February 2, 2016 - 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 Income (Loss)	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. ("RenaissanceRe" or the "Company") 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”).

On March 2, 2015, RenaissanceRe acquired Platinum Underwriters Holdings, Ltd. (“Platinum") pursuant to a definitive merger agreement entered into on November 23, 2014. As a result of the acquisition, Platinum and its subsidiaries became wholly-owned subsidiaries of RenaissanceRe, including Platinum Underwriters Bermuda, Ltd. ("Platinum Bermuda") and Renaissance Reinsurance U.S. Inc., formerly known as Platinum Underwriters Reinsurance, Inc. ("Renaissance Reinsurance U.S."). The Company accounted for the acquisition of Platinum under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic Business Combinations and the Company's consolidated results of operations include those of Platinum from March 2, 2015.

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						Twelve months ended
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Highlights
Gross premiums written	$	336,093		$	132,780		$	2,011,310		$	1,550,572
Net premiums written	$	236,651		$	111,769		$	1,416,183		$	1,068,236
Net premiums earned	$	361,575		$	256,487		$	1,400,551		$	1,062,416
Net claims and claim expenses incurred	102,013			(12,003		)	448,238			197,947
Acquisition expenses	55,399			39,749			238,592			144,476
Operating expenses	64,300			55,202			219,112			190,639
Underwriting income	$	139,863		$	173,539		$	494,609		$	529,354

Net investment income	$	45,918		$	25,886		$	152,567		$	124,316
Net realized and unrealized (losses) gains on investments	(42,817		)	30,475			(68,918		)	41,433
Change in net unrealized gains on fixed maturity investments available for sale	(257		)	(292		)	(1,243		)	(855		)
Total investment result	$	2,844		$	56,069		$	82,406		$	164,894

Net income available to RenaissanceRe common shareholders	$	92,206		$	170,767		$	408,811		$	510,337
Operating income available to RenaissanceRe common shareholders (1)	$	135,023		$	140,292		$	477,729		$	468,904

Total assets	$	11,560,871		$	8,203,550		$	11,560,871		$	8,203,550
Total shareholders' equity attributable to RenaissanceRe	$	4,732,184		$	3,865,715		$	4,732,184		$	3,865,715

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.09		$	4.42		$	9.28		$	12.60
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.07		$	3.62		$	10.86		$	11.56
Dividends per common share	$	0.30		$	0.29		$	1.20		$	1.16
Book value per common share	$	99.13		$	90.15		$	99.13		$	90.15
Tangible book value per common share (1)	$	92.54		$	89.29		$	92.54		$	89.29
Tangible book value per common share plus accumulated dividends (1)	$	108.02		$	103.57		$	108.02		$	103.57
Change in tangible book value per common share plus change in accumulated dividends (1)	2.3		%	5.5		%	5.0		%	13.9		%

Financial ratios
Net claims and claim expense ratio - current accident year	38.4		%	28.3		%	43.6		%	32.2		%
Net claims and claim expense ratio - prior accident years	(10.2		)%	(33.0		)%	(11.6		)%	(13.6		)%
Net claims and claim expense ratio - calendar year	28.2		%	(4.7		)%	32.0		%	18.6		%
Underwriting expense ratio	33.1		%	37.0		%	32.7		%	31.6		%
Combined ratio	61.3		%	32.3		%	64.7		%	50.2		%
Operating return on average common equity - annualized (1)	12.5		%	16.5		%	11.4		%	13.7		%
Total investment return - annualized	0.1		%	3.3		%	0.9		%	2.4		%


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



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Revenues
Gross premiums written	$	336,093		$	369,642		$	661,997		$	643,578		$	132,780
Net premiums written	$	236,651		$	266,820		$	508,677		$	404,035		$	111,769
Decrease (increase) in unearned premiums	124,924			95,568			(128,849		)	(107,275		)	144,718
Net premiums earned	361,575			362,388			379,828			296,760			256,487
Net investment income	45,918			28,338			38,604			39,707			25,886
Net foreign exchange gains (losses)	1,203			616			(1,740		)	(3,130		)	(107		)
Equity in earnings of other ventures	3,296			5,730			6,160			5,295			4,838
Other income	8,200			2,306			1,427			1,539			1,219
Net realized and unrealized (losses) gains on investments	(42,817		)	(41,138		)	(26,712		)	41,749			30,475
Total revenues	377,375			358,240			397,567			381,920			318,798
Expenses
Net claims and claim expenses incurred	102,013			100,028			169,344			76,853			(12,003		)
Acquisition expenses	55,399			78,126			61,666			43,401			39,749
Operational expenses	64,300			54,518			54,673			45,621			55,202
Corporate expenses	10,982			7,502			13,032			45,598			10,583
Interest expense	10,359			10,362			9,698			5,251			4,289
Total expenses	243,053			250,536			308,413			216,724			97,820
Income before taxes	134,322			107,704			89,154			165,196			220,978
Income tax (expense) benefit	(8,453		)	4,573			1,842			47,904			(401		)
Net income	125,869			112,277			90,996			213,100			220,577
Net income attributable to noncontrolling interests	(28,068		)	(31,153		)	(12,167		)	(39,662		)	(44,215		)
Net income attributable to RenaissanceRe	97,801			81,124			78,829			173,438			176,362
Dividends on preference shares	(5,595		)	(5,595		)	(5,596		)	(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	92,206		$	75,529		$	73,233		$	167,843		$	170,767

Net income available to RenaissanceRe common shareholders per common share - basic	$	2.11		$	1.68		$	1.60		$	4.18		$	4.46
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.09		$	1.66		$	1.59		$	4.14		$	4.42
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.07		$	2.58		$	2.18		$	3.10		$	3.62

Operating return on average common equity - annualized (1)	12.5		%	10.7		%	9.1		%	12.9		%	16.5		%


