RenaissanceRe Holdings Ltd.

Contents

			Page(s)
Basis of Presentation			i
Financial Highlights			1
Income Statements
a.	Summary Consolidated Statements of Operations		2 - 3
b.	Consolidated Segment Underwriting Results		4 - 5
c.	Reinsurance Segment - Unit Underwriting Results		6 - 7
d.	Gross Premiums Written and Managed Premiums		8 - 9
e.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations		10 - 11
Balance Sheets
a.	Summary Consolidated Balance Sheets		12
Investments
a.	Investment Portfolio - Composition		13
b.	Summary of Other Investments		14
c.	Investment Income (Loss)		15
d.	Investment Portfolio - Effective Yield and Credit Rating		16
e.	Investment Portfolio - Change in Portfolio Composition		17
f.	Fixed Maturity Investments - Corporate Sector		18
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value		18
Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses		19
b.	Paid to Incurred Analysis		20
Other Items
a.	Earnings (Loss) per Share		21
b.	Equity in Earnings (Losses) of Other Ventures		22
c.	Other (Loss) Income		22
d.	Ratings		23
Comments on Regulation G			24 - 25

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income (loss) available (attributable) to RenaissanceRe common shareholders”, “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” 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 24 and 25 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business consists of three reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Company's ventures unit, (2) Lloyd's, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”), and (3) Insurance, which principally includes the Company's Bermuda-based insurance operations.

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this release 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 Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

All information contained herein is unaudited. Unless otherwise noted, dollar amounts are in thousands, 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 Holdings Ltd. with the 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.com for further information about RenaissanceRe Holdings Ltd.

i

RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended								Six months ended
	June 30, 2012				June 30, 2011				June 30, 2012				June 30, 2011
Highlights
Gross premiums written	$	667,336			$	641,563			$	1,331,487			$	1,252,068
Net premiums written	427,630				427,995				920,205				880,570
Net premiums earned	244,416				217,175				523,081				522,716
Net claims and claim expenses incurred	49,551				151,261				65,103				779,798
Underwriting income (loss)	127,850				9,732				324,469				(387,429		)
Net investment income	14,743				33,328				81,714				93,609
Net income (loss) available (attributable) to RenaissanceRe common shareholders	142,270				24,764				343,699				(223,269		)
Net realized and unrealized gains on investments	31,003				34,979				77,116				29,765
Net other-than-temporary impairments	(209		)		—				(343		)		—
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	111,476				(10,215		)		266,926				(253,076		)
Total assets	$	8,959,518			$	8,166,340			$	8,959,518			$	8,166,340
Total shareholders' equity attributable to RenaissanceRe	$	3,843,010			$	3,515,271			$	3,843,010			$	3,515,271
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.75			$	0.48			$	6.63			$	(4.39	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	2.14			$	(0.21	)		$	5.13			$	(4.97	)
Dividends per common share	$	0.27			$	0.26			$	0.54			$	0.52
Book value per common share	$	65.07			$	57.30			$	65.07			$	57.30
Adjustment for goodwill and other intangibles (1)	(0.83		)		(0.96		)		(0.83		)		(0.96		)
Tangible book value per common share (1)	64.24				56.34				64.24				56.34
Accumulated dividends per common share	11.46				10.40				11.46				10.40
Tangible book value per common share plus accumulated dividends (1)	$	75.70			$	66.74			$	75.70			$	66.74
Financial ratios
Net claims and claim expense ratio - current accident year	38.9		%		79.2		%		31.8		%		166.2		%
Net claims and claim expense ratio - prior accident years	(18.6		)%		(9.6		)%		(19.4		)%		(17.0		)%
Net claims and claim expense ratio - calendar year	20.3		%		69.6		%		12.4		%		149.2		%
Underwriting expense ratio	27.4		%		25.9		%		25.6		%		24.9		%
Combined ratio	47.7		%		95.5		%		38.0		%		174.1		%
Operating return on average common equity - annualized (1)	13.7		%		(1.4		)%		16.7		%		(16.3		)%

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

1

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Three months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Revenues
Gross premiums written	$	667,336			$	664,151			$	42,970			$	139,938			$	641,563
Net premiums written	$	427,630			$	492,575			$	29,193			$	103,010			$	427,995
(Increase) decrease in unearned premiums	(183,214		)		(213,910		)		169,916				126,214				(210,820		)
Net premiums earned	244,416				278,665				199,109				229,224				217,175
Net investment income (loss)	14,743				66,971				52,331				(27,940		)		33,328
Net foreign exchange gains (losses)	2,410				(1,460		)		(400		)		(2,650		)		(4,521		)
Equity in earnings (losses) of other ventures	6,846				5,470				(22,702		)		4,794				5,128
Other income (loss)	11,289				(39,094		)		(43,648		)		(2,015		)		(5,167		)
Net realized and unrealized gains on investments	31,003				46,113				23,920				16,983				34,979
Total other-than-temporary impairments	(234		)		(161		)		(132		)		(498		)		—
Portion recognized in other comprehensive income, before taxes	25				27				29				49				—
Net other-than-temporary impairments	(209		)		(134		)		(103		)		(449		)		—
Total revenues	310,498				356,531				208,507				217,947				280,922
Expenses
Net claims and claim expenses incurred	49,551				15,552				3,551				77,830				151,261
Acquisition expenses	25,608				24,111				25,101				26,057				13,883
Operational expenses	41,407				42,383				43,368				42,169				42,299
Corporate expenses	4,067				4,811				8,607				3,582				4,011
Interest expense	5,716				5,718				5,721				5,722				5,730
Total expenses	126,349				92,575				86,348				155,360				217,184
Income from continuing operations before taxes	184,149				263,956				122,159				62,587				63,738
Income tax (expense) benefit	(898		)		37				(2,945		)		1,435				1,773
Income from continuing operations	183,251				263,993				119,214				64,022				65,511
Income (loss) from discontinued operations	1,393				(173		)		(3,305		)		(965		)		(10,094		)
Net income	184,644				263,820				115,909				63,057				55,417
Net income attributable to noncontrolling interests	(33,624		)		(53,641		)		(25,388		)		(5,044		)		(21,903		)
Net income attributable to RenaissanceRe	151,020				210,179				90,521				58,013				33,514
Dividends on preference shares	(8,750		)		(8,750		)		(8,750		)		(8,750		)		(8,750		)
Net income available to RenaissanceRe common shareholders	$	142,270			$	201,429			$	81,771			$	49,263			$	24,764
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	2.75			$	3.93			$	1.66			$	0.98			$	0.68
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.03				—				(0.07		)		(0.02		)		(0.20		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	2.78			$	3.93			$	1.59			$	0.96			$	0.48
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	2.72				$	3.88			$	1.64			$	0.97			$	0.68
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.03				—				(0.06		)		(0.02		)		(0.20		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.75			$	3.88			$	1.58			$	0.95			$	0.48
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	2.14			$	2.98			$	1.11			$	0.62			$	(0.21	)
Operating return on average common equity - annualized (1)	13.7		%		19.7		%		7.7		%		4.4		%		(1.4		)%

