February 4, 2014 - 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.	Gross Premiums Written and Managed Premiums	6 - 7
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	8 - 9

Balance Sheets
a.	Summary Consolidated Balance Sheets	10

Investments
a.	Investment Portfolio - Composition	11
b.	Summary of Other Investments	12
c.	Total Investment Result	13
d.	Investment Portfolio - Effective Yield and Credit Rating	14
e.	Investment Portfolio - Change in Portfolio Composition	15
f.	Fixed Maturity Investments - Corporate Sector	16
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	16

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	17
b.	Paid to Incurred Analysis	18

Other Items
a.	Earnings per Share	19
b.	Equity in Earnings of Other Ventures	20
c.	Other (Loss) Income	20
d.	Ratings	21

Comments on Regulation G		22 - 24

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 22 through 24 for Comments on Regulation G.

As of December 31, 2013, the Company now has three reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”). Financial information related to the Catastrophe Reinsurance segment and Specialty Reinsurance segment was previously provided in the Company's financial supplements and aggregated together as the Reinsurance segment for GAAP reporting in accordance with FASB ASC Topic Segment Reporting. All prior periods presented have been reclassified to conform to this new presentation.

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						Twelve months ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Highlights
Gross premiums written	$	84,122		$	83,745		$	1,605,412		$	1,551,591
Net premiums written	80,784			77,417			1,203,947			1,102,657
Net premiums earned	256,765			283,651			1,114,626			1,069,355
Net claims and claim expenses incurred	(20,854		)	186,893			171,287			325,211
Underwriting income	188,935			4,277			626,733			451,451
Net investment income	78,732			39,000			208,028			165,725
Net income available to RenaissanceRe common shareholders	268,656			41,655			665,676			566,014
Net realized and unrealized gains on investments	61,864			12,139			35,076			163,121
Net other-than-temporary impairments	—			—			—			(343		)
Operating income available to RenaissanceRe common shareholders (1)	206,792			31,038			630,618			402,366
Total assets	$	8,179,131		$	7,928,628		$	8,179,131		$	7,928,628
Total shareholders' equity attributable to RenaissanceRe	$	3,904,384		$	3,503,065		$	3,904,384		$	3,503,065
Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	6.05		$	0.87		$	14.87		$	11.23
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.64		$	0.65		$	14.08		$	7.93
Dividends per common share	$	0.28		$	0.27		$	1.12		$	1.08
Book value per common share	$	80.29		$	68.14		$	80.29		$	68.14
Tangible book value per common share (1)	$	79.44		$	67.28		$	79.44		$	67.28
Tangible book value per common share plus accumulated dividends (1)	$	92.56		$	79.28		$	92.56		$	79.28
Change in tangible book value per common share plus change in accumulated dividends (1)	8.1		%	0.3		%	19.7		%	17.0		%
Financial ratios
Net claims and claim expense ratio - current accident year	20.0		%	78.7		%	28.3		%	45.2		%
Net claims and claim expense ratio - prior accident years	(28.1		)%	(12.8		)%	(12.9		)%	(14.8		)%
Net claims and claim expense ratio - calendar year	(8.1		)%	65.9		%	15.4		%	30.4		%
Underwriting expense ratio	34.5		%	32.6		%	28.4		%	27.4		%
Combined ratio	26.4		%	98.5		%	43.8		%	57.8		%
Operating return on average common equity - annualized (1)	24.3		%	3.9		%	19.4		%	12.6		%


(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
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Revenues
Gross premiums written	$	84,122		$	182,649		$	703,223		$	635,418		$	83,745
Net premiums written	$	80,784		$	127,241		$	559,109		$	436,813		$	77,417
Decrease (increase) in unearned premiums	175,981			167,476			(267,220		)	(165,558		)	206,234
Net premiums earned	256,765			294,717			291,889			271,255			283,651
Net investment income	78,732			59,931			26,163			43,202			39,000
Net foreign exchange gains (losses)	1,747			488			(932		)	614			1,851
Equity in earnings of other ventures	6,274			7,313			3,772			5,835			6,612
Other (loss) income	(173		)	651			(1,128		)	(1,709		)	(2,850		)
Net realized and unrealized gains (losses) on investments	61,864			28,472			(69,529		)	14,269			12,139
Total revenues	405,209			391,572			250,235			333,466			340,403
Expenses
Net claims and claim expenses incurred	(20,854		)	60,928			103,962			27,251			186,893
Acquisition expenses	31,026			37,699			31,767			25,009			39,385
Operational expenses	57,658			44,672			42,789			45,986			53,096
Corporate expenses	3,304			4,307			21,529			4,482			3,889
Interest expense	4,297			4,298			4,300			5,034			5,772
Total expenses	75,431			151,904			204,347			107,762			289,035
Income from continuing operations before taxes	329,778			239,668			45,888			225,704			51,368
Income tax expense	(1,336		)	(223		)	(11		)	(122		)	(405		)
Income from continuing operations	328,442			239,445			45,877			225,582			50,963
(Loss) income from discontinued operations	—			(9,779		)	2,427			9,774			9,029
Net income	328,442			229,666			48,304			235,356			59,992
Net income attributable to noncontrolling interests	(54,191		)	(44,331		)	(14,015		)	(38,607		)	(9,692		)
Net income attributable to RenaissanceRe	274,251			185,335			34,289			196,749			50,300
Dividends on preference shares	(5,595		)	(5,595		)	(7,483		)	(6,275		)	(8,645		)
Net income available to RenaissanceRe common shareholders	$	268,656		$	179,740		$	26,806		$	190,474		$	41,655
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	6.14		$	4.32		$	0.55		$	4.10		$	0.69
(Loss) income from discontinued operations (attributable) available 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	$	6.14		$	4.09		$	0.61		$	4.32		$	0.88
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	6.05			4.23			0.55			4.01			0.68
(Loss) income from discontinued operations (attributable) available 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	$	6.05		$	4.01		$	0.60		$	4.23		$	0.87
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.64		$	3.36		$	2.17		$	3.92		$	0.65
Operating return on average common equity - annualized (1)	24.3		%	18.7		%	12.2		%	22.5		%	3.9		%


