RenaissanceRe Holdings Ltd.

Contents

									Page
Basis of Presentation									i
Financial Highlights									1
Summary Consolidated Financial Statements
a.			Consolidated Statements of Operations						3
b.			Consolidated Balance Sheets						4
Underwriting and Reserves
a.			Consolidated Segment Underwriting Results						5
b.			Consolidated and Segment Underwriting Results - Five Quarter Trend						7
c.			Property Segment - Catastrophe and Other Property Underwriting Results						10
d.			Gross Premiums Written						12
e.			Net Premiums Written						13
f.			Net Premiums Earned						14
g.			Reserves for Claims and Claim Expenses						15
h.			Paid to Incurred Analysis						16
Managed Joint Ventures and Fee Income
a.			Fee Income						17
b.			Fee income - Five Quarter Trend						18
c.			Noncontrolling Interests						19
d.			DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations						21
Investments
a.			Total Investment Result						22
b.			Investments Composition						24
c.			Managed Investments - Credit Rating						25
d.			Retained Investments - Credit Rating						26
Other Items
a.			Earnings per Share						27
Comments on Non-GAAP Financial Measures									28

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On November 1, 2023, the Company completed its acquisition (the “Validus Acquisition”) of Validus Holdings, Ltd. (“Validus Holdings”), Validus Specialty, LLC (“Validus Specialty”) and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc.. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.” The operating activities of Validus from the acquisition date, November 1, 2023, through December 31, 2023 are included in the Company's consolidated statements of operations for the three months and year ended December 31, 2023. As such, the results of operations for the three months and year ended December 31, 2023 compared to the three months and year ended December 31, 2022, should be viewed in that context. In addition, the results of operations for three months and year ended December 31, 2023 may not be reflective of the ongoing business of the combined entities. At December 31, 2023, the Company’s consolidated balance sheet reflects the combined entities.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” "adjusted combined ratio," “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for “Comments on Non-GAAP Financial Measures.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.

i

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, and the Validus Acquisition and its impact on the Company’s business, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries;collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; difficulties in integrating Validus; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and Israel and Hamas; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates; the impact of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which the Company operates, including recent changes in Bermuda tax law; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company’s joint ventures and managed fund partners; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

ii

RenaissanceRe Holdings Ltd.
Financial Highlights
			Three months ended												Year ended
			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	1,576,682																							$	448,092					$	2,525,757					$	(1,096,578)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)			$	623,110																							$	322,135					$	1,824,910					$	322,791
Underwriting income
Gross premiums written			$	1,802,041																							$	1,585,276					$	8,862,366					$	9,213,540
Net premiums written			1,587,047																								1,345,616						7,467,813						7,196,160
Underwriting income (loss)			540,970																								316,302						1,647,408						149,852
Net claims and claim expense ratio:
Current accident year			50.5		%																						60.2		%				53.9		%				72.4		%
Prior accident years			(7.0)		%																						(9.5)		%				(6.1)		%				(3.9)		%
Calendar year			43.5		%																						50.7		%				47.8		%				68.5		%
Acquisition expense ratio			26.5		%																						25.4		%				25.1		%				24.8		%
Operating expense ratio			6.0		%																						4.4		%				5.0		%				4.4		%
Combined ratio			76.0		%																						80.5		%				77.9		%				97.7		%
Adjusted combined ratio (1)			73.6		%																						80.6		%				77.1		%				97.5		%
Fee income
Management fee income			$	47,769																							$	25,984					$	176,599					$	108,902
Performance fee income			23,014																								4,363						60,195						9,777
Total fee income			$	70,783																							$	30,347					$	236,794					$	118,679
Investment results - managed
Net investment income			$	376,962																							$	211,237					$	1,253,110					$	559,932
Net realized and unrealized gains (losses) on investments			585,939																								168,139						414,522						(1,800,485)
Total investment result			$	962,901																							$	379,376					$	1,667,632					$	(1,240,553)
Total investment return - annualized			15.2		%																						7.4		%				6.9		%				(5.7)		%
Investment results - retained (1)
Net investment income			$	256,445																							$	143,944					$	830,533					$	391,707
Net realized and unrealized gains (losses) on investments			490,387																								128,966						285,765						(1,484,970)
Total investment result			$	746,832																							$	272,910					$	1,116,298					$	(1,093,263)
Total investment return - annualized			16.5		%																						7.8		%				6.5		%				(7.7)		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

1

Financial Highlights - Per Share Data & ROE
			Three months ended												Year ended
			December 31, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	30.51					$	10.30					$	52.40					$	(25.50)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	30.43					$	10.27					$	52.27					$	(25.50)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)			$	11.77					$	7.33					$	37.54					$	7.47
Average shares outstanding - basic			50,937						42,795						47,493						43,040
Average shares outstanding - diluted			51,072						42,914						47,607						43,040
Return on average common equity - annualized			83.5		%				41.2		%				40.5		%				(22.0)		%
Operating return on average common equity - annualized (1)			33.0		%				29.6		%				29.3		%				6.4		%
			December 31, 2023						December 31, 2022
Book value per common share			$	165.20					$	104.65
Tangible book value per common share (1)			$	141.87					$	97.15
Tangible book value per common share plus accumulated dividends (1)			$	168.39					$	122.15
Year to date change in book value per common share plus change in accumulated dividends			59.3		%				(19.7)		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)			47.6		%				(20.8)		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

2

Summary Consolidated Financial Statements
Consolidated Statements of Operations
			Three months ended												Year ended
			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Revenues
Gross premiums written			$	1,802,041																							$	1,585,276					$	8,862,366					$	9,213,540
Net premiums written			$	1,587,047																							$	1,345,616					$	7,467,813					$	7,196,160
Decrease (increase) in unearned premiums			662,398																								278,544						3,320						(862,171)
Net premiums earned			2,249,445																								1,624,160						7,471,133						6,333,989
Net investment income			376,962																								211,237						1,253,110						559,932
Net foreign exchange gains (losses)			12,398																								10,781						(41,479)						(56,909)
Equity in earnings (losses) of other ventures			15,402																								8,517						43,474						11,249
Other income (loss)			144																								7,686						(6,152)						12,636
Net realized and unrealized gains (losses) on investments			585,939																								168,139						414,522						(1,800,485)
Total revenues			3,240,290																								2,030,520						9,134,608						5,060,412
Expenses
Net claims and claim expenses incurred			979,522																								822,937						3,573,509						4,338,840
Acquisition expenses			594,487																								413,217						1,875,034						1,568,606
Operational expenses			134,466																								71,704						375,182						276,691
Corporate expenses			74,285																								11,537						127,642						46,775
Interest expense			23,201																								12,384						73,181						48,335
Total expenses			1,805,961																								1,331,779						6,024,548						6,279,247
Income (loss) before taxes			1,434,329																								698,741						3,110,060						(1,218,835)
Income tax benefit (expense)			554,206																								(5,408)						510,067						59,019
Net income (loss)			1,988,535																								693,333						3,620,127						(1,159,816)
Net (income) loss attributable to redeemable noncontrolling interests			(403,009)																								(236,397)						(1,058,995)						98,613
Net income (loss) attributable to RenaissanceRe			1,585,526																								456,936						2,561,132						(1,061,203)
Dividends on preference shares			(8,844)																								(8,844)						(35,375)						(35,375)
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	1,576,682																							$	448,092					$	2,525,757					$	(1,096,578)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	30.51																							$	10.30					$	52.40					$	(25.50)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	30.43																							$	10.27					$	52.27					$	(25.50)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)			$	11.77																							$	7.33					$	37.54					$	7.47
Return on average common equity - annualized			83.5		%																						41.2		%				40.5		%				(22.0)		%
Operating return on average common equity - annualized (1)			33.0		%																						29.6		%				29.3		%				6.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
			December 31, 2023												December 31, 2022
Assets
Fixed maturity investments trading, at fair value – amortized cost $20,872,450 at December 31, 2023 (December 31, 2022 – $15,038,551)			$	20,877,108											$	14,351,402
Short term investments, at fair value - amortized cost $4,603,340 at December 31, 2023 (December 31, 2022 - $4,671,581)			4,604,079												4,669,272
Equity investments, at fair value			106,766												625,058
Other investments, at fair value			3,515,566												2,494,954
Investments in other ventures, under equity method			112,624												79,750
Total investments			29,216,143												22,220,436
Cash and cash equivalents			1,877,518												1,194,339
Premiums receivable			7,280,682												5,139,471
Prepaid reinsurance premiums			924,777												1,021,412
Reinsurance recoverable			5,344,286												4,710,925
Accrued investment income			205,713												121,501
Deferred acquisition costs and value of business acquired			1,751,437												1,171,738
Deferred tax asset			685,040												123,153
Receivable for investments sold			622,197												350,526
Other assets			323,960												261,549
Goodwill and other intangibles			775,352												237,828
Total assets			$	49,007,105											$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses			$	20,486,869											$	15,892,573
Unearned premiums			6,136,135												4,559,107
Debt			1,958,655												1,170,442
Reinsurance balances payable			3,186,174												3,928,281
Payable for investments purchased			661,611												493,776
Other liabilities			1,021,872												648,036
Total liabilities			33,451,316												26,692,215
Redeemable noncontrolling interests			6,100,831												4,535,389
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2023 (December 31, 2022 – 30,000)			750,000												750,000
Common shares: $1.00 par value – 52,693,887 shares issued and outstanding at December 31, 2023 (December 31, 2022 – 43,717,836)			52,694												43,718
Additional paid-in capital			2,144,459												475,647
Accumulated other comprehensive loss			(14,211)												(15,462)
Retained earnings			6,522,016												4,071,371
Total shareholders' equity attributable to RenaissanceRe			9,454,958												5,325,274
Total liabilities, noncontrolling interests and shareholders' equity			$	49,007,105											$	36,552,878
Book value per common share			$	165.20											$	104.65

