$	64,643		$	266					$	559,109
Net premiums earned	$	249,689		$	41,933		$	267					$	291,889
Net claims and claim expenses incurred	78,426			25,536			—						103,962
Acquisition expenses	23,206			8,484			77						31,767
Operational expenses	31,194			11,456			169						42,819
Underwriting income (loss)	$	116,863		$	(3,543	)	$	21					$	113,341

Net claims and claim expenses incurred - current accident year	$	102,272		$	28,517		$	—					$	130,789
Net claims and claim expenses incurred - prior accident years	(23,846		)	(2,981		)	—						(26,827		)
Net claims and claim expenses incurred - total	$	78,426		$	25,536		$	—					$	103,962

Net claims and claim expense ratio - current accident year	41.0		%	68.0		%	—		%				44.8		%
Net claims and claim expense ratio - prior accident years	(9.6		)%	(7.1		)%	—		%				(9.2		)%
Net claims and claim expense ratio - calendar year	31.4		%	60.9		%	—		%				35.6		%
Underwriting expense ratio	21.8		%	47.5		%	92.1		%				25.6		%
Combined ratio	53.2		%	108.4		%	92.1		%				61.2		%

	Three months ended June 30, 2012
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	617,039		$	50,297		$	—		$	—		$	667,336
Net premiums written	$	379,369		$	48,510		$	(249	)				$	427,630
Net premiums earned	$	214,296		$	30,369		$	(249	)				$	244,416
Net claims and claim expenses incurred	35,488			14,960			(897		)				49,551
Acquisition expenses	20,098			5,510			—						25,608
Operational expenses	30,346			10,806			255						41,407
Underwriting income (loss)	$	128,364		$	(907	)	$	393					$	127,850

Net claims and claim expenses incurred - current accident year	$	76,631		$	18,366		$	—					$	94,997
Net claims and claim expenses incurred - prior accident years	(41,143		)	(3,406		)	(897		)				(45,446		)
Net claims and claim expenses incurred - total	$	35,488		$	14,960		$	(897	)				$	49,551

Net claims and claim expense ratio - current accident year	35.8		%	60.5		%	—		%				38.9		%
Net claims and claim expense ratio - prior accident years	(19.2		)%	(11.2		)%	360.2		%				(18.6		)%
Net claims and claim expense ratio - calendar year	16.6		%	49.3		%	360.2		%				20.3		%
Underwriting expense ratio	23.5		%	53.7		%	(102.4		)%				27.4		%
Combined ratio	40.1		%	103.0		%	257.8		%				47.7		%

(1) Represents $1.0 million of gross premiums ceded from the Lloyd's segment to the Reinsurance segment for the three months ended June 30, 2013 (2012 - $Nil).



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2013
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	1,196,568		$	143,061		$	—		$	(988	)	$	1,338,641
Net premiums written	$	875,072		$	120,567		$	283					$	995,922
Net premiums earned	$	483,149		$	79,712		$	283					$	563,144
Net claims and claim expenses incurred	91,826			40,064			(677		)				131,213
Acquisition expenses	41,265			15,400			111						56,776
Operational expenses	64,869			23,634			330						88,833
Underwriting income	$	285,189		$	614		$	519					$	286,322

Net claims and claim expenses incurred - current accident year	$	149,301		$	46,388		$	—					$	195,689
Net claims and claim expenses incurred - prior accident years	(57,475		)	(6,324		)	(677		)				(64,476		)
Net claims and claim expenses incurred - total	$	91,826		$	40,064		$	(677	)				$	131,213

Net claims and claim expense ratio - current accident year	30.9		%	58.2		%	—		%				34.7		%
Net claims and claim expense ratio - prior accident years	(11.9		)%	(7.9		)%	(239.2		)%				(11.4		)%
Net claims and claim expense ratio - calendar year	19.0		%	50.3		%	(239.2		)%				23.3		%
Underwriting expense ratio	22.0		%	48.9		%	155.8		%				25.9		%
Combined ratio	41.0		%	99.2		%	(83.4		)%				49.2		%

	Six months ended June 30, 2012
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	1,226,801		$	105,114		$	—		$	(428	)	$	1,331,487
Net premiums written	$	838,007		$	82,447		$	(249	)				$	920,205
Net premiums earned	$	468,114		$	55,191		$	(224	)				$	523,081
Net claims and claim expenses incurred	43,812			23,961			(2,670		)				65,103
Acquisition expenses	39,484			10,178			57						49,719
Operational expenses	62,390			20,863			537						83,790
Underwriting income	$	322,428		$	189		$	1,852					$	324,469

Net claims and claim expenses incurred - current accident year	$	131,775		$	34,646		$	—					$	166,421
Net claims and claim expenses incurred - prior accident years	(87,963		)	(10,685		)	(2,670		)				(101,318		)
Net claims and claim expenses incurred - total	$	43,812		$	23,961		$	(2,670	)				$	65,103

Net claims and claim expense ratio - current accident year	28.2		%	62.8		%	—		%				31.8		%
Net claims and claim expense ratio - prior accident years	(18.8		)%	(19.4		)%	1,192.0		%				(19.4		)%
Net claims and claim expense ratio - calendar year	9.4		%	43.4		%	1,192.0		%				12.4		%
Underwriting expense ratio	21.7		%	56.3		%	(265.2		)%				25.6		%
Combined ratio	31.1		%	99.7		%	926.8		%				38.0		%

(1) Represents $1.0 million of gross premiums ceded from the Lloyd's segment to the Reinsurance segment for the six months ended June 30, 2013 (2012 - $0.4 million).



