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, 2023 and 2022, as well as our liquidity and capital
resources at March 31, 2023. 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, 2022. 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                                                    55
  SUMMARY OF CRITICAL ACCOUNTING ESTIMATES                    57
  SUMMARY RESULTS OF OPERATIONS                               58
  FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES        71
  Financial Condition                                         71
  Liquidity and Cash Flows                                    71
  Capital Resources                                           77
  Reserve for Claims and Claim Expenses                       78
  Investments                                                 79
  Ratings                                                     81
  SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION                82

  CURRENT OUTLOOK                                             84



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OVERVIEW

RenaissanceRe is a global provider of reinsurance and insurance that specializes
in matching well-structured risks with efficient sources of capital. 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. We are one of the world's leading providers of property and, casualty
and specialty reinsurance.

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 (i) being a trusted, long-term
partner to our customers for assessing and managing risk, (ii) delivering
responsive and innovative solutions, (iii) leveraging our core capabilities of
risk assessment and information management, (iv) investing in these core
capabilities in order to serve our customers across market cycles, and (v)
keeping our promises.

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. Our business consists of
the following reportable segments: (1) Property, which is comprised of
catastrophe and other property (re)insurance, and (2) Casualty and Specialty,
which is comprised of casualty and specialty (re)insurance. The underwriting
results of our consolidated operating subsidiaries and underwriting platforms
are included in our Property and Casualty and Specialty segment results as
appropriate.

Our strategy focuses on operating as an integrated system of three competitive
advantages: superior risk selection, superior customer relationships and
superior capital management. We provide value to our customers and partners in
the form of financial security, innovative products, and responsive service. We
are known as a leader in paying valid claims promptly.

There are three principal drivers of profit that generate diversified earnings
streams for our business - underwriting income, fee income, and investment
income. Underwriting income is the income that we earn from our core
underwriting business. By accepting the volatility that this business brings, we
believe that we can generate superior long-term returns and achieve our vision.
Fee income is the income that we earn primarily from managing third-party
capital in our Capital Partners unit, and is composed of management fee income
and performance fee income. Investment income is income derived from the
investment portfolio that we maintain to support our business. We take a
disciplined approach in building a relatively conservative, well-structured
investment portfolio with a focus on fixed income investments. Compared to
underwriting income, we view fee income, in particular management fee income,
and investment income, as relatively stable, less volatile, and capital
efficient sources of income.

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.

Our current business strategy focuses predominantly on writing reinsurance,
although we also write excess and surplus lines insurance through delegated
authority arrangements. Additionally, we 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 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.

Revenues and Expenses

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

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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, which are primarily reflected in
redeemable non-controlling interest or as an offset to acquisition or operating
expenses.

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
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; and (5) 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.

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.

We manage DaVinci, Fontana, Medici, and Vermeer, and own all, or a majority, of
the voting interests, but own no, or a minority, economic interest of each. As a
result of our controlling voting interests, we fully consolidate these entities
in our financial statements, even though we do not retain the full value of
economic outcomes generated by these entities. The portions of the economic
outcomes that are not retained by us are ultimately allocated to the third-party
investors who hold the non-controlling interests in these entities. The economic
outcomes may include underwriting results, investments results, and foreign
exchange impacts, among other items. For example, if one of these entities were
to generate underwriting losses due to a natural catastrophe, the full amount
would be reflected in net income (loss) on our consolidated statements of
operations, but ultimately we would only retain a portion of that amount in our
net income (loss) attributable to RenaissanceRe. In the Company's consolidated
balance sheets and consolidated statements of operations, we allocate the
portion of these items attributable to third parties in the "Net (income) loss
attributable to redeemable noncontrolling interests" line item. Refer to "Note
8. Noncontrolling Interests" in our "Notes to the Consolidated Financial
Statements" for additional information regarding our redeemable noncontrolling
interests and how this accounting treatment impacts the Company's financial
results.

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 have been exacerbated by the steps taken by
governments and central banks throughout the world in responding to the COVID-19
pandemic, the impact from the war in Ukraine and global supply chain issues.
More recently, many central banks have begun to raise interest rates, which
could act as a countervailing force against some of these inflationary
pressures. 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 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.

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The potential exists, after a catastrophe loss, for the development of
inflationary pressures in a local economy.

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, 2022. There have
been no material changes to our critical accounting estimates as disclosed in
our Form 10-K for the year ended December 31, 2022.

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