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



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Twelve months ended
	December 31, 2013			December 31, 2012
Revenues
Gross premiums written	$	1,605,412		$	1,551,591
Net premiums written	$	1,203,947		$	1,102,657
Increase in unearned premiums	(89,321		)	(33,302		)
Net premiums earned	1,114,626			1,069,355
Net investment income	208,028			165,725
Net foreign exchange gains	1,917			5,319
Equity in earnings of other ventures	23,194			23,238
Other loss	(2,359		)	(2,120		)
Net realized and unrealized gains on investments	35,076			163,121
Total other-than-temporary impairments	—			(395		)
Portion recognized in other comprehensive income, before taxes	—			52
Net other-than-temporary impairments	—			(343		)
Total revenues	1,380,482			1,424,295
Expenses
Net claims and claim expenses incurred	171,287			325,211
Acquisition expenses	125,501			113,542
Operational expenses	191,105			179,151
Corporate expenses	33,622			16,456
Interest expense	17,929			23,097
Total expenses	539,444			657,457
Income from continuing operations before taxes	841,038			766,838
Income tax expense	(1,692		)	(1,413		)
Income from continuing operations	839,346			765,425
Income (loss) from discontinued operations	2,422			(16,476		)
Net income	841,768			748,949
Net income attributable to noncontrolling interests	(151,144		)	(148,040		)
Net income attributable to RenaissanceRe	690,624			600,909
Dividends on preference shares	(24,948		)	(34,895		)
Net income available to RenaissanceRe common shareholders	$	665,676		$	566,014
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	15.08		$	11.74
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.06			(0.34		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	15.14		$	11.40
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	14.82			$	11.56
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.05			(0.33		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	14.87		$	11.23
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	14.08		$	7.93
Operating return on average common equity - annualized (1)	19.4		%	12.6		%


(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 December 31, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	(17,859	)	$	58,464		$	43,517		$	—		$	84,122
Net premiums written	$	(21,507	)	$	59,978		$	42,116		$	197		$	80,784
Net premiums earned	$	152,155		$	55,246		$	49,167		$	197		$	256,765
Net claims and claim expenses incurred	(64,612		)	13,513			27,454			2,791			(20,854		)
Acquisition expenses	11,295			9,399			10,485			(153		)	31,026
Operational expenses	33,843			9,322			14,347			146			57,658
Underwriting income (loss)	$	171,629		$	23,012		$	(3,119	)	$	(2,587	)	$	188,935

Net claims and claim expenses incurred - current accident year	$	(5,641	)	$	24,364		$	32,675		$	—		$	51,398
Net claims and claim expenses incurred - prior accident years	(58,971		)	(10,851		)	(5,221		)	2,791			(72,252		)
Net claims and claim expenses incurred - total	$	(64,612	)	$	13,513		$	27,454		$	2,791		$	(20,854	)

Net claims and claim expense ratio - current accident year	(3.7		)%	44.1		%	66.5		%	—		%	20.0		%
Net claims and claim expense ratio - prior accident years	(38.8		)%	(19.6		)%	(10.7		)%	1,416.8		%	(28.1		)%
Net claims and claim expense ratio - calendar year	(42.5		)%	24.5		%	55.8		%	1,416.8		%	(8.1		)%
Underwriting expense ratio	29.7		%	33.8		%	50.5		%	(3.6		)%	34.5		%
Combined ratio	(12.8		)%	58.3		%	106.3		%	1,413.2		%	26.4		%

	Three months ended December 31, 2012
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	23,524		$	34,132		$	26,151		$	(62	)	$	83,745
Net premiums written	$	18,351		$	33,065		$	25,702		$	299		$	77,417
Net premiums earned	$	205,240		$	42,710		$	35,402		$	299		$	283,651
Net claims and claim expenses incurred	137,429			13,701			29,950			5,813			186,893
Acquisition expenses	25,229			7,520			6,635			1			39,385
Operational expenses	31,053			8,636			13,285			122			53,096
Underwriting income (loss)	$	11,529		$	12,853		$	(14,468	)	$	(5,637	)	$	4,277

Net claims and claim expenses incurred - current accident year	$	161,913		$	28,560		$	32,747		$	—		$	223,220
Net claims and claim expenses incurred - prior accident years	(24,484		)	(14,859		)	(2,797		)	5,813			(36,327		)
Net claims and claim expenses incurred - total	$	137,429		$	13,701		$	29,950		$	5,813		$	186,893

Net claims and claim expense ratio - current accident year	78.9		%	66.9		%	92.5		%	—		%	78.7		%
Net claims and claim expense ratio - prior accident years	(11.9		)%	(34.8		)%	(7.9		)%	1,944.1		%	(12.8		)%
Net claims and claim expense ratio - calendar year	67.0		%	32.1		%	84.6		%	1,944.1		%	65.9		%
Underwriting expense ratio	27.4		%	37.8		%	56.3		%	41.2		%	32.6		%
Combined ratio	94.4		%	69.9		%	140.9		%	1,985.3		%	98.5		%

(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million for the three months ended December 31, 2012.



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Twelve months ended December 31, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	1,120,379		$	259,489		$	226,532		$	(988	)	$	1,605,412
Net premiums written	$	753,078		$	248,562		$	201,697		$	610		$	1,203,947
Net premiums earned	$	723,705		$	214,306		$	176,029		$	586		$	1,114,626
Net claims and claim expenses incurred	7,908			67,236			95,693			450			171,287
Acquisition expenses	49,161			41,538			34,823			(21		)	125,501
Operational expenses	108,130			31,780			50,540			655			191,105
Underwriting income (loss)	$	558,506		$	73,752		$	(5,027	)	$	(498	)	$	626,733

Net claims and claim expenses incurred - current accident year	$	109,945		$	101,347		$	103,949		$	—		$	315,241
Net claims and claim expenses incurred - prior accident years	(102,037		)	(34,111		)	(8,256		)	450			(143,954		)
Net claims and claim expenses incurred - total	$	7,908		$	67,236		$	95,693		$	450		$	171,287

