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

The following tables present condensed consolidating balance sheets at December 31, 2014 and 2013, condensed consolidating statements of operations, condensed consolidating statements of comprehensive income and condensed consolidating statements of cash flows for the years ended December 31, 2014, 2013 and 2012, 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 of each year. 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 December 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	$	137,006	$	88,150		$	6,518,594	$	—		$	6,743,750
Cash and cash equivalents	5,986		1,033			518,565		—			525,584
Investments in subsidiaries	3,509,974		71,796			—		(3,581,770		)	—
Due from subsidiaries and affiliates	126,548		23			—		(126,571		)	—
Premiums receivable	—		—			440,007		—			440,007
Prepaid reinsurance premiums	—		—			94,810		—			94,810
Reinsurance recoverable	—		—			66,694		—			66,694
Accrued investment income	—		121			26,388		—			26,509
Deferred acquisition costs	—		—			110,059		—			110,059
Receivable for investments sold	10		—			52,380		—			52,390
Other assets	112,400		1,242			131,563		(101,458		)	143,747
Total assets	$	3,891,924	$	162,365		$	7,959,060	$	(3,809,799	)	$	8,203,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—		$	1,412,510	$	—		$	1,412,510
Unearned premiums	—		—			512,386		—			512,386
Debt	—		249,522			—		—			249,522
Amounts due to subsidiaries and affiliates	6,000		233			—		(6,233		)	—
Reinsurance balances payable	—		—			454,580		—			454,580
Payable for investments purchased	—		—			203,021		—			203,021
Other liabilities	20,209		4,013			351,344		(1,458		)	374,108
Total liabilities	26,209		253,768			2,933,841		(7,691		)	3,206,127
Redeemable noncontrolling interests	—		—			1,131,708		—			1,131,708
Shareholders’ Equity
Total shareholders’ equity	3,865,715		(91,403		)	3,893,511		(3,802,108		)	3,865,715
Total liabilities, noncontrolling interests and shareholders’ equity	$	3,891,924	$	162,365		$	7,959,060	$	(3,809,799	)	$	8,203,550


(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 year ended December 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	$	—		$	—		$	1,062,416		$	—		$	1,062,416
Net investment income	2,706			1,765			123,582			(3,737		)	124,316
Net foreign exchange (losses) gains	(13		)	—			6,273			—			6,260
Equity in earnings of other ventures	—			—			26,075			—			26,075
Other loss	—			(7		)	(416		)	—			(423		)
Net realized and unrealized gains on investments	83			9,069			32,281			—			41,433
Total revenues	2,776			10,827			1,250,211			(3,737		)	1,260,077
Expenses
Net claims and claim expenses incurred	—			—			197,947			—			197,947
Acquisition expenses	—			—			144,476			—			144,476
Operational expenses	(4,890		)	7,004			188,857			(332		)	190,639
Corporate expenses	20,787			238			1,962			—			22,987
Interest expense	—			14,467			2,697			—			17,164
Total expenses	15,897			21,709			535,939			(332		)	573,213
(Loss) income before equity in net income of subsidiaries and taxes	(13,121		)	(10,882		)	714,272			(3,405		)	686,864
Equity in net income (loss) of subsidiaries	545,839			(4,343		)	—			(541,496		)	—
Income (loss) before taxes and noncontrolling interest	532,718			(15,225		)	714,272			(544,901		)	686,864
Income tax benefit (expense)	—			4,064			(4,672		)	—			(608		)
Net income (loss)	532,718			(11,161		)	709,600			(544,901		)	686,256
Net income attributable to noncontrolling interests	—			—			(153,538		)	—			(153,538		)
Net income (loss) attributable to RenaissanceRe	532,718			(11,161		)	556,062			(544,901		)	532,718
Dividends on preference shares	(22,381		)	—			—			—			(22,381		)
Net income (loss) attributable to RenaissanceRe common shareholders	$	510,337		$	(11,161	)	$	556,062		$	(544,901	)	$	510,337


