RenaissanceRe : Financial Supplement June 2020

RenaissanceRe Holdings Ltd.
Contents
	Page
Basis of Presentation	i
Financial Highlights	1
Summary Consolidated Financial Statements
a. Consolidated Statements of Operations	2
b. Consolidated Balance Sheets	3
Underwriting and Reserves
a. Consolidated Segment Underwriting Results	4
b. Segment Underwriting Results	6
c. Property Segment - Catastrophe and Other Property Underwriting Results	7
d. Gross Premiums Written	8
e. Reserves for Claims and Claim Expenses	9
f. Paid to Incurred Analysis	10
Managed Joint Ventures and Fee Income
a. Fee Income	11
b. Noncontrolling Interests	12
c. DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	13
Investments
a. Total Investment Result	14
b. Investment Portfolio - Composition	15
c. Investment Portfolio - Fixed Maturity Investments	16
d. Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	17
e. Retained Investment Information	18
Other Items
a. Earnings per Share	19
Comments on Regulation G	20

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. 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, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of RenaissanceRe Europe AG (formerly known as Tokio Millennium Re AG), RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) and their subsidiaries (collectively, "TMR"). The three months ended June 30, 2019, was the first full period that reflected the results of TMR on the Company's results of operations. This Financial Supplement should be read 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 available to RenaissanceRe common shareholders," "operating income available 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," "retained investment result" and "retained fixed maturity and short term investments, at fair value." 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 20 through 24 for "Comments on Regulation G."

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, its Quarterly Reports on Form 10-Q and prospectus supplement dated June 4, 2020.

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

Financial Highlights

					Three months ended							Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,			June 30,			June 30,
		2020			2020			2019			2019			2019			2020			2019
Highlights
Gross premiums written	$	1,701,872	$	2,025,721	$	905,479	$	861,068	$	1,476,908	$	3,727,593	$	3,041,203
Underwriting income (loss)	$	217,137	$	64,079	$	(65,157)	$	(3,368)	$	170,833	$	281,216	$	324,942
Net investment income	$	89,305	$	99,473	$	112,138	$	111,387	$	118,588	$	188,778	$	200,682
Net realized and unrealized gains (losses) on investments		448,390			(110,707)			18,454			34,395			191,247			337,683			361,260
Total investment result	$	537,695	$	(11,234)	$	130,592	$	145,782	$	309,835	$	526,461	$	561,942
Net income (loss) available (attributable) to RenaissanceRe
$	575,845	$	(81,974)	$	33,773	$	36,698	$	367,854	$	493,871	$	641,571
common shareholders
Operating income available to RenaissanceRe common	$	190,076	$	33,410	$	12,623	$	32,681	$	198,839	$	223,486	$	352,447
shareholders (1)
Per share data
Net income (loss) available (attributable) to RenaissanceRe	$	12.64	$	(1.89)	$	0.77	$	0.83	$	8.36	$	11.04	$	14.82
common shareholders per common share - basic
Net income (loss) available (attributable) to RenaissanceRe	$	12.63	$	(1.89)	$	0.77	$	0.83	$	8.35	$	11.02	$	14.81
common shareholders per common share - diluted
Operating income available to RenaissanceRe common	$	4.06	$	0.76	$	0.28	$	0.73	$	4.47	$	4.91	$	8.05
shareholders per common share - diluted (1)
Book value per common share	$	134.27	$	117.15	$	120.53	$	120.07	$	119.17	$	134.27	$	119.17
Tangible book value per common share (1)	$	128.71	$	110.69	$	114.03	$	113.52	$	112.57	$	128.71	$	112.57
Tangible book value per common share plus accumulated	$	150.09	$	131.72	$	134.71	$	133.86	$	132.57	$	150.09	$	132.57
dividends (1)
Change in tangible book value per common share plus change in		16.6 %			(2.6)%			0.7 %			1.1 %			8.2 %			13.5 %			15.7 %
accumulated dividends (1)
Financial ratios
Combined ratio		78.5 %			93.0 %			106.7 %			100.4 %			81.3 %			85.4 %			77.8 %
Return on average common equity - annualized		38.5 %			(6.3)%			2.5 %			2.8 %			28.9 %			17.1 %			26.4 %
Operating return on average common equity - annualized (1)		12.7 %			2.6 %			0.9 %			2.5 %			15.6 %			7.8 %			14.4 %
Total investment return - annualized		11.8 %			(0.1)%			3.1 %			3.6 %			8.0 %			5.8 %			7.3 %

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

1

Summary Consolidated Financial Statements

Consolidated Statements of Operations

						Three months ended							Six months ended
		June 30,			March 31,			December 31,		September 30,			June 30,			June 30,			June 30,
Revenues		2020			2020				2019			2019			2019			2020			2019
Gross premiums written	$	1,701,872	$	2,025,721	$	905,479	$	861,068	$	1,476,908	$	3,727,593	$	3,041,203
Net premiums written
$	1,180,803	$	1,269,808		$	725,367	$	704,130	$	1,022,965	$	2,450,611	$	1,951,996
(Increase) decrease in unearned premiums		(170,707)			(356,710)				244,758			202,618			(111,463)			(527,417)			(490,466)
Net premiums earned		1,010,096			913,098				970,125			906,748			911,502			1,923,194			1,461,530
Net investment income		89,305			99,473				112,138			111,387			118,588			188,778			200,682
Net foreign exchange (losses) gains		(7,195)			(5,728)				(1,126)			(8,275)			9,309			(12,923)			6,463
Equity in earnings of other ventures		9,041			4,564				5,874			5,877			6,812			13,605			11,473
Other (loss) income		(1,201)			(4,436)				(160)			1,016			922			(5,637)			4,093
Net realized and unrealized gains (losses) on investments		448,390			(110,707)				18,454			34,395			191,247			337,683			361,260
Total revenues		1,548,436			896,264				1,105,305			1,051,148			1,238,380			2,444,700			2,045,501
Expenses
Net claims and claim expenses incurred		510,272			570,954				762,093			654,520			453,373			1,081,226			680,408
Acquisition expenses		233,610			210,604				208,618			202,181			227,482			444,214			351,433
Operational expenses		49,077			67,461				64,571			53,415			59,814			116,538			104,747
Corporate expenses		11,898			15,991				17,642			13,844			23,847			27,889			62,636
Interest expense		11,842			14,927				15,496			15,580			15,534			26,769			27,288
Total expenses		816,699			879,937				1,068,420			939,540			780,050			1,696,636			1,226,512
Income before taxes		731,737			16,327				36,885			111,608			458,330			748,064			818,989
Income tax (expense) benefit		(29,875)			8,846				3,455			(3,664)			(9,475)			(21,029)			(17,006)
Net income		701,862			25,173				40,340			107,944			448,855			727,035			801,983
Net (income) loss attributable to redeemable noncontrolling		(118,728)			(98,091)				2,622			(62,057)			(71,812)			(216,819)			(142,034)
interests
Net income (loss) attributable to RenaissanceRe		583,134			(72,918)				42,962			45,887			377,043			510,216			659,949
Dividends on preference shares		(7,289)			(9,056)				(9,189)			(9,189)			(9,189)			(16,345)			(18,378)
Net income (loss) available (attributable) to	$	575,845	$	(81,974)	$	33,773	$	36,698	$	367,854	$	493,871	$	641,571
RenaissanceRe common shareholders

