Business Wire | Oct 25, 2021 04:15PM EDT

RenaissanceRe Reports Net Loss Attributable to Common Shareholders of $450.2 Million; Operating Loss Attributable to Common Shareholders of $414.5 Million in the Third Quarter of 2021

Oct. 25, 2021

PEMBROKE, Bermuda--(BUSINESS WIRE)--Oct. 25, 2021--RenaissanceRe Holdings Ltd. (NYSE: RNR) ("RenaissanceRe" or the "Company") today announced its financial results for the three months ended September 30, 2021.

Net Loss Attributable to Common Shareholders per Diluted Common Share: $(9.75)

Operating Loss Attributable to Common Shareholders per Diluted Common Share*: $(8.98)

Underwriting Loss Fee Income Net Investment Income

$(678.8)M $28.3M $78.3M

Change in Book Value per Common Share: (7.5)%

Change in Tangible Book Value per Common Share Plus Change in Accum.Dividends*: (7.6)%

*Annualized Operating Return on Average Common Equity, Operating (Loss) Income (Attributable) Available to Common Shareholders, Operating (Loss) Income (Attributable) Available to Common Shareholders per Diluted Common Share and Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends are non-GAAP financial measures; see "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

Annualized Operating Return on Average Common Equity, Operating (Loss) Income (Attributable) Available to Common Shareholders, Operating (Loss) Income (Attributable) Available to Common Shareholders per Diluted Common* Share and Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends are non-GAAP financial measures; see "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

Kevin J. O'Donnell, President and Chief Executive Officer, said, "This was another active season for natural catastrophes and while our results for the third quarter reflect this volatility, we have maintained a robust capital position and our business fundamentals remain strong. As we look forward to 2022, our fortress balance sheet provides us with great flexibility to create value for shareholders. We believe we will have ample capacity to renew existing risk and underwrite new opportunities if sufficiently profitable, but are equally motivated to return excess capital to shareholders at what we consider very attractive multiples."

Kevin J. O'Donnell, President and Chief Executive Officer, said, "This wasanother active season for natural catastrophes and while our results for thethird quarter reflect this volatility, we have maintained a robust capitalposition and our business fundamentals remain strong. As we look forward to2022, our fortress balance sheet provides us with great flexibility to createvalue for shareholders. We believe we will have ample capacity to renewexisting risk and underwrite new opportunities if sufficiently profitable, butare equally motivated to return excess capital to shareholders at what weconsider very attractive multiples."

Consolidated Financial Results - Third Quarter

Consolidated Financial Results - Third Quarter

Consolidated Highlights

Three months ended September 30,

(in thousands, except per share amounts and percentages)

2021

2020

Gross premiums written

$

1,774,180

$

1,143,058

Underwriting loss

(678,825

)

(206,072

)

Combined ratio

145.1

%

120.6

%

Net (Loss) income

(Attributable) available to common shareholders

(450,222

)

47,799

(Attributable) available to common shareholders per diluted common share

$

(9.75

)

$

0.94

Operating (Loss) (1)

(Attributable) to common shareholders

(414,538

)

(131,724

)

(Attributable) to common shareholders per diluted common share

$

(8.98

)

$

(2.64

)

Book value per common share

$

128.91

$

135.13

Change in book value per share

(7.5

)%

0.6

%

Tangible book value per common share plus accumulated dividends (1)

$

146.40

$

151.33

Change in tangible book value per common share plus change in accumulated dividends (1)

(7.6

)%

1.0

%

Return on average common equity - annualized

(28.4

)%

2.8

%

Operating return on average common equity - annualized (1)

(26.1

)%

(7.7

)%

(1) See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures. Net Negative Impact of the Q3 2021 Weather-Related Large Losses

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest.

Net negative impact on the consolidated financial statements

Consolidated Highlights

Three months ended September 30,

(in thousands, except per share amounts and 2021 2020 percentages)

Gross premiums written $ 1,774,180 $ 1,143,058

Underwriting loss (678,825 ) (206,072 )

Combined ratio 145.1 % 120.6 %



Net (Loss) income

(Attributable) available to common shareholders (450,222 ) 47,799

(Attributable) available to common shareholders $ (9.75 ) $ 0.94 per diluted common share

Operating (Loss) ^(1)

(Attributable) to common shareholders (414,538 ) (131,724 )

(Attributable) to common shareholders per $ (8.98 ) $ (2.64 ) diluted common share

Book value per common share $ 128.91 $ 135.13

Change in book value per share (7.5 ) 0.6 % %

Tangible book value per common share plus $ 146.40 $ 151.33 accumulated dividends ^(1)

Change in tangible book value per common share (7.6 ) 1.0 % plus change in accumulated dividends ^(1) %



Return on average common equity - annualized (28.4 ) 2.8 % %

Operating return on average common equity - (26.1 ) (7.7 ) annualized ^(1) % %

(1) See "Comments on Regulation G" for a reconciliation of non-GAAP financialmeasures. Net Negative Impact of the Q3 2021 Weather-Related Large Losses

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest.

Net negative impact on the consolidated financial statements



Three months Other 2021 Total Q3 2021 ended Hurricane European Catastrophe Aggregate Weather- September 30, Ida Floods Events ^(1) Losses ^(2) Related Large 2021 Losses^ (3)

(in thousands)

Net claims and claims $ (784,016 ) $ (388,771 ) $ (33,951 ) $ (65,008 ) $ (1,271,746 ) expenses incurred

Assumed reinstatement 157,671 93,914 3,269 - 254,854 premiums earned

Ceded reinstatement (23,318 ) (16,690 ) - - (40,008 ) premiums earned

Earned profit - 8,075 - - 8,075 commissions

Net negative impact on (649,663 ) (303,472 ) (30,682 ) (65,008 ) (1,048,825 ) underwriting result

Redeemable noncontrolling 211,217 95,078 3,371 12,371 322,037 interest

Net negative impact on net loss attributable $ (438,446 ) $ (208,394 ) $ (27,311 ) $ (52,637 ) $ (726,788 ) to RenaissanceRe common shareholders



Net negative impact on the segment underwriting results and consolidated combined ratio



Three months Other 2021 Total Q3 2021 ended Hurricane European Catastrophe Aggregate Weather- September Ida Floods Events ^(1) Losses ^(2) Related Large 30, 2021 Losses ^(3)

(in thousands, except percentages)

Net negative impact on Property $ (630,868 ) $ (298,156 ) $ (30,682 ) $ (65,008 ) $ (1,024,714 ) segment underwriting result

Net negative impact on Casualty and Specialty (18,795 ) (5,316 ) - - (24,111 ) segment underwriting result

Net negative impact on $ (649,663 ) $ (303,472 ) $ (30,682 ) $ (65,008 ) $ (1,048,825 ) underwriting result

Percentage point impact on 43.0 18.8 2.0 4.3 73.8 consolidated combined ratio



(1)

"Other 2021 Catastrophe Events" includes the hailstorm in Europe in late June 2021 and the wildfires in California during the third quarter of 2021.