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

2

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Six months ended
	June 30, 2012				June 30, 2011
Revenues
Gross premiums written	$	1,331,487			$	1,252,068
Net premiums written	$	920,205			$	880,570
Increase in unearned premiums	(397,124		)		(357,854		)
Net premiums earned	523,081				522,716
Net investment income	81,714				93,609
Net foreign exchange gains (losses)	950				(3,861		)
Equity in earnings (losses) of other ventures	12,316				(18,625		)
Other (loss) income	(27,805		)		44,978
Net realized and unrealized gains on investments	77,116				29,765
Total other-than-temporary impairments	(395		)		—
Portion recognized in other comprehensive income, before taxes	52				—
Net other-than-temporary impairments	(343		)		—
Total revenues	667,029				668,582
Expenses
Net claims and claim expenses incurred	65,103				779,798
Acquisition expenses	49,719				46,218
Operational expenses	83,790				84,129
Corporate expenses	8,878				6,075
Interest expense	11,434				11,925
Total expenses	218,924				928,145
Income (loss) from continuing operations before taxes	448,105				(259,563		)
Income tax (expense) benefit	(861		)		1,825
Income (loss) from continuing operations	447,244				(257,738		)
Income (loss) from discontinued operations	1,220				(11,620		)
Net income (loss)	448,464				(269,358		)
Net (income) loss attributable to noncontrolling interests	(87,265		)		63,589
Net income (loss) attributable to RenaissanceRe	361,199				(205,769		)
Dividends on preference shares	(17,500		)		(17,500		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	343,699			$	(223,269	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	6.70			$	(4.16	)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.02				(0.23		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	6.72			$	(4.39	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	6.61				(4.16		)
Income (loss) from discontinued operations attributable to RenaissanceRe common shareholders per common share - diluted	0.02				(0.23		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	6.63			$	(4.39	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	5.13			$	(4.97	)
Operating return on average common equity - annualized (1)	16.7		%		(16.3		)%

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

3

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Three months ended June 30, 2012
	Reinsurance				Lloyd's				Insurance				Total
Gross premiums written	$	617,039			$	50,297			$	—			$	667,336
Net premiums written	$	379,369			$	48,510			$	(249	)		$	427,630
Net premiums earned	$	214,296			$	30,369			$	(249	)		$	244,416
Net claims and claim expenses incurred	35,488				14,960				(897		)		49,551
Acquisition expenses	20,098				5,510				—				25,608
Operational expenses	30,346				10,806				255				41,407
Underwriting income (loss)	$	128,364			$	(907	)		$	393			$	127,850
Net claims and claim expenses incurred - current accident year	$	76,631			$	18,366			$	—			$	94,997
Net claims and claim expenses incurred - prior accident years	(41,143		)		(3,406		)		(897		)		(45,446		)
Net claims and claim expenses incurred - total	$	35,488			$	14,960			$	(897	)		$	49,551
Net claims and claim expense ratio - current accident year	35.8		%		60.5		%		—		%		38.9		%
Net claims and claim expense ratio - prior accident years	(19.2		)%		(11.2		)%		360.2		%		(18.6		)%
Net claims and claim expense ratio - calendar year	16.6		%		49.3		%		360.2		%		20.3		%
Underwriting expense ratio	23.5		%		53.7		%		(102.4		)%		27.4		%
Combined ratio	40.1		%		103.0		%		257.8		%		47.7		%
	Three months ended June 30, 2011
	Reinsurance				Lloyd's				Insurance				Total
Gross premiums written	$	607,404			$	34,126			$	33			$	641,563
Net premiums written	$	395,856			$	32,084			$	55			$	427,995
Net premiums earned	$	199,461			$	17,233			$	481			$	217,175
Net claims and claim expenses incurred	143,219				8,619				(577		)		151,261
Acquisition expenses	10,431				3,305				147				13,883
Operational expenses	32,901				8,635				763				42,299
Underwriting income (loss)	$	12,910			$	(3,326	)		$	148			$	9,732
Net claims and claim expenses incurred - current accident year	$	162,398			$	9,612			$	(78	)		$	171,932
Net claims and claim expenses incurred - prior accident years	(19,179		)		(993		)		(499		)		(20,671		)
Net claims and claim expenses incurred - total	$	143,219			$	8,619			$	(577	)		$	151,261
Net claims and claim expense ratio - current accident year	81.4		%		55.8		%		(16.2		)%		79.2		%
Net claims and claim expense ratio - prior accident years	(9.6		)%		(5.8		)%		(103.8		)%		(9.6		)%
Net claims and claim expense ratio - calendar year	71.8		%		50.0		%		(120.0		)%		69.6		%
Underwriting expense ratio	21.7		%		69.3		%		189.2		%		25.9		%
Combined ratio	93.5		%		119.3		%		69.2		%		95.5		%

4

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Six months ended June 30, 2012
	Reinsurance				Lloyd's				Insurance				Eliminations (1)				Total
Gross premiums written	$	1,226,801			$	105,114			$	—			$	(428	)		$	1,331,487
Net premiums written	$	838,007			$	82,447			$	(249	)						$	920,205
Net premiums earned	$	468,114			$	55,191			$	(224	)						$	523,081
Net claims and claim expenses incurred	43,812				23,961				(2,670		)						65,103
Acquisition expenses	39,484				10,178				57								49,719
Operational expenses	62,390				20,863				537								83,790
Underwriting income	$	322,428			$	189			$	1,852							$	324,469
Net claims and claim expenses incurred - current accident year	$	131,775			$	34,646			$	—							$	166,421
Net claims and claim expenses incurred - prior accident years	(87,963		)		(10,685		)		(2,670		)						(101,318		)
Net claims and claim expenses incurred - total	$	43,812			$	23,961			$	(2,670	)						$	65,103
Net claims and claim expense ratio - current accident year	28.2		%		62.8		%		—		%						31.8		%
Net claims and claim expense ratio - prior accident years	(18.8		)%		(19.4		)%		1,192.0		%						(19.4		)%
Net claims and claim expense ratio - calendar year	9.4		%		43.4		%		1,192.0		%						12.4		%
Underwriting expense ratio	21.7		%		56.3		%		(265.2		)%						25.6		%
Combined ratio	31.1		%		99.7		%		926.8		%						38.0		%
	Six months ended June 30, 2011
	Reinsurance				Lloyd's				Insurance				Eliminations (1)				Total
Gross premiums written	$	1,181,086			$	70,746			$	313			$	(77	)		$	1,252,068
Net premiums written	$	819,422			$	60,821			$	327							$	880,570
Net premiums earned	$	488,890			$	32,907			$	919							$	522,716
Net claims and claim expenses incurred	738,623				39,142				2,033								779,798
Acquisition expenses	40,223				5,766				229								46,218
Operational expenses	65,264				17,607				1,258								84,129
Underwriting loss	$	(355,220	)		$	(29,608	)		$	(2,601	)						$	(387,429	)
Net claims and claim expenses incurred - current accident year	$	829,760			$	38,938			$	(69	)						$	868,629
Net claims and claim expenses incurred - prior accident years	(91,137		)		204				2,102								(88,831		)
Net claims and claim expenses incurred - total	$	738,623			$	39,142			$	2,033							$	779,798
Net claims and claim expense ratio - current accident year	169.7		%		118.3		%		(7.5		)%						166.2		%
Net claims and claim expense ratio - prior accident years	(18.6		)%		0.6		%		228.7		%						(17.0		)%
Net claims and claim expense ratio - calendar year	151.1		%		118.9		%		221.2		%						149.2		%
Underwriting expense ratio	21.6		%		71.1		%		161.8		%						24.9		%
Combined ratio	172.7		%		190.0		%		383.0		%						174.1		%

(1) Represents $0.4 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the six months ended June 30, 2012 (2011 - $0.1 million).