2

Summary Consolidated Financial Statements

Consolidated Balance Sheets

		June 30,			March 31,		December 31,		September 30,			June 30,
Assets		2020			2020			2019			2019			2019
Fixed maturity investments trading, at fair value	$	12,495,135	$	11,045,801	$	11,171,655	$	11,386,228	$	10,479,666
Short term investments, at fair value		5,570,804			5,263,242			4,566,277			4,116,156			4,579,171
Equity investments trading, at fair value		470,087			360,444			436,931			379,422			273,646
Other investments, at fair value		1,093,338			1,058,714			1,087,377			962,109			955,437
Investments in other ventures, under equity method		94,285			90,396			106,549			103,978			100,396
Total investments		19,723,649			17,818,597			17,368,789			16,947,893			16,388,316
Cash and cash equivalents		1,185,844			896,216			1,379,068			871,251			670,626
Premiums receivable		3,519,965			3,105,441			2,599,896			2,799,954			3,140,688
Prepaid reinsurance premiums		1,266,203			1,151,926			767,781			972,047			1,158,534
Reinsurance recoverable		2,774,358			2,765,583			2,791,297			2,438,299			2,865,150
Accrued investment income		70,004			73,496			72,461			73,509			76,949
Deferred acquisition costs and value of business acquired		734,286			739,875			663,991			708,258			780,756
Receivable for investments sold		648,458			341,786			78,369			225,147			395,787
Other assets		298,396			312,523			346,216			344,593			344,938
Goodwill and other intangibles		258,591			260,076			262,226			263,259			265,217
Total assets	$	30,479,754		$	27,465,519		$	26,330,094		$	25,644,210		$	26,086,961
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	9,365,469	$	9,406,707	$	9,384,349	$	8,602,437	$	8,484,848
Unearned premiums		3,549,641			3,245,914			2,530,975			2,967,535			3,362,520
Debt		1,135,216			1,134,695			1,384,105			1,383,498			1,382,890
Reinsurance balances payable		4,094,027			3,775,375			2,830,691			2,910,601			3,280,048
Payable for investments purchased		1,259,116			636,136			225,275			654,685			554,696
Other liabilities		342,014			351,320			932,024			395,186			396,651
Total liabilities		19,745,483			18,550,147			17,287,419			16,913,942			17,461,653
Redeemable noncontrolling interest		3,387,099			3,231,846			3,071,308			2,779,033			2,712,466
Shareholders' Equity
Preference shares		525,000			525,000			650,000			650,000			650,000
Common shares		50,811			44,034			44,148			44,152			44,162
Additional paid-in capital		1,602,738			502,608			568,277			560,166			552,210
Accumulated other comprehensive (loss) income		(3,066)			(1,664)			(1,939)			4,988			(3,869)
Retained earnings		5,171,689			4,613,548			4,710,881			4,691,929			4,670,339
Total shareholders' equity attributable to RenaissanceRe		7,347,172			5,683,526			5,971,367			5,951,235			5,912,842
Total liabilities, noncontrolling interests and shareholders' equity	$	30,479,754		$	27,465,519		$	26,330,094		$	25,644,210		$	26,086,961
Book value per common share	$	134.27	$	117.15	$	120.53	$	120.07	$	119.17

3

Underwriting and Reserves

Consolidated Segment Underwriting Results

				Three months ended June 30, 2020
		Property			Casualty and			Other			Total
				Specialty
Gross premiums written	$	1,042,536		$	659,336		$	-		$	1,701,872
Net premiums written
$	704,138	$	476,665	$	-	$	1,180,803
Net premiums earned
$	491,116	$	518,980	$	-	$	1,010,096
Net claims and claim expenses incurred		164,050			346,266			(44)			510,272
Acquisition expenses		94,772			138,837			1			233,610
Operational expenses		31,656			17,422			(1)			49,077
Underwriting income	$	200,638		$	16,455		$	44		$	217,137
Net claims and claim expenses incurred - current accident year	$	170,614	$	355,064	$	-	$	525,678
Net claims and claim expenses incurred - prior accident years		(6,564)			(8,798)			(44)			(15,406)
Net claims and claim expenses incurred - total	$	164,050		$	346,266		$	(44)		$	510,272
Net claims and claim expense ratio - current accident year		34.7 %			68.4 %						52.0 %
Net claims and claim expense ratio - prior accident years		(1.3)%			(1.7)%						(1.5)%
Net claims and claim expense ratio - calendar year		33.4 %			66.7 %						50.5 %
Underwriting expense ratio		25.7 %			30.1 %						28.0 %
Combined ratio		59.1 %			96.8 %						78.5 %
				Three months ended June 30, 2019
		Property			Casualty and			Other			Total
				Specialty
Gross premiums written	$	839,200		$	637,708		$	-		$	1,476,908
Net premiums written
$	544,115	$	478,850	$	-	$	1,022,965
Net premiums earned
$	425,013	$	486,489	$	-	$	911,502
Net claims and claim expenses incurred		146,874			306,501			(2)			453,373
Acquisition expenses		89,711			137,963			(192)			227,482
Operational expenses		36,764			23,016			34			59,814
Underwriting income	$	151,664		$	19,009		$	160		$	170,833
Net claims and claim expenses incurred - current accident year	$	136,111	$	317,029	$	-	$	453,140
Net claims and claim expenses incurred - prior accident years		10,763			(10,528)			(2)			233
Net claims and claim expenses incurred - total	$	146,874		$	306,501		$	(2)		$	453,373
Net claims and claim expense ratio - current accident year		32.0 %			65.2 %						49.7 %
Net claims and claim expense ratio - prior accident years		2.6 %			(2.2)%						- %
Net claims and claim expense ratio - calendar year		34.6 %			63.0 %						49.7 %
Underwriting expense ratio		29.7 %			33.1 %						31.6 %
Combined ratio		64.3 %			96.1 %						81.3 %

