April 26, 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
b.	Consolidated Segment Underwriting Results	3
c.	Gross Premiums Written and Managed Premiums	4
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	5

Balance Sheets
a.	Summary Consolidated Balance Sheets	6

Investments
a.	Investment Portfolio - Composition	7
b.	Summary of Other Investments	8
c.	Total Investment Result	9
d.	Investment Portfolio - Effective Yield and Credit Rating	10
e.	Investment Portfolio - Change in Portfolio Composition	11
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	12

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	13
b.	Paid to Incurred Analysis	14

Other Items
a.	Earnings per Share	15
b.	Equity in Earnings of Other Ventures	16
c.	Other Income	16
d.	Ratings	17

Comments on Regulation G		18 - 19

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 18 and 19 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”).

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this financial supplement 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
	March 31, 2016			March 31, 2015
Highlights
Gross premiums written	$	862,133		$	643,578
Net premiums written	$	511,675		$	404,035
Net premiums earned	$	353,606		$	296,760
Net claims and claim expenses incurred	126,605			76,853
Acquisition expenses	65,592			43,401
Operating expenses	56,235			45,621
Underwriting income	$	105,174		$	130,885

Net investment income	$	28,863		$	39,707
Net realized and unrealized gains on investments	61,653			41,749
Change in net unrealized gains on fixed maturity investments available for sale	(269		)	(183		)
Total investment result	$	90,247		$	81,273

Net income available to RenaissanceRe common shareholders	$	127,995		$	167,843
Operating income available to RenaissanceRe common shareholders (1)	$	66,342		$	126,094

Total assets	$	12,153,913		$	11,283,022
Total shareholders' equity attributable to RenaissanceRe	$	4,760,593		$	4,782,289

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.95		$	4.14
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.51		$	3.10
Dividends per common share	$	0.31		$	0.30
Book value per common share	$	101.19		$	95.21
Tangible book value per common share (1)	$	94.60		$	88.57
Tangible book value per common share plus accumulated dividends (1)	$	110.39		$	103.15
Change in tangible book value per common share plus change in accumulated dividends (1)	2.6		%	(0.5		)%

Financial ratios
Net claims and claim expense ratio - current accident year	36.3		%	33.4		%
Net claims and claim expense ratio - prior accident years	(0.5		)%	(7.5		)%
Net claims and claim expense ratio - calendar year	35.8		%	25.9		%
Underwriting expense ratio	34.5		%	30.0		%
Combined ratio	70.3		%	55.9		%
Operating return on average common equity - annualized (1)	6.1		%	12.9		%
Total investment return - annualized	4.0		%	4.2		%


(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
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Revenues
Gross premiums written	$	862,133		$	336,093		$	369,642		$	661,997		$	643,578
Net premiums written	$	511,675		$	236,651		$	266,820		$	508,677		$	404,035
(Increase) decrease in unearned premiums	(158,069		)	124,924			95,568			(128,849		)	(107,275		)
Net premiums earned	353,606			361,575			362,388			379,828			296,760
Net investment income	28,863			45,918			28,338			38,604			39,707
Net foreign exchange (losses) gains	(1,692		)	1,203			616			(1,740		)	(3,130		)
Equity in earnings of other ventures	1,611			3,296			5,730			6,160			5,295
Other income	4,079			8,200			2,306			1,427			1,539
Net realized and unrealized gains (losses) on investments	61,653			(42,817		)	(41,138		)	(26,712		)	41,749
Total revenues	448,120			377,375			358,240			397,567			381,920
Expenses
Net claims and claim expenses incurred	126,605			102,013			100,028			169,344			76,853
Acquisition expenses	65,592			55,399			78,126			61,666			43,401
Operational expenses	56,235			64,300			54,518			54,673			45,621
Corporate expenses	8,225			10,791			7,322			12,868			45,533
Interest expense	10,538			10,550			10,542			9,862			5,316
Total expenses	267,195			243,053			250,536			308,413			216,724
Income before taxes	180,925			134,322			107,704			89,154			165,196
Income tax (expense) benefit	(2,744		)	(8,453		)	4,573			1,842			47,904
Net income	178,181			125,869			112,277			90,996			213,100
Net income attributable to noncontrolling interests	(44,591		)	(28,068		)	(31,153		)	(12,167		)	(39,662		)
Net income attributable to RenaissanceRe	133,590			97,801			81,124			78,829			173,438
Dividends on preference shares	(5,595		)	(5,595		)	(5,595		)	(5,596		)	(5,595		)
Net income available to RenaissanceRe common shareholders	$	127,995		$	92,206		$	75,529		$	73,233		$	167,843

