November 5, 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 (Loss) Income	22
d.	Ratings	23

Comments on Regulation G		24 - 26

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 through 26 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”).

During the third quarter of 2013, the Company made the strategic decision to divest its U.S.-based weather and weather-related energy risk management unit, which principally included RenRe Commodity Advisors LLC, Renaissance Trading Ltd. ("Renaissance Trading") and RenRe Energy Advisors Ltd. (collectively referred to as "REAL"), in order to focus on the business encompassed within the Company's Reinsurance and Lloyd's segments and its other businesses. REAL offered certain derivative-based risk management products primarily to address weather and energy risk and engaged in hedging and trading activities related to those transactions. On August 30, 2013, the Company entered into a sale agreement with a subsidiary of Munich-American Holding Corporation ("Munich") to sell REAL and, on October 1, 2013, the Company completed the sale of REAL to Munich. The Company has classified the assets and liabilities associated with this transaction as held for sale and the financial results are reflected in the Company's consolidated financial statements as “discontinued operations.” Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations. All prior periods presented have been reclassified to conform to this form of presentation.

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						Nine months ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Highlights
Gross premiums written	$	182,649		$	136,359		$	1,521,290		$	1,467,846
Net premiums written	127,241			105,035			1,123,163			1,025,240
Net premiums earned	294,717			262,623			857,861			785,704
Net claims and claim expenses incurred	60,928			73,215			192,141			138,318
Underwriting income	151,418			122,614			437,798			447,174
Net investment income	59,931			46,135			129,296			126,725
Net income available to RenaissanceRe common shareholders	179,740			180,660			397,020			524,359
Net realized and unrealized gains (losses) on investments	28,472			75,297			(26,788		)	150,982
Net other-than-temporary impairments	—			—			—			(343		)
Operating income available to RenaissanceRe common shareholders (1)	151,273			104,402			423,826			371,328
Total assets	$	8,353,955		$	8,793,508		$	8,353,955		$	8,793,508
Total shareholders' equity attributable to RenaissanceRe	$	3,710,714		$	3,838,956		$	3,710,714		$	3,838,956
Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.01		$	3.62		$	8.84		$	10.24
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.36		$	2.07		$	9.45		$	7.21
Dividends per common share	$	0.28		$	0.27		$	0.84		$	0.81
Book value per common share	$	74.58		$	68.20		$	74.58		$	68.20
Tangible book value per common share (1)	$	73.74		$	67.35		$	73.74		$	67.35
Tangible book value per common share plus accumulated dividends (1)	$	86.58		$	79.08		$	86.58		$	79.08
Change in tangible book value per common share plus change in accumulated dividends (1)	4.9		%	5.3		%	10.9		%	16.6		%
Financial ratios
Net claims and claim expense ratio - current accident year	23.1		%	35.6		%	30.8		%	33.1		%
Net claims and claim expense ratio - prior accident years	(2.4		)%	(7.7		)%	(8.4		)%	(15.5		)%
Net claims and claim expense ratio - calendar year	20.7		%	27.9		%	22.4		%	17.6		%
Underwriting expense ratio	27.9		%	25.4		%	26.6		%	25.5		%
Combined ratio	48.6		%	53.3		%	49.0		%	43.1		%
Operating return on average common equity - annualized (1)	18.7		%	12.7		%	17.7		%	15.4		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Revenues
Gross premiums written	$	182,649		$	703,223		$	635,418		$	83,745		$	136,359
Net premiums written	$	127,241		$	559,109		$	436,813		$	77,417		$	105,035
Decrease (increase) in unearned premiums	167,476			(267,220		)	(165,558		)	206,234			157,588
Net premiums earned	294,717			291,889			271,255			283,651			262,623
Net investment income	59,931			26,163			43,202			39,000			46,135
Net foreign exchange gains (losses)	488			(932		)	614			1,851			3,187
Equity in earnings of other ventures	7,313			3,772			5,835			6,612			4,310
Other income (loss)	651			(1,128		)	(1,709		)	(2,850		)	(1,053		)
Net realized and unrealized gains (losses) on investments	28,472			(69,529		)	14,269			12,139			75,297
Total revenues	391,572			250,235			333,466			340,403			390,499
Expenses
Net claims and claim expenses incurred	60,928			103,962			27,251			186,893			73,215
Acquisition expenses	37,699			31,767			25,009			39,385			24,438
Operational expenses	44,672			42,789			45,986			53,096			42,356
Corporate expenses	4,307			21,529			4,482			3,889			3,796
Interest expense	4,298			4,300			5,034			5,772			5,891
Total expenses	151,904			204,347			107,762			289,035			149,696
Income from continuing operations before taxes	239,668			45,888			225,704			51,368			240,803
Income tax expense	(223		)	(11		)	(122		)	(405		)	(144		)
Income from continuing operations	239,445			45,877			225,582			50,963			240,659
Income (loss) from discontinued operations	(9,779		)	2,427			9,774			9,029			(166		)
Net income	229,666			48,304			235,356			59,992			240,493
Net income attributable to noncontrolling interests	(44,331		)	(14,015		)	(38,607		)	(9,692		)	(51,083		)
Net income attributable to RenaissanceRe	185,335			34,289			196,749			50,300			189,410
Dividends on preference shares	(5,595		)	(7,483		)	(6,275		)	(8,645		)	(8,750		)
Net income available to RenaissanceRe common shareholders	$	179,740		$	26,806		$	190,474		$	41,655		$	180,660
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	4.32		$	0.55		$	4.10		$	0.69		$	3.67
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	(0.23		)	0.06			0.22			0.19			—
Net income available to RenaissanceRe common shareholders per common share - basic	$	4.09		$	0.61		$	4.32		$	0.88		$	3.67
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	4.23			0.55			4.01			0.68			$	3.62
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	(0.22		)	0.05			0.22			0.19			—
Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.01		$	0.60		$	4.23		$	0.87		$	3.62
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.36		$	2.17		$	3.92		$	0.65		$	2.07
Operating return on average common equity - annualized (1)	18.7		%	12.2		%	22.5		%	3.9		%	12.7		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Nine months ended
	September 30, 2013			September 30, 2012
Revenues
Gross premiums written	$	1,521,290		$	1,467,846
Net premiums written	$	1,123,163		$	1,025,240
Increase in unearned premiums	(265,302		)	(239,536		)
Net premiums earned	857,861			785,704
Net investment income	129,296			126,725
Net foreign exchange gains	170			3,468
Equity in earnings of other ventures	16,920			16,626
Other loss	(2,186		)	730
Net realized and unrealized (losses) gains on investments	(26,788		)	150,982
Total other-than-temporary impairments	—			(395		)
Portion recognized in other comprehensive income, before taxes	—			52
Net other-than-temporary impairments	—			(343		)
Total revenues	975,273			1,083,892
Expenses
Net claims and claim expenses incurred	192,141			138,318
Acquisition expenses	94,475			74,157
Operational expenses	133,447			126,055
Corporate expenses	30,318			12,567
Interest expense	13,632			17,325
Total expenses	464,013			368,422
Income from continuing operations before taxes	511,260			715,470
Income tax expense	(356		)	(1,008		)
Income from continuing operations	510,904			714,462
Income from discontinued operations	2,422			(25,505		)
Net income	513,326			688,957
Net income attributable to noncontrolling interests	(96,953		)	(138,348		)
Net income attributable to RenaissanceRe	416,373			550,609
Dividends on preference shares	(19,353		)	(26,250		)
Net income available to RenaissanceRe common shareholders	$	397,020		$	524,359
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	8.95		$	10.89
Income (loss) from discontinued operations available to RenaissanceRe common shareholders per common share - basic	0.06			(0.51		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	9.01		$	10.38
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	8.79			$	10.75
Income (loss) from discontinued operations available to RenaissanceRe common shareholders per common share - diluted	0.05			(0.51		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	8.84		$	10.24
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	9.45		$	7.21
Operating return on average common equity - annualized (1)	17.7		%	15.4		%