4

Underwriting and Reserves

Consolidated Segment Underwriting Results

					Six months ended June 30, 2020
		Property			Casualty and			Other			Total
				Specialty
Gross premiums written	$	2,263,062		$	1,464,531		$	-		$	3,727,593
Net premiums written
$	1,378,719	$	1,071,892	$	-	$	2,450,611
Net premiums earned
$	912,451	$	1,010,743	$	-	$	1,923,194
Net claims and claim expenses incurred		308,902			772,475			(151)			1,081,226
Acquisition expenses		180,123			264,090			1			444,214
Operational expenses		75,663			40,876			(1)			116,538
Underwriting income (loss)	$	347,763		$	(66,698)		$	151		$	281,216
Net claims and claim expenses incurred - current accident year	$	301,458	$	781,274	$	-	$	1,082,732
Net claims and claim expenses incurred - prior accident years		7,444			(8,799)			(151)			(1,506)
Net claims and claim expenses incurred - total	$	308,902		$	772,475		$	(151)		$	1,081,226
Net claims and claim expense ratio - current accident year		33.0 %			77.3 %						56.3 %
Net claims and claim expense ratio - prior accident years		0.9 %			(0.9)%						(0.1)%
Net claims and claim expense ratio - calendar year		33.9 %			76.4 %						56.2 %
Underwriting expense ratio		28.0 %			30.2 %						29.2 %
Combined ratio		61.9 %			106.6 %						85.4 %
					Six months ended June 30, 2019
		Property			Casualty and			Other			Total
				Specialty
Gross premiums written	$	1,871,584		$	1,169,619		$	-		$	3,041,203
Net premiums written
$	1,108,345	$	843,651	$	-	$	1,951,996
Net premiums earned
$	715,758	$	745,772	$	-	$	1,461,530
Net claims and claim expenses incurred		202,957			477,434			17			680,408
Acquisition expenses		143,450			208,175			(192)			351,433
Operational expenses		65,308			39,405			34			104,747
Underwriting income	$	304,043		$	20,758		$	141		$	324,942
Net claims and claim expenses incurred - current accident year	$	190,317	$	494,164	$	-	$	684,481
Net claims and claim expenses incurred - prior accident years		12,640			(16,730)			17			(4,073)
Net claims and claim expenses incurred - total	$	202,957		$	477,434		$	17		$	680,408
Net claims and claim expense ratio - current accident year		26.6 %			66.3 %						46.8 %
Net claims and claim expense ratio - prior accident years		1.8 %			(2.3)%						(0.2)%
Net claims and claim expense ratio - calendar year		28.4 %			64.0 %						46.6 %
Underwriting expense ratio		29.1 %			33.2 %						31.2 %
Combined ratio		57.5 %			97.2 %						77.8 %

5

Underwriting and Reserves

Segment Underwriting Results

						Three months ended
Property Segment		June 30,			March 31,			December 31,	September 30,			June 30,
	2020			2020			2019				2019			2019
Gross premiums written	$	1,042,536		$	1,220,526		$	245,001			$	314,400		$	839,200
Net premiums written
$	704,138	$	674,581	$	242,932			$	302,982	$	544,115
Net premiums earned
$	491,116	$	421,335	$	467,404			$	444,332	$	425,013
Net claims and claim expenses incurred		164,050			144,852			424,207				338,260			146,874
Acquisition expenses		94,772			85,351			90,790				79,521			89,711
Operational expenses		31,656			44,007			39,469				34,238			36,764
Underwriting income (loss)	$	200,638		$	147,125		$	(87,062)			$	(7,687)		$	151,664
Net claims and claim expenses incurred - current accident year	$	170,614	$	130,844	$	432,160			$	345,880	$	136,111
Net claims and claim expenses incurred - prior accident years		(6,564)			14,008			(7,953)				(7,620)			10,763
Net claims and claim expenses incurred - total	$	164,050		$	144,852		$	424,207			$	338,260		$	146,874
Net claims and claim expense ratio - current accident year		34.7 %			31.1 %			92.5 %				77.8 %			32.0 %
Net claims and claim expense ratio - prior accident years		(1.3)%			3.3 %			(1.7)%				(1.7)%			2.6 %
Net claims and claim expense ratio - calendar year		33.4 %			34.4 %			90.8 %				76.1 %			34.6 %
Underwriting expense ratio		25.7 %			30.7 %			27.8 %				25.6 %			29.7 %
Combined ratio		59.1 %			65.1 %			118.6 %				101.7 %			64.3 %
						Three months ended
Casualty and Specialty Segment		June 30,			March 31,			December 31,	September 30,			June 30,
	2020			2020			2019				2019			2019
Gross premiums written	$	659,336		$	805,195		$	660,478			$	546,668		$	637,708
Net premiums written
$	476,665	$	595,227	$	482,435			$	401,148	$	478,850
Net premiums earned
$	518,980	$	491,763	$	502,721			$	462,416	$	486,489
Net claims and claim expenses incurred		346,266			426,209			338,104				316,099			306,501
Acquisition expenses		138,837			125,253			117,849				122,654			137,963
Operational expenses		17,422			23,454			25,943				19,198			23,016
Underwriting income (loss)	$	16,455		$	(83,153)		$	20,825			$	4,465		$	19,009
Net claims and claim expenses incurred - current accident year	$	355,064	$	426,210	$	342,268			$	319,087	$	317,029
Net claims and claim expenses incurred - prior accident years		(8,798)			(1)			(4,164)				(2,988)			(10,528)
Net claims and claim expenses incurred - total	$	346,266		$	426,209		$	338,104			$	316,099		$	306,501
Net claims and claim expense ratio - current accident year		68.4 %			86.7 %			68.1 %				69.0 %			65.2 %
Net claims and claim expense ratio - prior accident years		(1.7)%			- %			(0.8)%				(0.6)%			(2.2)%
Net claims and claim expense ratio - calendar year		66.7 %			86.7 %			67.3 %				68.4 %			63.0 %
Underwriting expense ratio		30.1 %			30.2 %			28.6 %				30.6 %			33.1 %
Combined ratio		96.8 %			116.9 %			95.9 %				99.0 %			96.1 %

6

Underwriting and Reserves

Property Segment - Catastrophe and Other Property Underwriting Results

		Three months ended June 30, 2020			Three months ended June 30, 2019
		Catastrophe		Other Property			Total			Catastrophe		Other Property			Total
Gross premiums written	$	711,786		$	330,750		$	1,042,536		$	602,656		$	236,544		$	839,200
Net premiums written
$	391,350	$	312,788	$	704,138	$	319,128	$	224,987	$	544,115
Net premiums earned
$	245,518	$	245,598	$	491,116	$	222,527	$	202,486	$	425,013
Net claims and claim expenses incurred		22,511			141,539			164,050			37,757			109,117			146,874
Acquisition expenses		31,727			63,045			94,772			35,079			54,632			89,711
Operational expenses		25,653			6,003			31,656			28,837			7,927			36,764
Underwriting income	$	165,627		$	35,011		$	200,638		$	120,854		$	30,810		$	151,664
Net claims and claim expenses incurred - current accident year	$	37,528	$	133,086	$	170,614	$	38,175	$	97,936	$	136,111
Net claims and claim expenses incurred - prior accident years		(15,017)			8,453			(6,564)			(418)			11,181			10,763
Net claims and claim expenses incurred - total	$	22,511		$	141,539		$	164,050		$	37,757		$	109,117		$	146,874
Net claims and claim expense ratio - current accident year		15.3 %			54.2 %			34.7 %			17.2 %			48.4 %			32.0 %
Net claims and claim expense ratio - prior accident years		(6.1)%			3.4 %			(1.3)%			(0.2)%			5.5 %			2.6 %
Net claims and claim expense ratio - calendar year		9.2 %			57.6 %			33.4 %			17.0 %			53.9 %			34.6 %
Underwriting expense ratio		23.3 %			28.1 %			25.7 %			28.7 %			30.9 %			29.7 %
Combined ratio		32.5 %			85.7 %			59.1 %			45.7 %			84.8 %			64.3 %
		Six months ended June 30, 2020			Six months ended June 30, 2019
		Catastrophe		Other Property			Total			Catastrophe		Other Property			Total
Gross premiums written	$	1,647,976		$	615,086		$	2,263,062		$	1,447,869		$	423,715		$	1,871,584
Net premiums written
$	868,807	$	509,912	$	1,378,719	$	763,144	$	345,201	$	1,108,345
Net premiums earned
$	466,173	$	446,278	$	912,451	$	402,764	$	312,994	$	715,758
Net claims and claim expenses incurred		20,417			288,485			308,902			23,763			179,194			202,957
Acquisition expenses		60,434			119,689			180,123			59,406			84,044			143,450
Operational expenses		61,198			14,465			75,663			52,449			12,859			65,308
Underwriting income	$	324,124		$	23,639		$	347,763		$	267,146		$	36,897		$	304,043
Net claims and claim expenses incurred - current accident year	$	60,910	$	240,548	$	301,458	$	41,665	$	148,652	$	190,317
Net claims and claim expenses incurred - prior accident years		(40,493)			47,937			7,444			(17,902)			30,542			12,640
Net claims and claim expenses incurred - total	$	20,417		$	288,485		$	308,902		$	23,763		$	179,194		$	202,957
Net claims and claim expense ratio - current accident year		13.1 %			53.9 %			33.0 %			10.3 %			47.5 %			26.6 %
Net claims and claim expense ratio - prior accident years		(8.7)%			10.7 %			0.9 %			(4.4)%			9.8 %			1.8 %
Net claims and claim expense ratio - calendar year		4.4 %			64.6 %			33.9 %			5.9 %			57.3 %			28.4 %
Underwriting expense ratio		26.1 %			30.1 %			28.0 %			27.8 %			30.9 %			29.1 %
Combined ratio		30.5 %			94.7 %			61.9 %			33.7 %			88.2 %			57.5 %