	5



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended June 30, 2013
	Catastrophe			Specialty			Total
Gross premiums written	$	576,903		$	58,539		$	635,442
Net premiums written	$	436,852		$	57,348		$	494,200
Net premiums earned	$	200,483		$	49,206		$	249,689
Net claims and claim expenses incurred	52,915			25,511			78,426
Acquisition expenses	14,197			9,009			23,206
Operational expenses	23,599			7,595			31,194
Underwriting income	$	109,772		$	7,091		$	116,863

Net claims and claim expenses incurred - current accident year	$	71,369		$	30,903		$	102,272
Net claims and claim expenses incurred - prior accident years	(18,454		)	(5,392		)	(23,846		)
Net claims and claim expenses incurred - total	$	52,915		$	25,511		$	78,426

Net claims and claim expense ratio - current accident year	35.6		%	62.8		%	41.0		%
Net claims and claim expense ratio - prior accident years	(9.2		)%	(11.0		)%	(9.6		)%
Net claims and claim expense ratio - calendar year	26.4		%	51.8		%	31.4		%
Underwriting expense ratio	18.8		%	33.8		%	21.8		%
Combined ratio	45.2		%	85.6		%	53.2		%

	Three months ended June 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	579,738		$	37,301		$	617,039
Net premiums written	$	344,497		$	34,872		$	379,369
Net premiums earned	$	170,637		$	43,659		$	214,296
Net claims and claim expenses incurred	19,578			15,910			35,488
Acquisition expenses	14,847			5,251			20,098
Operational expenses	23,245			7,101			30,346
Underwriting income	$	112,967		$	15,397		$	128,364

Net claims and claim expenses incurred - current accident year	$	52,781		$	23,850		$	76,631
Net claims and claim expenses incurred - prior accident years	(33,203		)	(7,940		)	(41,143		)
Net claims and claim expenses incurred - total	$	19,578		$	15,910		$	35,488

Net claims and claim expense ratio - current accident year	30.9		%	54.6		%	35.8		%
Net claims and claim expense ratio - prior accident years	(19.4		)%	(18.2		)%	(19.2		)%
Net claims and claim expense ratio - calendar year	11.5		%	36.4		%	16.6		%
Underwriting expense ratio	22.3		%	28.3		%	23.5		%
Combined ratio	33.8		%	64.7		%	40.1		%



	6



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Six months ended June 30, 2013
	Catastrophe			Specialty			Total
Gross premiums written	$	1,055,699		$	140,869		$	1,196,568
Net premiums written	$	742,205		$	132,867		$	875,072
Net premiums earned	$	387,134		$	96,015		$	483,149
Net claims and claim expenses incurred	55,623			36,203			91,826
Acquisition expenses	23,817			17,448			41,265
Operational expenses	49,714			15,155			64,869
Underwriting income	$	257,980		$	27,209		$	285,189

Net claims and claim expenses incurred - current accident year	$	92,545		$	56,756		$	149,301
Net claims and claim expenses incurred - prior accident years	(36,922		)	(20,553		)	(57,475		)
Net claims and claim expenses incurred - total	$	55,623		$	36,203		$	91,826

Net claims and claim expense ratio - current accident year	23.9		%	59.1		%	30.9		%
Net claims and claim expense ratio - prior accident years	(9.5		)%	(21.4		)%	(11.9		)%
Net claims and claim expense ratio - calendar year	14.4		%	37.7		%	19.0		%
Underwriting expense ratio	19.0		%	34.0		%	22.0		%
Combined ratio	33.4		%	71.7		%	41.0		%

	Six months ended June 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	1,088,978		$	137,823		$	1,226,801
Net premiums written	$	706,749		$	131,258		$	838,007
Net premiums earned	$	385,692		$	82,422		$	468,114
Net claims and claim expenses incurred	16,262			27,550			43,812
Acquisition expenses	29,164			10,320			39,484
Operational expenses	48,573			13,817			62,390
Underwriting income	$	291,693		$	30,735		$	322,428

Net claims and claim expenses incurred - current accident year	$	84,404		$	47,371		$	131,775
Net claims and claim expenses incurred - prior accident years	(68,142		)	(19,821		)	(87,963		)
Net claims and claim expenses incurred - total	$	16,262		$	27,550		$	43,812

Net claims and claim expense ratio - current accident year	21.9		%	57.5		%	28.2		%
Net claims and claim expense ratio - prior accident years	(17.7		)%	(24.1		)%	(18.8		)%
Net claims and claim expense ratio - calendar year	4.2		%	33.4		%	9.4		%
Underwriting expense ratio	20.2		%	29.3		%	21.7		%
Combined ratio	24.4		%	62.7		%	31.1		%



	7



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012
Reinsurance Segment
Renaissance catastrophe premiums	$	368,077	$	310,002	$	13,743	$	44,699	$	345,094
Renaissance specialty premiums	56,567		81,617		34,132		37,932		35,778
Total Renaissance premiums	424,644		391,619		47,875		82,631		380,872
DaVinci catastrophe premiums	208,826		168,794		9,781		25,006		234,644
DaVinci specialty premiums	1,972		713		—		—		1,523
Total DaVinci premiums	210,798		169,507		9,781		25,006		236,167
Total catastrophe unit premiums	576,903		478,796		23,524		69,705		579,738
Total specialty unit premiums	58,539		82,330		34,132		37,932		37,301
Total Reinsurance segment gross premiums written	$	635,442	$	561,126	$	57,656	$	107,637	$	617,039

