November 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
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 - 23

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 and 23 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company has the following 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”).

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. and RenRe Energy Advisors Ltd. (collectively referred to as "REAL"), in order to focus on the business encompassed within the Company's Catastrophe Reinsurance, Specialty 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, RenaissanceRe entered into a sale agreement with a subsidiary of Munich-American Holding Corporation ("Munich") to sell REAL and, on October 1, 2013, RenaissanceRe completed the sale of REAL to Munich. In the third quarter of 2013, the Company 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 U.S. 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, 2014			September 30, 2013			September 30, 2014			September 30, 2013
Highlights
Gross premiums written	$	200,992		$	182,649		$	1,417,792		$	1,521,290
Net premiums written	$	159,713		$	127,241		$	956,467		$	1,123,163
Net premiums earned	$	258,979		$	294,717		$	805,929		$	857,861
Net claims and claim expenses incurred	69,647			60,928			209,950			192,141
Acquisition expenses	37,550			37,699			104,727			94,475
Operating expenses	46,972			44,672			135,437			133,447
Underwriting income	$	104,810		$	151,418		$	355,815		$	437,798

Net investment income	$	24,941		$	59,931		$	98,430		$	129,296
Net realized and unrealized (losses) gains on investments	(31,097		)	28,472			10,958			(26,788		)
Change in net unrealized gains on fixed maturity investments available for sale	(302		)	(252		)	(563		)	(7,558		)
Total investment result	$	(6,458	)	$	88,151		$	108,825		$	94,950

Net income available to RenaissanceRe common shareholders	$	67,815		$	179,740		$	339,570		$	397,020
Operating income available to RenaissanceRe common shareholders (1)	$	98,912		$	151,273		$	328,612		$	423,826

Total assets	$	8,356,935		$	8,353,955		$	8,356,935		$	8,353,955
Total shareholders' equity attributable to RenaissanceRe	$	3,735,860		$	3,710,714		$	3,735,860		$	3,710,714

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.70		$	4.01		$	8.26		$	8.84
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.49		$	3.36		$	7.99		$	9.45
Dividends per common share	$	0.29		$	0.28		$	0.87		$	0.84
Book value per common share	$	85.78		$	74.58		$	85.78		$	74.58
Tangible book value per common share (1)	$	84.90		$	73.74		$	84.90		$	73.74
Tangible book value per common share plus accumulated dividends (1)	$	98.89		$	86.58		$	98.89		$	86.58
Change in tangible book value per common share plus change in accumulated dividends (1)	1.5		%	4.9		%	8.0		%	10.9		%

Financial ratios
Net claims and claim expense ratio - current accident year	36.7		%	23.1		%	33.4		%	30.8		%
Net claims and claim expense ratio - prior accident years	(9.8		)%	(2.4		)%	(7.3		)%	(8.4		)%
Net claims and claim expense ratio - calendar year	26.9		%	20.7		%	26.1		%	22.4		%
Underwriting expense ratio	32.6		%	27.9		%	29.8		%	26.6		%
Combined ratio	59.5		%	48.6		%	55.9		%	49.0		%
Operating return on average common equity - annualized (1)	11.7		%	18.7		%	12.9		%	17.7		%
Total investment return - annualized	(0.4		)%	5.7		%	2.1		%	2.0		%


(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, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Revenues
Gross premiums written	$	200,992		$	511,540		$	705,260		$	84,122		$	182,649
Net premiums written	$	159,713		$	346,407		$	450,347		$	80,784		$	127,241
Decrease (increase) in unearned premiums	99,266			(85,991		)	(163,813		)	175,981			167,476
Net premiums earned	258,979			260,416			286,534			256,765			294,717
Net investment income	24,941			34,541			38,948			78,732			59,931
Net foreign exchange gains (losses)	5,036			2,392			(1,061		)	1,747			488
Equity in earnings of other ventures	9,806			7,232			4,199			6,274			7,313
Other (loss) income	(1,169		)	(535		)	62			(173		)	651
Net realized and unrealized (losses) gains on investments	(31,097		)	27,128			14,927			61,864			28,472
Total revenues	266,496			331,174			343,609			405,209			391,572
Expenses
Net claims and claim expenses incurred	69,647			81,388			58,915			(20,854		)	60,928
Acquisition expenses	37,550			33,477			33,700			31,026			37,699
Operational expenses	46,972			45,841			42,624			57,658			44,672
Corporate expenses	3,905			3,954			4,545			3,304			4,307
Interest expense	4,290			4,292			4,293			4,297			4,298
Total expenses	162,364			168,952			144,077			75,431			151,904
Income from continuing operations before taxes	104,132			162,222			199,532			329,778			239,668
Income tax (expense) benefit	(245		)	204			(166		)	(1,336		)	(223		)
Income from continuing operations	103,887			162,426			199,366			328,442			239,445
Loss from discontinued operations	—			—			—			—			(9,779		)
Net income	103,887			162,426			199,366			328,442			229,666
Net income attributable to noncontrolling interests	(30,477		)	(36,078		)	(42,768		)	(54,191		)	(44,331		)
Net income attributable to RenaissanceRe	73,410			126,348			156,598			274,251			185,335
Dividends on preference shares	(5,595		)	(5,596		)	(5,595		)	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	67,815		$	120,752		$	151,003		$	268,656		$	179,740
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	1.72		$	3.00		$	3.61		$	6.14		$	4.32
Loss from discontinued operations attributable to RenaissanceRe common shareholders per common share - basic	—			—			—			—			(0.23		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	1.72		$	3.00		$	3.61		$	6.14		$	4.09
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	1.70			2.95			3.56			6.05			4.23
Loss from discontinued operations attributable to RenaissanceRe common shareholders per common share - diluted	—			—			—			—			(0.22		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.70		$	2.95		$	3.56		$	6.05		$	4.01
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	2.49		$	2.28		$	3.20		$	4.64		$	3.36
Operating return on average common equity - annualized (1)	11.7		%	11.0		%	15.9		%	24.3		%	18.7		%


