RenaissanceRe : Financial Supplement March 2024

	RenaissanceRe Holdings Ltd.
	Contents
		Page
Basis of Presentation	i
Financial Highlights	1
Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4
Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	9
d.	Gross Premiums Written	10
e.	Net Premiums Written	11
f.	Net Premiums Earned	12
g.	Reserves for Claims and Claim Expenses	13
h.	Paid to Incurred Analysis	14
Managed Joint Ventures and Fee Income
a. Fee Income	15
b.	Fee income - Five Quarter Trend	16
c.	Noncontrolling Interests	17
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	19
Investments
a.	Total Investment Result	20
b.	Investments Composition	21
c.	Managed Investments - Credit Rating	22
d.	Retained Investments - Credit Rating	23
Other Items
a.	Earnings per Share	24
Comments on Non-GAAP Financial Measures	25

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On November 1, 2023, the Company completed its acquisition (the "Validus Acquisition") of Validus Holdings, Ltd. ("Validus Holdings"), Validus Specialty, LLC ("Validus Specialty") and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as "Validus." The operating activities of Validus are included in the Company's consolidated statements of operations starting from the acquisition date, November 1, 2023. As such, the results of operations and comparisons to prior periods should be viewed in that context.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP") including "operating income (loss) available (attributable) to RenaissanceRe common shareholders," "operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted," "operating return on average common equity - annualized," "tangible book value per common share," "tangible book value per common share plus accumulated dividends," "adjusted combined ratio," "property adjusted combined ratio" and "casualty and specialty adjusted combined ratio," "retained total investment result," "retained investments, at fair value," "retained investments, unrealized gain (loss)" and "operating (income) loss attributable to redeemable noncontrolling interests." A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 25 through 33 for "Comments on Non-GAAP Financial Measures."

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, 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 with the U.S. 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.comfor further information about RenaissanceRe.

i

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, and the Validus Acquisition and its impact on the Company's business, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company's exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company's financial results; the effect of climate change on the Company's business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company's claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company's investment portfolio and financial market volatility; the effects of inflation; the ability of the Company's ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company's ability to maintain its financial strength ratings; the Company's reliance on a small number of brokers; the highly competitive nature of the Company's industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the Company's ability to attract and retain key executives and employees; the Company's ability to successfully implement its business strategies and initiatives; difficulties in integrating Validus; the Company's exposure to credit loss from counterparties; the Company's need to make many estimates and judgments in the preparation of its financial statements; the Company's exposure to risks associated with its management of capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company's business, including changes in Bermuda and U.S. laws and regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and Israel and Hamas; other political, regulatory or industry initiatives adversely impacting the Company; the Company's ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates; the impact of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company's Bermuda subsidiaries are subject to taxation in the U.S.; the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which the Company operates, including recent changes in Bermuda tax law; the Company's ability to determine any impairments taken on its investments; the Company's ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company's joint ventures and managed fund partners; the Company's ability to comply with applicable sanctions and foreign corrupt practices laws; the Company's dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe's filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

ii

RenaissanceRe Holdings Ltd.

Financial Highlights

		Three months ended
		March 31,			March 31,
		2024			2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	364,798		$	564,062
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	636,379	$	364,027
Underwriting income
Gross premiums written	$	3,990,684	$	2,790,261
Net premiums written		3,199,573			2,263,703
Net premiums earned		2,443,910			1,680,550
Underwriting income (loss)		540,682			369,619

Net claims and claim expense ratio:
Current accident year	51.7 %	53.9 %
Prior accident years	(4.0)%	(6.2)%
Calendar year	47.7 %		47.7 %
Acquisition expense ratio	25.9 %	25.7 %
Operating expense ratio	4.3 %	4.6 %
Combined ratio	77.9 %		78.0 %
Adjusted combined ratio (1)	75.4 %	77.8 %

Fee income
Management fee income	$	56,053	$	40,905
Performance fee income		27,497			3,867
Total fee income	$	83,550		$	44,772
Investment results - managed
Net investment income	$	390,775	$	254,378
Net realized and unrealized gains (losses) on investments		(213,654)			279,451
Total investment result	$	177,121		$	533,829
Total investment return - annualized
	2.8 %			10.0 %
Investment results - retained (1)
Net investment income	$	267,477	$	168,009
Net realized and unrealized gains (losses) on investments		(193,839)			225,547
Total investment result	$	73,638		$	393,556
Total investment return - annualized
	1.6 %			10.8 %