Lloyd's Segment
Specialty	$	53,207	$	55,757	$	24,390	$	26,455	$	32,925
Catastrophe	15,562		18,535		1,761		2,267		17,372
Total Lloyd's segment gross premiums written	$	68,769	$	74,292	$	26,151	$	28,722	$	50,297

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	576,903	$	478,796	$	23,524	$	69,705	$	579,738
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	25,682		32,382		1,781		5,382		31,180
Catastrophe premiums written in the Lloyd's segment	15,562		18,535		1,761		2,267		17,372
Total managed catastrophe premiums (1)	$	618,147	$	529,713	$	27,066	$	77,354	$	628,290

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

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



	8



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Six months ended
	June 30, 2013		June 30, 2012
Reinsurance Segment
Renaissance catastrophe premiums	$	678,079	$	675,521
Renaissance specialty premiums	138,184		135,323
Total Renaissance premiums	816,263		810,844
DaVinci catastrophe premiums	377,620		413,457
DaVinci specialty premiums	2,685		2,500
Total DaVinci premiums	380,305		415,957
Total catastrophe unit premiums	1,055,699		1,088,978
Total specialty unit premiums	140,869		137,823
Total Reinsurance segment gross premiums written	$	1,196,568	$	1,226,801

Lloyd's Segment
Specialty	$	108,964	$	72,254
Catastrophe	34,097		32,860
Total Lloyd's segment gross premiums written	$	143,061	$	105,114

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,055,699	$	1,088,978
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	58,064		65,485
Catastrophe premiums written in the Lloyd's segment	34,097		32,860
Total managed catastrophe premiums (1)	$	1,147,860	$	1,187,323

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

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



	9



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Revenues
Gross premiums written	$	210,798		$	169,507		$	9,781		$	25,006		$	236,167
Net premiums written	$	203,698		$	137,522		$	7,012		$	18,554		$	185,088
(Increase) decrease in unearned premiums	(107,972		)	(45,906		)	89,922			72,039			(104,070		)
Net premiums earned	95,726			91,616			96,934			90,593			81,018
Net investment income	6,283			7,681			7,791			9,179			7,194
Net foreign exchange gains	526			130			804			1,115			1,465
Other loss	(169		)	(548		)	(1,161		)	(1,384		)	(1,222		)
Net realized and unrealized (losses) gains on investments	(24,529		)	(1,718		)	1,035			20,520			3,940
Total revenues	77,837			97,161			105,403			120,023			92,395
Expenses
Net claims and claim expenses incurred	27,283			3,710			66,994			10,170			14,213
Acquisition expenses	18,926			24,274			14,528			22,783			19,051
Operational and corporate expenses	9,812			10,400			10,291			10,740			11,902
Interest expense	946			952			1,833			1,980			1,985
Total expenses	56,967			39,336			93,646			45,673			47,151
Net income	20,870			57,825			11,757			74,350			45,244
Net income attributable to redeemable noncontrolling interest	(43		)	(118		)	(28		)	(152		)	(95		)
Net income available to DaVinciRe common shareholders	$	20,827		$	57,707		$	11,729		$	74,198		$	45,149

Net claims and claim expenses incurred - current accident year	$	34,523		$	10,283		$	76,030		$	14,330		$	24,454
Net claims and claim expenses incurred - prior accident years	(7,240		)	(6,573		)	(9,036		)	(4,160		)	(10,241		)
Net claims and claim expenses incurred - total	$	27,283		$	3,710		$	66,994		$	10,170		$	14,213

Net claims and claim expense ratio - current accident year	36.1		%	11.2		%	78.4		%	15.8		%	30.2		%
Net claims and claim expense ratio - prior accident years	(7.6		)%	(7.2		)%	(9.3		)%	(4.6		)%	(12.7		)%
Net claims and claim expense ratio - calendar year	28.5		%	4.0		%	69.1		%	11.2		%	17.5		%
Underwriting expense ratio	30.0		%	37.9		%	25.6		%	37.0		%	38.2		%
Combined ratio	58.5		%	41.9		%	94.7		%	48.2		%	55.7		%



	10



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Six months ended
	June 30, 2013			June 30, 2012
Revenues
Gross premiums written	$	380,305		$	415,957
Net premiums written	$	341,220		$	339,768
Increase in unearned premiums	(153,878		)	(163,613		)
Net premiums earned	187,342			176,155
Net investment income	13,964			16,980
Net foreign exchange gains	656			1,541
Other loss	(717		)	(1,684		)
Net realized and unrealized (losses) gains on investments	(26,247		)	21,347
Total revenues	174,998			214,339
Expenses
Net claims and claim expenses incurred	30,993			16,137
Acquisition expenses	43,200			43,150
Operational and corporate expenses	20,212			24,203
Interest expense	1,898			4,025
Total expenses	96,303			87,515
Net income	78,695			126,824
Net income attributable to redeemable noncontrolling interest	(161		)	(262		)
Net income available to DaVinciRe common shareholders	$	78,534		$	126,562

Net claims and claim expenses incurred - current accident year	$	44,806		$	39,280
Net claims and claim expenses incurred - prior accident years	(13,813		)	(23,143		)
Net claims and claim expenses incurred - total	$	30,993		$	16,137

Net claims and claim expense ratio - current accident year	23.9		%	22.3		%
Net claims and claim expense ratio - prior accident years	(7.4		)%	(13.1		)%
Net claims and claim expense ratio - calendar year	16.5		%	9.2		%
Underwriting expense ratio	33.9		%	38.2		%
Combined ratio	50.4		%	47.4		%