(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, 2015			December 31, 2014
Revenues
Gross premiums written	$	2,011,310		$	1,550,572
Net premiums written	$	1,416,183		$	1,068,236
Increase in unearned premiums	(15,632		)	(5,820		)
Net premiums earned	1,400,551			1,062,416
Net investment income	152,567			124,316
Net foreign exchange (losses) gains	(3,051		)	6,260
Equity in earnings of other ventures	20,481			26,075
Other income (loss)	13,472			(423		)
Net realized and unrealized (losses) gains on investments	(68,918		)	41,433
Total revenues	1,515,102			1,260,077
Expenses
Net claims and claim expenses incurred	448,238			197,947
Acquisition expenses	238,592			144,476
Operational expenses	219,112			190,639
Corporate expenses	77,114			22,987
Interest expense	35,670			17,164
Total expenses	1,018,726			573,213
Income before taxes	496,376			686,864
Income tax benefit (expense)	45,866			(608		)
Net income	542,242			686,256
Net income attributable to noncontrolling interests	(111,050		)	(153,538		)
Net income attributable to RenaissanceRe	431,192			532,718
Dividends on preference shares	(22,381		)	(22,381		)
Net income available to RenaissanceRe common shareholders	$	408,811		$	510,337

Net income available to RenaissanceRe common shareholders per common share - basic	$	9.36		$	12.77
Net income available to RenaissanceRe common shareholders per common share - diluted	$	9.28		$	12.60
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	10.86		$	11.56

Operating return on average common equity - annualized (1)	11.4		%	13.7		%


(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 December 31, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	12,326		$	267,375		$	56,392		$	—		$	336,093
Net premiums written	$	9,057		$	183,140		$	44,413		$	41		$	236,651
Net premiums earned	$	156,601		$	152,137		$	52,796		$	41		$	361,575
Net claims and claim expenses incurred	(9,715		)	77,840			34,716			(828		)	102,013
Acquisition expenses	6,248			36,439			12,712			—			55,399
Operational expenses	27,528			20,946			15,741			85			64,300
Underwriting income (loss)	$	132,540		$	16,912		$	(10,373	)	$	784		$	139,863

Net claims and claim expenses incurred - current accident year	$	18,249		$	86,091		$	34,549		$	—		$	138,889
Net claims and claim expenses incurred - prior accident years	(27,964		)	(8,251		)	167			(828		)	(36,876		)
Net claims and claim expenses incurred - total	$	(9,715	)	$	77,840		$	34,716		$	(828	)	$	102,013

Net claims and claim expense ratio - current accident year	11.7		%	56.6		%	65.4		%				38.4		%
Net claims and claim expense ratio - prior accident years	(17.9		)%	(5.4		)%	0.4		%				(10.2		)%
Net claims and claim expense ratio - calendar year	(6.2		)%	51.2		%	65.8		%				28.2		%
Underwriting expense ratio	21.6		%	37.7		%	53.8		%				33.1		%
Combined ratio	15.4		%	88.9		%	119.6		%				61.3		%

	Three months ended December 31, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	9,923		$	71,911		$	50,637		$	309		$	132,780
Net premiums written	$	6,614		$	62,233		$	42,581		$	341		$	111,769
Net premiums earned	$	130,390		$	66,846		$	58,909		$	342		$	256,487
Net claims and claim expenses incurred	(40,762		)	10,587			23,406			(5,234		)	(12,003		)
Acquisition expenses	9,098			16,884			13,624			143			39,749
Operational expenses	29,078			12,516			13,549			59			55,202
Underwriting income	$	132,976		$	26,859		$	8,330		$	5,374		$	173,539

Net claims and claim expenses incurred - current accident year	$	6,605		$	30,602		$	35,472		$	—		$	72,679
Net claims and claim expenses incurred - prior accident years	(47,367		)	(20,015		)	(12,066		)	(5,234		)	(84,682		)
Net claims and claim expenses incurred - total	$	(40,762	)	$	10,587		$	23,406		$	(5,234	)	$	(12,003	)

Net claims and claim expense ratio - current accident year	5.1		%	45.8		%	60.2		%				28.3		%
Net claims and claim expense ratio - prior accident years	(36.4		)%	(30.0		)%	(20.5		)%				(33.0		)%
Net claims and claim expense ratio - calendar year	(31.3		)%	15.8		%	39.7		%				(4.7		)%
Underwriting expense ratio	29.3		%	44.0		%	46.2		%				37.0		%
Combined ratio	(2.0		)%	59.8		%	85.9		%				32.3		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.3 million for the three months ended December 31, 2014.



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Twelve months ended December 31, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	868,631		$	766,051		$	376,718		$	(90	)	$	2,011,310
Net premiums written	$	557,369		$	582,909		$	275,953		$	(48	)	$	1,416,183
Net premiums earned	$	622,714		$	548,810		$	229,075		$	(48	)	$	1,400,551
Net claims and claim expenses incurred	75,574			244,495			128,667			(498		)	448,238
Acquisition expenses	47,264			135,811			55,269			248			238,592
Operational expenses	93,494			70,525			54,827			266			219,112
Underwriting income (loss)	$	406,382		$	97,979		$	(9,688	)	$	(64	)	$	494,609

Net claims and claim expenses incurred - current accident year	$	145,951		$	336,407		$	128,327		$	—		$	610,685
Net claims and claim expenses incurred - prior accident years	(70,377		)	(91,912		)	340			(498		)	(162,447		)
Net claims and claim expenses incurred - total	$	75,574		$	244,495		$	128,667		$	(498	)	$	448,238

Net claims and claim expense ratio - current accident year	23.4		%	61.3		%	56.0		%				43.6		%
Net claims and claim expense ratio - prior accident years	(11.3		)%	(16.7		)%	0.2		%				(11.6		)%
Net claims and claim expense ratio - calendar year	12.1		%	44.6		%	56.2		%				32.0		%
Underwriting expense ratio	22.6		%	37.5		%	48.0		%				32.7		%
Combined ratio	34.7		%	82.1		%	104.2		%				64.7		%

