RenaissanceRe : Financial Supplement September 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) ("RenaissanceRe UK") 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. On August 18, 2020, the Company completed the sale of RenaissanceRe UK to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. 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 (loss) income (attributable) available to RenaissanceRe common shareholders," "operating (loss) income (attributable) 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 21 through 25 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							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Highlights
Gross premiums written	$	1,143,058	$	1,701,872	$	2,025,721	$	905,479	$	861,068	$	4,870,651	$	3,902,271
Underwriting (loss) income	$	(206,072)	$	217,137	$	64,079	$	(65,157)	$	(3,368)	$	75,144	$	321,574
Net investment income	$	83,543	$	89,305	$	99,473	$	112,138	$	111,387	$	272,321	$	312,069
Net realized and unrealized gains (losses) on investments		224,208			448,390			(110,707)			18,454			34,395			561,891			395,655
Total investment result	$	307,751	$	537,695	$	(11,234)	$	130,592	$	145,782	$	834,212	$	707,724
Net income (loss) available (attributable) to RenaissanceRe
$	47,799	$	575,845	$	(81,974)	$	33,773	$	36,698	$	541,670	$	678,269
common shareholders
Operating (loss) income (attributable) available to RenaissanceRe	$	(131,724)	$	190,076	$	33,410	$	12,623	$	32,681	$	91,762	$	385,128
common shareholders (1)
Per share data
Net income (loss) available (attributable) to RenaissanceRe	$	0.94	$	12.64	$	(1.89)	$	0.77	$	0.83	$	11.60	$	15.58
common shareholders per common share - basic
Net income (loss) available (attributable) to RenaissanceRe	$	0.94	$	12.63	$	(1.89)	$	0.77	$	0.83	$	11.58	$	15.57
common shareholders per common share - diluted
Operating (loss) income (attributable) available to RenaissanceRe	$	(2.64)	$	4.06	$	0.76	$	0.28	$	0.73	$	1.84	$	8.76
common shareholders per common share - diluted (1)
Book value per common share	$	135.13	$	134.27	$	117.15	$	120.53	$	120.07	$	135.13	$	120.07
Tangible book value per common share (1)	$	129.60	$	128.71	$	110.69	$	114.03	$	113.52	$	129.60	$	113.52
Tangible book value per common share plus accumulated	$	151.33	$	150.09	$	131.72	$	134.71	$	133.86	$	151.33	$	133.86
dividends (1)
Change in tangible book value per common share plus change in		1.0 %			16.6 %			(2.6)%			0.7 %			1.1 %			14.6 %			17.1 %
accumulated dividends (1)
Financial ratios
Combined ratio		120.6 %			78.5 %			93.0 %			106.7 %			100.4 %			97.4 %			86.4 %
Return on average common equity - annualized		2.8 %			38.5 %			(6.3)%			2.5 %			2.8 %			12.0 %			18.2 %
Operating return on average common equity - annualized (1)		(7.7)%			12.7 %			2.6 %			0.9 %			2.5 %			2.0 %			10.2 %
Total investment return - annualized		6.2 %			11.8 %			(0.1)%			3.1 %			3.6 %			5.8 %			6.0 %

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							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
Revenues		2020			2020			2020			2019			2019			2020			2019
Gross premiums written	$	1,143,058	$	1,701,872	$	2,025,721	$	905,479	$	861,068	$	4,870,651	$	3,902,271
Net premiums written
$	899,411	$	1,180,803	$	1,269,808	$	725,367	$	704,130	$	3,350,022	$	2,656,126
Decrease (increase) in unearned premiums		100,772			(170,707)			(356,710)			244,758			202,618			(426,645)			(287,848)
Net premiums earned		1,000,183			1,010,096			913,098			970,125			906,748			2,923,377			2,368,278
Net investment income		83,543			89,305			99,473			112,138			111,387			272,321			312,069
Net foreign exchange gains (losses)		17,426			(7,195)			(5,728)			(1,126)			(8,275)			4,503			(1,812)
Equity in earnings of other ventures		5,457			9,041			4,564			5,874			5,877			19,062			17,350
Other income (loss)		1,476			(1,201)			(4,436)			(160)			1,016			(4,161)			5,109
Net realized and unrealized gains (losses) on investments		224,208			448,390			(110,707)			18,454			34,395			561,891			395,655
Total revenues		1,332,293			1,548,436			896,264			1,105,305			1,051,148			3,776,993			3,096,649
Expenses
Net claims and claim expenses incurred		942,030			510,272			570,954			762,093			654,520			2,023,256			1,334,928
Acquisition expenses		215,180			233,610			210,604			208,618			202,181			659,394			553,614
Operational expenses		49,045			49,077			67,461			64,571			53,415			165,583			158,162
Corporate expenses		48,050			11,898			15,991			17,642			13,844			75,939			76,480
Interest expense		11,843			11,842			14,927			15,496			15,580			38,612			42,868
Total expenses		1,266,148			816,699			879,937			1,068,420			939,540			2,962,784			2,166,052
Income before taxes		66,145			731,737			16,327			36,885			111,608			814,209			930,597
Income tax benefit (expense)		8,244			(29,875)			8,846			3,455			(3,664)			(12,785)			(20,670)
Net income		74,389			701,862			25,173			40,340			107,944			801,424			909,927
Net (income) loss attributable to redeemable noncontrolling		(19,301)			(118,728)			(98,091)			2,622			(62,057)			(236,120)			(204,091)
interests
Net income (loss) attributable to RenaissanceRe		55,088			583,134			(72,918)			42,962			45,887			565,304			705,836
Dividends on preference shares		(7,289)			(7,289)			(9,056)			(9,189)			(9,189)			(23,634)			(27,567)
Net income (loss) available (attributable) to	$	47,799	$	575,845	$	(81,974)	$	33,773	$	36,698	$	541,670	$	678,269
RenaissanceRe common shareholders
Net income (loss) available (attributable) to RenaissanceRe
$	0.94	$	12.64	$	(1.89)	$	0.77	$	0.83	$	11.60	$	15.58
common shareholders per common share - basic
Net income (loss) available (attributable) to RenaissanceRe	$	0.94	$	12.63	$	(1.89)	$	0.77	$	0.83	$	11.58	$	15.57
common shareholders per common share - diluted
Operating (loss) income (attributable) available to
RenaissanceRe common shareholders per common share	$	(2.64)	$	4.06	$	0.76	$	0.28	$	0.73	$	1.84	$	8.76
- diluted (1)
Return on average common equity - annualized		2.8 %			38.5 %			(6.3)%			2.5 %			2.8 %			12.0 %			18.2 %
Operating return on average common equity - annualized (1)		(7.7)%			12.7 %			2.6 %			0.9 %			2.5 %			2.0 %			10.2 %