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended September 30, 2013
	Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	142,695		$	39,954		$	—		$	182,649
Net premiums written	$	88,097		$	39,014		$	130		$	127,241
Net premiums earned	$	247,461		$	47,150		$	106		$	294,717
Net claims and claim expenses incurred	34,417			28,175			(1,664		)	60,928
Acquisition expenses	28,740			8,938			21			37,699
Operational expenses	31,876			12,559			237			44,672
Underwriting income	$	152,428		$	(2,522	)	$	1,512		$	151,418

Net claims and claim expenses incurred - current accident year	$	43,268		$	24,886		$	—		$	68,154
Net claims and claim expenses incurred - prior accident years	(8,851		)	3,289			(1,664		)	(7,226		)
Net claims and claim expenses incurred - total	$	34,417		$	28,175		$	(1,664	)	$	60,928

Net claims and claim expense ratio - current accident year	17.5		%	52.8		%	—		%	23.1		%
Net claims and claim expense ratio - prior accident years	(3.6		)%	7.0		%	(1,569.8		)%	(2.4		)%
Net claims and claim expense ratio - calendar year	13.9		%	59.8		%	(1,569.8		)%	20.7		%
Underwriting expense ratio	24.5		%	45.5		%	243.4		%	27.9		%
Combined ratio	38.4		%	105.3		%	(1,326.4		)%	48.6		%

	Three months ended September 30, 2012
	Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	107,637		$	28,722		$	—		$	136,359
Net premiums written	$	78,164		$	26,982		$	(111	)	$	105,035
Net premiums earned	$	230,359		$	32,375		$	(111	)	$	262,623
Net claims and claim expenses incurred	47,080			26,331			(196		)	73,215
Acquisition expenses	18,258			6,051			129			24,438
Operational expenses	30,856			11,532			(32		)	42,356
Underwriting income (loss)	$	134,165		$	(11,539	)	$	(12	)	$	122,614

Net claims and claim expenses incurred - current accident year	$	64,488		$	29,051		$	—		$	93,539
Net claims and claim expenses incurred - prior accident years	(17,408		)	(2,720		)	(196		)	(20,324		)
Net claims and claim expenses incurred - total	$	47,080		$	26,331		$	(196	)	$	73,215

Net claims and claim expense ratio - current accident year	28.0		%	89.7		%	—		%	35.6		%
Net claims and claim expense ratio - prior accident years	(7.6		)%	(8.4		)%	176.6		%	(7.7		)%
Net claims and claim expense ratio - calendar year	20.4		%	81.3		%	176.6		%	27.9		%
Underwriting expense ratio	21.4		%	54.3		%	(87.4		)%	25.4		%
Combined ratio	41.8		%	135.6		%	89.2		%	53.3		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2013
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	1,339,263		$	183,015		$	—		$	(988	)	$	1,521,290
Net premiums written	$	963,169		$	159,581		$	413					$	1,123,163
Net premiums earned	$	730,610		$	126,862		$	389					$	857,861
Net claims and claim expenses incurred	126,243			68,239			(2,341		)				192,141
Acquisition expenses	70,005			24,338			132						94,475
Operational expenses	96,745			36,193			509						133,447
Underwriting income	$	437,617		$	(1,908	)	$	2,089					$	437,798

Net claims and claim expenses incurred - current accident year	$	192,569		$	71,274		$	—					$	263,843
Net claims and claim expenses incurred - prior accident years	(66,326		)	(3,035		)	(2,341		)				(71,702		)
Net claims and claim expenses incurred - total	$	126,243		$	68,239		$	(2,341	)				$	192,141

Net claims and claim expense ratio - current accident year	26.4		%	56.2		%	—		%				30.8		%
Net claims and claim expense ratio - prior accident years	(9.1		)%	(2.4		)%	(601.8		)%				(8.4		)%
Net claims and claim expense ratio - calendar year	17.3		%	53.8		%	(601.8		)%				22.4		%
Underwriting expense ratio	22.8		%	47.7		%	164.8		%				26.6		%
Combined ratio	40.1		%	101.5		%	(437.0		)%				49.0		%

	Nine months ended September 30, 2012
	Reinsurance			Lloyd's			Other			Eliminations (1)			Total
Gross premiums written	$	1,334,438		$	133,836		$	—		$	(428	)	$	1,467,846
Net premiums written	$	916,171		$	109,429		$	(360	)				$	1,025,240
Net premiums earned	$	698,473		$	87,566		$	(335	)				$	785,704
Net claims and claim expenses incurred	90,892			50,292			(2,866		)				138,318
Acquisition expenses	57,742			16,229			186						74,157
Operational expenses	93,246			32,395			414						126,055
Underwriting income (loss)	$	456,593		$	(11,350	)	$	1,931					$	447,174

Net claims and claim expenses incurred - current accident year	$	196,263		$	63,697		$	—					$	259,960
Net claims and claim expenses incurred - prior accident years	(105,371		)	(13,405		)	(2,866		)				(121,642		)
Net claims and claim expenses incurred - total	$	90,892		$	50,292		$	(2,866	)				$	138,318