(2)

"Aggregate Losses" includes loss estimates associated with certain aggregate loss contracts triggered during 2021 as a result of weather-related catastrophe events.

(3)

"Q3 2021 Weather-Related Large Losses" includes Hurricane Ida, the European Floods, Other 2021 Catastrophe Events and the Aggregate Losses described above.

Estimates of net negative impact are based on a review of potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. Actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of losses from catastrophe events, driven by the magnitude and recent nature of each event, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries, and other factors inherent in loss estimation, among other things.

"Other 2021 Catastrophe Events" includes the hailstorm in Europe in late(1) June 2021 and the wildfires in California during the third quarter of 2021.

"Aggregate Losses" includes loss estimates associated with certain(2) aggregate loss contracts triggered during 2021 as a result of weather-related catastrophe events.

"Q3 2021 Weather-Related Large Losses" includes Hurricane Ida, the(3) European Floods, Other 2021 Catastrophe Events and the Aggregate Losses described above.

Estimates of net negative impact are based on a review of potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. Actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of losses from catastrophe events, driven by the magnitude and recent nature of each event, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries, and other factors inherent in loss estimation, among other things.

Three Drivers of Profit: Underwriting, Fee and Investment Income

Underwriting Results - Property Segment: Q3 2021 Weather-Related Large Losses contributed 140.5 percentage points to the combined ratio

Property Segment

Three months ended September 30, Q/Q Change (in thousands, except percentages) 2021 2020

Gross premiums written $ 773,692 $ 427,765 80.9 %

Underwriting loss (681,929 ) (206,625 )



Underwriting Ratios

Net claims and claim expense ratio - 180.0 % 121.9 % 58.1pts current accident year

Net claims and claim expense ratio - (17.9 ) (7.5 ) (10.4) prior accident years % % pts

Net claims and claim expense ratio - 162.1 % 114.4 % 47.7pts calendar year

Underwriting expense ratio 21.4 % 25.6 % (4.2) pts

Combined ratio 183.5 % 140.0 % 43.5pts

* Gross premiums written increased 80.9%, driven by:

- $254.9 million (property catastrophe - $246.6 million, other property - $8.3 million) of reinstatement premiums associated with the Q3 2021 Weather-Related Large Losses, compared to $52.9 million (all within property catastrophe) of reinstatement premiums in the third quarter of 2020.

- Growth in the other property class of business of $190.1 million, or 76.6%, principally as a result of rate improvements driving growth in new and existing business, notably within catastrophe exposed U.S. property excess and surplus lines.

- Property catastrophe class of business gross premiums written increased by $155.8 million, or 86.7%, primarily due to the reinstatement premiums discussed above associated with the Q3 2021 Weather-Related Large Losses. Excluding the impact of the reinstatement premiums in each of the respective periods, gross premiums written in the property catastrophe class of business declined. The decline was largely driven by the non-recurrence of certain bespoke deals written in the third quarter of 2020, and movement in other reinstatement premiums, primarily related to favorable development on prior year losses in the third quarter of 2021.

* Ceded premiums written were $92.6 million, an increase of $43.5 million, or 88.8%. This increase was primarily driven by ceded reinstatement premiums earned of $40.0 million from the Q3 2021 Weather-Related Large Losses. * The net claims and claim expense ratio for prior accident years reflected net favorable development of 28.3% for property catastrophe and 5.3% for other property in the quarter, primarily related to the 2017 to 2019 accident years. * Underwriting expense ratio decreased 4.2 percentage points, driven by an improvement of 2.7 percentage points in the acquisition expense ratio primarily from reinstatement premiums associated with the Q3 2021 Weather-Related Large Losses. * Underwriting loss of $681.9 million and a combined ratio of 183.5%, primarily driven by the Q3 2021 Weather-Related Large Losses which had a $1.0 billion net negative impact on the Property segment underwriting result and added 140.5 percentage points to the combined ratio.

Underwriting Results - Casualty and Specialty Segment: Grew gross premiums written by 39.9% and reported a combined ratio of 99.6%

Casualty and Specialty Segment

Three months ended September 30, Q/Q Change (in thousands, except percentages) 2021 2020

Gross premiums written $ 1,000,488 $ 715,293 39.9 %

Underwriting income 3,104 553



Underwriting Ratios

Net claims and claim expense ratio - 69.0 % 75.7 % (6.7) current accident year pts

Net claims and claim expense ratio - (0.2 ) (3.1 ) 2.9pts prior accident years % %

Net claims and claim expense ratio - 68.8 % 72.6 % (3.8) calendar year pts

Underwriting expense ratio 30.8 % 27.3 % 3.5pts

Combined ratio 99.6 % 99.9 % (0.3) pts

* Gross premiums written increased 39.9%, primarily driven by growth in the professional liability, general casualty and other specialty lines of business. This growth was principally driven by increases in new and existing business written in the current and prior periods, combined with rate improvements. * Net claims and claim expense ratio decreased 3.8 percentage points principally as a result of lower current accident year losses in the third quarter of 2021 as compared to the third quarter of 2020.

- Included in the current accident year net claims and claim expense ratio is 3.5 percentage points related to the Q3 2021 Weather-Related Large Losses.

* The underwriting expense ratio increased 3.5 percentage points driven by an increase in the net acquisition expense ratio, partially offset by a decrease in the operating expense ratio driven by improved operating leverage.

- Increase of 4.0 percentage points in the net acquisition expense ratio principally due to reduced profit commissions in the Company's mortgage guaranty book in the third quarter of 2020.

Fee Income: $28.3 million of fee income; impacted by weather-related large losses in 2021 and favorable development on prior year events

Fee Income

Three months ended September 30, Q/Q Change (in thousands, except percentages) 2021 2020

Total management fee income $ 23,854 $ 30,465 $ (6,611 )

Total performance fee income (loss) ^(1) 4,481 (12,081 ) 16,562

Total fee income $ 28,335 $ 18,384 $ 9,951

(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

* Total fee income increased $10.0 million due to higher performance fee income in the third quarter of 2021, partially offset by lower management fee income.

- Lower management fee income in the third quarter of 2021 was primarily due to a deferral of management fees related to DaVinciRe Holdings Ltd. as a result of the Q3 2021 Weather-Related Large Losses.

- Higher performance fee income in the third quarter of 2021 resulted from favorable development on prior year events and a lower amount of performance fees available to be reversed in the third quarter of 2021 as compared to the third quarter of 2020.

Investment Results: Performance primarily driven by net realized and unrealized losses in fixed maturity and equity trading portfolios

Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example,(1) large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

* Total fee income increased $10.0 million due to higher performance fee income in the third quarter of 2021, partially offset by lower management fee income.

- Lower management fee income in the third quarter of 2021 was primarily due to a deferral of management fees related to DaVinciRe Holdings Ltd. as a result of the Q3 2021 Weather-Related Large Losses.