(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, 2014			September 30, 2013
Revenues
Gross premiums written	$	1,417,792		$	1,521,290
Net premiums written	$	956,467		$	1,123,163
Increase in unearned premiums	(150,538		)	(265,302		)
Net premiums earned	805,929			857,861
Net investment income	98,430			129,296
Net foreign exchange gains	6,367			170
Equity in earnings of other ventures	21,237			16,920
Other loss	(1,642		)	(2,186		)
Net realized and unrealized gains (losses) on investments	10,958			(26,788		)
Total revenues	941,279			975,273
Expenses
Net claims and claim expenses incurred	209,950			192,141
Acquisition expenses	104,727			94,475
Operational expenses	135,437			133,447
Corporate expenses	12,404			30,318
Interest expense	12,875			13,632
Total expenses	475,393			464,013
Income from continuing operations before taxes	465,886			511,260
Income tax expense	(207		)	(356		)
Income from continuing operations	465,679			510,904
Income from discontinued operations	—			2,422
Net income	465,679			513,326
Net income attributable to noncontrolling interests	(109,323		)	(96,953		)
Net income attributable to RenaissanceRe	356,356			416,373
Dividends on preference shares	(16,786		)	(19,353		)
Net income available to RenaissanceRe common shareholders	$	339,570		$	397,020
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	8.38		$	8.95
Income from discontinued operations available to RenaissanceRe common shareholders per common share - basic	—			0.06
Net income available to RenaissanceRe common shareholders per common share - basic	$	8.38		$	9.01
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	8.26			8.79
Income from discontinued operations available to RenaissanceRe common shareholders per common share - diluted	—			0.05
Net income available to RenaissanceRe common shareholders per common share - diluted	$	8.26		$	8.84
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	7.99		$	9.45
Operating return on average common equity - annualized (1)	12.9		%	17.7		%


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



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended September 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	68,252		$	68,883		$	63,857		$	—		$	200,992
Net premiums written	$	41,807		$	61,879		$	56,027		$	—		$	159,713
Net premiums earned	$	136,719		$	63,473		$	58,788		$	(1	)	$	258,979
Net claims and claim expenses incurred	(666		)	31,759			39,027			(473		)	69,647
Acquisition expenses	9,131			15,806			12,614			(1		)	37,550
Operational expenses	24,154			10,234			12,475			109			46,972
Underwriting income (loss)	$	104,100		$	5,674		$	(5,328	)	$	364		$	104,810

Net claims and claim expenses incurred - current accident year	$	9,661		$	46,444		$	38,882		$	—		$	94,987
Net claims and claim expenses incurred - prior accident years	(10,327		)	(14,685		)	145			(473		)	(25,340		)
Net claims and claim expenses incurred - total	$	(666	)	$	31,759		$	39,027		$	(473	)	$	69,647

Net claims and claim expense ratio - current accident year	7.1		%	73.2		%	66.1		%	—		%	36.7		%
Net claims and claim expense ratio - prior accident years	(7.6		)%	(23.2		)%	0.3		%	47,300.0		%	(9.8		)%
Net claims and claim expense ratio - calendar year	(0.5		)%	50.0		%	66.4		%	47,300.0		%	26.9		%
Underwriting expense ratio	24.4		%	41.1		%	42.7		%	(10,800.0		)%	32.6		%
Combined ratio	23.9		%	91.1		%	109.1		%	36,500.0		%	59.5		%

	Three months ended September 30, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	82,539		$	60,156		$	39,954		$	—		$	182,649
Net premiums written	$	32,380		$	55,717		$	39,014		$	130		$	127,241
Net premiums earned	$	184,416		$	63,045		$	47,150		$	106		$	294,717
Net claims and claim expenses incurred	16,897			17,520			28,175			(1,664		)	60,928
Acquisition expenses	14,049			14,691			8,938			21			37,699
Operational expenses	24,573			7,303			12,559			237			44,672
Underwriting income (loss)	$	128,897		$	23,531		$	(2,522	)	$	1,512		$	151,418

Net claims and claim expenses incurred - current accident year	$	23,041		$	20,227		$	24,886		$	—		$	68,154
Net claims and claim expenses incurred - prior accident years	(6,144		)	(2,707		)	3,289			(1,664		)	(7,226		)
Net claims and claim expenses incurred - total	$	16,897		$	17,520		$	28,175		$	(1,664	)	$	60,928

Net claims and claim expense ratio - current accident year	12.5		%	32.1		%	52.8		%	—		%	23.1		%
Net claims and claim expense ratio - prior accident years	(3.3		)%	(4.3		)%	7.0		%	(1,569.8		)%	(2.4		)%
Net claims and claim expense ratio - calendar year	9.2		%	27.8		%	59.8		%	(1,569.8		)%	20.7		%
Underwriting expense ratio	20.9		%	34.9		%	45.5		%	243.4		%	27.9		%
Combined ratio	30.1		%	62.7		%	105.3		%	(1,326.4		)%	48.6		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	924,046		$	274,727		$	219,019		$	—		$	1,417,792
Net premiums written	$	534,994		$	233,622		$	187,848		$	3		$	956,467
Net premiums earned	$	460,455		$	186,691		$	158,757		$	26		$	805,929
Net claims and claim expenses incurred	42,519			77,915			90,419			(903		)	209,950
Acquisition expenses	34,063			44,052			33,303			(6,691		)	104,727
Operational expenses	66,773			30,854			37,566			244			135,437
Underwriting income (loss)	$	317,100		$	33,870		$	(2,531	)	$	7,376		$	355,815

Net claims and claim expenses incurred - current accident year	$	60,663		$	113,809		$	94,594		$	—		$	269,066
Net claims and claim expenses incurred - prior accident years	(18,144		)	(35,894		)	(4,175		)	(903		)	(59,116		)
Net claims and claim expenses incurred - total	$	42,519		$	77,915		$	90,419		$	(903	)	$	209,950

