CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES

The following tables present condensed consolidating balance sheets at March 31, 2014 and December 31, 2013, condensed consolidating statements of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2014 and 2013, respectively, for RenaissanceRe, RRNAH and RenaissanceRe’s other subsidiaries. RRNAH is a 100% owned subsidiary of RenaissanceRe.

On March 17, 2010, RRNAH issued, and RenaissanceRe guaranteed, $250.0 million of 5.75% Senior Notes due March 15, 2020, with interest on the notes payable on March 15 and September 15. The notes can be redeemed by RRNAH prior to maturity, subject to payment of a “make-whole” premium. The notes, which are senior obligations, contain various covenants, including limitations on mergers and consolidations, restrictions as to the disposition of the stock of designated subsidiaries and limitations on liens of the stock of designated subsidiaries.



Condensed Consolidating Balance Sheet at March 31, 2014	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)		Consolidating Adjustments (2)			RenaissanceRe Consolidated
Assets
Total investments	$	205,769	$	93,972		$	6,223,352	$	—		$	6,523,093
Cash and cash equivalents	3,279		631			323,253		—			327,163
Investments in subsidiaries	3,470,509		74,820			—		(3,545,329		)	—
Due from subsidiaries and affiliates	148,917		—			—		(148,917		)	—
Premiums receivable	—		—			668,788		—			668,788
Prepaid reinsurance premiums	—		—			207,752		—			207,752
Reinsurance recoverable	—		—			98,962		—			98,962
Accrued investment income	201		154			26,996		—			27,351
Deferred acquisition costs	—		—			121,890		—			121,890
Receivable for investments sold	18		—			84,378		—			84,396
Other assets	110,988		1,425			91,897		(100,000		)	104,310
Assets of discontinued operations held for sale	—		—			—		—			—
Total assets	$	3,939,681	$	171,002		$	7,847,268	$	(3,794,246	)	$	8,163,705
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—		$	1,532,883	$	—		$	1,532,883
Unearned premiums	—		—			783,321		—			783,321
Debt	—		249,453			—		—			249,453
Amounts due to subsidiaries and affiliates	156,387		2,202			—		(158,589		)	—
Reinsurance balances payable	—		—			468,644		—			468,644
Payable for investments purchased	—		308			179,211		—			179,519
Other liabilities	21,016		2,665			177,153		(208		)	200,626
Total liabilities	177,403		254,628			3,141,212		(158,797		)	3,414,446
Redeemable noncontrolling interest – DaVinciRe	—		—			986,981		—			986,981
Shareholders’ Equity
Total shareholders’ equity	3,762,278		(83,626		)	3,719,075		(3,635,449		)	3,762,278
Total liabilities, noncontrolling interests and shareholders’ equity	$	3,939,681	$	171,002		$	7,847,268	$	(3,794,246	)	$	8,163,705


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Balance Sheet at December 31, 2013	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)		Consolidating Adjustments (2)			RenaissanceRe Consolidated
Assets
Total investments	$	210,719	$	98,784		$	6,512,209	$	—		$	6,821,712
Cash and cash equivalents	8,796		4,027			395,209		—			408,032
Investments in subsidiaries	3,294,729		74,718			—		(3,369,447		)	—
Due from subsidiaries and affiliates	296,752		—			—		(296,752		)	—
Premiums receivable	—		—			474,087		—			474,087
Prepaid reinsurance premiums	—		—			66,132		—			66,132
Reinsurance recoverable	—		—			101,025		—			101,025
Accrued investment income	—		110			33,955		—			34,065
Deferred acquisition costs	—		—			81,684		—			81,684
Receivable for investments sold	14		—			75,831		—			75,845
Other assets	112,234		1,481			102,834		(100,000		)	116,549
Total assets	$	3,923,244	$	179,120		$	7,842,966	$	(3,766,199	)	$	8,179,131
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—		$	1,563,730	$	—		$	1,563,730
Unearned premiums	—		—			477,888		—			477,888
Debt	—		249,430			—		—			249,430
Amounts due to subsidiaries and affiliates	—		3,173			—		(3,173		)	—
Reinsurance balances payable	—		—			293,022		—			293,022
Payable for investments purchased	—		—			193,221		—			193,221
Other liabilities	18,860		6,953			371,783		—			397,596
Total liabilities	18,860		259,556			2,899,644		(3,173		)	3,174,887
Redeemable noncontrolling interest	—		—			1,099,860		—			1,099,860
Shareholders’ Equity
Total shareholders’ equity	3,904,384		(80,436		)	3,843,462		(3,763,026		)	3,904,384
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	3,923,244	$	179,120		$	7,842,966	$	(3,766,199	)	$	8,179,131