Net income available to RenaissanceRe common shareholders per common share - basic	$	2.97		$	2.11		$	1.68		$	1.60		$	4.18
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.95		$	2.09		$	1.66		$	1.59		$	4.14
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.51		$	3.07		$	2.58		$	2.18		$	3.10

Operating return on average common equity - annualized (1)	6.1		%	12.5		%	10.7		%	9.1		%	12.9		%


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



	2



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended March 31, 2016
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	360,423		$	368,989		$	132,721		$	—		$	862,133
Net premiums written	$	188,785		$	260,091		$	62,799		$	—		$	511,675
Net premiums earned	$	136,985		$	155,318		$	61,303		$	—		$	353,606
Net claims and claim expenses incurred	7,820			91,852			27,016			(83		)	126,605
Acquisition expenses	9,580			41,725			14,287			—			65,592
Operational expenses	20,268			21,773			14,134			60			56,235
Underwriting income (loss)	$	99,317		$	(32	)	$	5,866		$	23		$	105,174

Net claims and claim expenses incurred - current accident year	$	13,883		$	88,378		$	25,948		$	—		$	128,209
Net claims and claim expenses incurred - prior accident years	(6,063		)	3,474			1,068			(83		)	(1,604		)
Net claims and claim expenses incurred - total	$	7,820		$	91,852		$	27,016		$	(83	)	$	126,605

Net claims and claim expense ratio - current accident year	10.1		%	56.9		%	42.3		%				36.3		%
Net claims and claim expense ratio - prior accident years	(4.4		)%	2.2		%	1.8		%				(0.5		)%
Net claims and claim expense ratio - calendar year	5.7		%	59.1		%	44.1		%				35.8		%
Underwriting expense ratio	21.8		%	40.9		%	46.3		%				34.5		%
Combined ratio	27.5		%	100.0		%	90.4		%				70.3		%

	Three months ended March 31, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	389,247		$	124,291		$	130,130		$	(90	)	$	643,578
Net premiums written	$	222,640		$	103,915		$	77,569		$	(89	)	$	404,035
Net premiums earned	$	143,767		$	94,876		$	58,206		$	(89	)	$	296,760
Net claims and claim expenses incurred	7,594			39,588			29,843			(172		)	76,853
Acquisition expenses	7,654			20,689			14,693			365			43,401
Operational expenses	20,363			13,290			11,940			28			45,621
Underwriting income (loss)	$	108,156		$	21,309		$	1,730		$	(310	)	$	130,885

Net claims and claim expenses incurred - current accident year	$	24,124		$	49,264		$	25,610		$	—		$	98,998
Net claims and claim expenses incurred - prior accident years	(16,530		)	(9,676		)	4,233			(172		)	(22,145		)
Net claims and claim expenses incurred - total	$	7,594		$	39,588		$	29,843		$	(172	)	$	76,853

Net claims and claim expense ratio - current accident year	16.8		%	51.9		%	44.0		%				33.4		%
Net claims and claim expense ratio - prior accident years	(11.5		)%	(10.2		)%	7.3		%				(7.5		)%
Net claims and claim expense ratio - calendar year	5.3		%	41.7		%	51.3		%				25.9		%
Underwriting expense ratio	19.5		%	35.8		%	45.7		%				30.0		%
Combined ratio	24.8		%	77.5		%	97.0		%				55.9		%

(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 three months ended March 31, 2015.



	3



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	March 31, 2016			December 31, 2015		September 30, 2015		June 30, 2015			March 31, 2015
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	246,089		$	11,207	$	61,479	$	243,246		$	265,730
DaVinci catastrophe premiums	114,334			1,119		20,213		142,120			123,517
Total Catastrophe Reinsurance segment gross premiums written	$	360,423		$	12,326	$	81,692	$	385,366		$	389,247

Specialty Reinsurance Segment
Casualty	$	147,801		$	93,004	$	116,851	$	84,953		$	62,105
Credit	138,630			141,939		66,839		19,911			28,711
Property	39,624			14,176		10,405		23,215			5,209
Other	42,934			18,256		20,277		31,934			28,266
Total Specialty Reinsurance segment gross premiums written	$	368,989		$	267,375	$	214,372	$	160,013		$	124,291