	11



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012
Assets
Fixed maturity investments trading, at fair value	$	4,371,306	$	4,511,885	$	4,665,421	$	5,089,540	$	4,948,955
Fixed maturity investments available for sale, at fair value	40,785		45,254		83,442		94,826		108,102
Total fixed maturity investments, at fair value	4,412,091		4,557,139		4,748,863		5,184,366		5,057,057
Short term investments, at fair value	924,843		997,889		821,163		679,356		654,912
Equity investments trading, at fair value	108,620		555		58,186		57,617		55,381
Other investments, at fair value	630,606		652,802		644,711		752,000		743,568
Investments in other ventures, under equity method	93,049		92,054		87,724		82,212		79,692
Total investments	6,169,209		6,300,439		6,360,647		6,755,551		6,590,610
Cash and cash equivalents	285,594		335,625		325,358		249,123		264,232
Premiums receivable	954,142		654,368		491,365		701,240		971,546
Prepaid reinsurance premiums	214,804		170,216		77,082		189,592		278,242
Reinsurance recoverable	175,103		162,948		192,512		209,490		198,777
Accrued investment income	26,658		29,921		33,478		37,327		35,938
Deferred acquisition costs	125,682		77,914		52,622		83,222		106,027
Receivable for investments sold	311,783		163,584		168,673		344,367		311,658
Other assets	196,126		193,521		218,405		215,008		193,798
Goodwill and other intangibles	8,282		8,384		8,486		8,588		8,690
Total assets	$	8,467,383	$	8,096,920	$	7,928,628	$	8,793,508	$	8,959,518
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,710,408	$	1,755,783	$	1,879,377	$	1,782,680	$	1,801,247
Unearned premiums	970,017		658,209		399,517		718,261		964,499
Debt	250,411		254,315		351,775		358,595		354,293
Reinsurance balances payable	387,425		380,939		290,419		356,136		396,669
Payable for investments purchased	463,923		397,517		278,787		576,052		519,619
Other liabilities	216,086		207,535		253,438		206,709		173,433
Liabilities of discontinued operations held for sale	—		—		—		1,318		1,959
Total liabilities	3,998,270		3,654,298		3,453,313		3,999,751		4,211,719
Redeemable noncontrolling interest	897,123		875,770		968,259		950,822		900,878
Shareholders' Equity
Preference shares	400,000		400,000		400,000		550,000		550,000
Common shares	44,385		44,510		45,542		48,228		50,609
Accumulated other comprehensive income	4,909		6,050		13,622		14,067		12,531
Retained earnings	3,119,003		3,112,545		3,043,901		3,226,661		3,229,870
Total shareholders' equity attributable to RenaissanceRe	3,568,297		3,563,105		3,503,065		3,838,956		3,843,010
Noncontrolling interest	3,693		3,747		3,991		3,979		3,911
Total shareholders' equity	3,571,990		3,566,852		3,507,056		3,842,935		3,846,921
Total liabilities, noncontrolling interests and shareholders' equity	$	8,467,383	$	8,096,920	$	7,928,628	$	8,793,508	$	8,959,518

