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		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 Income (Loss)		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.

As of December 31, 2012, the results of operations of the Company's former Insurance segment have been included in the Company's Other category, and all prior periods presented herein have been reclassified to conform with the current year presentation.

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

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								Twelve months ended
	December 31, 2012				December 31, 2011				December 31, 2012				December 31, 2011
Highlights
Gross premiums written	$	83,745			$	42,970			$	1,551,591			$	1,434,976
Net premiums written	77,417				29,193				1,102,657				1,012,773
Net premiums earned	283,651				199,109				1,069,355				951,049
Net claims and claim expenses incurred	186,893				3,551				325,211				861,179
Underwriting income (loss)	4,252				127,089				451,301				(177,172		)
Net investment income	40,497				52,331				167,375				118,000
Net income (loss) available (attributable) to RenaissanceRe common shareholders	41,655				81,771				566,014				(92,235		)
Net realized and unrealized gains on investments	10,617				23,920				163,991				70,668
Net other-than-temporary impairments	—				(103		)		(343		)		(552		)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	31,038				57,954				402,366				(162,393		)
Total assets	$	7,928,628			$	7,744,912			$	7,928,628			$	7,744,912
Total shareholders' equity attributable to RenaissanceRe	$	3,503,065			$	3,605,193			$	3,503,065			$	3,605,193
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.87			$	1.58			$	11.23			$	(1.84	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	0.65			$	1.11			$	7.93			$	(3.22	)
Dividends per common share	$	0.27			$	0.26			$	1.08			$	1.04
Book value per common share	$	68.14			$	59.27			$	68.14			$	59.27
Tangible book value per common share (1)	$	67.28			$	58.45			$	67.28			$	58.45
Tangible book value per common share plus accumulated dividends (1)	$	79.28			$	69.37			$	79.28			$	69.37
Change in tangible book value per common share plus change in accumulated dividends (1)	0.3		%		3.1		%		17.0		%		(1.8		)%
Financial ratios
Net claims and claim expense ratio - current accident year	78.7		%		19.1		%		45.2		%		104.4		%
Net claims and claim expense ratio - prior accident years	(12.8		)%		(17.3		)%		(14.8		)%		(13.8		)%
Net claims and claim expense ratio - calendar year	65.9		%		1.8		%		30.4		%		90.6		%
Underwriting expense ratio	32.6		%		34.4		%		27.4		%		28.0		%
Combined ratio	98.5		%		36.2		%		57.8		%		118.6		%
Operating return on average common equity - annualized (1)	3.9		%		7.7		%		12.6		%		(5.3		)%

(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
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Revenues
Gross premiums written	$	83,745			$	136,359			$	667,336			$	664,151			$	42,970
Net premiums written	$	77,417			$	105,035			$	427,630			$	492,575			$	29,193
Decrease (increase) in unearned premiums	206,234				157,588				(183,214		)		(213,910		)		169,916
Net premiums earned	283,651				262,623				244,416				278,665				199,109
Net investment income	40,497				45,164				14,743				66,971				52,331
Net foreign exchange gains (losses)	1,272				3,001				2,410				(1,460		)		(400		)
Equity in earnings (losses) of other ventures	6,612				4,310				6,846				5,470				(22,702		)
Other income (loss)	5,781				(881		)		11,289				(39,094		)		(43,648		)
Net realized and unrealized gains on investments	10,617				76,258				31,003				46,113				23,920
Total other-than-temporary impairments	—				—				(234		)		(161		)		(132		)
Portion recognized in other comprehensive income, before taxes	—				—				25				27				29
Net other-than-temporary impairments	—				—				(209		)		(134		)		(103		)
Total revenues	348,430				390,475				310,498				356,531				208,507
Expenses
Net claims and claim expenses incurred	186,893				73,215				49,551				15,552				3,551
Acquisition expenses	39,385				24,438				25,608				24,111				25,101
Operational expenses	53,121				42,390				41,407				42,383				43,368
Corporate expenses	3,964				3,850				4,067				4,811				8,607
Interest expense	5,772				5,891				5,716				5,718				5,721
Total expenses	289,135				149,784				126,349				92,575				86,348
Income from continuing operations before taxes	59,295				240,691				184,149				263,956				122,159
Income tax (expense) benefit	(424		)		(144		)		(898		)		37				(2,945		)
Income from continuing operations	58,871				240,547				183,251				263,993				119,214
Income (loss) from discontinued operations	1,121				(54		)		1,393				(173		)		(3,305		)
Net income	59,992				240,493				184,644				263,820				115,909
Net income attributable to noncontrolling interests	(9,692		)		(51,083		)		(33,624		)		(53,641		)		(25,388		)
Net income attributable to RenaissanceRe	50,300				189,410				151,020				210,179				90,521
Dividends on preference shares	(8,645		)		(8,750		)		(8,750		)		(8,750		)		(8,750		)
Net income available to RenaissanceRe common shareholders	$	41,655			$	180,660			$	142,270			$	201,429			$	81,771
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	0.86			$	3.67			$	2.75			$	3.93			$	1.66
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.02				—				0.03				—				(0.07		)
Net income available to RenaissanceRe common shareholders per common share - basic	$	0.88			$	3.67			$	2.78			$	3.93			$	1.59
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	0.85				3.62				2.72				$	3.88			$	1.64
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.02				—				0.03				—				(0.06		)
Net income available to RenaissanceRe common shareholders per common share - diluted	$	0.87			$	3.62			$	2.75			$	3.88			$	1.58
Operating income available to RenaissanceRe common shareholders per common share (1)	$	0.65			$	2.07			$	2.14			$	2.98			$	1.11
Operating return on average common equity - annualized (1)	3.9		%		12.7		%		13.7		%		19.7		%		7.7		%

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

2

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
	Twelve months ended
	December 31, 2012				December 31, 2011
Revenues
Gross premiums written	$	1,551,591			$	1,434,976
Net premiums written	$	1,102,657			$	1,012,773
Increase in unearned premiums	(33,302		)		(61,724		)
Net premiums earned	1,069,355				951,049
Net investment income	167,375				118,000
Net foreign exchange gains (losses)	5,223				(6,911		)
Equity in earnings (losses) of other ventures	23,238				(36,533		)
Other loss	(22,905		)		(685		)
Net realized and unrealized gains on investments	163,991				70,668
Total other-than-temporary impairments	(395		)		(630		)
Portion recognized in other comprehensive income, before taxes	52				78
Net other-than-temporary impairments	(343		)		(552		)
Total revenues	1,405,934				1,095,036
Expenses
Net claims and claim expenses incurred	325,211				861,179
Acquisition expenses	113,542				97,376
Operational expenses	179,301				169,666
Corporate expenses	16,692				18,264
Interest expense	23,097				23,368
Total expenses	657,843				1,169,853
Income (loss) from continuing operations before taxes	748,091				(74,817		)
Income tax (expense) benefit	(1,429		)		315
Income (loss) from continuing operations	746,662				(74,502		)
Income (loss) from discontinued operations	2,287				(15,890		)
Net income (loss)	748,949				(90,392		)
Net (income) loss attributable to noncontrolling interests	(148,040		)		33,157
Net income (loss) attributable to RenaissanceRe	600,909				(57,235		)
Dividends on preference shares	(34,895		)		(35,000		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	566,014			$	(92,235	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - basic	$	11.35			$	(1.53	)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - basic	0.05				(0.31		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	11.40			$	(1.84	)
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	11.18				(1.53		)
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share - diluted	0.05				(0.31		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	11.23			$	(1.84	)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share (1)	$	7.93			$	(3.22	)
Operating return on average common equity - annualized (1)	12.6		%		(5.3		)%