4

Underwriting and Reserves
Consolidated Segment Underwriting Results
			Three months ended December 31, 2023																		Three months ended December 31, 2022
			Property						Casualty and Specialty												Total						Property						Casualty and Specialty												Total
Gross premiums written			$	344,597					$	1,457,444											$	1,802,041					$	372,082					$	1,213,194											$	1,585,276
Net premiums written			$	357,953					$	1,229,094											$	1,587,047					$	372,998					$	972,618											$	1,345,616
Net premiums earned			$	884,321					$	1,365,124											$	2,249,445					$	688,238					$	935,922											$	1,624,160
Net claims and claim expenses incurred			123,942						855,580												979,522						240,503						582,434												822,937
Acquisition expenses			170,854						423,633												594,487						140,872						272,345												413,217
Operational expenses			85,919						48,547												134,466						49,638						22,066												71,704
Underwriting income (loss)			$	503,606					$	37,364											$	540,970					$	257,225					$	59,077											$	316,302
Net claims and claim expenses incurred:
Current accident year			$	275,638					$	859,694											$	1,135,332					$	370,175					$	607,648											$	977,823
Prior accident years			(151,696)						(4,114)												(155,810)						(129,672)						(25,214)												(154,886)
Total			$	123,942					$	855,580											$	979,522					$	240,503					$	582,434											$	822,937
Net claims and claim expense ratio:
Current accident year			31.2		%				63.0		%										50.5		%				53.8		%				64.9		%										60.2		%
Prior accident years			(17.2)		%				(0.3)		%										(7.0)		%				(18.9)		%				(2.7)		%										(9.5)		%
Calendar year			14.0		%				62.7		%										43.5		%				34.9		%				62.2		%										50.7		%
Acquisition expense ratio			19.4		%				31.0		%										26.5		%				20.5		%				29.1		%										25.4		%
Operating expense ratio			9.7		%				3.6		%										6.0		%				7.2		%				2.4		%										4.4		%
Combined ratio			43.1		%				97.3		%										76.0		%				62.6		%				93.7		%										80.5		%
Adjusted combined ratio (1)			41.7		%				94.3		%										73.6		%				62.2		%				94.0		%										80.6		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves
Consolidated Segment Underwriting Results
			Year ended December 31, 2023																		Year ended December 31, 2022
			Property						Casualty and Specialty												Total						Property						Casualty and Specialty												Total
Gross premiums written			$	3,562,414					$	5,299,952											$	8,862,366					$	3,734,241					$	5,479,299											$	9,213,540
Net premiums written			$	2,967,309					$	4,500,504											$	7,467,813					$	2,847,659					$	4,348,501											$	7,196,160
Net premiums earned			$	3,090,792					$	4,380,341											$	7,471,133					$	2,770,227					$	3,563,762											$	6,333,989
Net claims and claim expenses incurred			799,905						2,773,604												3,573,509						2,044,771						2,294,069												4,338,840
Acquisition expenses			600,127						1,274,907												1,875,034						547,210						1,021,396												1,568,606
Operational expenses			251,433						123,749												375,182						194,355						82,336												276,691
Underwriting income (loss)			$	1,439,327					$	208,081											$	1,647,408					$	(16,109)					$	165,961											$	149,852
Net claims and claim expenses incurred:
Current accident year			$	1,208,810					$	2,815,306											$	4,024,116					$	2,250,512					$	2,335,910											$	4,586,422
Prior accident years			(408,905)						(41,702)												(450,607)						(205,741)						(41,841)												(247,582)
Total			$	799,905					$	2,773,604											$	3,573,509					$	2,044,771					$	2,294,069											$	4,338,840
Net claims and claim expense ratio:
Current accident year			39.1		%				64.3		%										53.9		%				81.2		%				65.5		%										72.4		%
Prior accident years			(13.2)		%				(1.0)		%										(6.1)		%				(7.4)		%				(1.1)		%										(3.9)		%
Calendar year			25.9		%				63.3		%										47.8		%				73.8		%				64.4		%										68.5		%
Acquisition expense ratio			19.4		%				29.1		%										25.1		%				19.8		%				28.6		%										24.8		%
Operating expense ratio			8.1		%				2.8		%										5.0		%				7.0		%				2.3		%										4.4		%
Combined ratio			53.4		%				95.2		%										77.9		%				100.6		%				95.3		%										97.7		%
Adjusted combined ratio (1)			52.9		%				94.2		%										77.1		%				100.4		%				95.3		%										97.5		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

6

Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
			Total
			December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
Gross premiums written			$	1,802,041					$	1,618,443					$	2,651,621					$	2,790,261					$	1,585,276
Net premiums written			$	1,587,047					$	1,421,260					$	2,195,803					$	2,263,703					$	1,345,616
Net premiums earned			$	2,249,445					$	1,755,876					$	1,785,262					$	1,680,550					$	1,624,160
Net claims and claim expenses incurred			979,522						861,576						931,211						801,200						822,937
Acquisition expenses			594,487						425,745						422,545						432,257						413,217
Operational expenses			134,466						82,751						80,491						77,474						71,704
Underwriting income (loss)			$	540,970					$	385,804					$	351,015					$	369,619					$	316,302
Net claims and claim expenses incurred:
Current accident year			$	1,135,332					$	1,019,523					$	963,309					$	905,952					$	977,823
Prior accident years			(155,810)						(157,947)						(32,098)						(104,752)						(154,886)
Total			$	979,522					$	861,576					$	931,211					$	801,200					$	822,937
Net claims and claim expense ratio:
Current accident year			50.5		%				58.1		%				54.0		%				53.9		%				60.2		%
Prior accident years			(7.0)		%				(9.0)		%				(1.8)		%				(6.2)		%				(9.5)		%
Calendar year			43.5		%				49.1		%				52.2		%				47.7		%				50.7		%
Acquisition expense ratio			26.5		%				24.2		%				23.6		%				25.7		%				25.4		%
Operating expense ratio			6.0		%				4.7		%				4.5		%				4.6		%				4.4		%
Combined ratio			76.0		%				78.0		%				80.3		%				78.0		%				80.5		%

7

Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
			Property
			December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
Gross premiums written			$	344,597					$	511,012					$	1,402,606					$	1,304,199					$	372,082
Net premiums written			$	357,953					$	444,872					$	1,144,655					$	1,019,829					$	372,998
Net premiums earned			$	884,321					$	760,365					$	758,686					$	687,420					$	688,238
Net claims and claim expenses incurred			123,942						206,361						281,993						187,609						240,503
Acquisition expenses			170,854						143,348						140,606						145,319						140,872
Operational expenses			85,919						54,624						55,077						55,813						49,638
Underwriting income (loss)			$	503,606					$	356,032					$	281,010					$	298,679					$	257,225
Net claims and claim expenses incurred:
Current accident year			$	275,638					$	350,238					$	313,632					$	269,302					$	370,175
Prior accident years			(151,696)						(143,877)						(31,639)						(81,693)						(129,672)
Total			$	123,942					$	206,361					$	281,993					$	187,609					$	240,503
Net claims and claim expense ratio:
Current accident year			31.2		%				46.1		%				41.3		%				39.2		%				53.8		%
Prior accident years			(17.2)		%				(19.0)		%				(4.1)		%				(11.9)		%				(18.9)		%
Calendar year			14.0		%				27.1		%				37.2		%				27.3		%				34.9		%
Acquisition expense ratio			19.4		%				18.9		%				18.5		%				21.2		%				20.5		%
Operating expense ratio			9.7		%				7.2		%				7.3		%				8.1		%				7.2		%
Combined ratio			43.1		%				53.2		%				63.0		%				56.6		%				62.6		%