Net claims and claim expense ratio - current accident year	13.2		%	61.0		%	59.6		%	—		%	33.4		%
Net claims and claim expense ratio - prior accident years	(4.0		)%	(19.3		)%	(2.6		)%	(3,473.1		)%	(7.3		)%
Net claims and claim expense ratio - calendar year	9.2		%	41.7		%	57.0		%	(3,473.1		)%	26.1		%
Underwriting expense ratio	21.9		%	40.2		%	44.6		%	(24,796.1		)%	29.8		%
Combined ratio	31.1		%	81.9		%	101.6		%	(28,269.2		)%	55.9		%

	Nine months ended September 30, 2013
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	1,138,238		$	201,025		$	183,015		$	(988	)	$	1,521,290
Net premiums written	$	774,585		$	188,584		$	159,581		$	413		$	1,123,163
Net premiums earned	$	571,550		$	159,060		$	126,862		$	389		$	857,861
Net claims and claim expenses incurred	72,520			53,723			68,239			(2,341		)	192,141
Acquisition expenses	37,866			32,139			24,338			132			94,475
Operational expenses	74,287			22,458			36,193			509			133,447
Underwriting income (loss)	$	386,877		$	50,740		$	(1,908	)	$	2,089		$	437,798

Net claims and claim expenses incurred - current accident year	$	115,586		$	76,983		$	71,274		$	—		$	263,843
Net claims and claim expenses incurred - prior accident years	(43,066		)	(23,260		)	(3,035		)	(2,341		)	(71,702		)
Net claims and claim expenses incurred - total	$	72,520		$	53,723		$	68,239		$	(2,341	)	$	192,141

Net claims and claim expense ratio - current accident year	20.2		%	48.4		%	56.2		%	—		%	30.8		%
Net claims and claim expense ratio - prior accident years	(7.5		)%	(14.6		)%	(2.4		)%	(601.8		)%	(8.4		)%
Net claims and claim expense ratio - calendar year	12.7		%	33.8		%	53.8		%	(601.8		)%	22.4		%
Underwriting expense ratio	19.6		%	34.3		%	47.7		%	164.8		%	26.6		%
Combined ratio	32.3		%	68.1		%	101.5		%	(437.0		)%	49.0		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $1.0 million.



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	September 30, 2014		June 30, 2014		March 31, 2014			December 31, 2013			September 30, 2013
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	49,480	$	240,137	$	322,748		$	(4,041	)	$	55,849
DaVinci catastrophe premiums	18,772		147,946		144,963			(13,818		)	26,690
Total Catastrophe Reinsurance segment gross premiums written	$	68,252	$	388,083	$	467,711		$	(17,859	)	$	82,539

Specialty Reinsurance Segment
Renaissance specialty premiums	$	68,699	$	50,001	$	153,994		$	58,014		$	60,156
DaVinci specialty premiums	184		1,553		296			450			—
Total Specialty Reinsurance segment gross premiums written	$	68,883	$	51,554	$	154,290		$	58,464		$	60,156

Lloyd's Segment
Specialty	$	58,696	$	45,238	$	61,704		$	43,154		$	36,545
Catastrophe	5,161		26,665		21,555			363			3,409
Total Lloyd's segment gross premiums written	$	63,857	$	71,903	$	83,259		$	43,517		$	39,954

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	68,252	$	388,083	$	467,711		$	(17,859	)	$	82,539
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	2,169		23,110		14,115			3,694			1,963
Catastrophe premiums written in the Lloyd's segment	5,161		26,665		21,555			363			3,409
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	—		—		(7,355		)	—			—
Total managed catastrophe premiums (1)	$	75,582	$	437,858	$	496,026		$	(13,802	)	$	87,911


(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

	Nine months ended
	September 30, 2014			September 30, 2013
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	612,365		$	733,928
DaVinci catastrophe premiums	311,681			404,310
Total Catastrophe Reinsurance segment gross premiums written	$	924,046		$	1,138,238

Specialty Reinsurance Segment
Renaissance specialty premiums	$	272,694		$	198,340
DaVinci specialty premiums	2,033			2,685
Total Specialty Reinsurance segment gross premiums written	$	274,727		$	201,025

Lloyd's Segment
Specialty	$	165,638		$	145,509
Catastrophe	53,381			37,506
Total Lloyd's segment gross premiums written	$	219,019		$	183,015

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	924,046		$	1,138,238
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	39,394			60,027
Catastrophe premiums written in the Lloyd's segment	53,381			37,506
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(7,355		)	—
Total managed catastrophe premiums (1)	$	1,009,466		$	1,235,771


(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
	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Revenues
Gross premiums written	$	18,956		$	149,499		$	145,259		$	(13,368	)	$	26,690
Net premiums written	$	13,541		$	126,810		$	118,930		$	(15,415	)	$	14,302
Decrease (increase) in unearned premiums	48,594			(52,440		)	(41,068		)	88,096			73,078
Net premiums earned	62,135			74,370			77,862			72,681			87,380
Net investment income	7,082			6,875			7,054			7,164			7,263
Net foreign exchange gains (losses)	765			1,674			376			145			(380		)
Net realized and unrealized (losses) gains on investments	(8,918		)	6,628			2,540			1,942			8,708
Total revenues	61,064			89,547			87,832			81,932			102,971
Expenses
Net claims and claim expenses incurred	(1,488		)	14,218			1,220			(28,625		)	3,999
Acquisition expenses	17,385			17,507			20,878			26,108			22,708
Operational and corporate expenses	7,492			8,335			8,803			9,392			9,967
Interest expense	934			933			937			937			943
Total expenses	24,323			40,993			31,838			7,812			37,617
Income before taxes	36,741			48,554			55,994			74,120			65,354
Income tax expense	(20		)	(2		)	—			—			—
Net income	36,721			48,552			55,994			74,120			65,354
Net income attributable to redeemable noncontrolling interest	(75		)	(99		)	(114		)	(150		)	(133		)
Net income available to DaVinciRe common shareholders	$	36,646		$	48,453		$	55,880		$	73,970		$	65,221