5

RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results
	Three months ended June 30, 2012
	Catastrophe				Specialty				Total
Gross premiums written	$	579,738			$	37,301			$	617,039
Net premiums written	$	344,497			$	34,872			$	379,369
Net premiums earned	$	170,637			$	43,659			$	214,296
Net claims and claim expenses incurred	19,578				15,910				35,488
Acquisition expenses	14,847				5,251				20,098
Operational expenses	23,245				7,101				30,346
Underwriting income	$	112,967			$	15,397			$	128,364
Net claims and claim expenses incurred - current accident year	$	52,781			$	23,850			$	76,631
Net claims and claim expenses incurred - prior accident years	(33,203		)		(7,940		)		(41,143		)
Net claims and claim expenses incurred - total	$	19,578			$	15,910			$	35,488
Net claims and claim expense ratio - current accident year	30.9		%		54.6		%		35.8		%
Net claims and claim expense ratio - prior accident years	(19.4		)%		(18.2		)%		(19.2		)%
Net claims and claim expense ratio - calendar year	11.5		%		36.4		%		16.6		%
Underwriting expense ratio	22.3		%		28.3		%		23.5		%
Combined ratio	33.8		%		64.7		%		40.1		%
	Three months ended June 30, 2011
	Catastrophe				Specialty				Total
Gross premiums written	$	583,246			$	24,158			$	607,404
Net premiums written	$	373,039			$	22,817			$	395,856
Net premiums earned	$	167,509			$	31,952			$	199,461
Net claims and claim expenses incurred	127,374				15,845				143,219
Acquisition expenses	5,896				4,535				10,431
Operational expenses	25,460				7,441				32,901
Underwriting income	$	8,779			$	4,131			$	12,910
Net claims and claim expenses incurred - current accident year	$	139,161			$	23,237			$	162,398
Net claims and claim expenses incurred - prior accident years	(11,787		)		(7,392		)		(19,179		)
Net claims and claim expenses incurred - total	$	127,374			$	15,845			$	143,219
Net claims and claim expense ratio - current accident year	83.1		%		72.7		%		81.4		%
Net claims and claim expense ratio - prior accident years	(7.1		)%		(23.1		)%		(9.6		)%
Net claims and claim expense ratio - calendar year	76.0		%		49.6		%		71.8		%
Underwriting expense ratio	18.8		%		37.5		%		21.7		%
Combined ratio	94.8		%		87.1		%		93.5		%

6

RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results
	Six months ended June 30, 2012
	Catastrophe				Specialty				Total
Gross premiums written	$	1,088,978			$	137,823			$	1,226,801
Net premiums written	$	706,749			$	131,258			$	838,007
Net premiums earned	$	385,692			$	82,422			$	468,114
Net claims and claim expenses incurred	16,262				27,550				43,812
Acquisition expenses	29,164				10,320				39,484
Operational expenses	48,573				13,817				62,390
Underwriting income	$	291,693			$	30,735			$	322,428
Net claims and claim expenses incurred - current accident year	$	84,404			$	47,371			$	131,775
Net claims and claim expenses incurred - prior accident years	(68,142		)		(19,821		)		(87,963		)
Net claims and claim expenses incurred - total	$	16,262			$	27,550			$	43,812
Net claims and claim expense ratio - current accident year	21.9		%		57.5		%		28.2		%
Net claims and claim expense ratio - prior accident years	(17.7		)%		(24.1		)%		(18.8		)%
Net claims and claim expense ratio - calendar year	4.2		%		33.4		%		9.4		%
Underwriting expense ratio	20.2		%		29.3		%		21.7		%
Combined ratio	24.4		%		62.7		%		31.1		%
	Six months ended June 30, 2011
	Catastrophe				Specialty				Total
Gross premiums written	$	1,081,924			$	99,162			$	1,181,086
Net premiums written	$	725,676			$	93,746			$	819,422
Net premiums earned	$	422,798			$	66,092			$	488,890
Net claims and claim expenses incurred	713,892				24,731				738,623
Acquisition expenses	29,509				10,714				40,223
Operational expenses	50,461				14,803				65,264
Underwriting (loss) income	$	(371,064	)		$	15,844			$	(355,220	)
Net claims and claim expenses incurred - current accident year	$	745,388			$	84,372			$	829,760
Net claims and claim expenses incurred - prior accident years	(31,496		)		(59,641		)		(91,137		)
Net claims and claim expenses incurred - total	$	713,892			$	24,731			$	738,623
Net claims and claim expense ratio - current accident year	176.3		%		127.7		%		169.7		%
Net claims and claim expense ratio - prior accident years	(7.5		)%		(90.3		)%		(18.6		)%
Net claims and claim expense ratio - calendar year	168.8		%		37.4		%		151.1		%
Underwriting expense ratio	19.0		%		38.6		%		21.6		%
Combined ratio	187.8		%		76.0		%		172.7		%

7

RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums
	Three months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	345,094			$	330,427			$	(652	)		$	64,317			$	366,929
Renaissance specialty premiums	35,778				99,545				21,117				25,614				23,066
Total Renaissance premiums	380,872				429,972				20,465				89,931				389,995
DaVinci catastrophe premiums	234,644				178,813				(1,193		)		32,900				216,317
DaVinci specialty premiums	1,523				977				18				(20		)		1,092
Total DaVinci premiums	236,167				179,790				(1,175		)		32,880				217,409
Total catastrophe unit premiums	579,738				509,240				(1,845		)		97,217				583,246
Total specialty unit premiums	37,301				100,522				21,135				25,594				24,158
Total Reinsurance segment gross premiums written	$	617,039			$	609,762			$	19,290			$	122,811			$	607,404
Lloyd's Segment
Specialty	$	32,925			$	39,329			$	22,570			$	14,290			$	17,546
Catastrophe	17,372				15,488				1,141				2,837				16,580
Total Lloyd's segment gross premiums written	$	50,297			$	54,817			$	23,711			$	17,127			$	34,126
Insurance Segment
Commercial property	$	—			$	—			$	(31	)		$	—			$	33
Total Insurance segment gross premiums written	$	—			$	—			$	(31	)		$	—			$	33
Managed Premiums (1)
Total catastrophe unit gross premiums written	$	579,738			$	509,240			$	(1,845	)		$	97,217			$	583,246
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	31,180				34,305				1,497				12,379				19,079
Catastrophe premiums written in the Lloyd's unit	17,372				15,488				1,141				2,837				16,580
Total managed catastrophe premiums (1)	$	628,290			$	559,033			$	793			$	112,433			$	618,905

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

(2) Top Layer Re is accounted for under the equity method of accounting.

8

RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums
	Six months ended
	June 30, 2012				June 30, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	675,521			$	678,571
Renaissance specialty premiums	135,323				97,461
Total Renaissance premiums	810,844				776,032
DaVinci catastrophe premiums	413,457				403,353
DaVinci specialty premiums	2,500				1,701
Total DaVinci premiums	415,957				405,054
Total catastrophe unit premiums	1,088,978				1,081,924
Total specialty unit premiums	137,823				99,162
Total Reinsurance segment gross premiums written	$	1,226,801			$	1,181,086
Lloyd's Segment
Specialty	$	72,254			$	46,781
Catastrophe	32,860				23,965
Total Lloyd's segment gross premiums written	$	105,114			$	70,746
Insurance Segment
Commercial property	$	—			$	313
Total Insurance segment gross premiums written	$	—			$	313
Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,088,978			$	1,081,924
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	65,485				41,607
Catastrophe premiums written in the Lloyd's unit	32,860				23,965
Total managed catastrophe premiums (1)	$	1,187,323			$	1,147,496

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

(2) Top Layer Re is accounted for under the equity method of accounting.