Lloyd's Segment
Casualty	$	70,928		$	37,161	$	41,352	$	48,426		$	61,971
Catastrophe	23,033			2,840		7,465		33,379			25,645
Property	21,879			14,578		18,717		24,130			23,769
Credit	4,204			274		3,377		1,534			2,585
Other	12,677			1,539		2,667		9,149			16,160
Total Lloyd's segment gross premiums written	$	132,721		$	56,392	$	73,578	$	116,618		$	130,130

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	360,423		$	12,326	$	81,692	$	385,366		$	389,247
Catastrophe premiums written in the Lloyd's segment	23,033			2,840		7,465		33,379			25,645
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	11,096			1,923		1,089		21,411			14,164
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(8,367		)	—		—		(835		)	(5,950		)
Total managed catastrophe premiums (1)	$	386,185		$	17,089	$	90,246	$	439,321		$	423,106


(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.



	4



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Revenues
Gross premiums written	$	114,503		$	1,269		$	20,326		$	143,456		$	124,211
Net premiums written	$	88,506		$	1,244		$	14,598		$	132,977		$	97,365
(Increase) decrease in unearned premiums	(30,106		)	61,795			47,452			(69,088		)	(36,320		)
Net premiums earned	58,400			63,039			62,050			63,889			61,045
Net investment income	6,869			7,241			7,171			6,812			6,215
Net foreign exchange gains (losses)	407			(225		)	(233		)	(9		)	(585		)
Net realized and unrealized gains (losses) on investments	15,239			(13,120		)	(2,044		)	(8,630		)	12,038
Total revenues	80,915			56,935			66,944			62,062			78,713
Expenses
Net claims and claim expenses incurred	(518		)	(6,954		)	4,675			22,852			1,937
Acquisition expenses	16,096			16,883			15,683			13,703			16,540
Operational and corporate expenses	6,860			7,211			7,285			7,081			7,238
Interest expense	1,858			1,813			1,813			1,504			939
Total expenses	24,296			18,953			29,456			45,140			26,654
Income before taxes	56,619			37,982			37,488			16,922			52,059
Income tax (expense) benefit	(91		)	(2		)	188			(153		)	(36		)
Net income available to DaVinciRe common shareholders	$	56,528		$	37,980		$	37,676		$	16,769		$	52,023

Net claims and claim expenses incurred - current accident year	$	3,546		$	5,477		$	9,649		$	26,832		$	10,109
Net claims and claim expenses incurred - prior accident years	(4,064		)	(12,431		)	(4,974		)	(3,980		)	(8,172		)
Net claims and claim expenses incurred - total	$	(518	)	$	(6,954	)	$	4,675		$	22,852		$	1,937

Net claims and claim expense ratio - current accident year	6.1		%	8.7		%	15.6		%	42.0		%	16.6		%
Net claims and claim expense ratio - prior accident years	(7.0		)%	(19.7		)%	(8.1		)%	(6.2		)%	(13.4		)%
Net claims and claim expense ratio - calendar year	(0.9		)%	(11.0		)%	7.5		%	35.8		%	3.2		%
Underwriting expense ratio	39.3		%	38.2		%	37.0		%	32.5		%	38.9		%
Combined ratio	38.4		%	27.2		%	44.5		%	68.3		%	42.1		%