Net claims and claim expenses incurred - current accident year	$	3,341		$	19,370		$	5,106		$	(4,023	)	$	8,438
Net claims and claim expenses incurred - prior accident years	(4,829		)	(5,152		)	(3,886		)	(24,602		)	(4,439		)
Net claims and claim expenses incurred - total	$	(1,488	)	$	14,218		$	1,220		$	(28,625	)	$	3,999

Net claims and claim expense ratio - current accident year	5.4		%	26.0		%	6.6		%	(5.5		)%	9.7		%
Net claims and claim expense ratio - prior accident years	(7.8		)%	(6.9		)%	(5.0		)%	(33.9		)%	(5.1		)%
Net claims and claim expense ratio - calendar year	(2.4		)%	19.1		%	1.6		%	(39.4		)%	4.6		%
Underwriting expense ratio	40.0		%	34.8		%	38.1		%	48.9		%	37.4		%
Combined ratio	37.6		%	53.9		%	39.7		%	9.5		%	42.0		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Nine months ended
	September 30, 2014			September 30, 2013
Revenues
Gross premiums written	$	313,714		$	406,995
Net premiums written	$	259,281		$	355,522
Increase in unearned premiums	(44,914		)	(80,800		)
Net premiums earned	214,367			274,722
Net investment income	21,011			21,227
Net foreign exchange gains	2,815			276
Other loss	—			(717		)
Net realized and unrealized gains (losses) on investments	250			(17,539		)
Total revenues	238,443			277,969
Expenses
Net claims and claim expenses incurred	13,950			34,992
Acquisition expenses	55,770			65,908
Operational and corporate expenses	24,630			30,179
Interest expense	2,804			2,841
Total expenses	97,154			133,920
Income before taxes	141,289			144,049
Income tax expense	(22		)	—
Net income	141,267			144,049
Net income attributable to redeemable noncontrolling interest	(288		)	(294		)
Net income available to DaVinciRe common shareholders	$	140,979		$	143,755

Net claims and claim expenses incurred - current accident year	$	27,817		$	53,244
Net claims and claim expenses incurred - prior accident years	(13,867		)	(18,252		)
Net claims and claim expenses incurred - total	$	13,950		$	34,992

Net claims and claim expense ratio - current accident year	13.0		%	19.4		%
Net claims and claim expense ratio - prior accident years	(6.5		)%	(6.7		)%
Net claims and claim expense ratio - calendar year	6.5		%	12.7		%
Underwriting expense ratio	37.5		%	35.0		%
Combined ratio	44.0		%	47.7		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	September 30, 2014		June 30, 2014		March 31, 2014		December 31, 2013		September 30, 2013
Assets
Fixed maturity investments trading, at fair value	$	4,750,766	$	4,841,609	$	4,587,412	$	4,809,036	$	4,751,237
Fixed maturity investments available for sale, at fair value	28,069		29,219		30,205		34,241		38,530
Total fixed maturity investments, at fair value	4,778,835		4,870,828		4,617,617		4,843,277		4,789,767
Short term investments, at fair value	1,031,143		957,698		977,778		1,044,779		925,329
Equity investments trading, at fair value	301,714		254,408		245,267		254,776		113,986
Other investments, at fair value	501,487		513,614		576,099		573,264		500,770
Investments in other ventures, under equity method	118,245		110,354		106,332		105,616		97,660
Total investments	6,731,424		6,706,902		6,523,093		6,821,712		6,427,512
Cash and cash equivalents	300,547		294,457		327,163		408,032		266,350
Premiums receivable	630,718		837,116		668,788		474,087		735,937
Prepaid reinsurance premiums	195,978		267,963		207,752		66,132		166,340
Reinsurance recoverable	79,043		85,115		98,962		101,025		149,201
Accrued investment income	25,514		28,019		27,351		34,065		26,887
Deferred acquisition costs	130,108		140,765		121,890		81,684		103,844
Receivable for investments sold	147,206		58,205		84,396		75,845		240,191
Other assets	108,443		89,076		96,251		108,438		113,159
Goodwill and other intangibles	7,954		8,007		8,059		8,111		8,978
Assets of discontinued operations held for sale	—		—		—		—		115,556
Total assets	$	8,356,935	$	8,515,625	$	8,163,705	$	8,179,131	$	8,353,955
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,532,780	$	1,552,618	$	1,532,883	$	1,563,730	$	1,683,709
Unearned premiums	758,272		929,523		783,321		477,888		754,077
Debt	249,499		249,476		249,453		249,430		249,407
Reinsurance balances payable	501,155		558,185		468,644		293,022		358,988
Payable for investments purchased	284,295		201,340		179,519		193,221		407,788
Other liabilities	203,908		164,650		200,626		397,596		183,362
Liabilities of discontinued operations held for sale	—		—		—		—		56,275
Total liabilities	3,529,909		3,655,792		3,414,446		3,174,887		3,693,606
Redeemable noncontrolling interest	1,091,166		1,023,892		986,981		1,099,860		945,915
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	38,888		40,523		40,856		43,646		44,391
Accumulated other comprehensive income	3,829		3,918		3,963		4,131		4,566
Retained earnings	3,293,143		3,391,500		3,317,459		3,456,607		3,261,757
Total shareholders' equity attributable to RenaissanceRe	3,735,860		3,835,941		3,762,278		3,904,384		3,710,714
Noncontrolling interest	—		—		—		—		3,720
Total shareholders' equity	3,735,860		3,835,941		3,762,278		3,904,384		3,714,434
Total liabilities, noncontrolling interests and shareholders' equity	$	8,356,935	$	8,515,625	$	8,163,705	$	8,179,131	$	8,353,955