(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 year ended December 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)	$	532,718	$	(11,161	)	$	709,600		$	(544,901	)	$	686,256
Change in net unrealized gains on investments	—		—			(715		)	—			(715		)
Comprehensive income (loss)	532,718		(11,161		)	708,885			(544,901		)	685,541
Net income attributable to noncontrolling interests	—		—			(153,538		)	—			(153,538		)
Comprehensive income attributable to noncontrolling interests	—		—			(153,538		)	—			(153,538		)
Comprehensive income (loss) attributable to RenaissanceRe	$	532,718	$	(11,161	)	$	555,347		$	(544,901	)	$	532,003


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


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



Condensed Consolidating Statement of Operations for the year ended 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
Revenues
Net premiums earned	$	—		$	—		$	1,114,626		$	—		$	1,114,626
Net investment income	4,213			488			209,105			(5,778		)	208,028
Net foreign exchange (losses) gains	(7		)	(2		)	1,926			—			1,917
Equity in earnings of other ventures	—			—			23,194			—			23,194
Other income (loss)	106			125			(2,590		)	—			(2,359		)
Net realized and unrealized (losses) gains on investments	(483		)	1,196			34,363			—			35,076
Total revenues	3,829			1,807			1,380,624			(5,778		)	1,380,482
Expenses
Net claims and claim expenses incurred	—			—			171,287			—			171,287
Acquisition expenses	—			—			125,501			—			125,501
Operational expenses	(4,962		)	7,566			189,117			(616		)	191,105
Corporate expenses	31,264			338			2,020			—			33,622
Interest expense	734			14,467			2,728			—			17,929
Total expenses	27,036			22,371			490,653			(616		)	539,444
Loss (income) before equity in net loss of subsidiaries and taxes	(23,207		)	(20,564		)	889,971			(5,162		)	841,038
Equity in net income of subsidiaries	713,831			2,142			—			(715,973		)	—
Income (loss) from continuing operations before taxes	690,624			(18,422		)	889,971			(721,135		)	841,038
Income tax expense	—			(1,558		)	(134		)	—			(1,692		)
Income (loss) from continuing operations	690,624			(19,980		)	889,837			(721,135		)	839,346
Income from discontinued operations	—			2,422			—			—			2,422
Net income (loss)	690,624			(17,558		)	889,837			(721,135		)	841,768
Net income attributable to noncontrolling interest	—			—			(151,144		)	—			(151,144		)
Net income (loss) attributable to RenaissanceRe	690,624			(17,558		)	738,693			(721,135		)	690,624
Dividends on preference shares	(24,948		)	—			—			—			(24,948		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	665,676		$	(17,558	)	$	738,693		$	(721,135	)	$	665,676


(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 year ended 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
Comprehensive income (loss)
Net income (loss)	$	690,624	$	(17,558	)	$	889,837		$	(721,135	)	$	841,768
Change in net unrealized gains on investments	—		—			(9,491		)	—			(9,491		)
Comprehensive income (loss)	690,624		(17,558		)	880,346			(721,135		)	832,277
Net income attributable to noncontrolling interests	—		—			(151,144		)	—			(151,144		)
Comprehensive income attributable to noncontrolling interests	—		—			(151,144		)	—			(151,144		)
Comprehensive income (loss) available (attributable) to RenaissanceRe	$	690,624	$	(17,558	)	$	729,202		$	(721,135	)	$	681,133