(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 December 31, 2012
	Reinsurance				Lloyd's				Other				Eliminations				Total
Gross premiums written	$	57,656			$	26,151			$	—			$	(62	)		$	83,745
Net premiums written	$	51,416			$	25,702			$	299							$	77,417
Net premiums earned	$	247,950			$	35,402			$	299							$	283,651
Net claims and claim expenses incurred	151,130				29,950				5,813								186,893
Acquisition expenses	32,749				6,635				1								39,385
Operational expenses	39,689				13,285				147								53,121
Underwriting income (loss)	$	24,382			$	(14,468	)		$	(5,662	)						$	4,252
Net claims and claim expenses incurred - current accident year	$	190,473			$	32,747			$	—							$	223,220
Net claims and claim expenses incurred - prior accident years	(39,343		)		(2,797		)		5,813								(36,327		)
Net claims and claim expenses incurred - total	$	151,130			$	29,950			$	5,813							$	186,893
Net claims and claim expense ratio - current accident year	76.8		%		92.5		%		—		%						78.7		%
Net claims and claim expense ratio - prior accident years	(15.8		)%		(7.9		)%		1,944.1		%						(12.8		)%
Net claims and claim expense ratio - calendar year	61.0		%		84.6		%		1,944.1		%						65.9		%
Underwriting expense ratio	29.2		%		56.3		%		49.5		%						32.6		%
Combined ratio	90.2		%		140.9		%		1,993.6		%						98.5		%
	Three months ended December 31, 2011
	Reinsurance				Lloyd's				Other				Eliminations				Total
Gross premiums written	$	19,290			$	23,711			$	(31	)		$	—			$	42,970
Net premiums written	$	7,332			$	21,671			$	190							$	29,193
Net premiums earned	$	176,124			$	22,682			$	303							$	199,109
Net claims and claim expenses incurred	(13,484		)		19,976				(2,941		)						3,551
Acquisition expenses	20,791				4,252				58								25,101
Operational expenses	33,525				9,565				278								43,368
Underwriting income (loss)	$	135,292			$	(11,111	)		$	2,908							$	127,089
Net claims and claim expenses incurred - current accident year	$	18,484			$	19,754			$	(129	)						$	38,109
Net claims and claim expenses incurred - prior accident years	(31,968		)		222				(2,812		)						(34,558		)
Net claims and claim expenses incurred - total	$	(13,484	)		$	19,976			$	(2,941	)						$	3,551
Net claims and claim expense ratio - current accident year	10.5		%		87.1		%		(42.6		)%						19.1		%
Net claims and claim expense ratio - prior accident years	(18.2		)%		1.0		%		(928.0		)%						(17.3		)%
Net claims and claim expense ratio - calendar year	(7.7		)%		88.1		%		(970.6		)%						1.8		%
Underwriting expense ratio	30.9		%		60.9		%		110.9		%						34.4		%
Combined ratio	23.2		%		149.0		%		(859.7		)%						36.2		%

(1) Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the three months ended December 31, 2012 (2011 - $Nil).

4

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
	Twelve months ended December 31, 2012
	Reinsurance				Lloyd's				Other				Eliminations (1)				Total
Gross premiums written	$	1,392,094			$	159,987			$	—			$	(490	)		$	1,551,591
Net premiums written	$	967,587			$	135,131			$	(61	)						$	1,102,657
Net premiums earned	$	946,423			$	122,968			$	(36	)						$	1,069,355
Net claims and claim expenses incurred	242,022				80,242				2,947								325,211
Acquisition expenses	90,491				22,864				187								113,542
Operational expenses	132,935				45,680				686								179,301
Underwriting income (loss)	$	480,975			$	(25,818	)		$	(3,856	)						$	451,301
Net claims and claim expenses incurred - current accident year	$	386,736			$	96,444			$	—							$	483,180
Net claims and claim expenses incurred - prior accident years	(144,714		)		(16,202		)		2,947								(157,969		)
Net claims and claim expenses incurred - total	$	242,022			$	80,242			$	2,947							$	325,211
Net claims and claim expense ratio - current accident year	40.9		%		78.4		%		—		%						45.2		%
Net claims and claim expense ratio - prior accident years	(15.3		)%		(13.1		)%		(8,186.1		)%						(14.8		)%
Net claims and claim expense ratio - calendar year	25.6		%		65.3		%		(8,186.1		)%						30.4		%
Underwriting expense ratio	23.6		%		55.7		%		(2,425.0		)%						27.4		%
Combined ratio	49.2		%		121.0		%		(10,611.1		)%						57.8		%
	Twelve months ended December 31, 2011
	Reinsurance				Lloyd's				Other				Eliminations (1)				Total
Gross premiums written	$	1,323,187			$	111,584			$	282			$	(77	)		$	1,434,976
Net premiums written	$	913,499			$	98,617			$	657							$	1,012,773
Net premiums earned	$	873,088			$	76,386			$	1,575							$	951,049
Net claims and claim expenses incurred	783,704				73,259				4,216								861,179
Acquisition expenses	82,978				14,031				367								97,376
Operational expenses	131,251				36,732				1,683								169,666
Underwriting loss	$	(124,845	)		$	(47,636	)		$	(4,691	)						$	(177,172	)
Net claims and claim expenses incurred - current accident year	$	920,602			$	72,781			$	(215	)						$	993,168
Net claims and claim expenses incurred - prior accident years	(136,898		)		478				4,431								(131,989		)
Net claims and claim expenses incurred - total	$	783,704			$	73,259			$	4,216							$	861,179
Net claims and claim expense ratio - current accident year	105.4		%		95.3		%		(13.7		)%						104.4		%
Net claims and claim expense ratio - prior accident years	(15.6		)%		0.6		%		281.4		%						(13.8		)%
Net claims and claim expense ratio - calendar year	89.8		%		95.9		%		267.7		%						90.6		%
Underwriting expense ratio	24.5		%		66.5		%		130.1		%						28.0		%
Combined ratio	114.3		%		162.4		%		397.8		%						118.6		%

(1) Represents $0.5 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the twelve months ended December 31, 2012 (2011 - $0.1 million).