Book value per common share	$	85.78	$	84.79	$	82.30	$	80.29	$	74.58



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

	September 30, 2014					June 30, 2014					March 31, 2014					December 31, 2013					September 30, 2013
TYPE OF INVESTMENT
U.S. treasuries	$	1,636,326		24.3	%	$	1,706,929		25.5	%	$	1,539,995		23.6	%	$	1,352,413		19.8	%	$	1,322,367		20.5	%
Agencies	120,025			1.8	%	121,650			1.8	%	134,461			2.1	%	186,050			2.7	%	197,047			3.1	%
Non-U.S. government (Sovereign debt)	282,326			4.2	%	271,495			4.0	%	298,080			4.6	%	334,580			4.9	%	353,810			5.5	%
Non-U.S. government-backed corporate	141,159			2.1	%	163,911			2.4	%	220,727			3.4	%	237,479			3.5	%	229,687			3.6	%
Corporate	1,572,168			23.4	%	1,580,038			23.6	%	1,495,481			22.9	%	1,803,415			26.4	%	1,687,118			26.2	%
Agency mortgage-backed	325,138			4.8	%	326,304			4.9	%	300,448			4.6	%	341,908			5.0	%	436,024			6.8	%
Non-agency mortgage-backed	264,455			3.9	%	265,340			3.9	%	265,372			4.0	%	257,938			3.8	%	246,163			3.8	%
Commercial mortgage-backed	405,635			6.0	%	400,288			6.0	%	344,590			5.3	%	314,236			4.6	%	302,803			4.7	%
Asset-backed	31,603			0.5	%	34,873			0.5	%	18,463			0.3	%	15,258			0.2	%	14,748			0.3	%
Total fixed maturity investments, at fair value	4,778,835			71.0	%	4,870,828			72.6	%	4,617,617			70.8	%	4,843,277			70.9	%	4,789,767			74.5	%
Short term investments, at fair value	1,031,143			15.3	%	957,698			14.3	%	977,778			15.0	%	1,044,779			15.3	%	925,329			14.4	%
Equity investments trading, at fair value	301,714			4.5	%	254,408			3.8	%	245,267			3.8	%	254,776			3.7	%	113,986			1.8	%
Other investments, at fair value	501,487			7.5	%	513,614			7.6	%	576,099			8.8	%	573,264			8.5	%	500,770			7.8	%
Total managed investment portfolio	6,613,179			98.3	%	6,596,548			98.3	%	6,416,761			98.3	%	6,716,096			98.5	%	6,329,852			98.5	%
Investments in other ventures, under equity method	118,245			1.7	%	110,354			1.7	%	106,332			1.6	%	105,616			1.6	%	97,660			1.5	%
Total investments	$	6,731,424		100.0	%	$	6,706,902		100.0	%	$	6,523,093		100.0	%	$	6,821,712		100.0	%	$	6,427,512		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	579,663		12.2	%	$	608,811		12.5	%	$	643,735		14.0	%	$	638,049		13.2	%	$	648,065		13.5	%
AA	2,521,251			52.8	%	2,573,467			52.8	%	2,370,814			51.3	%	2,414,857			49.8	%	2,463,789			51.4	%
A	713,648			14.9	%	705,334			14.5	%	646,095			14.0	%	836,425			17.3	%	778,552			16.3	%
BBB	402,318			8.4	%	401,664			8.2	%	367,622			8.0	%	383,508			7.9	%	330,481			6.9	%
Non-investment grade and not rated	561,955			11.7	%	581,552			12.0	%	589,351			12.7	%	570,438			11.8	%	568,880			11.9	%
Total fixed maturity investments, at fair value	$	4,778,835		100.0	%	$	4,870,828		100.0	%	$	4,617,617		100.0	%	$	4,843,277		100.0	%	$	4,789,767		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	97,868		2.0	%	$	100,765		2.1	%	$	119,599		2.6	%	$	160,760		3.3	%	$	166,583		3.5	%
Due after one through five years	2,949,329			61.7	%	3,080,879			63.3	%	2,963,494			64.2	%	3,118,799			64.4	%	2,877,644			60.1	%
Due after five through ten years	593,633			12.4	%	529,811			10.9	%	504,919			10.9	%	551,007			11.4	%	630,582			13.2	%
Due after ten years	111,174			2.4	%	132,568			2.7	%	100,732			2.2	%	83,371			1.7	%	115,220			2.4	%
Mortgage-backed securities	995,228			20.8	%	991,932			20.4	%	910,410			19.7	%	914,082			18.9	%	984,990			20.5	%
Asset-backed securities	31,603			0.7	%	34,873			0.7	%	18,463			0.4	%	15,258			0.3	%	14,748			0.3	%
Total fixed maturity investments, at fair value	$	4,778,835		100.0	%	$	4,870,828		100.0	%	$	4,617,617		100.0	%	$	4,843,277		100.0	%	$	4,789,767		100.0	%

Weighted average effective yield of fixed maturity and short term investments	1.7		%			1.5		%			1.6		%			1.7		%			1.7		%
Average duration of fixed maturities and short term investments	2.2					2.2					2.2					2.1					2.1



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
TYPE OF INVESTMENT
Private equity partnerships	$	300,800		$	314,983		$	325,711		$	322,391		$	327,245
Catastrophe bonds	179,246			179,465			233,321			229,016			102,141
Senior secured bank loan funds	18,723			15,976			13,656			18,048			19,395
Hedge funds	2,718			3,190			3,411			3,809			4,022
Miscellaneous other investments	—			—			—			—			47,967
Total other investments, at fair value	$	501,487		$	513,614		$	576,099		$	573,264		$	500,770

TYPE OF INVESTMENT
Private equity partnerships	60.1		%	61.4		%	56.5		%	56.2		%	65.3		%
Catastrophe bonds	35.7		%	34.9		%	40.5		%	40.0		%	20.4		%
Senior secured bank loan funds	3.7		%	3.1		%	2.4		%	3.1		%	3.9		%
Hedge funds	0.5		%	0.6		%	0.6		%	0.7		%	0.8		%
Miscellaneous other investments	—		%	—		%	—		%	—		%	9.6		%
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															Nine months ended
	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			September 30, 2014			September 30, 2013
Fixed maturity investments	$	24,519		$	26,372		$	23,860		$	24,759		$	24,423		$	74,751		$	71,148
Short term investments	251			286			190			380			563			727			1,318
Equity investments trading	736			779			796			1,245			706			2,311			1,050
Other investments
Hedge funds and private equity investments	(3,320		)	8,340			12,317			14,514			14,179			17,337			31,296
Other	5,547			1,483			4,528			40,818			22,735			11,558			32,874
Cash and cash equivalents	116			93			91			83			47			300			108
	27,849			37,353			41,782			81,799			62,653			106,984			137,794
Investment expenses	(2,908		)	(2,812		)	(2,834		)	(3,067		)	(2,722		)	(8,554		)	(8,498		)
Net investment income	24,941			34,541			38,948			78,732			59,931			98,430			129,296