7

Underwriting and Reserves

Gross Premiums Written

					Three months ended						Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,		June 30,		June 30,
		2020			2020			2019			2019			2019	2020	2019
Property Segment
Catastrophe	$	711,786	$	936,190	$	44,824	$	102,779	$	602,656	$ 1,647,976	$ 1,447,869
Other property		330,750			284,336			200,177			211,621			236,544		615,086		423,715
Property segment gross premiums written	$	1,042,536	$	1,220,526	$	245,001	$	314,400	$	839,200	$ 2,263,062	$ 1,871,584
Casualty and Specialty Segment
General casualty (1)	$	206,666	$	246,667	$	197,338	$	191,447	$	258,357	453,333	411,691
Professional liability (2)		222,737			230,487			189,838			151,754			167,206	453,224	316,583
Financial lines (3)		101,635			147,079			126,983			111,459			91,202	248,714	218,558
Other (4)		128,298			180,962			146,319			92,008			120,943		309,260		222,787
Casualty and Specialty segment gross premiums	$	659,336	$	805,195	$	660,478	$	546,668	$	637,708	$ 1,464,531	$ 1,169,619
written

1. Includes automobile liability, casualty clash, employer's liability, umbrella or excess casualty, workers' compensation and general liability.
2. Includes directors and officers, medical malpractice, and professional indemnity.
3. Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
4. Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

8

Underwriting and Reserves

Reserves for Claims and Claim Expenses

		Case			Additional
				Case			IBNR			Total
June 30, 2020		Reserves			Reserves
Property	$	1,095,511	$	1,650,244	$	842,395	$	3,588,150
Casualty and Specialty		1,682,299			127,588			3,967,100			5,776,987
Other		332			-			-			332
Total	$	2,778,142		$	1,777,832		$	4,809,495		$	9,365,469
March 31, 2020
Property	$	1,095,840	$	1,707,754	$	958,827	$	3,762,421
Casualty and Specialty		1,644,402			105,505			3,894,049			5,643,956
Other		330			-			-			330
Total	$	2,740,572		$	1,813,259		$	4,852,876		$	9,406,707
December 31, 2019
Property	$	1,253,406	$	1,631,223	$	1,189,221	$	4,073,850
Casualty and Specialty		1,596,426			129,720			3,583,913			5,310,059
Other		440			-			-			440
Total	$	2,850,272		$	1,760,943		$	4,773,134		$	9,384,349
September 30, 2019
Property	$	1,170,009	$	1,493,600	$	916,314	$	3,579,923
Casualty and Specialty		1,475,505			151,555			3,389,344			5,016,404
Other		2,944			-			3,166			6,110
Total	$	2,648,458		$	1,645,155		$	4,308,824		$	8,602,437
June 30, 2019
Property	$	1,191,810	$	1,635,595	$	791,628	$	3,619,033
Casualty and Specialty		1,450,805			128,701			3,280,133			4,859,639
Other		3,010			-			3,166			6,176
Total	$	2,645,625		$	1,764,296		$	4,074,927		$	8,484,848

9

Underwriting and Reserves

Paid to Incurred Analysis

	Three months ended June 30, 2020		Three months ended June 30, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$ 9,406,707	$ 2,765,583	$ 6,641,124	$ 8,391,484	$ 2,908,343	$ 5,483,141
Incurred claims and claim expenses
Current year	650,900	125,222	525,678	525,838	72,698	453,140
Prior years	(3,674)		11,732		(15,406)		226,218		225,985		233
Total incurred claims and claim expenses	647,226	136,954	510,272	752,056	298,683	453,373
Paid claims and claim expenses
Current year	32,182	1,758	30,424	46,602	2,419	44,183
Prior years	701,647		130,017		571,630		608,902		338,461		270,441
Total paid claims and claim expenses	733,829	131,775	602,054	655,504	340,880	314,624
Foreign exchange (1)	45,365		3,596		41,769		(3,188)		(996)		(2,192)
Reserve for claims and claim expenses, end of period	$ 9,365,469		$ 2,774,358		$ 6,591,111		$ 8,484,848		$ 2,865,150		$ 5,619,698
	Six months ended June 30, 2020		Six months ended June 30, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$ 9,384,349	$ 2,791,297	$ 6,593,052	$ 6,076,271	$ 2,372,221	$ 3,704,050
Incurred claims and claim expenses
Current year	1,440,910	358,178	1,082,732	826,399	141,918	684,481
Prior years	(45,969)		(44,463)		(1,506)		263,776		267,849		(4,073)
Total incurred claims and claim expenses	1,394,941	313,715	1,081,226	1,090,175	409,767	680,408
Paid claims and claim expenses
Current year	66,492	4,867	61,625	55,941	3,609	52,332
Prior years	1,337,025		329,109		1,007,916		1,012,242		441,681		570,561
Total paid claims and claim expenses	1,403,517	333,976	1,069,541	1,068,183	445,290	622,893
Foreign exchange (1)	(10,304)	3,322	(13,626)	(1,625)	(983)	(642)
Amounts acquired (2)	-		-		-		2,388,210		529,435		1,858,775
Reserve for claims and claim expenses, end of period	$ 9,365,469	$ 2,774,358	$ 6,591,111	$ 8,484,848	$ 2,865,150	$ 5,619,698

1. Reflects the impact of the foreign exchange revaluation of net reserves denominated in non-U.S. dollars as at the balance sheet date.
2. Represents the fair value of TMR's reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.

10

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.