2

Summary Consolidated Financial Statements

Consolidated Balance Sheets

	September 30,			June 30,			March 31,		December 31,		September 30,
Assets		2020			2020			2020			2019			2019
Fixed maturity investments trading, at fair value	$	13,391,318	$	12,495,135	$	11,045,801	$	11,171,655	$	11,386,228
Short term investments, at fair value		5,158,961			5,570,804			5,263,242			4,566,277			4,116,156
Equity investments trading, at fair value		547,381			470,087			360,444			436,931			379,422
Other investments, at fair value		1,122,683			1,093,338			1,058,714			1,087,377			962,109
Investments in other ventures, under equity method		98,990			94,285			90,396			106,549			103,978
Total investments		20,319,333			19,723,649			17,818,597			17,368,789			16,947,893
Cash and cash equivalents		1,287,378			1,185,844			896,216			1,379,068			871,251
Premiums receivable		3,337,120			3,519,965			3,105,441			2,599,896			2,799,954
Prepaid reinsurance premiums		1,082,270			1,266,203			1,151,926			767,781			972,047
Reinsurance recoverable		2,883,808			2,774,358			2,765,583			2,791,297			2,438,299
Accrued investment income		71,947			70,004			73,496			72,461			73,509
Deferred acquisition costs and value of business acquired		697,346			734,286			739,875			663,991			708,258
Receivable for investments sold		752,936			648,458			341,786			78,369			225,147
Other assets		306,265			298,396			312,523			346,216			344,593
Goodwill and other intangibles		257,437			258,591			260,076			262,226			263,259
Total assets	$	30,995,840		$	30,479,754		$	27,465,519		$	26,330,094		$	25,644,210
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	9,900,615	$	9,365,469	$	9,406,707	$	9,384,349	$	8,602,437
Unearned premiums		3,276,156			3,549,641			3,245,914			2,530,975			2,967,535
Debt		1,135,740			1,135,216			1,134,695			1,384,105			1,383,498
Reinsurance balances payable		3,915,804			4,094,027			3,775,375			2,830,691			2,910,601
Payable for investments purchased		1,597,893			1,259,116			636,136			225,275			654,685
Other liabilities		391,494			342,014			351,320			932,024			395,186
Total liabilities		20,217,702			19,745,483			18,550,147			17,287,419			16,913,942
Redeemable noncontrolling interest		3,387,317			3,387,099			3,231,846			3,071,308			2,779,033
Shareholders' Equity
Preference shares		525,000			525,000			525,000			650,000			650,000
Common shares		50,810			50,811			44,034			44,148			44,152
Additional paid-in capital		1,615,328			1,602,738			502,608			568,277			560,166
Accumulated other comprehensive (loss) income		(2,083)			(3,066)			(1,664)			(1,939)			4,988
Retained earnings		5,201,766			5,171,689			4,613,548			4,710,881			4,691,929
Total shareholders' equity attributable to RenaissanceRe		7,390,821			7,347,172			5,683,526			5,971,367			5,951,235
Total liabilities, noncontrolling interests and shareholders' equity	$	30,995,840		$	30,479,754		$	27,465,519		$	26,330,094		$	25,644,210
Book value per common share	$	135.13	$	134.27	$	117.15	$	120.53	$	120.07

3

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Three months ended September 30, 2020
		Property			Casualty and			Other		Total
				Specialty
Gross premiums written	$	427,765		$	715,293		$	-			$	1,143,058
Net premiums written
$	378,708	$	520,703	$	-		$	899,411
Net premiums earned
$	516,623	$	483,560	$	-		$	1,000,183
Net claims and claim expenses incurred		590,958			351,052			20				942,030
Acquisition expenses		98,545			116,636			(1)				215,180
Operational expenses		33,672			15,319			54				49,045
Underwriting (loss) income	$	(206,552)		$	553		$	(73)			$	(206,072)
Net claims and claim expenses incurred - current accident year	$	629,827	$	366,080	$	-	$	995,907
Net claims and claim expenses incurred - prior accident years		(38,869)			(15,028)			20				(53,877)
Net claims and claim expenses incurred - total	$	590,958		$	351,052		$	20			$	942,030
Net claims and claim expense ratio - current accident year		121.9 %			75.7 %							99.6 %
Net claims and claim expense ratio - prior accident years		(7.5)%			(3.1)%							(5.4)%
Net claims and claim expense ratio - calendar year		114.4 %			72.6 %							94.2 %
Underwriting expense ratio		25.6 %			27.3 %							26.4 %
Combined ratio		140.0 %			99.9 %							120.6 %
		Three months ended September 30, 2019
		Property			Casualty and			Other		Total
				Specialty
Gross premiums written	$	314,400		$	546,668		$	-			$	861,068
Net premiums written
$	302,982	$	401,148	$	-		$	704,130
Net premiums earned
$	444,332	$	462,416	$	-		$	906,748
Net claims and claim expenses incurred		338,260			316,099			161				654,520
Acquisition expenses		79,521			122,654			6				202,181
Operational expenses		34,238			19,198			(21)				53,415
Underwriting (loss) income	$	(7,687)		$	4,465		$	(146)			$	(3,368)
Net claims and claim expenses incurred - current accident year	$	345,880	$	319,087	$	-	$	664,967
Net claims and claim expenses incurred - prior accident years		(7,620)			(2,988)			161				(10,447)
Net claims and claim expenses incurred - total	$	338,260		$	316,099		$	161			$	654,520
Net claims and claim expense ratio - current accident year		77.8 %			69.0 %							73.3 %
Net claims and claim expense ratio - prior accident years		(1.7)%			(0.6)%							(1.1)%
Net claims and claim expense ratio - calendar year		76.1 %			68.4 %							72.2 %
Underwriting expense ratio		25.6 %			30.6 %							28.2 %
Combined ratio		101.7 %			99.0 %							100.4 %