Gross realized gains	7,962			12,166			13,467			12,055			8,813			33,595			60,437
Gross realized losses	(2,720		)	(2,587		)	(5,564		)	(8,810		)	(22,241		)	(10,871		)	(41,396		)
Net realized gains (losses) on fixed maturity investments	5,242			9,579			7,903			3,245			(13,428		)	22,724			19,041
Net unrealized (losses) gains on fixed maturity investments trading	(36,600		)	29,918			27,882			(2,489		)	33,405			21,200			(85,338		)
Net realized and unrealized (losses) gains on investments-related derivatives	(1,868		)	(6,884		)	(10,899		)	6,570			3,557			(19,651		)	24,488
Net realized gains (losses) on equity investments trading	3,523			5,134			(79		)	8,455			560			8,578			18,195
Net unrealized (losses) gains on equity investments trading	(1,394		)	(10,619		)	(9,880		)	46,083			4,378			(21,893		)	(3,174		)
Net realized and unrealized (losses) gains on investments	(31,097		)	27,128			14,927			61,864			28,472			10,958			(26,788		)
Change in net unrealized gains on fixed maturity investments available for sale	(302		)	(96		)	(165		)	(471		)	(252		)	(563		)	(7,558		)
Total investment result	$	(6,458	)	$	61,573		$	53,710		$	140,125		$	88,151		$	108,825		$	94,950

Total investment return - annualized	(0.4		)%	3.7		%	3.2		%	8.6		%	5.7		%	2.1		%	2.0		%



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
September 30, 2014	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,031,143	$	1,031,143		15.3	%	0.1	%	$	1,003,270		$	27,134		$	231		$	—		$	508		$	—
			100.0		%					97.4		%	2.6		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	1,639,330		1,636,326			24.3	%	1.0	%	—			1,636,326			—			—			—			—
Agencies
Fannie Mae & Freddie Mac	109,706		109,190			1.6	%	1.5	%	—			109,190			—			—			—			—
Other agencies	10,889		10,835			0.2	%	1.3	%	—			10,835			—			—			—			—
Total agencies	120,595		120,025			1.8	%	1.5	%	—			120,025			—			—			—			—
Non-U.S. government (Sovereign debt)	286,573		282,326			4.2	%	1.2	%	160,276			94,793			13,496			13,521			240			—
Non-U.S. government-backed corporate	139,818		141,159			2.1	%	1.4	%	71,707			61,565			7,288			—			599			—
Corporate	1,567,100		1,572,168			23.4	%	3.0	%	22,766			162,230			651,959			355,275			364,549			15,389
Mortgage-backed
Residential mortgage-backed
Agency securities	326,185		325,138			4.8	%	2.6	%	—			325,138			—			—			—			—
Non-agency securities - Alt A	143,584		155,475			2.3	%	3.9	%	6,102			19,582			17,093			11,292			84,950			16,456
Non-agency securities - Prime	102,672		108,980			1.6	%	3.2	%	8,089			4,667			6,875			9,577			72,250			7,522
Total residential mortgage-backed	572,441		589,593			8.7	%	3.1	%	14,191			349,387			23,968			20,869			157,200			23,978
Commercial mortgage-backed	402,504		405,635			6.0	%	2.2	%	281,087			96,280			15,615			12,653			—			—
Total mortgage-backed	974,945		995,228			14.7	%	2.7	%	295,278			445,667			39,583			33,522			157,200			23,978
Asset-backed
Credit cards	13,946		14,081			0.2	%	1.8	%	14,081			—			—			—			—			—
Auto loans	11,307		11,275			0.2	%	1.3	%	11,275			—			—			—			—			—
Student loans	652		645			—	%	0.8	%	—			645			—			—			—			—
Other	5,459		5,602			0.1	%	2.2	%	4,280			—			1,322			—			—			—
Total asset-backed	31,364		31,603			0.5	%	1.6	%	29,636			645			1,322			—			—			—
Total securitized assets	1,006,309		1,026,831			15.2	%	2.7	%	324,914			446,312			40,905			33,522			157,200			23,978
Total fixed maturity investments	4,759,725		4,778,835			71.0	%	2.1	%	579,663			2,521,251			713,648			402,318			522,588			39,367
			100.0		%					12.2		%	52.8		%	14.9		%	8.4		%	10.9		%	0.8		%
Equity investments trading			301,714			4.5	%			—			—			—			—			—			301,714
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Private equity partnerships			300,800			4.5	%			—			—			—			—			—			300,800
Catastrophe bonds			179,246			2.7	%			—			—			—			—			179,246			—
Senior secured bank loan funds			18,723			0.3	%			—			—			—			—			—			18,723
Hedge funds			2,718			—	%			—			—			—			—			—			2,718
Total other investments			501,487			7.5	%			—			—			—			—			179,246			322,241
			100.0		%					—		%	—		%	—		%	—		%	35.7		%	64.3		%
Investments in other ventures			118,245			1.7	%			—			—			—			—			—			118,245
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	6,731,424		100.0	%			$	1,582,933		$	2,548,385		$	713,879		$	402,318		$	702,342		$	781,567
			100.0		%					23.5		%	37.9		%	10.6		%	6.0		%	10.4		%	11.6		%