(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 year ended December 31, 2012	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	$	—		$	—		$	1,069,355		$	—		$	1,069,355
Net investment income	14,195			619			150,911			—			165,725
Net foreign exchange gains	33			—			5,286			—			5,319
Equity in earnings of other ventures	—			—			23,238			—			23,238
Other income (loss)	2,822			—			(4,942		)	—			(2,120		)
Net realized and unrealized gains on investments	14,862			1,556			146,703			—			163,121
Net other-than-temporary impairments	—			—			(343		)	—			(343		)
Total revenues	31,912			2,175			1,390,208			—			1,424,295
Expenses
Net claims and claim expenses incurred	—			—			325,211			—			325,211
Acquisition expenses	—			—			113,542			—			113,542
Operational expenses	(5,103		)	7,013			177,241			—			179,151
Corporate expenses	14,282			273			1,901			—			16,456
Interest expense	5,875			14,467			2,755			—			23,097
Total expenses	15,054			21,753			620,650			—			657,457
Income (loss) before equity in net loss of subsidiaries and taxes	16,858			(19,578		)	769,558			—			766,838
Equity in net earnings of subsidiaries	584,051			1,860			—			(585,911		)	—
Income (loss) from continuing operations before taxes	600,909			(17,718		)	769,558			(585,911		)	766,838
Income tax expense	—			(499		)	(914		)	—			(1,413		)
Income (loss) from continuing operations	600,909			(18,217		)	768,644			(585,911		)	765,425
Loss from discontinued operations	—			(16,476		)	—			—			(16,476		)
Net income (loss)	600,909			(34,693		)	768,644			(585,911		)	748,949
Net income attributable to noncontrolling interest	—			—			(148,040		)	—			(148,040		)
Net income (loss) attributable to RenaissanceRe	600,909			(34,693		)	620,604			(585,911		)	600,909
Dividends on preference shares	(34,895		)	—			—			—			(34,895		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	566,014		$	(34,693	)	$	620,604		$	(585,911	)	$	566,014


(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 year ended December 31, 2012	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)	$	600,909	$	(34,693	)	$	768,644		$	(585,911	)	$	748,949
Change in net unrealized gains on investments	—		—			1,914			—			1,914
Portion of other-than-temporary impairments recognized in other comprehensive loss	—		—			(52		)	—			(52		)
Comprehensive income (loss)	600,909		(34,693		)	770,506			(585,911		)	750,811
Net income attributable to noncontrolling interests	—		—			(148,040		)	—			(148,040		)
Comprehensive income attributable to noncontrolling interests	—		—			(148,040		)	—			(148,040		)
Comprehensive income (loss) attributable to RenaissanceRe	$	600,909	$	(34,693	)	$	622,466		$	(585,911	)	$	602,771


(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 year ended December 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 provided by (used in) operating activities
Net cash provided by (used in) operating activities	$	429		$	(18,114	)	$	678,342		$	660,657
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	88,273			20,487			7,573,813			7,682,573
Purchases of fixed maturity investments trading	(88,341		)	(14,969		)	(7,535,868		)	(7,639,178		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			7,088			7,088
Net sales (purchases) of equity investments trading	—			13,761			(33,764		)	(20,003		)
Net sales (purchases) of short term investments	73,717			225			(28,919		)	45,023
Net sales of other investments	—			—			59,120			59,120
Net sales of investments in other ventures	—			—			1,030			1,030
Net sales of other assets	—			—			6,000			6,000
Dividends and return of capital from subsidiaries	1,259,224			11,204			(1,270,428		)	—
Contributions to subsidiaries	(759,456		)	(12,625		)	772,081			—
Due to (from) subsidiary	6,315			(2,963		)	(3,352		)	—
Net cash provided by (used in) investing activities	579,732			15,120			(453,199		)	141,653
Cash flows used in financing activities
Dividends paid – RenaissanceRe common shares	(45,912		)	—			—			(45,912		)
Dividends paid – preference shares	(22,381		)	—			—			(22,381		)
RenaissanceRe common share repurchases	(514,678		)	—			—			(514,678		)
Net third party redeemable noncontrolling interest share transactions	—			—			(111,707		)	(111,707		)
Net cash used in financing activities	(582,971		)	—			(111,707		)	(694,678		)
Effect of exchange rate changes on foreign currency cash	—			—			9,920			9,920
Net (decrease) increase in cash and cash equivalents	(2,810		)	(2,994		)	123,356			117,552
Cash and cash equivalents, beginning of period	8,796			4,027			395,209			408,032
Cash and cash equivalents, end of period	$	5,986		$	1,033		$	518,565		$	525,584