4

Underwriting and Reserves

Consolidated Segment Underwriting Results

			Nine months ended September 30, 2020
		Property			Casualty and			Other		Total
				Specialty
Gross premiums written	$	2,690,827		$	2,179,824		$	-			$	4,870,651
Net premiums written
$	1,757,427	$	1,592,595	$	-		$	3,350,022
Net premiums earned
$	1,429,074	$	1,494,303	$	-		$	2,923,377
Net claims and claim expenses incurred		899,860			1,123,527			(131)				2,023,256
Acquisition expenses		278,668			380,726			-		659,394
Operational expenses		109,335			56,195			53				165,583
Underwriting income (loss)	$	141,211		$	(66,145)		$	78			$	75,144
Net claims and claim expenses incurred - current accident year	$	931,285	$	1,147,354	$	-	$	2,078,639
Net claims and claim expenses incurred - prior accident years		(31,425)			(23,827)			(131)				(55,383)
Net claims and claim expenses incurred - total	$	899,860		$	1,123,527		$	(131)			$	2,023,256
Net claims and claim expense ratio - current accident year		65.2 %			76.8 %							71.1 %
Net claims and claim expense ratio - prior accident years		(2.2)%			(1.6)%							(1.9)%
Net claims and claim expense ratio - calendar year		63.0 %			75.2 %							69.2 %
Underwriting expense ratio		27.1 %			29.2 %							28.2 %
Combined ratio		90.1 %			104.4 %							97.4 %
			Nine months ended September 30, 2019
		Property			Casualty and			Other		Total
				Specialty
Gross premiums written	$	2,185,984		$	1,716,287		$	-			$	3,902,271
Net premiums written
$	1,411,327	$	1,244,799	$	-		$	2,656,126
Net premiums earned
$	1,160,090	$	1,208,188	$	-		$	2,368,278
Net claims and claim expenses incurred		541,217			793,533			178				1,334,928
Acquisition expenses		222,971			330,829			(186)				553,614
Operational expenses		99,546			58,603			13				158,162
Underwriting income (loss)	$	296,356		$	25,223		$	(5)			$	321,574
Net claims and claim expenses incurred - current accident year	$	536,197	$	813,251	$	-	$	1,349,448
Net claims and claim expenses incurred - prior accident years		5,020			(19,718)			178				(14,520)
Net claims and claim expenses incurred - total	$	541,217		$	793,533		$	178			$	1,334,928
Net claims and claim expense ratio - current accident year		46.2 %			67.3 %							57.0 %
Net claims and claim expense ratio - prior accident years		0.5 %			(1.6)%							(0.6)%
Net claims and claim expense ratio - calendar year		46.7 %			65.7 %							56.4 %
Underwriting expense ratio		27.8 %			32.2 %							30.0 %
Combined ratio		74.5 %			97.9 %							86.4 %

5

Underwriting and Reserves

Segment Underwriting Results

						Three months ended
Property Segment	September 30,			June 30,			March 31,		December 31,		September 30,
	2020			2020			2020				2019			2019
Gross premiums written	$	427,765		$	1,042,536		$	1,220,526			$	245,001		$	314,400
Net premiums written
$	378,708	$	704,138	$	674,581			$	242,932	$	302,982
Net premiums earned
$	516,623	$	491,116	$	421,335			$	467,404	$	444,332
Net claims and claim expenses incurred		590,958			164,050			144,852				424,207			338,260
Acquisition expenses		98,545			94,772			85,351				90,790			79,521
Operational expenses		33,672			31,656			44,007				39,469			34,238
Underwriting (loss) income	$	(206,552)		$	200,638		$	147,125			$	(87,062)		$	(7,687)
Net claims and claim expenses incurred - current accident year	$	629,827	$	170,614	$	130,844			$	432,160	$	345,880
Net claims and claim expenses incurred - prior accident years		(38,869)			(6,564)			14,008				(7,953)			(7,620)
Net claims and claim expenses incurred - total	$	590,958		$	164,050		$	144,852			$	424,207		$	338,260
Net claims and claim expense ratio - current accident year		121.9 %			34.7 %			31.1 %				92.5 %			77.8 %
Net claims and claim expense ratio - prior accident years		(7.5)%			(1.3)%			3.3 %				(1.7)%			(1.7)%
Net claims and claim expense ratio - calendar year		114.4 %			33.4 %			34.4 %				90.8 %			76.1 %
Underwriting expense ratio		25.6 %			25.7 %			30.7 %				27.8 %			25.6 %
Combined ratio		140.0 %			59.1 %			65.1 %				118.6 %			101.7 %
						Three months ended
Casualty and Specialty Segment	September 30,			June 30,			March 31,		December 31,		September 30,
	2020			2020			2020				2019			2019
Gross premiums written	$	715,293		$	659,336		$	805,195			$	660,478		$	546,668
Net premiums written
$	520,703	$	476,665	$	595,227			$	482,435	$	401,148
Net premiums earned
$	483,560	$	518,980	$	491,763			$	502,721	$	462,416
Net claims and claim expenses incurred		351,052			346,266			426,209				338,104			316,099
Acquisition expenses		116,636			138,837			125,253				117,849			122,654
Operational expenses		15,319			17,422			23,454				25,943			19,198
Underwriting income (loss)	$	553		$	16,455		$	(83,153)			$	20,825		$	4,465
Net claims and claim expenses incurred - current accident year	$	366,080	$	355,064	$	426,210			$	342,268	$	319,087
Net claims and claim expenses incurred - prior accident years		(15,028)			(8,798)			(1)				(4,164)			(2,988)
Net claims and claim expenses incurred - total	$	351,052		$	346,266		$	426,209			$	338,104		$	316,099
Net claims and claim expense ratio - current accident year		75.7 %			68.4 %			86.7 %				68.1 %			69.0 %
Net claims and claim expense ratio - prior accident years		(3.1)%			(1.7)%			- %		(0.8)%			(0.6)%
Net claims and claim expense ratio - calendar year		72.6 %			66.7 %			86.7 %				67.3 %			68.4 %
Underwriting expense ratio		27.3 %			30.1 %			30.2 %				28.6 %			30.6 %
Combined ratio		99.9 %			96.8 %			116.9 %				95.9 %			99.0 %