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Operations for the three months ended March 31, 2014	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	286,534		$	—		$	286,534
Net investment income	625			474			38,786			(937		)	38,948
Net foreign exchange gains (losses)	1			—			(1,062		)	—			(1,061		)
Equity in earnings of other ventures	—			—			4,199			—			4,199
Other (loss) income	—			(8		)	70			—			62
Net realized and unrealized (losses) gains on investments	(106		)	377			14,656			—			14,927
Total revenues	520			843			343,183			(937		)	343,609
Expenses
Net claims and claim expenses incurred	—			—			58,915			—			58,915
Acquisition expenses	—			—			33,700			—			33,700
Operational expenses	(880		)	1,894			41,688			(78		)	42,624
Corporate expenses	4,002			59			484			—			4,545
Interest expense	—			3,617			676			—			4,293
Total expenses	3,122			5,570			135,463			(78		)	144,077
(Loss) income before equity in net income (loss) of subsidiaries and taxes	(2,602		)	(4,727		)	207,720			(859		)	199,532
Equity in net income of subsidiaries	159,200			853			—			(160,053		)	—
Income (loss) from continuing operations before taxes	156,598			(3,874		)	207,720			(160,912		)	199,532
Income tax benefit (expense)	—			684			(850		)	—			(166		)
Net income (loss)	156,598			(3,190		)	206,870			(160,912		)	199,366
Net income attributable to noncontrolling interests	—			—			(42,768		)	—			(42,768		)
Net income (loss) attributable to RenaissanceRe	156,598			(3,190		)	164,102			(160,912		)	156,598
Dividends on preference shares	(5,595		)	—			—			—			(5,595		)
Net income (loss) attributable to RenaissanceRe common shareholders	$	151,003		$	(3,190	)	$	164,102		$	(160,912	)	$	151,003


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended March 31, 2014	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	156,598	$	(3,190	)	$	206,870		$	(160,912	)	$	199,366
Change in net unrealized gains on investments	—		—			(168		)	—			(168		)
Comprehensive income (loss)	156,598		(3,190		)	206,702			(160,912		)	199,198
Net income attributable to noncontrolling interests	—		—			(42,768		)	—			(42,768		)
Comprehensive income attributable to noncontrolling interests	—		—			(42,768		)	—			(42,768		)
Comprehensive income (loss) attributable to RenaissanceRe	$	156,598	$	(3,190	)	$	163,934		$	(160,912	)	$	156,430


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Operations for the three months ended March 31, 2013	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	271,255		$	—		$	271,255
Net investment income	1,550			199			42,405			(952		)	43,202
Net foreign exchange (losses) gains	(50		)	—			664			—			614
Equity in earnings of other ventures	—			—			5,835			—			5,835
Other income (loss)	106			—			(1,815		)	—			(1,709		)
Net realized and unrealized (losses) gains on investments	(1,286		)	31			15,524			—			14,269
Total revenues	320			230			333,868			(952		)	333,466
Expenses
Net claims and claim expenses incurred	—			—			27,251			—			27,251
Acquisition expenses	—			—			25,009			—			25,009
Operational expenses	(1,222		)	2,449			44,907			(148		)	45,986
Corporate expenses	3,902			59			521			—			4,482
Interest expense	734			3,617			683			—			5,034
Total expenses	3,414			6,125			98,371			(148		)	107,762
(Loss) income before equity in net income (loss) of subsidiaries and taxes	(3,094		)	(5,895		)	235,497			(804		)	225,704
Equity in net income of subsidiaries	199,843			359			—			(200,202		)	—
Income (loss) from continuing operations before taxes	196,749			(5,536		)	235,497			(201,006		)	225,704
Income tax benefit (expense)	—			308			(430		)	—			(122		)
Income (loss) from continuing operations	196,749			(5,228		)	235,067			(201,006		)	225,582
Income from discontinued operations	—			9,774			—			—			9,774
Net income	196,749			4,546			235,067			(201,006		)	235,356
Net income attributable to noncontrolling interests	—			—			(38,607		)	—			(38,607		)
Net income attributable to RenaissanceRe	196,749			4,546			196,460			(201,006		)	196,749
Dividends on preference shares	(6,275		)	—			—			—			(6,275		)
Net income available to RenaissanceRe common shareholders	$	190,474		$	4,546		$	196,460		$	(201,006	)	$	190,474