9

DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
	Three months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Revenues
Gross premiums written	$	236,167			$	179,790			$	(1,175	)		$	32,880			$	217,409
Net premiums written	$	185,088			$	154,680			$	(3,264	)		$	22,673			$	174,427
(Increase) decrease in unearned premiums	(104,070		)		(59,543		)		74,533				58,063				(92,821		)
Net premiums earned	81,018				95,137				71,269				80,736				81,606
Net investment income (loss)	4,109				10,527				9,501				(700		)		6,189
Net foreign exchange gains (losses)	1,465				76				(461		)		(1,194		)		(1,126		)
Other loss	(1,222		)		(462		)		(799		)		(1,032		)		(230		)
Net realized and unrealized gains (losses) on fixed maturity investments	7,025				16,666				5,915				(4,871		)		10,339
Total revenues	92,395				121,944				85,425				72,939				96,778
Expenses
Net claims and claim expenses incurred	14,213				1,924				12,566				35,332				61,911
Acquisition expenses	19,051				24,099				16,450				14,916				(11,905		)
Operational and corporate expenses	11,902				12,301				10,655				11,655				6,059
Interest expense	1,985				2,040				1,936				1,873				1,907
Total expenses	47,151				40,364				41,607				63,776				57,972
Net income	45,244				81,580				43,818				9,163				38,806
Net income attributable to redeemable noncontrolling interest	(95		)		(167		)		(91		)		(22		)		(81		)
Net income available to DaVinciRe common shareholders	$	45,149			$	81,413			$	43,727			$	9,141			$	38,725
Net claims and claim expenses incurred - current accident year	$	24,454			$	14,826			$	24,413			$	33,096			$	66,248
Net claims and claim expenses incurred - prior accident years	(10,241		)		(12,902		)		(11,847		)		2,236				(4,337		)
Net claims and claim expenses incurred - total	$	14,213			$	1,924			$	12,566			$	35,332			$	61,911
Net claims and claim expense ratio - current accident year	30.2		%		15.6		%		34.3		%		41.0		%		81.2		%
Net claims and claim expense ratio - prior accident years	(12.7		)%		(13.6		)%		(16.7		)%		2.8		%		(5.3%)
Net claims and claim expense ratio - calendar year	17.5		%		2.0		%		17.6		%		43.8		%		75.9		%
Underwriting expense ratio	38.2		%		38.3		%		38.1		%		32.9		%		(7.2%)
Combined ratio	55.7		%		40.3		%		55.7		%		76.7		%		68.7		%

10

DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
	Six months ended
	June 30, 2012				June 30, 2011
Revenues
Gross premiums written	$	415,957			$	405,054
Net premiums written	$	339,768			$	342,409
Increase in unearned premiums	(163,613		)		(143,981		)
Net premiums earned	176,155				198,428
Net investment income	14,636				13,163
Net foreign exchange gains (losses)	1,541				(251		)
Other (loss) income	(1,684		)		10,807
Net realized and unrealized gains on fixed maturity investments	23,691				9,586
Total revenues	214,339				231,733
Expenses
Net claims and claim expenses incurred	16,137				346,192
Acquisition expenses	43,150				(12,959		)
Operational and corporate expenses	24,203				10,549
Interest expense	4,025				2,376
Total expenses	87,515				346,158
Net income (loss)	126,824				(114,425		)
Net (income) loss attributable to redeemable noncontrolling interest	(262		)		224
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	126,562			$	(114,201	)
Net claims and claim expenses incurred - current accident year	$	39,280			$	357,475
Net claims and claim expenses incurred - prior accident years	(23,143		)		(11,283		)
Net claims and claim expenses incurred - total	$	16,137			$	346,192
Net claims and claim expense ratio - current accident year	22.3		%		180.2		%
Net claims and claim expense ratio - prior accident years	(13.1		)%		(5.7		)%
Net claims and claim expense ratio - calendar year	9.2		%		174.5		%
Underwriting expense ratio	38.2		%		(1.2		)%
Combined ratio	47.4		%		173.3		%

11

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Assets
Fixed maturity investments trading, at fair value	$	4,948,955			$	4,176,827			$	4,291,465			$	3,687,669			$	3,864,205
Fixed maturity investments available for sale, at fair value	108,102				125,292				142,052				149,969				202,769
Total fixed maturity investments, at fair value	5,057,057				4,302,119				4,433,517				3,837,638				4,066,974
Short term investments, at fair value	654,912				1,172,839				905,477				1,557,937				774,421
Equity investments trading, at fair value	55,381				53,080				50,560				45,607				32,252
Other investments, at fair value	743,568				806,782				748,984				736,757				839,643
Investments in other ventures, under equity method	79,692				76,723				70,714				78,071				82,197
Total investments	6,590,610				6,411,543				6,209,252				6,256,010				5,795,487
Cash and cash equivalents	264,232				260,982				216,984				235,058				237,737
Premiums receivable	971,546				703,932				471,878				695,163				933,519
Prepaid reinsurance premiums	278,242				143,690				58,522				164,547				245,676
Reinsurance recoverable	198,777				279,398				404,029				434,553				333,245
Accrued investment income	35,938				30,782				33,523				34,237				36,266
Deferred acquisition costs	106,027				71,162				43,721				71,225				90,858
Receivable for investments sold	311,658				237,372				117,117				33,791				257,075
Other assets	193,798				205,660				180,992				176,114				219,226
Goodwill and other intangibles	8,690				9,077				8,894				14,230				14,383
Assets of discontinued operations held for sale	—				—				—				2,481				2,868
Total assets	$	8,959,518			$	8,353,598			$	7,744,912			$	8,117,409			$	8,166,340
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,801,247			$	1,858,203			$	1,992,354			$	2,226,005			$	2,170,728
Unearned premiums	964,499				646,733				347,655				623,596				830,939
Debt	354,293				351,999				353,620				349,224				349,201
Reinsurance balances payable	396,669				285,207				256,883				317,627				403,152
Payable for investments purchased	519,619				361,460				303,264				233,282				102,545
Other liabilities	173,433				242,257				211,369				174,424				152,853
Liabilities of discontinued operations held for sale	1,959				12,539				13,507				9,098				10,220
Total liabilities	4,211,719				3,758,398				3,478,652				3,933,256				4,019,638
Redeemable noncontrolling interest - DaVinciRe	900,878				796,743				657,727				633,112				628,001
Shareholders' Equity
Preference shares	550,000				550,000				550,000				550,000				550,000
Common shares	50,609				51,765				51,543				51,787				51,753
Additional paid-in capital	—				379				—				9,331				5,768
Accumulated other comprehensive income	12,531				12,988				11,760				11,092				18,031
Retained earnings	3,229,870				3,179,433				2,991,890				2,925,604				2,889,719
Total shareholders' equity attributable to RenaissanceRe	3,843,010				3,794,565				3,605,193				3,547,814				3,515,271
Noncontrolling interest	3,911				3,892				3,340				3,227				3,430
Total shareholders' equity	3,846,921				3,798,457				3,608,533				3,551,041				3,518,701
Total liabilities, noncontrolling interests and shareholders' equity	$	8,959,518			$	8,353,598			$	7,744,912			$	8,117,409			$	8,166,340
Book value per common share	$	65.07			$	62.68			$	59.27			$	57.89			$	57.30