Net claims and claim expense ratio - current accident year	28.1		%	72.7		%	—		%				33.1		%
Net claims and claim expense ratio - prior accident years	(15.1		)%	(15.3		)%	855.5		%				(15.5		)%
Net claims and claim expense ratio - calendar year	13.0		%	57.4		%	855.5		%				17.6		%
Underwriting expense ratio	21.6		%	55.6		%	(179.1		)%				25.5		%
Combined ratio	34.6		%	113.0		%	676.4		%				43.1		%

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



	5



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Three months ended September 30, 2013
	Catastrophe			Specialty			Total
Gross premiums written	$	82,539		$	60,156		$	142,695
Net premiums written	$	32,380		$	55,717		$	88,097
Net premiums earned	$	184,416		$	63,045		$	247,461
Net claims and claim expenses incurred	16,897			17,520			34,417
Acquisition expenses	14,049			14,691			28,740
Operational expenses	24,573			7,303			31,876
Underwriting income	$	128,897		$	23,531		$	152,428

Net claims and claim expenses incurred - current accident year	$	23,041		$	20,227		$	43,268
Net claims and claim expenses incurred - prior accident years	(6,144		)	(2,707		)	(8,851		)
Net claims and claim expenses incurred - total	$	16,897		$	17,520		$	34,417

Net claims and claim expense ratio - current accident year	12.5		%	32.1		%	17.5		%
Net claims and claim expense ratio - prior accident years	(3.3		)%	(4.3		)%	(3.6		)%
Net claims and claim expense ratio - calendar year	9.2		%	27.8		%	13.9		%
Underwriting expense ratio	20.9		%	34.9		%	24.5		%
Combined ratio	30.1		%	62.7		%	38.4		%

	Three months ended September 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	69,705		$	37,932		$	107,637
Net premiums written	$	40,935		$	37,229		$	78,164
Net premiums earned	$	190,806		$	39,553		$	230,359
Net claims and claim expenses incurred	11,518			35,562			47,080
Acquisition expenses	12,272			5,986			18,258
Operational expenses	24,185			6,671			30,856
Underwriting income (loss)	$	142,831		$	(8,666	)	$	134,165

Net claims and claim expenses incurred - current accident year	$	29,460		$	35,028		$	64,488
Net claims and claim expenses incurred - prior accident years	(17,942		)	534			(17,408		)
Net claims and claim expenses incurred - total	$	11,518		$	35,562		$	47,080

Net claims and claim expense ratio - current accident year	15.4		%	88.6		%	28.0		%
Net claims and claim expense ratio - prior accident years	(9.4		)%	1.3		%	(7.6		)%
Net claims and claim expense ratio - calendar year	6.0		%	89.9		%	20.4		%
Underwriting expense ratio	19.1		%	32.0		%	21.4		%
Combined ratio	25.1		%	121.9		%	41.8		%



	6



RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results

	Nine months ended September 30, 2013
	Catastrophe			Specialty			Total
Gross premiums written	$	1,138,238		$	201,025		$	1,339,263
Net premiums written	$	774,585		$	188,584		$	963,169
Net premiums earned	$	571,550		$	159,060		$	730,610
Net claims and claim expenses incurred	72,520			53,723			126,243
Acquisition expenses	37,866			32,139			70,005
Operational expenses	74,287			22,458			96,745
Underwriting income	$	386,877		$	50,740		$	437,617

Net claims and claim expenses incurred - current accident year	$	115,586		$	76,983		$	192,569
Net claims and claim expenses incurred - prior accident years	(43,066		)	(23,260		)	(66,326		)
Net claims and claim expenses incurred - total	$	72,520		$	53,723		$	126,243

Net claims and claim expense ratio - current accident year	20.2		%	48.4		%	26.4		%
Net claims and claim expense ratio - prior accident years	(7.5		)%	(14.6		)%	(9.1		)%
Net claims and claim expense ratio - calendar year	12.7		%	33.8		%	17.3		%
Underwriting expense ratio	19.6		%	34.3		%	22.8		%
Combined ratio	32.3		%	68.1		%	40.1		%

	Nine months ended September 30, 2012
	Catastrophe			Specialty			Total
Gross premiums written	$	1,158,683		$	175,755		$	1,334,438
Net premiums written	$	747,684		$	168,487		$	916,171
Net premiums earned	$	576,498		$	121,975		$	698,473
Net claims and claim expenses incurred	27,780			63,112			90,892
Acquisition expenses	41,436			16,306			57,742
Operational expenses	72,758			20,488			93,246
Underwriting income	$	434,524		$	22,069		$	456,593

Net claims and claim expenses incurred - current accident year	$	113,864		$	82,399		$	196,263
Net claims and claim expenses incurred - prior accident years	(86,084		)	(19,287		)	(105,371		)
Net claims and claim expenses incurred - total	$	27,780		$	63,112		$	90,892

Net claims and claim expense ratio - current accident year	19.8		%	67.6		%	28.1		%
Net claims and claim expense ratio - prior accident years	(15.0		)%	(15.9		)%	(15.1		)%
Net claims and claim expense ratio - calendar year	4.8		%	51.7		%	13.0		%
Underwriting expense ratio	19.8		%	30.2		%	21.6		%
Combined ratio	24.6		%	81.9		%	34.6		%



	7



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012
Reinsurance Segment
Renaissance catastrophe premiums	$	55,849	$	368,077	$	310,002	$	13,743	$	44,699
Renaissance specialty premiums	60,156		56,567		81,617		34,132		37,932
Total Renaissance premiums	116,005		424,644		391,619		47,875		82,631
DaVinci catastrophe premiums	26,690		208,826		168,794		9,781		25,006
DaVinci specialty premiums	—		1,972		713		—		—
Total DaVinci premiums	26,690		210,798		169,507		9,781		25,006
Total catastrophe unit premiums	82,539		576,903		478,796		23,524		69,705
Total specialty unit premiums	60,156		58,539		82,330		34,132		37,932
Total Reinsurance segment gross premiums written	$	142,695	$	635,442	$	561,126	$	57,656	$	107,637

Lloyd's Segment
Specialty	$	36,545	$	53,207	$	55,757	$	24,390	$	26,455
Catastrophe	3,409		15,562		18,535		1,761		2,267
Total Lloyd's segment gross premiums written	$	39,954	$	68,769	$	74,292	$	26,151	$	28,722