8

Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
			Casualty and Specialty
			December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
Gross premiums written			$	1,457,444					$	1,107,431					$	1,249,015					$	1,486,062					$	1,213,194
Net premiums written			$	1,229,094					$	976,388					$	1,051,148					$	1,243,874					$	972,618
Net premiums earned			$	1,365,124					$	995,511					$	1,026,576					$	993,130					$	935,922
Net claims and claim expenses incurred			855,580						655,215						649,218						613,591						582,434
Acquisition expenses			423,633						282,397						281,939						286,938						272,345
Operational expenses			48,547						28,127						25,414						21,661						22,066
Underwriting income (loss)			$	37,364					$	29,772					$	70,005					$	70,940					$	59,077
Net claims and claim expenses incurred:
Current accident year			$	859,694					$	669,285					$	649,677					$	636,650					$	607,648
Prior accident years			(4,114)						(14,070)						(459)						(23,059)						(25,214)
Total			$	855,580					$	655,215					$	649,218					$	613,591					$	582,434
Net claims and claim expense ratio:
Current accident year			63.0		%				67.2		%				63.3		%				64.1		%				64.9		%
Prior accident years			(0.3)		%				(1.4)		%				(0.1)		%				(2.3)		%				(2.7)		%
Calendar year			62.7		%				65.8		%				63.2		%				61.8		%				62.2		%
Acquisition expense ratio			31.0		%				28.4		%				27.5		%				28.9		%				29.1		%
Operating expense ratio			3.6		%				2.8		%				2.5		%				2.2		%				2.4		%
Combined ratio			97.3		%				97.0		%				93.2		%				92.9		%				93.7		%

9

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
			Three months ended December 31, 2023																		Three months ended December 31, 2022
			Catastrophe						Other Property						Total						Catastrophe						Other Property						Total
Gross premiums written			$	55,068					$	289,529					$	344,597					$	(4,019)					$	376,101					$	372,082
Net premiums written			$	58,451					$	299,502					$	357,953					$	(3,158)					$	376,156					$	372,998
Net premiums earned			$	525,028					$	359,293					$	884,321					$	295,362					$	392,876					$	688,238
Net claims and claim expenses incurred			(49,500)						173,442						123,942						(4,334)						244,837						240,503
Acquisition expenses			72,605						98,249						170,854						38,944						101,928						140,872
Operational expenses			70,463						15,456						85,919						39,694						9,944						49,638
Underwriting income (loss)			$	431,460					$	72,146					$	503,606					$	221,058					$	36,167					$	257,225
Net claims and claim expenses incurred:
Current accident year			$	87,008					$	188,630					$	275,638					$	122,759					$	247,416					$	370,175
Prior accident years			(136,508)						(15,188)						(151,696)						(127,093)						(2,579)						(129,672)
Total			$	(49,500)					$	173,442					$	123,942					$	(4,334)					$	244,837					$	240,503
Net claims and claim expense ratio:
Current accident year			16.6		%				52.5		%				31.2		%				41.6		%				63.0		%				53.8		%
Prior accident years			(26.0)		%				(4.2)		%				(17.2)		%				(43.1)		%				(0.7)		%				(18.9)		%
Calendar year			(9.4)		%				48.3		%				14.0		%				(1.5)		%				62.3		%				34.9		%
Acquisition expense ratio			13.8		%				27.3		%				19.4		%				13.3		%				26.0		%				20.5		%
Operating expense ratio			13.4		%				4.3		%				9.7		%				13.4		%				2.5		%				7.2		%
Combined ratio			17.8		%				79.9		%				43.1		%				25.2		%				90.8		%				62.6		%
Adjusted combined ratio (1)			15.8		%				79.4		%				41.7		%				24.2		%				90.8		%				62.2		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

10

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
			Year ended December 31, 2023																		Year ended December 31, 2022
			Catastrophe						Other Property						Total						Catastrophe						Other Property						Total
Gross premiums written			$	2,146,323					$	1,416,091					$	3,562,414					$	2,076,752					$	1,657,489					$	3,734,241
Net premiums written			$	1,742,357					$	1,224,952					$	2,967,309					$	1,421,398					$	1,426,261					$	2,847,659
Net premiums earned			$	1,709,252					$	1,381,540					$	3,090,792					$	1,360,878					$	1,409,349					$	2,770,227
Net claims and claim expenses incurred			89,257						710,648						799,905						895,801						1,148,970						2,044,771
Acquisition expenses			216,071						384,056						600,127						149,052						398,158						547,210
Operational expenses			204,767						46,666						251,433						157,306						37,049						194,355
Underwriting income (loss)			$	1,199,157					$	240,170					$	1,439,327					$	158,719					$	(174,828)					$	(16,109)
Net claims and claim expenses incurred:
Current accident year			$	410,180					$	798,630					$	1,208,810					$	1,119,989					$	1,130,523					$	2,250,512
Prior accident years			(320,923)						(87,982)						(408,905)						(224,188)						18,447						(205,741)
Total			$	89,257					$	710,648					$	799,905					$	895,801					$	1,148,970					$	2,044,771
Net claims and claim expense ratio:
Current accident year			24.0		%				57.8		%				39.1		%				82.3		%				80.2		%				81.2		%
Prior accident years			(18.8)		%				(6.4)		%				(13.2)		%				(16.5)		%				1.3		%				(7.4)		%
Calendar year			5.2		%				51.4		%				25.9		%				65.8		%				81.5		%				73.8		%
Acquisition expense ratio			12.6		%				27.8		%				19.4		%				10.9		%				28.3		%				19.8		%
Operating expense ratio			12.0		%				3.4		%				8.1		%				11.6		%				2.6		%				7.0		%
Combined ratio			29.8		%				82.6		%				53.4		%				88.3		%				112.4		%				100.6		%
Adjusted combined ratio (1)			29.1		%				82.4		%				52.9		%				87.9		%				112.4		%				100.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

11

Underwriting and Reserves
Gross Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change						Year ended												Y/Y $ Change						Y/Y % Change
			December 31, 2023						December 31, 2022																		December 31, 2023						December 31, 2022
Property Segment
Catastrophe			$	28,322					$	10,993					$	17,329					157.6		%				$	2,124,852					$	1,840,502					$	284,350					15.4		%
Catastrophe - gross reinstatement premiums			26,746						(15,012)						41,758						(278.2)		%				21,471						236,250						(214,779)						(90.9)		%
Total catastrophe gross premiums written			55,068						(4,019)						59,087						(1470.2)		%				2,146,323						2,076,752						69,571						3.3		%
Other property			295,344						366,796						(71,452)						(19.5)		%				1,420,842						1,641,246						(220,404)						(13.4)		%
Other property - gross reinstatement premiums			(5,815)						9,305						(15,120)						(162.5)		%				(4,751)						16,243						(20,994)						(129.2)		%
Total other property gross premiums written			289,529						376,101						(86,572)						(23.0)		%				1,416,091						1,657,489						(241,398)						(14.6)		%
Property segment gross premiums written			$	344,597					$	372,082					$	(27,485)					(7.4)		%				$	3,562,414					$	3,734,241					$	(171,827)					(4.6)		%
Casualty and Specialty Segment
General casualty (1)			$	535,311					$	359,901					$	175,410					48.7		%				$	1,730,102					$	1,560,594					$	169,508					10.9		%
Professional liability (2)			240,597						349,925						(109,328)						(31.2)		%				1,212,393						1,728,570						(516,177)						(29.9)		%
Credit (3)			206,476						217,736						(11,260)						(5.2)		%				769,321						1,062,183						(292,862)						(27.6)		%
Other specialty (4)			475,060						285,632						189,428						66.3		%				1,588,136						1,127,952						460,184						40.8		%
Casualty and Specialty segment gross premiums written			$	1,457,444					$	1,213,194					$	244,250					20.1		%				$	5,299,952					$	5,479,299					$	(179,347)					(3.3)		%