12

RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition
	June 30, 2012							March 31, 2012							December 31, 2011							September 30, 2011							June 30, 2011
TYPE OF INVESTMENT
U.S. treasuries	$	1,126,759			17.1	%		$	1,309,243			20.4	%		$	885,152			14.3	%		$	428,865			6.9	%		$	454,148			7.8	%
Agencies	436,691				6.7	%		343,575				5.4	%		158,561				2.6	%		127,063				2.0	%		189,765				3.3	%
Non-U.S. government (Sovereign debt)	177,231				2.7	%		130,899				2.0	%		227,912				3.7	%		402,288				6.4	%		340,430				5.9	%
FDIC guaranteed corporate	29,386				0.4	%		103,554				1.6	%		423,630				6.8	%		183,314				2.9	%		232,992				4.0	%
Non-U.S. government-backed corporate	393,875				6.0	%		501,160				7.8	%		641,082				10.3	%		594,897				9.6	%		409,443				7.1	%
Corporate	1,664,722				25.3	%		1,146,211				17.9	%		1,206,904				19.4	%		1,294,442				20.7	%		1,651,688				28.4	%
Agency mortgage-backed	592,355				9.0	%		319,215				5.0	%		441,749				7.1	%		363,814				5.8	%		296,627				5.1	%
Non-agency mortgage-backed	153,674				2.3	%		108,047				1.7	%		104,771				1.7	%		104,541				1.7	%		105,581				1.8	%
Commercial mortgage-backed	470,167				7.1	%		329,343				5.1	%		325,729				5.2	%		318,805				5.1	%		340,610				5.9	%
Asset-backed	12,197				0.2	%		10,872				0.2	%		18,027				0.3	%		19,609				0.3	%		45,690				0.8	%
Total fixed maturity investments, at fair value	5,057,057				76.8	%		4,302,119				67.1	%		4,433,517				71.4	%		3,837,638				61.4	%		4,066,974				70.1	%
Short term investments, at fair value	654,912				9.9	%		1,172,839				18.3	%		905,477				14.6	%		1,557,937				24.9	%		774,421				13.4	%
Equity investments trading, at fair value	55,381				0.8	%		53,080				0.8	%		50,560				0.8	%		45,607				0.7	%		32,252				0.6	%
Other investments, at fair value	743,568				11.3	%		806,782				12.6	%		748,984				12.1	%		736,757				11.8	%		839,643				14.5	%
Total managed investment portfolio	6,510,918				98.9	%		6,334,820				98.8	%		6,138,538				98.9	%		6,177,939				98.8	%		5,713,290				98.6	%
Investments in other ventures, under equity method	79,692				1.2	%		76,723				1.2	%		70,714				1.1	%		78,071				1.2	%		82,197				1.4	%
Total investments	$	6,590,610			100.0	%		$	6,411,543			100.0	%		$	6,209,252			100.0	%		$	6,256,010			100.0	%		$	5,795,487			100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	842,146			16.7	%		$	742,577			17.2	%		$	1,023,890			23.1	%		$	1,099,221			28.6	%		$	2,197,397			54.1	%
AA (1)	2,626,291				51.9	%		2,459,756				57.2	%		2,244,016				50.6	%		1,607,177				41.9	%		481,789				11.8	%
A	917,152				18.1	%		574,809				13.4	%		631,479				14.2	%		619,229				16.1	%		790,594				19.4	%
BBB	319,760				6.3	%		272,616				6.3	%		335,002				7.6	%		329,213				8.6	%		398,354				9.8	%
Non-investment grade and not rated	351,708				7.0	%		252,361				5.9	%		199,130				4.5	%		182,798				4.8	%		198,840				4.9	%
Total fixed maturity investments, at fair value	$	5,057,057			100.0	%		$	4,302,119			100.0	%		$	4,433,517			100.0	%		$	3,837,638			100.0	%		$	4,066,974			100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	405,636			8.0	%		$	386,259			9.0	%		$	619,845			14.0	%		$	168,557			4.4	%		$	201,681			5.0	%
Due after one through five years	2,624,676				52.0	%		2,367,344				55.0	%		2,035,383				45.9	%		1,893,416				49.3	%		1,986,843				48.8	%
Due after five through ten years	652,909				12.9	%		646,091				15.0	%		742,050				16.7	%		831,196				21.7	%		923,919				22.7	%
Due after ten years	145,443				2.9	%		134,948				3.1	%		145,963				3.3	%		137,700				3.6	%		166,023				4.1	%
Mortgage-backed securities	1,216,196				24.0	%		756,605				17.6	%		872,249				19.7	%		787,160				20.5	%		742,818				18.3	%
Asset-backed securities	12,197				0.2	%		10,872				0.3	%		18,027				0.4	%		19,609				0.5	%		45,690				1.1	%
Total fixed maturity investments, at fair value	$	5,057,057			100.0	%		$	4,302,119			100.0	%		$	4,433,517			100.0	%		$	3,837,638			100.0	%		$	4,066,974			100.0	%
Weighted average effective yield of fixed maturities and short term investments	1.8		%					1.6		%					1.9		%					2.0		%					2.4		%
Average duration of fixed maturities and short term investments	2.2							2.3							2.6							2.5							2.7

(1) Included in the AA rating category at June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 is $1,592.8 million, $1,756.4 million, $1,467.3 million and $739.2 million, respectively, of U.S. treasuries, agencies and FDIC guaranteed corporate fixed maturity investments that were included in the AAA rating category in prior periods.

13

RenaissanceRe Holdings Ltd.
Summary of Other Investments
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
TYPE OF INVESTMENT
Private equity partnerships	$	360,268			$	389,451			$	367,909			$	345,986			$	363,688
Senior secured bank loan funds	269,317				266,141				257,870				243,766				247,528
Catastrophe bonds	106,470				95,827				70,999				85,800				93,805
Hedge funds	6,243				22,310				21,344				26,810				39,753
Non-U.S. fixed income funds	—				31,713				28,862				29,440				88,962
Miscellaneous other investments	1,270				1,340				2,000				4,955				5,907
Total other investments, at fair value	$	743,568			$	806,782			$	748,984			$	736,757			$	839,643
TYPE OF INVESTMENT
Private equity partnerships	48.5		%		48.2		%		49.1		%		47.0		%		43.3		%
Senior secured bank loan funds	36.2		%		33.0		%		34.4		%		33.1		%		29.5		%
Catastrophe bonds	14.3		%		11.9		%		9.5		%		11.6		%		11.2		%
Hedge funds	0.8		%		2.8		%		2.8		%		3.6		%		4.7		%
Non-U.S. fixed income funds	—		%		3.9		%		3.9		%		4.0		%		10.6		%
Miscellaneous other investments	0.2		%		0.2		%		0.3		%		0.7		%		0.7		%
Total other investments, at fair value	100.0		%		100.0		%		100.0		%		100.0		%		100.0		%