	5



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015
Assets
Fixed maturity investments trading, at fair value	$	6,890,592	$	6,765,005	$	6,905,302	$	6,591,434	$	5,982,843
Fixed maturity investments available for sale, at fair value	13,985		17,813		19,905		21,754		25,086
Total fixed maturity investments, at fair value	6,904,577		6,782,818		6,925,207		6,613,188		6,007,929
Short term investments, at fair value	1,171,523		1,208,401		998,906		1,543,191		1,775,819
Equity investments trading, at fair value	335,509		393,877		462,198		493,056		261,656
Other investments, at fair value	496,900		481,621		483,958		504,693		514,906
Investments in other ventures, under equity method	131,692		132,351		129,495		126,139		123,743
Total investments	9,040,201		8,999,068		8,999,764		9,280,267		8,684,053
Cash and cash equivalents	449,149		506,885		524,546		398,090		557,618
Premiums receivable	1,094,116		778,009		864,198		1,068,819		866,418
Prepaid reinsurance premiums	444,954		230,671		258,445		276,231		233,062
Reinsurance recoverable	167,228		134,526		141,416		136,464		82,696
Accrued investment income	37,492		39,749		40,855		37,480		40,583
Deferred acquisition costs	287,291		199,380		213,599		173,408		146,053
Receivable for investments sold	204,306		220,834		321,756		149,063		121,530
Other assets	167,514		181,011		266,318		251,830		269,675
Goodwill and other intangibles	261,662		265,154		270,213		275,743		281,334
Total assets	$	12,153,913	$	11,555,287	$	11,901,110	$	12,047,395	$	11,283,022
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,811,523	$	2,767,045	$	2,796,062	$	2,847,648	$	2,781,568
Unearned premiums	1,261,454		889,102		1,042,012		1,155,596		983,137
Debt	957,536		960,495		963,610		966,571		822,598
Reinsurance balances payable	618,344		523,974		533,174		512,019		495,045
Payable for investments purchased	454,593		391,378		602,576		511,251		217,986
Other liabilities	208,533		245,145		244,005		228,554		231,968
Total liabilities	6,311,983		5,777,139		6,181,439		6,221,639		5,532,302
Redeemable noncontrolling interest	1,081,337		1,045,964		1,022,028		988,812		968,431
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	43,095		43,701		44,121		46,013		46,026
Additional paid-in capital	422,422		507,674		551,683		750,484		754,941
Accumulated other comprehensive income	1,665		2,108		2,260		2,993		3,342
Retained earnings	3,893,411		3,778,701		3,699,579		3,637,454		3,577,980
Total shareholders' equity attributable to RenaissanceRe	4,760,593		4,732,184		4,697,643		4,836,944		4,782,289
Total liabilities, noncontrolling interests and shareholders' equity	$	12,153,913	$	11,555,287	$	11,901,110	$	12,047,395	$	11,283,022

Book value per common share	$	101.19	$	99.13	$	97.41	$	96.43	$	95.21



	6



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	March 31, 2016					December 31, 2015					September 30, 2015					June 30, 2015					March 31, 2015
U.S. treasuries	$	2,475,747		27.4	%	$	2,064,944		23.0	%	$	1,984,841		22.1	%	$	2,020,746		21.8	%	$	1,535,746		17.7	%
Agencies	85,270			0.9	%	137,976			1.5	%	131,524			1.5	%	144,947			1.6	%	152,272			1.8	%
Municipal	564,555			6.3	%	583,282			6.5	%	675,349			7.5	%	806,724			8.7	%	1,220,206			14.1	%
Non-U.S. government (Sovereign debt)	353,756			3.9	%	334,981			3.7	%	393,320			4.4	%	370,613			4.0	%	329,626			3.8	%
Non-U.S. government-backed corporate	164,724			1.8	%	138,994			1.5	%	172,548			1.9	%	172,381			1.9	%	151,446			1.7	%
Corporate	1,833,825			20.3	%	2,055,323			22.9	%	2,141,859			23.8	%	1,865,369			20.1	%	1,603,024			18.5	%
Agency mortgage-backed	498,093			5.5	%	504,518			5.6	%	497,092			5.5	%	475,870			5.1	%	342,461			3.9	%
Non-agency mortgage-backed	256,572			2.8	%	270,763			3.0	%	268,389			3.0	%	263,329			2.8	%	268,102			3.1	%
Commercial mortgage-backed	540,940			6.0	%	561,496			6.2	%	552,617			6.1	%	426,895			4.6	%	361,812			4.2	%
Asset-backed	131,095			1.5	%	130,541			1.4	%	107,668			1.2	%	66,314			0.7	%	43,234			0.5	%
Total fixed maturity investments, at fair value	6,904,577			76.4	%	6,782,818			75.3	%	6,925,207			77.0	%	6,613,188			71.3	%	6,007,929			69.3	%
Short term investments, at fair value	1,171,523			13.0	%	1,208,401			13.4	%	998,906			11.1	%	1,543,191			16.6	%	1,775,819			20.4	%
Equity investments trading, at fair value	335,509			3.7	%	393,877			4.4	%	462,198			5.1	%	493,056			5.3	%	261,656			3.0	%
Other investments, at fair value	496,900			5.4	%	481,621			5.4	%	483,958			5.3	%	504,693			5.4	%	514,906			5.9	%
Total managed investment portfolio	8,908,509			98.5	%	8,866,717			98.5	%	8,870,269			98.5	%	9,154,128			98.6	%	8,560,310			98.6	%
Investments in other ventures, under equity method	131,692			1.5	%	132,351			1.5	%	129,495			1.5	%	126,139			1.4	%	123,743			1.4	%
Total investments	$	9,040,201		100.0	%	$	8,999,068		100.0	%	$	8,999,764		100.0	%	$	9,280,267		100.0	%	$	8,684,053		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,104,041		16.0	%	$	1,017,693		15.0	%	$	1,029,717		14.9	%	$	850,676		12.9	%	$	860,185		14.3	%
AA	3,757,452			54.4	%	3,495,895			51.5	%	3,551,893			51.3	%	3,622,348			54.8	%	3,077,887			51.2	%
A	712,348			10.3	%	779,637			11.5	%	1,020,516			14.7	%	979,776			14.8	%	989,205			16.5	%
BBB	521,656			7.6	%	765,988			11.3	%	659,789			9.5	%	558,221			8.4	%	515,885			8.6	%
Non-investment grade and not rated	809,080			11.7	%	723,605			10.7	%	663,292			9.6	%	602,167			9.1	%	564,767			9.4	%
Total fixed maturity investments, at fair value	$	6,904,577		100.0	%	$	6,782,818		100.0	%	$	6,925,207		100.0	%	$	6,613,188		100.0	%	$	6,007,929		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	215,975		3.1	%	$	252,257		3.7	%	$	265,366		3.8	%	$	219,382		3.3	%	$	209,392		3.5	%
Due after one through five years	4,011,832			58.1	%	3,833,261			56.5	%	3,876,482			56.0	%	3,859,616			58.4	%	3,220,154			53.6	%
Due after five through ten years	1,035,877			15.0	%	1,011,132			14.9	%	1,028,728			14.9	%	970,723			14.7	%	1,018,252			16.9	%
Due after ten years	214,193			3.1	%	218,850			3.3	%	328,865			4.7	%	331,059			5.0	%	544,522			9.1	%
Mortgage-backed securities	1,295,605			18.8	%	1,336,777			19.7	%	1,318,098			19.0	%	1,166,094			17.6	%	972,375			16.2	%
Asset-backed securities	131,095			1.9	%	130,541			1.9	%	107,668			1.6	%	66,314			1.0	%	43,234			0.7	%
Total fixed maturity investments, at fair value	$	6,904,577		100.0	%	$	6,782,818		100.0	%	$	6,925,207		100.0	%	$	6,613,188		100.0	%	$	6,007,929		100.0	%
Weighted average effective yield of fixed maturity and short term investments	2.0		%			2.2		%			1.9		%			1.7		%			1.6		%
Average duration of fixed maturities and short term investments	2.2					2.3					2.3					2.3					2.3



