RenaissanceRe Reports Net Income of $180.7 Million for the Third Quarter of 2012 or $3.62 Per Diluted Common Share; Quarterly

  RenaissanceRe Reports Net Income of $180.7 Million for the Third Quarter of
  2012 or $3.62 Per Diluted Common Share; Quarterly Operating Income of $104.4
  Million or $2.07 Per Diluted Common Share

Business Wire

PEMBROKE, Bermuda -- November 01, 2012

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported net income available to
RenaissanceRe common shareholders of $180.7 million or $3.62 per diluted
common share in the third quarter of 2012, compared to $49.3 million or $0.95
per diluted common share in the third quarter of 2011. Operating income
available to RenaissanceRe common shareholders was $104.4 million or $2.07 per
diluted common share for the third quarter of 2012, compared to $32.7 million
and $0.62, respectively, in the third quarter of 2011. The Company reported an
annualized return on average common equity of 22.0% and an annualized
operating return on average common equity of 12.7% in the third quarter of
2012, compared to 6.6% and 4.4%, respectively, in the third quarter of 2011.
Book value per common share increased $3.13, or 4.8%, in the third quarter of
2012 to $68.20, compared to a 1.0% increase in the third quarter of 2011.

See Comments on Regulation G for a reconciliation of non-GAAP measures.

Neill A. Currie, CEO, commented: "As we report third quarter results today,
our thoughts are primarily with the families, communities and businesses
impacted by Sandy and the loss of life and widespread damage they face. We
stand ready to do our part in supporting clients and partners as they assess
their needs in the aftermath of this storm.

RenaissanceRe had a strong third quarter with growth in tangible book value
per share, adjusted for dividends, of 5.3%. Our net income and operating
income were $180.7 million and $104.4 million, respectively, driven by strong
underwriting profits and investment returns. For the nine months ended
September 30, 2012, we generated a 15.4% annualized operating return on equity
and have grown our tangible book value per common share plus accumulated
dividends, our principal measure of financial performance, by 16.6%."

Mr. Currie added: “We have experienced significant growth this year, deploying
capital in an attractive property catastrophe market, which has resulted in an
excellent portfolio of risks. This, combined with our access to multiple
sources of capital and our experienced underwriting team, provides us with a
strong platform from which to approach the January 1st renewal season.”

THIRD QUARTER 2012 HIGHLIGHTS ^ (1)

  *Gross premiums written decreased $3.6 million, or 2.6%, to $136.4 million.
    Excluding the impact of $18.2 million of reinstatement premiums written
    from the large losses during the third quarter of 2011, gross premiums
    written increased $14.6 million, or 12.0%, due primarily to growth in the
    Company's specialty and Lloyd's units.
  *Underwriting income of $122.6 million and a combined ratio of 53.3%,
    compared to $83.2 million and 63.7%, respectively. These results were
    primarily driven by an increase in net premiums earned of $33.4 million
    due to an increase in gross premiums written, excluding reinstatement
    premiums, of $261.4 million, or 21.1% during the nine months ended
    September 30, 2012, compared to the nine months ended September 30, 2011,
    and also as a result of a $4.6 million decrease in net claims and claim
    expenses during the quarter. Included in net claims and claim expenses of
    $73.2 million is $29.0 million related to hurricane Isaac, $23.5 million
    in estimated ultimate losses associated with potential exposure to LIBOR
    related claims and $8.0 million related to the 2012 crop season. Hurricane
    Isaac had a net negative impact of $15.6 million or 10.6 percentage
    points, on the Company's consolidated results and combined ratio,
    respectively.
  *Total investment income of $122.7 million, which includes the sum of net
    investment income, net realized and unrealized gains on investments and
    net other-than-temporary impairments, compared to a loss of $18.6 million.
    This was driven by higher total returns in the Company's fixed maturity
    investment portfolio as a result of increased allocations to credit which
    benefited from tightening spreads across most sectors during the quarter
    combined with an increase in average invested assets and improved returns
    in the Company's portfolio of other investments, principally as a result
    of increased valuations in the equity markets.
  *Net income attributable to redeemable noncontrolling interests of $51.1
    million increased from $5.0 million, primarily impacted by an increase in
    profitability of DaVinciRe and a decrease in the Company's ownership
    percentage in DaVinciRe from 42.8% at September30, 2011 to 31.5% at
    September30, 2012.

Underwriting Results by Segment ^(1)

Reinsurance Segment

Gross premiums written in the Reinsurance segment were $107.6 million, a
decrease of $15.2 million, or 12.4%. Excluding the impact of $18.7 million of
reinstatement premiums written from large losses in the third quarter of 2011,
gross premiums written increased $3.5 million, or 3.4%, as a result of
relatively flat market conditions and timing of the Japanese reinsurance
renewals. Managed catastrophe premiums totaled $77.4 million, a decrease of
$16.9 million, or 17.9%, excluding the impact of reinstatement premiums
written in the third quarter of 2011, due in part to the Japanese reinsurance
renewals within the catastrophe unit being written in the second quarter
during 2012, versus the third quarter in 2011. In addition, gross premiums
written in the specialty unit were $37.9 million, an increase of $12.3
million, or 48.2%, due to the inception of several new quota share contracts.