14

RenaissanceRe Holdings Ltd.
Investment Income (Loss)
	Three months ended																				Six months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				June 30, 2012				June 30, 2011
Fixed maturity investments	$	22,436			$	26,333			$	26,084			$	11,435			$	24,426			$	48,769			$	52,339
Short term investments	234				500				357				281				433				734				1,028
Equity investments trading	181				170				174				171				112				351				126
Other investments
Hedge funds and private equity investments	(10,413		)		28,473				21,506				(25,702		)		8,230				18,060				31,737
Other	4,975				14,170				6,458				(11,665		)		2,838				19,145				13,665
Cash and cash equivalents	54				26				11				66				45				80				86
	17,467				69,672				54,590				(25,414		)		36,084				87,139				98,981
Investment expenses	(2,724		)		(2,701		)		(2,259		)		(2,526		)		(2,756		)		(5,425		)		(5,372		)
Net investment income (loss)	14,743				66,971				52,331				(27,940		)		33,328				81,714				93,609
Gross realized gains	19,458				36,286				15,312				38,054				15,430				55,744				25,992
Gross realized losses	(3,294		)		(6,950		)		(7,787		)		(6,099		)		(4,156		)		(10,244		)		(16,773		)
Net realized gains (losses) on fixed maturity investments	16,164				29,336				7,525				31,955				11,274				45,500				9,219
Net unrealized gains (losses) on fixed maturity investments trading	12,538				14,257				11,441				(13,007		)		24,728				26,795				20,970
Net unrealized gains (losses) on equity investments trading	2,301				2,520				4,954				(1,965		)		(1,023		)		4,821				(424		)
Net realized and unrealized gains (losses) on investments	31,003				46,113				23,920				16,983				34,979				77,116				29,765
Total other-than-temporary impairments	(234		)		(161		)		(132		)		(498		)		—				(395		)		—
Portion recognized in other comprehensive income, before taxes	25				27				29				49				—				52				—
Net other-than-temporary impairments	(209		)		(134		)		(103		)		(449		)		—				(343		)		—
Change in net unrealized gains on fixed maturity investments available for sale	(706		)		778				697				(7,171		)		(1,763		)		72				(1,511		)
Total investment income (loss)	$	44,831			$	113,728			$	76,845			$	(18,577	)		$	66,544			$	158,559			$	121,863

15

RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
															Credit Rating (1)
June 30, 2012	Amortized Cost				Fair Value				% of Total Investment Portfolio			Weighted Average Effective Yield			AAA				AA				A				BBB				Non- Investment Grade				Not Rated
Short term investments	$	654,912			$	654,912			9.9	%		0.2	%		$	626,005			$	22,119			$	3,140			$	3,639			$	9			$	—
					100.0		%								95.5		%		3.4		%		0.5		%		0.6		%		—		%		—		%
Fixed maturity investments
U.S. treasuries	1,123,992				1,126,759				17.1	%		0.5	%		—				1,126,759				—				—				—				—
Agencies
Fannie Mae & Freddie Mac	417,398				419,257				6.4	%		0.7	%		—				419,257				—				—				—				—
Other agencies	17,159				17,434				0.3	%		0.9	%		—				17,434				—				—				—				—
Total agencies	434,557				436,691				6.7	%		0.7	%		—				436,691				—				—				—				—
Non-U.S. government (Sovereign debt)	174,317				177,231				2.7	%		2.2	%		102,272				29,782				11,474				20,163				12,921				619
FDIC guaranteed corporate	29,309				29,386				0.4	%		0.3	%		—				29,386				—				—				—				—
Non-U.S. government-backed corporate	391,915				393,875				6.0	%		1.2	%		331,773				59,057				3,045				—				—				—
Corporate	1,630,316				1,664,722				25.3	%		3.1	%		38,553				265,990				809,496				297,930				239,892				12,861
Mortgage-backed
Residential mortgage-backed
Agency securities	585,994				592,355				9.0	%		1.5	%		—				592,355				—				—				—				—
Non-agency securities - Prime	92,084				91,455				1.4	%		5.2	%		31,633				3,989				2,342				926				52,565				—
Non-agency securities - Alt A	59,516				62,219				0.9	%		7.0	%		19,053				2,502				7,073				741				32,850				—
Total residential mortgage-backed	737,594				746,029				11.3	%		2.4	%		50,686				598,846				9,415				1,667				85,415				—
Commercial mortgage-backed	453,044				470,167				7.1	%		2.5	%		306,665				79,780				83,722				—				—				—
Total mortgage-backed	1,190,638				1,216,196				18.4	%		2.5	%		357,351				678,626				93,137				1,667				85,415				—
Asset-backed
Credit cards	4,270				4,468				0.1	%		2.4	%		4,468				—				—				—				—				—
Student loans	1,816				1,729				—	%		2.5	%		1,729				—				—				—				—				—
Auto loans	1,270				1,269				—	%		1.4	%		1,269				—				—				—				—				—
Other	4,498				4,731				0.1	%		2.8	%		4,731				—				—				—				—				—
Total asset-backed	11,854				12,197				0.2	%		2.5	%		12,197				—				—				—				—				—
Total securitized assets	1,202,492				1,228,393				18.6	%		2.5	%		369,548				678,626				93,137				1,667				85,415				—
Total fixed maturity investments	4,986,898				5,057,057				76.8	%		2.0	%		842,146				2,626,291				917,152				319,760				338,228				13,480
					100.0		%								16.7		%		51.9		%		18.1		%		6.3		%		6.7		%		0.3		%
Equity investments trading					55,381				0.8	%					—				—				—				—				—				55,381
					100.0		%								—		%		—		%		—		%		—		%		—		%		100.0		%
Other investments
Private equity partnerships					360,268				5.5	%					—				—				—				—				—				360,268
Senior secured bank loan funds					269,317				4.1	%					—				—				—				—				269,317				—
Catastrophe bonds					106,470				1.6	%					—				—				—				—				106,470				—
Hedge funds					6,243				0.1	%					—				—				—				—				—				6,243
Miscellaneous other investments					1,270				—	%					—				—				—				—				—				1,270
Total other investments					743,568				11.3	%					—				—				—				—				375,787				367,781
					100.0		%								—		%		—		%		—		%		—		%		50.5		%		49.5		%
Investments in other ventures					79,692				1.2	%					—				—				—				—				—				79,692
					100.0		%								—		%		—		%		—		%		—		%		—		%		100.0		%
Total investment portfolio					$	6,590,610			100.0	%					$	1,468,151			$	2,648,410			$	920,292			$	323,399			$	714,024			$	516,334
					100.0		%								22.3		%		40.2		%		14.0		%		4.9		%		10.8		%		7.8		%