Book value per common share	$	71.38	$	71.07	$	68.14	$	68.20	$	65.07



	12



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	June 30, 2013					March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012
TYPE OF INVESTMENT
U.S. treasuries	$	1,200,408		19.4	%	$	1,186,742		18.8	%	$	1,259,800		19.8	%	$	1,178,345		17.4	%	$	1,126,759		17.1	%
Agencies	227,017			3.7	%	285,969			4.5	%	315,154			5.0	%	426,067			6.3	%	436,691			6.7	%
Non-U.S. government (Sovereign debt)	265,033			4.3	%	199,561			3.2	%	133,198			2.1	%	156,473			2.3	%	177,231			2.7	%
FDIC guaranteed corporate	—			—	%	—			—	%	—			—	%	14,105			0.2	%	29,386			0.4	%
Non-U.S. government-backed corporate	238,254			3.9	%	291,077			4.6	%	349,514			5.5	%	371,186			5.5	%	393,875			6.0	%
Corporate	1,500,576			24.3	%	1,603,571			25.5	%	1,615,207			25.4	%	1,719,627			25.5	%	1,664,722			25.3	%
Agency mortgage-backed	435,233			7.0	%	440,538			7.0	%	408,531			6.4	%	580,823			8.6	%	592,355			9.0	%
Non-agency mortgage-backed	233,468			3.8	%	240,217			3.8	%	248,339			3.9	%	224,619			3.3	%	153,674			2.3	%
Commercial mortgage-backed	298,996			4.8	%	297,101			4.7	%	406,166			6.4	%	499,491			7.4	%	470,167			7.1	%
Asset-backed	13,106			0.3	%	12,363			0.2	%	12,954			0.2	%	13,630			0.2	%	12,197			0.2	%
Total fixed maturity investments, at fair value	4,412,091			71.5	%	4,557,139			72.3	%	4,748,863			74.7	%	5,184,366			76.7	%	5,057,057			76.8	%
Short term investments, at fair value	924,843			15.0	%	997,889			15.8	%	821,163			12.9	%	679,356			10.1	%	654,912			9.9	%
Equity investments trading, at fair value	108,620			1.8	%	555			—	%	58,186			0.9	%	57,617			0.9	%	55,381			0.8	%
Other investments, at fair value	630,606			10.2	%	652,802			10.4	%	644,711			10.1	%	752,000			11.1	%	743,568			11.3	%
Total managed investment portfolio	6,076,160			98.5	%	6,208,385			98.5	%	6,272,923			98.6	%	6,673,339			98.7	%	6,510,918			98.9	%
Investments in other ventures, under equity method	93,049			1.5	%	92,054			1.5	%	87,724			1.4	%	82,212			1.2	%	79,692			1.2	%
Total investments	$	6,169,209		100.0	%	$	6,300,439		100.0	%	$	6,360,647		100.0	%	$	6,755,551		100.0	%	$	6,590,610		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	616,559		14.0	%	$	599,727		13.2	%	$	680,892		14.3	%	$	801,827		15.5	%	$	842,146		16.7	%
AA	2,313,539			52.4	%	2,338,605			51.3	%	2,429,172			51.2	%	2,690,342			51.9	%	2,626,291			51.9	%
A	732,659			16.6	%	791,902			17.4	%	844,698			17.8	%	936,264			18.0	%	917,152			18.1	%
BBB	296,386			6.7	%	305,241			6.7	%	322,527			6.8	%	336,207			6.5	%	319,760			6.3	%
Non-investment grade and not rated	452,948			10.3	%	521,664			11.4	%	471,574			9.9	%	419,726			8.1	%	351,708			7.0	%
Total fixed maturity investments, at fair value	$	4,412,091		100.0	%	$	4,557,139		100.0	%	$	4,748,863		100.0	%	$	5,184,366		100.0	%	$	5,057,057		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	200,706		4.6	%	$	215,538		4.7	%	$	433,074		9.1	%	$	417,722		8.0	%	$	405,636		8.0	%
Due after one through five years	2,583,929			58.6	%	2,639,058			57.9	%	2,389,856			50.3	%	2,633,322			50.8	%	2,624,676			52.0	%
Due after five through ten years	530,724			12.0	%	569,929			12.5	%	711,844			15.0	%	671,408			13.0	%	652,909			12.9	%
Due after ten years	115,929			2.6	%	142,395			3.1	%	138,099			2.9	%	143,351			2.8	%	145,443			2.9	%
Mortgage-backed securities	967,697			21.9	%	977,856			21.5	%	1,063,036			22.4	%	1,304,933			25.2	%	1,216,196			24.0	%
Asset-backed securities	13,106			0.3	%	12,363			0.3	%	12,954			0.3	%	13,630			0.2	%	12,197			0.2	%
Total fixed maturity investments, at fair value	$	4,412,091		100.0	%	$	4,557,139		100.0	%	$	4,748,863		100.0	%	$	5,184,366		100.0	%	$	5,057,057		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.8		%			1.4		%			1.4		%			1.4		%			1.8		%
Average duration of fixed maturities and short term investments	2.4					2.3					2.2					2.2					2.2



	13



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
TYPE OF INVESTMENT
Private equity partnerships	$	335,732		$	345,666		$	344,669		$	359,880		$	360,268
Senior secured bank loan funds	178,040			204,114			202,929			279,839			269,317
Catastrophe bonds	81,042			75,019			91,310			106,319			106,470
Hedge funds	4,683			5,219			5,803			5,962			6,243
Miscellaneous other investments	31,109			22,784			—			—			1,270
Total other investments, at fair value	$	630,606		$	652,802		$	644,711		$	752,000		$	743,568

TYPE OF INVESTMENT
Private equity partnerships	53.2		%	52.9		%	53.4		%	47.9		%	48.5		%
Senior secured bank loan funds	28.2		%	31.3		%	31.5		%	37.2		%	36.2		%
Catastrophe bonds	12.9		%	11.5		%	14.2		%	14.1		%	14.3		%
Hedge funds	0.8		%	0.8		%	0.9		%	0.8		%	0.8		%
Miscellaneous other investments	4.9		%	3.5		%	—		%	—		%	0.2		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	14



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Six months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			June 30, 2013			June 30, 2012
Fixed maturity investments	$	22,842		$	23,889		$	27,399		$	25,740		$	25,366		$	46,731		$	50,204
Short term investments	374			318			54			219			234			692			734
Equity investments trading	344			—			554			181			181			344			351
Other investments
Hedge funds and private equity investments	2,237			14,880			8,192			10,383			(10,413		)	17,117			18,060
Other	4,354			6,995			5,902			12,737			4,975			11,349			19,145
Cash and cash equivalents	9			52			51			63			54			61			80
	30,160			46,134			42,152			49,323			20,397			76,294			88,574
Investment expenses	(2,836		)	(2,940		)	(3,178		)	(3,204		)	(2,724		)	(5,776		)	(5,425		)
Net investment income	27,324			43,194			38,974			46,119			17,673			70,518			83,149

Gross realized gains	17,548			34,080			22,152			19,891			19,458			51,628			55,744
Gross realized losses	(14,601		)	(4,554		)	(3,650		)	(2,811		)	(3,294		)	(19,155		)	(10,244		)
Net realized gains on fixed maturity investments	2,947			29,526			18,502			17,080			16,164			32,473			45,500
Net unrealized (losses) gains on fixed maturity investments trading	(95,695		)	(23,065		)	(8,454		)	56,942			12,538			(118,760		)	26,795
Net realized and unrealized gains (losses) on investments-related derivatives	20,510			421			1,523			(955		)	(2,930		)	20,931			(1,435		)
Net realized gains on equity investments trading	74			17,561			—			—			—			17,635			—
Net unrealized gains (losses) on equity investments trading	2,620			(10,172		)	569			2,236			2,301			(7,552		)	4,821
Net realized and unrealized (losses) gains on investments	(69,544		)	14,271			12,140			75,303			28,073			(55,273		)	75,681
Total other-than-temporary impairments	—			—			—			—			(234		)	—			(395		)
Portion recognized in other comprehensive income, before taxes	—			—			—			—			25			—			52
Net other-than-temporary impairments	—			—			—			—			(209		)	—			(343		)
Change in net unrealized gains on fixed maturity investments available for sale	(1,239		)	(6,067		)	(784		)	1,326			(706		)	(7,306		)	72
Total investment result	$	(43,459	)	$	51,398		$	50,330		$	122,748		$	44,831		$	7,939		$	158,559



