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

The following tables present condensed consolidating balance sheets at December 31, 2015 and 2014, condensed consolidating statements of operations, condensed consolidating statements of comprehensive income and condensed consolidating statements of cash flows for the years ended December 31, 2015, 2014 and 2013, respectively. Each of RRNAH, Platinum Finance and RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe. Refer to “Note 10. Debt and Credit Facilities” for information related to the Company’s debt obligations.

In the third quarter of 2015, and in connection with the Company’s acquisition of Platinum, the Company undertook a corporate reorganization of its entities under common control in order to optimize its operations. Under FASB ASC Topic Business Combinations, a reorganization of entities under common control, where the entity is considered a business, is required to be accounted for as a transfer of net assets at book value and reflected retroactively, with retrospective adjustment to prior period financial statements. As such, the comparative information included in “Note 23. Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries” has been reclassified to conform to the current organizational structure from the earliest period presented.

There was no impact to the Company’s consolidated balance sheets, statements of operations, statements of changes in shareholders’ equity and statements of cash flows presented herein.



Condensed Consolidating Balance Sheet at December 31, 2015	RenaissanceRe Holdings Ltd. (Parent 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	$	349,892	$	127,087	$	205,777	$	—	$	8,316,312	$	—		$	8,999,068
Cash and cash equivalents	10,185		5,908		7,103		677		483,012		—			506,885
Investments in subsidiaries	3,902,519		48,754		867,909		1,185,736		—		(6,004,918		)	—
Due from subsidiaries and affiliates	81,282		69,739		—		—		—		(151,021		)	—
Premiums receivable	—		—		—		—		778,009		—			778,009
Prepaid reinsurance premiums	—		—		—		—		230,671		—			230,671
Reinsurance recoverable	—		—		—		—		134,526		—			134,526
Accrued investment income	1,253		169		348		—		37,979		—			39,749
Deferred acquisition costs	—		—		—		—		199,380		—			199,380
Receivable for investments sold	26		1		68,537		—		152,270		—			220,834
Other assets	390,302		29,532		12,852		119,328		125,927		(491,346		)	186,595
Goodwill and other intangible assets	137,064		—		—		—		128,090		—			265,154
Total assets	$	4,872,523	$	281,190	$	1,162,526	$	1,305,741	$	10,586,176	$	(6,647,285	)	$	11,560,871
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	—	$	2,767,045	$	—		$	2,767,045
Unearned premiums	—		—		—		—		889,102		—			889,102
Debt	117,000		—		268,196		549,059		148,824		(117,000		)	966,079
Amounts due to subsidiaries and affiliates	2,641		202		204		68,204		—		(71,251		)	—
Reinsurance balances payable	—		—		—		—		523,974		—			523,974
Payable for investments purchased	999		6		25		—		390,348		—			391,378
Other liabilities	19,699		1,148		6,620		—		222,320		(4,642		)	245,145
Total liabilities	140,339		1,356		275,045		617,263		4,941,613		(192,893		)	5,782,723
Redeemable noncontrolling interest	—		—		—		—		1,045,964		—			1,045,964
Shareholders’ Equity
Total shareholders’ equity	4,732,184		279,834		887,481		688,478		4,598,599		(6,454,392		)	4,732,184
Total liabilities, noncontrolling interests and shareholders’ equity	$	4,872,523	$	281,190	$	1,162,526	$	1,305,741	$	10,586,176	$	(6,647,285	)	$	11,560,871