(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

	September 30, 2014				December 31, 2013				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,031,143	15.3	%	$	1,044,779	15.3	%	$	(13,636	)	—	%
Fixed maturity investments
U.S. treasuries	1,636,326		24.3	%	1,352,413		19.8	%	283,913			4.5	%
Agencies
Fannie Mae & Freddie Mac	109,190		1.6	%	182,738		2.7	%	(73,548		)	(1.1	)%
Other agencies	10,835		0.2	%	3,312		—	%	7,523			0.2	%
Total agencies	120,025		1.8	%	186,050		2.7	%	(66,025		)	(0.9	)%
Non-U.S. government (Sovereign debt)	282,326		4.2	%	334,580		4.9	%	(52,254		)	(0.7	)%
Non-U.S. government-backed corporate	141,159		2.1	%	237,479		3.5	%	(96,320		)	(1.4	)%
Corporate	1,572,168		23.4	%	1,803,415		26.4	%	(231,247		)	(3.0	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	325,138		4.8	%	341,908		5.0	%	(16,770		)	(0.2	)%
Non-agency securities - Alt A	155,475		2.3	%	136,734		2.0	%	18,741			0.3	%
Non-agency securities - Prime	108,980		1.6	%	121,204		1.8	%	(12,224		)	(0.2	)%
Total residential mortgage-backed	589,593		8.7	%	599,846		8.8	%	(10,253		)	(0.1	)%
Commercial mortgage-backed	405,635		6.0	%	314,236		4.6	%	91,399			1.4	%
Total mortgage-backed	995,228		14.7	%	914,082		13.4	%	81,146			1.3	%
Asset-backed
Credit cards	14,081		0.2	%	4,385		0.1	%	9,696			0.1	%
Auto loans	11,275		0.2	%	3,109		—	%	8,166			0.2	%
Student loans	645		—	%	2,947		—	%	(2,302		)	—	%
Other	5,602		0.1	%	4,817		0.1	%	785			—	%
Total asset-backed	31,603		0.5	%	15,258		0.2	%	16,345			0.3	%
Total securitized assets	1,026,831		15.2	%	929,340		13.6	%	97,491			1.6	%
Total fixed maturity investments	4,778,835		71.0	%	4,843,277		70.9	%	(64,442		)	0.1	%
Equity investments trading	301,714		4.5	%	254,776		3.7	%	46,938			0.8	%
Other investments
Private equity partnerships	300,800		4.5	%	322,391		4.7	%	(21,591		)	(0.2	)%
Catastrophe bonds	179,246		2.7	%	229,016		3.4	%	(49,770		)	(0.7	)%
Senior secured bank loan funds	18,723		0.3	%	18,048		0.3	%	675			—	%
Hedge funds	2,718		—	%	3,809		0.1	%	(1,091		)	(0.1	)%
Total other investments	501,487		7.5	%	573,264		8.5	%	(71,777		)	(1.0	)%
Investments in other ventures	118,245		1.7	%	105,616		1.5	%	12,629			0.2	%
Total managed investment portfolio	$	6,731,424	100.0	%	$	6,821,712	100.0	%	$	(90,288	)



	15



RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	September 30, 2014
Issuer	Total		Short term investments		Fixed maturity investments
Bank of America Corp.	$	57,392	$	—	$	57,392
Goldman Sachs Group Inc.	51,521		—		51,521
JP Morgan Chase & Co.	47,222		—		47,222
Citigroup Inc.	37,919		—		37,919
Morgan Stanley	31,433		—		31,433
General Electric Company	25,095		—		25,095
HSBC Holdings PLC	23,502		—		23,502
Ford Motor Co.	20,928		—		20,928
Wells Fargo & Co.	17,627		—		17,627
Verizon Communications Inc.	16,828		—		16,828
Total (1)	$	329,467	$	—	$	329,467


(1)	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
September 30, 2014
Catastrophe Reinsurance	$	282,923	$	186,653	$	178,243	$	647,819
Specialty Reinsurance	111,774		83,196		359,069		554,039
Lloyd's	54,142		21,464		207,463		283,069
Other	8,097		2,324		37,432		47,853
Total	$	456,936	$	293,637	$	782,207	$	1,532,780

June 30, 2014
Catastrophe Reinsurance	$	327,537	$	201,716	$	191,059	$	720,312
Specialty Reinsurance	100,033		89,949		340,106		530,088
Lloyd's	48,242		19,763		184,120		252,125
Other	9,505		2,323		38,265		50,093
Total	$	485,317	$	313,751	$	753,550	$	1,552,618

March 31, 2014
Catastrophe Reinsurance	$	350,606	$	183,216	$	184,685	$	718,507
Specialty Reinsurance	111,914		85,568		325,468		522,950
Lloyd's	47,137		17,560		171,492		236,189
Other	14,358		2,324		38,555		55,237
Total	$	524,015	$	288,668	$	720,200	$	1,532,883

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



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended September 30, 2014									Three months ended September 30, 2013
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,552,618		$	85,115		$	1,467,503		$	1,710,408		$	175,103		$	1,535,305
Incurred losses and loss expenses
Current year	104,510			9,523			94,987			75,472			7,318			68,154
Prior years	(27,537		)	(2,197		)	(25,340		)	(8,760		)	(1,534		)	(7,226		)
Total incurred losses and loss expenses	76,973			7,326			69,647			66,712			5,784			60,928
Paid losses and loss expenses
Current year	17,580			114			17,466			9,355			1,934			7,421
Prior years	79,231			13,284			65,947			84,056			29,752			54,304
Total paid losses and loss expenses	96,811			13,398			83,413			93,411			31,686			61,725
Reserve for losses and loss expenses, end of period	$	1,532,780		$	79,043		$	1,453,737		$	1,683,709		$	149,201		$	1,534,508