					Three months ended							Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,			June 30,			June 30,
		2020			2020			2019			2019			2019			2020			2019
Management fee income
Joint ventures	$	12,190	$	11,781	$	11,858	$	11,434	$	9,519	$	23,971	$	19,254
Structured reinsurance products and other		8,739			6,418			3,814			4,558			9,976			17,336			18,221
Managed funds		6,508			8,597			8,252			8,765			6,467			12,926			10,264
Total management fee income		27,437			26,796			23,924			24,757			25,962			54,233			47,739
Performance fee income (loss)
Joint ventures		6,165			7,828			(3,374)			5,278			5,218			13,993			7,756
Structured reinsurance products and other		7,994			8,375			(5,314)			275			8,541			16,369			12,732
Managed funds		3,914			2,363			(2,036)			1,688			470			6,277			768
Total performance fee income (loss) (1)		18,073			18,566			(10,724)			7,241			14,229			36,639			21,256
Total fee income	$	45,510	$	45,362	$	13,200	$	31,998	$	40,191	$	90,872	$	68,995

1. Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

11

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Managed Joint Ventures"), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company's consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company's consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:

					Three months ended							Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,			June 30,			June 30,
		2020			2020			2019			2019			2019			2020			2019
Redeemable noncontrolling interest - DaVinciRe	$	(88,374)	$	(84,906)	$	25,862	$	(30,558)	$	(59,855)	$	(173,280)	$	(122,388)
Redeemable noncontrolling interest - Medici		(13,151)			4,678			(6,363)			(15,211)			(1,704)			(8,473)			(4,185)
Redeemable noncontrolling interest - Vermeer		(17,203)			(17,863)			(16,877)			(16,288)			(10,253)			(35,066)			(15,461)
Net (income) loss attributable to redeemable	$	(118,728)	$	(98,091)	$	2,622	$	(62,057)	$	(71,812)	$	(216,819)	$	(142,034)
noncontrolling interests (1)

1. A negative number in the table above represents the allocation of net income earned by the Consolidated Managed Joint Ventures to third-party investors, with a corresponding decrease (increase) to the Company's net income (loss) attributable to RenaissanceRe. Conversely, a positive number in the table above represents the allocation of net losses incurred by the Consolidated Managed Joint Ventures to third-party investors, with a corresponding increase (decrease) to the Company's net (loss) income attributable to RenaissanceRe.

A summary of the Company's redeemable noncontrolling interests on its consolidated balance sheets is set forth below:

	June 30,		March 31,		December 31,		September 30,		June 30,
	2020		2020		2019		2019		2019
Redeemable noncontrolling interest - DaVinciRe	$ 1,621,300	$ 1,533,085	$ 1,435,581	$ 1,462,677	$ 1,431,101
Redeemable noncontrolling interest - Medici	682,118	677,283	632,112	534,618	515,915
Redeemable noncontrolling interest - Vermeer	1,083,681		1,021,478		1,003,615		781,738		765,450
Redeemable noncontrolling interests	$ 3,387,099	$ 3,231,846	$ 3,071,308	$ 2,779,033	$ 2,712,466

A summary of the redeemable noncontrolling economic ownership of third parties in the Consolidated Managed Joint Ventures is set forth below:

	June 30,		March 31,		December 31,		September 30,		June 30,
	2020		2020		2019		2019		2019
DaVinciRe	78.6 %	78.6 %	78.1 %	78.1 %	78.1 %
Medici	88.6 %	88.8 %	87.9 %	86.3 %	86.1 %
Vermeer	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %

12

Managed Joint Ventures and Fee Income

DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

					Three months ended							Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,			June 30,			June 30,
		2020			2020			2019			2019			2019			2020			2019
Revenues
Gross premiums written	$	222,306	$	255,640	$	15,566	$	32,986	$	206,052	$	477,946	$	392,166
Net premiums written
$	177,116	$	241,641	$	15,210	$	30,605	$	165,394	$	418,757	$	333,313
(Increase) decrease in unearned premiums		(58,172)			(135,933)			90,674			63,671			(78,769)			(194,105)			(168,363)
Net premiums earned		118,944			105,708			105,884			94,276			86,625			224,652			164,950
Net investment income		11,557			15,087			13,506			13,813			13,597			26,644			26,420
Net foreign exchange gains (losses)		8			(1,180)			(399)			(174)			(936)			(1,172)			(1,192)
Other income		-			-			-			-			139			-			344
Net realized and unrealized gains (losses) on		34,674			18,529			(1,307)			6,493			20,914			53,203			43,349
investments
Total revenues		165,183			138,144			117,684			114,408			120,339			303,327			233,871
Expenses
Net claims and claim expenses incurred		9,829			(13,726)			135,397			45,325			10,986			(3,897)			14,649
Acquisition expenses		29,208			30,112			1,313			15,762			21,211			59,320			38,177
Operational and corporate expenses		11,862			11,889			12,238			12,139			9,777			23,751			20,427
Interest expense		1,859			1,858			1,859			1,859			1,858			3,717			3,716
Total expenses		52,758			30,133			150,807			75,085			43,832			82,891			76,969
Income (loss) before taxes		112,425			108,011			(33,123)			39,323			76,507			220,436			156,902
Income tax (expense) benefit		(2)			2			(6)			(177)			243			-			101
Net income (loss) available (attributable) to	$	112,423	$	108,013	$	(33,129)	$	39,146	$	76,750	$	220,436	$	157,003
DaVinciRe common shareholders
Net claims and claim expenses incurred - current accident
$	14,728	$	4,967	$	113,743	$	80,022	$	5,623	$	19,695	$	15,923
year
Net claims and claim expenses incurred - prior accident		(4,899)			(18,693)			21,654			(34,697)			5,363			(23,592)			(1,274)
years
Net claims and claim expenses incurred - total	$	9,829		$	(13,726)		$	135,397		$	45,325		$	10,986		$	(3,897)		$	14,649
Net claims and claim expense ratio - current accident year		12.4 %			4.7 %			107.4 %			84.9 %			6.5 %			8.8 %			9.7 %
Net claims and claim expense ratio - prior accident years		(4.1)%			(17.7)%			20.5 %			(36.8)%			6.2 %			(10.5)%			(0.8)%
Net claims and claim expense ratio - calendar year		8.3 %			(13.0)%			127.9 %			48.1 %			12.7 %			(1.7)%			8.9 %
Underwriting expense ratio		34.5 %			39.7 %			12.8 %			29.6 %			35.8 %			36.9 %			35.5 %
Combined ratio		42.8 %			26.7 %			140.7 %			77.7 %			48.5 %			35.2 %			44.4 %