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

16

RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition
	June 30, 2012							December 31, 2011							Change
	Fair Value				% of Total Managed Investment Portfolio			Fair Value				% of Total Managed Investment Portfolio			$				%
Short term investments	$	654,912			9.9	%		$	905,477			14.6	%		$	(250,565	)		(4.7	)%
Fixed maturity investments
U.S. treasuries	1,126,759				17.1	%		885,152				14.3	%		241,607				2.8	%
Agencies
Fannie Mae & Freddie Mac	419,257				6.4	%		143,562				2.4	%		275,695				4.0	%
Other agencies	17,434				0.3	%		14,999				0.2	%		2,435				0.1	%
Total agencies	436,691				6.7	%		158,561				2.6	%		278,130				4.1	%
Non-U.S. government (Sovereign debt)	177,231				2.7	%		227,912				3.7	%		(50,681		)		(1.0	)%
FDIC guaranteed corporate	29,386				0.4	%		423,630				6.8	%		(394,244		)		(6.4	)%
Non-U.S. government-backed corporate	393,875				6.0	%		641,082				10.3	%		(247,207		)		(4.3	)%
Corporate	1,664,722				25.3	%		1,206,904				19.4	%		457,818				5.9	%
Mortgage-backed
Residential mortgage-backed
Agency securities	592,355				9.0	%		441,749				7.1	%		150,606				1.9	%
Non-agency securities - Prime	91,455				1.4	%		68,678				1.1	%		22,777				0.3	%
Non-agency securities - Alt A	62,219				0.9	%		36,093				0.6	%		26,126				0.3	%
Total residential mortgage-backed	746,029				11.3	%		546,520				8.8	%		199,509				2.5	%
Commercial mortgage-backed	470,167				7.1	%		325,729				5.2	%		144,438				1.9	%
Total mortgage-backed	1,216,196				18.4	%		872,249				14.0	%		343,947				4.4	%
Asset-backed
Credit cards	4,468				0.1	%		8,955				0.2	%		(4,487		)		(0.1	)%
Student loans	1,729				—	%		1,287				—	%		442				—	%
Auto loans	1,269				—	%		—				—	%		1,269				—	%
Other	4,731				0.1	%		7,785				0.1	%		(3,054		)		—	%
Total asset-backed	12,197				0.2	%		18,027				0.3	%		(5,830		)		(0.1	)%
Total securitized assets	1,228,393				18.6	%		890,276				14.3	%		338,117				4.3	%
Total fixed maturity investments	5,057,057				76.8	%		4,433,517				71.4	%		623,540				5.4	%
Equity investments trading	55,381				0.8	%		50,560				0.8	%		4,821				—	%
Other investments
Private equity partnerships	360,268				5.5	%		367,909				5.9	%		(7,641		)		(0.4	)%
Senior secured bank loan funds	269,317				4.1	%		257,870				4.2	%		11,447				(0.1	)%
Catastrophe bonds	106,470				1.6	%		70,999				1.1	%		35,471				0.5	%
Hedge funds	6,243				0.1	%		21,344				0.3	%		(15,101		)		(0.2	)%
Non-U.S. fixed income funds	—				—	%		28,862				0.5	%		(28,862		)		(0.5	)%
Miscellaneous other investments	1,270				—	%		2,000				—	%		(730		)		—	%
Total other investments	743,568				11.3	%		748,984				12.1	%		(5,416		)		(0.8	)%
Investments in other ventures	79,692				1.2	%		70,714				1.1	%		8,978				0.1	%
Total managed investment portfolio	$	6,590,610			100.0	%		$	6,209,252			100.0	%		$	381,358

17

RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector
		June 30, 2012
Sector		Total				AAA				AA				A				BBB				Non-Investment Grade				Not Rated
Financials		$	752,889			$	17,193			$	153,729			$	476,816			$	60,450			$	33,725			$	10,976
Industrial, utilities and energy		286,009				7,074				28,195				109,690				79,520				61,530				—
Communications and technology		251,585				9,290				10,264				108,776				67,193				55,006				1,056
Consumer		172,449				—				16,934				55,657				50,201				49,553				104
Basic materials		70,416				—				—				18,943				31,620				19,625				228
Health care		107,759				—				49,383				32,059				6,890				19,427				—
Other		23,615				4,996				7,485				7,555				2,056				1,026				497
Total corporate fixed maturity investments, at fair value (1)		$	1,664,722			$	38,553			$	265,990			$	809,496			$	297,930			$	239,892			$	12,861
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value
		June 30, 2012
Issuer		Total				Short term investments				Fixed maturity investments
JP Morgan Chase & Co.		$	63,874			$	1,633			$	62,241
Citigroup Inc.		54,932				—				54,932
Bank of America Corp.		53,339				165				53,174
General Electric Company		52,532				—				52,532
Goldman Sachs Group Inc.		48,308				—				48,308
HSBC Holdings PLC		43,062				—				43,062
Morgan Stanley		33,510				—				33,510
AT&T Inc.		27,302				—				27,302
Wells Fargo & Co.		25,487				—				25,487
Credit Suisse Group AG		24,222				—				24,222
Total (2)		$	426,568			$	1,798			$	424,770

(1) Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, at fair value.

(2) Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, repurchase agreements and commercial paper, at fair value.

18

RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses
	Case Reserves				Additional Case Reserves				IBNR				Total
June 30, 2012
Catastrophe	$	698,335			$	306,158			$	160,478			$	1,164,971
Specialty	123,978				87,277				247,290				458,545
Total Reinsurance	822,313				393,435				407,768				1,623,516
Lloyd's	19,219				7,920				74,411				101,550
Insurance	21,605				8,336				46,240				76,181
Total	$	863,137			$	409,691			$	528,419			$	1,801,247
March 31, 2012
Catastrophe	$	633,228			$	243,651			$	350,708			$	1,227,587
Specialty	135,492				53,045				270,225				458,762
Total Reinsurance	768,720				296,696				620,933				1,686,349
Lloyd's	18,421				7,579				67,101				93,101
Insurance	20,810				5,338				52,605				78,753
Total	$	807,951			$	309,613			$	740,639			$	1,858,203
December 31, 2011
Catastrophe	$	681,771			$	271,990			$	388,147			$	1,341,908
Specialty	120,189				49,840				301,589				471,618
Total Reinsurance	801,960				321,830				689,736				1,813,526
Lloyd's	17,909				14,459				55,127				87,495
Insurance	32,944				3,515				54,874				91,333
Total	$	852,813			$	339,804			$	799,737			$	1,992,354
September 30, 2011
Catastrophe	$	497,889			$	524,700			$	539,723			$	1,562,312
Specialty	113,022				52,285				333,947				499,254
Total Reinsurance	610,911				576,985				873,670				2,061,566
Lloyd's	18,114				10,558				43,676				72,348
Insurance	39,058				5,020				48,013				92,091
Total	$	668,083			$	592,563			$	965,359			$	2,226,005
June 30, 2011
Catastrophe	$	406,522			$	473,439			$	630,651			$	1,510,612
Specialty	108,613				51,439				347,795				507,847
Total Reinsurance	515,135				524,878				978,446				2,018,459
Lloyd's	10,498				10,450				39,008				59,956
Insurance	35,196				5,577				51,540				92,313
Total	$	560,829			$	540,905			$	1,068,994			$	2,170,728

19

RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis
	Three months ended June 30, 2012												Three months ended June 30, 2011
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for losses and loss expenses, beginning of period	$	1,858,203			$	279,398			$	1,578,805			$	2,070,095			$	324,124			$	1,745,971
Incurred losses and loss expenses
Current year	105,466				10,469				94,997				187,402				15,470				171,932
Prior years	(35,365		)		10,081				(45,446		)		(22,733		)		(2,062		)		(20,671		)
Total incurred losses and loss expenses	70,101				20,550				49,551				164,669				13,408				151,261
Paid losses and loss expenses
Current year	11,280				—				11,280				51,066				—				51,066
Prior years	115,777				101,171				14,606				12,970				4,287				8,683
Total paid losses and loss expenses	127,057				101,171				25,886				64,036				4,287				59,749
Reserve for losses and loss expenses, end of period	$	1,801,247			$	198,777			$	1,602,470			$	2,170,728			$	333,245			$	1,837,483
	Six months ended June 30, 2012												Six months ended June 30, 2011
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for losses and loss expenses, beginning of period	$	1,992,354			$	404,029			$	1,588,325			$	1,257,843			$	101,711			$	1,156,132
Incurred losses and loss expenses
Current year	183,397				16,976				166,421				1,124,619				255,990				868,629
Prior years	(98,014		)		3,304				(101,318		)		(96,627		)		(7,796		)		(88,831		)
Total incurred losses and loss expenses	85,383				20,280				65,103				1,027,992				248,194				779,798
Paid losses and loss expenses
Current year	18,937				—				18,937				51,578				—				51,579
Prior years	257,553				225,532				32,021				63,529				16,660				46,869
Total paid losses and loss expenses	276,490				225,532				50,958				115,107				16,660				98,447
Reserve for losses and loss expenses, end of period	$	1,801,247			$	198,777			$	1,602,470			$	2,170,728			$	333,245			$	1,837,483