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	82,539	$	576,903	$	478,796	$	23,524	$	69,705
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,963		25,682		32,382		1,781		5,382
Catastrophe premiums written in the Lloyd's segment	3,409		15,562		18,535		1,761		2,267
Total managed catastrophe premiums (1)	$	87,911	$	618,147	$	529,713	$	27,066	$	77,354

(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

	Nine months ended
	September 30, 2013		September 30, 2012
Reinsurance Segment
Renaissance catastrophe premiums	$	733,928	$	720,220
Renaissance specialty premiums	198,340		173,255
Total Renaissance premiums	932,268		893,475
DaVinci catastrophe premiums	404,310		438,463
DaVinci specialty premiums	2,685		2,500
Total DaVinci premiums	406,995		440,963
Total catastrophe unit premiums	1,138,238		1,158,683
Total specialty unit premiums	201,025		175,755
Total Reinsurance segment gross premiums written	$	1,339,263	$	1,334,438

Lloyd's Segment
Specialty	$	145,509	$	98,709
Catastrophe	37,506		35,127
Total Lloyd's segment gross premiums written	$	183,015	$	133,836

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,138,238	$	1,158,683
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	60,027		70,867
Catastrophe premiums written in the Lloyd's segment	37,506		35,127
Total managed catastrophe premiums (1)	$	1,235,771	$	1,264,677

(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
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Revenues
Gross premiums written	$	26,690		$	210,798		$	169,507		$	9,781		$	25,006
Net premiums written	$	14,302		$	203,698		$	137,522		$	7,012		$	18,554
Decrease (increase) in unearned premiums	73,078			(107,972		)	(45,906		)	89,922			72,039
Net premiums earned	87,380			95,726			91,616			96,934			90,593
Net investment income	7,263			6,283			7,681			7,791			9,179
Net foreign exchange (losses) gains	(380		)	526			130			804			1,115
Other loss	—			(169		)	(548		)	(1,161		)	(1,384		)
Net realized and unrealized gains (losses) on investments	8,708			(24,529		)	(1,718		)	1,035			20,520
Total revenues	102,971			77,837			97,161			105,403			120,023
Expenses
Net claims and claim expenses incurred	3,999			27,283			3,710			66,994			10,170
Acquisition expenses	22,708			18,926			24,274			14,528			22,783
Operational and corporate expenses	9,967			9,812			10,400			10,291			10,740
Interest expense	943			946			952			1,833			1,980
Total expenses	37,617			56,967			39,336			93,646			45,673
Net income	65,354			20,870			57,825			11,757			74,350
Net income attributable to redeemable noncontrolling interest	(133		)	(43		)	(118		)	(28		)	(152		)
Net income available to DaVinciRe common shareholders	$	65,221		$	20,827		$	57,707		$	11,729		$	74,198

Net claims and claim expenses incurred - current accident year	$	8,438		$	34,523		$	10,283		$	76,030		$	14,330
Net claims and claim expenses incurred - prior accident years	(4,439		)	(7,240		)	(6,573		)	(9,036		)	(4,160		)
Net claims and claim expenses incurred - total	$	3,999		$	27,283		$	3,710		$	66,994		$	10,170

Net claims and claim expense ratio - current accident year	9.7		%	36.1		%	11.2		%	78.4		%	15.8		%
Net claims and claim expense ratio - prior accident years	(5.1		)%	(7.6		)%	(7.2		)%	(9.3		)%	(4.6		)%
Net claims and claim expense ratio - calendar year	4.6		%	28.5		%	4.0		%	69.1		%	11.2		%
Underwriting expense ratio	37.4		%	30.0		%	37.9		%	25.6		%	37.0		%
Combined ratio	42.0		%	58.5		%	41.9		%	94.7		%	48.2		%



	10



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Nine months ended
	September 30, 2013			September 30, 2012
Revenues
Gross premiums written	$	406,995		$	440,963
Net premiums written	$	355,522		$	358,322
Increase in unearned premiums	(80,800		)	(91,574		)
Net premiums earned	274,722			266,748
Net investment income	21,227			26,159
Net foreign exchange gains	276			2,656
Other loss	(717		)	(3,068		)
Net realized and unrealized (losses) gains on investments	(17,539		)	41,867
Total revenues	277,969			334,362
Expenses
Net claims and claim expenses incurred	34,992			26,307
Acquisition expenses	65,908			65,933
Operational and corporate expenses	30,179			34,943
Interest expense	2,841			6,005
Total expenses	133,920			133,188
Net income	144,049			201,174
Net income attributable to redeemable noncontrolling interest	(294		)	(414		)
Net income available to DaVinciRe common shareholders	$	143,755		$	200,760

Net claims and claim expenses incurred - current accident year	$	53,244		$	53,610
Net claims and claim expenses incurred - prior accident years	(18,252		)	(27,303		)
Net claims and claim expenses incurred - total	$	34,992		$	26,307

Net claims and claim expense ratio - current accident year	19.4		%	20.1		%
Net claims and claim expense ratio - prior accident years	(6.7		)%	(10.2		)%
Net claims and claim expense ratio - calendar year	12.7		%	9.9		%
Underwriting expense ratio	35.0		%	37.8		%
Combined ratio	47.7		%	47.7		%