	7



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
TYPE OF INVESTMENT
Catastrophe bonds	$	272,397		$	241,253		$	233,223		$	228,998		$	221,780
Private equity partnerships	200,465			214,848			226,000			250,796			271,074
Senior secured bank loan fund	22,334			23,231			22,345			22,561			19,679
Hedge funds	1,704			2,289			2,390			2,338			2,373
Total other investments, at fair value	$	496,900		$	481,621		$	483,958		$	504,693		$	514,906

TYPE OF INVESTMENT
Catastrophe bonds	54.8		%	50.1		%	48.2		%	45.4		%	43.1		%
Private equity partnerships	40.4		%	44.6		%	46.7		%	49.6		%	52.6		%
Senior secured bank loan fund	4.5		%	4.8		%	4.6		%	4.5		%	3.8		%
Hedge funds	0.3		%	0.5		%	0.5		%	0.5		%	0.5		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	8



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Fixed maturity investments	$	36,006		$	38,047		$	37,023		$	33,791		$	25,939
Short term investments	1,000			466			267			297			197
Equity investments trading	1,663			2,038			1,791			1,913			2,604
Other investments
Private equity investments	(9,358		)	8,260			(14,617		)	5,431			10,381
Other	3,309			891			7,373			668			3,540
Cash and cash equivalents	129			112			80			127			148
	32,749			49,814			31,917			42,227			42,809
Investment expenses	(3,886		)	(3,896		)	(3,579		)	(3,623		)	(3,102		)
Net investment income	28,863			45,918			28,338			38,604			39,707