5

RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results
	Three months ended December 31, 2012
	Catastrophe				Specialty				Total
Gross premiums written	$	23,524			$	34,132			$	57,656
Net premiums written	$	18,351			$	33,065			$	51,416
Net premiums earned	$	205,240			$	42,710			$	247,950
Net claims and claim expenses incurred	137,429				13,701				151,130
Acquisition expenses	25,229				7,520				32,749
Operational expenses	31,053				8,636				39,689
Underwriting income	$	11,529			$	12,853			$	24,382
Net claims and claim expenses incurred - current accident year	$	161,913			$	28,560			$	190,473
Net claims and claim expenses incurred - prior accident years	(24,484		)		(14,859		)		(39,343		)
Net claims and claim expenses incurred - total	$	137,429			$	13,701			$	151,130
Net claims and claim expense ratio - current accident year	78.9		%		66.9		%		76.8		%
Net claims and claim expense ratio - prior accident years	(11.9		)%		(34.8		)%		(15.8		)%
Net claims and claim expense ratio - calendar year	67.0		%		32.1		%		61.0		%
Underwriting expense ratio	27.4		%		37.8		%		29.2		%
Combined ratio	94.4		%		69.9		%		90.2		%
	Three months ended December 31, 2011
	Catastrophe				Specialty				Total
Gross premiums written	$	(1,845	)		$	21,135			$	19,290
Net premiums written	$	(13,350	)		$	20,682			$	7,332
Net premiums earned	$	139,505			$	36,619			$	176,124
Net claims and claim expenses incurred	237				(13,721		)		(13,484		)
Acquisition expenses	16,224				4,567				20,791
Operational expenses	25,468				8,057				33,525
Underwriting income	$	97,576			$	37,716			$	135,292
Net claims and claim expenses incurred - current accident year	$	26,857			$	(8,373	)		$	18,484
Net claims and claim expenses incurred - prior accident years	(26,620		)		(5,348		)		(31,968		)
Net claims and claim expenses incurred - total	$	237			$	(13,721	)		$	(13,484	)
Net claims and claim expense ratio - current accident year	19.3		%		(22.9		)%		10.5		%
Net claims and claim expense ratio - prior accident years	(19.1		)%		(14.6		)%		(18.2		)%
Net claims and claim expense ratio - calendar year	0.2		%		(37.5		)%		(7.7		)%
Underwriting expense ratio	29.9		%		34.5		%		30.9		%
Combined ratio	30.1		%		(3.0		)%		23.2		%

6

RenaissanceRe Holdings Ltd.
Reinsurance Segment - Unit Underwriting Results
	Twelve months ended December 31, 2012
	Catastrophe				Specialty				Total
Gross premiums written	$	1,182,207			$	209,887			$	1,392,094
Net premiums written	$	766,035			$	201,552			$	967,587
Net premiums earned	$	781,738			$	164,685			$	946,423
Net claims and claim expenses incurred	165,209				76,813				242,022
Acquisition expenses	66,665				23,826				90,491
Operational expenses	103,811				29,124				132,935
Underwriting income	$	446,053			$	34,922			$	480,975
Net claims and claim expenses incurred - current accident year	$	275,777			$	110,959			$	386,736
Net claims and claim expenses incurred - prior accident years	(110,568		)		(34,146		)		(144,714		)
Net claims and claim expenses incurred - total	$	165,209			$	76,813			$	242,022
Net claims and claim expense ratio - current accident year	35.3		%		67.4		%		40.9		%
Net claims and claim expense ratio - prior accident years	(14.2		)%		(20.8		)%		(15.3		)%
Net claims and claim expense ratio - calendar year	21.1		%		46.6		%		25.6		%
Underwriting expense ratio	21.8		%		32.2		%		23.6		%
Combined ratio	42.9		%		78.8		%		49.2		%
	Twelve months ended December 31, 2011
	Catastrophe				Specialty				Total
Gross premiums written	$	1,177,296			$	145,891			$	1,323,187
Net premiums written	$	773,560			$	139,939			$	913,499
Net premiums earned	$	737,545			$	135,543			$	873,088
Net claims and claim expenses incurred	770,350				13,354				783,704
Acquisition expenses	62,882				20,096				82,978
Operational expenses	100,932				30,319				131,251
Underwriting (loss) income	$	(196,619	)		$	71,774			$	(124,845	)
Net claims and claim expenses incurred - current accident year	$	829,487			$	91,115			$	920,602
Net claims and claim expenses incurred - prior accident years	(59,137		)		(77,761		)		(136,898		)
Net claims and claim expenses incurred - total	$	770,350			$	13,354			$	783,704
Net claims and claim expense ratio - current accident year	112.5		%		67.2		%		105.4		%
Net claims and claim expense ratio - prior accident years	(8.1		)%		(57.3		)%		(15.6		)%
Net claims and claim expense ratio - calendar year	104.4		%		9.9		%		89.8		%
Underwriting expense ratio	22.3		%		37.1		%		24.5		%
Combined ratio	126.7		%		47.0		%		114.3		%

7

RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums
	Three months ended
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	13,743			$	44,699			$	345,094			$	330,427			$	(652	)
Renaissance specialty premiums	34,132				37,932				35,778				99,545				21,117
Total Renaissance premiums	47,875				82,631				380,872				429,972				20,465
DaVinci catastrophe premiums	9,781				25,006				234,644				178,813				(1,193		)
DaVinci specialty premiums	—				—				1,523				977				18
Total DaVinci premiums	9,781				25,006				236,167				179,790				(1,175		)
Total catastrophe unit premiums	23,524				69,705				579,738				509,240				(1,845		)
Total specialty unit premiums	34,132				37,932				37,301				100,522				21,135
Total Reinsurance segment gross premiums written	$	57,656			$	107,637			$	617,039			$	609,762			$	19,290
Lloyd's Segment
Specialty	$	24,390			$	26,455			$	32,925			$	39,329			$	22,570
Catastrophe	1,761				2,267				17,372				15,488				1,141
Total Lloyd's segment gross premiums written	$	26,151			$	28,722			$	50,297			$	54,817			$	23,711
Other
Commercial property	$	—			$	—			$	—			$	—			$	(31	)
Total Other gross premiums written	$	—			$	—			$	—			$	—			$	(31	)
Managed Premiums (1)
Total catastrophe unit gross premiums written	$	23,524			$	69,705			$	579,738			$	509,240			$	(1,845	)
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	1,781				5,382				31,180				34,305				1,497
Catastrophe premiums written in the Lloyd's segment	1,761				2,267				17,372				15,488				1,141
Total managed catastrophe premiums (1)	$	27,066			$	77,354			$	628,290			$	559,033			$	793