20

RenaissanceRe Holdings Ltd.
Earnings (Loss) per Share
	Three months ended
(common shares in thousands)	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Numerator:
Net income available to RenaissanceRe common shareholders	$	142,270			$	201,429			$	81,771			$	49,263			$	24,764
Amount allocated to participating common shareholders (1)	(2,236		)		(3,404		)		(1,433		)		(911		)		(461		)
	$	140,034			$	198,025			$	80,338			$	48,352			$	24,303
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	50,278				50,377				50,501				50,501				50,493
Per common share equivalents of employee stock options and restricted shares	734				604				359				472				557
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	51,012				50,981				50,860				50,973				51,050
Basic income per RenaissanceRe common share	$	2.78			$	3.93			$	1.59			$	0.96			$	0.48
Diluted income per RenaissanceRe common share	$	2.75			$	3.88			$	1.58			$	0.95			$	0.48
	Six months ended
(common shares in thousands)	June 30, 2012				June 30, 2011
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	343,699			$	(223,269	)
Amount allocated to participating common shareholders (1)	(5,601		)		(514		)
	$	338,098			$	(223,783	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	50,328				50,994
Per common share equivalents of employee stock options and restricted shares	669				—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	50,997				50,994
Basic income (loss) per RenaissanceRe common share	$	6.72			$	(4.39	)
Diluted income (loss) per RenaissanceRe common share (2)	$	6.63			$	(4.39	)

(1) Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.

(2) Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by FASB ASC Topic Earnings Per Share.

21

RenaissanceRe Holdings Ltd.
Equity in Earnings (Losses) of Other Ventures
	Three months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Top Layer Re	$	5,113			$	4,737			$	(22,617	)		$	3,688			$	3,967
Tower Hill Companies	1,744				1,117				(348		)		2,504				1,216
Other	(11		)		(384		)		263				(1,398		)		(55		)
Total equity in earnings (losses) of other ventures	$	6,846			$	5,470			$	(22,702	)		$	4,794			$	5,128
	Six months ended
	June 30, 2012				June 30, 2011
Top Layer Re	$	9,850			$	(18,542	)
Tower Hill Companies	2,861				767
Other	(395		)		(850		)
Total equity in earnings (losses) of other ventures	$	12,316			$	(18,625	)
Other (Loss) Income
	Three months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Weather and energy risk management operations	$	5,875			$	(35,463	)		$	(41,314	)		$	(3,232	)		$	(3,779	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	4,082				(1,779		)		(2,381		)		(2,704		)		(1,022		)
Gain on sale of NBIC	—				—				—				4,836				—
Other items	1,332				(1,852		)		47				(915		)		(366		)
Total other income (loss)	$	11,289			$	(39,094	)		$	(43,648	)		$	(2,015	)		$	(5,167	)
	Six months ended
	June 30, 2012				June 30, 2011
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	2,303			$	42,499
Mark-to-market on Platinum warrant	—				2,975
Weather and energy risk management operations	(29,588		)		(484		)
Other items	(520		)		(12		)
Total other (loss) income	$	(27,805	)		$	44,978

22

RenaissanceRe Holdings Ltd.
Ratings
	A.M. Best		S&P (4)		Moody's		Fitch
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+		AA-		A1		A+
DaVinci	A		A+		A3		—
Top Layer Re	A+		AA		—		—
Renaissance Reinsurance of Europe	A+		AA-		—		—
LLOYD'S SEGMENT
RenaissanceRe Syndicate 1458	—		—		—		—
Lloyd's Overall Market Rating (2)	A		A+		—		A+
INSURANCE SEGMENT (1)
Glencoe	A		A		—		—
RENAISSANCERE (3)	—		Excellent		—		—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies in the Reinsurance and Insurance segments reflect the insurer's financial strength rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent its financial strength rating.

(3) The S&P rating for RenaissanceRe represents rating on its Enterprise Risk Management practices.

(4) The S&P ratings for the companies in the Reinsurance and Insurance segments reflect, in addition to the insurer's financial strength rating, the insurer's issuer credit rating.

23

RenaissanceRe Holdings Ltd.

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 in this Financial Supplement within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company's management believes that these measurements 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 the 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.

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) 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 from continuing and discontinued operations, net other-than-temporary impairments from continuing and discontinued operations. The Company's management believes that “operating income (loss) available (attributable) 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 Company's fixed maturity investment portfolio and equity investments trading. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income (loss) available (attributable) to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:

	Three months ended																				Six months ended
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				June 30, 2012				June 30, 2011
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	142,270			$	201,429			$	81,771			$	49,263			$	24,764			$	343,699			$	(223,269	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(31,003		)		(46,113		)		(23,920		)		(16,983		)		(34,979		)		(77,116		)		(29,765		)
Adjustment for net other-than-temporary impairments of continuing operations	209				134				103				449				—				343				—
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations	—				—				—				—				—				—				(42		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	111,476			$	155,450			$	57,954			$	32,729			$	(10,215	)		$	266,926			$	(253,076	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.75			$	3.88			$	1.58			$	0.95			$	0.48			$	6.63			$	(4.39	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(0.61		)		(0.90		)		(0.47		)		(0.34		)		(0.69		)		(1.51		)		(0.58		)
Adjustment for net other-than-temporary impairments of continuing operations	—				—				—				0.01				—				0.01				—
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	2.14			$	2.98			$	1.11			$	0.62			$	(0.21	)		$	5.13			$	(4.97	)
Return on average common equity - annualized	17.5		%		25.6		%		10.8		%		6.6		%		3.3		%		21.5		%		(14.4		)%
Adjustment for net realized and unrealized gains on investments of continuing operations	(3.8		)%		(5.9		)%		(3.1		)%		(2.3%)				(4.7%)				(4.8		)%		(1.9		)%
Adjustment for net other-than-temporary impairments of continuing operations	—		%		—		%		—		%		0.1		%		—		%		—		%		—		%
Operating return on average common equity - annualized	13.7		%		19.7		%		7.7		%		4.4		%		(1.4%)				16.7		%		(16.3		)%

24

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures. “Managed catastrophe premiums” differs from total catastrophe unit gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Re, which is accounted for under the equity method of accounting and the inclusion of catastrophe premiums written on behalf of the Company's Lloyd's segment. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums, as applicable, assumed by the Company through its consolidated subsidiaries and related joint ventures.

The Company has also 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. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets per share. 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 is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:

	At
	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011
Book value per common share	$	65.07			$	62.68			$	59.27			$	57.89			$	57.30
Adjustment for goodwill and other intangibles (1)	(0.83		)		(0.84		)		(0.82		)		(0.94		)		(0.96		)
Tangible book value per common share	64.24				61.84				58.45				56.95				56.34
Adjustment for accumulated dividends	11.46				11.19				10.92				10.66				10.40
Tangible book value per common share plus accumulated dividends	$	75.70			$	73.03			$	69.37			$	67.61			$	66.74
Quarter change in book value per common share	3.8		%		5.8		%		2.4		%		1.0		%		0.5		%
Quarter change in tangible book value per common share plus change in accumulated dividends	4.3		%		6.3		%		3.1		%		1.5		%		1.0		%

(1) At June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011, goodwill and other intangibles included $33.3 million, $34.5 million, $33.5 million, $34.2 million and $35.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

25