Financial Supplement September 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.

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," "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 35 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 acquisition of certain direct and indirect subsidiaries of American International Group, Inc., including Validus Holdings, Ltd., Validus Specialty, LLC, and Validus Reinsurance, Ltd. (the acquisitions, together with the other transactions contemplated by the Stock Purchase Agreement, 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 set forth in or implied 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; difficulties in integrating the acquired business from the Validus Acquisition; risk that the due diligence process that the Company undertook in connection with the Validus Acquisition may not have revealed all facts that may be relevant in connection with the Validus Acquisition; that historical financial statements of Validus Reinsurance Ltd. are not representative of the future financial position, future results of operations or future cash flows of Validus Reinsurance Ltd. following the Validus Acquisition; 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 highly competitive nature of the Company's industry and its reliance on a small number of brokers; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the historically cyclical nature of the (re)insurance industries; the Company's ability to attract and retain key executives and employees; the Company's ability to successfully implement its business strategies and initiatives; 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 ability to effectively manage 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; 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 and recession or the perception that recession may occur; the effect 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 possible future tax reform legislation and regulations in the jurisdictions in which the Company operates; 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 funds; the Company's ability to comply with applicable sanctions and foreign corrupt practices laws; the Company's dependence on the ability of its operating subsidiaries to declare and pay dividends; 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			Nine months ended
	September 30,		September 30,		September 30,		September 30,
		2023			2022			2023		2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988	$	(825,344)	$	949,075	$	(1,544,670)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	422,303	$	(396,674)	$	1,189,746	$	(6,597)
Underwriting income
Gross premiums written	$	1,618,443	$	2,220,661	$	7,060,325	$	7,628,264
Net premiums written		1,421,260			1,821,711			5,880,766		5,850,544
Underwriting income (loss)		385,804			(683,114)			1,106,438		(166,450)
Net claims and claim expense ratio:
Current accident year		58.1 %			113.2 %			55.3 %		76.6 %
Prior accident years		(9.0)%			(1.8)%			(5.6)%		(1.9)%
Calendar year		49.1 %			111.4 %			49.7 %		74.7 %
Acquisition expense ratio		24.2 %			23.6 %			24.5 %		24.5 %
Operating expense ratio		4.7 %			3.7 %			4.6 %		4.4 %
Combined ratio		78.0 %			138.7 %			78.8 %		103.6 %
Fee income
Management fee income	$	44,486	$	24,989	$	128,830	$	82,918
Performance fee income		20,072			739			37,181		5,414
Total fee income	$	64,558	$	25,728	$	166,011	$	88,332
Investment results - managed
Net investment income	$	329,108	$	157,793	$	876,148	$	348,695
Net realized and unrealized gains (losses) on investments		(228,087)			(641,500)			(171,417)		(1,968,624)
Total investment result	$	101,021	$	(483,707)	$	704,731	$	(1,619,929)
Total investment retu- annualized
	2.0 %			(8.9)%			4.2 %		(10.1)%
Investment results - retained (1)
Net investment income	$	216,764	$	110,105	$	574,088	$	247,763
Net realized and unrealized gains (losses) on investments		(220,486)			(453,242)			(204,622)		(1,613,936)
Total investment result	$	(3,722)	$	(343,137)	$	369,466	$	(1,366,173)
Total investment retu- annualized
	0.0 %			(9.6)%			3.1 %		(12.7)%

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

Financial Highlights - Per Share Data & ROE

		Three months ended			Nine months ended
	September 30,		September 30,		September 30,		September 30,
		2023			2022			2023	2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	3.81	$	(19.27)	$	20.17	$	(35.84)
basic
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	3.80	$	(19.27)	$	20.13	$	(35.84)
diluted
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common	$	8.33	$	(9.27)	$	25.32	$	(0.16)
share - diluted (1)
Average shares outstanding - basic		50,261			42,837			46,345	43,121
Average shares outstanding - diluted		50,358			42,837			46,451	43,121
Retuon average common equity - annualized		11.5 %			(72.4)%			22.1 %	(40.5)%
Operating retuon average common equity - annualized (1)		25.0 %			(34.8)%			27.7 %	(0.2)%
	September 30,		December 31,
		2023			2022
Book value per common share	$	133.63		$	104.65
Tangible book value per common share (1)	$	128.71	$	98.81
Tangible book value per common share plus accumulated dividends (1)	$	154.85	$	123.81
Year to date change in book value per common share plus change in accumulated dividends		28.8 %			(19.7)%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)		31.4 %			(20.6)%

(1) See "Comments on Non-GAAPFinancial Measures" for a reconciliation of non-GAAP financial measures.