13

Investments

Total Investment Result

					Three months ended							Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,			June 30,			June 30,
		2020			2020			2019			2019			2019			2020			2019
Fixed maturity investments trading	$	69,943		$	73,338		$	85,937		$	82,977		$	88,106		$	143,281		$	149,589
Short term investments		6,049			12,092			11,552			15,061			17,807			18,141			29,651
Equity investments trading		1,666			1,551			1,539			1,326			916			3,217			1,943
Other investments
Catastrophe bonds		13,519			14,139			12,870			12,812			11,781			27,658			20,472
Other		1,107			1,629			2,221			2,672			1,914			2,736			3,554
Cash and cash equivalents		837			1,504			1,875			1,978			2,306			2,341			3,823
		93,121			104,253			115,994			116,826			122,830			197,374			209,032
Investment expenses		(3,816)			(4,780)			(3,856)			(5,439)			(4,242)			(8,596)			(8,350)
Net investment income		89,305			99,473			112,138			111,387			118,588			188,778			200,682
Net realized and unrealized gains (losses) on:
Fixed maturity investments trading (1)		322,711			101,221			(48,146)			57,502			171,920			423,932			288,621
Equity investments trading (1)		113,506			(151,882)			66,043			(25,564)			22,083			(38,376)			76,027
Other investments
Catastrophe bonds		4,452			(14,352)			(4,522)			9,242			(11,902)			(9,900)			(14,112)
Other		7,721			(45,694)			5,079			(6,785)			9,146			(37,973)			10,724
Net realized and unrealized gains (losses) on		448,390			(110,707)			18,454			34,395			191,247			337,683			361,260
investments
Total investment result	$	537,695		$	(11,234)		$	130,592		$	145,782		$	309,835		$	526,461		$	561,942
Total investment return - annualized		11.8 %			(0.1)%			3.1 %			3.6 %			8.0 %			5.8 %			7.3 %

1. Net realized and unrealized gains (losses) on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized gains (losses) on equity investments trading includes the impact of equity futures.

14

Investments

Investment Portfolio - Composition

Type of Investment		June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
U.S. treasuries	$	4,258,675	21.6 %	$	3,915,130	22.0 %	$	4,467,345	25.7 %	$	4,314,006	25.4 %	$	3,961,306	24.2 %
Agencies		505,038	2.6 %			537,490	3.1 %			343,031	1.9 %			507,903	3.0 %			334,923	2.0 %
Municipal		-		- %			-		- %			-		- %			1,629		- %			2,859		- %
Non-U.S. government		584,206	3.0 %			635,282	3.6 %			497,392	2.9 %			379,154	2.2 %			370,505	2.3 %
Non-U.S.government-backed corporate		314,833	1.6 %			283,577	1.6 %			321,356	1.9 %			263,170	1.6 %			207,668	1.3 %
Corporate		4,428,553	22.5 %			3,259,780	18.3 %			3,075,660	17.7 %			3,453,222	20.4 %			3,268,511	19.9 %
Agency mortgage-backed		985,851	5.0 %			1,056,272	5.9 %			1,148,499	6.6 %			1,248,722	7.4 %			1,167,735	7.1 %
Non-agencymortgage-backed		276,300	1.4 %			275,026	1.6 %			294,604	1.7 %			261,850	1.5 %			266,963	1.6 %
Commercial mortgage-backed		591,238	3.0 %			540,502	3.0 %			468,698	2.7 %			406,268	2.4 %			374,584	2.3 %
Asset-backed		550,441		2.8 %			542,742		3.1 %			555,070		3.2 %			550,304		3.3 %			524,612		3.2 %
Total fixed maturity investments, at fair value		12,495,135	63.5 %			11,045,801	62.2 %			11,171,655	64.3 %			11,386,228	67.2 %			10,479,666	63.9 %
Short term investments, at fair value		5,570,804		28.2 %			5,263,242		29.4 %			4,566,277		26.3 %			4,116,156		24.3 %			4,579,171		28.0 %
Total consolidated fixed maturity and short term		18,065,939	91.7 %			16,309,043	91.6 %			15,737,932	90.6 %			15,502,384	91.5 %			15,058,837	91.9 %
investments, at fair value
Equity investments trading, at fair value		470,087	2.4 %			360,444	2.0 %			436,931	2.5 %			379,422	2.2 %			273,646	1.7 %
Other investments, at fair value		1,093,338		5.5 %			1,058,714		5.9 %			1,087,377		6.3 %			962,109		5.7 %			955,437		5.8 %
Total managed investment portfolio		19,629,364	99.6 %			17,728,201	99.5 %			17,262,240	99.4 %			16,843,915	99.4 %			16,287,920	99.4 %
Investments in other ventures, under equity method		94,285		0.4 %			90,396		0.5 %			106,549		0.6 %			103,978		0.6 %			100,396		0.6 %
Total investments	$	19,723,649	100.0 %	$	17,818,597	100.0 %	$	17,368,789	100.0 %	$	16,947,893	100.0 %	$	16,388,316	100.0 %

15

Investments

Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments		June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
AAA	$	1,392,417	11.1 %	$	1,590,824	14.4 %	$	1,338,265	12.0 %	$	1,215,518	10.7 %	$	1,121,450	10.7 %
AA		6,670,927	53.4 %			6,212,689	56.3 %			6,677,219	59.8 %			6,699,860	58.8 %			6,073,777	58.0 %
A		1,864,066	14.9 %			1,491,504	13.5 %			1,453,212	13.0 %			1,671,934	14.7 %			1,548,705	14.8 %
BBB		1,433,297	11.5 %			915,375	8.3 %			874,730	7.8 %			967,928	8.5 %			898,740	8.6 %
Non-investment grade and not rated		1,134,428		9.1 %			835,409		7.5 %			828,229		7.4 %			830,988		7.3 %			836,994		7.9 %
Total fixed maturity investments, at fair value	$	12,495,135	100.0 %	$	11,045,801	100.0 %	$	11,171,655	100.0 %	$	11,386,228	100.0 %	$	10,479,666	100.0 %
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	638,686	5.1 %	$	723,397	6.5 %	$	544,636	4.9 %	$	603,806	5.3 %	$	616,578	5.9 %
Due after one through five years		5,513,103	44.1 %			5,039,456	45.7 %			5,522,769	49.4 %			5,893,946	51.8 %			5,176,183	49.4 %
Due after five through ten years		3,312,749	26.6 %			2,612,031	23.7 %			2,420,602	21.7 %			2,232,264	19.6 %			1,896,176	18.1 %
Due after ten years		626,768	5.0 %			256,375	2.3 %			216,777	1.9 %			189,068	1.7 %			456,835	4.3 %
Mortgage-backed securities		1,853,388	14.8 %			1,871,800	16.9 %			1,911,801	17.1 %			1,916,840	16.8 %			1,809,282	17.3 %
Asset-backed securities		550,441		4.4 %			542,742		4.9 %			555,070		5.0 %			550,304		4.8 %			524,612		5.0 %
Total fixed maturity investments, at fair value	$	12,495,135	100.0 %	$	11,045,801	100.0 %	$	11,171,655	100.0 %	$	11,386,228	100.0 %	$	10,479,666	100.0 %