(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
	Twelve months ended
	December 31, 2012				December 31, 2011
Reinsurance Segment
Renaissance catastrophe premiums	$	733,963			$	742,236
Renaissance specialty premiums	207,387				144,192
Total Renaissance premiums	941,350				886,428
DaVinci catastrophe premiums	448,244				435,060
DaVinci specialty premiums	2,500				1,699
Total DaVinci premiums	450,744				436,759
Total catastrophe unit premiums	1,182,207				1,177,296
Total specialty unit premiums	209,887				145,891
Total Reinsurance segment gross premiums written	$	1,392,094			$	1,323,187
Lloyd's Segment
Specialty	$	123,099			$	83,641
Catastrophe	36,888				27,943
Total Lloyd's segment gross premiums written	$	159,987			$	111,584
Other
Commercial property	$	—			$	282
Total Other gross premiums written	$	—			$	282
Managed Premiums (1)
Total catastrophe unit gross premiums written	$	1,182,207			$	1,177,296
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	72,648				55,483
Catastrophe premiums written in the Lloyd's segment	36,888				27,943
Total managed catastrophe premiums (1)	$	1,291,743			$	1,260,722

(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
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Revenues
Gross premiums written	$	9,781			$	25,006			$	236,167			$	179,790			$	(1,175	)
Net premiums written	$	7,012			$	18,554			$	185,088			$	154,680			$	(3,264	)
Decrease (increase) in unearned premiums	89,922				72,039				(104,070		)		(59,543		)		74,533
Net premiums earned	96,934				90,593				81,018				95,137				71,269
Net investment income	8,036				8,146				4,109				10,527				9,501
Net foreign exchange gains (losses)	804				1,115				1,465				76				(461		)
Other loss	(1,161		)		(1,384		)		(1,222		)		(462		)		(799		)
Net realized and unrealized gains on fixed maturity investments	790				21,553				7,025				16,666				5,915
Total revenues	105,403				120,023				92,395				121,944				85,425
Expenses
Net claims and claim expenses incurred	66,994				10,170				14,213				1,924				12,566
Acquisition expenses	14,528				22,783				19,051				24,099				16,450
Operational and corporate expenses	10,291				10,740				11,902				12,301				10,655
Interest expense	1,833				1,980				1,985				2,040				1,936
Total expenses	93,646				45,673				47,151				40,364				41,607
Net income	11,757				74,350				45,244				81,580				43,818
Net income attributable to redeemable noncontrolling interest	(28		)		(152		)		(95		)		(167		)		(91		)
Net income available to DaVinciRe common shareholders	$	11,729			$	74,198			$	45,149			$	81,413			$	43,727
Net claims and claim expenses incurred - current accident year	$	76,030			$	14,330			$	24,454			$	14,826			$	24,413
Net claims and claim expenses incurred - prior accident years	(9,036		)		(4,160		)		(10,241		)		(12,902		)		(11,847		)
Net claims and claim expenses incurred - total	$	66,994			$	10,170			$	14,213			$	1,924			$	12,566
Net claims and claim expense ratio - current accident year	78.4		%		15.8		%		30.2		%		15.6		%		34.3		%
Net claims and claim expense ratio - prior accident years	(9.3		)%		(4.6		)%		(12.7		)%		(13.6		)%		(16.7		)%
Net claims and claim expense ratio - calendar year	69.1		%		11.2		%		17.5		%		2.0		%		17.6		%
Underwriting expense ratio	25.6		%		37.0		%		38.2		%		38.3		%		38.1		%
Combined ratio	94.7		%		48.2		%		55.7		%		40.3		%		55.7		%

10

DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
	Twelve months ended
	December 31, 2012				December 31, 2011
Revenues
Gross premiums written	$	450,744			$	436,759
Net premiums written	$	365,334			$	361,818
Increase in unearned premiums	(1,652		)		(11,385		)
Net premiums earned	363,682				350,433
Net investment income	30,818				21,964
Net foreign exchange gains (losses)	3,460				(1,906		)
Other (loss) income	(4,229		)		8,976
Net realized and unrealized gains on fixed maturity investments	46,034				10,630
Total revenues	439,765				390,097
Expenses
Net claims and claim expenses incurred	93,301				394,090
Acquisition expenses	80,461				18,407
Operational and corporate expenses	45,234				32,859
Interest expense	7,838				6,185
Total expenses	226,834				451,541
Net income (loss)	212,931				(61,444		)
Net (income) loss attributable to redeemable noncontrolling interest	(442		)		111
Net income (loss) available (attributable) to DaVinciRe common shareholders	$	212,489			$	(61,333	)
Net claims and claim expenses incurred - current accident year	$	129,640			$	414,984
Net claims and claim expenses incurred - prior accident years	(36,339		)		(20,894		)
Net claims and claim expenses incurred - total	$	93,301			$	394,090
Net claims and claim expense ratio - current accident year	35.6		%		118.4		%
Net claims and claim expense ratio - prior accident years	(9.9		)%		(5.9		)%
Net claims and claim expense ratio - calendar year	25.7		%		112.5		%
Underwriting expense ratio	34.5		%		14.6		%
Combined ratio	60.2		%		127.1		%

11

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Assets
Fixed maturity investments trading, at fair value	$	4,665,421			$	5,089,540			$	4,948,955			$	4,176,827			$	4,291,465
Fixed maturity investments available for sale, at fair value	83,442				94,826				108,102				125,292				142,052
Total fixed maturity investments, at fair value	4,748,863				5,184,366				5,057,057				4,302,119				4,433,517
Short term investments, at fair value	821,163				679,356				654,912				1,172,839				905,477
Equity investments trading, at fair value	58,186				57,617				55,381				53,080				50,560
Other investments, at fair value	644,711				752,000				743,568				806,782				748,984
Investments in other ventures, under equity method	87,724				82,212				79,692				76,723				70,714
Total investments	6,360,647				6,755,551				6,590,610				6,411,543				6,209,252
Cash and cash equivalents	325,358				249,123				264,232				260,982				216,984
Premiums receivable	491,365				701,240				971,546				703,932				471,878
Prepaid reinsurance premiums	77,082				189,592				278,242				143,690				58,522
Reinsurance recoverable	192,512				209,490				198,777				279,398				404,029
Accrued investment income	33,478				37,327				35,938				30,782				33,523
Deferred acquisition costs	52,622				83,222				106,027				71,162				43,721
Receivable for investments sold	168,673				344,367				311,658				237,372				117,117
Other assets	218,405				215,008				193,798				205,660				180,992
Goodwill and other intangibles	8,486				8,588				8,690				9,077				8,894
Total assets	$	7,928,628			$	8,793,508			$	8,959,518			$	8,353,598			$	7,744,912
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	1,879,377			$	1,782,680			$	1,801,247			$	1,858,203			$	1,992,354
Unearned premiums	399,517				718,261				964,499				646,733				347,655
Debt	351,775				358,595				354,293				351,999				353,620
Reinsurance balances payable	290,419				356,136				396,669				285,207				256,883
Payable for investments purchased	278,787				576,052				519,619				361,460				303,264
Other liabilities	253,438				206,709				173,433				242,257				211,369
Liabilities of discontinued operations held for sale	—				1,318				1,959				12,539				13,507
Total liabilities	3,453,313				3,999,751				4,211,719				3,758,398				3,478,652
Redeemable noncontrolling interest - DaVinciRe	968,259				950,822				900,878				796,743				657,727
Shareholders' Equity
Preference shares	400,000				550,000				550,000				550,000				550,000
Common shares	45,542				48,228				50,609				51,765				51,543
Additional paid-in capital	—				—				—				379				—
Accumulated other comprehensive income	13,622				14,067				12,531				12,988				11,760
Retained earnings	3,043,901				3,226,661				3,229,870				3,179,433				2,991,890
Total shareholders' equity attributable to RenaissanceRe	3,503,065				3,838,956				3,843,010				3,794,565				3,605,193
Noncontrolling interest	3,991				3,979				3,911				3,892				3,340
Total shareholders' equity	3,507,056				3,842,935				3,846,921				3,798,457				3,608,533
Total liabilities, noncontrolling interests and shareholders' equity	$	7,928,628			$	8,793,508			$	8,959,518			$	8,353,598			$	7,744,912
Book value per common share	$	68.14			$	68.20			$	65.07			$	62.68			$	59.27