(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

12

Underwriting and Reserves
Net Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change						Year ended												Y/Y $ Change						Y/Y % Change
			December 31, 2023						December 31, 2022																		December 31, 2023						December 31, 2022
Property Segment
Catastrophe			$	27,990					$	10,115					$	17,875					176.7		%				$	1,710,326					$	1,209,072					$	501,254					41.5		%
Catastrophe - net reinstatement premiums			30,461						(13,273)						43,734						(329.5)		%				32,031						212,326						(180,295)						(84.9)		%
Total catastrophe net premiums written			58,451						(3,158)						61,609						(1950.9)		%				1,742,357						1,421,398						320,959						22.6		%
Other property			303,037						366,604						(63,567)						(17.3)		%				1,220,807						1,442,166						(221,359)						(15.3)		%
Other property - net reinstatement premiums			(3,535)						9,552						(13,087)						(137.0)		%				4,145						(15,905)						20,050						(126.1)		%
Total other property net premiums written			299,502						376,156						(76,654)						(20.4)		%				1,224,952						1,426,261						(201,309)						(14.1)		%
Property segment net premiums written			$	357,953					$	372,998					$	(15,045)					(4.0)		%				$	2,967,309					$	2,847,659					$	119,650					4.2		%
Casualty and Specialty Segment
General casualty (1)			$	505,411					$	301,799					$	203,612					67.5		%				$	1,588,596					$	1,304,156					$	284,440					21.8		%
Professional liability (2)			215,486						276,390						(60,904)						(22.0)		%				1,045,262						1,362,595						(317,333)						(23.3)		%
Credit (3)			80,817						150,942						(70,125)						(46.5)		%				484,782						744,257						(259,475)						(34.9)		%
Other specialty (4)			427,380						243,487						183,893						75.5		%				1,381,864						937,493						444,371						47.4		%
Casualty and Specialty segment net premiums written			$	1,229,094					$	972,618					$	256,476					26.4		%				$	4,500,504					4,348,501						$	152,003					3.5		%

(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

13

Underwriting and Reserves
Net Premiums Earned
			Three months ended												Q/Q $ Change						Q/Q % Change						Year ended												Y/Y $ Change						Y/Y % Change
			December 31, 2023						December 31, 2022																		December 31, 2023						December 31, 2022
Property Segment
Catastrophe			$	494,567					$	308,635					$	185,932					60.2		%				$	1,677,221					$	1,148,552					$	528,669					46.0		%
Catastrophe - net reinstatement premiums			30,461						(13,273)						43,734						(329.5)		%				32,031						212,326						(180,295)						(84.9)		%
Total catastrophe net premiums earned			525,028						295,362						229,666						77.8		%				1,709,252						1,360,878						348,374						25.6		%
Other property			362,828						383,324						(20,496)						(5.3)		%				1,377,395						1,425,254						(47,859)						(3.4)		%
Other property - net reinstatement premiums			(3,535)						9,552						(13,087)						(137.0)		%				4,145						(15,905)						20,050						(126.1)		%
Total other property net premiums earned			359,293						392,876						(33,583)						(8.5)		%				1,381,540						1,409,349						(27,809)						(2.0)		%
Property segment net premiums earned			$	884,321					$	688,238					$	196,083					28.5		%				$	3,090,792					$	2,770,227					$	320,565					11.6		%
Casualty and Specialty Segment
General casualty (1)			$	496,681					$	319,592					$	177,089					55.4		%				$	1,510,179					$	1,210,937					$	299,242					24.7		%
Professional liability (2)			266,674						275,650						(8,976)						(3.3)		%				1,107,941						1,142,943						(35,002)						(3.1)		%
Credit (3)			168,029						111,982						56,047						50.1		%				532,646						395,312						137,334						34.7		%
Other specialty (4)			433,740						228,698						205,042						89.7		%				1,229,575						814,570						415,005						50.9		%
Casualty and Specialty segment net premiums earned			$	1,365,124					$	935,922					$	429,202					45.9		%				$	4,380,341					$	3,563,762					$	816,579					22.9		%

(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

14

Underwriting and Reserves
Reserves for Claims and Claim Expenses
			Case Reserves						Additional Case Reserves						IBNR						Total
December 31, 2023
Property			$	2,461,580					$	1,459,010					$	3,913,030					$	7,833,620
Casualty and Specialty			2,801,016						203,560						9,648,673						12,653,249
Total (1)			$	5,262,596					$	1,662,570					$	13,561,703					$	20,486,869
December 31, 2022
Property			$	1,956,688					$	2,008,891					$	3,570,253					$	7,535,832
Casualty and Specialty			1,864,365						167,993						6,324,383						8,356,741
Total			$	3,821,053					$	2,176,884					$	9,894,636					$	15,892,573

(1)Included in the Company’s reserves for claims and claim expenses balance at December 31, 2023 is $4.5 billion of gross reserves for claims and claim expenses, at fair value, acquired as a result of the Validus acquisition.

15

Underwriting and Reserves
Paid to Incurred Analysis
			Three months ended December 31, 2023																		Three months ended December 31, 2022
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for claims and claim expenses, beginning of period			$	15,955,165					$	4,253,259					$	11,701,906					$	15,662,955					$	4,969,244					$	10,693,711
Incurred claims and claim expenses
Current year			1,298,905						163,573						1,135,332						1,184,438						206,615						977,823
Prior years			(191,772)						(35,962)						(155,810)						(246,611)						(91,725)						(154,886)
Total incurred claims and claim expenses			1,107,133						127,611						979,522						937,827						114,890						822,937
Paid claims and claim expenses
Current year			202,466						18,828						183,638						299,294						294,667						4,627
Prior years			961,761						211,576						750,185						584,126						114,832						469,294
Total paid claims and claim expenses			1,164,227						230,404						933,823						883,420						409,499						473,921
Foreign exchange (1)			133,578						58,802						74,776						175,211						36,290						138,921
Amounts acquired (2)			4,455,220						1,135,018						3,320,202						—						—						—
Reserve for claims and claim expenses, end of period			$	20,486,869					$	5,344,286					$	15,142,583					$	15,892,573					$	4,710,925					$	11,181,648
			Year ended December 31, 2023																		Year ended December 31, 2022
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for claims and claim expenses, beginning of period			$	15,892,573					$	4,710,925					$	11,181,648					$	13,294,630					$	4,268,669					$	9,025,961
Incurred claims and claim expenses
Current year			4,633,626						609,510						4,024,116						6,283,930						1,697,508						4,586,422
Prior years			(683,264)						(232,657)						(450,607)						(432,790)						(185,208)						(247,582)
Total incurred claims and claim expenses			3,950,362						376,853						3,573,509						5,851,140						1,512,300						4,338,840
Paid claims and claim expenses
Current year			412,404						47,611						364,793						417,906						312,021						105,885
Prior years			3,532,307						901,422						2,630,885						2,661,710						737,439						1,924,271
Total paid claims and claim expenses			3,944,711						949,033						2,995,678						3,079,616						1,049,460						2,030,156
Foreign exchange (1)			133,425						70,523						62,902						(173,581)						(20,584)						(152,997)
Amounts acquired (2)			4,455,220						1,135,018						3,320,202						—						—						—
Reserve for claims and claim expenses, end of period			$	20,486,869					$	5,344,286					$	15,142,583					$	15,892,573					$	4,710,925					$	11,181,648

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

(2)    Represents the fair value of Validus’ reserves for claims and claim expenses, net of reinsurance recoverables, acquired on November 1, 2023.

16

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. (“DaVinci”), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. (“Vermeer”), Fontana Holdings L.P. and its subsidiaries (“Fontana”), and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. (“Medici”), as well as fee income earned by AlphaCat Managers Ltd. ("AlphaCat Managers"). Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.