6

Underwriting and Reserves

Property Segment - Catastrophe and Other Property Underwriting Results

		Three months ended September 30, 2020			Three months ended September 30, 2019
		Catastrophe		Other Property			Total			Catastrophe		Other Property			Total
Gross premiums written	$	179,689		$	248,076		$	427,765		$	102,779		$	211,621		$	314,400
Net premiums written
$	146,377	$	232,331	$	378,708	$	96,264	$	206,718	$	302,982
Net premiums earned
$	302,946	$	213,677	$	516,623	$	241,408	$	202,924	$	444,332
Net claims and claim expenses incurred		415,998			174,960			590,958			159,510			178,750			338,260
Acquisition expenses		37,481			61,064			98,545			30,074			49,447			79,521
Operational expenses		28,477			5,195			33,672			27,682			6,556			34,238
Underwriting (loss) income	$	(179,010)		$	(27,542)		$	(206,552)		$	24,142		$	(31,829)		$	(7,687)
Net claims and claim expenses incurred - current accident year	$	449,243	$	180,584	$	629,827	$	193,002	$	152,878	$	345,880
Net claims and claim expenses incurred - prior accident years		(33,245)			(5,624)			(38,869)			(33,492)			25,872			(7,620)
Net claims and claim expenses incurred - total	$	415,998		$	174,960		$	590,958		$	159,510		$	178,750		$	338,260
Net claims and claim expense ratio - current accident year		148.3 %			84.5 %			121.9 %			79.9 %			75.3 %			77.8 %
Net claims and claim expense ratio - prior accident years		(11.0)%			(2.6)%			(7.5)%			(13.8)%			12.8 %			(1.7)%
Net claims and claim expense ratio - calendar year		137.3 %			81.9 %			114.4 %			66.1 %			88.1 %			76.1 %
Underwriting expense ratio		21.8 %			31.0 %			25.6 %			23.9 %			27.6 %			25.6 %
Combined ratio		159.1 %			112.9 %			140.0 %			90.0 %			115.7 %			101.7 %
		Nine months ended September 30, 2020			Nine months ended September 30, 2019
		Catastrophe		Other Property			Total			Catastrophe		Other Property			Total
Gross premiums written	$	1,827,665		$	863,162		$	2,690,827		$	1,550,648		$	635,336		$	2,185,984
Net premiums written
$	1,015,184	$	742,243	$	1,757,427	$	859,408	$	551,919	$	1,411,327
Net premiums earned
$	769,119	$	659,955	$	1,429,074	$	644,172	$	515,918	$	1,160,090
Net claims and claim expenses incurred		436,415			463,445			899,860			183,273			357,944			541,217
Acquisition expenses		97,915			180,753			278,668			89,480			133,491			222,971
Operational expenses		89,675			19,660			109,335			80,131			19,415			99,546
Underwriting income (loss)	$	145,114		$	(3,903)		$	141,211		$	291,288		$	5,068		$	296,356
Net claims and claim expenses incurred - current accident year	$	510,153	$	421,132	$	931,285	$	234,667	$	301,530	$	536,197
Net claims and claim expenses incurred - prior accident years		(73,738)			42,313			(31,425)			(51,394)			56,414			5,020
Net claims and claim expenses incurred - total	$	436,415		$	463,445		$	899,860		$	183,273		$	357,944		$	541,217
Net claims and claim expense ratio - current accident year		66.3 %			63.8 %			65.2 %			36.4 %			58.4 %			46.2 %
Net claims and claim expense ratio - prior accident years		(9.6)%			6.4 %			(2.2)%			(7.9)%			11.0 %			0.5 %
Net claims and claim expense ratio - calendar year		56.7 %			70.2 %			63.0 %			28.5 %			69.4 %			46.7 %
Underwriting expense ratio		24.4 %			30.4 %			27.1 %			26.3 %			29.6 %			27.8 %
Combined ratio		81.1 %			100.6 %			90.1 %			54.8 %			99.0 %			74.5 %

7

Underwriting and Reserves

Gross Premiums Written

					Three months ended							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Property Segment
Catastrophe	$	179,689	$	711,786	$	936,190	$	44,824	$	102,779	$	1,827,665	$	1,550,648
Other property		248,076			330,750			284,336			200,177			211,621			863,162			635,336
Property segment gross premiums written	$	427,765	$	1,042,536	$	1,220,526	$	245,001	$	314,400	$	2,690,827	$	2,185,984
Casualty and Specialty Segment
General casualty (1)	$	260,265	$	206,666	$	246,667	$	197,338	$	191,447	$	713,598	$	610,563
Professional liability (2)		175,459			222,737			230,487			189,838			151,754			628,683			460,912
Financial lines (3)		143,455			101,635			147,079			126,983			111,459			392,169			330,017
Other (4)		136,114			128,298			180,962			146,319			92,008			445,374			314,795
Casualty and Specialty segment gross premiums	$	715,293	$	659,336	$	805,195	$	660,478	$	546,668	$	2,179,824	$	1,716,287
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
September 30, 2020		Reserves			Reserves
Property	$	1,037,526	$	1,752,260	$	1,238,478	$	4,028,264
Casualty and Specialty		1,625,554			123,001			4,123,464			5,872,019
Other		332			-			-			332
Total	$	2,663,412		$	1,875,261		$	5,361,942		$	9,900,615
June 30, 2020
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

9

Underwriting and Reserves

Paid to Incurred Analysis

		Three months ended September 30, 2020			Three months ended September 30, 2019
		Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	9,365,469		$	2,774,358		$	6,591,111		$	8,484,848		$	2,865,150		$	5,619,698
Incurred claims and claim expenses
Current year		1,301,183			305,276			995,907			800,627			135,660			664,967
Prior years		(109,051)			(55,174)			(53,877)			(85,913)			(75,466)			(10,447)
Total incurred claims and claim expenses		1,192,132			250,102			942,030			714,714			60,194			654,520
Paid claims and claim expenses
Current year		140,093			10,505			129,588			82,427			6,288			76,139
Prior years		397,448			112,350			285,098			472,148			479,170			(7,022)
Total paid claims and claim expenses		537,541			122,855			414,686			554,575			485,458			69,117
Foreign exchange (1)		39,381			(14,149)			53,530			(42,550)			(1,587)			(40,963)
Amounts disposed of (2)		(158,826)			(3,648)			(155,178)			-			-			-
Reserve for claims and claim expenses, end of period	$	9,900,615		$	2,883,808		$	7,016,807		$	8,602,437		$	2,438,299		$	6,164,138
		Nine months ended September 30, 2020			Nine months ended September 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		2,742,093			663,454			2,078,639			1,627,026			277,578			1,349,448
Prior years		(155,020)			(99,637)			(55,383)			177,863			192,383			(14,520)
Total incurred claims and claim expenses		2,587,073			563,817			2,023,256			1,804,889			469,961			1,334,928
Paid claims and claim expenses
Current year		206,585			15,372			191,213			138,368			9,897			128,471
Prior years		1,734,473			441,459			1,293,014			1,484,390			920,851			563,539
Total paid claims and claim expenses		1,941,058			456,831			1,484,227			1,622,758			930,748			692,010
Foreign exchange (1)		29,077			(10,827)			39,904			(44,175)			(2,570)			(41,605)
Amounts disposed of (2)		(158,826)			(3,648)			(155,178)			-			-			-
Amounts acquired (3)		-			-			-			2,388,210			529,435			1,858,775
Reserve for claims and claim expenses, end of period	$	9,900,615		$	2,883,808		$	7,016,807		$	8,602,437		$	2,438,299		$	6,164,138