Gross realized gains	17,750			11,124			9,160			8,672			21,532
Gross realized losses	(14,665		)	(13,487		)	(13,720		)	(21,552		)	(4,871		)
Net realized gains (losses) on fixed maturity investments	3,085			(2,363		)	(4,560		)	(12,880		)	16,661
Net unrealized gains (losses) on fixed maturity investments trading	85,465			(52,984		)	10,208			(48,104		)	25,972
Net realized and unrealized (losses) gains on investments-related derivatives	(19,449		)	6,447			(16,612		)	19,816			(4,208		)
Net realized (losses) gains on equity investments trading	(818		)	149			(114		)	8,832			7,481
Net unrealized (losses) gains on equity investments trading	(6,630		)	5,934			(30,060		)	5,624			(4,157		)
Net realized and unrealized gains (losses) on investments	61,653			(42,817		)	(41,138		)	(26,712		)	41,749
Change in net unrealized gains on fixed maturity investments available for sale	(269		)	(257		)	(243		)	(560		)	(183		)
Total investment result	$	90,247		$	2,844		$	(13,043	)	$	11,332		$	81,273

Total investment return - annualized	4.0		%	0.1		%	(0.6		)%	0.5		%	4.2		%



	9



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
March 31, 2016	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,171,523	$	1,171,523		13.0	%	0.3	%	$	1,086,536		$	84,426		$	—		$	—		$	561		$	—
			100.0		%					92.8		%	7.2		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	2,455,799		2,475,747			27.4	%	0.9	%	—			2,475,747			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	21,954		22,031			0.2	%	1.0	%	—			22,031			—			—			—			—
Other agencies	62,365		63,239			0.7	%	1.6	%	—			63,239			—			—			—			—
Total agencies	84,319		85,270			0.9	%	1.5	%	—			85,270			—			—			—			—
Municipal	556,402		564,555			6.3	%	1.8	%	155,054			315,415			85,253			8,113			720			—
Non-U.S. government (Sovereign debt)	350,212		353,756			3.9	%	1.0	%	219,477			95,335			28,108			10,836			—			—
Non-U.S. government-backed corporate	168,336		164,724			1.8	%	1.1	%	130,059			32,524			—			2,141			—			—
Corporate	1,841,329		1,833,825			20.3	%	3.9	%	53,169			115,013			574,074			473,504			600,216			17,849
Mortgage-backed
Residential mortgage-backed
Agency securities	498,054		498,093			5.5	%	2.3	%	—			498,093			—			—			—			—
Non-agency securities - Alt A	168,753		173,532			1.9	%	5.5	%	3,162			22,915			7,718			13,496			114,796			11,445
Non-agency securities - Prime	80,637		83,040			0.9	%	4.5	%	4,056			6,569			2,642			5,881			58,116			5,776
Total residential mortgage-backed	747,444		754,665			8.3	%	3.3	%	7,218			527,577			10,360			19,377			172,912			17,221
Commercial mortgage-backed	535,719		540,940			6.0	%	3.0	%	413,257			105,283			14,553			7,685			162			—
Total mortgage-backed	1,283,163		1,295,605			14.3	%	3.2	%	420,475			632,860			24,913			27,062			173,074			17,221
Asset-backed
Credit cards	22,410		22,688			0.3	%	1.6	%	22,688			—			—			—			—			—
Auto loans	17,912		17,962			0.2	%	1.6	%	17,762			200			—			—			—			—
Student loans	6,095		5,984			0.1	%	2.0	%	4,891			1,093			—			—			—			—
Other	84,661		84,461			0.9	%	2.3	%	80,466			3,995			—			—			—			—
Total asset-backed	131,078		131,095			1.5	%	2.1	%	125,807			5,288			—			—			—			—
Total securitized assets	1,414,241		1,426,700			15.8	%	3.1	%	546,282			638,148			24,913			27,062			173,074			17,221
Total fixed maturity investments	6,870,638		6,904,577			76.4	%	2.2	%	1,104,041			3,757,452			712,348			521,656			774,010			35,070
			100.0		%					16.0		%	54.4		%	10.3		%	7.6		%	11.2		%	0.5		%
Equity investments trading			335,509			3.7	%			—			—			—			—			—			335,509
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			272,397			3.0	%			—			—			—			—			272,397			—
Private equity partnerships			200,465			2.2	%			—			—			—			—			—			200,465
Senior secured bank loan fund			22,334			0.2	%			—			—			—			—			—			22,334
Hedge funds			1,704			—	%			—			—			—			—			—			1,704
Total other investments			496,900			5.4	%			—			—			—			—			272,397			224,503
			100.0		%					—		%	—		%	—		%	—		%	54.8		%	45.2		%
Investments in other ventures			131,692			1.5	%			—			—			—			—			—			131,692
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,040,201		100.0	%			$	2,190,577		$	3,841,878		$	712,348		$	521,656		$	1,046,968		$	726,774
			100.0		%					24.2		%	42.5		%	7.9		%	5.8		%	11.6		%	8.0		%

(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.