- Higher performance fee income in the third quarter of 2021 resulted from favorable development on prior year events and a lower amount of performance fees available to be reversed in the third quarter of 2021 as compared to the third quarter of 2020.

Investment Results: Performance primarily driven by net realized and unrealized losses in fixed maturity and equity trading portfolios

Investment Results

Three months ended September 30, Q/Q Change (in thousands, except percentages) 2021 2020

Net investment income $ 78,267 $ 83,543 $ (5,276 )

Net realized and unrealized (losses) (42,071 ) 224,208 (266,279 ) gains on investments

Total investment result 36,196 307,751 (271,555 )

Total investment return - annualized 0.7 % 6.2 % (5.5)pts

* Total investment result decreased $271.6 million, when compared to the third quarter of 2020, due to the difference in net realized and unrealized (losses) gains on investments, principally within the fixed maturity and equity investments portfolios.

- Net realized and unrealized losses in the third quarter of 2021 were driven by increasing yields on medium to longer duration U.S. treasuries, an increase in credit spreads in certain fixed maturity investments, and net realized and unrealized losses in equity investments principally in the Company's strategic investment portfolio.

- Net realized and unrealized gains in the third quarter of 2020 were favorably impacted by the recovery in the financial markets following the disruption associated with the COVID-19 pandemic.

* Managed fixed maturity and short-term investment weighted average yield to maturity was 1.1% and average duration was 3.0 years on total consolidated fixed maturity and short-term investments at fair value of $18.5 billion at September 30, 2021.

Other Items of Note

* Net loss attributable to redeemable noncontrolling interests was $198.5 million compared to net income attributable to redeemable noncontrolling interests of $19.3 million in the third quarter of 2020, reflecting the impact of the Q3 2021 Weather-Related Large Losses across the Company's consolidated joint ventures and managed funds in the third quarter of 2021. * Income tax benefit of $23.6 million compared to $8.2 million in the third quarter of 2020. The increase in income tax benefit is primarily driven by underwriting losses in the Company's taxable jurisdictions and unrealized investment losses in the Company's U.S. based operations. * Net foreign exchange losses of $4.8 million compared to a $17.4 million net foreign exchange gain in the third quarter of 2020. The net foreign exchange loss is primarily driven by losses attributable to third-party investors in RenaissanceRe Medici Fund Ltd. and miscellaneous foreign exchange losses generated by underwriting activities. * Corporate expenses decreased $37.9 million to $10.2 million, primarily due to the loss on sale of RenaissanceRe UK recorded in the third quarter of 2020. * Raised gross proceeds of $500.0 million in July 2021 through the issuance of 20,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a share of the Company's 4.20% Series G Preference Shares, $1.00 par value and $25,000 liquidation preference per share (equivalent to $25.00 per Depositary Share). * Redeemed all 11,000,000 outstanding 5.375% Series E Preference Shares on August 11, 2021 for $275.0 million plus accrued and unpaid dividends thereon.

Conference Call Details and Additional Information

Non-GAAP Financial Measures and Additional Financial Information

This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP") including "operating (loss) income (attributable) available to RenaissanceRe common shareholders," "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted," "operating return on average common equity - annualized," "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 "Investors - 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.

Conference Call Information

RenaissanceRe will host a conference call on Tuesday, October 26, 2021 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the "Investors - Webcasts & Presentations" section of the Company's website at www.renre.com.

About RenaissanceRe

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, RenaissanceRe has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release 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. 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 frequency and severity of catastrophic and other events the Company covers; the effectiveness of the Company's claims and claim expense reserving process; the effect of climate change on the Company's business, including the trend towards increasingly frequent and severe climate events; the highly competitive nature of the Company's industry, resulting in consolidation of competitors, customers and insurance and reinsurance brokers, and the Company's reliance on a small and decreasing number of brokers; the Company's ability to maintain its financial strength ratings; the effect of emerging claims and coverage issues; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms; the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on the Company's potential reinsurance, insurance and investment exposures, or other effects that it may have; the Company's exposure to credit loss from counterparties; the effect of continued challenging economic conditions throughout the world; the performance of the Company's investment portfolio and financial market volatility; 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 U.S. tax reform legislation, Organisation for Economic Co-operation and Development or European Union measures and possible future tax reform legislation and regulations, including changes to the tax treatment of the Company's shareholders or investors in its joint ventures or other entities it manages; the effect of cybersecurity risks, including technology breaches or failure; the effects of inflation; the Company's ability to successfully implement its business strategies and initiatives, and the success of any of the Company's strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company's ability to attract and retain key executives and employees; the Company's ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; foreign currency exchange rate fluctuations; soft reinsurance underwriting market conditions; losses the Company could face from terrorism, political unrest or war; the Company's ability to determine any impairments taken on its investments; the ability of the Company's ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the effect of operational risks, including system or human failures; the Company's ability to raise capital if necessary; the Company's ability to comply with covenants in its debt agreements; changes to the accounting rules and regulatory systems applicable to the Company's business, including changes in Bermuda laws or regulations or as a result of increased global regulation of the insurance and reinsurance industries; the Company's dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company's corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in serving process or enforcing judgments against the Company in the U.S.; the cyclical nature of the reinsurance and insurance industries; adverse legislative developments that reduce the size of the private markets the Company serves or impede their future growth and other political, regulatory or industry initiatives adversely impacting the Company; the Company's ability to comply with applicable sanctions and foreign corrupt practices laws; the Company's need to make many estimates and judgments in the preparation of its financial statements; and other factors affecting future results disclosed in RenaissanceRe's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Prospectus Supplement dated July 7, 2021.

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations

(in thousands of United States Dollars, except per share amounts andpercentages)

(Unaudited)

Three months ended Nine months ended

September 30, September 30, September 30, September 30, 2021 2020 2021 2020

Revenues

Gross premiums $ 1,774,180 $ 1,143,058 $ 6,520,780 $ 4,870,651 written

Net premiums $ 1,486,440 $ 899,411 $ 4,822,815 $ 3,350,022 written

Decrease(increase) in 19,825 100,772 (969,924 ) (426,645 )unearned premiums

Net premiums 1,506,265 1,000,183 3,852,891 2,923,377 earned

Net investment 78,267 83,543 238,996 272,321 income

Net foreignexchange (losses) (4,755 ) 17,426 (24,309 ) 4,503 gains

Equity inearnings of other 5,305 5,457 8,479 19,062 ventures

Other income 1,692 1,476 4,449 (4,161 )(loss)

Net realized andunrealized (42,071 ) 224,208 (196,616 ) 561,891 (losses) gains oninvestments

Total revenues 1,544,703 1,332,293 3,883,890 3,776,993

Expenses

Net claims andclaim expenses 1,798,045 942,030 3,185,117 2,023,256 incurred

Acquisition 328,048 215,180 880,872 659,394 expenses

Operational 58,997 49,045 172,511 165,583 expenses

Corporate 10,196 48,050 30,726 75,939 expenses

Interest expense 11,919 11,843 35,664 38,612

Total expenses 2,207,205 1,266,148 4,304,890 2,962,784

(Loss) income (662,502 ) 66,145 (421,000 ) 814,209 before taxes

Income tax 23,630 8,244 29,284 (12,785 )benefit (expense)