(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, 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		51,812			—		(3,561,786		)	—
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	$	142,381		$	7,959,060	$	(3,789,815	)	$	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		49,015			—		(55,015		)	—
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		302,550			2,933,841		(56,473		)	3,206,127
Redeemable noncontrolling interest	—		—			1,131,708		—			1,131,708
Shareholders’ Equity
Total shareholders’ equity	3,865,715		(160,169		)	3,893,511		(3,733,342		)	3,865,715
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	3,891,924	$	142,381		$	7,959,060	$	(3,789,815	)	$	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 year ended December 31, 2015	RenaissanceRe Holdings Ltd. (Parent 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	$	—		$	—		$	—		$	—		$	1,400,551		$	—		$	1,400,551
Net investment income	15,391			1,251			4,063			996			144,642			(13,776		)	152,567
Net foreign exchange gains (losses)	4			—			—			—			(3,055		)	—			(3,051		)
Equity in earnings of other ventures	—			—			—			—			20,481			—			20,481
Other income	663			—			—			—			13,472			(663		)	13,472
Net realized and unrealized (losses) gains on investments	(2,080		)	566			(2,600		)	—			(64,804		)	—			(68,918		)
Total revenues	13,978			1,817			1,463			996			1,511,287			(14,439		)	1,515,102
Expenses
Net claims and claim expenses incurred	—			—			—			—			448,238			—			448,238
Acquisition expenses	—			—			—			—			238,592			—			238,592
Operational expenses	4,249			4,561			3			2,503			207,802			(6		)	219,112
Corporate expenses	40,808			312			3			360			35,631			—			77,114
Interest expense	1,255			7,233			4,922			15,819			7,437			(996		)	35,670
Total expenses	46,312			12,106			4,928			18,682			937,700			(1,002		)	1,018,726
(Loss) income before equity in net income of subsidiaries and taxes	(32,334		)	(10,289		)	(3,465		)	(17,686		)	573,587			(13,437		)	496,376
Equity in net income of subsidiaries	463,526			5,493			35,329			72,925			—			(577,273		)	—
Income (loss) before taxes	431,192			(4,796		)	31,864			55,239			573,587			(590,710		)	496,376
Income tax benefit (expense)	—			32,005			1,985			6,190			5,686			—			45,866
Net income	431,192			27,209			33,849			61,429			579,273			(590,710		)	542,242
Net income attributable to noncontrolling interests	—			—			—			—			(111,050		)	—			(111,050		)
Net income attributable to RenaissanceRe	431,192			27,209			33,849			61,429			468,223			(590,710		)	431,192
Dividends on preference shares	(22,381		)	—			—			—			—			—			(22,381		)
Net income attributable to RenaissanceRe common shareholders	$	408,811		$	27,209		$	33,849		$	61,429		$	468,223		$	(590,710	)	$	408,811


(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 for the year ended December 31, 2015	RenaissanceRe Holdings Ltd. (Parent 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
Net income	$	431,192	$	27,209	$	33,849	$	61,429	$	579,273		$	(590,710	)	$	542,242
Change in net unrealized gains on investments	—		—		—		—		(1,308		)	—			(1,308		)
Comprehensive income	431,192		27,209		33,849		61,429		577,965			(590,710		)	540,934
Net income attributable to noncontrolling interests	—		—		—		—		(111,050		)	—			(111,050		)
Comprehensive income attributable to noncontrolling interests	—		—		—		—		(111,050		)	—			(111,050		)
Comprehensive income attributable to RenaissanceRe	$	431,192	$	27,209	$	33,849	$	61,429	$	466,915		$	(590,710	)	$	429,884