	Twelve months ended December 31, 2014
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	933,969		$	346,638		$	269,656		$	309		$	1,550,572
Net premiums written	$	541,608		$	295,855		$	230,429		$	344		$	1,068,236
Net premiums earned	$	590,845		$	253,537		$	217,666		$	368		$	1,062,416
Net claims and claim expenses incurred	1,757			88,502			113,825			(6,137		)	197,947
Acquisition expenses	43,161			60,936			46,927			(6,548		)	144,476
Operational expenses	95,851			43,370			51,115			303			190,639
Underwriting income	$	450,076		$	60,729		$	5,799		$	12,750		$	529,354

Net claims and claim expenses incurred - current accident year	$	67,268		$	144,411		$	130,066		$	—		$	341,745
Net claims and claim expenses incurred - prior accident years	(65,511		)	(55,909		)	(16,241		)	(6,137		)	(143,798		)
Net claims and claim expenses incurred - total	$	1,757		$	88,502		$	113,825		$	(6,137	)	$	197,947

Net claims and claim expense ratio - current accident year	11.4		%	57.0		%	59.8		%				32.2		%
Net claims and claim expense ratio - prior accident years	(11.1		)%	(22.1		)%	(7.5		)%				(13.6		)%
Net claims and claim expense ratio - calendar year	0.3		%	34.9		%	52.3		%				18.6		%
Underwriting expense ratio	23.5		%	41.1		%	45.0		%				31.6		%
Combined ratio	23.8		%	76.0		%	97.3		%				50.2		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $(0.1) million for the twelve months ended December 31, 2015 (2014 - $0.3 million).



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	December 31, 2015		September 30, 2015		June 30, 2015			March 31, 2015			December 31, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	11,207	$	61,479	$	243,246		$	265,730		$	10,569
DaVinci catastrophe premiums	1,119		20,213		142,120			123,517			(646		)
Total Catastrophe Reinsurance segment gross premiums written	$	12,326	$	81,692	$	385,366		$	389,247		$	9,923

Specialty Reinsurance Segment
Credit	$	141,939	$	66,839	$	19,911		$	28,711		$	19,401
Casualty	93,004		116,851		84,953			62,105			40,150
Property Other	14,176		10,405		23,215			5,209			7,652
Other	18,256		20,277		31,934			28,266			4,708
Total Specialty Reinsurance segment gross premiums written	$	267,375	$	214,372	$	160,013		$	124,291		$	71,911

Lloyd's Segment
Casualty	$	37,161	$	41,352	$	48,426		$	61,971		$	30,562
Property Other	14,578		18,717		24,130			23,769			17,179
Catastrophe	2,840		7,465		33,379			25,645			1,985
Credit	274		3,377		1,534			2,585			(119		)
Other	1,539		2,667		9,149			16,160			1,030
Total Lloyd's segment gross premiums written	$	56,392	$	73,578	$	116,618		$	130,130		$	50,637

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	12,326	$	81,692	$	385,366		$	389,247		$	9,923
Catastrophe premiums written in the Lloyd's segment	2,840		7,465		33,379			25,645			1,985
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,923		1,089		21,411			14,164			3,162
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	—		—		(835		)	(5,950		)	—
Total managed catastrophe premiums (1)	$	17,089	$	90,246	$	439,321		$	423,106		$	15,070


(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, 2015			December 31, 2014
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	581,662		$	622,934
DaVinci catastrophe premiums	286,969			311,035
Total Catastrophe Reinsurance segment gross premiums written	$	868,631		$	933,969

Specialty Reinsurance Segment
Casualty	$	356,913		$	132,535
Credit	257,400			147,720
Property Other	53,005			21,924
Other	98,733			44,459
Total Specialty Reinsurance segment gross premiums written	$	766,051		$	346,638

Lloyd's Segment
Casualty	$	188,910		$	131,972
Property Other	81,194			63,631
Catastrophe	69,329			55,366
Credit	7,770			741
Other	29,515			17,946
Total Lloyd's segment gross premiums written	$	376,718		$	269,656

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	868,631		$	933,969
Catastrophe premiums written in the Lloyd's segment	69,329			55,366
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	38,587			42,556
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(6,785		)	(7,355		)
Total managed catastrophe premiums (1)	$	969,762		$	1,024,536


(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, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Revenues
Gross premiums written	$	1,269		$	20,326		$	143,456		$	124,211		$	(632	)
Net premiums written	$	1,244		$	14,598		$	132,977		$	97,365		$	(803	)
Decrease (increase) in unearned premiums	61,795			47,452			(69,088		)	(36,320		)	62,175
Net premiums earned	63,039			62,050			63,889			61,045			61,372
Net investment income	7,241			7,171			6,812			6,215			7,599
Net foreign exchange (losses) gains	(225		)	(233		)	(9		)	(585		)	831
Net realized and unrealized (losses) gains on investments	(13,120		)	(2,044		)	(8,630		)	12,038			(2,076		)
Total revenues	56,935			66,944			62,062			78,713			67,726
Expenses
Net claims and claim expenses incurred	(6,954		)	4,675			22,852			1,937			(21,995		)
Acquisition expenses	16,883			15,683			13,703			16,540			22,839
Operational and corporate expenses	7,211			7,285			7,081			7,238			7,467
Interest expense	1,813			1,813			1,504			939			933
Total expenses	18,953			29,456			45,140			26,654			9,244
Income before taxes	37,982			37,488			16,922			52,059			58,482
Income tax (expense) benefit	(2		)	188			(153		)	(36		)	(18		)
Net income available to DaVinciRe common shareholders	$	37,980		$	37,676		$	16,769		$	52,023		$	58,464

Net claims and claim expenses incurred - current accident year	$	5,477		$	9,649		$	26,832		$	10,109		$	701
Net claims and claim expenses incurred - prior accident years	(12,431		)	(4,974		)	(3,980		)	(8,172		)	(22,696		)
Net claims and claim expenses incurred - total	$	(6,954	)	$	4,675		$	22,852		$	1,937		$	(21,995	)