	11



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012
Assets
Fixed maturity investments trading, at fair value	$	4,751,237	$	4,366,080	$	4,506,644	$	4,660,168	$	5,084,287
Fixed maturity investments available for sale, at fair value	38,530		40,785		45,254		83,442		94,826
Total fixed maturity investments, at fair value	4,789,767		4,406,865		4,551,898		4,743,610		5,179,113
Short term investments, at fair value	925,329		924,843		997,889		821,163		679,356
Equity investments trading, at fair value	113,986		108,620		555		58,186		57,617
Other investments, at fair value	500,770		629,396		652,802		644,711		752,000
Investments in other ventures, under equity method	97,660		93,049		92,054		87,724		82,212
Total investments	6,427,512		6,162,773		6,295,198		6,355,394		6,750,298
Cash and cash equivalents	266,350		234,906		290,080		304,145		226,133
Premiums receivable	735,937		954,142		654,368		491,365		701,240
Prepaid reinsurance premiums	166,340		214,804		170,216		77,082		189,592
Reinsurance recoverable	149,201		175,103		162,948		192,512		209,490
Accrued investment income	26,887		26,658		29,915		33,478		37,323
Deferred acquisition costs	103,844		125,682		77,914		52,622		83,222
Receivable for investments sold	240,191		311,783		163,584		168,673		344,367
Other assets	113,159		102,413		85,248		110,777		118,492
Goodwill and other intangibles	8,978		8,282		8,384		8,486		8,588
Assets of discontinued operations held for sale	115,556		150,837		159,065		134,094		124,763
Total assets	$	8,353,955	$	8,467,383	$	8,096,920	$	7,928,628	$	8,793,508
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,683,709	$	1,710,408	$	1,755,783	$	1,879,377	$	1,782,680
Unearned premiums	754,077		970,017		658,209		399,517		718,261
Debt	249,407		249,385		249,362		349,339		349,315
Reinsurance balances payable	358,988		387,425		380,939		290,419		356,136
Payable for investments purchased	407,788		463,923		397,517		278,787		576,052
Other liabilities	183,362		169,559		140,418		198,434		153,668
Liabilities of discontinued operations held for sale	56,275		47,553		72,070		57,440		63,639
Total liabilities	3,693,606		3,998,270		3,654,298		3,453,313		3,999,751
Redeemable noncontrolling interest	945,915		897,123		875,770		968,259		950,822
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		550,000
Common shares	44,391		44,385		44,510		45,542		48,228
Accumulated other comprehensive income	4,566		4,909		6,050		13,622		14,067
Retained earnings	3,261,757		3,119,003		3,112,545		3,043,901		3,226,661
Total shareholders' equity attributable to RenaissanceRe	3,710,714		3,568,297		3,563,105		3,503,065		3,838,956
Noncontrolling interest	3,720		3,693		3,747		3,991		3,979
Total shareholders' equity	3,714,434		3,571,990		3,566,852		3,507,056		3,842,935
Total liabilities, noncontrolling interests and shareholders' equity	$	8,353,955	$	8,467,383	$	8,096,920	$	7,928,628	$	8,793,508

Book value per common share	$	74.58	$	71.38	$	71.07	$	68.14	$	68.20



	12



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012					September 30, 2012
TYPE OF INVESTMENT
U.S. treasuries	$	1,322,367		20.5	%	$	1,195,182		19.4	%	$	1,181,501		18.8	%	$	1,254,547		19.8	%	$	1,173,092		17.4	%
Agencies	197,047			3.1	%	227,017			3.7	%	285,969			4.5	%	315,154			5.0	%	426,067			6.3	%
Non-U.S. government (Sovereign debt)	353,810			5.5	%	265,033			4.3	%	199,561			3.2	%	133,198			2.1	%	156,473			2.3	%
FDIC guaranteed corporate	—			—	%	—			—	%	—			—	%	—			—	%	14,105			0.2	%
Non-U.S. government-backed corporate	229,687			3.6	%	238,254			3.9	%	291,077			4.6	%	349,514			5.5	%	371,186			5.5	%
Corporate	1,687,118			26.2	%	1,500,576			24.3	%	1,603,571			25.5	%	1,615,207			25.4	%	1,719,627			25.5	%
Agency mortgage-backed	436,024			6.8	%	435,233			7.1	%	440,538			7.0	%	408,531			6.4	%	580,823			8.6	%
Non-agency mortgage-backed	246,163			3.8	%	233,468			3.8	%	240,217			3.8	%	248,339			3.9	%	224,619			3.3	%
Commercial mortgage-backed	302,803			4.7	%	298,996			4.8	%	297,101			4.7	%	406,166			6.4	%	499,491			7.4	%
Asset-backed	14,748			0.3	%	13,106			0.2	%	12,363			0.2	%	12,954			0.2	%	13,630			0.2	%
Total fixed maturity investments, at fair value	4,789,767			74.5	%	4,406,865			71.5	%	4,551,898			72.3	%	4,743,610			74.7	%	5,179,113			76.7	%
Short term investments, at fair value	925,329			14.4	%	924,843			15.0	%	997,889			15.8	%	821,163			12.9	%	679,356			10.1	%
Equity investments trading, at fair value	113,986			1.8	%	108,620			1.8	%	555			—	%	58,186			0.9	%	57,617			0.9	%
Other investments, at fair value	500,770			7.8	%	629,396			10.2	%	652,802			10.4	%	644,711			10.1	%	752,000			11.1	%
Total managed investment portfolio	6,329,852			98.5	%	6,069,724			98.5	%	6,203,144			98.5	%	6,267,670			98.6	%	6,668,086			98.8	%
Investments in other ventures, under equity method	97,660			1.5	%	93,049			1.5	%	92,054			1.5	%	87,724			1.4	%	82,212			1.2	%
Total investments	$	6,427,512		100.0	%	$	6,162,773		100.0	%	$	6,295,198		100.0	%	$	6,355,394		100.0	%	$	6,750,298		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	648,065		13.5	%	$	616,559		14.0	%	$	599,727		13.2	%	$	680,892		14.4	%	$	801,827		15.5	%
AA	2,463,789			51.4	%	2,308,313			52.4	%	2,333,364			51.3	%	2,423,919			51.1	%	2,685,089			51.8	%
A	778,552			16.3	%	732,659			16.6	%	791,902			17.4	%	844,698			17.8	%	936,264			18.1	%
BBB	330,481			6.9	%	296,386			6.7	%	305,241			6.7	%	322,527			6.8	%	336,207			6.5	%
Non-investment grade and not rated	568,880			11.9	%	452,948			10.3	%	521,664			11.4	%	471,574			9.9	%	419,726			8.1	%
Total fixed maturity investments, at fair value	$	4,789,767		100.0	%	$	4,406,865		100.0	%	$	4,551,898		100.0	%	$	4,743,610		100.0	%	$	5,179,113		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	166,583		3.5	%	$	200,706		4.6	%	$	215,538		4.7	%	$	427,821		9.0	%	$	417,722		8.1	%
Due after one through five years	2,877,644			60.1	%	2,578,703			58.5	%	2,633,817			57.9	%	2,389,856			50.4	%	2,628,069			50.7	%
Due after five through ten years	630,582			13.2	%	530,724			12.0	%	569,929			12.5	%	711,844			15.0	%	671,408			13.0	%
Due after ten years	115,220			2.4	%	115,929			2.6	%	142,395			3.1	%	138,099			2.9	%	143,351			2.8	%
Mortgage-backed securities	984,990			20.5	%	967,697			22.0	%	977,856			21.5	%	1,063,036			22.4	%	1,304,933			25.2	%
Asset-backed securities	14,748			0.3	%	13,106			0.3	%	12,363			0.3	%	12,954			0.3	%	13,630			0.2	%
Total fixed maturity investments, at fair value	$	4,789,767		100.0	%	$	4,406,865		100.0	%	$	4,551,898		100.0	%	$	4,743,610		100.0	%	$	5,179,113		100.0	%

