RenaissanceRe : RRH Financial Condition Report for Year End 2020

Financial Condition Report ("FCR") For the year ended December 31, 2020

RenaissanceRe Holdings Ltd. and subsidiaries (collectively, the

"RenaissanceRe Group")

As submitted to the Bermuda Monetary Authority on May 31, 2021

© All rights reserved.

NOTE ON FORWARD-LOOKING STATEMENTS

This FCR for the year ended December 31, 2020 of the RenaissanceRe Group contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended the "Securities

Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements

using words such as "may", "should", "estimate", "expect", "anticipate", "intend", "believe", "predict", "potential", or words of similar import generally involve forward-looking statements. For example, we

may include certain forward-looking statements in the discussion and analysis of our financial condition and results of operations with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates. This FCR may also contain forward-looking statements with respect to our business and industry, such as those in relation to our strategy and management objectives, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the reinsurance and insurance industries.

The inclusion of forward-looking statements in this FCR should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:

• the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on our financial performance and our ability to conduct our business;
• the frequency and severity of catastrophic and other events we cover;
• the effectiveness of our claims and claim expense reserving process;
• the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
• our ability to maintain our financial strength ratings;
• the effect of emerging claims and coverage issues;
• collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain;
• our reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of our revenue;
• our exposure to credit loss from counterparties in the normal course of business;
• the effect of continued challenging economic conditions throughout the world;
• the performance of our investment portfolio and financial market volatility;
• a contention by the United States (the "U.S.") Internal Revenue Service (the "IRS") that Renaissance Reinsurance Ltd. ("Renaissance Reinsurance"), or any of our other Bermuda subsidiaries, is subject to taxation in the U.S.;
• the effects of U.S. tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of our shareholders or investors in our joint ventures or other entities we manage;
• the effect of cybersecurity risks, including technology breaches or failure, on our business;
• the success of any of our strategic investments or acquisitions, including our ability to manage our operations as our product and geographical diversity increases;
• our ability to retain our key senior officers and to attract or retain the executives and employees necessary to manage our business;
• our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;
• foreign currency exchange rate fluctuations;
• soft reinsurance underwriting market conditions;

• changes in the method for determining the London Inter-bank Offered Rate ("LIBOR") and the replacement of LIBOR;
• losses we could face from terrorism, political unrest or war;
• our ability to successfully implement our business strategies and initiatives;
• our ability to determine any impairments taken on our investments;
• the effects of inflation;
• the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;
• the effect of operational risks, including system or human failures;
• our ability to raise capital if necessary;
• our ability to comply with covenants in our debt agreements;
• changes to the regulatory systems under which we operate, including as a result of increased global regulation of the insurance and reinsurance industries;
• changes in Bermuda laws and regulations and the political environment in Bermuda;
• our dependence on the ability of our operating subsidiaries to declare and pay dividends;
• aspects of our corporate structure that may discourage third-party takeovers and other transactions;
• difficulties investors may have in serving process or enforcing judgments against us in the U.S.;
• the cyclical nature of the reinsurance and insurance industries;
• adverse legislative developments that reduce the size of the private markets we serve or impede their future growth;
• consolidation of competitors, customers and insurance and reinsurance brokers;
• the effect on our business of the highly competitive nature of our industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry;
• other political, regulatory or industry initiatives adversely impacting us;
• our ability to comply with applicable sanctions and foreign corrupt practices laws;
• increasing barriers to free trade and the free flow of capital;
• international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market;
• the effect of Organisation for Economic Co-operation and Development (the "OECD") or European Union ("EU") measures to increase our taxes and reporting requirements;
• changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations;
• our need to make many estimates and judgments in the preparation of our financial statements; and
• the effect of the exit by the United Kingdom (the "U.K.") from the EU.