Net claims and claim expense ratio - current accident year	15.2		%	47.3		%	59.1		%	—		%	28.3		%
Net claims and claim expense ratio - prior accident years	(14.1		)%	(15.9		)%	(4.7		)%	76.8		%	(12.9		)%
Net claims and claim expense ratio - calendar year	1.1		%	31.4		%	54.4		%	76.8		%	15.4		%
Underwriting expense ratio	21.7		%	34.2		%	48.5		%	108.2		%	28.4		%
Combined ratio	22.8		%	65.6		%	102.9		%	185.0		%	43.8		%

	Twelve months ended December 31, 2012
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	1,182,207		$	209,887		$	159,987		$	(490	)	$	1,551,591
Net premiums written	$	766,035		$	201,552		$	135,131		$	(61	)	$	1,102,657
Net premiums earned	$	781,738		$	164,685		$	122,968		$	(36	)	$	1,069,355
Net claims and claim expenses incurred	165,209			76,813			80,242			2,947			325,211
Acquisition expenses	66,665			23,826			22,864			187			113,542
Operational expenses	103,811			29,124			45,680			536			179,151
Underwriting income (loss)	$	446,053		$	34,922		$	(25,818	)	$	(3,706	)	$	451,451

Net claims and claim expenses incurred - current accident year	$	275,777		$	110,959		$	96,444		$	—		$	483,180
Net claims and claim expenses incurred - prior accident years	(110,568		)	(34,146		)	(16,202		)	2,947			(157,969		)
Net claims and claim expenses incurred - total	$	165,209		$	76,813		$	80,242		$	2,947		$	325,211

Net claims and claim expense ratio - current accident year	35.3		%	67.4		%	78.4		%	—		%	45.2		%
Net claims and claim expense ratio - prior accident years	(14.2		)%	(20.8		)%	(13.1		)%	(8,186.1		)%	(14.8		)%
Net claims and claim expense ratio - calendar year	21.1		%	46.6		%	65.3		%	(8,186.1		)%	30.4		%
Underwriting expense ratio	21.8		%	32.2		%	55.7		%	(2,008.3		)%	27.4		%
Combined ratio	42.9		%	78.8		%	121.0		%	(10,194.4		)%	57.8		%


(1)	Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million for the twelve months ended December 31, 2013 (2012 - $0.5 million).



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	December 31, 2013			September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	(4,041	)	$	55,849	$	368,077	$	310,002	$	13,743
DaVinci catastrophe premiums	(13,818		)	26,690		208,826		168,794		9,781
Total Catastrophe Reinsurance segment gross premiums written	$	(17,859	)	$	82,539	$	576,903	$	478,796	$	23,524

Specialty Reinsurance Segment
Renaissance specialty premiums	$	58,014		$	60,156	$	56,567	$	81,617	$	34,132
DaVinci specialty premiums	450			—		1,972		713		—
Total Specialty Reinsurance segment gross premiums written	$	58,464		$	60,156	$	58,539	$	82,330	$	34,132

Lloyd's Segment
Specialty	$	43,154		$	36,545	$	53,207	$	55,757	$	24,390
Catastrophe	363			3,409		15,562		18,535		1,761
Total Lloyd's segment gross premiums written	$	43,517		$	39,954	$	68,769	$	74,292	$	26,151

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	(17,859	)	$	82,539	$	576,903	$	478,796	$	23,524
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	3,694			1,963		25,682		32,382		1,781
Catastrophe premiums written in the Lloyd's segment	363			3,409		15,562		18,535		1,761
Total managed catastrophe premiums (1)	$	(13,802	)	$	87,911	$	618,147	$	529,713	$	27,066

(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.



	6



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Twelve months ended
	December 31, 2013		December 31, 2012
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	729,887	$	733,963
DaVinci catastrophe premiums	390,492		448,244
Total Catastrophe Reinsurance segment gross premiums written	$	1,120,379	$	1,182,207

Specialty Reinsurance Segment
Renaissance specialty premiums	$	256,354	$	207,387
DaVinci specialty premiums	3,135		2,500
Total Specialty Reinsurance segment gross premiums written	$	259,489	$	209,887

Lloyd's Segment
Specialty	$	188,663	$	123,099
Catastrophe	37,869		36,888
Total Lloyd's segment gross premiums written	$	226,532	$	159,987

Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,120,379	$	1,182,207
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	63,721		72,648
Catastrophe premiums written in the Lloyd's segment	37,869		36,888
Total managed catastrophe premiums (1)	$	1,221,969	$	1,291,743

(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.



	7



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Revenues
Gross premiums written	$	(13,368	)	$	26,690		$	210,798		$	169,507		$	9,781
Net premiums written	$	(15,415	)	$	14,302		$	203,698		$	137,522		$	7,012
Decrease (increase) in unearned premiums	88,096			73,078			(107,972		)	(45,906		)	89,922
Net premiums earned	72,681			87,380			95,726			91,616			96,934
Net investment income	7,164			7,263			6,283			7,681			7,791
Net foreign exchange gains (losses)	145			(380		)	526			130			804
Other loss	—			—			(169		)	(548		)	(1,161		)
Net realized and unrealized gains (losses) on investments	1,942			8,708			(24,529		)	(1,718		)	1,035
Total revenues	81,932			102,971			77,837			97,161			105,403
Expenses
Net claims and claim expenses incurred	(28,625		)	3,999			27,283			3,710			66,994
Acquisition expenses	26,108			22,708			18,926			24,274			14,528
Operational and corporate expenses	9,392			9,967			9,812			10,400			10,291
Interest expense	937			943			946			952			1,833
Total expenses	7,812			37,617			56,967			39,336			93,646
Net income	74,120			65,354			20,870			57,825			11,757
Net income attributable to redeemable noncontrolling interest	(150		)	(133		)	(43		)	(118		)	(28		)
Net income available to DaVinciRe common shareholders	$	73,970		$	65,221		$	20,827		$	57,707		$	11,729

