RENAISSANCERE HOLDINGS LTD – 10-Q – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the
three months ended March 31, 2022 and 2021, as well as our liquidity and capital
resources at March 31, 2022. This discussion and analysis should be read in
conjunction with the unaudited consolidated financial statements and notes
thereto included in this filing and the audited consolidated financial
statements and notes thereto contained in our Form 10-K for the fiscal year
ended December 31, 2021. This filing contains forward-looking statements that
involve risks and uncertainties. Actual results may differ materially from the
results described or implied by these forward-looking statements. See "Note on
Forward-Looking Statements."

In this Form 10-Q, references to "RenaissanceRe" refer to RenaissanceRe Holdings
Ltd. (the parent company) and references to "we," "us," "our" and the "Company"
refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the
context requires otherwise. Defined terms used throughout this Form 10-Q are
included in the "Glossary of Defined Terms" at the beginning of this Form 10-Q.

All dollar amounts referred to in this Form 10-Q are in U.S. dollars unless
otherwise indicated.

Due to rounding, numbers presented in the tables included in this Form 10-Q may
not add up precisely to the totals provided.

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INDEX TO MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

                                                                  Page
  OVERVIEW                                                         54
  SUMMARY OF CRITICAL ACCOUNTING ESTIMATES                         56
  SUMMARY RESULTS OF OPERATIONS                                    57
  FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES             70
  Financial Condition                                              70
  Liquidity and Cash Flows                                         70
  Capital Resources                                                75
  Reserve for Claims and Claim Expenses                            76
  Investments                                                      77
  Ratings                                                          79
  SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION                     80
  OFF-BALANCE SHEET AND SPECIAL PURPOSE ENTITY ARRANGEMENTS        81

  CURRENT OUTLOOK                                                  81


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OVERVIEW

RenaissanceRe is a global provider of reinsurance and insurance. We provide
property, casualty and specialty reinsurance and certain insurance solutions to
customers, principally through intermediaries. Established in 1993, we have
offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the U.K., and
the U.S. To best serve our clients in the places they do business, we have
operating subsidiaries, branches, joint ventures, managed funds and underwriting
platforms around the world. Our operating subsidiaries include Renaissance
Reinsurance, Renaissance Reinsurance U.S., RenaissanceRe Specialty U.S., RREAG,
Renaissance Reinsurance of Europe and our Lloyd's syndicate, Syndicate 1458. We
write property and casualty and specialty reinsurance through our wholly-owned
operating subsidiaries, joint ventures, managed funds and Syndicate 1458 and
certain insurance products primarily through Syndicate 1458 and RenaissanceRe
Specialty U.S. Syndicate 1458 provides us with access to Lloyd's extensive
distribution network and worldwide licenses, and also writes business through
delegated authority arrangements. We also underwrite reinsurance on behalf of
joint ventures, including DaVinci, Fontana, Top Layer Re, Upsilon RFO and
Vermeer. In addition, through Medici, we invest in various insurance-based
investment instruments that have returns primarily tied to property catastrophe
risk.

Our mission is to match desirable, well-structured risks with efficient sources
of capital to achieve our vision of being the best underwriter. We believe that
this will allow us to produce superior returns for our shareholders over the
long term, and to further our purpose of protecting communities and enabling
prosperity. We seek to accomplish these goals by being a trusted, long-term
partner to our customers for assessing and managing risk, delivering responsive
and innovative solutions, leveraging our core capabilities of risk assessment
and information management, investing in these core capabilities in order to
serve our customers across market cycles, and keeping our promises. Our strategy
focuses on superior risk selection, superior customer relationships and superior
capital management. We provide value to our customers and joint venture and
managed fund partners in the form of financial security, innovative products,
and responsive service. We are known as a leader in paying valid claims
promptly. We principally measure our financial success through long-term growth
in tangible book value per common share plus the change in accumulated
dividends. We believe this metric is the most appropriate measure of our
financial performance, and in respect of which we believe we have delivered
superior performance over time. The principal drivers of our profit are
underwriting income, investment income, and fee income generated by our
third-party capital management business.

Our core products include property, casualty and specialty reinsurance, and
certain insurance products principally distributed through intermediaries, with
whom we have cultivated strong long-term relationships. We believe we have been
one of the world's leading providers of catastrophe reinsurance since our
founding. In recent years, through the strategic execution of several
initiatives, including organic growth and acquisitions, we have expanded and
diversified our casualty and specialty platform and products, and believe we are
a leader in certain casualty and specialty lines of business.

Our current business strategy focuses predominantly on writing reinsurance,
although as we grow our casualty and specialty and other property lines of
business, we are increasingly writing excess and surplus lines insurance through
delegated authority arrangements. We also pursue a number of other
opportunities, such as creating and managing our joint ventures and managed
funds, executing customized reinsurance transactions to assume or cede risk, and
managing certain strategic investments directed at classes of risk other than
catastrophe reinsurance. From time to time we consider diversification into new
ventures, either through organic growth, the formation of new joint ventures or
managed funds, or the acquisition of, or the investment in, other companies or
books of business of other companies.

We have determined our business consists of the following reportable segments:
(1) Property, which is comprised of catastrophe and other property (re)insurance
written on behalf of our operating subsidiaries, joint ventures and managed
funds, and (2) Casualty and Specialty, which is comprised of casualty and
specialty (re)insurance written on behalf of our operating subsidiaries, joint
ventures and managed funds.

The underwriting results of our operating subsidiaries and underwriting
platforms are included in our Property and Casualty and Specialty segment
results as appropriate.