1. Reflects the impact of the foreign exchange revaluation of the net reserve for claims and claim expenses denominated in non-U.S. dollars as at the balance sheet date.
2. Represents the fair value of RenaissanceRe UK's reserve for claims and claim expenses, net of reinsurance recoverables, disposed of on August 18, 2020.
3. Represents the fair value of TMR's reserve 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. 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							Nine months ended
	September 30,			June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Management fee income
Joint ventures	$	13,070	$	12,190	$	11,781	$	11,858	$	11,434	$	37,041	$	30,688
Structured reinsurance products and other		8,785			8,739			8,597			8,252			8,765			26,121			26,986
Managed funds		8,610			6,508			6,418			3,814			4,558			21,536			14,822
Total management fee income		30,465			27,437			26,796			23,924			24,757			84,698			72,496
Performance fee income (loss)
Joint ventures		(1,842)			6,165			7,828			(3,374)			5,278			12,151			13,034
Structured reinsurance products and other		(10,414)			7,994			8,375			(5,314)			275			5,955			13,007
Managed funds		175			3,914			2,363			(2,036)			1,688			6,452			2,456
Total performance fee income (loss) (1)		(12,081)			18,073			18,566			(10,724)			7,241			24,558			28,497
Total fee income	$	18,384	$	45,510	$	45,362	$	13,200	$	31,998	$	109,256	$	100,993

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							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Redeemable noncontrolling interest - DaVinciRe	$	26,616	$	(88,374)	$	(84,906)	$	25,862	$	(30,558)	$	(146,664)	$	(152,946)
Redeemable noncontrolling interest - Medici		(33,963)			(13,151)			4,678			(6,363)			(15,211)			(42,436)			(19,396)
Redeemable noncontrolling interest - Vermeer		(11,954)			(17,203)			(17,863)			(16,877)			(16,288)			(47,020)			(31,749)
Net (income) loss attributable to redeemable	$	(19,301)	$	(118,728)	$	(98,091)	$	2,622	$	(62,057)	$	(236,120)	$	(204,091)
noncontrolling interests (1)

1. A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

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

	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
Redeemable noncontrolling interest - DaVinciRe	$ 1,594,683	$ 1,621,300	$ 1,533,085	$ 1,435,581	$ 1,462,677
Redeemable noncontrolling interest - Medici	696,999	682,118	677,283	632,112	534,618
Redeemable noncontrolling interest - Vermeer	1,095,635		1,083,681		1,021,478		1,003,615		781,738
Redeemable noncontrolling interests	$ 3,387,317	$ 3,387,099	$ 3,231,846	$ 3,071,308	$ 2,779,033

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

	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
DaVinciRe	78.6 %	78.6 %	78.6 %	78.1 %	78.1 %
Medici	88.5 %	88.6 %	88.8 %	87.9 %	86.3 %
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							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Revenues
Gross premiums written	$	77,866	$	222,306	$	255,640	$	15,566	$	32,986	$	555,812	$	425,152
Net premiums written
$	78,025	$	177,116	$	241,641	$	15,210	$	30,605	$	496,782	$	363,918
Decrease (increase) in unearned premiums		62,486			(58,172)			(135,933)			90,674			63,671			(131,619)			(104,692)
Net premiums earned		140,511			118,944			105,708			105,884			94,276			365,163			259,226
Net investment income		9,339			11,557			15,087			13,506			13,813			35,983			40,233
Net foreign exchange (losses) gains		(511)			8			(1,180)			(399)			(174)			(1,683)			(1,366)
Other income		-			-			-			-			-			-			344
Net realized and unrealized gains (losses) on		5,439			34,674			18,529			(1,307)			6,493			58,642			49,842
investments
Total revenues		154,778			165,183			138,144			117,684			114,408			458,105			348,279
Expenses
Net claims and claim expenses incurred		171,271			9,829			(13,726)			135,397			45,325			167,374			59,974
Acquisition expenses		2,384			29,208			30,112			1,313			15,762			61,704			53,939
Operational and corporate expenses		13,123			11,862			11,889			12,238			12,139			36,874			32,566
Interest expense		1,859			1,859			1,858			1,859			1,859			5,576			5,575
Total expenses		188,637			52,758			30,133			150,807			75,085			271,528			152,054
(Loss) income before taxes		(33,859)			112,425			108,011			(33,123)			39,323			186,577			196,225
Income tax (expense) benefit		-			(2)			2			(6)			(177)			-			(76)
Net (loss) income (attributable) available to	$	(33,859)	$	112,423	$	108,013	$	(33,129)	$	39,146	$	186,577	$	196,149
DaVinciRe common shareholders
Net claims and claim expenses incurred - current accident
$	196,188	$	14,728	$	4,967	$	113,743	$	80,022	$	215,883	$	95,945
year
Net claims and claim expenses incurred - prior accident		(24,917)			(4,899)			(18,693)			21,654			(34,697)			(48,509)			(35,971)
years
Net claims and claim expenses incurred - total	$	171,271		$	9,829		$	(13,726)		$	135,397		$	45,325		$	167,374		$	59,974
Net claims and claim expense ratio - current accident year		139.6 %			12.4 %			4.7 %			107.4 %			84.9 %			59.1 %			37.0 %
Net claims and claim expense ratio - prior accident years		(17.7)%			(4.1)%			(17.7)%			20.5 %			(36.8)%			(13.3)%			(13.9)%
Net claims and claim expense ratio - calendar year		121.9 %			8.3 %			(13.0)%			127.9 %			48.1 %			45.8 %			23.1 %
Underwriting expense ratio		11.0 %			34.5 %			39.7 %			12.8 %			29.6 %			27.0 %			33.4 %
Combined ratio		132.9 %			42.8 %			26.7 %			140.7 %			77.7 %			72.8 %			56.5 %

13

RenaissanceRe Holdings Ltd.

Investments

Total Investment Result

					Three months ended							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Fixed maturity investments trading	$	68,022		$	69,943		$	73,338		$	85,937		$	82,977		$	211,303		$	232,566
Short term investments		1,611			6,049			12,092			11,552			15,061			19,752			44,712
Equity investments trading		1,559			1,666			1,551			1,539			1,326			4,776			3,269
Other investments
Catastrophe bonds		13,626			13,519			14,139			12,870			12,812			41,284			33,284
Other		2,598			1,107			1,629			2,221			2,672			5,334			6,226
Cash and cash equivalents		441			837			1,504			1,875			1,978			2,782			5,801
		87,857			93,121			104,253			115,994			116,826			285,231			325,858
Investment expenses		(4,314)			(3,816)			(4,780)			(3,856)			(5,439)			(12,910)			(13,789)
Net investment income		83,543			89,305			99,473			112,138			111,387			272,321			312,069
Net realized and unrealized gains (losses) on:
Fixed maturity investments trading (1)		78,348			322,711			101,221			(48,146)			57,502			502,280			346,123
Equity investments trading (1)		119,622			113,506			(151,882)			66,043			(25,564)			81,246			50,463
Other investments
Catastrophe bonds		12,611			4,452			(14,352)			(4,522)			9,242			2,711			(4,870)
Other		13,627			7,721			(45,694)			5,079			(6,785)			(24,346)			3,939
Net realized and unrealized gains (losses) on		224,208			448,390			(110,707)			18,454			34,395			561,891			395,655
investments
Total investment result	$	307,751		$	537,695		$	(11,234)		$	130,592		$	145,782		$	834,212		$	707,724
Total investment return - annualized		6.2 %			11.8 %			(0.1)%			3.1 %			3.6 %			5.8 %			6.0 %

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 and unrealized gains (losses) on equity investments trading includes the impact of equity futures.