For the first nine months of 2012, managed catastrophe premiums totaled
$1,264.7 million, an increase of $190.3 million, or 17.2%, compared to the
first nine months of 2011, excluding the impact of $30.7 million of negative
reinstatement premiums adjustments in the first nine months of 2012, and
$154.8 million of reinstatement premiums written from large losses in the
first nine months of 2011. Gross premiums written in the specialty unit for
the first nine months of 2012 were $175.8 million, an increase of $51.0
million, or 40.9%, compared to the first nine months of 2011 due to the
inception of several new quota share contracts.

The Reinsurance segment generated underwriting income of $134.2 million and a
combined ratio of 41.8%, compared to $95.1 million and 54.3%, respectively,
primarily as a result of an $11.5 million decrease in net claims and claim
expenses and a $22.3 million increase in net premiums earned. Included in net
claims and claim expenses is $28.5 million and $16.0 million related to
hurricane Isaac and estimated ultimate losses related to potential exposure to
LIBOR related claims attributable to the current accident year. Hurricane
Isaac had a net negative impact of $23.1 million or 12.3 percentage points, on
the Reinsurance segment's underwriting result and combined ratio,
respectively.

The Reinsurance segment experienced $17.4 million of favorable development on
prior year reserves, compared to $13.8 million, including $17.9 million of
favorable development in the catastrophe unit and $0.5 million of adverse
development in the specialty unit. Development within the catastrophe unit is
primarily due to $16.3 million related to the 2008 hurricanes. The specialty
unit prior accident years adverse development of $0.5 million includes $5.0
million of estimated ultimate losses related to potential exposure to LIBOR
related claims.

Lloyd's Segment

Gross premiums written in the Lloyd's segment were $28.7 million, an increase
of $11.6 million, or 67.7%, primarily due to continued growth within the
segment. For the first nine months of 2012, gross premiums written in the
Lloyd's segment were $133.8 million, an increase of $46.0 million, or 52.3%.
The Lloyd's segment incurred an underwriting loss of $11.5 million and a
combined ratio of 135.6%, compared to $6.9 million and 133.3%, respectively.
Included in net claims and claim expenses of $26.3 million is $7.5 million due
to the U.S. drought impacting the 2012 crop season and estimated ultimate
losses of $2.5 million associated with potential exposure to LIBOR related
claims attributable to the current accident year.

Other Items ^(1)

  *The Company's weather and energy risk management operations generated
    income of $0.2 million, compared to a loss of $3.2 million, primarily due
    to the absence of the losses which were experienced during the third
    quarter of 2011 as a result of warm temperatures in both the U.S. and
    certain parts of Europe.
  *During the third quarter of 2012, the Company repurchased approximately
    2.4 million common shares in open market transactions at an aggregate cost
    of $180.3 million and at an average share price of $75.41.
  *Subsequent to September30, 2012 and through the period ending October31,
    2012, the Company repurchased approximately 111 thousand common shares in
    open market transactions at an aggregate cost of $8.5 million and at an
    average share price of $77.01.
  *In late October, hurricane Sandy impacted the Mid-Atlantic and Northeast
    coasts of the U.S., ultimately making landfall in New Jersey, with
    tropical storm force or greater winds at landfall extending over
    approximately 550,000 square miles. In addition, hurricane Sandy generated
    significant storm surge, which contributed substantially to loss of life,
    widespread power outages, significant disruptions to travel and
    devastating flooding throughout a number of states, including New York and
    New Jersey. Hurricane Sandy is currently estimated to have been the
    largest Atlantic hurricane in diameter ever recorded and to have produced
    the lowest barometric pressure readings for an Atlantic windstorm north of
    North Carolina. Given the severe magnitude and recent occurrence of this
    event, and the ongoing dislocation within the affected region, there is a
    lack of data available from industry participants and clients, resulting
    in significant uncertainty with respect to potential insured losses from
    this event, and also with respect to the Company's potential losses from
    this event.

    Accordingly, it is not possible at this time to provide an estimate of the
    financial impact of this event on the Company. Based upon the current
    publicly available industry preliminary insured loss estimates, market
    share analysis, the application of the Company's modeling techniques and a
    review of the Company's in-force contracts, the Company's current
    preliminary assessment is that the impact of hurricane Sandy on its
    financial results (net of reinstatement premiums, retrocessional
    recoveries and noncontrolling interest) will likely be significant. Losses
    from this event will be recorded in the Company's fourth quarter 2012
    results and any subsequent changes in these estimates will be recorded in
    the period in which they occur.