			Three months ended																					Year ended
			December 31, 2023																								December 31, 2022																					December 31, 2023						December 31, 2022
Management fee income
Joint ventures			$	32,700																							$	13,377																				$	122,474					$	56,746
Structured reinsurance products and other			7,078																								6,342																					27,754						26,592
Managed funds			7,991																								6,265																					26,371						25,564
Total management fee income			47,769																								25,984																					176,599						108,902
Performance fee income (loss)
Joint ventures			18,617																								1,505																					50,656						4,354
Structured reinsurance products and other			4,170																								2,391																					8,582						4,451
Managed funds			227																								467																					957						972
Total performance fee income (loss) (1)			23,014																								4,363																					60,195						9,777
Total fee income			$	70,783																							$	30,347																				$	236,794					$	118,679

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended																					Year ended
			December 31, 2023																								December 31, 2022																					December 31, 2023						December 31, 2022
Fee income contributing to:
Underwriting income (loss) (1)			$	6,234																							$	13,668																				$	34,432					$	49,946
Earnings from equity method investments (2)			(419)																								25																					(1,423)						94
Redeemable noncontrolling interests (3)			64,968																								16,654																					203,785						68,639
Total fee income			$	70,783																							$	30,347																				$	236,794					$	118,679

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinci, Top Layer Reinsurance Ltd., Vermeer, Fontana, and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. as well as fee income earned by AlphaCat Managers. Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.

			Three months ended
			December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
Management fee income
Joint ventures			$	32,700					$	31,463					$	30,313					$	27,998					$	13,377
Structured reinsurance products and other			7,078						7,053						6,985						6,638						6,342
Managed funds			7,991						5,970						6,141						6,269						6,265
Total management fee income			47,769						44,486						43,439						40,905						25,984
Performance fee income (loss)
Joint ventures			18,617						17,152						13,132						1,755						1,505
Structured reinsurance products and other			4,170						2,854						(197)						1,755						2,391
Managed funds			227						66						307						357						467
Total performance fee income (loss) (1)			23,014						20,072						13,242						3,867						4,363
Total fee income			$	70,783					$	64,558					$	56,681					$	44,772					$	30,347

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended
			December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
Fee income contributing to:
Underwriting income (loss) (1)			$	6,234					$	6,873					$	8,184					$	13,141					$	13,668
Earnings from equity method investments (2)			(419)						(446)						(417)						(141)						25
Redeemable noncontrolling interests (3)			64,968						58,131						48,914						31,772						16,654
Total fee income			$	70,783					$	64,558					$	56,681					$	44,772					$	30,347

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

18

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinci, Medici, Vermeer and Fontana (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:

			Three months ended												Year ended
			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Redeemable noncontrolling interests - DaVinci			$	(212,322)																							$	(120,178)					$	(545,812)					$	65,514
Redeemable noncontrolling interests - Medici			(71,969)																								(69,131)						(239,250)						70,504
Redeemable noncontrolling interests - Vermeer			(87,930)																								(40,587)						(239,457)						(43,058)
Redeemable noncontrolling interests - Fontana			(30,788)																								(6,501)						(34,476)						5,653
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(403,009)																							$	(236,397)					$	(1,058,995)					$	98,613

			Three months ended															Year ended
			December 31, 2023									December 31, 2022									December 31, 2023									December 31, 2022
Operating (income) loss attributable to redeemable noncontrolling interests (2)			$	(298,318)								$	(207,176)								$	(1,039,466)								$	(133,163)
Non-operating (income) loss attributable to redeemable noncontrolling interests			(104,691)									(29,221)									(19,529)									231,776
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(403,009)								$	(236,397)								$	(1,058,995)								$	98,613

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:

			December 31, 2023												December 31, 2022
Redeemable noncontrolling interests - DaVinci			$	2,541,482											$	1,740,300
Redeemable noncontrolling interests - Medici			1,650,229												1,036,218
Redeemable noncontrolling interests - Vermeer			1,555,297												1,490,840
Redeemable noncontrolling interests - Fontana			353,823												268,031
Redeemable noncontrolling interests			$	6,100,831											$	4,535,389

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:

			December 31, 2023												December 31, 2022
DaVinci			72.2		%										69.1		%
Medici			88.3		%										87.2		%
Vermeer			100.0		%										100.0		%
Fontana			68.4		%										68.4		%

20

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
			Three months ended												Year ended
			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Revenues
Gross premiums written			$	35,895																							$	943					$	1,127,745					$	915,064
Net premiums written			$	39,438																							$	1,632					$	1,051,900					$	845,742
Decrease (increase) in unearned premiums			234,572																								177,121						(64,495)						(31,289)
Net premiums earned			274,010																								178,753						987,405						814,453
Net investment income			58,219																								36,844						205,459						88,821
Net foreign exchange gains (losses)			(1,355)																								(3,157)						(4,277)						2,005
Net realized and unrealized gains (losses) on investments			95,875																								14,188						38,051						(278,189)
Total revenues			426,749																								226,628						1,226,638						627,090
Expenses
Net claims and claim expenses incurred			29,398																								17,629						147,243						570,545
Acquisition expenses			67,406																								23,876						201,643						86,525
Operational and corporate expenses			31,309																								9,389						117,965						53,732
Interest expense			1,859																								1,859						7,434						7,434
Total expenses			129,972																								52,753						474,285						718,236
Income (loss) before taxes			296,777																								173,875						752,353						(91,146)
Income tax benefit (expense)			(3,031)																								14						(6,280)						9
Net income (loss) available (attributable) to DaVinci common shareholders			$	293,746																							$	173,889					$	746,073					$	(91,137)
Net claims and claim expenses incurred - current accident year			$	52,758																							$	82,082					$	261,861					$	697,746
Net claims and claim expenses incurred - prior accident years			(23,360)																								(64,453)						(114,618)						(127,201)
Net claims and claim expenses incurred - total			$	29,398																							$	17,629					$	147,243					$	570,545
Net claims and claim expense ratio - current accident year			19.3		%																						45.9		%				26.5		%				85.7		%
Net claims and claim expense ratio - prior accident years			(8.6)		%																						(36.0)		%				(11.6)		%				(15.6)		%
Net claims and claim expense ratio - calendar year			10.7		%																						9.9		%				14.9		%				70.1		%
Underwriting expense ratio			36.1		%																						18.6		%				32.4		%				17.2		%
Combined ratio			46.8		%																						28.5		%				47.3		%				87.3		%

21

Investments
Total Investment Result
			Managed (1)												Retained (2)
			Three months ended												Three months ended
			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Fixed maturity investments trading			$	230,437																							$	136,019					$	187,760					$	109,600
Short term investments			63,400																								23,908						35,113						8,850
Equity investments			586																								7,474						586						7,474
Other investments
Catastrophe bonds			57,636																								31,441						7,021						4,693
Other			21,874																								13,793						21,874						13,793
Cash and cash equivalents			10,114																								3,947						9,833						3,640
			384,047																								216,582						262,187						148,050
Investment expenses			(7,085)																								(5,345)						(5,742)						(4,106)
Net investment income			$	376,962																							$	211,237					$	256,445					$	143,944
Net investment income return - annualized			5.7		%																						4.1		%				5.3		%				4.1		%
Net realized gains (losses) on fixed maturity investments trading			$	(92,952)																							$	(110,762)					$	(87,840)					$	(87,817)
Net unrealized gains (losses) on fixed maturity investments trading			671,088																								187,900						570,440						149,844
Net realized and unrealized gains (losses) on investment-related derivatives			(45,977)																								(3,347)						(39,745)						(1,321)
Net realized gains (losses) on equity investments			11																								4,397						11						4,397
Net unrealized gains (losses) on equity investments			11,204																								55,251						11,229						55,356
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			7,111																								29,578						838						3,385
Net realized and unrealized gains (losses) on other investments - other			35,454																								5,122						35,454						5,122
Net realized and unrealized gains (losses) on investments			585,939																								168,139						490,387						128,966
Total investment result			$	962,901																							$	379,376					$	746,832					$	272,910
Average invested assets			$	27,591,391																							$	21,556,792					$	19,205,096					$	14,326,726
Total investment return - annualized			15.2		%																						7.4		%				16.5		%				7.8		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

