The Company is authorized to issue restricted stock awards, restricted stock units, performance share awards, stock options and other share-based awards to its employees and directors pursuant to various stock incentive compensation plans.

On May 16, 2016, the Company’s shareholders approved the Company’s 2016 Long-Term Incentive Plan (the “2016 Long-Term Incentive Plan”). Pursuant to the 2016 Long-Term Incentive Plan, the Company is authorized to issue up to 1,625,000 common shares plus the number of shares that were subject to awards outstanding under the Company’s 2001 Stock Incentive Plan, as amended (the “2001 Stock Incentive Plan”) and the Company’s 2010 Performance-Based Equity Incentive Plan, as amended (the “2010 Performance Plan”) as of the effective date of the 2016 Long-Term Incentive Plan that are forfeited, canceled, settled in cash, or otherwise terminated without delivery after the effective date. The 2016 Long-Term Incentive Plan permits the grant of restricted stock awards, restricted stock units, performance share awards (including cash-based performance awards), stock options and other share-based awards to employees, officers, non-employee directors and consultants or advisors of the Company and its affiliates.

The 2001 Stock Incentive Plan, which permitted the grant of stock options, restricted stock awards and other share-based awards to employees of RenaissanceRe and its subsidiaries, expired in accordance with its terms on February 6, 2016 and no additional awards may be made under this plan. All awards made under the 2001 Stock Incentive Plan vested no later than March 1, 2020. The terms and conditions of outstanding awards granted under the 2001 Share Incentive Plan and the 2010 Performance Plan were not affected by the respective expiration and termination of these plans.

In 2010, the Company instituted a cash settled restricted stock unit (“CSRSU”) plan, the 2010 Restricted Stock Unit Plan, which allowed for the issuance of equity awards in the form of CSRSUs. In November 2016, the 2010 Restricted Stock Plan was terminated and replaced with a new cash settled restricted stock unit plan, the 2016 Restricted Stock Unit Plan. The terms and conditions of CSRSU awards outstanding

under the 2010 Restricted Stock Unit Plan at the time of termination were not affected, but no additional awards will be made under the 2010 Restricted Stock Unit Plan. All outstanding awards made under the 2010 Restricted Stock Unit Plan vested no later than March 1, 2020. Further, all outstanding awards made under the 2016 Restricted Stock Unit Plan vested no later than March 1, 2021.

Restricted stock awards granted periodically under the 2016 Long-Term Incentive Plan generally vest ratably over a four-year period. The Company has also granted restricted stock awards to non-employee directors, which generally vest ratably over a three-year period.

Performance share awards have been granted periodically to certain of the Company’s executive officers pursuant to the 2016 Long-Term Incentive Plan. Outstanding performance share awards are subject to vesting conditions based on both continued service and the attainment of pre-established performance goals. If performance goals are achieved, the performance share awards will vest up to a maximum of 200% of target. Performance share awards generally cliff vest at the end of a three-year vesting period based on the attainment of annual performance goals over the vesting period.

Performance share awards granted in March 2019 have a performance condition, which is the percentage change in the Company’s tangible book value per common share plus change in accumulated dividends, or, in the event of a change in control, a market condition, which is the Company’s total shareholder return relative to its peer group.

Performance share awards granted in March 2020 and March 2021 have a performance condition, which is the percentage change in the Company’s book value per common share plus change in accumulated dividends over three years and three-year average underwriting expense ratio rank compared to peers, or, in the event of a change in control, a market condition, which is the Company’s total shareholder return relative to its peer group.

The percentage change in tangible book value per share plus change in accumulated dividends, percentage change in book value per share plus change in accumulated dividends, and average underwriting expense ratio rank are calculated in accordance with the terms of the applicable award agreement.

CSRSUs are liability awards with fair value measurement based on the fair market value of the Company’s common shares at the end of each reporting period. CSRSUs granted periodically pursuant to the 2016 Restricted Stock Unit Plan generally vest ratably over 4 years.