Net claims and claim expenses incurred - current accident year	$	(4,023	)	$	8,438		$	34,523		$	10,283		$	76,030
Net claims and claim expenses incurred - prior accident years	(24,602		)	(4,439		)	(7,240		)	(6,573		)	(9,036		)
Net claims and claim expenses incurred - total	$	(28,625	)	$	3,999		$	27,283		$	3,710		$	66,994

Net claims and claim expense ratio - current accident year	(5.5		)%	9.7		%	36.1		%	11.2		%	78.4		%
Net claims and claim expense ratio - prior accident years	(33.9		)%	(5.1		)%	(7.6		)%	(7.2		)%	(9.3		)%
Net claims and claim expense ratio - calendar year	(39.4		)%	4.6		%	28.5		%	4.0		%	69.1		%
Underwriting expense ratio	48.9		%	37.4		%	30.0		%	37.9		%	25.6		%
Combined ratio	9.5		%	42.0		%	58.5		%	41.9		%	94.7		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Twelve months ended
	December 31, 2013			December 31, 2012
Revenues
Gross premiums written	$	393,627		$	450,744
Net premiums written	$	340,107		$	365,334
Decrease (increase) in unearned premiums	7,296			(1,652		)
Net premiums earned	347,403			363,682
Net investment income	28,391			33,950
Net foreign exchange gains	421			3,460
Other loss	(717		)	(4,229		)
Net realized and unrealized (losses) gains on investments	(15,597		)	42,902
Total revenues	359,901			439,765
Expenses
Net claims and claim expenses incurred	6,367			93,301
Acquisition expenses	92,016			80,461
Operational and corporate expenses	39,571			45,234
Interest expense	3,778			7,838
Total expenses	141,732			226,834
Net income	218,169			212,931
Net income attributable to redeemable noncontrolling interest	(444		)	(442		)
Net income available to DaVinciRe common shareholders	$	217,725		$	212,489

Net claims and claim expenses incurred - current accident year	$	49,221		$	129,640
Net claims and claim expenses incurred - prior accident years	(42,854		)	(36,339		)
Net claims and claim expenses incurred - total	$	6,367		$	93,301

Net claims and claim expense ratio - current accident year	14.2		%	35.6		%
Net claims and claim expense ratio - prior accident years	(12.4		)%	(9.9		)%
Net claims and claim expense ratio - calendar year	1.8		%	25.7		%
Underwriting expense ratio	37.9		%	34.5		%
Combined ratio	39.7		%	60.2		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
Assets
Fixed maturity investments trading, at fair value	$	4,809,036	$	4,751,237	$	4,366,080	$	4,506,644	$	4,660,168
Fixed maturity investments available for sale, at fair value	34,241		38,530		40,785		45,254		83,442
Total fixed maturity investments, at fair value	4,843,277		4,789,767		4,406,865		4,551,898		4,743,610
Short term investments, at fair value	1,044,779		925,329		924,843		997,889		821,163
Equity investments trading, at fair value	254,776		113,986		108,620		555		58,186
Other investments, at fair value	573,264		500,770		629,396		652,802		644,711
Investments in other ventures, under equity method	105,616		97,660		93,049		92,054		87,724
Total investments	6,821,712		6,427,512		6,162,773		6,295,198		6,355,394
Cash and cash equivalents	408,032		266,350		234,906		290,080		304,145
Premiums receivable	474,087		735,937		954,142		654,368		491,365
Prepaid reinsurance premiums	66,132		166,340		214,804		170,216		77,082
Reinsurance recoverable	101,025		149,201		175,103		162,948		192,512
Accrued investment income	34,065		26,887		26,658		29,915		33,478
Deferred acquisition costs	81,684		103,844		125,682		77,914		52,622
Receivable for investments sold	75,845		240,191		311,783		163,584		168,673
Other assets	108,438		113,159		102,413		85,248		110,777
Goodwill and other intangibles	8,111		8,978		8,282		8,384		8,486
Assets of discontinued operations held for sale	—		115,556		150,837		159,065		134,094
Total assets	$	8,179,131	$	8,353,955	$	8,467,383	$	8,096,920	$	7,928,628
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,563,730	$	1,683,709	$	1,710,408	$	1,755,783	$	1,879,377
Unearned premiums	477,888		754,077		970,017		658,209		399,517
Debt	249,430		249,407		249,385		249,362		349,339
Reinsurance balances payable	293,022		358,988		387,425		380,939		290,419
Payable for investments purchased	193,221		407,788		463,923		397,517		278,787
Other liabilities	397,596		183,362		169,559		140,418		198,434
Liabilities of discontinued operations held for sale	—		56,275		47,553		72,070		57,440
Total liabilities	3,174,887		3,693,606		3,998,270		3,654,298		3,453,313
Redeemable noncontrolling interest	1,099,860		945,915		897,123		875,770		968,259
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	43,646		44,391		44,385		44,510		45,542
Accumulated other comprehensive income	4,131		4,566		4,909		6,050		13,622
Retained earnings	3,456,607		3,261,757		3,119,003		3,112,545		3,043,901
Total shareholders' equity attributable to RenaissanceRe	3,904,384		3,710,714		3,568,297		3,563,105		3,503,065
Noncontrolling interest	—		3,720		3,693		3,747		3,991
Total shareholders' equity	3,904,384		3,714,434		3,571,990		3,566,852		3,507,056
Total liabilities, noncontrolling interests and shareholders' equity	$	8,179,131	$	8,353,955	$	8,467,383	$	8,096,920	$	7,928,628