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A meaningful portion of the reinsurance and insurance we write provides
protection from damages relating to natural and man-made catastrophes. Our
results depend to a large extent on the frequency and severity of these
catastrophic events, and the coverages we offer to customers that are affected
by these events. We are exposed to significant losses from these catastrophic
events and other exposures we cover, which primarily impact our Property
segment, in both the property catastrophe and other property lines of business.
Accordingly, we expect a significant degree of volatility in our financial
results and our financial results may vary significantly from quarter-to-quarter
and from year-to-year, based on the level of insured catastrophic losses
occurring around the world. Our Casualty and Specialty business, which
represents approximately half of our gross premiums written annually, is an
efficient use of capital that is generally less correlated with our Property
business. It allows us to bring additional capacity to our clients, across a
wider range of product offerings, while continuing to be good stewards of our
shareholders' capital.

We continually explore appropriate and efficient ways to address the risk needs
of our clients and the impact of various regulatory and legislative changes on
our operations. We have created and manage multiple capital vehicles across
several jurisdictions and may create additional risk bearing vehicles or enter
into additional jurisdictions in the future. In addition, our differentiated
strategy and capabilities position us to pursue bespoke or large solutions for
clients, which may be non-recurring. This, and other factors including the
timing of contract inception, could result in significant volatility of premiums
in both our Property and Casualty and Specialty segments. As our product and
geographical diversity increases, we may be exposed to new risks, uncertainties
and sources of volatility.

Our revenues are principally derived from three sources: (1) net premiums earned
from the reinsurance and insurance policies we sell; (2) net investment income
and net realized and unrealized gains from the investment of our capital funds
and the investment of the cash we receive on the policies which we sell; and (3)
fees received from our joint ventures, managed funds, and structured reinsurance
products.

Our expenses primarily consist of: (1) net claims and claim expenses incurred on
the policies of reinsurance and insurance we sell; (2) acquisition costs, which
typically represent a percentage of the premiums we write; (3) operating
expenses, which primarily consist of personnel expenses, rent and other
operating expenses; (4) corporate expenses, which include certain executive,
legal and consulting expenses, costs for research and development, transaction
and integration-related expenses, and other miscellaneous costs, including those
associated with operating as a publicly traded company; (5) redeemable
noncontrolling interests, which represent the interests of third parties with
respect to the net income of DaVinciRe, Medici and Vermeer; and (6) interest and
dividends related to our debt and preference shares. We are also subject to
taxes in certain jurisdictions in which we operate. Since the majority of our
income is currently earned in Bermuda, which does not have a corporate income
tax, the tax impact to our operations has historically been minimal. In the
future, our net tax exposure may increase as our operations expand
geographically, or as a result of adverse tax developments.

The underwriting results of an insurance or reinsurance company are discussed
frequently by reference to its net claims and claim expense ratio, underwriting
expense ratio, and combined ratio. The net claims and claim expense ratio is
calculated by dividing net claims and claim expenses incurred by net premiums
earned. The underwriting expense ratio is calculated by dividing underwriting
expenses (acquisition expenses and operational expenses) by net premiums earned.
The combined ratio is the sum of the net claims and claim expense ratio and the
underwriting expense ratio. A combined ratio below 100% indicates profitable
underwriting prior to the consideration of investment income. A combined ratio
over 100% indicates unprofitable underwriting prior to the consideration of
investment income. We also discuss our net claims and claim expense ratio on a
current accident year basis and a prior accident years basis. The current
accident year net claims and claim expense ratio is calculated by taking current
accident year net claims and claim expenses incurred, divided by net premiums
earned. The prior accident years net claims and claim expense ratio is
calculated by taking prior accident years net claims and claim expenses
incurred, divided by net premiums earned.

Segments

Our reportable segments are defined as follows: (1) Property, which is comprised
of catastrophe and other property reinsurance and insurance written on behalf of
our operating subsidiaries and certain joint ventures and managed funds, and (2)
Casualty and Specialty, which is comprised of casualty and specialty reinsurance
and insurance written on behalf of our operating subsidiaries and certain joint
ventures and

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managed funds. In addition to our two reportable segments, we have an Other
category, which primarily includes our strategic investments, investments unit,
corporate expenses, capital servicing costs, noncontrolling interests and
certain expenses related to acquisitions and disposals.

Effects of Inflation

General economic inflation has increased and there is a risk of inflation
remaining elevated for an extended period, which could cause claims and claim
expenses to increase, impact the performance of our investment portfolio or have
other adverse effects. This risk may be exacerbated by the steps taken by
governments and central banks throughout the world in responding to the COVID-19
pandemic. The actual effects of the current and potential future increase in
inflation on our results cannot be accurately known until, among other items,
claims are ultimately settled. The onset, duration and severity of an
inflationary period cannot be estimated with precision. We consider the
anticipated effects of inflation on us in our catastrophe loss models and on our
investment portfolio. Our estimates of the potential effects of inflation are
also considered in pricing and in estimating reserves for unpaid claims and
claim expenses. The potential exists, after a catastrophe loss, for the
development of inflationary pressures in a local economy.

COVID-19 Pandemic

Due to the ongoing nature of the COVID-19 pandemic, we are continuing to
evaluate its impact on our business, operations and financial condition,
including our potential loss exposures. We continue to expect historically
significant industry losses to emerge over time as the full impact of the
pandemic and its effects on the global economy are realized.

SUMMARY OF CRITICAL ACCOUNTING ESTIMATES

Our critical accounting estimates include "Claims and Claim Expense Reserves,"
"Premiums and Related Expenses," "Reinsurance Recoverables," "Fair Value
Measurements and Impairments" and "Income Taxes," and are discussed in
Management's Discussion and Analysis of Financial Condition and Results of
Operations in our Form 10-K for the year ended December 31, 2021. There have
been no material changes to our critical accounting estimates as disclosed in
our Form 10-K for the year ended December 31, 2021.

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