This Press Release includes certain non-GAAP financial measures 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”, “managed catastrophe premiums”,
"tangible book value per common share" and "tangible book value per common
share plus accumulated dividends." A reconciliation of such measures to the
most comparable GAAP figures in accordance with Regulation G is presented in
the attached supplemental financial data.

Please refer to the “Investor Information - Financial Reports - Financial
Supplements” section of the Company's website at www.renre.com for a copy of
the Financial Supplement which includes additional information on the
Company's financial performance.

RenaissanceRe Holdings Ltd. will host a conference call on Friday, November 2,
2012 at 11:00 a.m. (ET) to discuss this release. Live broadcast of the
conference call will be available through the “Investor Information - Company
Webcasts” section of RenaissanceRe's website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance.
The Company's business consists of three segments: (i) Reinsurance, which
includes catastrophe reinsurance, specialty reinsurance and certain property
catastrophe and specialty joint ventures managed by the Company's ventures
unit, (ii) Lloyd's, which includes reinsurance and insurance business written
through Syndicate 1458, and (iii) Insurance, which principally includes the
Company's Bermuda-based insurance operations.

Cautionary Statement under “Safe Harbor” Provisions of the Private Securities
Litigation Reform Act of 1995: Statements made in this earnings release
contain information about the Company's future business prospects. These
statements may be considered “forward-looking.” These statements are subject
to risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by such forward-looking
statements. For further information regarding cautionary statements and
factors affecting future results, please refer to RenaissanceRe Holdings
Ltd.'s filings with the Securities and Exchange Commission, including its
Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

(1) All comparisons are with the third quarter of 2011 unless specifically
stated.

(2) Net negative impact includes the sum of estimates of net claims and claim
expenses incurred, earned reinstatement premiums assumed and ceded, lost
profit commissions and redeemable noncontrolling interest - DaVinci Re. The
Company's estimates are based on a review of its potential exposures,
preliminary discussions with certain counterparties and catastrophe modeling
techniques. Given the magnitude and recent occurrence of these events, delays
in receiving claims data, potential uncertainties relating to reinsurance
recoveries and other uncertainties inherent in loss estimation, meaningful
uncertainty remains regarding losses from these events. Accordingly, the
Company's actual net impact from these events will vary from these preliminary
estimates, perhaps materially so. Changes in these estimates will be recorded
in the period in which they occur.

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
                      Three months ended         Nine months ended
                       September     September     September 30,   September 30,
                       30,          30,           2012           2011
                       2012          2011
Revenues
Gross premiums         $ 136,359    $ 139,938    $ 1,467,846    $ 1,392,006 
written
Net premiums written   $ 105,035     $ 103,010     $ 1,025,240     $ 983,580
Decrease (increase)    157,588      126,214      (239,536    )   (231,640    )
in unearned premiums
Net premiums earned    262,623       229,224       785,704         751,940
Net investment         45,164        (27,940   )   126,878         65,669
income (loss)
Net foreign exchange   3,001         (2,650    )   3,951           (6,511      )
gains (losses)
Equity in earnings
(losses) of other      4,310         4,794         16,626          (13,831     )
ventures
Other (loss) income    (881      )   (2,015    )   (28,686     )   42,963
Net realized and
unrealized gains on    76,258        16,983        153,374         46,748
fixed maturity
investments
Total
other-than-temporary   —             (498      )   (395        )   (498        )
impairments
Portion recognized
in                     —            49           52             49          
other-than-temporary
impairments
Net
other-than-temporary   —            (449      )   (343        )   (449        )
impairments
Total revenues         390,475      217,947      1,057,504      886,529     
Expenses
Net claims and claim   73,215        77,830        138,318         857,628
expenses incurred
Acquisition expenses   24,438        26,057        74,157          72,275
Operational expenses   42,390        42,169        126,180         126,298
Corporate expenses     3,850         3,582         12,728          9,657
Interest expense       5,891        5,722        17,325         17,647      
Total expenses         149,784      155,360      368,708        1,083,505   
Income (loss) from
continuing             240,691       62,587        688,796         (196,976    )
operations before
taxes
Income tax (expense)   (144      )   1,435        (1,005      )   3,260       
benefit
Income (loss) from
continuing             240,547       64,022        687,791         (193,716    )
operations
(Loss) income from
discontinued           (54       )   (965      )   1,166          (12,585     )
operations
Net income (loss)      240,493       63,057        688,957         (206,301    )
Net (income) loss
attributable to        (51,083   )   (5,044    )   (138,348    )   58,545      
noncontrolling
interests
Net income (loss)
available              189,410       58,013        550,609         (147,756    )
(attributable) to
RenaissanceRe
Dividends on           (8,750    )   (8,750    )   (26,250     )   (26,250     )
preference shares
Net income (loss)
available
(attributable) to      $ 180,660    $ 49,263     $ 524,359      $ (174,006  )
RenaissanceRe common
shareholders
                                                                   