14

Investments

Investment Portfolio - Composition

Type of Investment		September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
U.S. treasuries	$	4,350,971	21.4 %	$	4,258,675	21.6 %	$	3,915,130	22.0 %	$	4,467,345	25.7 %	$	4,314,006	25.4 %
Agencies		437,681	2.1 %			505,038	2.6 %			537,490	3.1 %			343,031	1.9 %			507,903	3.0 %
Municipal		-		- %			-		- %			-		- %			-		- %			1,629		- %
Non-U.S. government		568,960	2.8 %			584,206	3.0 %			635,282	3.6 %			497,392	2.9 %			379,154	2.2 %
Non-U.S.government-backed corporate		401,449	2.0 %			314,833	1.6 %			283,577	1.6 %			321,356	1.9 %			263,170	1.6 %
Corporate		4,655,765	22.9 %			4,428,553	22.5 %			3,259,780	18.3 %			3,075,660	17.7 %			3,453,222	20.4 %
Agency mortgage-backed		1,086,474	5.3 %			985,851	5.0 %			1,056,272	5.9 %			1,148,499	6.6 %			1,248,722	7.4 %
Non-agencymortgage-backed		293,953	1.4 %			276,300	1.4 %			275,026	1.6 %			294,604	1.7 %			261,850	1.5 %
Commercial mortgage-backed		788,995	3.9 %			591,238	3.0 %			540,502	3.0 %			468,698	2.7 %			406,268	2.4 %
Asset-backed		807,070		4.0 %			550,441		2.8 %			542,742		3.1 %			555,070		3.2 %			550,304		3.3 %
Total fixed maturity investments, at fair value		13,391,318	65.8 %			12,495,135	63.5 %			11,045,801	62.2 %			11,171,655	64.3 %			11,386,228	67.2 %
Short term investments, at fair value		5,158,961		25.4 %			5,570,804		28.2 %			5,263,242		29.4 %			4,566,277		26.3 %			4,116,156		24.3 %
Total consolidated fixed maturity and short term		18,550,279	91.2 %			18,065,939	91.7 %			16,309,043	91.6 %			15,737,932	90.6 %			15,502,384	91.5 %
investments, at fair value
Equity investments trading, at fair value		547,381	2.7 %			470,087	2.4 %			360,444	2.0 %			436,931	2.5 %			379,422	2.2 %
Other investments, at fair value		1,122,683		5.5 %			1,093,338		5.5 %			1,058,714		5.9 %			1,087,377		6.3 %			962,109		5.7 %
Total managed investment portfolio		20,220,343	99.4 %			19,629,364	99.6 %			17,728,201	99.5 %			17,262,240	99.4 %			16,843,915	99.4 %
Investments in other ventures, under equity method		98,990		0.6 %			94,285		0.4 %			90,396		0.5 %			106,549		0.6 %			103,978		0.6 %
Total investments	$	20,319,333	100.0 %	$	19,723,649	100.0 %	$	17,818,597	100.0 %	$	17,368,789	100.0 %	$	16,947,893	100.0 %

15

Investments

Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments		September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
AAA	$	1,972,894	14.7 %	$	1,392,417	11.1 %	$	1,590,824	14.4 %	$	1,338,265	12.0 %	$	1,215,518	10.7 %
AA		6,721,098	50.2 %			6,670,927	53.4 %			6,212,689	56.3 %			6,677,219	59.8 %			6,699,860	58.8 %
A		1,777,861	13.3 %			1,864,066	14.9 %			1,491,504	13.5 %			1,453,212	13.0 %			1,671,934	14.7 %
BBB		1,648,049	12.3 %			1,433,297	11.5 %			915,375	8.3 %			874,730	7.8 %			967,928	8.5 %
Non-investment grade and not rated		1,271,416		9.5 %			1,134,428		9.1 %			835,409		7.5 %			828,229		7.4 %			830,988		7.3 %
Total fixed maturity investments, at fair value	$	13,391,318	100.0 %	$	12,495,135	100.0 %	$	11,045,801	100.0 %	$	11,171,655	100.0 %	$	11,386,228	100.0 %
Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	621,610	4.6 %	$	638,686	5.1 %	$	723,397	6.5 %	$	544,636	4.9 %	$	603,806	5.3 %
Due after one through five years		5,749,128	43.0 %			5,513,103	44.1 %			5,039,456	45.7 %			5,522,769	49.4 %			5,893,946	51.8 %
Due after five through ten years		3,374,898	25.2 %			3,312,749	26.6 %			2,612,031	23.7 %			2,420,602	21.7 %			2,232,264	19.6 %
Due after ten years		669,190	5.0 %			626,768	5.0 %			256,375	2.3 %			216,777	1.9 %			189,068	1.7 %
Mortgage-backed securities		2,169,422	16.2 %			1,853,388	14.8 %			1,871,800	16.9 %			1,911,801	17.1 %			1,916,840	16.8 %
Asset-backed securities		807,070		6.0 %			550,441		4.4 %			542,742		4.9 %			555,070		5.0 %			550,304		4.8 %
Total fixed maturity investments, at fair value	$	13,391,318	100.0 %	$	12,495,135	100.0 %	$	11,045,801	100.0 %	$	11,171,655	100.0 %	$	11,386,228	100.0 %