12

RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition
	December 31, 2012							September 30, 2012							June 30, 2012							March 31, 2012							December 31, 2011
TYPE OF INVESTMENT
U.S. treasuries	$	1,259,800			19.8	%		$	1,178,345			17.4	%		$	1,126,759			17.1	%		$	1,309,243			20.4	%		$	885,152			14.3	%
Agencies	315,154				5.0	%		426,067				6.3	%		436,691				6.7	%		343,575				5.4	%		158,561				2.6	%
Non-U.S. government (Sovereign debt)	133,198				2.1	%		156,473				2.3	%		177,231				2.7	%		130,899				2.0	%		227,912				3.7	%
FDIC guaranteed corporate	—				—	%		14,105				0.2	%		29,386				0.4	%		103,554				1.6	%		423,630				6.8	%
Non-U.S. government-backed corporate	349,514				5.5	%		371,186				5.5	%		393,875				6.0	%		501,160				7.8	%		641,082				10.3	%
Corporate	1,615,207				25.4	%		1,719,627				25.5	%		1,664,722				25.3	%		1,146,211				17.9	%		1,206,904				19.4	%
Agency mortgage-backed	408,531				6.4	%		580,823				8.6	%		592,355				9.0	%		319,215				5.0	%		441,749				7.1	%
Non-agency mortgage-backed	248,339				3.9	%		224,619				3.3	%		153,674				2.3	%		108,047				1.7	%		104,771				1.7	%
Commercial mortgage-backed	406,166				6.4	%		499,491				7.4	%		470,167				7.1	%		329,343				5.1	%		325,729				5.2	%
Asset-backed	12,954				0.2	%		13,630				0.2	%		12,197				0.2	%		10,872				0.2	%		18,027				0.3	%
Total fixed maturity investments, at fair value	4,748,863				74.7	%		5,184,366				76.7	%		5,057,057				76.8	%		4,302,119				67.1	%		4,433,517				71.4	%
Short term investments, at fair value	821,163				12.9	%		679,356				10.1	%		654,912				9.9	%		1,172,839				18.3	%		905,477				14.6	%
Equity investments trading, at fair value	58,186				0.9	%		57,617				0.9	%		55,381				0.8	%		53,080				0.8	%		50,560				0.8	%
Other investments, at fair value	644,711				10.1	%		752,000				11.1	%		743,568				11.3	%		806,782				12.6	%		748,984				12.1	%
Total managed investment portfolio	6,272,923				98.6	%		6,673,339				98.7	%		6,510,918				98.9	%		6,334,820				98.8	%		6,138,538				98.9	%
Investments in other ventures, under equity method	87,724				1.4	%		82,212				1.2	%		79,692				1.2	%		76,723				1.2	%		70,714				1.1	%
Total investments	$	6,360,647			100.0	%		$	6,755,551			100.0	%		$	6,590,610			100.0	%		$	6,411,543			100.0	%		$	6,209,252			100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	680,892			14.3	%		$	801,827			15.5	%		$	842,146			16.7	%		$	742,577			17.2	%		$	1,023,890			23.1	%
AA	2,429,172				51.2	%		2,690,342				51.9	%		2,626,291				51.9	%		2,459,756				57.2	%		2,244,016				50.6	%
A	844,698				17.8	%		936,264				18.0	%		917,152				18.1	%		574,809				13.4	%		631,479				14.2	%
BBB	322,527				6.8	%		336,207				6.5	%		319,760				6.3	%		272,616				6.3	%		335,002				7.6	%
Non-investment grade and not rated	471,574				9.9	%		419,726				8.1	%		351,708				7.0	%		252,361				5.9	%		199,130				4.5	%
Total fixed maturity investments, at fair value	$	4,748,863			100.0	%		$	5,184,366			100.0	%		$	5,057,057			100.0	%		$	4,302,119			100.0	%		$	4,433,517			100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	433,074			9.1	%		$	417,722			8.0	%		$	405,636			8.0	%		$	386,259			9.0	%		$	619,845			14.0	%
Due after one through five years	2,389,856				50.3	%		2,633,322				50.8	%		2,624,676				52.0	%		2,367,344				55.0	%		2,035,383				45.9	%
Due after five through ten years	711,844				15.0	%		671,408				13.0	%		652,909				12.9	%		646,091				15.0	%		742,050				16.7	%
Due after ten years	138,099				2.9	%		143,351				2.8	%		145,443				2.9	%		134,948				3.1	%		145,963				3.3	%
Mortgage-backed securities	1,063,036				22.4	%		1,304,933				25.2	%		1,216,196				24.0	%		756,605				17.6	%		872,249				19.7	%
Asset-backed securities	12,954				0.3	%		13,630				0.2	%		12,197				0.2	%		10,872				0.3	%		18,027				0.4	%
Total fixed maturity investments, at fair value	$	4,748,863			100.0	%		$	5,184,366			100.0	%		$	5,057,057			100.0	%		$	4,302,119			100.0	%		$	4,433,517			100.0	%
Weighted average effective yield of fixed maturities and short term investments	1.4		%					1.4		%					1.8		%					1.6		%					1.9		%
Average duration of fixed maturities and short term investments	2.2							2.2							2.2							2.3							2.6

