The Company's Reinsurance operations are comprised of: 1) property catastrophe reinsurance, primarily written through Renaissance Reinsurance and DaVinci; 2) specialty reinsurance, primarily written through Renaissance Reinsurance and DaVinci; and 3) certain property catastrophe and specialty joint ventures, as described herein. The Reinsurance segment is managed by the Global Chief Underwriting Officer, who leads a team of underwriters, risk modelers and other industry professionals, who have access to the Company's proprietary risk management, underwriting and modeling resources and tools.

The Company's Lloyd's segment includes reinsurance and insurance business written through Syndicate 1458. Syndicate 1458 started writing certain lines of insurance and reinsurance business incepting on or after June 1, 2009. The syndicate was established to enhance the Company's underwriting platform by providing access to Lloyd's extensive distribution network and worldwide licenses and is managed by the Chief Underwriting Officer Lloyd's. RenaissanceRe Corporate Capital (UK) Limited ("RenaissanceRe CCL"), an indirect wholly owned subsidiary of the Company, is the sole corporate member of Syndicate 1458.

The Company's Insurance segment includes the operations of the Company's former Insurance segment that were not sold pursuant to the Stock Purchase Agreement with QBE, as discussed in "Note 1. Organization and Basis of Presentation". The Insurance segment is managed by the Global Chief Underwriting Officer. The Insurance business is written by Glencoe Insurance Ltd. ("Glencoe"). Glencoe is a Bermuda domiciled excess and surplus lines insurance company that is currently eligible to do business on an excess and surplus lines basis in 49 U.S. states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

The financial results of the Company's strategic investments, weather and energy risk management operations and noncontrolling interests are included in the Other category of the Company's segment results. Also included in the Other category of the Company's segment results are the Company's investments in other ventures, investments unit, corporate expenses and capital servicing costs.

The Company does not manage its assets by segment; accordingly, net investment (loss) income and total assets are not allocated to the segments.

A summary of the significant components of the Company's revenues and expenses is as follows:


Three months ended September 30, 2011	Reinsurance			Lloyd's			Insurance			Eliminations		Other			Total

Gross premiums written	$	122,811		$	17,127		$	—		$	—	$	—		$	139,938


Net premiums written	$	86,745		$	16,125		$	140					—		$	103,010


Net premiums earned	$	208,074		$	20,797		$	353					—		$	229,224
Net claims and claim expenses incurred		58,565			14,141			5,124					—			77,830
Acquisition expenses		21,964			4,013			80					—			26,057
Operational expenses		32,462			9,560			147					—			42,169


Underwriting income (loss)	$	95,083		$	(6,917	)	$	(4,998	)				—			83,168

Net investment loss													(27,940	)		(27,940	)
Net foreign exchange losses													(2,650	)		(2,650	)
Equity in earnings of other ventures													4,794			4,794
Other loss													(2,015	)		(2,015	)
Net realized and unrealized gains on investments													16,983			16,983
Net other-than-temporary impairments													(449	)		(449	)
Corporate expenses													(3,582	)		(3,582	)
Interest expense													(5,722	)		(5,722	)


Income from continuing operations before taxes																62,587
Income tax benefit													1,435			1,435
Loss from discontinued operations													(965	)		(965	)
Net income attributable to noncontrolling interests													(5,044	)		(5,044	)
Dividends on preference shares													(8,750	)		(8,750	)


Net income available to RenaissanceRe common shareholders															$	49,263


Net claims and claim expenses incurred - current accident year	$	72,358		$	14,089		$	(17	)						$	86,430
Net claims and claim expenses incurred - prior accident years		(13,793	)		52			5,141								(8,600	)


Net claims and claim expenses incurred - total	$	58,565		$	14,141		$	5,124							$	77,830


Net claims and claim expense ratio - current accident year		34.8	%		67.7	%		(4.8	%)							37.7	%
Net claims and claim expense ratio - prior accident years		(6.7	%)		0.3	%		1,456.4	%							(3.7	%)


Net claims and claim expense ratio - calendar year		28.1	%		68.0	%		1,451.6	%							34.0	%
Underwriting expense ratio		26.2	%		65.3	%		64.3	%							29.7	%


Combined ratio		54.3	%		133.3	%		1,515.9	%							63.7	%


Three months ended September 30, 2010	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Other			Total

Gross premiums written	$	110,577		$	8,762		$	591		$	(8,387	)	$	—		$	111,543


Net premiums written	$	86,309		$	6,141		$	(10,143	)					—		$	82,307


Net premiums earned	$	205,057		$	13,979		$	(6,681	)					—		$	212,355
Net claims and claim expenses incurred		72,480			7,687			(2,231	)					—			77,936
Acquisition expenses		22,464			3,351			328						—			26,143
Operational expenses		29,637			6,246			1,087						—			36,970


Underwriting income (loss)	$	80,476		$	(3,305	)	$	(5,865	)					—			71,306

Net investment income														59,570			59,570
Net foreign exchange losses														(529	)		(529	)
Equity in losses of other ventures														(6,740	)		(6,740	)
Other income														25,021			25,021
Net realized and unrealized gains on investments														92,342			92,342
Corporate expenses														(5,590	)		(5,590	)
Interest expense														(6,164	)		(6,164	)


Income from continuing operations before taxes																	229,216
Income tax benefit														2,399			2,399
Income from discontinued operations														21,234			21,234
Net income attributable to noncontrolling interests														(37,524	)		(37,524	)
Dividends on preference shares														(10,575	)		(10,575	)


Net income available to RenaissanceRe common shareholders																$	204,750


Net claims and claim expenses incurred - current accident year	$	106,344		$	7,702		$	816								$	114,862
Net claims and claim expenses incurred - prior accident years		(33,864	)		(15	)		(3,047	)								(36,926	)