For performance share awards granted in March 2019, the performance metric relates to the percentage change in tangible book value per share plus change in accumulated dividends which is classified as a performance condition under FASB ASC Topic Compensation - Stock Compensation. As a result, the fair value of the performance share awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of performance share awards is amortized as an expense over the requisite service period.

For performance share awards granted in March 2020 and March 2021, the performance metrics relates to (i) the percentage change in book value per share plus change in accumulated dividends and (ii) average underwriting expense ratio rank compared to peers, both of which are classified as performance conditions under FASB ASC Topic Compensation - Stock Compensation. As a result, the fair value of the performance

The fair value of restricted stock awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of restricted stock awards is amortized as an expense over the requisite service period. The Company has elected to recognize forfeitures as they occurred rather than estimating service-based forfeitures over the requisite service period.

CSRSUs are revalued at the end of each quarterly reporting period based on the then fair market value of RenaissanceRe’s common shares. The total cost is adjusted each quarter for unvested CSRSUs to reflect the current share price, and this total cost is amortized as an expense over the requisite service period. The Company has elected to recognize forfeitures as they occurred rather than estimating service-based forfeitures over the requisite service period.




						Number of Shares
			Nonvested at December 31, 2018			146,917
			Awards granted			—
			Awards vested			(80,012)
			Awards forfeited			(3,161)
			Nonvested at December 31, 2019			63,744
			Awards granted			—
			Awards vested			(44,734)
			Awards forfeited			(529)
			Nonvested at December 31, 2020			18,481
			Awards granted			—
			Awards vested			(18,481)
			Awards forfeited			—
			Nonvested at December 31, 2021			—




	Number of Shares (1)	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2018	152,451	$	57.21
Awards granted	58,050	146.1
Awards vested	(21,730)	49.9
Awards forfeited	(43,924)	—
Nonvested at December 31, 2019	144,847	$	94.70
Awards granted	65,840	170.40
Awards vested	(48,997)	61.48
Awards forfeited	(9,976)	—
Nonvested at December 31, 2020	151,714	$	140.96
Awards granted	55,876	162.61
Awards vested	(49,792)	130.73
Awards forfeited	(16,730)	—
Nonvested at December 31, 2021	141,068	$	163.98

(1) For performance share awards, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions.



	Employee Restricted Stock Awards			Non-Employee Director Restricted Stock Awards			Total Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2018	447,740	$	130.37	22,534	$	132.29	470,274	$	130.46
Awards granted	242,832	146.92		11,444	147.43		254,276	146.94
Awards vested	(165,245)	124.71		(12,972)	131.88		(178,217)	125.23
Awards forfeited	(14,467)	136.16		—	—		(14,467)	136.16
Nonvested at December 31, 2019	510,860	$	139.91	21,006	$	140.79	531,866	$	139.94
Awards granted	309,892	145.03		9,970	170.40		319,862	145.82
Awards vested	(213,488)	138.35		(10,316)	141.12		(223,804)	138.47
Awards forfeited	(14,517)	140.11		—	—		(14,517)	140.11
Nonvested at December 31, 2020	592,747	$	143.14	20,660	$	155.03	613,407	$	143.54
Awards granted	252,625	167.92		10,452	162.61		263,077	167.71
Awards vested	(207,264)	142.52		(10,511)	147.72		(217,775)	142.77
Awards forfeited	(14,776)	158.97		—	—		(14,776)	158.97
Nonvested at December 31, 2021	623,332	$	153.02	20,601	$	162.60	643,933	$	152.32

The total stock compensation expense recognized in the Company’s consolidated statements of operations during 2021 was $40.0 million (2020 – $43.7 million, 2019 – $41.4 million). As of December 31, 2021, there was $66.7 million of total unrecognized compensation cost related to restricted stock awards and $4.9 million related to performance share awards, which will be recognized on a weighted average basis during the next 1.7 and 1.7 years, respectively.

All of the Company’s employees are eligible for defined contribution pension plans. Contributions are primarily based upon a percentage of eligible compensation. The Company contributed $7.5 million to its defined contribution pension plans in 2021 (2020 – $6.7 million, 2019 – $4.9 million).