Net claims and claim expense ratio - current accident year	8.7		%	15.6		%	42.0		%	16.6		%	1.1		%
Net claims and claim expense ratio - prior accident years	(19.7		)%	(8.1		)%	(6.2		)%	(13.4		)%	(36.9		)%
Net claims and claim expense ratio - calendar year	(11.0		)%	7.5		%	35.8		%	3.2		%	(35.8		)%
Underwriting expense ratio	38.2		%	37.0		%	32.5		%	38.9		%	49.3		%
Combined ratio	27.2		%	44.5		%	68.3		%	42.1		%	13.5		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Twelve months ended
	December 31, 2015			December 31, 2014
Revenues
Gross premiums written	$	289,262		$	313,082
Net premiums written	$	246,184		$	258,478
Decrease in unearned premiums	3,839			17,261
Net premiums earned	250,023			275,739
Net investment income	27,439			28,610
Net foreign exchange (losses) gains	(1,052		)	3,646
Net realized and unrealized losses on investments	(11,756		)	(1,826		)
Total revenues	264,654			306,169
Expenses
Net claims and claim expenses incurred	22,510			(8,045		)
Acquisition expenses	62,809			78,609
Operational and corporate expenses	28,815			32,097
Interest expense	6,069			3,737
Total expenses	120,203			106,398
Income before taxes	144,451			199,771
Income tax expense	(3		)	(40		)
Net income	144,448			199,731
Net income attributable to redeemable noncontrolling interest	—			(288		)
Net income available to DaVinciRe common shareholders	$	144,448		$	199,443

Net claims and claim expenses incurred - current accident year	$	52,067		$	28,518
Net claims and claim expenses incurred - prior accident years	(29,557		)	(36,563		)
Net claims and claim expenses incurred - total	$	22,510		$	(8,045	)

Net claims and claim expense ratio - current accident year	20.8		%	10.3		%
Net claims and claim expense ratio - prior accident years	(11.8		)%	(13.2		)%
Net claims and claim expense ratio - calendar year	9.0		%	(2.9		)%
Underwriting expense ratio	36.6		%	40.1		%
Combined ratio	45.6		%	37.2		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014
Assets
Fixed maturity investments trading, at fair value	$	6,765,005	$	6,905,302	$	6,591,434	$	5,982,843	$	4,756,685
Fixed maturity investments available for sale, at fair value	17,813		19,905		21,754		25,086		26,885
Total fixed maturity investments, at fair value	6,782,818		6,925,207		6,613,188		6,007,929		4,783,570
Short term investments, at fair value	1,208,401		998,906		1,543,191		1,775,819		1,013,222
Equity investments trading, at fair value	393,877		462,198		493,056		261,656		322,098
Other investments, at fair value	481,621		483,958		504,693		514,906		504,147
Investments in other ventures, under equity method	132,351		129,495		126,139		123,743		120,713
Total investments	8,999,068		8,999,764		9,280,267		8,684,053		6,743,750
Cash and cash equivalents	506,885		524,546		398,090		557,618		525,584
Premiums receivable	778,009		864,198		1,068,819		866,418		440,007
Prepaid reinsurance premiums	230,671		258,445		276,231		233,062		94,810
Reinsurance recoverable	134,526		141,416		136,464		82,696		66,694
Accrued investment income	39,749		40,855		37,480		40,583		26,509
Deferred acquisition costs	199,380		213,599		173,408		146,053		110,059
Receivable for investments sold	220,834		321,756		149,063		121,530		52,390
Other assets	186,595		271,929		257,621		273,851		135,845
Goodwill and other intangibles	265,154		270,213		275,743		281,334		7,902
Total assets	$	11,560,871	$	11,906,721	$	12,053,186	$	11,287,198	$	8,203,550
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,767,045	$	2,796,062	$	2,847,648	$	2,781,568	$	1,412,510
Unearned premiums	889,102		1,042,012		1,155,596		983,137		512,386
Debt	966,079		969,221		972,362		826,774		249,522
Reinsurance balances payable	523,974		533,174		512,019		495,045		454,580
Payable for investments purchased	391,378		602,576		511,251		217,986		203,021
Other liabilities	245,145		244,005		228,554		231,968		374,108
Total liabilities	5,782,723		6,187,050		6,227,430		5,536,478		3,206,127
Redeemable noncontrolling interest	1,045,964		1,022,028		988,812		968,431		1,131,708
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	43,701		44,121		46,013		46,026		38,442
Additional paid-in capital	507,674		551,683		750,484		754,941		—
Accumulated other comprehensive income	2,108		2,260		2,993		3,342		3,416
Retained earnings	3,778,701		3,699,579		3,637,454		3,577,980		3,423,857
Total shareholders' equity attributable to RenaissanceRe	4,732,184		4,697,643		4,836,944		4,782,289		3,865,715
Total liabilities, noncontrolling interests and shareholders' equity	$	11,560,871	$	11,906,721	$	12,053,186	$	11,287,198	$	8,203,550