16

Investments

Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

															Credit Rating (1)
							Weighted													Non-
		Amortized					Average
June 30, 2020				Fair Value		Yield to	AAA			AA			A			BBB			Investment			Not Rated
	Cost				Maturity										Grade
Short term investments	$	5,570,804	$	5,570,804	0.2 %		$5,334,436	$	209,481	$	16,320	$	4,667	$	4,316	$	1,584
					100.0 %				95.7 %			3.8 %			0.3 %			0.1 %			0.1 %			- %
Fixed maturity investments
U.S. treasuries		4,110,762			4,258,675	0.3 %		-			4,258,675			-			-			-			-
Agencies
Fannie Mae and Freddie Mac		273,868			275,704	0.4 %		-			275,704			-			-			-			-
Other agencies		222,277			229,334	1.1 %		-			229,334			-			-			-			-
Total agencies		496,145			505,038	0.7 %		-			505,038			-			-			-			-
Non-U.S. government		567,678			584,206	0.7 %		249,086			293,392			31,627			8,717			1,384			-
Non-U.S.government-backed corporate		308,472			314,833	0.8 %		143,123			144,003			19,703			8,004			-			-
Corporate		4,325,187			4,428,553	2.7 %		60,638			278,095			1,801,423			1,355,738			909,359			23,300
Mortgage-backed
Residential mortgage-backed
Agency securities		966,047			985,851	1.0 %		-			985,851			-			-			-			-
Non-agency securities - Alt A		224,314			220,643	3.7 %		42,415			5,793			653			7,493			132,065			32,224
Non-agency securities - Prime		56,033			55,657	3.1 %		20,237			2,689			1,452			1,252			17,445			12,582
Total residential mortgage-backed		1,246,394			1,262,151	1.6 %		62,652			994,333			2,105			8,745			149,510			44,806
Commercial mortgage-backed		573,690			591,238	2.0 %		464,238			101,389			5,508			16,706			1,397			2,000
Total mortgage-backed		1,820,084			1,853,389	1.7 %		526,890			1,095,722			7,613			25,451			150,907			46,806
Asset-backed
Collateralized loan obligations		520,935			510,408	2.6 %		378,492			93,497			1,367			34,380			2,672			-
Other		39,244			40,033	1.4 %		34,188			2,505			2,333			1,007			-			-
Total asset-backed		560,179			550,441	2.5 %		412,680			96,002			3,700			35,387			2,672			-
Total securitized assets		2,380,263			2,403,830	1.9 %		939,570			1,191,724			11,313			60,838			153,579			46,806
Total fixed maturity investments		12,188,507			12,495,135	1.5 %		1,392,417			6,670,927			1,864,066			1,433,297			1,064,322			70,106
					100.0 %				11.1 %			53.4 %			14.9 %			11.5 %			8.5 %			0.6 %
Total consolidated fixed maturity and short						1.1 %
term investments, at fair value	$	17,759,311	$	18,065,939		$6,726,853	$	6,880,408	$	1,880,386	$	1,437,964	$	1,068,638	$	71,690
					100.0 %				37.2 %			38.1 %			10.4 %			8.0 %			5.9 %			0.4 %

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 an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

17

Investments

Retained Investment Information

"Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.

					Three months ended							Six months ended
		June 30,			March 31,		December 31,		September 30,			June 30,			June 30,			June 30,
		2020			2020			2019			2019			2019			2020			2019
Total investment result
Net investment income	$	89,305	$	99,473	$	112,138	$	111,387	$	118,588	$	188,778	$	200,682
Net realized and unrealized (losses) gains on investments		448,390			(110,707)			18,454			34,395			191,247			337,683			361,260
Total investment result	$	537,695	$	(11,234)	$	130,592	$	145,782	$	309,835	$	526,461	$	561,942
Retained total investment result (1)
Retained net investment income	$	67,189	$	72,603	$	87,739	$	86,408	$	95,400	$	139,792	$	156,842
Retained net realized and unrealized (losses) gains on		418,046			(113,261)			21,751			21,764			183,357			304,785			337,685
investments
Retained total investment result	$	485,235	$	(40,658)	$	109,490	$	108,172	$	278,757	$	444,577	$	494,527

1. Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

"Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.

	June 30,		March 31,		December 31,		September 30,		June 30,
	2020	2020	2019	2019	2019
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$ 18,065,939	$ 16,309,043	$ 15,737,932	$ 15,502,384	$ 15,058,837
Weighted average yield to maturity of fixed maturity and short term investments	1.1 %	1.5 %	2.1 %	2.2 %	2.4 %
Average duration of fixed maturities and short term investments, in years	2.9	2.8	2.9	2.8	2.7
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$ 12,703,423	$ 11,124,214	$ 11,154,174	$ 11,075,699	$ 10,787,618
Weighted average yield to maturity of retained fixed maturity and short term	1.4 %	1.9 %	2.2 %	2.3 %	2.5 %
investments
Average duration of retained fixed maturities and short term investments, in years	3.7	3.5	3.6	3.5	3.1

1. Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.
2. Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

18

Other Items

Earnings per Share

					Three months ended
(common shares in thousands)		June 30,			March 31,		December 31,		September 30,			June 30,
	2020			2020			2019			2019			2019
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common	$	575,845	$	(81,974)	$	33,773	$	36,698	$	367,854
shareholders
Amount allocated to participating common shareholders (1)		(7,593)			(146)			(409)			(446)			(4,393)
	$	568,252	$	(82,120)	$	33,364	$	36,252	$	363,461
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares		44,939			43,441			43,467			43,462			43,483
Per common share equivalents of employee stock options and non-vested		64			-			85			75			38
shares
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		45,003			43,441			43,552			43,537			43,521
Basic income (loss) per RenaissanceRe common share
$	12.64		$	(1.89)		$	0.77		$	0.83		$	8.36
Diluted income (loss) per RenaissanceRe common share	$	12.63	$	(1.89)	$	0.77	$	0.83	$	8.35
		Six months ended
(common shares in thousands)		June 30,			June 30,
	2020			2019
Numerator:
Net income available to RenaissanceRe common shareholders	$	493,871	$	641,571
Amount allocated to participating common shareholders (1)		(6,153)			(7,483)
Denominator:	$	487,718		$	634,088
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares		44,190			42,774
Per common share equivalents of employee stock options and non-vested		63			32
shares
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		44,253			42,806
Basic income per RenaissanceRe common share
$	11.04	$	14.82
Diluted income per RenaissanceRe common share	$	11.02	$	14.81

1. Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.

19

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 measures in previous investor communications and the Company's management believes that these measures 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.

Operating Income Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

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 (loss) available (attributable) 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, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, transaction and integration expenses associated with the acquisition of TMR, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." 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 fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; certain transaction and integration expenses associated with the acquisition of TMR; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. 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 table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to "operating income available to RenaissanceRe common shareholders"; (2) net income (loss) available (attributable) 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". Comparative information for all prior periods has been updated to conform to the current methodology and presentation.