(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 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 of subsidiaries	545,839			6,491			—			(552,330		)	—
Income tax benefit (expense)	—			4,064			(4,672		)	—			(608		)
Net income (loss)	532,718			(327		)	709,600			(555,735		)	686,256
Net income attributable to noncontrolling interest	—			—			(153,538		)	—			(153,538		)
Net income (loss) attributable to RenaissanceRe	532,718			(327		)	556,062			(555,735		)	532,718
Dividends on preference shares	(22,381		)	—			—			—			(22,381		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	510,337		$	(327	)	$	556,062		$	(555,735	)	$	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	$	(327	)	$	709,600		$	(555,735	)	$	686,256
Change in net unrealized gains on investments	—		—			(715		)	—			(715		)
Comprehensive income (loss)	532,718		(327		)	708,885			(555,735		)	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) available (attributable) to RenaissanceRe	$	532,718	$	(327	)	$	555,347		$	(555,735	)	$	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			(1,647		)	(818		)	—			(2,359		)
Net realized and unrealized (losses) gains on investments	(483		)	1,196			34,363			—			35,076
Total revenues	3,829			35			1,382,396			(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 earnings of subsidiaries and taxes	(23,207		)	(22,336		)	891,743			(5,162		)	841,038
Equity in net earnings of subsidiaries	713,831			41			—			(713,872		)	—
Income (loss) from continuing operations before taxes	690,624			(22,295		)	891,743			(719,034		)	841,038
Income tax expense	—			(1,558		)	(134		)	—			(1,692		)
Income (loss) from continuing operations	690,624			(23,853		)	891,609			(719,034		)	839,346
Income from discontinued operations	—			—			2,422			—			2,422
Net income (loss)	690,624			(23,853		)	894,031			(719,034		)	841,768
Net income attributable to noncontrolling interest	—			—			(151,144		)	—			(151,144		)
Net income (loss) attributable to RenaissanceRe	690,624			(23,853		)	742,887			(719,034		)	690,624
Dividends on preference shares	(24,948		)	—			—			—			(24,948		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	665,676		$	(23,853	)	$	742,887		$	(719,034	)	$	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	$	(23,853	)	$	894,031		$	(719,034	)	$	841,768
Change in net unrealized gains on investments	—		—			(9,491		)	—			(9,491		)
Comprehensive income (loss)	690,624		(23,853		)	884,540			(719,034		)	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) attributable to RenaissanceRe	$	690,624	$	(23,853	)	$	733,396		$	(719,034	)	$	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 Cash Flows for the year ended December 31, 2015	RenaissanceRe Holdings Ltd. (Parent 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	$	(39,213	)	$	(9,201	)	$	(6,830	)	$	(17,871	)	$	487,852		$	414,737
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	63,824			49,807			45,087			—			9,323,024			9,481,742
Purchases of fixed maturity investments trading	(161,183		)	(59,040		)	—			—			(9,462,845		)	(9,683,068		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			—			—			8,688			8,688
Net sales (purchases) of equity investments trading	—			33,693			(269,244		)	—			87,993			(147,558		)
Net (purchases) sales of short term investments	(116,461		)	(63,305		)	238,177			—			610,705			669,116
Net sales of other investments	—			—			—			—			15,843			15,843
Net purchases of investments in other ventures	—			—			—			—			(10,150		)	(10,150		)
Net sales of other assets	—			—			—			—			4,500			4,500
Dividends and return of capital from subsidiaries	1,584,624			180,000			65,000			87,553			(1,917,177		)	—
Contributions to subsidiaries	(294,733		)	(8,550		)	(66,753		)	(185,000		)	555,036			—
Due to (from) subsidiary	207,996			(118,529		)	129			(183,405		)	93,809			—
Net purchase of Platinum	(904,433		)	—			1,537			—			224,744			(678,152		)
Net cash provided by (used in) investing activities	379,634			14,076			13,933			(280,852		)	(465,830		)	(339,039		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(53,967		)	—			—			—			—			(53,967		)
Dividends paid – preference shares	(22,381		)	—			—			—			—			(22,381		)
RenaissanceRe common share repurchases	(259,874		)	—			—			—			—			(259,874		)
Issuance of debt	—			—			—			299,400			146,189			445,589
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(193,032		)	(193,032		)
Net cash (used in) provided by financing activities	(336,222		)	—			—			299,400			(46,843		)	(83,665		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			(10,732		)	(10,732		)
Net increase (decrease) in cash and cash equivalents	4,199			4,875			7,103			677			(35,553		)	(18,699		)
Cash and cash equivalents, beginning of period	5,986			1,033			—			—			518,565			525,584
Cash and cash equivalents, end of period	$	10,185		$	5,908		$	7,103		$	677		$	483,012		$	506,885


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



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		)	(1,949		)	761,405			—
Due to (from) subsidiaries	6,315			(13,639		)	7,324			—
Net cash provided by (used in) investing activities	579,732			15,120			(453,199		)	141,653
Cash flows (used in) provided by 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) provided by 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 provided by (used in) operating activities	$	(36,508	)	$	(9,025	)	$	841,254		$	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 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			10,302			(514,543		)	—
Contributions to subsidiaries	(500,652		)	(23,821		)	524,473			—
Due (from) to subsidiary	15,988			57,155			(73,143		)	—
Net payments related to sale of discontinued operations	—			—			60,000			60,000
Net cash provided by (used in) investing activities	429,775			(3,681		)	(741,609		)	(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 of 6.08% Series C preference shares	(125,000		)	—			—			(125,000		)
Redemption of 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	—			15,205			(15,205		)	—
Third party investment in noncontrolling interest	—			—			(5,750		)	(5,750		)
Net cash (used in) provided by financing activities	(390,769		)	15,205			(23,391		)	(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 year	6,298			1,528			296,319			304,145
Cash and cash equivalents, end of year	$	8,796		$	4,027		$	395,209		$	408,032


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