22

Investments
Total Investment Result
			Managed (1)												Retained (2)
			Year ended												Year ended
			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Fixed maturity investments trading			$	744,457																							$	382,165					$	593,886					$	315,894
Short term investments			213,303																								41,042						111,977						15,686
Equity investments			7,261																								20,864						7,261						20,864
Other investments
Catastrophe bonds			200,572																								94,784						26,202						14,072
Other			87,296																								37,497						87,296						37,497
Cash and cash equivalents			23,123																								5,197						22,077						4,777
			1,276,012																								581,549						848,699						408,790
Investment expenses			(22,902)																								(21,617)						(18,166)						(17,083)
Net investment income			$	1,253,110																							$	559,932					$	830,533					$	391,707
Net investment income return - annualized			5.3		%																						2.7		%				4.9		%				2.8		%
Net realized gains (losses) on fixed maturity investments trading			$	(393,041)																							$	(732,561)					$	(337,981)					$	(600,400)
Net unrealized gains (losses) on fixed maturity investments trading			685,095																								(636,762)						588,764						(566,272)
Net realized and unrealized gains (losses) on investment-related derivatives			(68,272)																								(165,293)						(66,118)						(164,838)
Net realized gains (losses) on equity investments			(27,492)																								43,035						(27,492)						43,035
Net unrealized gains (losses) on equity investments			73,243																								(166,823)						73,271						(166,720)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			101,897																								(130,335)						12,229						(18,029)
Net realized and unrealized gains (losses) on other investments - other			43,092																								(11,746)						43,092						(11,746)
Net realized and unrealized gains (losses) on investments			414,522																								(1,800,485)						285,765						(1,484,970)
Total investment result			$	1,667,632																							$	(1,240,553)					$	1,116,298					$	(1,093,263)
Average invested assets			$	25,229,892																							$	21,201,054					$	17,120,684					$	14,230,698
Total investment return - annualized			6.9		%																						(5.7)		%				6.5		%				(7.7)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

23

Investments

Investments Composition

			December 31, 2023																								December 31, 2022
			Managed (1)												Retained (2)												Managed (1)												Retained (2)
Type of Investment			Fair value						Unrealized gain (loss)						Fair value						Unrealized gain (loss)						Fair value						Unrealized gain (loss)						Fair value						Unrealized gain (loss)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	10,060,203					$	66,743					$	8,013,451					$	49,476					$	7,180,129					$	(186,451)					$	5,772,302					$	(168,146)
Corporate (3)			6,499,075						(41,016)						5,340,330						(54,622)						4,390,568						(331,461)						3,392,129						(300,245)
Other (4)			4,317,830						(21,069)						3,738,758						(4,321)						2,780,705						(169,237)						2,339,897						(140,789)
Total fixed maturity investments trading, at fair value			20,877,108						4,658						17,092,539						(9,467)						14,351,402						(687,149)						11,504,328						(609,180)
Short term investments, at fair value			4,604,079						739						1,624,407						718						4,669,272						(2,309)						1,131,408						(817)
Equity investments, at fair value			106,766						62,660						106,562						62,673						625,058						(10,590)						624,870						(10,600)
Other investments, at fair value
Catastrophe bonds			1,942,199						(76,684)						250,384						(36,995)						1,241,468						(182,798)						209,114						(51,841)
Fund investments			1,415,804						184,744						1,415,804						184,744						1,086,706						111,423						1,086,706						111,423
Term loans			97,658						—						97,658						—						100,000						—						100,000						—
Direct private equity investments			59,905						(38,359)						59,905						(38,359)						66,780						(31,484)						66,780						(31,484)
Total other investments, at fair value			3,515,566						69,701						1,823,751						109,390						2,494,954						(102,859)						1,462,600						28,098
Investments in other ventures, under equity method			112,624						—						112,624						—						79,750						—						79,750						—
Total investments			$	29,216,143					$	137,758					$	20,759,883					$	163,314					$	22,220,436					$	(802,907)					$	14,802,956					$	(592,499)

			December 31, 2023												December 31, 2022
			Managed (1)						Retained (2)						Managed (1)						Retained (2)
Weighted average yield to maturity of investments (5)			5.8		%				5.4		%				5.7		%				5.6		%
Average duration of investments, in years (5)			2.6						3.2						2.5						3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)									$	(0.18)											$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See "Comments on Non-GAAP Financial Measures" for reconciliation of non-GAAP financial measures.

24

Investments
Managed Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments not subject to credit ratings
December 31, 2023									Fair value												AAA						AA						A						BBB						Non- Investment grade									Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	10,060,203											$	—					$	10,060,203					$	—					$	—					$	—					$	—					$	—
Corporate (3)									6,499,075												161,076						395,251						2,340,818						2,494,723						1,097,461						9,746						—
Agencies									489,117												—						488,217						—						—						—						900						—
Non-U.S. government									483,576												305,635						159,461						12,866						5,614						—						—						—
Residential mortgage-backed									1,420,362												208,069						1,051,075						1,042						8,267						82,880						69,029						—
Commercial mortgage-backed									433,080												381,613						42,459						4,222						—						1,240						3,546						—
Asset-backed									1,491,695												1,125,320						246,742						93,268						15,901						864						9,600						—
Total fixed maturity investments trading, at fair value									20,877,108												2,181,713						12,443,408						2,452,216						2,524,505						1,182,445						92,821						—
Short term investments, at fair value									4,604,079												4,258,276						155,789						106,876						76,067						2,480						4,591						—
Equity investments, at fair value									106,766												—						—						—						—						—						—						106,766
Other investments, at fair value
Catastrophe bonds									1,942,199												—						—						—						—						1,942,199						—						—
Fund investments:
Private credit funds									982,016												—						—						—						—						—						—						982,016
Private equity funds									433,788												—						—						—						—						—						—						433,788
Term loans									97,658												—						—						97,658						—						—						—						—
Direct private equity investments									59,905												—						—						—						—						—						—						59,905
Total other investments, at fair value									3,515,566												—						—						97,658						—						1,942,199						—						1,475,709
Investments in other ventures, under equity method									112,624												—						—						—						—						—						—						112,624
Total investments									$	29,216,143											$	6,439,989					$	12,599,197					$	2,656,750					$	2,600,572					$	3,127,124					$	97,412					$	1,695,099
									100.0		%										22.0		%				43.1		%				9.1		%				8.9		%				10.7		%				0.3		%				5.8		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

25

Investments
Retained Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments not subject to credit ratings
December 31, 2023									Fair value												AAA						AA						A						BBB						Non- Investment grade									Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	8,013,451											$	—					$	8,013,451					$	—					$	—					$	—					$	—					$	—
Corporate (3)									5,340,330												125,544						350,450						1,971,028						1,945,837						938,716						8,755						—
Agencies									369,599												—						368,699						—						—						—						900						—
Non-U.S. government									429,476												274,662						136,334						12,866						5,614						—						—						—
Residential mortgage-backed									1,173,894												182,910						831,164						1,042						8,267						82,880						67,631						—
Commercial mortgage-backed									360,716												317,861						33,847						4,222						—						1,240						3,546						—
Asset-backed									1,405,073												1,040,024						246,386						92,298						15,901						864						9,600						—
Total fixed maturity investments trading, at fair value									17,092,539												1,941,001						9,980,331						2,081,456						1,975,619						1,023,700						90,432						—
Short term investments, at fair value									1,624,407												1,310,385						124,204						106,876						76,067						2,284						4,591						—
Equity investments, at fair value									106,562												—						—						—						—						—						—						106,562
Other investments, at fair value
Catastrophe bonds									250,384												—						—						—						—						250,384						—						—
Fund investments:
Private credit funds									982,016												—						—						—						—						—						—						982,016
Private equity funds									433,788												—						—						—						—						—						—						433,788
Term loans									97,658												—						—						97,658						—						—						—						—
Direct private equity investments									59,905												—						—						—						—						—						—						59,905
Total other investments, at fair value									1,823,751												—						—						97,658						—						250,384						—						1,475,709
Investments in other ventures, under equity method									112,624												—						—						—						—						—						—						112,624
Total investments									$	20,759,883											$	3,251,386					$	10,104,535					$	2,285,990					$	2,051,686					$	1,276,368					$	95,023					$	1,694,895
									100.0		%										15.7		%				48.7		%				11.0		%				9.9		%				6.1		%				0.5		%				8.2		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

26

Other Items
Earnings per Share
			Three months ended												Year ended
(common shares in thousands)			December 31, 2023																								December 31, 2022						December 31, 2023						December 31, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	1,576,682																							$	448,092					$	2,525,757					$	(1,096,578)
Amount allocated to participating common shareholders (1)			(22,580)																								(7,431)						(37,308)						(1,079)
Net income (loss) allocated to RenaissanceRe common shareholders			$	1,554,102																							$	440,661					$	2,488,449					$	(1,097,657)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)			50,937																								42,795						47,493						43,040
Per common share equivalents of non-vested shares (2)			135																								119						114						—
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)			51,072																								42,914						47,607						43,040
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	30.51																							$	10.30					$	52.40					$	(25.50)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	30.43																							$	10.27					$	52.27					$	(25.50)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

27

Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

28

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) corporate expenses associated with acquisitions and dispositions, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax asset, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company updated its calculation of “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to exclude “acquisition related purchase accounting adjustments” because it believes that excluding the impact of acquisition related accounting adjustments provides more comparability and a more accurate measure of the Company’s results of operations. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”

The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for more comparability among peers and more accurately measure and predict the Company’s results of operations by removing the variability arising from the listed adjustments.

