Financial Supplement December 2023

	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 retuon 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.comfor further information about RenaissanceRe.

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.

RenaissanceRe Holdings Ltd.

Financial Highlights

		Three months ended		Year ended
	December 31,		December 31,		December 31,		December 31,
		2023			2022	2023		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 retu- 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 retu- annualized
	16.5 %			7.8 %			6.5 %			(7.7)%

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Financial Highlights - Per Share Data & ROE

		Three months ended			Year ended
	December 31,		December 31,		December 31,		December 31,
		2023			2022			2023	2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	30.51	$	10.30	$	52.40	$	(25.50)
basic
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	30.43	$	10.27	$	52.27	$	(25.50)
diluted
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common	$	11.77	$	7.33	$	37.54	$	7.47
share - diluted (1)
Average shares outstanding - basic		50,937			42,795			47,493	43,040
Average shares outstanding - diluted		51,072			42,914			47,607	43,040
Retuon average common equity - annualized		83.5 %			41.2 %			40.5 %	(22.0)%
Operating retuon average common equity - annualized (1)		33.0 %			29.6 %			29.3 %	6.4 %
	December 31,		December 31,
		2023			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)%

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Summary Consolidated Financial Statements

Consolidated Statements of Operations

		Three months ended			Year ended
	December 31,		December 31,		December 31,		December 31,
Revenues		2023			2022			2023			2022

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 -	$	30.43	$	10.27	$	52.27	$	(25.50)
diluted
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	11.77	$	7.33	$	37.54	$	7.47
diluted (1)
Retuon average common equity - annualized		83.5 %			41.2 %			40.5 %			(22.0)%
Operating retuon average common equity - annualized (1)		33.0 %			29.6 %			29.3 %			6.4 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Summary Consolidated Financial Statements

Consolidated Balance Sheets

	December 31,		December 31,
Assets		2023			2022

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

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Three months ended December 31, 2023			Three months ended December 31, 2022
		Property		Casualty and			Total			Property		Casualty and			Total
				Specialty							Specialty
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 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Year ended December 31, 2023			Year ended December 31, 2022
		Property		Casualty and		Total			Property		Casualty and			Total
				Specialty						Specialty
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 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Attachments

Disclaimer

RenaissanceRe Holdings Ltd. published this content on 30 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2024 21:39:45 UTC.