Book value per common share	$	80.29	$	74.58	$	71.38	$	71.07	$	68.14



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	December 31, 2013					September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012
TYPE OF INVESTMENT
U.S. treasuries	$	1,352,413		19.8	%	$	1,322,367		20.5	%	$	1,195,182		19.4	%	$	1,181,501		18.8	%	$	1,254,547		19.8	%
Agencies	186,050			2.7	%	197,047			3.1	%	227,017			3.7	%	285,969			4.5	%	315,154			5.0	%
Non-U.S. government (Sovereign debt)	334,580			4.9	%	353,810			5.5	%	265,033			4.3	%	199,561			3.2	%	133,198			2.1	%
Non-U.S. government-backed corporate	237,479			3.5	%	229,687			3.6	%	238,254			3.9	%	291,077			4.6	%	349,514			5.5	%
Corporate	1,803,415			26.4	%	1,687,118			26.2	%	1,500,576			24.3	%	1,603,571			25.5	%	1,615,207			25.4	%
Agency mortgage-backed	341,908			5.0	%	436,024			6.8	%	435,233			7.1	%	440,538			7.0	%	408,531			6.4	%
Non-agency mortgage-backed	257,938			3.8	%	246,163			3.8	%	233,468			3.8	%	240,217			3.8	%	248,339			3.9	%
Commercial mortgage-backed	314,236			4.6	%	302,803			4.7	%	298,996			4.8	%	297,101			4.7	%	406,166			6.4	%
Asset-backed	15,258			0.2	%	14,748			0.3	%	13,106			0.2	%	12,363			0.2	%	12,954			0.2	%
Total fixed maturity investments, at fair value	4,843,277			70.9	%	4,789,767			74.5	%	4,406,865			71.5	%	4,551,898			72.3	%	4,743,610			74.7	%
Short term investments, at fair value	1,044,779			15.3	%	925,329			14.4	%	924,843			15.0	%	997,889			15.8	%	821,163			12.9	%
Equity investments trading, at fair value	254,776			3.7	%	113,986			1.8	%	108,620			1.8	%	555			—	%	58,186			0.9	%
Other investments, at fair value	573,264			8.5	%	500,770			7.8	%	629,396			10.2	%	652,802			10.4	%	644,711			10.1	%
Total managed investment portfolio	6,716,096			98.4	%	6,329,852			98.5	%	6,069,724			98.5	%	6,203,144			98.5	%	6,267,670			98.6	%
Investments in other ventures, under equity method	105,616			1.6	%	97,660			1.5	%	93,049			1.5	%	92,054			1.5	%	87,724			1.4	%
Total investments	$	6,821,712		100.0	%	$	6,427,512		100.0	%	$	6,162,773		100.0	%	$	6,295,198		100.0	%	$	6,355,394		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	638,049		13.2	%	$	648,065		13.5	%	$	616,559		14.0	%	$	599,727		13.2	%	$	680,892		14.4	%
AA	2,414,857			49.8	%	2,463,789			51.4	%	2,308,313			52.4	%	2,333,364			51.3	%	2,423,919			51.1	%
A	836,425			17.3	%	778,552			16.3	%	732,659			16.6	%	791,902			17.4	%	844,698			17.8	%
BBB	383,508			7.9	%	330,481			6.9	%	296,386			6.7	%	305,241			6.7	%	322,527			6.8	%
Non-investment grade and not rated	570,438			11.8	%	568,880			11.9	%	452,948			10.3	%	521,664			11.4	%	471,574			9.9	%
Total fixed maturity investments, at fair value	$	4,843,277		100.0	%	$	4,789,767		100.0	%	$	4,406,865		100.0	%	$	4,551,898		100.0	%	$	4,743,610		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	160,760		3.3	%	$	166,583		3.5	%	$	200,706		4.6	%	$	215,538		4.7	%	$	427,821		9.0	%
Due after one through five years	3,118,799			64.4	%	2,877,644			60.1	%	2,578,703			58.5	%	2,633,817			57.9	%	2,389,856			50.4	%
Due after five through ten years	551,007			11.4	%	630,582			13.2	%	530,724			12.0	%	569,929			12.5	%	711,844			15.0	%
Due after ten years	83,371			1.7	%	115,220			2.4	%	115,929			2.6	%	142,395			3.1	%	138,099			2.9	%
Mortgage-backed securities	914,082			18.9	%	984,990			20.5	%	967,697			22.0	%	977,856			21.5	%	1,063,036			22.4	%
Asset-backed securities	15,258			0.3	%	14,748			0.3	%	13,106			0.3	%	12,363			0.3	%	12,954			0.3	%
Total fixed maturity investments, at fair value	$	4,843,277		100.0	%	$	4,789,767		100.0	%	$	4,406,865		100.0	%	$	4,551,898		100.0	%	$	4,743,610		100.0	%

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



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
TYPE OF INVESTMENT
Private equity partnerships	$	322,391		$	327,245		$	335,732		$	345,666		$	344,669
Catastrophe bonds	229,016			102,141			81,042			75,019			91,310
Senior secured bank loan funds	18,048			19,395			178,040			204,114			202,929
Hedge funds	3,809			4,022			4,683			5,219			5,803
Miscellaneous other investments	—			47,967			29,899			22,784			—
Total other investments, at fair value	$	573,264		$	500,770		$	629,396		$	652,802		$	644,711

TYPE OF INVESTMENT
Private equity partnerships	56.2		%	65.3		%	53.3		%	52.9		%	53.4		%
Catastrophe bonds	40.0		%	20.4		%	12.9		%	11.5		%	14.2		%
Senior secured bank loan funds	3.1		%	3.9		%	28.3		%	31.3		%	31.5		%
Hedge funds	0.7		%	0.8		%	0.7		%	0.8		%	0.9		%
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		%



	12



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Twelve months ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Fixed maturity investments	$	24,759		$	24,423		$	22,839		$	23,886		$	27,396		$	95,907		$	103,330
Short term investments	380			563			426			329			83			1,698			1,007
Equity investments trading	1,245			706			344			—			554			2,295			1,086
Other investments
Hedge funds and private equity investments	14,514			14,179			2,237			14,880			8,192			45,810			36,635
Other	40,818			22,735			3,144			6,995			5,902			73,692			35,196
Cash and cash equivalents	83			47			9			52			51			191			277
	81,799			62,653			28,999			46,142			42,178			219,593			177,531
Investment expenses	(3,067		)	(2,722		)	(2,836		)	(2,940		)	(3,178		)	(11,565		)	(11,806		)
Net investment income	78,732			59,931			26,163			43,202			39,000			208,028			165,725