Net (loss) income (638,872 ) 74,389 (391,716 ) 801,424

Net loss (income)attributable toredeemable 198,495 (19,301 ) 131,801 (236,120 )noncontrollinginterests

Net (loss) incomeattributable to (440,377 ) 55,088 (259,915 ) 565,304 RenaissanceRe

Dividends on (9,845 ) (7,289 ) (24,423 ) (23,634 )preference shares

Net (loss) income(attributable)available to $ (450,222 ) $ 47,799 $ (284,338 ) $ 541,670 RenaissanceRecommonshareholders



Net (loss) income(attributable)available toRenaissanceRe $ (9.75 ) $ 0.94 $ (5.94 ) $ 11.60 commonshareholders percommon share -basic

Net (loss) income(attributable)available toRenaissanceRe $ (9.75 ) $ 0.94 $ (5.94 ) $ 11.58 commonshareholders percommon share -diluted

Operating (loss)income(attributable)available toRenaissanceRe $ (8.98 ) $ (2.64 ) $ (2.77 ) $ 1.84 commonshareholders percommon share -diluted ^(1)



Average sharesoutstanding - 46,223 50,009 47,988 46,130 basic

Average sharesoutstanding - 46,223 50,094 47,988 46,200 diluted



Net claims andclaim expense 119.4 % 94.2 % 82.7 % 69.2 %ratio

Underwriting 25.7 % 26.4 % 27.3 % 28.2 %expense ratio

Combined ratio 145.1 % 120.6 % 110.0 % 97.4 %



Return on average ) )common equity - (28.4 % 2.8 % (5.8 % 12.0 %annualized

Operating returnon average common (26.1 ) (7.7 ) (2.7 ) 2.0 %equity - % % %annualized ^(1)

(1)See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

See Comments on Regulation G for a reconciliation of non-GAAP financial(1) measures.

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

(in thousands of United States Dollars, except per share amounts)

September 30,2021

December 31,2020

Assets

(Unaudited)

(Audited)

Fixed maturity investments trading, at fair value

$

13,839,248

$

13,506,503

Short term investments, at fair value

4,667,273

4,993,735

Equity investments trading, at fair value

527,839

702,617

Other investments, at fair value

1,738,737

1,256,948

Investments in other ventures, under equity method

93,344

98,373

Total investments

20,866,441

20,558,176

Cash and cash equivalents

1,440,734

1,736,813

Premiums receivable

4,141,899

2,894,631

Prepaid reinsurance premiums

1,137,556

823,582

Reinsurance recoverable

4,192,758

2,926,010

Accrued investment income

55,620

66,743

Deferred acquisition costs and value of business acquired

893,265

633,521

Receivable for investments sold

322,553

568,293

Other assets

240,491

363,170

Goodwill and other intangible assets

245,015

249,641

Total assets

$

33,536,332

$

30,820,580

Liabilities, Noncontrolling Interests and Shareholders' Equity

Liabilities

Reserve for claims and claim expenses

$

13,233,244

$

10,381,138

Unearned premiums

4,039,546

2,763,599

Debt

1,137,829

1,136,265

Reinsurance balances payable

3,964,137

3,488,352

Payable for investments purchased

718,099

1,132,538

Other liabilities

235,665

970,121

Total liabilities

23,328,520

19,872,013

Redeemable noncontrolling interests

3,458,298

3,388,319

Shareholders' Equity

Preference shares

750,000

525,000

Common shares

46,540

50,811

Additional paid-in capital

927,862

1,623,206

Accumulated other comprehensive loss

(12,709)

(12,642)

Retained earnings

5,037,821

5,373,873

Total shareholders' equity attributable to RenaissanceRe

6,749,514

7,560,248

Total liabilities, noncontrolling interests and shareholders' equity

$

33,536,332

$

30,820,580

Book value per common share

$

128.91

$

138.46

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

(in thousands of United States Dollars, except per share amounts)



September 30, December 31, 2021 2020

Assets (Unaudited) (Audited)

Fixed maturity investments trading, at fair value $ 13,839,248 $ 13,506,503

Short term investments, at fair value 4,667,273 4,993,735

Equity investments trading, at fair value 527,839 702,617

Other investments, at fair value 1,738,737 1,256,948

Investments in other ventures, under equity 93,344 98,373 method

Total investments 20,866,441 20,558,176

Cash and cash equivalents 1,440,734 1,736,813

Premiums receivable 4,141,899 2,894,631

Prepaid reinsurance premiums 1,137,556 823,582

Reinsurance recoverable 4,192,758 2,926,010

Accrued investment income 55,620 66,743

Deferred acquisition costs and value of business 893,265 633,521 acquired

Receivable for investments sold 322,553 568,293

Other assets 240,491 363,170

Goodwill and other intangible assets 245,015 249,641

Total assets $ 33,536,332 $ 30,820,580

Liabilities, Noncontrolling Interests and Shareholders' Equity

Liabilities

Reserve for claims and claim expenses $ 13,233,244 $ 10,381,138

Unearned premiums 4,039,546 2,763,599

Debt 1,137,829 1,136,265

Reinsurance balances payable 3,964,137 3,488,352

Payable for investments purchased 718,099 1,132,538

Other liabilities 235,665 970,121

Total liabilities 23,328,520 19,872,013

Redeemable noncontrolling interests 3,458,298 3,388,319

Shareholders' Equity

Preference shares 750,000 525,000

Common shares 46,540 50,811

Additional paid-in capital 927,862 1,623,206

Accumulated other comprehensive loss (12,709) (12,642)

Retained earnings 5,037,821 5,373,873

Total shareholders' equity attributable to 6,749,514 7,560,248 RenaissanceRe

Total liabilities, noncontrolling interests and $ 33,536,332 $ 30,820,580 shareholders' equity



Book value per common share $ 128.91 $ 138.46

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars, except percentages)

(Unaudited)

Three months ended September 30, 2021

Property

Casualty and Specialty

Other

Total

Gross premiums written

$

773,692

$

1,000,488

$

-

$

1,774,180

Net premiums written

$

681,095

$

805,345

$

-

$

1,486,440

Net premiums earned

$

816,376

$

689,889

$

-

$

1,506,265

Net claims and claim expenses incurred

1,323,678

474,367

-

1,798,045

Acquisition expenses

134,179

193,869

-

328,048

Operational expenses

40,448

18,549

-

58,997

Underwriting (loss) income

$

(681,929

)

$

3,104

$

-

(678,825

)

Net investment income

78,267

78,267

Net foreign exchange loss

(4,755

)

(4,755

)

Equity in earnings of other ventures

5,305

5,305

Other income

1,692

1,692

Net realized and unrealized loss on investments

(42,071

)

(42,071

)

Corporate expenses

(10,196

)

(10,196

)

Interest expense

(11,919

)