Net claims and claim expenses incurred - total	$	72,480		$	7,687		$	(2,231	)							$	77,936


Net claims and claim expense ratio - current accident year		51.9	%		55.1	%		(12.2	%)								54.1	%
Net claims and claim expense ratio - prior accident years		(16.6	%)		(0.1	%)		45.6	%								(17.4	%)


Net claims and claim expense ratio - calendar year		35.3	%		55.0	%		33.4	%								36.7	%
Underwriting expense ratio		25.5	%		68.6	%		(21.2	%)								29.7	%


Combined ratio		60.8	%		123.6	%		12.2	%								66.4	%

(1)	Represents $(1.5) million and $9.8 million of gross premiums ceded from the Insurance segment to the Lloyd's segment and from the Insurance segment to the Reinsurance segment, respectively.


Nine months ended September 30, 2011	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Other			Total

Gross premiums written	$	1,303,897		$	87,873		$	313		$	(77	)	$	—		$	1,392,006


Net premiums written	$	906,167		$	76,946		$	467						—		$	983,580


Net premiums earned	$	696,964		$	53,704		$	1,272						—		$	751,940
Net claims and claim expenses incurred		797,188			53,283			7,157						—			857,628
Acquisition expenses		62,187			9,779			309						—			72,275
Operational expenses		97,726			27,167			1,405						—			126,298


Underwriting loss	$	(260,137	)	$	(36,525	)	$	(7,599	)					—			(304,261	)

Net investment income														65,669			65,669
Net foreign exchange losses														(6,511	)		(6,511	)
Equity in losses of other ventures														(13,831	)		(13,831	)
Other income														42,963			42,963
Net realized and unrealized gains on investments														46,748			46,748
Net other-than-temporary impairments														(449	)		(449	)
Corporate expenses														(9,657	)		(9,657	)
Interest expense														(17,647	)		(17,647	)


Loss from continuing operations before taxes																	(196,976	)
Income tax benefit														3,260			3,260
Loss from discontinued operations														(12,585	)		(12,585	)
Net loss attributable to noncontrolling interests														58,545			58,545
Dividends on preference shares														(26,250	)		(26,250	)


Net loss attributable to RenaissanceRe common shareholders																$	(174,006	)


Net claims and claim expenses incurred - current accident year	$	902,118		$	53,027		$	(86	)							$	955,059
Net claims and claim expenses incurred - prior accident years		(104,930	)		256			7,243									(97,431	)


Net claims and claim expenses incurred - total	$	797,188		$	53,283		$	7,157								$	857,628


Net claims and claim expense ratio - current accident year		129.4	%		98.7	%		(6.8	%)								127.0	%
Net claims and claim expense ratio - prior accident years		(15.0	%)		0.5	%		569.5	%								(12.9	%)


Net claims and claim expense ratio - calendar year		114.4	%		99.2	%		562.7	%								114.1	%
Underwriting expense ratio		22.9	%		68.8	%		134.7	%								26.4	%


Combined ratio		137.3	%		168.0	%		697.4	%								140.5	%

(1)	Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment.


Nine months ended September 30, 2010	Reinsurance			Lloyd's			Insurance			Eliminations (1)			Other			Total

Gross premiums written	$	1,105,679		$	57,627		$	1,276		$	(30,488	)	$	—		$	1,134,094


Net premiums written	$	793,967		$	52,122		$	(27,289	)					—		$	818,800


Net premiums earned	$	646,349		$	37,580		$	(8,750	)					—		$	675,179
Net claims and claim expenses incurred		141,095			18,026			(2,648	)					—			156,473
Acquisition expenses		63,064			7,682			5,412						—			76,158
Operational expenses		93,523			17,333			9,304						—			120,160


Underwriting income (loss)	$	348,667		$	(5,461	)	$	(20,818	)					—			322,388

Net investment income														151,452			151,452
Net foreign exchange losses														(12,480	)		(12,480	)
Equity in losses of other ventures														(1,424	)		(1,424	)
Other income														15,088			15,088
Net realized and unrealized gains on investments														210,593			210,593
Net other-than-temporary impairments														(829	)		(829	)
Corporate expenses														(15,392	)		(15,392	)
Interest expense														(15,526	)		(15,526	)


Income from continuing operations before taxes																	653,870
Income tax benefit														6,320			6,320
Income from discontinued operations														51,562			51,562
Net income attributable to noncontrolling interests														(99,989	)		(99,989	)
Dividends on preference shares														(31,725	)		(31,725	)


Net income available to RenaissanceRe common shareholders																$	580,038


Net claims and claim expenses incurred - current accident year	$	361,403		$	18,202		$	6,302								$	385,907
Net claims and claim expenses incurred - prior accident years		(220,308	)		(176	)		(8,950	)								(229,434	)


Net claims and claim expenses incurred - total	$	141,095		$	18,026		$	(2,648	)							$	156,473


Net claims and claim expense ratio - current accident year		55.9	%		48.4	%		(72.0	%)								57.2	%
Net claims and claim expense ratio - prior accident years		(34.1	%)		(0.4	%)		102.3	%								(34.0	%)


Net claims and claim expense ratio - calendar year		21.8	%		48.0	%		30.3	%								23.2	%
Underwriting expense ratio		24.3	%		66.5	%		(168.2	%)								29.1	%


Combined ratio		46.1	%		114.5	%		(137.9	%)								52.3	%

(1)	Represents $20.1 million, $10.1 million and $0.2 million of gross premiums ceded from the Insurance segment to the Lloyd's segment, from the Insurance segment to the Reinsurance segment and from the Reinsurance segment to Lloyd's segment, respectively.