Income (loss) from
continuing
operations available
(attributable) to      $ 3.67        $ 0.98        $ 10.36         $ (3.19     )
RenaissanceRe common
shareholders per
common share - basic
(Loss) income from
discontinued
operations
(attributable)         —            (0.02     )   0.02           (0.25       )
available to
RenaissanceRe common
shareholders per
common share - basic
Net income (loss)
available
(attributable) to      $ 3.67       $ 0.96       $ 10.38        $ (3.44     )
RenaissanceRe common
shareholders per
common share - basic
Income (loss) from
continuing
operations available
(attributable) to      $ 3.62        $ 0.97        $ 10.22         $ (3.19     )
RenaissanceRe common
shareholders per
common share -
diluted (1)
(Loss) income from
discontinued
operations
(attributable)
available to           —            (0.02     )   0.02           (0.25       )
RenaissanceRe common
shareholders per
common share -
diluted (1)
Net income (loss)
available
(attributable) to
RenaissanceRe common   $ 3.62       $ 0.95       $ 10.24        $ (3.44     )
shareholders per
common share -
diluted (1)
                                                                   
Average shares
outstanding - basic    48,394        50,501        49,683          50,830
(1)
Average shares
outstanding -          49,119        50,973        50,370          50,830
diluted (1)
                                                                   
Net claims and claim   27.9      %   34.0      %   17.6        %   114.1       %
expense ratio
Expense ratio          25.4      %   29.7      %   25.5        %   26.4        %
Combined ratio         53.3      %   63.7      %   43.1        %   140.5       %
Operating income
(loss) available
(attributable) to
RenaissanceRe common   $ 2.07        $ 0.62        $ 7.21          $ (4.35     )
shareholders per
common share -
diluted (2)
Operating return on
average common         12.7      %   4.4       %   15.4        %   (9.6        )%
equity - annualized
(2)

      Earnings per share calculations use average common shares outstanding -
(1)  basic, when in a net loss position, as required by FASB ASC Topic
      Earnings per Share.
(2)   See Comments on Regulation G for a reconciliation of non-GAAP financial
      measures.

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
                                                               
                                                  September 30,   December 31,
                                                  2012            2011
Assets
Fixed maturity investments trading, at fair       $ 5,089,540     $  4,291,465
value
Fixed maturity investments available for sale,    94,826         142,052
at fair value
Total fixed maturity investments, at fair value   5,184,366       4,433,517
Short term investments, at fair value             679,356         905,477
Equity investments trading, at fair value         57,617          50,560
Other investments, at fair value                  752,000         748,984
Investments in other ventures, under equity       82,212         70,714
method
Total investments                                 6,755,551       6,209,252
Cash and cash equivalents                         249,123         216,984
Premiums receivable                               701,240         471,878
Prepaid reinsurance premiums                      189,592         58,522
Reinsurance recoverable                           209,490         404,029
Accrued investment income                         37,327          33,523
Deferred acquisition costs                        83,222          43,721
Receivable for investments sold                   344,367         117,117
Other assets                                      215,008         180,992
Goodwill and other intangibles                    8,588          8,894
Total assets                                      $ 8,793,508    $  7,744,912
Liabilities, Noncontrolling Interests and
Shareholders' Equity
Liabilities
Reserve for claims and claim expenses             $ 1,782,680     $  1,992,354
Unearned premiums                                 718,261         347,655
Debt                                              358,595         353,620
Reinsurance balances payable                      356,136         256,883
Payable for investments purchased                 576,052         303,264
Other liabilities                                 206,709         211,369
Liabilities of discontinued operations held for   1,318          13,507
sale
Total liabilities                                 3,999,751      3,478,652
Redeemable noncontrolling interest - DaVinciRe    950,822         657,727
Shareholders' Equity
Preference shares                                 550,000         550,000
Common shares                                     48,228          51,543
Accumulated other comprehensive income            14,067          11,760
Retained earnings                                 3,226,661      2,991,890
Total shareholders' equity attributable to        3,838,956       3,605,193
RenaissanceRe
Noncontrolling interest                           3,979          3,340
Total shareholders' equity                        3,842,935      3,608,533
Total liabilities, noncontrolling interests and   $ 8,793,508    $  7,744,912
shareholders' equity
                                                                  