Book value per common share	$	99.13	$	97.41	$	96.43	$	95.21	$	90.15



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	December 31, 2015					September 30, 2015					June 30, 2015					March 31, 2015					December 31, 2014
U.S. treasuries	$	2,064,944		23.0	%	$	1,984,841		22.1	%	$	2,020,746		21.8	%	$	1,535,746		17.7	%	$	1,671,471		24.8	%
Agencies	137,976			1.5	%	131,524			1.5	%	144,947			1.6	%	152,272			1.8	%	96,208			1.4	%
Municipal	583,282			6.5	%	675,349			7.5	%	806,724			8.7	%	1,220,206			14.1	%	—			—	%
Non-U.S. government (Sovereign debt)	334,981			3.7	%	393,320			4.4	%	370,613			4.0	%	329,626			3.8	%	280,651			4.2	%
Non-U.S. government-backed corporate	138,994			1.5	%	172,548			1.9	%	172,381			1.9	%	151,446			1.7	%	146,467			2.2	%
Corporate	2,055,323			22.9	%	2,141,859			23.8	%	1,865,369			20.1	%	1,603,024			18.5	%	1,610,442			23.9	%
Agency mortgage-backed	504,518			5.6	%	497,092			5.5	%	475,870			5.1	%	342,461			3.9	%	316,620			4.7	%
Non-agency mortgage-backed	270,763			3.0	%	268,389			3.0	%	263,329			2.8	%	268,102			3.1	%	253,050			3.7	%
Commercial mortgage-backed	561,496			6.2	%	552,617			6.1	%	426,895			4.6	%	361,812			4.2	%	381,051			5.7	%
Asset-backed	130,541			1.4	%	107,668			1.2	%	66,314			0.7	%	43,234			0.5	%	27,610			0.4	%
Total fixed maturity investments, at fair value	6,782,818			75.3	%	6,925,207			77.0	%	6,613,188			71.3	%	6,007,929			69.3	%	4,783,570			71.0	%
Short term investments, at fair value	1,208,401			13.4	%	998,906			11.1	%	1,543,191			16.6	%	1,775,819			20.4	%	1,013,222			15.0	%
Equity investments trading, at fair value	393,877			4.4	%	462,198			5.1	%	493,056			5.3	%	261,656			3.0	%	322,098			4.8	%
Other investments, at fair value	481,621			5.4	%	483,958			5.3	%	504,693			5.4	%	514,906			5.9	%	504,147			7.5	%
Total managed investment portfolio	8,866,717			98.5	%	8,870,269			98.5	%	9,154,128			98.6	%	8,560,310			98.6	%	6,623,037			98.3	%
Investments in other ventures, under equity method	132,351			1.5	%	129,495			1.5	%	126,139			1.4	%	123,743			1.4	%	120,713			1.7	%
Total investments	$	8,999,068		100.0	%	$	8,999,764		100.0	%	$	9,280,267		100.0	%	$	8,684,053		100.0	%	$	6,743,750		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,017,693		15.0	%	$	1,029,717		14.9	%	$	850,676		12.9	%	$	860,185		14.3	%	$	561,208		11.7	%
AA	3,495,895			51.5	%	3,551,893			51.3	%	3,622,348			54.8	%	3,077,887			51.2	%	2,506,760			52.4	%
A	779,637			11.5	%	1,020,516			14.7	%	979,776			14.8	%	989,205			16.5	%	727,639			15.2	%
BBB	765,988			11.3	%	659,789			9.5	%	558,221			8.4	%	515,885			8.6	%	444,132			9.3	%
Non-investment grade and not rated	723,605			10.7	%	663,292			9.6	%	602,167			9.1	%	564,767			9.4	%	543,831			11.4	%
Total fixed maturity investments, at fair value	$	6,782,818		100.0	%	$	6,925,207		100.0	%	$	6,613,188		100.0	%	$	6,007,929		100.0	%	$	4,783,570		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	252,257		3.7	%	$	265,366		3.8	%	$	219,382		3.3	%	$	209,392		3.5	%	$	151,803		3.2	%
Due after one through five years	3,833,261			56.5	%	3,876,482			56.0	%	3,859,616			58.4	%	3,220,154			53.6	%	2,969,828			62.1	%
Due after five through ten years	1,011,132			14.9	%	1,028,728			14.9	%	970,723			14.7	%	1,018,252			16.9	%	537,636			11.2	%
Due after ten years	218,850			3.3	%	328,865			4.7	%	331,059			5.0	%	544,522			9.1	%	145,972			3.0	%
Mortgage-backed securities	1,336,777			19.7	%	1,318,098			19.0	%	1,166,094			17.6	%	972,375			16.2	%	950,721			19.9	%
Asset-backed securities	130,541			1.9	%	107,668			1.6	%	66,314			1.0	%	43,234			0.7	%	27,610			0.6	%
Total fixed maturity investments, at fair value	$	6,782,818		100.0	%	$	6,925,207		100.0	%	$	6,613,188		100.0	%	$	6,007,929		100.0	%	$	4,783,570		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.2		%			1.9		%			1.7		%			1.6		%			1.7		%
Average duration of fixed maturities and short term investments	2.3					2.3					2.3					2.3					2.1



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
TYPE OF INVESTMENT
Catastrophe bonds	$	241,253		$	233,223		$	228,998		$	221,780		$	200,329
Private equity partnerships	214,848			226,000			250,796			271,074			281,932
Senior secured bank loan funds	23,231			22,345			22,561			19,679			19,316
Hedge funds	2,289			2,390			2,338			2,373			2,570
Total other investments, at fair value	$	481,621		$	483,958		$	504,693		$	514,906		$	504,147

TYPE OF INVESTMENT
Catastrophe bonds	50.1		%	48.2		%	45.4		%	43.1		%	39.7		%
Private equity partnerships	44.6		%	46.7		%	49.6		%	52.6		%	56.0		%
Senior secured bank loan funds	4.8		%	4.6		%	4.5		%	3.8		%	3.8		%
Hedge funds	0.5		%	0.5		%	0.5		%	0.5		%	0.5		%
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, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Fixed maturity investments	$	38,047		$	37,023		$	33,791		$	25,939		$	26,104		$	134,800		$	100,855
Short term investments	466			267			297			197			217			1,227			944
Equity investments trading	2,038			1,791			1,913			2,604			1,139			8,346			3,450
Other investments
Private equity investments	8,260			(14,617		)	5,431			10,381			1,579			9,455			18,974
Other	891			7,373			668			3,540			(463		)	12,472			11,037
Cash and cash equivalents	112			80			127			148			95			467			395
	49,814			31,917			42,227			42,809			28,671			166,767			135,655
Investment expenses	(3,896		)	(3,579		)	(3,623		)	(3,102		)	(2,785		)	(14,200		)	(11,339		)
Net investment income	45,918			28,338			38,604			39,707			25,886			152,567			124,316