16

Investments

Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

															Credit Rating (1)
							Weighted													Non-
		Amortized					Average
September 30, 2020				Fair Value		Yield to	AAA			AA			A			BBB			Investment			Not Rated
	Cost				Maturity										Grade
Short term investments	$	5,158,961	$	5,158,961	0.1 %		$4,975,689	$	175,067	$	1,829	$	2,312	$	3,921	$	143
					100.0 %				96.5 %			3.4 %			- %			- %			0.1 %			- %
Fixed maturity investments
U.S. treasuries		4,223,245			4,350,971	0.3 %		-			4,350,971			-			-			-			-
Agencies
Fannie Mae and Freddie Mac		270,662			270,612	0.7 %		-			270,612			-			-			-			-
Other agencies		163,218			167,069	0.9 %		-			167,069			-			-			-			-
Total agencies		433,880			437,681	0.8 %		-			437,681			-			-			-			-
Non-U.S. government		558,934			568,960	0.7 %		394,217			132,346			32,059			8,547			1,654			137
Non-U.S.government-backed corporate		397,261			401,449	0.9 %		175,120			198,442			14,273			8,011			5,603			-
Corporate		4,524,338			4,655,765	2.4 %		63,975			264,707			1,701,827			1,565,845			1,032,329			27,082
Mortgage-backed
Residential mortgage-backed
Agency securities		1,068,638			1,086,474	1.0 %		-			1,086,474			-			-			-			-
Non-agency securities - Alt A		231,387			232,570	3.5 %		53,921			5,457			494			6,537			130,333			35,828
Non-agency securities - Prime		60,742			61,383	2.3 %		26,857			2,611			2,306			1,194			16,302			12,113
Total residential mortgage-backed		1,360,767			1,380,427	1.5 %		80,778			1,094,542			2,800			7,731			146,635			47,941
Commercial mortgage-backed		763,794			788,995	1.6 %		632,054			127,947			4,636			20,808			1,511			2,039
Total mortgage-backed		2,124,561			2,169,422	1.5 %		712,832			1,222,489			7,436			28,539			148,146			49,980
Asset-backed
Collateralized loan obligations		727,849			725,130	2.1 %		550,235			111,642			20,379			36,389			6,485			-
Other		80,689			81,940	0.8 %		76,515			2,820			1,887			718			-			-
Total asset-backed		808,538			807,070	2.0 %		626,750			114,462			22,266			37,107			6,485			-
Total securitized assets		2,933,099			2,976,492	1.7 %		1,339,582			1,336,951			29,702			65,646			154,631			49,980
Total fixed maturity investments		13,070,757			13,391,318	1.4 %		1,972,894			6,721,098			1,777,861			1,648,049			1,194,217			77,199
					100.0 %				14.7 %			50.2 %			13.3 %			12.3 %			8.9 %			0.6 %
Total consolidated fixed maturity and short						1.0 %
term investments, at fair value	$	18,229,718	$	18,550,279		$6,948,583	$	6,896,165	$	1,779,690	$	1,650,361	$	1,198,138	$	77,342
					100.0 %				37.4 %			37.2 %			9.6 %			8.9 %			6.5 %			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							Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
		2020			2020			2020			2019			2019			2020			2019
Total investment result
Net investment income	$	83,543	$	89,305	$	99,473	$	112,138	$	111,387	$	272,321	$	312,069
Net realized and unrealized (losses) gains on investments		224,208			448,390			(110,707)			18,454			34,395			561,891			395,655
Total investment result	$	307,751	$	537,695	$	(11,234)	$	130,592	$	145,782	$	834,212	$	707,724
Retained total investment result (1)
Retained net investment income	$	64,971	$	67,189	$	72,603	$	87,739	$	86,408	$	204,763	$	243,250
Retained net realized and unrealized (losses) gains on		201,699			418,046			(113,261)			21,751			21,764			506,484			359,449
investments
Retained total investment result	$	266,670	$	485,235	$	(40,658)	$	109,490	$	108,172	$	711,247	$	602,699

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.

	September 30,		June 30,		March 31,		December 31,		September 30,
	2020	2020	2020	2019	2019
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$ 18,550,279	$ 18,065,939	$ 16,309,043	$ 15,737,932	$ 15,502,384
Weighted average yield to maturity of fixed maturity and short term investments	1.0 %	1.1 %	1.5 %	2.1 %	2.2 %
Average duration of fixed maturities and short term investments, in years	2.9	2.9	2.8	2.9	2.8
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$ 13,046,376	$ 12,703,423	$ 11,124,214	$ 11,154,174	$ 11,075,699
Weighted average yield to maturity of retained fixed maturity and short term	1.3 %	1.4 %	1.9 %	2.2 %	2.3 %
investments
Average duration of retained fixed maturities and short term investments, in years	3.7	3.7	3.5	3.6	3.5

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)	September 30,			June 30,			March 31,		December 31,		September 30,
	2020			2020			2020			2019			2019
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common	$	47,799	$	575,845	$	(81,974)	$	33,773	$	36,698
shareholders
Amount allocated to participating common shareholders (1)		(582)			(7,593)			(146)			(409)			(446)
	$	47,217	$	568,252	$	(82,120)	$	33,364	$	36,252
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares		50,009			44,939			43,441			43,467			43,462
Per common share equivalents of employee stock options and non-vested		85			64			-			85			75
shares
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		50,094			45,003			43,441			43,552			43,537
Basic income (loss) per RenaissanceRe common share
$	0.94		$	12.64		$	(1.89)		$	0.77		$	0.83
Diluted income (loss) per RenaissanceRe common share	$	0.94	$	12.63	$	(1.89)	$	0.77	$	0.83
		Nine months ended
(common shares in thousands)	September 30,		September 30,
	2020			2019
Numerator:
Net income available to RenaissanceRe common shareholders	$	541,670	$	678,269
Amount allocated to participating common shareholders (1)		(6,677)			(8,074)
Denominator:	$	534,993		$	670,195
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares		46,130			43,003
Per common share equivalents of employee stock options and non-vested		70			46
shares
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		46,200			43,049
Basic income per RenaissanceRe common share
$	11.60		$	15.58
Diluted income per RenaissanceRe common share	$	11.58	$	15.57