Book value per common share                       $ 68.20        $  59.27

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
                                                              
                       Three months ended September 30, 2012
                       Reinsurance    Lloyd’s        Insurance     Other      Total
Gross premiums         $ 107,637     $ 28,722      $ —          $    —      $ 136,359 
written
Net premiums written   $ 78,164      $ 26,982      $ (111   )    —           $ 105,035 
Net premiums earned    $ 230,359      $ 32,375       $ (111   )    —           $ 262,623
Net claims and claim   47,080         26,331         (196     )    —           73,215
expenses incurred
Acquisition expenses   18,258         6,051          129           —           24,438
Operational expenses   30,856        11,532        2            —          42,390    
Underwriting income    $ 134,165     $ (11,539 )    $ (46    )    —           122,580
(loss)
Net investment                                                     45,164      45,164
income
Net foreign exchange                                               3,001       3,001
gains
Equity in earnings                                                 4,310       4,310
of other ventures
Other loss                                                         (881    )   (881      )
Net realized and
unrealized gains on                                                76,258      76,258
investments
Corporate expenses                                                 (3,850  )   (3,850    )
Interest expense                                                   (5,891  )   (5,891    )
Income from
continuing                                                                     240,691
operations before
taxes
Income tax expense                                                 (144    )   (144      )
Loss from
discontinued                                                       (54     )   (54       )
operations
Net income
attributable to                                                    (51,083 )   (51,083   )
noncontrolling
interests
Dividends on                                                       (8,750  )   (8,750    )
preference shares
Net income available
to RenaissanceRe                                                               $ 180,660 
common shareholders
                                                                               
Net claims and claim
expenses incurred –    $ 64,488       $ 29,051       $ —                       $ 93,539
current accident
year
Net claims and claim
expenses incurred –    (17,408   )    (2,720    )    (196     )                (20,324   )
prior accident years
Net claims and claim
expenses incurred –    $ 47,080      $ 26,331      $ (196   )                $ 73,215  
total
                                                                               
Net claims and claim
expense ratio –        28.0      %    89.7      %    —                         35.6      %
current accident
year
Net claims and claim
expense ratio –        (7.6      )%   (8.4      )%   176.6    %                (7.7      )%
prior accident years
Net claims and claim
expense ratio –        20.4      %    81.3      %    176.6    %                27.9      %
calendar year
Underwriting expense   21.4      %    54.3      %    (118.0   )%               25.4      %
ratio
Combined ratio         41.8      %    135.6     %    58.6     %                53.3      %
                                                                               
                                                                               
                       Three months ended September 30, 2011
                       Reinsurance    Lloyd’s        Insurance     Other       Total
Gross premiums         $ 122,811     $ 17,127      $ —          $    —      $ 139,938 
written
Net premiums written   $ 86,745      $ 16,125      $ 140        —           $ 103,010 
Net premiums earned    $ 208,074      $ 20,797       $ 353         —           $ 229,224
Net claims and claim   58,565         14,141         5,124         —           77,830
expenses incurred
Acquisition expenses   21,964         4,013          80            —           26,057
Operational expenses   32,462        9,560         147          —          42,169    
Underwriting income    $ 95,083      $ (6,917  )    $ (4,998 )    —           83,168
(loss)
Net investment loss                                                (27,940 )   (27,940   )
Net foreign exchange                                               (2,650  )   (2,650    )
losses
Equity in earnings                                                 4,794       4,794
of other ventures
Other loss                                                         (2,015  )   (2,015    )
Net realized and
unrealized gains on                                                16,983      16,983
investments
Net
other-than-temporary                                               (449    )   (449      )
impairments
Corporate expenses                                                 (3,582  )   (3,582    )
Interest expense                                                   (5,722  )   (5,722    )
Income from
continuing                                                                     62,587
operations before
taxes
Income tax benefit                                                 1,435       1,435
Loss from
discontinued                                                       (965    )   (965      )
operations
Net income
attributable to                                                    (5,044  )   (5,044    )
noncontrolling
interests
Dividends on                                                       (8,750  )   (8,750    )
preference shares
Net income available
to RenaissanceRe                                                               $ 49,263  
common shareholders
                                                                               
Net claims and claim
expenses incurred –    $ 72,358       $ 14,089       $ (17    )                $ 86,430
current accident
year
Net claims and claim
expenses incurred –    (13,793   )    52            5,141                    (8,600    )
prior accident years
Net claims and claim
expenses incurred –    $ 58,565      $ 14,141      $ 5,124                  $ 77,830  
total
                                                                               
Net claims and claim
expense ratio –        34.8      %    67.7      %    (4.8     )%               37.7      %
current accident
year
Net claims and claim
expense ratio –        (6.7      )%   0.3       %    1,456.4  %                (3.7      )%
prior accident years
Net claims and claim
expense ratio –        28.1      %    68.0      %    1,451.6  %                34.0      %
calendar year
Underwriting expense   26.2      %    65.3      %    64.3     %                29.7      %
ratio
Combined ratio         54.3      %    133.3     %    1,515.9  %                63.7      %