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	March 31, 2016				December 31, 2015				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,171,523	13.0	%	$	1,208,401	13.4	%	$	(36,878	)	(0.4	)%
Fixed maturity investments
U.S. treasuries	2,475,747		27.4	%	2,064,944		23.0	%	410,803			4.4	%
Agencies
Fannie Mae and Freddie Mac	22,031		0.2	%	65,390		0.7	%	(43,359		)	(0.5	)%
Other agencies	63,239		0.7	%	72,586		0.8	%	(9,347		)	(0.1	)%
Total agencies	85,270		0.9	%	137,976		1.5	%	(52,706		)	(0.6	)%
Municipal	564,555		6.3	%	583,282		6.5	%	(18,727		)	(0.2	)%
Non-U.S. government (Sovereign debt)	353,756		3.9	%	334,981		3.7	%	18,775			0.2	%
Non-U.S. government-backed corporate	164,724		1.8	%	138,994		1.5	%	25,730			0.3	%
Corporate	1,833,825		20.3	%	2,055,323		22.9	%	(221,498		)	(2.6	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	498,093		5.5	%	504,518		5.6	%	(6,425		)	(0.1	)%
Non-agency securities - Alt A	173,532		1.9	%	178,843		2.0	%	(5,311		)	(0.1	)%
Non-agency securities - Prime	83,040		0.9	%	91,920		1.0	%	(8,880		)	(0.1	)%
Total residential mortgage-backed	754,665		8.3	%	775,281		8.6	%	(20,616		)	(0.3	)%
Commercial mortgage-backed	540,940		6.0	%	561,496		6.2	%	(20,556		)	(0.2	)%
Total mortgage-backed	1,295,605		14.3	%	1,336,777		14.8	%	(41,172		)	(0.5	)%
Asset-backed
Credit cards	22,688		0.3	%	31,320		0.3	%	(8,632		)	—	%
Auto loans	17,962		0.2	%	17,977		0.2	%	(15		)	—	%
Student loans	5,984		0.1	%	6,335		0.1	%	(351		)	—	%
Other	84,461		0.9	%	74,909		0.8	%	9,552			0.1	%
Total asset-backed	131,095		1.5	%	130,541		1.4	%	554			0.1	%
Total securitized assets	1,426,700		15.8	%	1,467,318		16.2	%	(40,618		)	(0.4	)%
Total fixed maturity investments	6,904,577		76.4	%	6,782,818		75.3	%	121,759			1.1	%
Equity investments trading	335,509		3.7	%	393,877		4.4	%	(58,368		)	(0.7	)%
Other investments
Catastrophe bonds	272,397		3.0	%	241,253		2.7	%	31,144			0.3	%
Private equity partnerships	200,465		2.2	%	214,848		2.4	%	(14,383		)	(0.2	)%
Senior secured bank loan fund	22,334		0.2	%	23,231		0.3	%	(897		)	(0.1	)%
Hedge funds	1,704		—	%	2,289		—	%	(585		)	—	%
Total other investments	496,900		5.4	%	481,621		5.4	%	15,279			—	%
Investments in other ventures	131,692		1.5	%	132,351		1.5	%	(659		)	—	%
Total managed investment portfolio	$	9,040,201	100.0	%	$	8,999,068	100.0	%	$	41,133



	11



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

	March 31, 2016
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	41,706	$	—	$	41,706
Morgan Stanley	37,556		—		37,556
Goldman Sachs Group Inc.	36,302		—		36,302
Bank of America Corp.	34,518		—		34,518
Royal Bank of Canada	22,964		—		22,964
HSBC Holdings PLC	22,375		—		22,375
Wells Fargo & Co.	21,790		—		21,790
UBS AG	17,313		—		17,313
The Bank of Nova Scotia	17,126		—		17,126
Honda Motor Co., Ltd.	16,240		—		16,240
Total (1)	$	267,890	$	—	$	267,890


(1)	Excludes non-U.S. government-backed corporate fixed maturity investments, reverse repurchase agreements and commercial paper, at fair value.