Gross realized gains	12,055			8,813			17,548			34,076			22,152			72,492			97,787
Gross realized losses	(8,810		)	(22,241		)	(14,601		)	(4,554		)	(3,650		)	(50,206		)	(16,705		)
Net realized gains (losses) on fixed maturity investments	3,245			(13,428		)	2,947			29,522			18,502			22,286			81,082
Net unrealized (losses) gains on fixed maturity investments trading	(2,489		)	33,405			(95,680		)	(23,063		)	(8,454		)	(87,827		)	75,279
Net realized and unrealized gains (losses) on investments-related derivatives	6,570			3,557			20,510			421			1,522			31,058			(866		)
Net realized gains on equity investments trading	8,455			560			74			17,561			—			26,650			—
Net unrealized gains (losses) on equity investments trading	46,083			4,378			2,620			(10,172		)	569			42,909			7,626
Net realized and unrealized gains (losses) on investments	61,864			28,472			(69,529		)	14,269			12,139			35,076			163,121
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	(471		)	(252		)	(1,239		)	(6,067		)	(784		)	(8,029		)	614
Total investment result	$	140,125		$	88,151		$	(44,605	)	$	51,404		$	50,355		$	235,075		$	329,117



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2013	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,044,779	$	1,044,779		15.3	%	0.1	%	$	1,032,327		$	9,820		$	2,559		$	—		$	—		$	73
			100.0		%					98.8		%	0.9		%	0.3		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,358,094		1,352,413			19.8	%	0.8	%	—			1,352,413			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	184,405		182,738			2.7	%	1.3	%	—			182,738			—			—			—			—
Other agencies	3,410		3,312			—	%	1.6	%	—			3,312			—			—			—			—
Total agencies	187,815		186,050			2.7	%	1.3	%	—			186,050			—			—			—			—
Non-U.S. government (Sovereign debt)	332,935		334,580			4.9	%	1.3	%	238,764			67,555			13,572			14,689			—			—
Non-U.S. government-backed corporate	234,531		237,479			3.5	%	1.1	%	152,468			80,110			3,494			815			592			—
Corporate	1,783,043		1,803,415			26.4	%	2.7	%	39,878			265,761			772,126			338,993			361,935			24,722
Mortgage-backed
Residential mortgage-backed
Agency securities	346,740		341,908			5.0	%	2.9	%	—			341,908			—			—			—			—
Non-agency securities - Alt A	126,803		136,734			2.0	%	4.7	%	2,554			6,823			18,308			12,315			81,483			15,251
Non-agency securities - Prime	115,541		121,204			1.8	%	3.7	%	11,139			5,791			7,647			10,662			77,534			8,431
Total residential mortgage-backed	589,084		599,846			8.8	%	3.5	%	13,693			354,522			25,955			22,977			159,017			23,682
Commercial mortgage-backed	311,681		314,236			4.6	%	2.1	%	177,988			108,446			21,278			6,034			—			490
Total mortgage-backed	900,765		914,082			13.4	%	3.0	%	191,681			462,968			47,233			29,011			159,017			24,172
Asset-backed
Credit cards	4,270		4,385			0.1	%	2.6	%	4,385			—			—			—			—			—
Auto loans	3,008		3,109			—	%	0.8	%	3,109			—			—			—			—			—
Student loans	2,918		2,947			—	%	1.4	%	2,947			—			—			—			—			—
Other	4,606		4,817			0.1	%	2.7	%	4,817			—			—			—			—			—
Total asset-backed	14,802		15,258			0.2	%	2.0	%	15,258			—			—			—			—			—
Total securitized assets	915,567		929,340			13.6	%	3.0	%	206,939			462,968			47,233			29,011			159,017			24,172
Total fixed maturity investments	4,811,985		4,843,277			70.9	%	2.0	%	638,049			2,414,857			836,425			383,508			521,544			48,894
			100.0		%					13.2		%	49.8		%	17.3		%	7.9		%	10.8		%	1.0		%
Equity investments trading			254,776			3.7	%			—			—			—			—			—			254,776
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			322,391			4.7	%			—			—			—			—			—			322,391
Catastrophe bonds			229,016			3.4	%			—			—			—			—			229,016			—
Senior secured bank loan funds			18,048			0.3	%			—			—			—			—			—			18,048
Hedge funds			3,809			0.1	%			—			—			—			—			—			3,809
Total other investments			573,264			8.5	%			—			—			—			—			229,016			344,248
			100.0		%					—		%	—		%	—		%	—		%	39.9		%	60.1		%
Investments in other ventures			105,616			1.6	%			—			—			—			—			—			105,616
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,821,712		100.0	%			$	1,670,376		$	2,424,677		$	838,984		$	383,508		$	750,560		$	753,607
			100.0		%					24.5		%	35.5		%	12.3		%	5.6		%	11.0		%	11.1		%

(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.