Summary Consolidated Financial Statements

Consolidated Statements of Operations

		Three months ended			Nine months ended
	September 30,		September 30,		September 30,		September 30,
Revenues		2023			2022			2023			2022

Gross premiums written	$	1,618,443	$2,220,661	$	7,060,325	$7,628,264
Net premiums written
$	1,421,260	$1,821,711	$	5,880,766	$5,850,544
Decrease (increase) in unearned premiums		334,616			(54,690)			(659,078)	(1,140,715)
Net premiums earned		1,755,876			1,767,021			5,221,688			4,709,829
Net investment income		329,108			157,793			876,148			348,695
Net foreign exchange gains (losses)		(25,886)			(1,383)			(53,877)			(67,690)
Equity in earnings (losses) of other ventures		10,842			1,739			28,072			2,732
Other income (loss)		(5,866)			2,834			(6,296)			4,950
Net realized and unrealized gains (losses) on investments		(228,087)			(641,500)			(171,417)	(1,968,624)
Total revenues		1,835,987			1,286,504			5,894,318			3,029,892
Expenses
Net claims and claim expenses incurred		861,576			1,967,931			2,593,987			3,515,903
Acquisition expenses		425,745			417,644			1,280,547			1,155,389
Operational expenses		82,751			64,560			240,716			204,987
Corporate expenses		17,143			10,384			53,357			35,238
Interest expense		22,951			12,101			49,980			35,951
Total expenses		1,410,166			2,472,620			4,218,587			4,947,468
Income (loss) before taxes		425,821		(1,186,116)			1,675,731		(1,917,576)
Income tax benefit (expense)		(9,295)			(2,814)			(44,139)			64,427
Net income (loss)		416,526		(1,188,930)			1,631,592		(1,853,149)
Net (income) loss attributable to redeemable noncontrolling interests		(213,695)			372,429			(655,986)			335,010
Net income (loss) attributable to RenaissanceRe		202,831			(816,501)			975,606		(1,518,139)
Dividends on preference shares		(8,843)			(8,843)			(26,531)			(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988		$	(825,344)		$	949,075		$(1,544,670)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	3.81	$	(19.27)	$	20.17	$	(35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	3.80	$	(19.27)	$	20.13	$	(35.84)
diluted
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	8.33	$	(9.27)	$	25.32	$	(0.16)
diluted (1)
Retuon average common equity - annualized		11.5 %			(72.4)%			22.1 %			(40.5)%
Operating retuon average common equity - annualized (1)		25.0 %			(34.8)%			27.7 %			(0.2)%

(1) See "Comments on Non-GAAPFinancial Measures" for a reconciliation of non-GAAP financial measures.

Summary Consolidated Financial Statements

Consolidated Balance Sheets

	September 30,		December 31,
Assets		2023			2022

Fixed maturity investments trading, at fair value - amortized cost $16,754,568 at September 30, 2023 (December 31, 2022 - $15,038,551)	$	16,083,046	$	14,351,402
Short term investments, at fair value - amortized cost $6,521,007 at September 30, 2023 (December 31, 2022 - $4,671,581)		6,519,207			4,669,272
Equity investments, at fair value		95,342			625,058
Other investments, at fair value		3,167,941			2,494,954
Investments in other ventures, under equity method		101,103			79,750
Total investments		25,966,639			22,220,436
Cash and cash equivalents		1,195,884			1,194,339
Premiums receivable		5,928,809			5,139,471
Prepaid reinsurance premiums		1,028,916			1,021,412
Reinsurance recoverable		4,253,259			4,710,925
Accrued investment income		153,573			121,501
Deferred acquisition costs		1,267,088			1,171,738
Receivable for investments sold		480,727			350,526
Other assets		334,284			384,702
Goodwill and other intangibles		233,897			237,828
Total assets	$	40,843,076		$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders' Equity

Liabilities
Reserve for claims and claim expenses	$	15,955,165	$	15,892,573
Unearned premiums		5,222,496			4,559,107
Debt		1,882,893			1,170,442
Reinsurance balances payable		3,323,606			3,928,281
Payable for investments purchased		811,578			493,776
Other liabilities		396,487			648,036
Total liabilities		27,592,225			26,692,215
Redeemable noncontrolling interests		5,662,234			4,535,389
Shareholders' Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at September 30, 2023 (December 31, 2022 - 30,000)		750,000			750,000
Common shares: $1.00 par value - 51,173,930 shares issued and outstanding at September 30, 2023 (December 31, 2022 - 43,717,836)		51,174			43,718
Additional paid-in capital		1,836,742			475,647
Accumulated other comprehensive loss		(14,506)			(15,462)
Retained earnings		4,965,207			4,071,371
Total shareholders' equity attributable to RenaissanceRe		7,588,617			5,325,274
Total liabilities, noncontrolling interests and shareholders' equity	$	40,843,076		$	36,552,878