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



Condensed Consolidating Statement of Cash Flows for the year ended 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)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(37,966	)	$	(7,583	)	$	841,270		$	795,721
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	880,749			185,143			7,185,513			8,251,405
Purchases of fixed maturity investments trading	(491,768		)	(160,422		)	(7,814,277		)	(8,466,467		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			45,178			45,178
Net (purchases) sales of equity investments trading	—			(81,437		)	48,382			(33,055		)
Net sales (purchases) of short term investments	21,217			9,399			(277,587		)	(246,971		)
Net sales of other investments	—			—			76,214			76,214
Net purchases of investments in other ventures	—			—			(4,000		)	(4,000		)
Net sales of other assets	—			—			2,181			2,181
Dividends and return of capital from subsidiaries	504,241			83,593			(587,834		)	—
Contributions to subsidiaries	(500,652		)	(38,117		)	538,769			—
Due to (from) subsidiaries	17,446			(3,761		)	(13,685		)	—
Net proceeds related to sale of discontinued operations	—			—			60,000			60,000
Net cash provided by (used in) investing activities	431,233			(5,602		)	(741,146		)	(315,515		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(49,267		)	—			—			(49,267		)
Dividends paid – preference shares	(24,948		)	—			—			(24,948		)
RenaissanceRe common share repurchases	(207,410		)	—			—			(207,410		)
Net repayment of debt	(100,000		)	—			(2,436		)	(102,436		)
Redemption 6.08% Series C preference shares	(125,000		)	—			—			(125,000		)
Redemption 6.60% Series D preference shares	(150,000		)	—			—			(150,000		)
Issuance of 5.375% Series E preference shares, net of expenses	265,856			—			—			265,856
Contribution of capital from parent	—			15,684			(15,684		)	—
Net third party redeemable noncontrolling interest share transactions	—			—			(5,750		)	(5,750		)
Net cash (used in) provided by financing activities	(390,769		)	15,684			(23,870		)	(398,955		)
Effect of exchange rate changes on foreign currency cash	—			—			1,423			1,423
Net increase in cash and cash equivalents	2,498			2,499			77,677			82,674
Net decrease in cash and cash equivalents of discontinued operations	—			—			21,213			21,213
Cash and cash equivalents, beginning of period	6,298			1,528			296,319			304,145
Cash and cash equivalents, end of period	$	8,796		$	4,027		$	395,209		$	408,032


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



Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2012	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 provided by (used in) operating activities
Net cash provided by (used in) operating activities	$	128,567		$	(10,376	)	$	598,738		$	716,929
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	744,211			140,626			7,308,030			8,192,867
Purchases of fixed maturity investments trading	(692,783		)	(73,800		)	(7,769,655		)	(8,536,238		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			65,168			65,168
Net (purchases) sales of short term investments	(80,485		)	(10,624		)	159,886			68,777
Net sales of other investments	—			—			150,828			150,828
Net purchases of other assets	—			—			(4,079		)	(4,079		)
Dividends and return of capital from subsidiaries	979,311			9,541			(988,852		)	—
Contributions to subsidiaries	(366,210		)	(50,000		)	416,210			—
Due (from) to subsidiary	(15,359		)	241			15,118			—
Net payments related to sale of discontinued operations	—			(9,000		)	—			(9,000		)
Net cash provided by (used in) investing activities	568,685			6,984			(647,346		)	(71,677		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(53,356		)	—			—			(53,356		)
Dividends paid – preference shares	(34,895		)	—			—			(34,895		)
RenaissanceRe common share repurchases	(463,309		)	—			—			(463,309		)
Net repayment of debt	—			—			(1,937		)	(1,937		)
Redemption of 6.60% Series D preference shares	(150,000		)	—			—			(150,000		)
Third party DaVinciRe share repurchases	—			—			164,927			164,927
Net cash (used in) provided by financing activities	(701,560		)	—			162,990			(538,570		)
Effect of exchange rate changes on foreign currency cash	—			—			1,692			1,692
Net (decrease) increase in cash and cash equivalents	(4,308		)	(3,392		)	116,074			108,374
Net decrease in cash and cash equivalents of discontinued operations	—			—			13,946			13,946
Cash and cash equivalents, beginning of year	10,606			4,920			166,299			181,825
Cash and cash equivalents, end of year	$	6,298		$	1,528		$	296,319		$	304,145


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