13

RenaissanceRe Holdings Ltd.
Summary of Other Investments
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
TYPE OF INVESTMENT
Private equity partnerships	$	344,669			$	359,880			$	360,268			$	389,451			$	367,909
Senior secured bank loan funds	202,929				279,839				269,317				266,141				257,870
Catastrophe bonds	91,310				106,319				106,470				95,827				70,999
Hedge funds	5,803				5,962				6,243				22,310				21,344
Non-U.S. fixed income funds	—				—				—				31,713				28,862
Miscellaneous other investments	—				—				1,270				1,340				2,000
Total other investments, at fair value	$	644,711			$	752,000			$	743,568			$	806,782			$	748,984
TYPE OF INVESTMENT
Private equity partnerships	53.4		%		47.9		%		48.5		%		48.2		%		49.1		%
Senior secured bank loan funds	31.5		%		37.2		%		36.2		%		33.0		%		34.4		%
Catastrophe bonds	14.2		%		14.1		%		14.3		%		11.9		%		9.5		%
Hedge funds	0.9		%		0.8		%		0.8		%		2.8		%		2.8		%
Non-U.S. fixed income funds	—		%		—		%		—		%		3.9		%		3.9		%
Miscellaneous other investments	—		%		—		%		0.2		%		0.2		%		0.3		%
Total other investments, at fair value	100.0		%		100.0		%		100.0		%		100.0		%		100.0		%

14

RenaissanceRe Holdings Ltd.
Investment Income
	Three months ended																				Twelve months ended
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011				December 31, 2012				December 31, 2011
Fixed maturity investments	$	28,922			$	24,785			$	22,436			$	26,333			$	26,084			$	102,476			$	89,858
Short term investments	54				219				234				500				357				1,007				1,666
Equity investments trading	554				181				181				170				174				1,086				471
Other investments
Hedge funds and private equity investments	8,192				10,383				(10,413		)		28,473				21,506				36,635				27,541
Other	5,902				12,737				4,975				14,170				6,458				37,784				8,458
Cash and cash equivalents	51				63				54				26				11				194				163
	43,675				48,368				17,467				69,672				54,590				179,182				128,157
Investment expenses	(3,178		)		(3,204		)		(2,724		)		(2,701		)		(2,259		)		(11,807		)		(10,157		)
Net investment income	40,497				45,164				14,743				66,971				52,331				167,375				118,000
Gross realized gains	22,152				19,891				19,458				36,286				15,312				97,787				79,358
Gross realized losses	(3,650		)		(2,811		)		(3,294		)		(6,950		)		(7,787		)		(16,705		)		(30,659		)
Net realized gains on fixed maturity investments	18,502				17,080				16,164				29,336				7,525				81,082				48,699
Net unrealized (losses) gains on fixed maturity investments trading	(8,454		)		56,942				12,538				14,257				11,441				75,283				19,404
Net unrealized gains on equity investments trading	569				2,236				2,301				2,520				4,954				7,626				2,565
Net realized and unrealized gains on investments	10,617				76,258				31,003				46,113				23,920				163,991				70,668
Total other-than-temporary impairments	—				—				(234		)		(161		)		(132		)		(395		)		(630		)
Portion recognized in other comprehensive income, before taxes	—				—				25				27				29				52				78
Net other-than-temporary impairments	—				—				(209		)		(134		)		(103		)		(343		)		(552		)
Change in net unrealized gains on fixed maturity investments available for sale	(784		)		1,326				(706		)		778				697				614				(7,985		)
Total investment income	$	50,330			$	122,748			$	44,831			$	113,728			$	76,845			$	331,637			$	180,131

15

RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
															Credit Rating (1)
December 31, 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	$	821,163			$	821,163			12.9	%		0.2	%		$	753,883			$	63,737			$	163			$	3,371			$	9			$	—
					100.0		%								91.8		%		7.8		%		—		%		0.4		%		—		%		—		%
Fixed maturity investments
U.S. treasuries	1,256,607				1,259,800				19.8	%		0.4	%		—				1,259,800				—				—				—				—
Agencies
Fannie Mae & Freddie Mac	289,884				292,098				4.6	%		0.6	%		—				292,098				—				—				—				—
Other agencies	22,865				23,056				0.4	%		0.7	%		—				23,056				—				—				—				—
Total agencies	312,749				315,154				5.0	%		0.7	%		—				315,154				—				—				—				—
Non-U.S. government (Sovereign debt)	128,207				133,198				2.1	%		1.9	%		66,653				23,914				6,828				21,767				13,793				243
Non-U.S. government-backed corporate	343,924				349,514				5.5	%		0.7	%		287,288				56,059				6,167				—				—				—
Corporate	1,552,194				1,615,207				25.4	%		2.6	%		25,361				263,541				765,050				280,598				265,045				15,612
Mortgage-backed
Residential mortgage-backed
Agency securities	404,423				408,531				6.4	%		1.3	%		—				408,531				—				—				—				—
Non-agency securities - Prime	124,832				131,819				2.1	%		3.6	%		17,159				7,402				6,247				8,286				92,725				—
Non-agency securities - Alt A	107,485				116,520				1.8	%		5.2	%		5,152				1,951				13,385				11,876				84,156				—
Total residential mortgage-backed	636,740				656,870				10.3	%		2.5	%		22,311				417,884				19,632				20,162				176,881				—
Commercial mortgage-backed	383,176				406,166				6.4	%		1.7	%		266,325				92,820				47,021				—				—				—
Total mortgage-backed	1,019,916				1,063,036				16.7	%		2.2	%		288,636				510,704				66,653				20,162				176,881				—
Asset-backed
Credit cards	4,270				4,623				0.1	%		1.7	%		4,623				—				—				—				—				—
Auto loans	2,119				2,238				—	%		0.9	%		2,238				—				—				—				—				—
Student loans	1,626				1,650				—	%		1.0	%		1,650				—				—				—				—				—
Other	4,195				4,443				0.1	%		2.7	%		4,443				—				—				—				—				—
Total asset-backed	12,210				12,954				0.2	%		1.8	%		12,954				—				—				—				—				—
Total securitized assets	1,032,126				1,075,990				16.9	%		2.2	%		301,590				510,704				66,653				20,162				176,881				—
Total fixed maturity investments	4,625,807				4,748,863				74.7	%		1.6	%		680,892				2,429,172				844,698				322,527				455,719				15,855
					100.0		%								14.3		%		51.2		%		17.8		%		6.8		%		9.6		%		0.3		%
Equity investments trading					58,186				0.9	%					—				—				—				—				—				58,186
					100.0		%								—		%		—		%		—		%		—		%		—		%		100.0		%
Other investments
Private equity partnerships					344,669				5.4	%					—				—				—				—				—				344,669
Senior secured bank loan funds					202,929				3.2	%					—				—				—				—				172,334				30,595
Catastrophe bonds					91,310				1.4	%					—				—				—				—				91,310				—
Hedge funds					5,803				0.1	%					—				—				—				—				—				5,803
Total other investments					644,711				10.1	%					—				—				—				—				263,644				381,067
					100.0		%								—		%		—		%		—		%		—		%		40.9		%		59.1		%
Investments in other ventures					87,724				1.4	%					—				—				—				—				—				87,724
					100.0		%								—		%		—		%		—		%		—		%		—		%		100.0		%
Total investment portfolio					$	6,360,647			100.0	%					$	1,434,775			$	2,492,909			$	844,861			$	325,898			$	719,372			$	542,832
					100.0		%								22.6		%		39.2		%		13.3		%		5.1		%		11.3		%		8.5		%