Gross realized gains	11,124			9,160			8,672			21,532			11,973			50,488			45,568
Gross realized losses	(13,487		)	(13,720		)	(21,552		)	(4,871		)	(3,997		)	(53,630		)	(14,868		)
Net realized (losses) gains on fixed maturity investments	(2,363		)	(4,560		)	(12,880		)	16,661			7,976			(3,142		)	30,700
Net unrealized (losses) gains on fixed maturity investments trading	(52,984		)	10,208			(48,104		)	25,972			(1,520		)	(64,908		)	19,680
Net realized and unrealized gains (losses) on investments-related derivatives	6,447			(16,612		)	19,816			(4,208		)	(11,280		)	5,443			(30,931		)
Net realized gains (losses) on equity investments trading	149			(114		)	8,832			7,481			2,330			16,348			10,908
Net unrealized gains (losses) on equity investments trading	5,934			(30,060		)	5,624			(4,157		)	32,969			(22,659		)	11,076
Net realized and unrealized (losses) gains on investments	(42,817		)	(41,138		)	(26,712		)	41,749			30,475			(68,918		)	41,433
Change in net unrealized gains on fixed maturity investments available for sale	(257		)	(243		)	(560		)	(183		)	(292		)	(1,243		)	(855		)
Total investment result	$	2,844		$	(13,043	)	$	11,332		$	81,273		$	56,069		$	82,406		$	164,894

Total investment return - annualized	0.1		%	(0.6		)%	0.5		%	4.2		%	3.3		%	0.9		%	2.4		%



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
December 31, 2015	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,208,401	$	1,208,401		13.4	%	0.4	%	$	1,120,904		$	86,247		$	—		$	1,150		$	—		$	100
			100.0		%					92.8		%	7.1		%	—		%	0.1		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	2,071,287		2,064,944			23.0	%	1.3	%	—			2,064,944			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	65,658		65,390			0.7	%	1.3	%	—			65,390			—			—			—			—
Other agencies	73,066		72,586			0.8	%	2.0	%	—			72,586			—			—			—			—
Total agencies	138,724		137,976			1.5	%	1.7	%	—			137,976			—			—			—			—
Municipal	580,670		583,282			6.5	%	2.0	%	153,367			331,927			89,299			7,564			1,125			—
Non-U.S. government (Sovereign debt)	344,901		334,981			3.7	%	1.4	%	197,667			107,330			19,108			10,876			—			—
Non-U.S. government-backed corporate	142,715		138,994			1.5	%	1.3	%	77,626			58,428			783			2,157			—			—
Corporate	2,100,277		2,055,323			22.9	%	3.8	%	35,943			140,831			635,660			717,100			505,437			20,352
Mortgage-backed
Residential mortgage-backed
Agency securities	508,283		504,518			5.6	%	2.7	%	—			504,518			—			—			—			—
Non-agency securities - Alt A	170,461		178,843			2.0	%	4.7	%	3,631			24,557			8,201			14,220			116,232			12,002
Non-agency securities - Prime	88,390		91,920			1.0	%	3.8	%	7,500			6,975			2,821			6,332			62,225			6,067
Total residential mortgage-backed	767,134		775,281			8.6	%	3.3	%	11,131			536,050			11,022			20,552			178,457			18,069
Commercial mortgage-backed	565,060		561,496			6.2	%	2.9	%	416,013			113,814			23,765			7,739			165			—
Total mortgage-backed	1,332,194		1,336,777			14.8	%	3.1	%	427,144			649,864			34,787			28,291			178,622			18,069
Asset-backed
Credit cards	31,416		31,320			0.3	%	1.9	%	31,320			—			—			—			—			—
Auto loans	18,081		17,977			0.2	%	1.7	%	17,777			200			—			—			—			—
Student loans	6,478		6,335			0.1	%	2.0	%	5,197			1,138			—			—			—			—
Other	75,077		74,909			0.8	%	2.2	%	71,652			3,257			—			—			—			—
Total asset-backed	131,052		130,541			1.4	%	2.1	%	125,946			4,595			—			—			—			—
Total securitized assets	1,463,246		1,467,318			16.2	%	3.0	%	553,090			654,459			34,787			28,291			178,622			18,069
Total fixed maturity investments	6,841,820		6,782,818			75.3	%	2.5	%	1,017,693			3,495,895			779,637			765,988			685,184			38,421
			100.0		%					15.0		%	51.5		%	11.5		%	11.3		%	10.1		%	0.6		%
Equity investments trading			393,877			4.4	%			—			—			—			—			—			393,877
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			241,253			2.7	%			—			—			—			—			241,253			—
Private equity partnerships			214,848			2.4	%			—			—			—			—			—			214,848
Senior secured bank loan fund			23,231			0.3	%			—			—			—			—			—			23,231
Hedge funds			2,289			—	%			—			—			—			—			—			2,289
Total other investments			481,621			5.4	%			—			—			—			—			241,253			240,368
			100.0		%					—		%	—		%	—		%	—		%	50.1		%	49.9		%
Investments in other ventures			132,351			1.5	%			—			—			—			—			—			132,351
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	8,999,068		100.0	%			$	2,138,597		$	3,582,142		$	779,637		$	767,138		$	926,437		$	805,117
			100.0		%					23.8		%	39.8		%	8.7		%	8.5		%	10.3		%	8.9		%