	15



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
June 30, 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	$	924,843	$	924,843		15.0	%	0.2	%	$	897,204		$	22,959		$	2,645		$	1,283		$	—		$	752
			100.0		%					97.0		%	2.5		%	0.3		%	0.1		%	—		%	0.1		%
Fixed maturity investments
U.S. treasuries	1,212,138		1,200,408			19.4	%	0.8	%	—			1,200,408			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	213,593		210,972			3.4	%	1.2	%	—			210,972			—			—			—			—
Other agencies	16,169		16,045			0.3	%	1.1	%	—			16,045			—			—			—			—
Total agencies	229,762		227,017			3.7	%	1.2	%	—			227,017			—			—			—			—
Non-U.S. government (Sovereign debt)	270,875		265,033			4.3	%	1.6	%	199,718			20,852			5,836			30,858			7,562			207
Non-U.S. government-backed corporate	240,969		238,254			3.9	%	0.9	%	179,066			56,912			1,700			—			576			—
Corporate	1,500,278		1,500,576			24.3	%	3.0	%	31,899			268,088			693,581			238,651			250,335			18,022
Mortgage-backed
Residential mortgage-backed
Agency securities	441,537		435,233			7.0	%	2.7	%	—			435,233			—			—			—			—
Non-agency securities - Prime	113,807		118,559			1.9	%	4.0	%	12,011			6,300			6,507			7,977			82,767			2,997
Non-agency securities - Alt A	105,896		114,909			1.9	%	5.0	%	2,826			7,379			7,688			12,837			81,323			2,856
Total residential mortgage-backed	661,240		668,701			10.8	%	3.4	%	14,837			448,912			14,195			20,814			164,090			5,853
Commercial mortgage-backed	296,257		298,996			4.8	%	2.5	%	177,933			91,350			17,347			6,063			—			6,303
Total mortgage-backed	957,497		967,697			15.6	%	3.1	%	192,770			540,262			31,542			26,877			164,090			12,156
Asset-backed
Credit cards	4,270		4,423			0.1	%	2.5	%	4,423			—			—			—			—			—
Student loans	3,097		3,100			0.1	%	1.3	%	3,100			—			—			—			—			—
Auto loans	1,320		1,381			—	%	0.7	%	1,381			—			—			—			—			—
Other	3,919		4,202			0.1	%	1.9	%	4,202			—			—			—			—			—
Total asset-backed	12,606		13,106			0.3	%	1.8	%	13,106			—			—			—			—			—
Total securitized assets	970,103		980,803			15.9	%	3.1	%	205,876			540,262			31,542			26,877			164,090			12,156
Total fixed maturity investments	4,424,125		4,412,091			71.5	%	2.2	%	616,559			2,313,539			732,659			296,386			422,563			30,385
			100.0		%					14.0		%	52.4		%	16.6		%	6.7		%	9.6		%	0.7		%
Equity investments trading			108,620			1.8	%			—			—			—			—			—			108,620
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			335,732			5.4	%			—			—			—			—			—			335,732
Senior secured bank loan funds			178,040			2.9	%			—			—			—			—			155,860			22,180
Catastrophe bonds			81,042			1.3	%			—			—			—			—			76,777			4,265
Hedge funds			4,683			0.1	%			—			—			—			—			—			4,683
Miscellaneous other investments			31,109			0.5	%			—			—			—			—			—			31,109
Total other investments			630,606			10.2	%			—			—			—			—			232,637			397,969
			100.0		%					—		%	—		%	—		%	—		%	36.9		%	63.1		%
Investments in other ventures			93,049			1.5	%			—			—			—			—			—			93,049
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,169,209		100.0	%			$	1,513,763		$	2,336,498		$	735,304		$	297,669		$	655,200		$	630,775
			100.0		%					24.5		%	37.9		%	11.9		%	4.8		%	10.6		%	10.2		%

(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.