20

Comments on Regulation G

						Three months ended								Six months ended
		June 30,			March 31,			December 31,	September 30,			June 30,			June 30,			June 30,
Net income (loss) available (attributable) to RenaissanceRe		2020			2020			2019				2019			2019			2020			2019
$	575,845	$	(81,974)	$	33,773			$	36,698	$	367,854	$	493,871	$	641,571
common shareholders
Adjustment for net realized and unrealized losses (gains) on
investments, excluding other investments - catastrophe		(443,938)			96,355			(22,976)				(25,153)			(203,149)	(347,583)	(375,372)
bonds
Adjustment for net foreign exchange losses (gains)		7,195			5,728			1,126				8,275			(9,309)			12,923			(6,463)
Adjustment for transaction and integration expenses		2,279			4,423			5,700				4,022			14,483			6,702			40,003
associated with the acquisition of TMR
Adjustment for income tax (benefit) expense (1)		21,223			(4,141)			(3,707)				5,298			10,442			17,082			18,776
Adjustment for net income (loss) attributable to redeemable		27,472			13,019			(1,293)				3,541			18,518			40,491			33,932
noncontrolling interests (2)
Operating income available to RenaissanceRe common	$	190,076	$	33,410	$	12,623			$	32,681	$	198,839	$	223,486	$	352,447
shareholders
Net income (loss) available (attributable) to RenaissanceRe
$	12.63	$	(1.89)	$	0.77			$	0.83	$	8.35	$	11.02	$	14.81
common shareholders per common share - diluted
Adjustment for net realized and unrealized losses (gains) on
investments, excluding other investments - catastrophe		(9.86)			2.22			(0.53)				(0.58)			(4.67)			(7.85)			(8.77)
bonds
Adjustment for net foreign exchange losses (gains)		0.16			0.13			0.03				0.19			(0.21)			0.29			(0.15)
Adjustment for transaction and integration expenses		0.05			0.10			0.13				0.09			0.33			0.15			0.93
associated with the acquisition of TMR
Adjustment for income tax (benefit) expense (1)		0.47			(0.10)			(0.09)				0.12			0.24			0.39			0.44
Adjustment for net income (loss) attributable to redeemable		0.61			0.30			(0.03)				0.08			0.43			0.91			0.79
noncontrolling interests (2)
Operating income available to RenaissanceRe common	$	4.06	$	0.76	$	0.28			$	0.73	$	4.47	$	4.91	$	8.05
shareholders per common share - diluted
Return on average common equity - annualized		38.5 %			(6.3)%			2.5 %				2.8 %			28.9 %			17.1 %			26.4 %
Adjustment for net realized and unrealized losses (gains) on
investments, excluding other investments - catastrophe		(29.7)%			7.5 %			(1.7)%				(1.9)%			(16.0)%			(11.9)%			(15.5)%
bonds
Adjustment for net foreign exchange losses (gains)		0.5 %			0.4 %			0.1 %				0.6 %			(0.7)%			0.4 %			(0.3)%
Adjustment for transaction and integration expenses		0.2 %			0.3 %			0.4 %				0.3 %			1.1 %			0.2 %			1.6 %
associated with the acquisition of TMR
Adjustment for income tax (benefit) expense (1)		1.4 %			(0.3)%			(0.3)%				0.4 %			0.8 %			0.6 %			0.8 %
Adjustment for net income (loss) attributable to redeemable		1.8 %			1.0 %			(0.1)%				0.3 %			1.5 %			1.4 %			1.4 %
noncontrolling interests (2)
Operating return on average common equity - annualized		12.7 %			2.6 %			0.9 %				2.5 %			15.6 %			7.8 %			14.4 %

1. Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
2. Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.

21

Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has 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 table 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
		June 30,			March 31,		December 31,		September 30,			June 30,
		2020			2020			2019			2019			2019
Book value per common share	$	134.27	$	117.15	$	120.53	$	120.07	$	119.17
Adjustment for goodwill and other intangibles (1)		(5.56)			(6.46)			(6.50)			(6.55)			(6.60)
Tangible book value per common share		128.71			110.69			114.03			113.52			112.57
Adjustment for accumulated dividends		21.38			21.03			20.68			20.34			20.00
Tangible book value per common share plus accumulated dividends	$	150.09	$	131.72	$	134.71	$	133.86	$	132.57

Quarterly change in book value per common share	14.6 %	(2.8)%	0.4 %	0.8 %	7.3 %
Quarterly change in tangible book value per common share plus change in	16.6 %	(2.6)%	0.7 %	1.1 %	8.2 %
accumulated dividends
Year to date change in book value per common share	11.4 %	(2.8)%	15.7 %	15.3 %	14.4 %
Year to date change in tangible book value per common share plus change in	13.5 %	(2.6)%	17.9 %	17.1 %	15.7 %
accumulated dividends

1. At June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, goodwill and other intangibles included $23.5 million, $24.2 million, $24.9 million, $25.6 million, and $26.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

22

Comments on Regulation G

Retained Total Investment Result

The Company has included in this Financial Supplement "retained total investment result." "Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. "Retained total investment result" differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes "retained total investment result" is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to "retained total investment result."

						Three months ended								Six months ended
		June 30,			March 31,		December 31,	September 30,			June 30,			June 30,			June 30,
		2020			2020			2019				2019			2019			2020			2019
Net investment income	$	89,305	$	99,473			112,138			$	111,387	$	118,588	$	188,778	$	200,682
Adjustment for net investment income attributable to
redeemable noncontrolling interests, certain third-		(22,116)			(26,870)	$	(24,399)				(24,979)			(23,188)			(48,986)			(43,840)
party vehicles and joint ventures
Retained net investment income		67,189			72,603			87,739				86,408			95,400			139,792			156,842
Net realized and unrealized gains (losses) on		448,390			(110,707)			18,454				34,395			191,247			337,683			361,260
investments
Adjustment for net realized and unrealized losses
(gains) on investments attributable to redeemable
noncontrolling interests, certain third-party		(30,344)			(2,554)			3,297				(12,631)			(7,890)			(32,898)			(23,575)
vehicles and joint ventures
Retained net realized and unrealized gains (losses)		418,046			(113,261)			21,751				21,764			183,357			304,785			337,685
on investments
Total investment result		537,695			(11,234)			130,592				145,782			309,835			526,461			561,942
Adjustment for investment result attributable to
redeemable noncontrolling interests, certain third-		(52,460)			(29,424)			(21,102)				(37,610)			(31,078)			(81,884)			(67,415)
party vehicles and joint ventures
Retained total investment result	$	485,235	$	(40,658)	$	109,490			$	108,172	$	278,757	$	444,577	$	494,527

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Comments on Regulation G

Retained Fixed Maturity and Short Term Investments, at Fair Value

The Company has included in this Financial Supplement "retained fixed maturity and short term investments, at fair value." "Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. "Retained fixed maturity and short term investments, at fair value" differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes "retained fixed maturity and short term investments, at fair value" is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of total consolidated fixed maturity and short term investments, at fair value, to "retained fixed maturity and short term investments, at fair value."

					At
	June 30,		March 31,		December 31,		September 30,		June 30,
	2020		2020		2019		2019		2019
Fixed maturity investments, at fair value	$ 12,495,135	$ 11,045,801	$ 11,171,655	$ 11,386,228	$ 10,479,666
Short term investments, at fair value	5,570,804		5,263,242		4,566,277		4,116,156		4,579,171
Total consolidated fixed maturity and short term investments, at fair value	$ 18,065,939	$ 16,309,043	$ 15,737,932	$ 15,502,384	$ 15,058,837
Adjustment for fixed maturity and short term investments attributable to
redeemable noncontrolling interests, certain third-party vehicles and joint	(5,362,516)		(5,184,829)		(4,583,758)		(4,426,685)		(4,271,219)
ventures
Retained fixed maturity and short term investments, at fair value	$ 12,703,423	$ 11,124,214	$ 11,154,174	$ 11,075,699	$ 10,787,618

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