(11,919

)

Loss before taxes and redeemable noncontrolling interests

(662,502

)

Income tax benefit

23,630

23,630

Net loss attributable to redeemable noncontrolling interests

198,495

198,495

Dividends on preference shares

(9,845

)

(9,845

)

Net loss attributable to RenaissanceRe common shareholders

$

(450,222

)

Net claims and claim expenses incurred - current accident year

$

1,469,613

$

476,082

$

-

$

1,945,695

Net claims and claim expenses incurred - prior accident years

(145,935

)

(1,715

)

-

(147,650

)

Net claims and claim expenses incurred - total

$

1,323,678

$

474,367

$

-

$

1,798,045

Net claims and claim expense ratio - current accident year

180.0

%

69.0

%

129.2

%

Net claims and claim expense ratio - prior accident years

(17.9

)%

(0.2

)%

(9.8

)%

Net claims and claim expense ratio - calendar year

162.1

%

68.8

%

119.4

%

Underwriting expense ratio

21.4

%

30.8

%

25.7

%

Combined ratio

183.5

%

99.6

%

145.1

%

Three months ended September 30, 2020

Property

Casualty and Specialty

Other

Total

Gross premiums written

$

427,765

$

715,293

$

-

$

1,143,058

Net premiums written

$

378,708

$

520,703

$

-

$

899,411

Net premiums earned

$

516,623

$

483,560

$

-

$

1,000,183

Net claims and claim expenses incurred

590,978

351,052

-

942,030

Acquisition expenses

98,545

116,636

-

215,180

Operational expenses

33,725

15,319

-

49,045

Underwriting (loss) income

$

(206,625

)

$

553

$

-

(206,072

)

Net investment income

83,543

83,543

Net foreign exchange gains

17,426

17,426

Equity in earnings of other ventures

5,457

5,457

Other income

1,476

1,476

Net realized and unrealized gains on investments

224,208

224,208

Corporate expenses

(48,050

)

(48,050

)

Interest expense

(11,843

)

(11,843

)

Income before taxes and redeemable noncontrolling interests

66,145

Income tax benefit

8,244

8,244

Net income attributable to redeemable noncontrolling interests

(19,301

)

(19,301

)

Dividends on preference shares

(7,289

)

(7,289

)

Net income available to RenaissanceRe common shareholders

$

47,799

Net claims and claim expenses incurred - current accident year

$

629,827

$

366,080

$

-

$

995,907

Net claims and claim expenses incurred - prior accident years

(38,849

)

(15,028

)

-

(53,877

)

Net claims and claim expenses incurred - total

$

590,978

$

351,052

$

-

$

942,030

Net claims and claim expense ratio - current accident year

121.9

%

75.7

%

99.6

%

Net claims and claim expense ratio - prior accident years

(7.5

)%

(3.1

)%

(5.4

)%

Net claims and claim expense ratio - calendar year

114.4

%

72.6

%

94.2

%

Underwriting expense ratio

25.6

%

27.3

%

26.4

%

Combined ratio

140.0

%

99.9

%

120.6

%

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars, except percentages)

(Unaudited)

Three months ended September 30, 2021

Property Casualty and Other Total Specialty

Gross premiums $ 773,692 $ 1,000,488 $ - $ 1,774,180 written

Net premiums $ 681,095 $ 805,345 $ - $ 1,486,440 written

Net premiums earned $ 816,376 $ 689,889 $ - $ 1,506,265

Net claims andclaim expenses 1,323,678 474,367 - 1,798,045 incurred

Acquisition 134,179 193,869 - 328,048 expenses

Operational 40,448 18,549 - 58,997 expenses

Underwriting (loss) $ (681,929 ) $ 3,104 $ - (678,825 )income

Net investment 78,267 78,267 income

Net foreign (4,755 ) (4,755 )exchange loss

Equity in earnings 5,305 5,305 of other ventures

Other income 1,692 1,692

Net realized andunrealized loss on (42,071 ) (42,071 )investments

Corporate expenses (10,196 ) (10,196 )

Interest expense (11,919 ) (11,919 )

Loss before taxesand redeemable (662,502 )noncontrollinginterests

Income tax benefit 23,630 23,630

Net lossattributable toredeemable 198,495 198,495 noncontrollinginterests

Dividends on (9,845 ) (9,845 )preference shares

Net lossattributable to $ (450,222 )RenaissanceRecommon shareholders



Net claims andclaim expenses $ 1,469,613 $ 476,082 $ - $ 1,945,695 incurred - currentaccident year

Net claims andclaim expenses (145,935 ) (1,715 ) - (147,650 )incurred - prioraccident years

Net claims andclaim expenses $ 1,323,678 $ 474,367 $ - $ 1,798,045 incurred - total



Net claims andclaim expense ratio 180.0 % 69.0 % 129.2 %- current accidentyear

Net claims andclaim expense ratio (17.9 ) (0.2 ) (9.8 )- prior accident % % %years

Net claims andclaim expense ratio 162.1 % 68.8 % 119.4 %- calendar year

Underwriting 21.4 % 30.8 % 25.7 %expense ratio

Combined ratio 183.5 % 99.6 % 145.1 %



Three months ended September 30, 2020

Property Casualty and Other Total Specialty

Gross premiums $ 427,765 $ 715,293 $ - $ 1,143,058 written

Net premiums $ 378,708 $ 520,703 $ - $ 899,411 written

Net premiums earned $ 516,623 $ 483,560 $ - $ 1,000,183

Net claims andclaim expenses 590,978 351,052 - 942,030 incurred

Acquisition 98,545 116,636 - 215,180 expenses

Operational 33,725 15,319 - 49,045 expenses

Underwriting (loss) $ (206,625 ) $ 553 $ - (206,072 )income

Net investment 83,543 83,543 income

Net foreign 17,426 17,426 exchange gains

Equity in earnings 5,457 5,457 of other ventures

Other income 1,476 1,476

Net realized andunrealized gains on 224,208 224,208 investments

Corporate expenses (48,050 ) (48,050 )

Interest expense (11,843 ) (11,843 )

Income before taxesand redeemable 66,145 noncontrollinginterests

Income tax benefit 8,244 8,244

Net incomeattributable toredeemable (19,301 ) (19,301 )noncontrollinginterests

Dividends on (7,289 ) (7,289 )preference shares

Net incomeavailable to $ 47,799 RenaissanceRecommon shareholders



Net claims andclaim expenses $ 629,827 $ 366,080 $ - $ 995,907 incurred - currentaccident year

Net claims andclaim expenses (38,849 ) (15,028 ) - (53,877 )incurred - prioraccident years

Net claims andclaim expenses $ 590,978 $ 351,052 $ - $ 942,030 incurred - total



Net claims andclaim expense ratio 121.9 % 75.7 % 99.6 %- current accidentyear

Net claims andclaim expense ratio (7.5 ) (3.1 ) (5.4 )- prior accident % % %years