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
                                                                               
                       Nine months ended September 30, 2012
                       Reinsurance      Lloyd’s        Insurance    Eliminations   Other       Total
Gross premiums         $ 1,334,438     $ 133,836     $ —          $   (428  )    $    —       $ 1,467,846 
written
Net premiums written   $ 916,171       $ 109,429     $ (360   )                   —            $ 1,025,240 
Net premiums earned    $ 698,473        $ 87,566       $ (335   )                   —            $ 785,704
Net claims and claim   90,892           50,292         (2,866   )                   —            138,318
expenses incurred
Acquisition expenses   57,742           16,229         186                          —            74,157
Operational expenses   93,246          32,395        539                         —           126,180     
Underwriting income    $ 456,593       $ (11,350 )    $ 1,806                     —            447,049
(loss)
Net investment                                                                      126,878      126,878
income
Net foreign exchange                                                                3,951        3,951
gains
Equity in earnings                                                                  16,626       16,626
of other ventures
Other loss                                                                          (28,686  )   (28,686     )
Net realized and
unrealized gains on                                                                 153,374      153,374
investments
Net
other-than-temporary                                                                (343     )   (343        )
impairments
Corporate expenses                                                                  (12,728  )   (12,728     )
Interest expense                                                                    (17,325  )   (17,325     )
Income from
continuing                                                                                       688,796
operations before
taxes
Income tax expense                                                                  (1,005   )   (1,005      )
Income from
discontinued                                                                        1,166        1,166
operations
Net income
attributable to                                                                     (138,348 )   (138,348    )
noncontrolling
interests
Dividends on                                                                        (26,250  )   (26,250     )
preference shares
Net income available
to RenaissanceRe                                                                                 $ 524,359   
common shareholders
                                                                                                 
Net claims and claim
expenses incurred –    $ 196,263        $ 63,697       $ —                                       $ 259,960
current accident
year
Net claims and claim
expenses incurred –    (105,371    )    (13,405   )    (2,866   )                                (121,642    )
prior accident years
Net claims and claim
expenses incurred –    $ 90,892        $ 50,292      $ (2,866 )                                $ 138,318   
total
                                                                                                 
Net claims and claim
expense ratio –        28.1        %    72.7      %    —                                         33.1        %
current accident
year
Net claims and claim
expense ratio –        (15.1       )%   (15.3     )%   855.5    %                                (15.5       )%
prior accident years
Net claims and claim
expense ratio –        13.0        %    57.4      %    855.5    %                                17.6        %
calendar year
Underwriting expense   21.6        %    55.6      %    (216.4   )%                               25.5        %
ratio
Combined ratio         34.6        %    113.0     %    639.1    %                                43.1        %
                                                                                                 
                       Nine months ended September 30, 2011
                       Reinsurance      Lloyd’s        Insurance     Eliminations   Other        Total
Gross premiums         $ 1,303,897     $ 87,873      $ 313        $   (77   )    $    —       $ 1,392,006 
written
Net premiums written   $ 906,167       $ 76,946      $ 467                       —            $ 983,580   
Net premiums earned    $ 696,964        $ 53,704       $ 1,272                      —            $ 751,940
Net claims and claim   797,188          53,283         7,157                        —            857,628
expenses incurred
Acquisition expenses   62,187           9,779          309                          —            72,275
Operational expenses   97,726          27,167        1,405                       —           126,298     
Underwriting loss      $ (260,137  )    $ (36,525 )    $ (7,599 )                   —            (304,261    )
Net investment                                                                      65,669       65,669
income
Net foreign exchange                                                                (6,511   )   (6,511      )
losses
Equity in losses of                                                                 (13,831  )   (13,831     )
other ventures
Other income                                                                        42,963       42,963
Net realized and
unrealized gains on                                                                 46,748       46,748
investments
Net
other-than-temporary                                                                (449     )   (449        )
impairments
Corporate expenses                                                                  (9,657   )   (9,657      )
Interest expense                                                                    (17,647  )   (17,647     )
Loss from continuing
operations before                                                                                (196,976    )
taxes
Income tax benefit                                                                  3,260        3,260
Loss from
discontinued                                                                        (12,585  )   (12,585     )
operations
Net loss
attributable to                                                                     58,545       58,545
noncontrolling
interests
Dividends on                                                                        (26,250  )   (26,250     )
preference shares
Net loss
attributable to                                                                                  $ (174,006  )
RenaissanceRe common
shareholders
                                                                                                 
Net claims and claim
expenses incurred –    $ 902,118        $ 53,027       $ (86    )                                $ 955,059
current accident
year
Net claims and claim
expenses incurred –    (104,930    )    256           7,243                                    (97,431     )
prior accident years
Net claims and claim
expenses incurred –    $ 797,188       $ 53,283      $ 7,157                                  $ 857,628   
total
                                                                                                 
Net claims and claim
expense ratio –        129.4       %    98.7      %    (6.8     )%                               127.0       %
current accident
year
Net claims and claim
expense ratio –        (15.0       )%   0.5       %    569.5    %                                (12.9       )%
prior accident years
Net claims and claim
expense ratio –        114.4       %    99.2      %    562.7    %                                114.1       %
calendar year
Underwriting expense   22.9        %    68.8      %    134.7    %                                26.4        %
ratio
Combined ratio         137.3       %    168.0     %    697.4    %                                140.5       %

      Represents $0.4 million of gross premiums ceded from the Reinsurance
(1)  segment to the Lloyd's segment for the nine months ended September 30,
      2012 (2011 - $0.1 million).