The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

29

Comments on Non-GAAP Financial Measures

			Three months ended
			December 31, 2023						December 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	1,576,682					$	448,092
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(578,828)						(138,561)
Net foreign exchange losses (gains)			(12,398)						(10,781)
Corporate expenses associated with acquisitions and dispositions			61,666						—
Acquisition related purchase accounting adjustments (1)			52,812						(18)
Bermuda net deferred tax asset (2)			(593,765)						—
Income tax expense (benefit) (3)			12,250						(5,818)
Net income (loss) attributable to redeemable noncontrolling interests (4)			104,691						29,221
Operating income (loss) available (attributable) to RenaissanceRe common shareholders			$	623,110					$	322,135
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	30.43					$	10.27
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(11.33)						(3.23)
Net foreign exchange losses (gains)			(0.24)						(0.25)
Corporate expenses associated with acquisitions and dispositions			1.21						—
Acquisition related purchase accounting adjustments (1)			1.04						—
Bermuda net deferred tax asset (2)			(11.63)						—
Income tax expense (benefit) (3)			0.24						(0.14)
Net income (loss) attributable to redeemable noncontrolling interests (4)			2.05						0.68
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	11.77					$	7.33
Return on average common equity - annualized			83.5		%				41.2		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(30.6)		%				(12.8)		%
Net foreign exchange losses (gains)			(0.7)		%				(1.0)		%
Corporate expenses associated with acquisitions and dispositions			3.3		%				—		%
Acquisition related purchase accounting adjustments (1)			2.8		%				—		%
Bermuda net deferred tax asset (2)			(31.4)		%				—		%
Income tax expense (benefit) (3)			0.6		%				(0.5)		%
Net income (loss) attributable to redeemable noncontrolling interests (4)			5.5		%				2.7		%
Operating return on average common equity - annualized			33.0		%				29.6		%

(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended December 31, 2023 for the acquisitions of Validus $48.8 million (2022 - $Nil); and TMR and Platinum $4.0 million (2022 - $(18.0) thousand).

(2)Represents the net deferred tax benefit resulting from the recognition of deferred tax assets net of deferred tax liabilities in connection with a 15% Bermuda corporate income tax rate, pursuant to the Corporate Income Tax Act 2023, enacted on December 27, 2023.

(3)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

30

			Year ended
			December 31, 2023						December 31, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	2,525,757					$	(1,096,578)
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(312,625)						1,670,150
Net foreign exchange losses (gains)			41,479						56,909
Corporate expenses associated with acquisitions and dispositions			76,380						—
Acquisition related purchase accounting adjustments (1)			64,866						7,235
Bermuda net deferred tax asset (2)			(593,765)						—
Income tax expense (benefit) (3)			3,289						(83,149)
Net income (loss) attributable to redeemable noncontrolling interests (4)			19,529						(231,776)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders			$	1,824,910					$	322,791
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	52.27					$	(25.50)
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(6.57)						38.80
Net foreign exchange losses (gains)			0.87						1.32
Corporate expenses associated with acquisitions and dispositions			1.60						—
Adjustment for acquisition related purchase accounting adjustments (1)			1.36						0.17
Bermuda net deferred tax asset (2)			(12.47)						—
Income tax expense (benefit) (3)			0.07						(1.93)
Net income (loss) attributable to redeemable noncontrolling interests (4)			0.41						(5.39)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	37.54					$	7.47
Return on average common equity - annualized			40.5		%				(22.0)		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(5.0)		%				33.5		%
Net foreign exchange losses (gains)			0.7		%				1.1		%
Corporate expenses associated with acquisitions and dispositions			1.2		%				—		%
Adjustment for acquisition related purchase accounting adjustments (1)			1.0		%				0.1		%
Bermuda net deferred tax asset (2)			(9.5)		%				—		%
Income tax expense (benefit) (3)			0.1		%				(1.7)		%
Net income (loss) attributable to redeemable noncontrolling interests (4)			0.3		%				(4.6)		%
Operating return on average common equity - annualized			29.3		%				6.4		%

(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the years ended December 31, 2023 and 2022, respectively, for the acquisitions of Validus $48.8 million (2022 - $Nil); and TMR and Platinum $16.1 million (2022 - $7.2 million).

(2)Represents the net deferred tax benefit resulting from the recognition of deferred tax assets net of deferred tax liabilities in connection with a 15% Bermuda corporate income tax rate, pursuant to the Corporate Income Tax Act 2023, enacted on December 27, 2023.

(3)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

31

Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, plus accumulated dividends. The Company updated its calculation of “tangible book value per common share” to exclude “acquisition related purchase accounting adjustments” because it believes that excluding the impact of acquisition related purchase accounting adjustments provides more comparability and a more accurate measure of the Company’s realizable returns.

The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

			December 31, 2023						December 31, 2022
Book value per common share			$	165.20					$	104.65
Adjustment for:
Acquisition related goodwill and other intangible assets (1)			(14.71)						(5.44)
Other goodwill and intangible assets (2)			(0.35)						(0.40)
Acquisition related purchase accounting adjustments (3)			(8.27)						(1.66)
Tangible book value per common share			141.87						97.15
Adjustment for accumulated dividends			26.52						25.00
Tangible book value per common share plus accumulated dividends			$	168.39					$	122.15
Year to date change in book value per common share			57.9		%				(20.8)		%
Year to date change in book value per common share plus change in accumulated dividends			59.3		%				(19.7)		%
Year to date change in tangible book value per common share plus change in accumulated dividends			47.6		%				(20.8)		%

(1)Represents the acquired goodwill and other intangible assets at December 31, 2023 for the acquisitions of Validus $542.7 million (2022 - $Nil), TMR $27.2 million (2022 - $28.3 million) and Platinum $205.5 million (2022 - $209.6 million).

(2)At December 31, 2023, the adjustment for goodwill and other intangibles included $18.1 million (2022 - $17.8 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at December 31, 2023 for the acquisitions of Validus $374.4 million (2022 - $Nil), TMR $62.2 million (2022 - $73.4 million) and Platinum $(0.8) million (2022 - $(1.0) million).

32

Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

The Company has included in this Financial Supplement “adjusted combined ratio." “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”

			Three months ended December 31, 2023
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			17.8		%				79.9		%				43.1		%				97.3		%				76.0		%
Adjustment for acquisition related purchase accounting adjustments (1)			(2.0)		%				(0.5)		%				(1.4)		%				(3.0)		%				(2.4)		%
Adjusted combined ratio			15.8		%				79.4		%				41.7		%				94.3		%				73.6		%
			Three months ended December 31, 2022
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			25.2		%				90.8		%				62.6		%				93.7		%				80.5		%
Adjustment for acquisition related purchase accounting adjustments (1)			(1.0)		%				—		%				(0.4)		%				0.3		%				0.1		%
Adjusted combined ratio			24.2		%				90.8		%				62.2		%				94.0		%				80.6		%
			Year ended December 31, 2023
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			29.8		%				82.6		%				53.4		%				95.2		%				77.9		%
Adjustment for acquisition related purchase accounting adjustments (1)			(0.7)		%				(0.2)		%				(0.5)		%				(1.0)		%				(0.8)		%
Adjusted combined ratio			29.1		%				82.4		%				52.9		%				94.2		%				77.1		%
			Year ended December 31, 2022
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			88.3		%				112.4		%				100.6		%				95.3		%				97.7		%
Adjustment for acquisition related purchase accounting adjustments (1)			(0.4)		%				—		%				(0.2)		%				—		%				(0.2)		%
Adjusted combined ratio			87.9		%				112.4		%				100.4		%				95.3		%				97.5		%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.