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 (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses "operating (loss) income (attributable) 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 (loss) income (attributable) 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, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, 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 (loss) income (attributable) 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; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; 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 (loss) income (attributable) available to RenaissanceRe common shareholders" to calculate "operating (loss) income (attributable) 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 (loss) income (attributable) available to RenaissanceRe common shareholders"; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to "operating (loss) income (attributable) 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								Nine months ended
	September 30,			June 30,			March 31,		December 31,		September 30,		September 30,		September 30,
Net income (loss) available (attributable) to RenaissanceRe		2020			2020			2020				2019			2019			2020			2019
$	47,799	$	575,845	$	(81,974)			$	33,773	$	36,698	$	541,670	$	678,269
common shareholders
Adjustment for net realized and unrealized (gains) losses on
investments, excluding other investments - catastrophe		(211,597)			(443,938)			96,355				(22,976)			(25,153)	(559,180)	(400,525)
bonds
Adjustment for net foreign exchange (gains) losses		(17,426)			7,195			5,728				1,126			8,275			(4,503)			1,812
Adjustment for corporate expenses associated with the
acquisition of TMR and the subsequent sale of		33,916			2,279			4,423				5,700			4,022			40,618			44,025
RenaissanceRe UK (1)
Adjustment for income tax expense (benefit) (2)		5,058			21,223			(4,141)				(3,707)			5,298			22,140			24,074
Adjustment for net income (loss) attributable to redeemable		10,526			27,472			13,019				(1,293)			3,541			51,017			37,473
noncontrolling interests (3)
Operating (loss) income (attributable) available to	$	(131,724)	$	190,076	$	33,410			$	12,623	$	32,681	$	91,762	$	385,128
RenaissanceRe common shareholders
Net income (loss) available (attributable) to RenaissanceRe
$	0.94	$	12.63	$	(1.89)			$	0.77	$	0.83	$	11.58	$	15.57
common shareholders per common share - diluted
Adjustment for net realized and unrealized (gains) losses on
investments, excluding other investments - catastrophe		(4.22)			(9.86)			2.22				(0.53)			(0.58)			(12.10)			(9.30)
bonds
Adjustment for net foreign exchange (gains) losses		(0.35)			0.16			0.13				0.03			0.19			(0.10)			0.04
Adjustment for corporate expenses associated with the
acquisition of TMR and the subsequent sale of		0.68			0.05			0.10				0.13			0.09			0.88			1.02
RenaissanceRe UK (1)
Adjustment for income tax expense (benefit) (2)		0.10			0.47			(0.10)				(0.09)			0.12			0.48			0.56
Adjustment for net income (loss) attributable to redeemable		0.21			0.61			0.30				(0.03)			0.08			1.10			0.87
noncontrolling interests (3)
Operating (loss) income (attributable) available to
RenaissanceRe common shareholders per common share -	$	(2.64)	$	4.06	$	0.76			$	0.28	$	0.73	$	1.84	$	8.76
diluted
Return on average common equity - annualized		2.8 %			38.5 %			(6.3)%				2.5 %			2.8 %			12.0 %			18.2 %
Adjustment for net realized and unrealized (gains) losses on
investments, excluding other investments - catastrophe		(12.4)%			(29.7)%			7.5 %				(1.7)%			(1.9)%			(12.4)%			(10.8)%
bonds
Adjustment for net foreign exchange (gains) losses		(1.0)%			0.5 %			0.4 %				0.1 %			0.6 %			(0.1)%			- %
Adjustment for corporate expenses associated with the
acquisition of TMR and the subsequent sale of		2.0 %			0.2 %			0.3 %				0.4 %			0.3 %			0.9 %			1.2 %
RenaissanceRe UK (1)
Adjustment for income tax expense (benefit) (2)		0.3 %			1.4 %			(0.3)%				(0.3)%			0.4 %			0.5 %			0.6 %
Adjustment for net income (loss) attributable to redeemable		0.6 %			1.8 %			1.0 %				(0.1)%			0.3 %			1.1 %			1.0 %
noncontrolling interests (3)
Operating return on average common equity - annualized		(7.7)%			12.7 %			2.6 %				0.9 %			2.5 %			2.0 %			10.2 %

1. Included in the three and nine months ended September 30, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million.
2. 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.
3. 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."

	September 30,			June 30,			March 31,		December 31,		September 30,
		2020			2020			2020			2019			2019
Book value per common share	$	135.13	$	134.27	$	117.15	$	120.53	$	120.07
Adjustment for goodwill and other intangibles (1)		(5.53)			(5.56)			(6.46)			(6.50)			(6.55)
Tangible book value per common share		129.60			128.71			110.69			114.03			113.52
Adjustment for accumulated dividends		21.73			21.38			21.03			20.68			20.34
Tangible book value per common share plus accumulated dividends	$	151.33	$	150.09	$	131.72	$	134.71	$	133.86

Quarterly change in book value per common share	0.6 %	14.6 %	(2.8)%	0.4 %	0.8 %
Quarterly change in tangible book value per common share plus change in	1.0 %	16.6 %	(2.6)%	0.7 %	1.1 %
accumulated dividends
Year to date change in book value per common share	12.1 %	11.4 %	(2.8)%	15.7 %	15.3 %
Year to date change in tangible book value per common share plus change in	14.6 %	13.5 %	(2.6)%	17.9 %	17.1 %
accumulated dividends

1. At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, goodwill and other intangibles included $23.2 million, $23.5 million, $24.2 million, $24.9 million, and $25.6 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								Nine months ended
	September 30,			June 30,			March 31,	December 31,		September 30,		September 30,		September 30,
		2020			2020			2020				2019			2019			2020			2019
Net investment income	$	83,543	$	89,305	$	99,473				112,138	$	111,387	$	272,321	$	312,069
Adjustment for net investment income attributable to
redeemable noncontrolling interests, certain third-		(18,572)			(22,116)			(26,870)			$	(24,399)			(24,979)			(67,558)			(68,819)
party vehicles and joint ventures
Retained net investment income		64,971			67,189			72,603				87,739			86,408			204,763			243,250
Net realized and unrealized gains (losses) on		224,208			448,390			(110,707)				18,454			34,395			561,891			395,655
investments
Adjustment for net realized and unrealized losses
(gains) on investments attributable to redeemable
noncontrolling interests, certain third-party		(22,509)			(30,344)			(2,554)				3,297			(12,631)			(55,407)			(36,206)
vehicles and joint ventures
Retained net realized and unrealized gains (losses)		201,699			418,046			(113,261)				21,751			21,764			506,484			359,449
on investments
Total investment result		307,751			537,695			(11,234)				130,592			145,782			834,212			707,724
Adjustment for investment result attributable to
redeemable noncontrolling interests, certain third-		(41,081)			(52,460)			(29,424)				(21,102)			(37,610)			(122,965)			(105,025)
party vehicles and joint ventures
Retained total investment result	$	266,670	$	485,235	$	(40,658)			$	109,490	$	108,172	$	711,247	$	602,699

23

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
	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
Fixed maturity investments, at fair value	$ 13,391,318	$ 12,495,135	$ 11,045,801	$ 11,171,655	$ 11,386,228
Short term investments, at fair value	5,158,961		5,570,804		5,263,242		4,566,277		4,116,156
Total consolidated fixed maturity and short term investments, at fair value	$ 18,550,279	$ 18,065,939	$ 16,309,043	$ 15,737,932	$ 15,502,384
Adjustment for fixed maturity and short term investments attributable to
redeemable noncontrolling interests, certain third-party vehicles and joint	(5,503,903)		(5,362,516)		(5,184,829)		(4,583,758)		(4,426,685)
ventures
Retained fixed maturity and short term investments, at fair value	$ 13,046,376	$ 12,703,423	$ 11,124,214	$ 11,154,174	$ 11,075,699

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