Book value per common share	$	133.63	$	104.65

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Three months ended September 30, 2023			Three months ended September 30, 2022
		Property			Casualty and			Total			Property			Casualty and		Total
				Specialty							Specialty
Gross premiums written	$	511,012		$	1,107,431		$	1,618,443		$	800,330		$	1,420,331	$	2,220,661
Net premiums written
$	444,872	$	976,388	$	1,421,260	$	696,520	$	1,125,191	$	1,821,711
Net premiums earned
$	760,365	$	995,511	$	1,755,876	$	839,817	$	927,204	$	1,767,021
Net claims and claim expenses incurred		206,361			655,215			861,576			1,372,583			595,348		1,967,931
Acquisition expenses		143,348			282,397			425,745			141,675			275,969		417,644
Operational expenses		54,624			28,127			82,751			48,158			16,402		64,560
Underwriting income (loss)	$	356,032		$	29,772		$	385,804		$	(722,599)		$	39,485	$	(683,114)
Net claims and claim expenses incurred:

Current accident year	$	350,238	$	669,285	$	1,019,523	$	1,396,842	$	602,995	$	1,999,837
Prior accident years		(143,877)			(14,070)			(157,947)			(24,259)			(7,647)		(31,906)
Total	$	206,361		$	655,215		$	861,576		$	1,372,583		$	595,348	$	1,967,931
Net claims and claim expense ratio:

Current accident year		46.1 %			67.2 %			58.1 %			166.3 %			65.0 %		113.2 %
Prior accident years		(19.0)%			(1.4)%			(9.0)%			(2.9)%			(0.8)%		(1.8)%
Calendar year		27.1 %			65.8 %			49.1 %			163.4 %			64.2 %		111.4 %
Acquisition expense ratio		18.9 %			28.4 %			24.2 %			16.9 %			29.7 %		23.6 %
Operating expense ratio		7.2 %			2.8 %			4.7 %			5.7 %			1.8 %		3.7 %
Combined ratio		53.2 %			97.0 %			78.0 %			186.0 %			95.7 %		138.7 %

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Nine months ended September 30, 2023			Nine months ended September 30, 2022
		Property			Casualty and			Total			Property			Casualty and		Total
				Specialty							Specialty
Gross premiums written	$	3,217,817		$	3,842,508		$	7,060,325		$	3,362,159		$	4,266,105	$	7,628,264
Net premiums written
$	2,609,356	$	3,271,410	$	5,880,766	$	2,474,661	$	3,375,883	$	5,850,544
Net premiums earned
$	2,206,471	$	3,015,217	$	5,221,688	$	2,081,989	$	2,627,840	$	4,709,829
Net claims and claim expenses incurred		675,963			1,918,024			2,593,987			1,804,268			1,711,635		3,515,903
Acquisition expenses		429,273			851,274			1,280,547			406,338			749,051		1,155,389
Operational expenses		165,514			75,202			240,716			144,717			60,270		204,987
Underwriting income (loss)	$	935,721		$	170,717		$	1,106,438		$	(273,334)		$	106,884	$	(166,450)
Net claims and claim expenses incurred:

Current accident year	$	933,172	$	1,955,612	$	2,888,784	$	1,880,337	$	1,728,262	$	3,608,599
Prior accident years		(257,209)			(37,588)			(294,797)			(76,069)			(16,627)		(92,696)
Total	$	675,963		$	1,918,024		$	2,593,987		$	1,804,268		$	1,711,635	$	3,515,903
Net claims and claim expense ratio:

Current accident year		42.3 %			64.9 %			55.3 %			90.3 %			65.8 %		76.6 %
Prior accident years		(11.7)%			(1.3)%			(5.6)%			(3.6)%			(0.7)%		(1.9)%
Calendar year		30.6 %			63.6 %			49.7 %			86.7 %			65.1 %		74.7 %
Acquisition expense ratio		19.5 %			28.2 %			24.5 %			19.4 %			28.5 %		24.5 %
Operating expense ratio		7.5 %			2.5 %			4.6 %			7.0 %			2.3 %		4.4 %
Combined ratio		57.6 %			94.3 %			78.8 %			113.1 %			95.9 %		103.6 %

Attachments

Disclaimer

RenaissanceRe Holdings Ltd. published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 20:55:21 UTC.

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