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

The following tables present condensed consolidating balance sheets at March 31, 2015 and December 31, 2014, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three months ended March 31, 2015 and 2014, and condensed consolidating statements of cash flow for the three months ended March 31, 2015 and 2014. Each of RRNAH, Platinum Finance and RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe. Refer to “Note 7. Debt and Credit Facilities” for information related to the Company’s debt obligations.



Condensed Consolidating Balance Sheet at March 31, 2015	RenaissanceRe Holdings Ltd. (Parent Guarantor)		Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Assets
Total investments	$	92,165	$	—	$	79,313		$	291,674	$	—	$	8,220,901		$	—		$	8,684,053
Cash and cash equivalents	4,885		63,257		329			1,229		451		487,467			—			557,618
Investments in subsidiaries	4,548,612		1,398,517		270,948			611,015		830,466		(2,839,998		)	(4,819,560		)	—
Due from subsidiaries and affiliates	135,592		29,934		25			—		—		(29,934		)	(135,617		)	—
Premiums receivable	—		—		—			—		—		866,418			—			866,418
Prepaid reinsurance premiums	—		—		—			—		—		233,062			—			233,062
Reinsurance recoverable	—		—		—			—		—		82,696			—			82,696
Accrued investment income	—		—		87			—		—		40,496			—			40,583
Deferred acquisition costs	—		—		—			—		—		184,168			(38,115		)	146,053
Receivable for investments sold	12		—		—			—		—		121,518			—			121,530
Other assets	120,981		—		31,813			2,966		120,095		215,240			(217,244		)	273,851
Goodwill and other intangible assets	273,484		—		—			—		—		7,850			—			281,334
Total assets	$	5,175,731	$	1,491,708	$	382,515		$	906,884	$	951,012	$	7,589,884		$	(5,210,536	)	$	11,287,198
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—		$	—	$	—	$	2,760,402		$	21,166		$	2,781,568
Unearned premiums	—		—		—			—		—		983,137			—			983,137
Debt	117,000		—		249,545			250,000		299,400		—			(89,171		)	826,774
Amounts due to subsidiaries and affiliates	179,414		26,107		1,931			75		227		(26,409		)	(181,345		)	—
Reinsurance balances payable	—		—		—			—		—		495,045			—			495,045
Payable for investments purchased	—		—		2			—		—		217,984			—			217,986
Other liabilities	97,028		1,086		(1,097		)	6,343		1,039		214,923			(87,354		)	231,968
Total liabilities	393,442		27,193		250,381			256,418		300,666		4,645,082			(336,704		)	5,536,478
Redeemable noncontrolling interest	—		—		—			—		—		968,431			—			968,431
Shareholders’ Equity
Total shareholders’ equity	4,782,289		1,464,515		132,134			650,466		650,346		1,976,371			(4,873,832		)	4,782,289
Total liabilities, noncontrolling interests and shareholders’ equity	$	5,175,731	$	1,491,708	$	382,515		$	906,884	$	951,012	$	7,589,884		$	(5,210,536	)	$	11,287,198


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


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



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			123,661		(101,458		)	135,845
Goodwill and other intangible assets	—		—			7,902		—			7,902
Total assets	$	3,891,924	$	162,365		$	7,959,060	$	(3,809,799	)	$	8,203,550
Liabilities, Redeemable Noncontrolling Interest 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 interest	—		—			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, redeemable noncontrolling interest 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 Statement of Operations for the three months ended March 31, 2015	RenaissanceRe Holdings Ltd. (Parent Guarantor)			Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	—		$	296,760		$	—		$	296,760
Net investment income (loss)	2,624			—			331			(40		)	36			37,730			(974		)	39,707
Net foreign exchange losses	(10		)	—			—			—			—			(3,120		)	—			(3,130		)
Equity in earnings of other ventures	—			—			—			—			—			5,295			—			5,295
Other income	6,189			166			—			—			—			1,208			(6,024		)	1,539
Net realized and unrealized gains on investments	39			—			406			1			—			41,303			—			41,749
Total revenues	8,842			166			737			(39		)	36			379,176			(6,998		)	381,920
Expenses
Net claims and claim expenses incurred	—			—			—			—			—			77,412			(559		)	76,853
Acquisition expenses	—			—			—			—			—			48,318			(4,917		)	43,401
Operational expenses	(1,178		)	4,987			1,890			1			—			34,515			5,406			45,621
Corporate expenses	16,304			8,182			98			35			7			21,007			(35		)	45,598
Interest expense	295			—			3,617			1,563			216			594			(1,034		)	5,251
Total expenses	15,421			13,169			5,605			1,599			223			181,846			(1,139		)	216,724
(Loss) income before equity in net income of subsidiaries and taxes	(6,579		)	(13,003		)	(4,868		)	(1,638		)	(187		)	197,330			(5,859		)	165,196
Equity in net income (loss) of subsidiaries	183,680			(6,557		)	17,399			(2,146		)	(3,213		)	11,916			(201,079		)	—
Income (loss) before taxes	177,101			(19,560		)	12,531			(3,784		)	(3,400		)	209,246			(206,938		)	165,196
Income tax (expense) benefit	(3,663		)	—			31,005			571			65			19,926			—			47,904
Net income (loss)	173,438			(19,560		)	43,536			(3,213		)	(3,335		)	229,172			(206,938		)	213,100
Net income attributable to noncontrolling interests	—			—			—			—			—			(39,662		)	—			(39,662		)
Net income (loss) attributable to RenaissanceRe	173,438			(19,560		)	43,536			(3,213		)	(3,335		)	189,510			(206,938		)	173,438
Dividends on preference shares	(5,595		)	—			—			—			—			—			—			(5,595		)
Net income (loss) attributable to RenaissanceRe common shareholders	$	167,843		$	(19,560	)	$	43,536		$	(3,213	)	$	(3,335	)	$	189,510		$	(206,938	)	$	167,843