	16



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	June 30, 2013				December 31, 2012				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	924,843	15.0	%	$	821,163	12.9	%	$	103,680		2.1	%
Fixed maturity investments
U.S. treasuries	1,200,408		19.4	%	1,259,800		19.8	%	(59,392		)	(0.4	)%
Agencies
Fannie Mae & Freddie Mac	210,972		3.4	%	292,098		4.6	%	(81,126		)	(1.2	)%
Other agencies	16,045		0.3	%	23,056		0.4	%	(7,011		)	(0.1	)%
Total agencies	227,017		3.7	%	315,154		5.0	%	(88,137		)	(1.3	)%
Non-U.S. government (Sovereign debt)	265,033		4.3	%	133,198		2.1	%	131,835			2.2	%
Non-U.S. government-backed corporate	238,254		3.9	%	349,514		5.5	%	(111,260		)	(1.6	)%
Corporate	1,500,576		24.3	%	1,615,207		25.4	%	(114,631		)	(1.1	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	435,233		7.0	%	408,531		6.4	%	26,702			0.6	%
Non-agency securities - Prime	118,559		1.9	%	131,819		2.1	%	(13,260		)	(0.2	)%
Non-agency securities - Alt A	114,909		1.9	%	116,520		1.8	%	(1,611		)	0.1	%
Total residential mortgage-backed	668,701		10.8	%	656,870		10.3	%	11,831			0.5	%
Commercial mortgage-backed	298,996		4.8	%	406,166		6.4	%	(107,170		)	(1.6	)%
Total mortgage-backed	967,697		15.6	%	1,063,036		16.7	%	(95,339		)	(1.1	)%
Asset-backed
Credit cards	4,423		0.1	%	4,623		0.1	%	(200		)	—	%
Student loans	3,100		0.1	%	1,650		—	%	1,450			0.1	%
Auto loans	1,381		—	%	2,238		—	%	(857		)	—	%
Other	4,202		0.1	%	4,443		0.1	%	(241		)	—	%
Total asset-backed	13,106		0.3	%	12,954		0.2	%	152			0.1	%
Total securitized assets	980,803		15.9	%	1,075,990		16.9	%	(95,187		)	(1.0	)%
Total fixed maturity investments	4,412,091		71.5	%	4,748,863		74.7	%	(336,772		)	(3.2	)%
Equity investments trading	108,620		1.8	%	58,186		0.9	%	50,434			0.9	%
Other investments
Private equity partnerships	335,732		5.4	%	344,669		5.4	%	(8,937		)	—	%
Senior secured bank loan funds	178,040		2.9	%	202,929		3.2	%	(24,889		)	(0.3	)%
Catastrophe bonds	81,042		1.3	%	91,310		1.4	%	(10,268		)	(0.1	)%
Hedge funds	4,683		0.1	%	5,803		0.1	%	(1,120		)	—	%
Miscellaneous other investments	31,109		0.5	%	—		—	%	31,109			0.5	%
Total other investments	630,606		10.2	%	644,711		10.1	%	(14,105		)	0.1	%
Investments in other ventures	93,049		1.5	%	87,724		1.4	%	5,325			0.1	%
Total managed investment portfolio	$	6,169,209	100.0	%	$	6,360,647	100.0	%	$	(191,438	)



	17



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	June 30, 2013
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	641,917	$	26,603	$	134,087	$	397,149	$	50,933	$	19,962	$	13,183
Industrial, utilities and energy	322,777		4,259		40,921		116,338		73,823		86,172		1,264
Communications and technology	202,786		241		27,570		85,404		29,178		58,569		1,824
Consumer	156,189		—		14,972		43,721		40,240		55,505		1,751
Health care	100,098		—		44,149		26,590		10,784		18,575		—
Basic materials	61,197		—		—		17,922		31,723		11,552		—
Other	15,612		796		6,389		6,457		1,970		—		—
Total corporate fixed maturity investments, at fair value (1)	$	1,500,576	$	31,899	$	268,088	$	693,581	$	238,651	$	250,335	$	18,022

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

	June 30, 2013
Issuer	Total		Short term investments		Fixed maturity investments
General Electric Company	$	58,433	$	—	$	58,433
Goldman Sachs Group Inc.	58,014		—		58,014
JP Morgan Chase & Co.	57,950		980		56,970
Citigroup Inc.	53,909		—		53,909
Bank of America Corp.	52,232		—		52,232
Morgan Stanley	34,641		—		34,641
HSBC Holdings PLC	29,656		—		29,656
Ford Motor Co.	27,180		—		27,180
Wells Fargo & Co.	22,615		—		22,615
BP PLC	21,377		—		21,377
Total (2)	$	416,007	$	980	$	415,027


(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.



	18



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2013
Catastrophe	$	502,756	$	264,712	$	214,308	$	981,776
Specialty	105,868		89,695		295,221		490,784
Total Reinsurance	608,624		354,407		509,529		1,472,560
Lloyd's	31,984		13,476		134,782		180,242
Other	15,103		2,642		39,861		57,606
Total	$	655,711	$	370,525	$	684,172	$	1,710,408

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



	19



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2013									Three months ended June 30, 2012
	Gross			Recoveries			Net			Gross			Recoveries		Net
Reserve for losses and loss expenses, beginning of period	$	1,755,783		$	162,948		$	1,592,835		$	1,858,203		$	279,398	$	1,578,805
Incurred losses and loss expenses
Current year	146,544			15,755			130,789			105,466			10,469		94,997
Prior years	(29,549		)	(2,722		)	(26,827		)	(35,365		)	10,081		(45,446		)
Total incurred losses and loss expenses	116,995			13,033			103,962			70,101			20,550		49,551
Paid losses and loss expenses
Current year	21,990			—			21,990			11,280			—		11,280
Prior years	140,380			878			139,502			115,777			101,171		14,606
Total paid losses and loss expenses	162,370			878			161,492			127,057			101,171		25,886
Reserve for losses and loss expenses, end of period	$	1,710,408		$	175,103		$	1,535,305		$	1,801,247		$	198,777	$	1,602,470

	Six months ended June 30, 2013									Six months ended June 30, 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	216,538			20,849			195,689			183,397			16,976		166,421
Prior years	(65,545		)	(1,069		)	(64,476		)	(98,014		)	3,304		(101,318		)
Total incurred losses and loss expenses	150,993			19,780			131,213			85,383			20,280		65,103
Paid losses and loss expenses
Current year	23,129			—			23,129			18,937			—		18,937
Prior years	296,833			37,189			259,644			257,553			225,532		32,021
Total paid losses and loss expenses	319,962			37,189			282,773			276,490			225,532		50,958
Reserve for losses and loss expenses, end of period	$	1,710,408		$	175,103		$	1,535,305		$	1,801,247		$	198,777	$	1,602,470