Weighted average effective yield of fixed maturities and short term investments	1.7		%			1.8		%			1.4		%			1.4		%			1.4		%
Average duration of fixed maturities and short term investments	2.1					2.4					2.3					2.2					2.2



	13



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
TYPE OF INVESTMENT
Private equity partnerships	$	327,245		$	335,732		$	345,666		$	344,669		$	359,880
Catastrophe bonds	102,141			81,042			75,019			91,310			106,319
Senior secured bank loan funds	19,395			178,040			204,114			202,929			279,839
Hedge funds	4,022			4,683			5,219			5,803			5,962
Miscellaneous other investments	47,967			29,899			22,784			—			—
Total other investments, at fair value	$	500,770		$	629,396		$	652,802		$	644,711		$	752,000

TYPE OF INVESTMENT
Private equity partnerships	65.3		%	53.3		%	52.9		%	53.4		%	47.9		%
Catastrophe bonds	20.4		%	12.9		%	11.5		%	14.2		%	14.1		%
Senior secured bank loan funds	3.9		%	28.3		%	31.3		%	31.5		%	37.2		%
Hedge funds	0.8		%	0.7		%	0.8		%	0.9		%	0.8		%
Miscellaneous other investments	9.6		%	4.8		%	3.5		%	—		%	—		%
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															Nine months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			September 30, 2013			September 30, 2012
Fixed maturity investments	$	24,423		$	22,839		$	23,886		$	27,396		$	25,741		$	71,148		$	75,934
Short term investments	563			426			329			83			236			1,318			1,006
Equity investments trading	706			344			—			554			181			1,050			532
Other investments
Hedge funds and private equity investments	14,179			2,237			14,880			8,192			10,383			31,296			28,443
Other	22,735			3,144			6,995			5,902			12,735			32,874			29,295
Cash and cash equivalents	47			9			52			51			63			108			143
	62,653			28,999			46,142			42,178			49,339			137,794			135,353
Investment expenses	(2,722		)	(2,836		)	(2,940		)	(3,178		)	(3,204		)	(8,498		)	(8,628		)
Net investment income	59,931			26,163			43,202			39,000			46,135			129,296			126,725

Gross realized gains	8,813			17,548			34,076			22,152			19,891			60,437			75,635
Gross realized losses	(22,241		)	(14,601		)	(4,554		)	(3,650		)	(2,811		)	(41,396		)	(13,055		)
Net realized (losses) gains on fixed maturity investments	(13,428		)	2,947			29,522			18,502			17,080			19,041			62,580
Net unrealized gains (losses) on fixed maturity investments trading	33,405			(95,680		)	(23,063		)	(8,454		)	56,936			(85,338		)	83,735
Net realized and unrealized gains (losses) on investments-related derivatives	3,557			20,510			421			1,522			(955		)	24,488			(2,390		)
Net realized gains on equity investments trading	560			74			17,561			—			—			18,195			—
Net unrealized gains (losses) on equity investments trading	4,378			2,620			(10,172		)	569			2,236			(3,174		)	7,057
Net realized and unrealized gains (losses) on investments	28,472			(69,529		)	14,269			12,139			75,297			(26,788		)	150,982
Total other-than-temporary impairments	—			—			—			—			—			—			(395		)
Portion recognized in other comprehensive income, before taxes	—			—			—			—			—			—			52
Net other-than-temporary impairments	—			—			—			—			—			—			(343		)
Change in net unrealized gains on fixed maturity investments available for sale	(252		)	(1,239		)	(6,067		)	(784		)	1,326			(7,558		)	1,398
Total investment result	$	88,151		$	(44,605	)	$	51,404		$	50,355		$	122,758		$	94,950		$	278,762



	15



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
September 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	$	925,329	$	925,329		14.4	%	0.1	%	$	901,979		$	18,204		$	2,605		$	2,541		$	—		$	—
			100.0		%					97.4		%	2.0		%	0.3		%	0.3		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,324,120		1,322,367			20.5	%	0.8	%	—			1,322,367			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	188,625		187,402			2.9	%	1.1	%	—			187,402			—			—			—			—
Other agencies	9,756		9,645			0.2	%	2.0	%	—			9,645			—			—			—			—
Total agencies	198,381		197,047			3.1	%	1.2	%	—			197,047			—			—			—			—
Non-U.S. government (Sovereign debt)	351,713		353,810			5.5	%	1.6	%	228,630			78,159			8,140			31,681			6,896			304
Non-U.S. government-backed corporate	226,471		229,687			3.6	%	1.0	%	184,737			42,632			1,733			—			585			—
Corporate	1,675,267		1,687,118			26.2	%	2.9	%	33,707			272,786			723,962			268,694			364,315			23,654
Mortgage-backed
Residential mortgage-backed
Agency securities	435,267		436,024			6.8	%	2.5	%	—			436,024			—			—			—			—
Non-agency securities - Alt A	118,144		127,360			2.0	%	5.1	%	2,691			7,093			19,635			12,738			82,438			2,765
Non-agency securities - Prime	113,226		118,803			1.8	%	3.8	%	11,706			6,170			7,891			11,313			78,726			2,997
Total residential mortgage-backed	666,637		682,187			10.6	%	3.2	%	14,397			449,287			27,526			24,051			161,164			5,762
Commercial mortgage-backed	299,436		302,803			4.7	%	2.1	%	171,846			101,511			17,191			6,055			—			6,200
Total mortgage-backed	966,073		984,990			15.3	%	2.9	%	186,243			550,798			44,717			30,106			161,164			11,962
Asset-backed
Credit cards	4,270		4,402			0.1	%	2.6	%	4,402			—			—			—			—			—
Auto loans	3,209		3,312			0.1	%	0.9	%	3,312			—			—			—			—			—
Student loans	3,003		3,031			—	%	1.3	%	3,031			—			—			—			—			—
Other	3,751		4,003			0.1	%	2.2	%	4,003			—			—			—			—			—
Total asset-backed	14,233		14,748			0.3	%	1.8	%	14,748			—			—			—			—			—
Total securitized assets	980,306		999,738			15.6	%	2.9	%	200,991			550,798			44,717			30,106			161,164			11,962
Total fixed maturity investments	4,756,258		4,789,767			74.5	%	2.0	%	648,065			2,463,789			778,552			330,481			532,960			35,920
			100.0		%					13.5		%	51.4		%	16.3		%	6.9		%	11.1		%	0.8		%
Equity investments trading			113,986			1.8	%			—			—			—			—			—			113,986
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			327,245			5.1	%			—			—			—			—			—			327,245
Catastrophe bonds			102,141			1.6	%			—			—			—			—			102,141			—
Senior secured bank loan funds			19,395			0.3	%			—			—			—			—			—			19,395
Hedge funds			4,022			0.1	%			—			—			—			—			—			4,022
Miscellaneous other investments			47,967			0.7	%			—			—			—			—			—			47,967
Total other investments			500,770			7.8	%			—			—			—			—			102,141			398,629
			100.0		%					—		%	—		%	—		%	—		%	20.4		%	79.6		%
Investments in other ventures			97,660			1.5	%			—			—			—			—			—			97,660
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,427,512		100.0	%			$	1,550,044		$	2,481,993		$	781,157		$	333,022		$	635,101		$	646,195
			100.0		%					24.1		%	38.6		%	12.1		%	5.2		%	9.9		%	10.1		%