(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
	December 31, 2012							December 31, 2011							Change
	Fair Value				% of Total Managed Investment Portfolio			Fair Value				% of Total Managed Investment Portfolio			$				%
Short term investments	$	821,163			12.9	%		$	905,477			14.6	%		$	(84,314	)		(1.7	)%
Fixed maturity investments
U.S. treasuries	1,259,800				19.8	%		885,152				14.3	%		374,648				5.5	%
Agencies
Fannie Mae & Freddie Mac	292,098				4.6	%		143,562				2.4	%		148,536				2.2	%
Other agencies	23,056				0.4	%		14,999				0.2	%		8,057				0.2	%
Total agencies	315,154				5.0	%		158,561				2.6	%		156,593				2.4	%
Non-U.S. government (Sovereign debt)	133,198				2.1	%		227,912				3.7	%		(94,714		)		(1.6	)%
FDIC guaranteed corporate	—				—	%		423,630				6.8	%		(423,630		)		(6.8	)%
Non-U.S. government-backed corporate	349,514				5.5	%		641,082				10.3	%		(291,568		)		(4.8	)%
Corporate	1,615,207				25.4	%		1,206,904				19.4	%		408,303				6.0	%
Mortgage-backed
Residential mortgage-backed
Agency securities	408,531				6.4	%		441,749				7.1	%		(33,218		)		(0.7	)%
Non-agency securities - Prime	131,819				2.1	%		68,678				1.1	%		63,141				1.0	%
Non-agency securities - Alt A	116,520				1.8	%		36,093				0.6	%		80,427				1.2	%
Total residential mortgage-backed	656,870				10.3	%		546,520				8.8	%		110,350				1.5	%
Commercial mortgage-backed	406,166				6.4	%		325,729				5.2	%		80,437				1.2	%
Total mortgage-backed	1,063,036				16.7	%		872,249				14.0	%		190,787				2.7	%
Asset-backed
Credit cards	4,623				0.1	%		8,955				0.2	%		(4,332		)		(0.1	)%
Auto loans	2,238				—	%		—				—	%		2,238				—	%
Student loans	1,650				—	%		1,287				—	%		363				—	%
Other	4,443				0.1	%		7,785				0.1	%		(3,342		)		—	%
Total asset-backed	12,954				0.2	%		18,027				0.3	%		(5,073		)		(0.1	)%
Total securitized assets	1,075,990				16.9	%		890,276				14.3	%		185,714				2.6	%
Total fixed maturity investments	4,748,863				74.7	%		4,433,517				71.4	%		315,346				3.3	%
Equity investments trading	58,186				0.9	%		50,560				0.8	%		7,626				0.1	%
Other investments
Private equity partnerships	344,669				5.4	%		367,909				5.9	%		(23,240		)		(0.5	)%
Senior secured bank loan funds	202,929				3.2	%		257,870				4.2	%		(54,941		)		(1.0	)%
Catastrophe bonds	91,310				1.4	%		70,999				1.1	%		20,311				0.3	%
Hedge funds	5,803				0.1	%		21,344				0.3	%		(15,541		)		(0.2	)%
Non-U.S. fixed income funds	—				—	%		28,862				0.5	%		(28,862		)		(0.5	)%
Miscellaneous other investments	—				—	%		2,000				—	%		(2,000		)		—	%
Total other investments	644,711				10.1	%		748,984				12.1	%		(104,273		)		(2.0	)%
Investments in other ventures	87,724				1.4	%		70,714				1.1	%		17,010				0.3	%
Total managed investment portfolio	$	6,360,647			100.0	%		$	6,209,252			100.0	%		$	151,395

17

RenaissanceRe Holdings Ltd.
Fixed Maturity Investments - Corporate Sector
		December 31, 2012
Sector		Total				AAA				AA				A				BBB				Non-Investment Grade				Not Rated
Financials		$	697,161			$	15,908			$	148,549			$	417,084			$	61,095			$	41,534			$	12,991
Industrial, utilities and energy		342,474				6,908				32,997				125,294				103,725				71,852				1,698
Communications and technology		229,444				1,656				13,866				106,747				51,493				55,682				—
Consumer		157,828				—				11,036				54,766				37,648				53,533				845
Health care		110,827				—				52,523				30,802				3,372				24,130				—
Basic materials		60,068				—				—				22,649				21,258				16,083				78
Other		17,405				889				4,570				7,708				2,007				2,231				—
Total corporate fixed maturity investments, at fair value (1)		$	1,615,207			$	25,361			$	263,541			$	765,050			$	280,598			$	265,045			$	15,612
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value
		December 31, 2012
Issuer		Total				Short term investments				Fixed maturity investments
JP Morgan Chase & Co.		$	64,532			$	1,552			$	62,980
General Electric Company		56,039				—				56,039
Bank of America Corp.		53,290				163				53,127
Goldman Sachs Group Inc.		52,126				—				52,126
Citigroup Inc.		47,160				—				47,160
HSBC Holdings PLC		37,872				—				37,872
Morgan Stanley		32,984				—				32,984
AT&T Inc.		27,881				—				27,881
BP PLC		21,920				—				21,920
Wells Fargo & Co.		20,587				—				20,587
Total (2)		$	414,391			$	1,715			$	412,676

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

(2) Excludes 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
December 31, 2012
Catastrophe	$	706,264			$	222,208			$	255,786			$	1,184,258
Specialty	111,234				80,971				286,108				478,313
Total Reinsurance	817,498				303,179				541,894				1,662,571
Lloyd's	29,260				10,548				109,662				149,470
Other	17,016				8,522				41,798				67,336
Total	$	863,774			$	322,249			$	693,354			$	1,879,377
September 30, 2012
Catastrophe	$	703,573			$	229,511			$	168,185			$	1,101,269
Specialty	121,427				88,538				272,481				482,446
Total Reinsurance	825,000				318,049				440,666				1,583,715
Lloyd's	26,631				7,528				92,413				126,572
Other	19,556				8,478				44,359				72,393
Total	$	871,187			$	334,055			$	577,438			$	1,782,680
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
Other	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
Other	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
Other	32,944				3,515				54,874				91,333
Total	$	852,813			$	339,804			$	799,737			$	1,992,354