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


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



Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended March 31, 2015	RenaissanceRe Holdings Ltd. (Parent Guarantor)		Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, 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)	$	173,438	$	(19,560	)	$	43,536	$	(3,213	)	$	(3,335	)	$	229,172		$	(206,938	)	$	213,100
Change in net unrealized gains on investments	—		—			—		—			—			(74		)	—			(74		)
Comprehensive income (loss)	173,438		(19,560		)	43,536		(3,213		)	(3,335		)	229,098			(206,938		)	213,026
Net income attributable to noncontrolling interests	—		—			—		—			—			(39,662		)	—			(39,662		)
Comprehensive income attributable to noncontrolling interests	—		—			—		—			—			(39,662		)	—			(39,662		)
Comprehensive income (loss) attributable to RenaissanceRe	$	173,438	$	(19,560	)	$	43,536	$	(3,213	)	$	(3,335	)	$	189,436		$	(206,938	)	$	173,364


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


(2)	Includes Parent Guarantor, Subsidiary 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 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) 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) available (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 Cash Flows for the three months ended March 31, 2015	RenaissanceRe Holdings Ltd. (Parent Guarantor)			Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, 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	$	(32,160	)	$	837	$	(13,573	)	$	(295	)	$	(118,949	)	$	45,535		$	(118,605	)
Cash flows (used in) provided by investing activities
Proceeds from sales and maturities of fixed maturity investments trading	—			—		5,007			45,029			—			2,025,642			2,075,678
Purchases of fixed maturity investments trading	—			—		—			—			—			(1,490,123		)	(1,490,123		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—		—			—			—			1,757			1,757
Net sales of equity investments trading	—			—		13,763			—			—			36,864			50,627
Net sales (purchases) of short term investments	44,839			—		(5,848		)	(45,042		)	—			118,846			112,795
Net purchases of other investments	—			—		—			—			—			(7,952		)	(7,952		)
Net purchases of investments in other ventures	—			—		—			—			—			(126		)	(126		)
Net purchases of other assets	—			—		—			—			—			(2,500		)	(2,500		)
Dividends and return of capital from subsidiaries	641,434			—		—			—			—			(641,434		)	—
Contributions to subsidiaries	148,674			—		(1,753		)	—			(180,000		)	33,079			—
Due to (from) subsidiary	3,306			—		1,700			—			—			(5,006		)	—
Net purchase of Platinum	(904,433		)	62,420		—			1,537			—			162,324			(678,152		)
Net cash (used in) provided by investing activities	(66,180		)	62,420		12,869			1,524			(180,000		)	231,371			62,004
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(13,720		)	—		—			—			—			—			(13,720		)
Dividends paid – preference shares	(5,595		)	—		—			—			—			—			(5,595		)
RenaissanceRe common share repurchases	(446		)	—		—			—			—			—			(446		)
Net issuance (repayment) of debt	117,000			—		—			—			299,400			(118,577		)	297,823
Net third party redeemable noncontrolling interest share transactions	—			—		—			—			—			(180,285		)	(180,285		)
Net cash provided by (used in) financing activities	97,239			—		—			—			299,400			(298,862		)	97,777
Effect of exchange rate changes on foreign currency cash	—			—		—			—			—			(9,142		)	(9,142		)
Net (decrease) increase in cash and cash equivalents	(1,101		)	63,257		(704		)	1,229			451			(31,098		)	32,034
Cash and cash equivalents, beginning of period	5,986			—		1,033			—			—			518,565			525,584
Cash and cash equivalents, end of period	$	4,885		$	63,257	$	329		$	1,229		$	451		$	487,467		$	557,618


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



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 purchases (sales) 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) subsidiaries	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.