(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, 2015				December 31, 2014				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,208,401	13.4	%	$	1,013,222	15.0	%	$	195,179		(1.6	)%
Fixed maturity investments
U.S. treasuries	2,064,944		23.0	%	1,671,471		24.8	%	393,473			(1.8	)%
Agencies
Fannie Mae and Freddie Mac	65,390		0.7	%	89,919		1.3	%	(24,529		)	(0.6	)%
Other agencies	72,586		0.8	%	6,289		0.1	%	66,297			0.7	%
Total agencies	137,976		1.5	%	96,208		1.4	%	41,768			0.1	%
Municipal	583,282		6.5	%	—		—	%	583,282			6.5	%
Non-U.S. government (Sovereign debt)	334,981		3.7	%	280,651		4.2	%	54,330			(0.5	)%
Non-U.S. government-backed corporate	138,994		1.5	%	146,467		2.2	%	(7,473		)	(0.7	)%
Corporate	2,055,323		22.9	%	1,610,442		23.9	%	444,881			(1.0	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	504,518		5.6	%	316,620		4.7	%	187,898			0.9	%
Non-agency securities - Alt A	178,843		2.0	%	149,754		2.2	%	29,089			(0.2	)%
Non-agency securities - Prime	91,920		1.0	%	103,296		1.5	%	(11,376		)	(0.5	)%
Total residential mortgage-backed	775,281		8.6	%	569,670		8.4	%	205,611			0.2	%
Commercial mortgage-backed	561,496		6.2	%	381,051		5.7	%	180,445			0.5	%
Total mortgage-backed	1,336,777		14.8	%	950,721		14.1	%	386,056			0.7	%
Asset-backed
Credit cards	31,320		0.3	%	9,686		0.1	%	21,634			0.2	%
Auto loans	17,977		0.2	%	10,380		0.2	%	7,597			—	%
Student loans	6,335		0.1	%	585		—	%	5,750			0.1	%
Other	74,909		0.8	%	6,959		0.1	%	67,950			0.7	%
Total asset-backed	130,541		1.4	%	27,610		0.4	%	102,931			1.0	%
Total securitized assets	1,467,318		16.2	%	978,331		14.5	%	488,987			1.7	%
Total fixed maturity investments	6,782,818		75.3	%	4,783,570		71.0	%	1,999,248			4.3	%
Equity investments trading	393,877		4.4	%	322,098		4.8	%	71,779			(0.4	)%
Other investments
Catastrophe bonds	241,253		2.7	%	200,329		3.0	%	40,924			(0.3	)%
Private equity partnerships	214,848		2.4	%	281,932		4.2	%	(67,084		)	(1.8	)%
Senior secured bank loan fund	23,231		0.3	%	19,316		0.3	%	3,915			—	%
Hedge funds	2,289		—	%	2,570		—	%	(281		)	—	%
Total other investments	481,621		5.4	%	504,147		7.5	%	(22,526		)	(2.1	)%
Investments in other ventures	132,351		1.5	%	120,713		1.7	%	11,638			(0.2	)%
Total managed investment portfolio	$	8,999,068	100.0	%	$	6,743,750	100.0	%	$	2,255,318



	15



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

	December 31, 2015
Issuer	Total		Short term investments		Fixed maturity investments
Goldman Sachs Group Inc.	$	61,784	$	—	$	61,784
Bank of America Corp.	59,273		—		59,273
JP Morgan Chase & Co.	55,433		—		55,433
Morgan Stanley	50,517		—		50,517
HSBC Holdings PLC	32,003		—		32,003
Wells Fargo & Co.	27,070		—		27,070
Verizon Communications Inc.	24,390		—		24,390
Ford Motor Co.	23,467		—		23,467
Royal Bank of Canada	23,197		—		23,197
Credit Suisse Group AG	19,301		—		19,301
Total (1)	$	376,435	$	—	$	376,435


(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
December 31, 2015
Catastrophe Reinsurance	$	237,345	$	146,969	$	179,947	$	564,261
Specialty Reinsurance	529,952		126,650		1,148,015		1,804,617
Lloyd's	84,964		22,085		263,440		370,489
Other	2,071		—		25,607		27,678
Total	$	854,332	$	295,704	$	1,617,009	$	2,767,045

September 30, 2015
Catastrophe Reinsurance	$	259,614	$	168,296	$	189,096	$	617,006
Specialty Reinsurance	516,315		123,991		1,153,278		1,793,584
Lloyd's	73,016		24,410		250,573		347,999
Other	3,132		2,129		32,212		37,473
Total	$	852,077	$	318,826	$	1,625,159	$	2,796,062

June 30, 2015
Catastrophe Reinsurance	$	298,100	$	160,903	$	184,729	$	643,732
Specialty Reinsurance	537,224		104,897		1,202,717		1,844,838
Lloyd's	68,525		20,867		231,272		320,664
Other	3,697		2,139		32,578		38,414
Total	$	907,546	$	288,806	$	1,651,296	$	2,847,648

March 31, 2015
Catastrophe Reinsurance	$	284,684	$	158,165	$	179,342	$	622,191
Specialty Reinsurance	542,201		97,281		1,182,865		1,822,347
Lloyd's	61,703		17,064		218,952		297,719
Other	3,515		2,354		33,442		39,311
Total	$	892,103	$	274,864	$	1,614,601	$	2,781,568

December 31, 2014
Catastrophe Reinsurance	$	253,431	$	150,825	$	138,411	$	542,667
Specialty Reinsurance	106,293		79,457		357,960		543,710
Lloyd's	65,295		14,168		204,984		284,447
Other	5,212		2,354		34,120		41,686
Total	$	430,231	$	246,804	$	735,475	$	1,412,510



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended December 31, 2015									Three months ended December 31, 2014
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,796,062		$	141,416		$	2,654,646		$	1,532,780		$	79,043		$	1,453,737
Incurred claims and claim expenses
Current year	160,629			21,740			138,889			78,910			6,231			72,679
Prior years	(49,215		)	(12,339		)	(36,876		)	(92,516		)	(7,834		)	(84,682		)
Total incurred claims and claim expenses	111,414			9,401			102,013			(13,606		)	(1,603		)	(12,003		)
Paid claims and claim expenses
Current year	42,003			21,340			20,663			35,475			14,876			20,599
Prior years	98,428			(5,049		)	103,477			71,189			(4,130		)	75,319
Total paid claims and claim expenses	140,431			16,291			124,140			106,664			10,746			95,918
Reserve for claims and claim expenses, end of period	$	2,767,045		$	134,526		$	2,632,519		$	1,412,510		$	66,694		$	1,345,816