19

RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis
	Three months ended December 31, 2012												Three months ended December 31, 2011
	Gross				Recoveries				Net				Gross				Recoveries				Net
Reserve for losses and loss expenses, beginning of period	$	1,782,680			$	209,490			$	1,573,190			$	2,226,005			$	434,553			$	1,791,452
Incurred losses and loss expenses
Current year	272,586				49,366				223,220				95,744				57,635				38,109
Prior years	(37,667		)		(1,340		)		(36,327		)		(32,914		)		1,644				(34,558		)
Total incurred losses and loss expenses	234,919				48,026				186,893				62,830				59,279				3,551
Paid losses and loss expenses
Current year	44,757				—				44,757				246,969				55,972				190,997
Prior years	93,465				65,004				28,461				49,512				33,831				15,681
Total paid losses and loss expenses	138,222				65,004				73,218				296,481				89,803				206,678
Reserve for losses and loss expenses, end of period	$	1,879,377			$	192,512			$	1,686,865			$	1,992,354			$	404,029			$	1,588,325
	Twelve months ended December 31, 2012												Twelve months ended December 31, 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	555,410				72,230				483,180				1,415,144				421,976				993,168
Prior years	(151,919		)		6,050				(157,969		)		(144,657		)		(12,668		)		(131,989		)
Total incurred losses and loss expenses	403,491				78,280				325,211				1,270,487				409,308				861,179
Paid losses and loss expenses
Current year	84,089				33				84,056				355,271				55,972				299,299
Prior years	432,379				289,764				142,615				180,705				51,018				129,687
Total paid losses and loss expenses	516,468				289,797				226,671				535,976				106,990				428,986
Reserve for losses and loss expenses, end of period	$	1,879,377			$	192,512			$	1,686,865			$	1,992,354			$	404,029			$	1,588,325

20

RenaissanceRe Holdings Ltd.
Earnings (Loss) per Share
	Three months ended
(common shares in thousands)	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Numerator:
Net income available to RenaissanceRe common shareholders	$	41,655			$	180,660			$	142,270			$	201,429			$	81,771
Amount allocated to participating common shareholders (1)	(640		)		(2,787		)		(2,236		)		(3,404		)		(1,433		)
	$	41,015			$	177,873			$	140,034			$	198,025			$	80,338
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	46,442				48,394				50,278				50,377				50,501
Per common share equivalents of employee stock options and restricted shares	855				725				734				604				359
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	47,297				49,119				51,012				50,981				50,860
Basic income per RenaissanceRe common share	$	0.88			$	3.67			$	2.78			$	3.93			$	1.59
Diluted income per RenaissanceRe common share	$	0.87			$	3.62			$	2.75			$	3.88			$	1.58
	Twelve months ended
(common shares in thousands)	December 31, 2012				December 31, 2011
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	566,014			$	(92,235	)
Amount allocated to participating common shareholders (1)	(8,973		)		(990		)
	$	557,041			$	(93,225	)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	48,873				50,747
Per common share equivalents of employee stock options and restricted shares	730				—
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)	49,603				50,747
Basic income (loss) per RenaissanceRe common share	$	11.40			$	(1.84	)
Diluted income (loss) per RenaissanceRe common share (2)	$	11.23			$	(1.84	)

(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
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Top Layer Re	$	5,972			$	4,970			$	5,113			$	4,737			$	(22,617	)
Tower Hill Companies	174				1,930				1,744				1,117				(348		)
Other	466				(2,590		)		(11		)		(384		)		263
Total equity in earnings (losses) of other ventures	$	6,612			$	4,310			$	6,846			$	5,470			$	(22,702	)
	Twelve months ended
	December 31, 2012				December 31, 2011
Top Layer Re	$	20,792			$	(37,471	)
Tower Hill Companies	4,965				2,923
Other	(2,519		)		(1,985		)
Total equity in earnings (losses) of other ventures	$	23,238			$	(36,533	)
Other Income (Loss)
	Three months ended
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Weather and energy risk management operations	$	8,631			$	172			$	5,875			$	(35,463	)		$	(41,314	)
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(3,255		)		(3,696		)		4,082				(1,779		)		(2,381		)
Other items	405				2,643				1,332				(1,852		)		47
Total other income (loss)	$	5,781			$	(881	)		$	11,289			$	(39,094	)		$	(43,648	)
	Twelve months ended
	December 31, 2012				December 31, 2011
Gain on sale of NBIC	$	—			$	4,836
Mark-to-market on Platinum warrant	—				2,975
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	(4,648		)		37,414
Weather and energy risk management operations	(20,785		)		(45,030		)
Other items	2,528				(880		)
Total other loss	$	(22,905	)		$	(685	)

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		—
Glencoe	A		A		—		—
Top Layer Re	A+		AA		—		—
Renaissance Reinsurance of Europe	A+		AA-		—		—
LLOYD'S SEGMENT
Syndicate 1458	—		—		—		—
Lloyd's Overall Market Rating (2)	A		A+		—		A+
RENAISSANCERE (3)	—		Excellent		—		—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies in the Reinsurance segment 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 segment 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																				Twelve months ended
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011				December 31, 2012				December 31, 2011
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	41,655			$	180,660			$	142,270			$	201,429			$	81,771			$	566,014			$	(92,235	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(10,617		)		(76,258		)		(31,003		)		(46,113		)		(23,920		)		(163,991		)		(70,668		)
Adjustment for net other-than-temporary impairments of continuing operations	—				—				209				134				103				343				552
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	$	31,038			$	104,402			$	111,476			$	155,450			$	57,954			$	402,366			$	(162,393	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	0.87			$	3.62			$	2.75			$	3.88			$	1.58			$	11.23			$	(1.84	)
Adjustment for net realized and unrealized gains on investments of continuing operations	(0.22		)		(1.55		)		(0.61		)		(0.90		)		(0.47		)		(3.31		)		(1.39		)
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	$	0.65			$	2.07			$	2.14			$	2.98			$	1.11			$	7.93			$	(3.22	)
Return on average common equity - annualized	5.2		%		22.0		%		17.5		%		25.6		%		10.8		%		17.7		%		(3.0		)%
Adjustment for net realized and unrealized gains on investments of continuing operations	(1.3		)%		(9.3		)%		(3.8		)%		(5.9		)%		(3.1		)%		(5.1		)%		(2.3		)%
Adjustment for net other-than-temporary impairments of continuing operations	—		%		—		%		—		%		—		%		—		%		—		%		—		%
Operating return on average common equity - annualized	3.9		%		12.7		%		13.7		%		19.7		%		7.7		%		12.6		%		(5.3		)%

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
	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Book value per common share	$	68.14			$	68.20			$	65.07			$	62.68			$	59.27
Adjustment for goodwill and other intangibles (1)	(0.86		)		(0.85		)		(0.83		)		(0.84		)		(0.82		)
Tangible book value per common share	67.28				67.35				64.24				61.84				58.45
Adjustment for accumulated dividends	12.00				11.73				11.46				11.19				10.92
Tangible book value per common share plus accumulated dividends	$	79.28			$	79.08			$	75.70			$	73.03			$	69.37
Quarter change in book value per common share	(0.1		)%		4.8		%		3.8		%		5.8		%		2.4		%
Quarter change in tangible book value per common share plus change in accumulated dividends	0.3		%		5.3		%		4.3		%		6.3		%		3.1		%
Annual change in book value per common share	15.0		%														(5.3		)%
Annual change in tangible book value per common share plus change in accumulated dividends	17.0		%														(1.8		)%

(1) At December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, goodwill and other intangibles included $30.4 million, $32.2 million, $33.3 million, $34.5 million and $33.5 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

25