As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

DEFINITIONS

Unless the context requires otherwise, references in this Financial Condition Report ("FCR") to "RenaissanceRe" refer to RenaissanceRe Holdings Ltd. (the parent company) and references to the "Company", "we", "us", "our", "Group" or the "RenaissanceRe Group" refer to RenaissanceRe Holdings Ltd. and its subsidiaries, which include Renaissance Reinsurance and RenaissanceRe Specialty U.S. Ltd. ("RenaissanceRe Specialty U.S."). The Company also underwrites reinsurance on behalf of joint ventures, including DaVinci Reinsurance Ltd. ("DaVinci"), Top Layer Reinsurance Ltd. ("Top Layer Re"), and Vermeer Reinsurance Ltd. ("Vermeer"). The financial results of DaVinci and DaVinci's parent company, DaVinciRe Holdings Ltd. ("DaVinciRe"), and those of Vermeer are consolidated in the Company's financial statements.

CONTENTS

NOTE ONFORWARD-LOOKINGSTATEMENTS.................................................................................	- 1 -
DEFINITIONS	............................................................................................................................................	- 3 -
CONTENTS ...............................................................................................................................................	- 4 -
1.	EXECUTIVE SUMMARY ..................................................................................................................	- 6 -
	1.1.	REGULATORY SUPERVISOR..............................................................................................................	- 7 -
	1.2.	APPROVED AUDITOR.........................................................................................................................	- 7 -
	1.3.	ORGANIZATION..................................................................................................................................	- 7 -
	1.3.1.	Overview .................................................................................................................................	- 7 -
	1.3.2.	Bermuda Operating Subsidiaries ........................................................................................	- 7 -
	1.3.3.	Other Managed Joint Ventures and Managed Funds ......................................................	- 8 -
	1.3.4.	Organizational structure........................................................................................................	- 9 -
	1.3.5.	Share ownership ..................................................................................................................	- 10 -
2.	BUSINESS AND PERFORMANCE...............................................................................................	- 12 -
	2.1.	OVERVIEW.......................................................................................................................................	- 12 -
	2.2. MATERIAL INCOME AND EXPENSES ................................................................................................	- 12 -
	2.3.	BUSINESS SEGMENT RESULTS.......................................................................................................	- 13 -
	2.3.1.	Property segment ................................................................................................................	- 14 -
	2.3.2.	Casualty and specialty segment........................................................................................	- 15 -
	2.4.	GEOGRAPHICAL EXPOSURES .........................................................................................................	- 15 -
	2.5. BERMUDA OPERATING SUBSIDIARY RESULTS ...............................................................................	- 17 -
	2.6.	INVESTMENT PERFORMANCE..........................................................................................................	- 17 -
	2.6.1.	Composition of asset portfolio............................................................................................	- 17 -
	2.6.2.	Overall performance ............................................................................................................	- 20 -
	2.6.3.	Net investment income .......................................................................................................	- 20 -
3. GOVERNANCE, RISK AND COMPLIANCE STRUCTURE .......................................................	- 22 -
	3.1. BOARD AND SENIOR MANAGEMENT ...............................................................................................	- 22 -
	3.1.1.	Structure of the Board .........................................................................................................	- 22 -
	3.1.2.	Executive Officers ................................................................................................................	- 24 -
	3.1.3.	Segregation of responsibilities ...........................................................................................	- 24 -
	3.1.4.	Remuneration policy............................................................................................................	- 25 -
	3.1.5.	Executive pensions and retirement schemes ..................................................................	- 26 -
	3.1.6.	Material transactions with related parties.........................................................................	- 26 -
	3.2.	FITNESS AND PROPRIETY ...............................................................................................................	- 26 -
	3.2.1.	Fit and proper process ........................................................................................................	- 26 -
	3.2.2.	Skills and expertise..............................................................................................................	- 27 -
	3.3. RISK MANAGEMENT AND SOLVENCY SELF-ASSESSMENT .............................................................	- 36 -
	3.3.1.	Risk management framework ............................................................................................	- 36 -
	3.3.2.	Solvency self-assessment ..................................................................................................	- 38 -
	3.3.3.	Integration of solvency needs, capital and risk ...............................................................	- 38 -
	3.3.4.	Solvency self-assessmentapproval process...................................................................	- 39 -
	3.4.	INTERNAL CONTROLS .....................................................................................................................	- 39 -
	3.4.1.	Internal control system ........................................................................................................	- 39 -