Net claims andclaim expense ratio 114.4 % 72.6 % 94.2 %- calendar year

Underwriting 25.6 % 27.3 % 26.4 %expense ratio

Combined ratio 140.0 % 99.9 % 120.6 %

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars, except percentages)

(Unaudited)

Nine months ended September 30, 2021

Property

Casualty and Specialty

Other

Total

Gross premiums written

$

3,574,067

$

2,946,713

$

-

$

6,520,780

Net premiums written

$

2,492,890

$

2,329,925

$

-

$

4,822,815

Net premiums earned

$

1,981,939

$

1,870,952

$

-

$

3,852,891

Net claims and claim expenses incurred

1,919,660

1,265,457

-

3,185,117

Acquisition expenses

356,171

524,701

-

880,872

Operational expenses

114,710

57,801

-

172,511

Underwriting (loss) income

$

(408,602

)

$

22,993

$

-

(385,609

)

Net investment income

238,996

238,996

Net foreign exchange losses

(24,309

)

(24,309

)

Equity in earnings of other ventures

8,479

8,479

Other income

4,449

4,449

Net realized and unrealized losses on investments

(196,616

)

(196,616

)

Corporate expenses

(30,726

)

(30,726

)

Interest expense

(35,664

)

(35,664

)

Loss before taxes and redeemable noncontrolling interests

(421,000

)

Income tax benefit

29,284

29,284

Net loss attributable to redeemable noncontrolling interests

131,801

131,801

Dividends on preference shares

(24,423

)

(24,423

)

Net loss attributable to RenaissanceRe common shareholders

$

(284,338

)

Net claims and claim expenses incurred - current accident year

$

2,121,740

$

1,272,088

$

-

$

3,393,828

Net claims and claim expenses incurred - prior accident years

(202,080

)

(6,631

)

-

(208,711

)

Net claims and claim expenses incurred - total

$

1,919,660

$

1,265,457

$

-

$

3,185,117

Net claims and claim expense ratio - current accident year

107.1

%

68.0

%

88.1

%

Net claims and claim expense ratio - prior accident years

(10.2

)%

(0.4

)%

(5.4

)%

Net claims and claim expense ratio - calendar year

96.9

%

67.6

%

82.7

%

Underwriting expense ratio

23.7

%

31.2

%

27.3

%

Combined ratio

120.6

%

98.8

%

110.0

%

Nine months ended September 30, 2020

Property

Casualty and Specialty

Other

Total

Gross premiums written

$

2,690,827

$

2,179,824

$

-

$

4,870,651

Net premiums written

$

1,757,427

$

1,592,595

$

-

$

3,350,022

Net premiums earned

$

1,429,074

$

1,494,303

$

-

$

2,923,377

Net claims and claim expenses incurred

899,729

1,123,527

-

2,023,256

Acquisition expenses

278,668

380,726

-

659,394

Operational expenses

109,388

56,195

-

165,583

Underwriting income (loss)

$

141,289

$

(66,145

)

$

-

75,144

Net investment income

272,321

272,321

Net foreign exchange gains

4,503

4,503

Equity in earnings of other ventures

19,062

19,062

Other loss

(4,161

)

(4,161

)

Net realized and unrealized gains on investments

561,891

561,891

Corporate expenses

(75,939

)

(75,939

)

Interest expense

(38,612

)

(38,612

)

Income before taxes and redeemable noncontrolling interests

814,209

Income tax expense

(12,785

)

(12,785

)

Net income attributable to redeemable noncontrolling interests

(236,120

)

(236,120

)

Dividends on preference shares

(23,634

)

(23,634

)

Net income available to RenaissanceRe common shareholders

$

541,670

Net claims and claim expenses incurred - current accident year

$

931,285

$

1,147,354

$

-

$

2,078,639

Net claims and claim expenses incurred - prior accident years

(31,556

)

(23,827

)

-

(55,383

)

Net claims and claim expenses incurred - total

$

899,729

$

1,123,527

$

-

$

2,023,256

Net claims and claim expense ratio - current accident year

65.2

%

76.8

%

71.1

%

Net claims and claim expense ratio - prior accident years

(2.2

)%

(1.6

)%

(1.9

)%

Net claims and claim expense ratio - calendar year

63.0

%

75.2

%

69.2

%

Underwriting expense ratio

27.1

%

29.2

%

28.2

%

Combined ratio

90.1

%

104.4

%

97.4

%

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars, except percentages)

(Unaudited)

Nine months ended September 30, 2021

Property Casualty and Other Total Specialty

Gross premiums $ 3,574,067 $ 2,946,713 $ - $ 6,520,780 written

Net premiums $ 2,492,890 $ 2,329,925 $ - $ 4,822,815 written

Net premiums $ 1,981,939 $ 1,870,952 $ - $ 3,852,891 earned

Net claims andclaim expenses 1,919,660 1,265,457 - 3,185,117 incurred

Acquisition 356,171 524,701 - 880,872 expenses

Operational 114,710 57,801 - 172,511 expenses

Underwriting $ (408,602 ) $ 22,993 $ - (385,609 )(loss) income

Net investment 238,996 238,996 income

Net foreign (24,309 ) (24,309 )exchange losses

Equity in earnings 8,479 8,479 of other ventures

Other income 4,449 4,449

Net realized andunrealized losses (196,616 ) (196,616 )on investments

Corporate expenses (30,726 ) (30,726 )

Interest expense (35,664 ) (35,664 )

Loss before taxesand redeemable (421,000 )noncontrollinginterests

Income tax benefit 29,284 29,284

Net lossattributable toredeemable 131,801 131,801 noncontrollinginterests

Dividends on (24,423 ) (24,423 )preference shares

Net lossattributable toRenaissanceRe $ (284,338 )commonshareholders



Net claims andclaim expenses $ 2,121,740 $ 1,272,088 $ - $ 3,393,828 incurred - currentaccident year

Net claims andclaim expenses (202,080 ) (6,631 ) - (208,711 )incurred - prioraccident years

Net claims andclaim expenses $ 1,919,660 $ 1,265,457 $ - $ 3,185,117 incurred - total



Net claims andclaim expense 107.1 % 68.0 % 88.1 %ratio - currentaccident year

Net claims andclaim expense (10.2 ) (0.4 ) (5.4 )ratio - prior % % %accident years

Net claims andclaim expense 96.9 % 67.6 % 82.7 %ratio - calendaryear

Underwriting 23.7 % 31.2 % 27.3 %expense ratio

Combined ratio 120.6 % 98.8 % 110.0 %



Nine months ended September 30, 2020

Property Casualty and Other Total Specialty

Gross premiums $ 2,690,827 $ 2,179,824 $ - $ 4,870,651 written

Net premiums $ 1,757,427 $ 1,592,595 $ - $ 3,350,022 written

Net premiums $ 1,429,074 $ 1,494,303 $ - $ 2,923,377 earned

Net claims andclaim expenses 899,729 1,123,527 - 2,023,256 incurred

Acquisition 278,668 380,726 - 659,394 expenses

Operational 109,388 56,195 - 165,583 expenses

Underwriting $ 141,289 $ (66,145 ) $ - 75,144 income (loss)