	Nine months ended September 30, 2014									Nine months ended September 30, 2013
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,563,730		$	101,025		$	1,462,705		$	1,879,377		$	192,512		$	1,686,865
Incurred losses and loss expenses
Current year	298,400			29,334			269,066			292,010			28,167			263,843
Prior years	(56,213		)	2,903			(59,116		)	(74,305		)	(2,603		)	(71,702		)
Total incurred losses and loss expenses	242,187			32,237			209,950			217,705			25,564			192,141
Paid losses and loss expenses
Current year	19,357			126			19,231			32,484			1,934			30,550
Prior years	253,780			54,093			199,687			380,889			66,941			313,948
Total paid losses and loss expenses	273,137			54,219			218,918			413,373			68,875			344,498
Reserve for losses and loss expenses, end of period	$	1,532,780		$	79,043		$	1,453,737		$	1,683,709		$	149,201		$	1,534,508



	18



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Numerator:
Net income available to RenaissanceRe common shareholders	$	67,815		$	120,752		$	151,003		$	268,656		$	179,740
Amount allocated to participating common shareholders (1)	(904		)	(1,557		)	(2,031		)	(3,709		)	(2,539		)
	$	66,911		$	119,195		$	148,972		$	264,947		$	177,201
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	38,975			39,736			41,238			43,160			43,330
Per common share equivalents of employee stock options and restricted shares	458			659			665			609			805
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	39,433			40,395			41,903			43,769			44,135

Basic income per RenaissanceRe common share	$	1.72		$	3.00		$	3.61		$	6.14		$	4.09
Diluted income per RenaissanceRe common share	$	1.70		$	2.95		$	3.56		$	6.05		$	4.01

	Nine months ended
(common shares in thousands)	September 30, 2014			September 30, 2013
Numerator:
Net income available to RenaissanceRe common shareholders	$	339,570		$	397,020
Amount allocated to participating common shareholders (1)	(4,466		)	(5,740		)
	$	335,104		$	391,280
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	39,983			43,412
Per common share equivalents of employee stock options and restricted shares	595			835
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	40,578			44,247

Basic income per RenaissanceRe common share	$	8.38		$	9.01
Diluted income per RenaissanceRe common share (2)	$	8.26		$	8.84


(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
	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Tower Hill Companies	$	6,912		$	5,202		$	1,986		$	2,989		$	3,885
Top Layer Re	3,108			2,494			2,445			3,374			3,608
Other	(214		)	(464		)	(232		)	(89		)	(180		)
Total equity in earnings of other ventures	$	9,806		$	7,232		$	4,199		$	6,274		$	7,313

	Nine months ended
	September 30, 2014			September 30, 2013
Tower Hill Companies	$	14,100		$	7,281
Top Layer Re	8,047			10,462
Other	(910		)	(823		)
Total equity in earnings of other ventures	$	21,237		$	16,920

Other (Loss) Income

	Three months ended
	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	239		$	17		$	21		$	26		$	30
Other items	(1,408		)	(552		)	41			(199		)	621
Total other (loss) income	$	(1,169	)	$	(535	)	$	62		$	(173	)	$	651

	Nine months ended
	September 30, 2014			September 30, 2013
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	277		$	(2,543	)
Other items	(1,919		)	357
Total other loss	$	(1,642	)	$	(2,186	)



	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	—	—	—
Renaissance Reinsurance of Europe (1)	A+	AA-	—	—
Top Layer Re (1)	A+	AA	—	—

Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	AA-

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 and net other-than-temporary impairments. The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio and equity investments trading. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:



	Three months ended															Nine months ended
	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			September 30, 2014			September 30, 2013
Net income available to RenaissanceRe common shareholders	$	67,815		$	120,752		$	151,003		$	268,656		$	179,740		$	339,570		$	397,020
Adjustment for net realized and unrealized losses (gains) on investments from continuing operations	31,097			(27,128		)	(14,927		)	(61,864		)	(28,472		)	(10,958		)	26,788
Adjustment for net realized and unrealized losses on investments from discontinued operations	—			—			—			—			5			—			18
Operating income available to RenaissanceRe common shareholders	$	98,912		$	93,624		$	136,076		$	206,792		$	151,273		$	328,612		$	423,826

Net income available to RenaissanceRe common shareholders per common share - diluted	$	1.70		$	2.95		$	3.56		$	6.05		$	4.01		$	8.26		$	8.84
Adjustment for net realized and unrealized losses (gains) on investments from continuing operations	0.79			(0.67		)	(0.36		)	(1.41		)	(0.65		)	(0.27		)	0.61
Adjustment for net realized and unrealized losses on investments from discontinued operations	—			—			—			—			—			—			—
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	2.49		$	2.28		$	3.20		$	4.64		$	3.36		$	7.99		$	9.45

Return on average common equity - annualized	8.0		%	14.2		%	17.6		%	31.5		%	22.2		%	13.3		%	16.6		%
Adjustment for net realized and unrealized losses (gains) on investments from continuing operations	3.7		%	(3.2		)%	(1.7		)%	(7.3		)%	(3.5		)%	(0.4		)%	1.1		%
Adjustment for net realized and unrealized losses on investments from discontinued operations	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating return on average common equity - annualized	11.7		%	11.0		%	15.9		%	24.3		%	18.7		%	12.9		%	17.7		%



	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 the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment 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 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, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Book value per common share	$	85.78		$	84.79		$	82.30		$	80.29		$	74.58
Adjustment for goodwill and other intangibles (1)	(0.88		)	(0.86		)	(0.89		)	(0.85		)	(0.84		)
Tangible book value per common share	84.90			83.93			81.41			79.44			73.74
Adjustment for accumulated dividends	13.99			13.70			13.41			13.12			12.84
Tangible book value per common share plus accumulated dividends	$	98.89		$	97.63		$	94.82		$	92.56		$	86.58

Quarterly change in book value per common share	1.2		%	3.0		%	2.5		%	7.7		%	4.5		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	1.5		%	3.5		%	2.8		%	8.1		%	4.9		%
Year to date change in book value per common share	6.8		%										9.5		%
Year to date change in tangible book value per common share plus change in accumulated dividends	8.0		%										10.9		%


(1)	At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, goodwill and other intangibles included $26.1 million, $27.0 million, $28.3 million, $29.2 million and $28.5 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

Form: 8-K

Documents