33

Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

			Three months ended December 31, 2023																		Three months ended December 31, 2022
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading			$	230,437					$	(42,677)					$	187,760					$	136,019					$	(26,419)					$	109,600
Short term investments			63,400						(28,287)						35,113						23,908						(15,058)						8,850
Equity investments			586						—						586						7,474						—						7,474
Other investments
Catastrophe bonds			57,636						(50,615)						7,021						31,441						(26,748)						4,693
Other			21,874						—						21,874						13,793						—						13,793
Cash and cash equivalents			10,114						(281)						9,833						3,947						(307)						3,640
			384,047						(121,860)						262,187						216,582						(68,532)						148,050
Investment expenses			(7,085)						1,343						(5,742)						(5,345)						1,239						(4,106)
Net investment income			$	376,962					$	(120,517)					$	256,445					$	211,237					$	(67,293)					$	143,944
Net investment income return - annualized			5.7		%				(0.4)		%				5.3		%				4.1		%				0.0		%				4.1		%
Net realized gains (losses) on fixed maturity investments trading			$	(92,952)					$	5,112					$	(87,840)					$	(110,762)					$	22,945					$	(87,817)
Net unrealized gains (losses) on fixed maturity investments trading			671,088						(100,648)						570,440						187,900						(38,056)						149,844
Net realized and unrealized gains (losses) on investment-related derivatives			(45,977)						6,232						(39,745)						(3,347)						2,026						(1,321)
Net realized gains (losses) on equity investments			11						—						11						4,397						—						4,397
Net unrealized gains (losses) on equity investments			11,204						25						11,229						55,251						105						55,356
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			7,111						(6,273)						838						29,578						(26,193)						3,385
Net realized and unrealized gains (losses) on other investments - other			35,454						—						35,454						5,122						—						5,122
Net realized and unrealized gains (losses) on investments			585,939						(95,552)						490,387						168,139						(39,173)						128,966
Total investment result			$	962,901					$	(216,069)					$	746,832					$	379,376					$	(106,466)					$	272,910
Average invested assets			$	27,591,391					$	(8,386,295)					$	19,205,096					$	21,556,792					$	(7,230,066)					$	14,326,726
Total investment return - annualized			15.2		%				1.3		%				16.5		%				7.4		%				0.4		%				7.8		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

34

Comments on Non-GAAP Financial Measures

Retained Total Investment Result

			Year ended December 31, 2023																		Year ended December 31, 2022
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading			$	744,457					$	(150,571)					$	593,886					$	382,165					$	(66,271)					$	315,894
Short term investments			213,303						(101,326)						111,977						41,042						(25,356)						15,686
Equity investments			7,261						—						7,261						20,864						—						20,864
Other investments
Catastrophe bonds			200,572						(174,370)						26,202						94,784						(80,712)						14,072
Other			87,296						—						87,296						37,497						—						37,497
Cash and cash equivalents			23,123						(1,046)						22,077						5,197						(420)						4,777
			1,276,012						(427,313)						848,699						581,549						(172,759)						408,790
Investment expenses			(22,902)						4,736						(18,166)						(21,617)						4,534						(17,083)
Net investment income			$	1,253,110					$	(422,577)					$	830,533					$	559,932					$	(168,225)					$	391,707
Net investment income return - annualized			5.3		%				(0.4)		%				4.9		%				2.7		%				0.1		%				2.8		%
Net realized gains (losses) on fixed maturity investments trading			$	(393,041)					$	55,060					$	(337,981)					$	(732,561)					$	132,161					$	(600,400)
Net unrealized gains (losses) on fixed maturity investments trading			685,095						(96,331)						588,764						(636,762)						70,490						(566,272)
Net realized and unrealized gains (losses) on investment-related derivatives			(68,272)						2,154						(66,118)						(165,293)						455						(164,838)
Net realized gains (losses) on equity investments			(27,492)						—						(27,492)						43,035						—						43,035
Net unrealized gains (losses) on equity investments			73,243						28						73,271						(166,823)						103						(166,720)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			101,897						(89,668)						12,229						(130,335)						112,306						(18,029)
Net realized and unrealized gains (losses) on other investments - other			43,092						—						43,092						(11,746)						—						(11,746)
Net realized and unrealized gains (losses) on investments			414,522						(128,757)						285,765						(1,800,485)						315,515						(1,484,970)
Total investment result			$	1,667,632					$	(551,334)					$	1,116,298					$	(1,240,553)					$	147,290					$	(1,093,263)
Average invested assets			$	25,229,892					$	(8,109,208)					$	17,120,684					$	21,201,054					$	(6,970,356)					$	14,230,698
Total investment return - annualized			6.9		%				(0.4)		%				6.5		%				(5.7)		%				(2.0)		%				(7.7)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

35

Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to "retained total investments."

			December 31, 2023																		December 31, 2022
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	10,060,203					$	(2,046,752)					$	8,013,451					$	7,180,129					$	(1,407,827)					$	5,772,302
Corporate (4)			6,499,075						(1,158,745)						5,340,330						4,390,568						(998,439)						3,392,129
Agencies			489,117						(119,518)						369,599						395,149						(81,312)						313,837
Non-U.S. government			483,576						(54,100)						429,476						383,838						(51,582)						332,256
Residential mortgage-backed			1,420,362						(246,468)						1,173,894						710,429						(192,368)						518,061
Commercial mortgage-backed			433,080						(72,364)						360,716						213,987						(64,006)						149,981
Asset-backed			1,491,695						(86,622)						1,405,073						1,077,302						(51,540)						1,025,762
Total fixed maturity investments trading, at fair value			20,877,108						(3,784,569)						17,092,539						14,351,402						(2,847,074)						11,504,328
Short term investments, at fair value			4,604,079						(2,979,672)						1,624,407						4,669,272						(3,537,864)						1,131,408
Equity investments, at fair value			106,766						(204)						106,562						625,058						(188)						624,870
Other investments, at fair value
Catastrophe bonds			1,942,199						(1,691,815)						250,384						1,241,468						(1,032,354)						209,114
Fund investments:
Private credit funds			982,016						—						982,016						771,383						—						771,383
Private equity funds			433,788						—						433,788						315,323						—						315,323
Term loans			97,658						—						97,658						100,000						—						100,000
Direct private equity investments			59,905						—						59,905						66,780						—						66,780
Total other investments, at fair value			3,515,566						(1,691,815)						1,823,751						2,494,954						(1,032,354)						1,462,600
Investments in other ventures, under equity method			112,624						—						112,624						79,750						—						79,750
Total investments			$	29,216,143					$	(8,456,260)					$	20,759,883					$	22,220,436					$	(7,417,480)					$	14,802,956

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

36

Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss)”.

			December 31, 2023																		December 31, 2022
			Unrealized gain (loss) - managed (1)						Adjustment (2)						Unrealized gain (loss) - retained (3)						Unrealized gain (loss) - managed (1)						Adjustment (2)						Unrealized gain (loss) - retained (3)
Type of Investment
Fixed maturity investments trading, at fair value
U.S. treasuries			$	66,743					$	(17,267)					$	49,476					$	(186,451)					$	18,305					$	(168,146)
Corporate (4)			(41,016)						(13,606)						(54,622)						(331,461)						31,216						(300,245)
Other (5)			(21,069)						16,748						(4,321)						(169,237)						28,448						(140,789)
Total fixed maturity investments trading, at fair value			4,658						(14,125)						(9,467)						(687,149)						77,969						(609,180)
Short term investments, at fair value			739						(21)						718						(2,309)						1,492						(817)
Equity investments, at fair value			62,660						13						62,673						(10,590)						(10)						(10,600)
Other investments, at fair value
Catastrophe bonds			(76,684)						39,689						(36,995)						(182,798)						130,957						(51,841)
Fund investments			184,744						—						184,744						111,423						—						111,423
Direct private equity investments			(38,359)						—						(38,359)						(31,484)						—						(31,484)
Total other investments, at fair value			69,701						39,689						109,390						(102,859)						130,957						28,098
Total investments			$	137,758					$	25,556					$	163,314					$	(802,907)					$	210,408					$	(592,499)
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)															$	(0.18)																	$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of [$9.5 million] and $609.2 million at December 31, 2023 and December 31, 2022, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.

37

Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to "operating (income) loss attributable to redeemable noncontrolling interests.”

			Three months ended															Year ended
			December 31, 2023									December 31, 2022									December 31, 2023									December 31, 2022
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(403,009)								$	(236,397)								$	(1,058,995)								$	98,613
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests			(87,882)									(12,996)									(38,476)									203,172
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests			(16,809)									(16,225)									18,947									28,604
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)			(104,691)									(29,221)									(19,529)									231,776
Operating (income) loss attributable to redeemable noncontrolling interests			$	(298,318)								$	(207,176)								$	(1,039,466)								$	(133,163)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.

38