	Twelve months ended December 31, 2015									Twelve months ended December 31, 2014
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	1,412,510		$	66,694		$	1,345,816		$	1,563,730		$	101,025		$	1,462,705
Incurred claims and claim expenses
Current year	726,363			115,678			610,685			377,310			35,565			341,745
Prior years	(181,391		)	(18,944		)	(162,447		)	(148,729		)	(4,931		)	(143,798		)
Total incurred claims and claim expenses	544,972			96,734			448,238			228,581			30,634			197,947
Paid claims and claim expenses
Current year	159,987			32,695			127,292			54,832			15,002			39,830
Prior years	428,295			(65		)	428,360			324,969			49,963			275,006
Total paid claims and claim expenses	588,282			32,630			555,652			379,801			64,965			314,836
Amounts acquired (1)	1,397,845			3,728			1,394,117			—			—			—
Reserve for claims and claim expenses, end of period	$	2,767,045		$	134,526		$	2,632,519		$	1,412,510		$	66,694		$	1,345,816

(1) Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015.



	18



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Numerator:
Net income available to RenaissanceRe common shareholders	$	92,206		$	75,529		$	73,233		$	167,843		$	170,767
Amount allocated to participating common shareholders (1)	(1,076		)	(867		)	(819		)	(2,025		)	(2,312		)
	$	91,130		$	74,662		$	72,414		$	165,818		$	168,455
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,131			44,564			45,303			39,631			37,752
Per common share equivalents of employee stock options and restricted shares	382			349			354			390			393
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	43,513			44,913			45,657			40,021			38,145

Basic income per RenaissanceRe common share	$	2.11		$	1.68		$	1.60		$	4.18		$	4.46
Diluted income per RenaissanceRe common share	$	2.09		$	1.66		$	1.59		$	4.14		$	4.42

	Twelve months ended
(common shares in thousands)	December 31, 2015			December 31, 2014
Numerator:
Net income available to RenaissanceRe common shareholders	$	408,811		$	510,337
Amount allocated to participating common shareholders (1)	(4,721		)	(6,760		)
	$	404,090		$	503,577
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	43,157			39,425
Per common share equivalents of employee stock options and restricted shares	369			543
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	43,526			39,968

Basic income per RenaissanceRe common share	$	9.36		$	12.77
Diluted income per RenaissanceRe common share (2)	$	9.28		$	12.60


(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, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Tower Hill Companies	$	1,676		$	4,135		$	4,294		$	3,011		$	4,276
Top Layer Re	1,498			1,738			2,174			2,616			2,364
Other	122			(143		)	(308		)	(332		)	(1,802		)
Total equity in earnings of other ventures	$	3,296		$	5,730		$	6,160		$	5,295		$	4,838

	Twelve months ended
	December 31, 2015			December 31, 2014
Tower Hill Companies	$	13,116		$	18,376
Top Layer Re	8,026			10,411
Other	(661		)	(2,712		)
Total equity in earnings of other ventures	$	20,481		$	26,075

Other Income (Loss)

	Three months ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	8,306		$	1,749		$	1,162		$	1,317		$	1,044
Other items	(106		)	557			265			222			175
Total other income	$	8,200		$	2,306		$	1,427		$	1,539		$	1,219

	Twelve months ended
	December 31, 2015			December 31, 2014
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	12,534		$	1,321
Other items	938			(1,744		)
Total other income (loss)	$	13,472		$	(423	)



	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	—
Platinum Bermuda (1)	A	A-	—	—
Renaissance Reinsurance U.S. (1)	A	A+	—	—
RenaissanceRe Specialty Risks (1)	A	A+	—	—
RenaissanceRe Specialty U.S. (1)	A	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 the 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 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 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															Twelve months ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Net income available to RenaissanceRe common shareholders	$	92,206		$	75,529		$	73,233		$	167,843		$	170,767		$	408,811		$	510,337
Adjustment for net realized and unrealized losses (gains) on investments	42,817			41,138			26,712			(41,749		)	(30,475		)	68,918			(41,433		)
Operating income available to RenaissanceRe common shareholders	$	135,023		$	116,667		$	99,945		$	126,094		$	140,292		$	477,729		$	468,904

Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.09		$	1.66		$	1.59		$	4.14		$	4.42		$	9.28		$	12.60
Adjustment for net realized and unrealized losses (gains) on investments	0.98			0.92			0.59			(1.04		)	(0.80		)	1.58			(1.04		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.07		$	2.58		$	2.18		$	3.10		$	3.62		$	10.86		$	11.56

Return on average common equity - annualized	8.5		%	6.9		%	6.6		%	17.1		%	20.1		%	9.8		%	14.9		%
Adjustment for net realized and unrealized losses (gains) on investments	4.0		%	3.8		%	2.4		%	(4.3		)%	(3.6		)%	1.6		%	(1.2		)%
Operating return on average common equity - annualized	12.5		%	10.7		%	9.1		%	12.9		%	16.5		%	11.4		%	13.7		%



	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
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Book value per common share	$	99.13		$	97.41		$	96.43		$	95.21		$	90.15
Adjustment for goodwill and other intangibles (1)	(6.59		)	(6.65		)	(6.51		)	(6.64		)	(0.86		)
Tangible book value per common share	92.54			90.76			89.92			88.57			89.29
Adjustment for accumulated dividends	15.48			15.18			14.88			14.58			14.28
Tangible book value per common share plus accumulated dividends	$	108.02		$	105.94		$	104.80		$	103.15		$	103.57

Quarterly change in book value per common share	1.8		%	1.0		%	1.3		%	5.6		%	5.1		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	2.3		%	1.3		%	1.9		%	(0.5		)%	5.5		%
Year to date change in book value per common share	10.0		%										12.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.0		%										13.9		%


(1)	At December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, goodwill and other intangibles included $23.2 million, $22.9 million, $23.5 million, $24.4 million and $25.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

Form: 8-K

Documents