(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

	September 30, 2013				December 31, 2012				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	925,329	14.4	%	$	821,163	12.9	%	$	104,166		1.5	%
Fixed maturity investments
U.S. treasuries	1,322,367		20.5	%	1,254,547		19.8	%	67,820			0.7	%
Agencies
Fannie Mae & Freddie Mac	187,402		2.9	%	292,098		4.6	%	(104,696		)	(1.7	)%
Other agencies	9,645		0.2	%	23,056		0.4	%	(13,411		)	(0.2	)%
Total agencies	197,047		3.1	%	315,154		5.0	%	(118,107		)	(1.9	)%
Non-U.S. government (Sovereign debt)	353,810		5.5	%	133,198		2.1	%	220,612			3.4	%
Non-U.S. government-backed corporate	229,687		3.6	%	349,514		5.5	%	(119,827		)	(1.9	)%
Corporate	1,687,118		26.2	%	1,615,207		25.4	%	71,911			0.8	%
Mortgage-backed
Residential mortgage-backed
Agency securities	436,024		6.8	%	408,531		6.4	%	27,493			0.4	%
Non-agency securities - Prime	118,803		1.8	%	131,819		2.1	%	(13,016		)	(0.3	)%
Non-agency securities - Alt A	127,360		2.0	%	116,520		1.8	%	10,840			0.2	%
Total residential mortgage-backed	682,187		10.6	%	656,870		10.3	%	25,317			0.3	%
Commercial mortgage-backed	302,803		4.7	%	406,166		6.4	%	(103,363		)	(1.7	)%
Total mortgage-backed	984,990		15.3	%	1,063,036		16.7	%	(78,046		)	(1.4	)%
Asset-backed
Credit cards	4,402		0.1	%	4,623		0.1	%	(221		)	—	%
Auto loans	3,312		0.1	%	2,238		—	%	1,074			0.1	%
Student loans	3,031		—	%	1,650		—	%	1,381			—	%
Other	4,003		0.1	%	4,443		0.1	%	(440		)	—	%
Total asset-backed	14,748		0.3	%	12,954		0.2	%	1,794			0.1	%
Total securitized assets	999,738		15.6	%	1,075,990		16.9	%	(76,252		)	(1.3	)%
Total fixed maturity investments	4,789,767		74.5	%	4,743,610		74.7	%	46,157			(0.2	)%
Equity investments trading	113,986		1.8	%	58,186		0.9	%	55,800			0.9	%
Other investments
Private equity partnerships	327,245		5.1	%	344,669		5.4	%	(17,424		)	(0.3	)%
Senior secured bank loan funds	19,395		0.3	%	202,929		3.2	%	(183,534		)	(2.9	)%
Catastrophe bonds	102,141		1.6	%	91,310		1.4	%	10,831			0.2	%
Hedge funds	4,022		0.1	%	5,803		0.1	%	(1,781		)	—	%
Miscellaneous other investments	47,967		0.7	%	—		—	%	47,967			0.7	%
Total other investments	500,770		7.8	%	644,711		10.1	%	(143,941		)	(2.3	)%
Investments in other ventures	97,660		1.5	%	87,724		1.4	%	9,936			0.1	%
Total managed investment portfolio	$	6,427,512	100.0	%	$	6,355,394	100.0	%	$	72,118



	17



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	September 30, 2013
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	656,360	$	28,684	$	95,385	$	439,173	$	46,542	$	29,480	$	17,096
Industrial, utilities and energy	405,825		4,224		97,744		119,347		96,984		86,332		1,194
Communications and technology	237,366		—		20,398		64,585		52,883		95,474		4,026
Consumer	206,703		—		16,756		49,938		39,054		100,106		849
Health care	102,948		—		35,964		26,587		7,562		32,835		—
Basic materials	65,430		—		293		20,736		23,824		20,088		489
Other	12,486		799		6,246		3,596		1,845		—		—
Total corporate fixed maturity investments, at fair value (1)	$	1,687,118	$	33,707	$	272,786	$	723,962	$	268,694	$	364,315	$	23,654

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

	September 30, 2013
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	59,399	$	951	$	58,448
General Electric Company	56,959		—		56,959
Bank of America Corp.	53,023		—		53,023
Citigroup Inc.	51,681		—		51,681
Goldman Sachs Group Inc.	51,340		—		51,340
Morgan Stanley	35,879		—		35,879
HSBC Holdings PLC	32,853		142		32,711
Ford Motor Co.	28,683		—		28,683
Verizon Communications Inc.	26,461		—		26,461
Wells Fargo & Co.	22,915		—		22,915
Total (2)	$	419,193	$	1,093	$	418,100


(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
September 30, 2013
Catastrophe	$	465,221	$	247,282	$	211,040	$	923,543
Specialty	112,003		82,795		306,792		501,590
Total Reinsurance	577,224		330,077		517,832		1,425,133
Lloyd's	39,316		11,518		148,149		198,983
Other	17,846		2,214		39,533		59,593
Total	$	634,386	$	343,809	$	705,514	$	1,683,709

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



	19



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended September 30, 2013									Three months ended September 30, 2012
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,710,408		$	175,103		$	1,535,305		$	1,801,247		$	198,777		$	1,602,470
Incurred losses and loss expenses
Current year	75,472			7,318			68,154			99,427			5,888			93,539
Prior years	(8,760		)	(1,534		)	(7,226		)	(16,238		)	4,086			(20,324		)
Total incurred losses and loss expenses	66,712			5,784			60,928			83,189			9,974			73,215
Paid losses and loss expenses
Current year	9,355			1,934			7,421			20,395			33			20,362
Prior years	84,056			29,752			54,304			81,361			(772		)	82,133
Total paid losses and loss expenses	93,411			31,686			61,725			101,756			(739		)	102,495
Reserve for losses and loss expenses, end of period	$	1,683,709		$	149,201		$	1,534,508		$	1,782,680		$	209,490		$	1,573,190