	14



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	December 31, 2013				December 31, 2012				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,044,779	15.3	%	$	821,163	12.9	%	$	223,616		2.4	%
Fixed maturity investments
U.S. treasuries	1,352,413		19.8	%	1,254,547		19.8	%	97,866			—	%
Agencies
Fannie Mae & Freddie Mac	182,738		2.7	%	292,098		4.6	%	(109,360		)	(1.9	)%
Other agencies	3,312		—	%	23,056		0.4	%	(19,744		)	(0.4	)%
Total agencies	186,050		2.7	%	315,154		5.0	%	(129,104		)	(2.3	)%
Non-U.S. government (Sovereign debt)	334,580		4.9	%	133,198		2.1	%	201,382			2.8	%
Non-U.S. government-backed corporate	237,479		3.5	%	349,514		5.5	%	(112,035		)	(2.0	)%
Corporate	1,803,415		26.4	%	1,615,207		25.4	%	188,208			1.0	%
Mortgage-backed
Residential mortgage-backed
Agency securities	341,908		5.0	%	408,531		6.4	%	(66,623		)	(1.4	)%
Non-agency securities - Alt A	136,734		2.0	%	116,520		1.8	%	20,214			0.2	%
Non-agency securities - Prime	121,204		1.8	%	131,819		2.1	%	(10,615		)	(0.3	)%
Total residential mortgage-backed	599,846		8.8	%	656,870		10.3	%	(57,024		)	(1.5	)%
Commercial mortgage-backed	314,236		4.6	%	406,166		6.4	%	(91,930		)	(1.8	)%
Total mortgage-backed	914,082		13.4	%	1,063,036		16.7	%	(148,954		)	(3.3	)%
Asset-backed
Credit cards	4,385		0.1	%	4,623		0.1	%	(238		)	—	%
Auto loans	3,109		—	%	2,238		—	%	(128		)	—	%
Student loans	2,947		—	%	1,650		—	%	1,297			—	%
Other	4,817		0.1	%	4,443		0.1	%	374			—	%
Total asset-backed	15,258		0.2	%	12,954		0.2	%	2,304			—	%
Total securitized assets	929,340		13.6	%	1,075,990		16.9	%	(146,650		)	(3.3	)%
Total fixed maturity investments	4,843,277		70.9	%	4,743,610		74.7	%	99,667			(3.8	)%
Equity investments trading	254,776		3.7	%	58,186		0.9	%	196,590			2.8	%
Other investments
Private equity partnerships	322,391		4.7	%	344,669		5.4	%	(22,278		)	(0.7	)%
Senior secured bank loan funds	18,048		0.3	%	202,929		3.2	%	(184,881		)	(2.9	)%
Catastrophe bonds	229,016		3.4	%	91,310		1.4	%	137,706			2.0	%
Hedge funds	3,809		0.1	%	5,803		0.1	%	(1,994		)	—	%
Miscellaneous other investments	—		—	%	—		—	%	—			—	%
Total other investments	573,264		8.5	%	644,711		10.1	%	(71,447		)	(1.6	)%
Investments in other ventures	105,616		1.6	%	87,724		1.4	%	17,892			0.2	%
Total managed investment portfolio	$	6,821,712	100.0	%	$	6,355,394	100.0	%	$	466,318



	15



RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector

	December 31, 2013
Sector	Total		AAA		AA		A		BBB		Non-Investment Grade		Not Rated
Financials	$	734,503	$	34,531	$	125,558	$	473,381	$	53,816	$	28,450	$	18,767
Industrial, utilities and energy	396,530		4,175		54,926		129,732		116,606		88,644		2,447
Communications and technology	250,685		373		21,582		63,643		61,087		101,300		2,700
Consumer	225,580		—		18,962		59,503		53,412		93,375		328
Health care	116,731		—		39,254		26,150		18,229		33,098		—
Basic materials	66,646		—		—		15,023		34,075		17,068		480
Other	12,740		799		5,479		4,694		1,768		—		—
Total corporate fixed maturity investments, at fair value (1)	$	1,803,415	$	39,878	$	265,761	$	772,126	$	338,993	$	361,935	$	24,722

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

	December 31, 2013
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	59,439	$	—	$	59,439
JP Morgan Chase & Co.	57,994		—		57,994
General Electric Company	56,352		—		56,352
Citigroup Inc.	54,292		—		54,292
Goldman Sachs Group Inc.	51,699		—		51,699
Morgan Stanley	35,360		—		35,360
HSBC Holdings PLC	34,166		—		34,166
BNP Paribas SA	28,472		—		28,472
Ford Motor Co.	27,689		—		27,689
Wells Fargo & Co.	26,272		—		26,272
Total (2)	$	431,735	$	—	$	431,735


(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.



	16



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2013
Catastrophe Reinsurance	$	430,166	$	177,518	$	173,303	$	780,987
Specialty Reinsurance	113,188		81,251		311,829		506,268
Lloyd's	45,355		14,265		158,747		218,367
Other	14,915		2,324		40,869		58,108
Total	$	603,624	$	275,358	$	684,748	$	1,563,730

September 30, 2013
Catastrophe Reinsurance	$	465,221	$	247,282	$	211,040	$	923,543
Specialty Reinsurance	112,003		82,795		306,792		501,590
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 Reinsurance	$	502,756	$	264,712	$	214,308	$	981,776
Specialty Reinsurance	105,868		89,695		295,221		490,784
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 Reinsurance	$	608,907	$	216,050	$	240,581	$	1,065,538
Specialty Reinsurance	104,771		76,732		289,515		471,018
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 Reinsurance	$	706,264	$	222,208	$	255,786	$	1,184,258
Specialty Reinsurance	111,234		80,971		286,108		478,313
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



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2013									Three months ended December 31, 2012
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,683,709		$	149,201		$	1,534,508		$	1,782,680		$	209,490		$	1,573,190
Incurred losses and loss expenses
Current year	50,760			(638		)	51,398			272,586			49,366			223,220
Prior years	(83,326		)	(11,074		)	(72,252		)	(37,667		)	(1,340		)	(36,327		)
Total incurred losses and loss expenses	(32,566		)	(11,712		)	(20,854		)	234,919			48,026			186,893
Paid losses and loss expenses
Current year	12,456			10,794			1,662			44,757			—			44,757
Prior years	74,957			25,670			49,287			93,465			65,004			28,461
Total paid losses and loss expenses	87,413			36,464			50,949			138,222			65,004			73,218
Reserve for losses and loss expenses, end of period	$	1,563,730		$	101,025		$	1,462,705		$	1,879,377		$	192,512		$	1,686,865

	Twelve months ended December 31, 2013									Twelve months ended December 31, 2012
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,879,377		$	192,512		$	1,686,865		$	1,992,354		$	404,029		$	1,588,325
Incurred losses and loss expenses
Current year	342,770			27,529			315,241			555,410			72,230			483,180
Prior years	(157,631		)	(13,677		)	(143,954		)	(151,919		)	6,050			(157,969		)
Total incurred losses and loss expenses	185,139			13,852			171,287			403,491			78,280			325,211
Paid losses and loss expenses
Current year	44,940			12,728			32,212			84,089			33			84,056
Prior years	455,846			92,611			363,235			432,379			289,764			142,615
Total paid losses and loss expenses	500,786			105,339			395,447			516,468			289,797			226,671
Reserve for losses and loss expenses, end of period	$	1,563,730		$	101,025		$	1,462,705		$	1,879,377		$	192,512		$	1,686,865