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Comprehensive Income for the three months ended March 31, 2013	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Comprehensive income
Net income	$	196,749	$	4,546	$	235,067		$	(201,006	)	$	235,356
Change in net unrealized gains on investments	—		—		(7,572		)	—			(7,572		)
Comprehensive income	196,749		4,546		227,495			(201,006		)	227,784
Net income attributable to noncontrolling interests	—		—		(38,607		)	—			(38,607		)
Comprehensive income attributable to noncontrolling interests	—		—		(38,607		)	—			(38,607		)
Comprehensive income attributable to RenaissanceRe	$	196,749	$	4,546	$	188,888		$	(201,006	)	$	189,177


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2014	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(17,579	)	$	(8,334	)	$	72,552		$	46,639
Cash flows provided by investing activities
Proceeds from sales and maturities of fixed maturity investments trading	—			5,353			1,990,682			1,996,035
Purchases of fixed maturity investments trading	(74,733		)	—			(1,694,263		)	(1,768,996		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			4,090			4,090
Net (sales) purchases of equity investments trading	—			(370		)	91			(279		)
Net sales (purchases) of short term investments	79,551			175			(12,413		)	67,313
Net sales of other investments	—			—			2,116			2,116
Net sales of investments in other ventures	—			—			915			915
Dividends and return of capital from subsidiaries	142,423			2,701			(145,124		)	—
Contributions to subsidiaries	136,421			(1,950		)	(134,471		)	—
Due to (from) subsidiary	8,630			(971		)	(7,659		)	—
Net cash provided by investing activities	292,292			4,938			3,964			301,194
Cash flows used in financing activities
Dividends paid – RenaissanceRe common shares	(11,899		)	—			—			(11,899		)
Dividends paid – preference shares	(5,595		)	—			—			(5,595		)
RenaissanceRe common share repurchases	(262,736		)	—			—			(262,736		)
Net third party redeemable noncontrolling interest share transactions	—			—			(147,943		)	(147,943		)
Net cash used in financing activities	(280,230		)	—			(147,943		)	(428,173		)
Effect of exchange rate changes on foreign currency cash	—			—			(529		)	(529		)
Net decrease in cash and cash equivalents	(5,517		)	(3,396		)	(71,956		)	(80,869		)
Cash and cash equivalents, beginning of period	8,796			4,027			395,209			408,032
Cash and cash equivalents, end of period	$	3,279		$	631		$	323,253		$	327,163


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.



Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2013	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(38,748	)	$	(10,446	)	$	177,696		$	128,502
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	398,658			41,451			1,909,557			2,349,666
Purchases of fixed maturity investments trading	(20,604		)	(27,121		)	(2,027,363		)	(2,075,088		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			37,699			37,699
Net purchases of equity investments trading	—			—			67,073			67,073
Net sales (purchases) of short term investments	27,794			(4,912		)	(215,439		)	(192,557		)
Net sales of other investments	—			—			33,080			33,080
Dividends and return of capital from subsidiaries	32,152			2,126			(34,278		)	—
Contributions to subsidiaries	(184,115		)	(625		)	184,740			—
Due to (from) subsidiaries	11,310			(517		)	(10,793		)	—
Net cash provided by (used in) investing activities	265,195			10,402			(55,724		)	219,873
Cash flows used in financing activities
Dividends paid – RenaissanceRe common shares	(12,329		)	—			—			(12,329		)
Dividends paid – preference shares	(6,275		)	—			—			(6,275		)
RenaissanceRe common share repurchases	(111,299		)	—			—			(111,299		)
Net (repayment) drawdown of debt	(100,000		)	—			2,517			(97,483		)
Third party DaVinciRe share transactions	—			—			(114,154		)	(114,154		)
Net cash used in financing activities	(229,903		)	—			(111,637		)	(341,540		)
Effect of exchange rate changes on foreign currency cash	—			—			3,432			3,432
Net (decrease) increase in cash and cash equivalents	(3,456		)	(44		)	13,767			10,267
Net increase in cash and cash equivalents of discontinued operations	—			—			(24,332		)	(24,332		)
Cash and cash equivalents, beginning of period	6,298			1,528			296,319			304,145
Cash and cash equivalents, end of period	$	2,842		$	1,484		$	285,754		$	290,080


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.