	20



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	26,806		$	190,474		$	41,655		$	180,660		$	142,270
Amount allocated to participating common shareholders (1)	(376		)	(2,918		)	(640		)	(2,787		)	(2,236		)
	$	26,430		$	187,556		$	41,015		$	177,873		$	140,034
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,372			43,461			46,442			48,394			50,278
Per common share equivalents of employee stock options and restricted shares	871			829			855			725			734
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,243			44,290			47,297			49,119			51,012

Basic income per RenaissanceRe common share	$	0.61		$	4.32		$	0.88		$	3.67		$	2.78
Diluted income per RenaissanceRe common share	$	0.60		$	4.23		$	0.87		$	3.62		$	2.75

	Six months ended
(common shares in thousands)	June 30, 2013			June 30, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	217,280		$	343,699
Amount allocated to participating common shareholders (1)	(3,174		)	(5,601		)
	$	214,106		$	338,098
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,453			50,328
Per common share equivalents of employee stock options and restricted shares	850			669
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	44,303			50,997

Basic income per RenaissanceRe common share	$	4.93		$	6.72
Diluted income per RenaissanceRe common share (2)	$	4.83		$	6.63


(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.



	21



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Top Layer Re	$	2,728		$	4,126		$	5,972		$	4,970		$	5,113
Tower Hill Companies	1,815			1,581			174			1,930			1,744
Other	(771		)	128			466			(2,590		)	(11		)
Total equity in earnings of other ventures	$	3,772		$	5,835		$	6,612		$	4,310		$	6,846

	Six months ended
	June 30, 2013			June 30, 2012
Top Layer Re	$	6,854		$	9,850
Tower Hill Companies	3,396			2,861
Other	(643		)	(395		)
Total equity in earnings of other ventures	$	9,607		$	12,316

Other Income (Loss)

	Three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Weather and energy risk management operations	$	1,759		$	8,713		$	8,631		$	172		$	5,875
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(642		)	(1,931		)	(3,255		)	(3,696		)	4,082
Other items	(486		)	222			405			2,643			1,332
Total other income (loss)	$	631		$	7,004		$	5,781		$	(881	)	$	11,289

	Six months ended
	June 30, 2013			June 30, 2012
Weather and energy risk management operations	$	10,472		$	(29,588	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(2,573		)	2,303
Other items	(264		)	(520		)
Total other income (loss)	$	7,635		$	(27,805	)



	22



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P (4)	Moody's	Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	A+
DaVinci	A	AA-	A3	—
RenaissanceRe Specialty Risks	A	A	—	—
RenaissanceRe Specialty U.S.	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)	—	Very Strong	—	—

(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.



	23

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, and commencing in 2013, also excludes net realized and unrealized gains and losses on investments-related derivatives. Prior to 2013, investments-related derivative net realized and unrealized gains and losses were included in net investment income and were also included in the calculation of operating income available to RenaissanceRe common shareholders and related measures. 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															Six months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			June 30, 2013			June 30, 2012
Net income available to RenaissanceRe common shareholders	$	26,806		$	190,474		$	41,655		$	180,660		$	142,270		$	217,280		$	343,699
Adjustment for net realized and unrealized gains on investments	69,544			(14,271		)	(12,140		)	(75,303		)	(28,073		)	55,273			(75,681		)
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—			—			1,523			(955		)	(2,930		)	—			(1,435		)
Adjustment for net other-than-temporary impairments	—			—			—			—			209			—			343
Operating income available to RenaissanceRe common shareholders	$	96,350		$	176,203		$	31,038		$	104,402		$	111,476		$	272,553		$	266,926

Net income available to RenaissanceRe common shareholders per common share - diluted	$	0.60		$	4.23		$	0.87		$	3.62		$	2.75		$	4.83		$	6.63
Adjustment for net realized and unrealized gains on investments	1.57			(0.32		)	(0.25		)	(1.53		)	(0.55		)	1.25			(1.48		)
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—			—			0.03			(0.02		)	(0.06		)	—			(0.03		)
Adjustment for net other-than-temporary impairments	—			—			—			—			—			—			0.01
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.17		$	3.91		$	0.65		$	2.07		$	2.14		$	6.08		$	5.13

Return on average common equity - annualized	3.4		%	24.3		%	5.2		%	22.0		%	17.5		%	13.8		%	21.5		%
Adjustment for net realized and unrealized gains on investments	8.8		%	(1.8		)%	(1.5		)%	(9.2		)%	(3.4		)%	3.5		%	(4.7		)%
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—		%	—		%	0.2		%	(0.1		)%	(0.4		)%	—		%	(0.1		)%
Adjustment for net other-than-temporary impairments	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	12.2		%	22.5		%	3.9		%	12.7		%	13.7		%	17.3		%	16.7		%



	24

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
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Book value per common share	$	71.38		$	71.07		$	68.14		$	68.20		$	65.07
Adjustment for goodwill and other intangibles (1)	(0.85		)	(0.85		)	(0.86		)	(0.85		)	(0.83		)
Tangible book value per common share	70.53			70.22			67.28			67.35			64.24
Adjustment for accumulated dividends	12.56			12.28			12.00			11.73			11.46
Tangible book value per common share plus accumulated dividends	$	83.09		$	82.50		$	79.28		$	79.08		$	75.70

Quarterly change in book value per common share	0.4		%	4.3		%	(0.1		)%	4.8		%	3.8		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	0.8		%	4.8		%	0.3		%	5.3		%	4.3		%
Year to date change in book value per common share	4.8		%										9.8		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.7		%										10.8		%


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



	25

Form: 8-K

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