	18



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	268,656		$	179,740		$	26,806		$	190,474		$	41,655
Amount allocated to participating common shareholders (1)	(3,709		)	(2,539		)	(376		)	(2,918		)	(640		)
	$	264,947		$	177,201		$	26,430		$	187,556		$	41,015
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,160			43,330			43,372			43,461			46,442
Per common share equivalents of employee stock options and restricted shares	609			805			871			829			855
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	43,769			44,135			44,243			44,290			47,297

Basic income per RenaissanceRe common share	$	6.14		$	4.09		$	0.61		$	4.32		$	0.88
Diluted income per RenaissanceRe common share	$	6.05		$	4.01		$	0.60		$	4.23		$	0.87

	Twelve months ended
(common shares in thousands)	December 31, 2013			December 31, 2012
Numerator:
Net income available to RenaissanceRe common shareholders	$	665,676		$	566,014
Amount allocated to participating common shareholders (1)	(9,520		)	(8,973		)
	$	656,156		$	557,041
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,349			48,873
Per common share equivalents of employee stock options and restricted shares	779			730
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,128			49,603

Basic income per RenaissanceRe common share	$	15.14		$	11.40
Diluted income per RenaissanceRe common share (2)	$	14.87		$	11.23


(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.



	19



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Top Layer Re	$	3,374		$	3,608		$	2,728		$	4,126		$	5,972
Tower Hill Companies	2,989			3,885			1,815			1,581			174
Other	(89		)	(180		)	(771		)	128			466
Total equity in earnings of other ventures	$	6,274		$	7,313		$	3,772		$	5,835		$	6,612

	Twelve months ended
	December 31, 2013			December 31, 2012
Top Layer Re	$	13,836		$	20,792
Tower Hill Companies	10,270			4,965
Other	(912		)	(2,519		)
Total equity in earnings of other ventures	$	23,194		$	23,238

Other (Loss) Income

	Three months ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	26		$	30		$	(642	)	$	(1,931	)	$	(3,255	)
Other items	(199		)	621			(486		)	222			405
Total other (loss) income	$	(173	)	$	651		$	(1,128	)	$	(1,709	)	$	(2,850	)

	Twelve months ended
	December 31, 2013			December 31, 2012
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	(2,517	)	$	(4,648	)
Other items	158			2,528
Total other loss	$	(2,359	)	$	(2,120	)



	20



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P	Moody's	Fitch

Renaissance Reinsurance (1)	A+	AA-	A1	A+
DaVinci (1)	A	AA-	A3	—
RenaissanceRe Specialty Risks (1)	A	A+	—	—
RenaissanceRe Specialty U.S. (1)	A	—	—	—
ROE (1)	A+	AA-	—	—
Top Layer Re (1)	A+	AA	—	—

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 these companies reflect the insurer's financial strength rating and in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit 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.



	21

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															Twelve months ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Net income available to RenaissanceRe common shareholders	$	268,656		$	179,740		$	26,806		$	190,474		$	41,655		$	665,676		$	566,014
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(61,864		)	(28,472		)	69,529			(14,269		)	(12,139		)	(35,076		)	(163,121		)
Adjustment for net realized and unrealized losses (gains) on investments from discontinued operations	—			5			15			(2		)	(1		)	18			(3		)
Adjustment for investments-related derivative net realized and unrealized losses (gains) included in operating income prior to 2013	—			—			—			—			1,523			—			(867		)
Adjustment for net other-than-temporary impairments from continuing operations	—			—			—			—			—			—			343
Operating income available to RenaissanceRe common shareholders	$	206,792		$	151,273		$	96,350		$	176,203		$	31,038		$	630,618		$	402,366

Net income available to RenaissanceRe common shareholders per common share - diluted	$	6.05		$	4.01		$	0.60		$	4.23		$	0.87		$	14.87		$	11.23
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(1.41		)	(0.65		)	1.57			(0.32		)	(0.25		)	(0.79		)	(3.29		)
Adjustment for net realized and unrealized losses (gains) 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		)
Adjustment for net other-than-temporary impairments from continuing operations	—			—			—			—			—			—			0.01
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	4.64		$	3.36		$	2.17		$	3.91		$	0.65		$	14.08		$	7.93

Return on average common equity - annualized	31.5		%	22.2		%	3.4		%	24.3		%	5.2		%	20.5		%	17.7		%
Adjustment for net realized and unrealized (gains) losses on investments from continuing operations	(7.2		)%	(3.5		)%	8.8		%	(1.8		)%	(1.5		)%	(1.1		)%	(5.1		)%
Adjustment for net realized and unrealized losses (gains) 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		%	—		%	—		%
Adjustment for net other-than-temporary impairments from continuing operations	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	24.3		%	18.7		%	12.2		%	22.5		%	3.9		%	19.4		%	12.6		%



	22

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
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Book value per common share	$	80.29		$	74.58		$	71.38		$	71.07		$	68.14
Adjustment for goodwill and other intangibles (1)	(0.85		)	(0.84		)	(0.85		)	(0.85		)	(0.86		)
Tangible book value per common share	79.44			73.74			70.53			70.22			67.28
Adjustment for accumulated dividends	13.12			12.84			12.56			12.28			12.00
Tangible book value per common share plus accumulated dividends	$	92.56		$	86.58		$	83.09		$	82.50		$	79.28

Quarterly change in book value per common share	7.7		%	4.5		%	0.4		%	4.3		%	(0.1		)%
Quarterly change in tangible book value per common share plus change in accumulated dividends	8.1		%	4.9		%	0.8		%	4.8		%	0.3		%
Annual change in book value per common share	17.8		%										15.0		%
Annual change in tangible book value per common share plus change in accumulated dividends	19.7		%										17.0		%


(1)	At December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, goodwill and other intangibles included $29.2 million, $28.5 million, $29.3 million, $29.3 million and $30.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

Form: 8-K

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