Net investment 272,321 272,321 income

Net foreign 4,503 4,503 exchange gains

Equity in earnings 19,062 19,062 of other ventures

Other loss (4,161 ) (4,161 )

Net realized andunrealized gains 561,891 561,891 on investments

Corporate expenses (75,939 ) (75,939 )

Interest expense (38,612 ) (38,612 )

Income beforetaxes andredeemable 814,209 noncontrollinginterests

Income tax expense (12,785 ) (12,785 )

Net incomeattributable toredeemable (236,120 ) (236,120 )noncontrollinginterests

Dividends on (23,634 ) (23,634 )preference shares

Net incomeavailable toRenaissanceRe $ 541,670 commonshareholders



Net claims andclaim expenses $ 931,285 $ 1,147,354 $ - $ 2,078,639 incurred - currentaccident year

Net claims andclaim expenses (31,556 ) (23,827 ) - (55,383 )incurred - prioraccident years

Net claims andclaim expenses $ 899,729 $ 1,123,527 $ - $ 2,023,256 incurred - total



Net claims andclaim expense 65.2 % 76.8 % 71.1 %ratio - currentaccident year

Net claims andclaim expense (2.2 ) (1.6 ) (1.9 )ratio - prior % % %accident years

Net claims andclaim expense 63.0 % 75.2 % 69.2 %ratio - calendaryear

Underwriting 27.1 % 29.2 % 28.2 %expense ratio

Combined ratio 90.1 % 104.4 % 97.4 %

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Gross Premiums Written

(in thousands of United States Dollars)

(Unaudited)

Three months ended

Nine months ended

September 30,2021

September 30,2020

September 30,2021

September 30,2020

Property Segment

Catastrophe

$

335,493

$

179,689

$

2,227,941

$

1,827,665

Other property

438,199

248,076

1,346,126

863,162

Property segment gross premiums written

$

773,692

$

427,765

$

3,574,067

$

2,690,827

Casualty and Specialty Segment

General casualty (1)

$

346,754

$

260,265

$

976,610

$

713,598

Professional liability (2)

329,848

175,459

950,607

628,683

Financial lines (3)

128,586

143,455

359,147

392,169

Other (4)

195,300

136,114

660,349

445,374

Casualty and Specialty segment gross premiums written

$

1,000,488

$

715,293

$

2,946,713

$

2,179,824

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Gross Premiums Written

(in thousands of United States Dollars)

(Unaudited)



Three months ended Nine months ended

September 30, September September 30, September 30, 2021 30, 2021 2020 2020

Property Segment

Catastrophe $ 335,493 $ 179,689 $ 2,227,941 $ 1,827,665

Other property 438,199 248,076 1,346,126 863,162

Property segmentgross premiums $ 773,692 $ 427,765 $ 3,574,067 $ 2,690,827 written



Casualty and Specialty Segment

General casualty ^ $ 346,754 $ 260,265 $ 976,610 $ 713,598 (1)

Professional 329,848 175,459 950,607 628,683 liability ^(2)

Financial lines ^ 128,586 143,455 359,147 392,169 (3)

Other ^(4) 195,300 136,114 660,349 445,374

Casualty andSpecialty segment $ 1,000,488 $ 715,293 $ 2,946,713 $ 2,179,824 gross premiumswritten

(1)

Includes automobile liability, casualty clash, employer's liability, umbrella or excess casualty, workers' compensation and general liability.

(2)

Includes directors and officers, medical malpractice, and professional indemnity.

(3)

Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)

Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

(1) Includes automobile liability, casualty clash, employer's liability, umbrella or excess casualty, workers' compensation and general liability.

(2) Includes directors and officers, medical malpractice, and professional indemnity.

(3) Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

Includes accident and health, agriculture, aviation, cyber, energy,(4) marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Total Investment Result

(in thousands of United States Dollars, except percentages)

(Unaudited)

Three months ended

Nine months ended

September 30,2021

September 30,2020

September 30,2021

September 30,2020

Fixed maturity investments trading

$

56,825

$

68,022

$

179,268

$

211,303

Short term investments

514

1,611

1,869

19,752

Equity investments trading

1,823

1,559

4,940

4,776

Other investments

Catastrophe bonds

17,184

13,626

48,333

41,284

Other

7,571

2,598

20,711

5,334

Cash and cash equivalents

(38

)

441

223

2,782

83,879

87,857

255,344

285,231

Investment expenses

(5,612

)

(4,314

)

(16,348

)

(12,910

)

Net investment income

78,267

83,543

238,996

272,321

Net realized and unrealized (losses) gains on:

Fixed maturity investments trading, net of investments-related derivatives (1)

(31,424

)

78,348

(205,336

)

502,280

Equity investments trading, net of investments-related derivatives (1)

(21,680

)

119,622

(24,036

)

81,246

Other investments

Catastrophe bonds

(5,994

)

12,611

(25,075

)

2,711

Other

17,027

13,627

57,831

(24,346

)

Net realized and unrealized (losses) gains on investments

(42,071

)

224,208

(196,616

)

561,891

Total investment result

$

36,196

$

307,751

$

42,380

$

834,212

Total investment return - annualized

0.7

%

6.2

%

0.3

%

5.8

%

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Total Investment Result

(in thousands of United States Dollars, except percentages)

(Unaudited)



Three months ended Nine months ended

September September September September 30, 30, 30, 30, 2021 2020 2021 2020

Fixed maturity $ 56,825 $ 68,022 $ 179,268 $ 211,303 investments trading

Short term investments 514 1,611 1,869 19,752

Equity investments 1,823 1,559 4,940 4,776 trading

Other investments

Catastrophe bonds 17,184 13,626 48,333 41,284

Other 7,571 2,598 20,711 5,334

Cash and cash (38 ) 441 223 2,782 equivalents

83,879 87,857 255,344 285,231

Investment expenses (5,612 ) (4,314 ) (16,348 ) (12,910 )

Net investment income 78,267 83,543 238,996 272,321



Net realized andunrealized (losses) gains on:

Fixed maturityinvestments trading, net (31,424 ) 78,348 (205,336 ) 502,280 of investments-relatedderivatives ^(1)

Equity investmentstrading, net of (21,680 ) 119,622 (24,036 ) 81,246 investments-relatedderivatives ^(1)

Other investments

Catastrophe bonds (5,994 ) 12,611 (25,075 ) 2,711

Other 17,027 13,627 57,831 (24,346 )

Net realized andunrealized (losses) (42,071 ) 224,208 (196,616 ) 561,891 gains on investments

Total investment result $ 36,196 $ 307,751 $ 42,380 $ 834,212



Total investment return 0.7 % 6.2 % 0.3 % 5.8 %- annualized

(1)

Net realized and unrealized (losses) gains on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized (losses) gains on equity investments trading includes the impact of equity futures.