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written and Managed Premiums
(in thousands of United States Dollars)
(Unaudited)
                                                            
                 Three months ended              Nine months ended
                 September 30,   September 30,   September 30,   September 30,
                 2012            2011            2012            2011
Reinsurance
Segment
Renaissance
catastrophe      $  44,699       $  64,317       $ 720,220       $  742,888
premiums
Renaissance
specialty        37,932         25,614         173,255        123,075
premiums
Total
Renaissance      82,631         89,931         893,475        865,963
premiums
DaVinci
catastrophe      25,006          32,900          438,463         436,253
premiums
DaVinci
specialty        —              (20         )   2,500          1,681
premiums
Total DaVinci    25,006         32,880         440,963        437,934
premiums
Total
catastrophe      69,705          97,217          1,158,683       1,179,141
unit premiums
Total
specialty unit   37,932         25,594         175,755        124,756
premiums
Total
Reinsurance
segment gross    $  107,637     $  122,811     $ 1,334,438    $  1,303,897
premiums
written
                                                                 
Lloyd's
Segment
Specialty        $  26,455       $  14,290       $ 98,709        $  61,071
Catastrophe      2,267          2,837          35,127         26,802
Total Lloyd's
segment gross    $  28,722      $  17,127      $ 133,836      $  87,873
premiums
written
                                                                 
Insurance
Segment
Commercial       $  —           $  —           $ —            $  313
property
Total
Insurance
segment gross    $  —           $  —           $ —            $  313
premiums
written
                                                                 
Managed
Premiums (1)
Total
catastrophe
unit gross       $  69,705       $  97,217       $ 1,158,683     $  1,179,141
premiums
written
Catastrophe
premiums
written on
behalf of our    5,382           12,379          70,867          53,986
joint venture,
Top Layer Re
(2)
Catastrophe
premiums
written in the   2,267          2,837          35,127         26,802
Lloyd's
segment
Total managed
catastrophe      $  77,354      $  112,433     $ 1,264,677    $  1,259,929
premiums (1)

(1)  See Comments on Regulation G for a reconciliation of non-GAAP financial
      measures.
(2)   Top Layer Re is accounted for under the equity method of accounting.

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars)
(Unaudited)
                                                              
                        Three months ended           Nine months ended
                        September      September     September     September
                        30,            30,           30,           30,
                        2012           2011          2012          2011
Fixed maturity          $  24,785      $ 11,435      $ 73,554      $ 63,774
investments
Short term              219            281           953           1,309
investments
Equity investments      181            171           532           297
trading
Other investments
Hedge funds and
private equity          10,383         (25,702   )   28,443        6,035
investments
Other                   12,737         (11,665   )   31,882        2,000
Cash and cash           63            66           143          152       
equivalents
                        48,368         (25,414   )   135,507       73,567
Investment expenses     (3,204     )   (2,526    )   (8,629    )   (7,898    )
Net investment income   45,164        (27,940   )   126,878      65,669    
(loss)
                                                                   
Gross realized gains    19,891         38,054        75,635        64,046
Gross realized losses   (2,811     )   (6,099    )   (13,055   )   (22,872   )
Net realized gains on
fixed maturity          17,080         31,955        62,580        41,174
investments
Net unrealized gains
(losses) on fixed       56,942         (13,007   )   83,737        7,963
maturity investments
trading
Net unrealized gains
(losses) on equity      2,236         (1,965    )   7,057        (2,389    )
investments trading
Net realized and
unrealized gains on     76,258         16,983        153,374       46,748
investments
Total
other-than-temporary    —              (498      )   (395      )   (498      )
impairments
Portion recognized in
other comprehensive     —             49           52           49        
income, before taxes
Net
other-than-temporary    —              (449      )   (343      )   (449      )
impairments
                                                                   
Change in net
unrealized gains on
fixed maturity          1,326         (7,171    )   1,398        (8,682    )
investments available
for sale
                                                                   
Total investment        $  122,748    $ (18,577 )   $ 281,307    $ 103,286 
income (loss)

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release,
the Company has included certain non-GAAP financial measures in this Press
Release within the meaning of Regulation G. The Company has provided these
financial measurements in previous investor communications and the Company's
management believes that these measurements 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 the
comparison with other companies within the industry. These measures may not,
however, be comparable to similarly titled measures used by companies 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.