	Nine months ended September 30, 2013									Nine months ended September 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	292,010			28,167			263,843			282,824			22,864			259,960
Prior years	(74,305		)	(2,603		)	(71,702		)	(114,252		)	7,390			(121,642		)
Total incurred losses and loss expenses	217,705			25,564			192,141			168,572			30,254			138,318
Paid losses and loss expenses
Current year	32,484			1,934			30,550			39,332			33			39,299
Prior years	380,889			66,941			313,948			338,914			224,760			114,154
Total paid losses and loss expenses	413,373			68,875			344,498			378,246			224,793			153,453
Reserve for losses and loss expenses, end of period	$	1,683,709		$	149,201		$	1,534,508		$	1,782,680		$	209,490		$	1,573,190



	20



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	179,740		$	26,806		$	190,474		$	41,655		$	180,660
Amount allocated to participating common shareholders (1)	(2,539		)	(376		)	(2,918		)	(640		)	(2,787		)
	$	177,201		$	26,430		$	187,556		$	41,015		$	177,873
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,330			43,372			43,461			46,442			48,394
Per common share equivalents of employee stock options and restricted shares	805			871			829			855			725
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,135			44,243			44,290			47,297			49,119

Basic income per RenaissanceRe common share	$	4.09		$	0.61		$	4.32		$	0.88		$	3.67
Diluted income per RenaissanceRe common share	$	4.01		$	0.60		$	4.23		$	0.87		$	3.62

	Nine months ended
(common shares in thousands)	September 30, 2013			September 30, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	397,020		$	524,359
Amount allocated to participating common shareholders (1)	(5,740		)	(8,395		)
	$	391,280		$	515,964
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,412			49,683
Per common share equivalents of employee stock options and restricted shares	835			687
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	44,247			50,370

Basic income per RenaissanceRe common share	$	9.01		$	10.38
Diluted income per RenaissanceRe common share (2)	$	8.84		$	10.24


(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
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Tower Hill Companies	$	3,885		$	1,815		$	1,581		$	174		$	1,930
Top Layer Re	3,608			2,728			4,126			5,972			4,970
Other	(180		)	(771		)	128			466			(2,590		)
Total equity in earnings of other ventures	$	7,313		$	3,772		$	5,835		$	6,612		$	4,310

	Nine months ended
	September 30, 2013			September 30, 2012
Top Layer Re	$	10,462		$	14,820
Tower Hill Companies	7,281			4,791
Other	(823		)	(2,985		)
Total equity in earnings of other ventures	$	16,920		$	16,626

Other (Loss) Income

	Three months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	30		$	(642	)	$	(1,931	)	$	(3,255	)	$	(3,696	)
Other items	621			(486		)	222			405			2,643
Total other income (loss)	$	651		$	(1,128	)	$	(1,709	)	$	(2,850	)	$	(1,053	)

	Nine months ended
	September 30, 2013			September 30, 2012
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	(2,543	)	$	(1,393	)
Other items	357			2,123
Total other (loss) income	$	(2,186	)	$	730



	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 from continuing and discontinued operations, net other-than-temporary impairments from continuing operations, 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															Nine months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			September 30, 2013			September 30, 2012
Net income available to RenaissanceRe common shareholders	$	179,740		$	26,806		$	190,474		$	41,655		$	180,660		$	397,020		$	524,359
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(28,472		)	69,529			(14,269		)	(12,139		)	(75,297		)	26,788			(150,982		)
Adjustment for net realized and unrealized (gains) losses on investments from discontinued operations	5			15			(2		)	(1		)	(6		)	18			(2		)
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—			—			—			1,523			(955		)	—			(2,390		)
Adjustment for net other-than-temporary impairments from continuing operations	—			—			—			—			—			—			343
Operating income available to RenaissanceRe common shareholders	$	151,273		$	96,350		$	176,203		$	31,038		$	104,402		$	423,826		$	371,328

Net income available to RenaissanceRe common shareholders per common share - diluted	$	4.01		$	0.60		$	4.23		$	0.87		$	3.62		$	8.84		$	10.24
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(0.65		)	1.57			(0.32		)	(0.25		)	(1.53		)	0.61			(3.00		)
Adjustment for net realized and unrealized (gains) losses on investments from discontinued operations	—			—			—			—			—			—			—
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—			—			—			0.03			(0.02		)	—			(0.04		)
Adjustment for net other-than-temporary impairments from continuing operations	—			—			—			—			—			—			0.01
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.36		$	2.17		$	3.91		$	0.65		$	2.07		$	9.45		$	7.21

Return on average common equity - annualized	22.2		%	3.4		%	24.3		%	5.2		%	22.0		%	16.6		%	21.7		%
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(3.5		)%	8.8		%	(1.8		)%	(1.5		)%	(9.2		)%	1.1		%	(6.2		)%
Adjustment for net realized and unrealized (gains) losses on investments from discontinued operations	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—		%	—		%	—		%	0.2		%	(0.1		)%	—		%	(0.1		)%
Adjustment for net other-than-temporary impairments from continuing operations	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	18.7		%	12.2		%	22.5		%	3.9		%	12.7		%	17.7		%	15.4		%



	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
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Book value per common share	$	74.58		$	71.38		$	71.07		$	68.14		$	68.20
Adjustment for goodwill and other intangibles (1)	(0.84		)	(0.85		)	(0.85		)	(0.86		)	(0.85		)
Tangible book value per common share	73.74			70.53			70.22			67.28			67.35
Adjustment for accumulated dividends	12.84			12.56			12.28			12.00			11.73
Tangible book value per common share plus accumulated dividends	$	86.58		$	83.09		$	82.50		$	79.28		$	79.08

Quarterly change in book value per common share	4.5		%	0.4		%	4.3		%	(0.1		)%	4.8		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	4.9		%	0.8		%	4.8		%	0.3		%	5.3		%
Year to date change in book value per common share	9.5		%										15.1		%
Year to date change in tangible book value per common share plus change in accumulated dividends	10.9		%										16.6		%


(1)	At September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, goodwill and other intangibles included $28.5 million, $29.3 million, $29.3 million, $30.4 million and $32.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	25

Form: 8-K

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