Net realized and unrealized (losses) gains on fixed maturity investments trading includes the impacts of interest rate futures, interest rate(1) swaps, credit default swaps and total return swaps. Net realized and unrealized (losses) gains on equity investments trading includes the impact of equity futures.

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 within the meaning of Regulation G. The Company has provided these financial measures in previous investor communications and the Company's management believes that these measures 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 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.

Operating (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses "operating (loss) income (attributable) available 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 (loss) income (attributable) available to RenaissanceRe common shareholders" as used herein differs from "net (loss) income 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, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe (UK) Limited ("RenaissanceRe UK"), the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company's management believes that "operating (loss) income (attributable) available 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 fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses "operating (loss) income (attributable) available to RenaissanceRe common shareholders" to calculate "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted" and "operating return on average common equity - annualized." The following table is a reconciliation of: (1) net (loss) income attributable to RenaissanceRe common shareholders to "operating (loss) income (attributable) available to RenaissanceRe common shareholders"; (2) net (loss) income attributable to RenaissanceRe common shareholders per common share - diluted to "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized." Comparative information for all prior periods has been updated to conform to the current methodology and presentation.

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 within the meaning of Regulation G. The Company has provided these financial measures in previous investor communications and the Company's management believes that these measures 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 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.

Operating (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses "operating (loss) income (attributable) available 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 (loss) income (attributable) available to RenaissanceRe common shareholders" as used herein differs from "net (loss) income 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, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe (UK) Limited ("RenaissanceRe UK"), the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company's management believes that "operating (loss) income (attributable) available 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 fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses "operating (loss) income (attributable) available to RenaissanceRe common shareholders" to calculate "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted" and "operating return on average common equity - annualized." The following table is a reconciliation of: (1) net (loss) income attributable to RenaissanceRe common shareholders to "operating (loss) income (attributable) available to RenaissanceRe common shareholders"; (2) net (loss) income attributable to RenaissanceRe common shareholders per common share - diluted to "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized." Comparative information for all prior periods has been updated to conform to the current methodology and presentation.

Three months ended Nine months ended

(in thousands ofUnited States September September September SeptemberDollars, except per 30, 30, 30, 30,share amounts and 2021 2020 2021 2020percentages)

Net (loss) income(attributable)available to $ (450,222 ) $ 47,799 $ (284,338 ) $ 541,670 RenaissanceRe commonshareholders

Adjustment for netrealized andunrealized losses(gains) on 36,077 (211,597 ) 171,541 (559,180 )investments,excluding otherinvestments -catastrophe bonds

Adjustment for netforeign exchange 4,755 (17,426 ) 24,309 (4,503 )losses (gains)

Adjustment forcorporate expensesassociated with theacquisition of TMR - 33,916 135 40,618 and the subsequentsale of RenaissanceReUK

Adjustment for incometax expense (benefit) 286 5,058 (7,893 ) 22,140 ^(1)

Adjustment for net(loss) incomeattributable to (5,434 ) 10,526 (35,847 ) 51,017 redeemablenoncontrollinginterests ^(2)

Operating (loss)income (attributable)available to $ (414,538 ) $ (131,724 ) $ (132,093 ) $ 91,762 RenaissanceRe commonshareholders



Net income availableto RenaissanceRecommon shareholders $ (9.75 ) $ 0.94 $ (5.94 ) $ 11.58 per common share -diluted

Adjustment for netrealized andunrealized losses(gains) on 0.78 (4.22 ) 3.57 (12.10 )investments,excluding otherinvestments -catastrophe bonds

Adjustment for netforeign exchange 0.10 (0.35 ) 0.51 (0.10 )losses (gains)

Adjustment forcorporate expensesassociated with theacquisition of TMR - 0.68 - 0.88 and the subsequentsale of RenaissanceReUK

Adjustment for incometax expense (benefit) 0.01 0.10 (0.16 ) 0.48 ^(1)

Adjustment for net(loss) incomeattributable to (0.12 ) 0.21 (0.75 ) 1.10 redeemablenoncontrollinginterests ^(2)

Operating (loss)income (attributable)available toRenaissanceRe common $ (8.98 ) $ (2.64 ) $ (2.77 ) $ 1.84 shareholders percommon share -diluted



Return on average ) )common equity - (28.4 % 2.8 % (5.8 % 12.0 %annualized

Adjustment for netrealized andunrealized losses(gains) on 2.3 % (12.4 ) 3.5 % (12.4 )investments, % %excluding otherinvestments -catastrophe bonds

Adjustment for net ) )foreign exchange 0.3 % (1.0 % 0.5 % (0.1 %losses (gains)

Adjustment forcorporate expensesassociated with theacquisition of TMR - % 2.0 % - % 0.9 %and the subsequentsale of RenaissanceReUK

Adjustment for income )tax expense (benefit) - % 0.3 % (0.2 % 0.5 %^(1)

Adjustment for net(loss) incomeattributable to (0.3 ) 0.6 % (0.7 ) 1.1 %redeemable % %noncontrollinginterests ^(2)

Operating return on ) ) )average common equity (26.1 % (7.7 % (2.7 % 2.0 %- annualized

(1)

Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income available to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(2)

Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has 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. 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 table 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."

Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income available(1) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

Represents the portion of these adjustments that are attributable to the(2) Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has 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. 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 table 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."

September June 30, March 31, December September 30, 2021 2021 31, 30, 2021 2020 2020

Book value per $ 128.91 $ 139.35 $ 131.15 $ 138.46 $ 135.13 common share

Adjustment forgoodwill and (5.67 ) (5.60 ) (5.42 ) (5.37 ) (5.53 )otherintangibles ^(1)

Tangible bookvalue per common 123.24 133.75 125.73 133.09 129.60 share

Adjustment foraccumulated 23.16 22.80 22.44 22.08 21.73 dividends

Tangible bookvalue per commonshare plus $ 146.40 $ 156.55 $ 148.17 $ 155.17 $ 151.33 accumulateddividends



Quarterly change ) )in book value (7.5 % 6.3 % (5.3 % 2.5 % 0.6 %per common share

Quarterly changein tangible bookvalue per common ) )share plus (7.6 % 6.7 % (5.3 % 3.0 % 1.0 %change inaccumulateddividends

Year to datechange in book (6.9 ) 0.6 % (5.3 ) 14.9 % 12.1 %value per common % %share

Year to datechange intangible bookvalue per common (6.6 ) 1.0 % (5.3 ) 17.9 % 14.6 %share plus % %change inaccumulateddividends

(1)

At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, and September 30, 2020, goodwill and other intangibles included $19.0 million, $22.4 million, $22.7 million, $23.0 million, and $23.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005786/en/

CONTACT: INVESTORS: RenaissanceRe Holdings Ltd. Keith McCue Senior Vice President, Finance & Investor Relations (441) 239-4830

CONTACT: MEDIA: RenaissanceRe Holdings Ltd. Keil Gunther Senior Vice President, Head of Global Marketing & Client Communication (441) 239-4932 or Kekst CNC Dawn Dover (212) 521-4800