	12



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
March 31, 2016
Catastrophe Reinsurance	$	229,357	$	149,688	$	176,094	$	555,139
Specialty Reinsurance	538,163		136,748		1,152,798		1,827,709
Lloyd's	88,551		24,233		285,410		398,194
Other	2,737		—		27,744		30,481
Total	$	858,808	$	310,669	$	1,642,046	$	2,811,523

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



	13



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended March 31, 2016							Three months ended March 31, 2015
	Gross		Recoveries		Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,767,045	$	134,526	$	2,632,519		$	1,412,510		$	66,694		$	1,345,816
Incurred claims and claim expenses
Current year	154,338		26,129		128,209			111,439			12,441			98,998
Prior years	7,660		9,264		(1,604		)	(22,444		)	(299		)	(22,145		)
Total incurred claims and claim expenses	161,998		35,393		126,605			88,995			12,142			76,853
Paid claims and claim expenses
Current year	1,520		30		1,490			13,873			—			13,873
Prior years	116,000		2,661		113,339			103,909			(132		)	104,041
Total paid claims and claim expenses	117,520		2,691		114,829			117,782			(132		)	117,914
Amounts acquired (1)	—		—		—			1,397,845			3,728			1,394,117
Reserve for claims and claim expenses, end of period	$	2,811,523	$	167,228	$	2,644,295		$	2,781,568		$	82,696		$	2,698,872

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



	14



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	127,995		$	92,206		$	75,529		$	73,233		$	167,843
Amount allocated to participating common shareholders (1)	(1,601		)	(1,076		)	(867		)	(819		)	(2,025		)
	$	126,394		$	91,130		$	74,662		$	72,414		$	165,818
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	42,577			43,131			44,564			45,303			39,631
Per common share equivalents of employee stock options and restricted shares	335			382			349			354			390
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	42,912			43,513			44,913			45,657			40,021

Basic income per RenaissanceRe common share	$	2.97		$	2.11		$	1.68		$	1.60		$	4.18
Diluted income per RenaissanceRe common share	$	2.95		$	2.09		$	1.66		$	1.59		$	4.14


(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan and to the Company's non-employee directors.



	15



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Top Layer Re	$	2,403		$	1,498		$	1,738		$	2,174		$	2,616
Tower Hill Companies	251			1,676			4,135			4,294			3,011
Other	(1,043		)	122			(143		)	(308		)	(332		)
Total equity in earnings of other ventures	$	1,611		$	3,296		$	5,730		$	6,160		$	5,295

Other Income

	Three months ended
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	3,839		$	8,306		$	1,749		$	1,162		$	1,317
Other items	240			(106		)	557			265			222
Total other income	$	4,079		$	8,200		$	2,306		$	1,427		$	1,539



	16



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.



	17

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. 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, equity investments trading and investments-related derivatives. 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
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Net income available to RenaissanceRe common shareholders	$	127,995		$	92,206		$	75,529		$	73,233		$	167,843
Adjustment for net realized and unrealized (gains) losses on investments	(61,653		)	42,817			41,138			26,712			(41,749		)
Operating income available to RenaissanceRe common shareholders	$	66,342		$	135,023		$	116,667		$	99,945		$	126,094

Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.95		$	2.09		$	1.66		$	1.59		$	4.14
Adjustment for net realized and unrealized (gains) losses on investments	(1.44		)	0.98			0.92			0.59			(1.04		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	1.51		$	3.07		$	2.58		$	2.18		$	3.10

Return on average common equity - annualized	11.8		%	8.5		%	6.9		%	6.6		%	17.1		%
Adjustment for net realized and unrealized (gains) losses on investments	(5.7		)%	4.0		%	3.8		%	2.4		%	(4.2		)%
Operating return on average common equity - annualized	6.1		%	12.5		%	10.7		%	9.1		%	12.9		%



	18

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. 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
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Book value per common share	$	101.19		$	99.13		$	97.41		$	96.43		$	95.21
Adjustment for goodwill and other intangibles (1)	(6.59		)	(6.59		)	(6.65		)	(6.51		)	(6.64		)
Tangible book value per common share	94.60			92.54			90.76			89.92			88.57
Adjustment for accumulated dividends	15.79			15.48			15.18			14.88			14.58
Tangible book value per common share plus accumulated dividends	$	110.39		$	108.02		$	105.94		$	104.80		$	103.15

Quarterly change in book value per common share	2.1		%	1.8		%	1.0		%	1.3		%	5.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	2.6		%	2.3		%	1.3		%	1.9		%	(0.5		)%


(1)	At March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, goodwill and other intangibles included $22.3 million, $23.2 million, $22.9 million, $23.5 million and $24.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	19

Form: 8-K

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