1. See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

1

Financial Highlights - Per Share Data & ROE

		Three months ended
		March 31,			March 31,
		2024			2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	6.96		$	12.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	6.94	$	12.91
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	12.18	$	8.25
Average shares outstanding - basic		51,678			42,876
Average shares outstanding - diluted		51,828			43,006
Return on average common equity - annualized		16.4 %			46.6 %
Operating return on average common equity - annualized (1)		28.7 %			30.0 %
		March 31,		December 31,
		2024			2023
Book value per common share	$	170.92		$	165.20
Tangible book value per common share (1)	$	149.01	$	141.87
Tangible book value per common share plus accumulated dividends (1)	$	175.92	$	168.39
Year to date change in book value per common share plus change in accumulated dividends		3.7 %			59.3 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)		5.3 %			47.6 %

1. See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

2

Summary Consolidated Financial Statements

Consolidated Statements of Operations

		Three months ended
		March 31,			March 31,
Revenues		2024			2023
Gross premiums written	$	3,990,684	$	2,790,261
Net premiums written
$	3,199,573	$	2,263,703
Decrease (increase) in unearned premiums		(755,663)			(583,153)
Net premiums earned		2,443,910			1,680,550
Net investment income		390,775			254,378
Net foreign exchange gains (losses)		(35,683)			(14,503)
Equity in earnings (losses) of other ventures		14,127			9,530
Other income (loss)		(50)			(4,306)
Net realized and unrealized gains (losses) on investments		(213,654)			279,451
Total revenues		2,599,425			2,205,100
Expenses
Net claims and claim expenses incurred		1,166,123			801,200
Acquisition expenses		630,921			432,257
Operational expenses		106,184			77,474
Corporate expenses		39,252			12,843
Interest expense		23,104			12,134
Total expenses		1,965,584			1,335,908
Income (loss) before taxes		633,841			869,192
Income tax benefit (expense)		(15,372)			(28,902)
Net income (loss)		618,469			840,290
Net (income) loss attributable to redeemable noncontrolling interests		(244,827)			(267,384)
Net income (loss) attributable to RenaissanceRe		373,642			572,906
Dividends on preference shares		(8,844)			(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	364,798		$	564,062

1. See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

3

Summary Consolidated Financial Statements

Consolidated Balance Sheets

		March 31,		December 31,
Assets		2024			2023
Fixed maturity investments trading, at fair value - amortized cost $21,519,144 at March 31, 2024 (December 31, 2023 - $20,872,450)	$	21,309,460	$	20,877,108
Short term investments, at fair value - amortized cost $4,639,713 at March 31, 2024 (December 31, 2023 - $4,603,340)		4,639,165			4,604,079
Equity investments, at fair value		119,992			106,766
Other investments, at fair value		3,468,281			3,515,566
Investments in other ventures, under equity method		99,684			112,624
Total investments		29,636,582			29,216,143
Cash and cash equivalents		1,606,739			1,877,518
Premiums receivable		8,431,335			7,280,682
Prepaid reinsurance premiums		1,282,860			924,777
Reinsurance recoverable		4,993,680			5,344,286
Accrued investment income		196,893			205,713
Deferred acquisition costs and value of business acquired		1,822,163			1,751,437
Deferred tax asset		669,635			685,040
Receivable for investments sold		1,168,305			622,197
Other assets		377,268			323,960
Goodwill and other intangibles		758,874			775,352
Total assets	$	50,944,334		$	49,007,105
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	20,369,610	$	20,486,869
Unearned premiums		7,247,615			6,136,135
Debt		1,884,411			1,958,655
Reinsurance balances payable		3,353,834			3,186,174
Payable for investments purchased		1,427,932			661,611
Other liabilities		570,164			1,021,872
Total liabilities		34,853,566			33,451,316
Redeemable noncontrolling interests		6,297,983			6,100,831
Shareholders' Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at March 31, 2024 (December 31, 2023 - 30,000)		750,000			750,000
Common shares: $1.00 par value - 52,907,663 shares issued and outstanding at March 31, 2024 (December 31, 2023 - 52,693,887)		52,908			52,694
Additional paid-in capital		2,137,343			2,144,459
Accumulated other comprehensive loss		(13,778)			(14,211)
Retained earnings		6,866,312			6,522,016
Total shareholders' equity attributable to RenaissanceRe		9,792,785			9,454,958
Total liabilities, noncontrolling interests and shareholders' equity	$	50,944,334		$	49,007,105
Book value per common share	$	170.92	$	165.20