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 net realized and unrealized gains and losses on investments from
continuing and discontinued operations and net other-than-temporary
impairments from continuing and discontinued operations. The Company's
management believes that “operating income (loss) available (attributable) to
RenaissanceRe common shareholders” is useful to investors because it more
accurately measures and predicts the Company's results of operations by
removing the variability arising from fluctuations in the Company's fixed
maturity investment portfolio and equity investments trading. 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 following 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:

                      Three months ended          Nine months ended
(in thousands of       September      September     September
United States          30,           30,           30,           September 30,
Dollars, except        2012           2011          2012           2011
percentages)
Net income (loss)
available
(attributable) to      $ 180,660      $ 49,263      $ 524,359      $ (174,006 )
RenaissanceRe common
shareholders
Adjustment for net
realized and
unrealized gains on    (76,258   )    (16,983  )    (153,374  )    (46,748    )
investments of
continuing
operations
Adjustment for net
other-than-temporary
impairments of         —              449           343            449
continuing
operations
Adjustment for net
realized and
unrealized gains on
fixed maturity
investments and net    —             —            —             (42        )
other-than-temporary
impairments of
discontinued
operations
Operating income
(loss) available
(attributable) to      $ 104,402     $ 32,729     $ 371,328     $ (220,347 )
RenaissanceRe common
shareholders
                                                                   
Net income (loss)
available
(attributable) to
RenaissanceRe common   $ 3.62         $ 0.95        $ 10.24        $ (3.44    )
shareholders per
common share -
diluted
Adjustment for net
realized and
unrealized gains on    (1.55     )    (0.34    )    (3.04     )    (0.92      )
investments of
continuing
operations
Adjustment for net
other-than-temporary
impairments of         —              0.01          0.01           0.01
continuing
operations
Adjustment for net
realized and
unrealized gains on
fixed maturity
investments and net    —             —            —             —          
other-than-temporary
impairments of
discontinued
operations
Operating income
(loss) available
(attributable) to
RenaissanceRe common   $ 2.07        $ 0.62       $ 7.21        $ (4.35    )
shareholders per
common share -
diluted
                                                                   
Return on average
common equity -        22.0      %    6.6      %    21.7      %    (7.5       )%
annualized
Adjustment for net
realized and
unrealized gains on    (9.3      )%   (2.3     )%   (6.3      )%   (2.1       )%
investments of
continuing
operations
Adjustment for net
other-than-temporary
impairments of         —              0.1      %    —              —
continuing
operations
Adjustment for net
realized and
unrealized gains on
fixed maturity
investments and net    —             —            —             —          
other-than-temporary
impairments of
discontinued
operations
Operating return on
average common         12.7      %    4.4      %    15.4      %    (9.6       )%
equity - annualized

The Company has also included in this Press Release “managed catastrophe
premiums”. “Managed catastrophe premiums” is defined as gross catastrophe
premiums written by Renaissance Reinsurance and its related joint ventures.
“Managed catastrophe premiums” differs from total catastrophe unit gross
premiums written, which the Company believes is the most directly comparable
GAAP measure, due to the inclusion of catastrophe premiums written on behalf
of the Company's joint venture Top Layer Re, which is accounted for under the
equity method of accounting and the inclusion of catastrophe premiums written
on behalf of the Company's Lloyd's segment. The Company's management believes
“managed catastrophe premiums” is useful to investors and other interested
parties because it provides a measure of total catastrophe premiums, as
applicable, assumed by the Company through its consolidated subsidiaries and
related joint ventures.

The Company has also included in this Press Release “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 goodwill and intangible assets per share; “tangible
book value per common share plus accumulated dividends” is defined as book
value per common share excluding goodwill and intangible assets per share,
plus accumulated dividends. “Tangible book value per common share” differs
from book value per common share, which the Company believes is the most
directly comparable GAAP measure, due to the exclusion of goodwill and
intangible assets per share. 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. The following 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:

              At
               September                                             September
               30,           June 30,   March 31,  December 31,  30,
               2012           2012        2012        2011
                                                                     2011
Book value
per common     $  68.20       $ 65.07     $ 62.68     $  59.27       $ 57.89
share
Adjustment
for goodwill
and other      (0.85     )    (0.83   )   (0.84   )   (0.82     )    (0.94   )
intangibles
(1)
Tangible
book value     67.35          64.24       61.84       58.45          56.95
per common
share
Adjustment
for            11.73         11.46      11.19      10.92         10.66   
accumulated
dividends
Tangible
book value
per common     $  79.08      $ 75.70    $ 73.03    $  69.37      $ 67.61 
share plus
accumulated
dividends
                                                                     
Quarter
change in
book value     4.8       %    3.8     %   5.8     %   2.4       %    1.0     %
per common
share
Quarter
change in
tangible
book value
per common     5.3       %    4.3     %   6.3     %   3.1       %    1.5     %
share plus
change in
accumulated
dividends
Year to date
change in
book value     15.1      %
per common
share
Year to date
change in
tangible
book value
per common     16.6      %
share plus
change in
accumulated
dividends

      At September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011
      and September 30, 2011, goodwill and other intangibles included $32.2
(1)  million, $33.3 million, $34.5 million, $33.5 million and $34.2 million,
      respectively, of goodwill and other intangibles included in investments
      in other ventures, under equity method.

Contact:

Investors:
RenaissanceRe Holdings Ltd.
Rohan Pai, (441) 295-4513
Director of Investor Relations
or
Media:
Kekst and Company
Peter Hill or Dawn Dover, (212) 521-4800
 
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