4

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Three months ended March 31, 2024			Three months ended March 31, 2023
		Property		Casualty and			Total			Property		Casualty and			Total
				Specialty							Specialty
Gross premiums written	$	1,889,881		$	2,100,803		$	3,990,684		$	1,304,199		$	1,486,062		$	2,790,261
Net premiums written
$	1,397,618	$	1,801,955	$	3,199,573	$	1,019,829	$	1,243,874	$	2,263,703
Net premiums earned
$	936,083	$	1,507,827	$	2,443,910	$	687,420	$	993,130	$	1,680,550
Net claims and claim expenses incurred		154,249			1,011,874			1,166,123			187,609			613,591			801,200
Acquisition expenses		185,782			445,139			630,921			145,319			286,938			432,257
Operational expenses		61,624			44,560			106,184			55,813			21,661			77,474
Underwriting income (loss)	$	534,428		$	6,254		$	540,682		$	298,679		$	70,940		$	369,619
Net claims and claim expenses incurred:
Current accident year	$	248,916	$	1,014,288	$	1,263,204	$	269,302	$	636,650	$	905,952
Prior accident years		(94,667)			(2,414)			(97,081)			(81,693)			(23,059)			(104,752)
Total	$	154,249		$	1,011,874		$	1,166,123		$	187,609		$	613,591		$	801,200
Net claims and claim expense ratio:
Current accident year		26.6 %			67.3 %			51.7 %			39.2 %			64.1 %			53.9 %
Prior accident years		(10.1)%			(0.2)%			(4.0)%			(11.9)%			(2.3)%			(6.2)%
Calendar year		16.5 %			67.1 %			47.7 %			27.3 %			61.8 %			47.7 %
Acquisition expense ratio		19.9 %			29.5 %			25.9 %			21.2 %			28.9 %			25.7 %
Operating expense ratio		6.5 %			3.0 %			4.3 %			8.1 %			2.2 %			4.6 %
Combined ratio		42.9 %			99.6 %			77.9 %			56.6 %			92.9 %			78.0 %
Adjusted combined ratio (1)
	40.5 %			97.1 %			75.4 %			56.3 %			92.6 %			77.8 %

1. See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves

Consolidated Underwriting Results - Five Quarter Trend

								Total
		March 31,		December 31,		September 30,			June 30,			March 31,
		2024			2023			2023			2023			2023
Gross premiums written	$	3,990,684		$	1,802,041		$	1,618,443		$	2,651,621		$	2,790,261
Net premiums written
$	3,199,573	$	1,587,047	$	1,421,260	$	2,195,803	$	2,263,703
Net premiums earned
$	2,443,910	$	2,249,445	$	1,755,876	$	1,785,262	$	1,680,550
Net claims and claim expenses incurred		1,166,123			979,522			861,576			931,211			801,200
Acquisition expenses		630,921			594,487			425,745			422,545			432,257
Operational expenses		106,184			134,466			82,751			80,491			77,474
Underwriting income (loss)	$	540,682		$	540,970		$	385,804		$	351,015		$	369,619
Net claims and claim expenses incurred:
Current accident year	$	1,263,204	$	1,135,332	$	1,019,523	$	963,309	$	905,952
Prior accident years		(97,081)			(155,810)			(157,947)			(32,098)			(104,752)
Total	$	1,166,123		$	979,522		$	861,576		$	931,211		$	801,200
Net claims and claim expense ratio:
Current accident year		51.7 %			50.5 %			58.1 %			54.0 %			53.9 %
Prior accident years		(4.0)%			(7.0)%			(9.0)%			(1.8)%			(6.2)%
Calendar year		47.7 %			43.5 %			49.1 %			52.2 %			47.7 %
Acquisition expense ratio		25.9 %			26.5 %			24.2 %			23.6 %			25.7 %
Operating expense ratio		4.3 %			6.0 %			4.7 %			4.5 %			4.6 %
Combined ratio		77.9 %			76.0 %			78.0 %			80.3 %			78.0 %

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