EX-99.2 3 rnrfinancialsupplement2023.htm EX-99.2

---

RenaissanceRe Holdings Ltd.
Contents

									Page
Basis of Presentation									i
Financial Highlights									1
Summary Consolidated Financial Statements
a.			Consolidated Statements of Operations						3
b.			Consolidated Balance Sheets						4
Underwriting and Reserves
a.			Consolidated Segment Underwriting Results						5
b.			Consolidated and Segment Underwriting Results - Five Quarter Trend						7
c.			Property Segment - Catastrophe and Other Property Underwriting Results						10
d.			Gross Premiums Written						12
e.			Net Premiums Written						13
f.			Net Premiums Earned						14
g.			Reserves for Claims and Claim Expenses						15
h.			Paid to Incurred Analysis						16
Managed Joint Ventures and Fee Income
a.			Fee Income						17
b.			Fee income - Five Quarter Trend						18
c.			Noncontrolling Interests						19
d.			DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations						21
Investments
a.			Total Investment Result						22
b.			Investments Composition						24
c.			Managed Investments - Credit Rating						25
d.			Retained Investments - Credit Rating						26
Other Items
a.			Earnings per Share						27
Comments on Non-GAAP Financial Measures									28

---

RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 35 for “Comments on Non-GAAP Financial Measures.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the risk that the pending acquisition of certain direct and indirect subsidiaries of American International Group, Inc, including Validus Holdings, Ltd., Validus Specialty, LLC, and Validus Reinsurance, Ltd. (together with the other transactions contemplated thereby, the “Validus Acquisition”) may not be completed within the expected timeframe or at all; the risk that regulatory agencies in certain jurisdictions may impose onerous

			i

---

conditions following the Validus Acquisition; difficulties in integrating the acquired business; risk that the due diligence process that the Company undertook in connection with the Validus Acquisition may not have revealed all facts that may be relevant in connection with the Validus Acquisition; the Company's ability to manage the growth of the acquired business’ operations successfully following the Validus Acquisition; that historical financial statements of Validus Reinsurance Ltd. are not representative of the future financial position, future results of operations or future cash flows of Validus Reinsurance Ltd. following the Validus Acquisition; risks from the Company's increased debt obligations as a result of the Validus Acquisition; the Company’s dilutive impact on the Company's shareholders from the issuance of common shares to AIG in connection with the Validus Acquisition; the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the highly competitive nature of the Company’s industry and its reliance on a small number of brokers; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all; the historically cyclical nature of the (re)insurance industries; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates and recession or the perception that recession may occur; the effect of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company's joint ventures and managed funds; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

			ii

---

RenaissanceRe Holdings Ltd.
Financial Highlights
			Three months ended												Six months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	191,025																							$	(324,913)					$	755,087					$	(719,326)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)			$	407,435																							$	238,132					$	767,443					$	390,077
Underwriting income
Gross premiums written			$	2,651,621																							$	2,464,639					$	5,441,882					$	5,407,603
Net premiums written			2,195,803																								1,863,616						4,459,506						4,028,833
Underwriting income (loss)			351,015																								316,386						720,634						516,664
Net claims and claim expense ratio:
Current accident year			54.0		%																						51.4		%				53.9		%				54.7		%
Prior accident years			(1.8)		%																						(2.9)		%				(3.9)		%				(2.1)		%
Calendar year			52.2		%																						48.5		%				50.0		%				52.6		%
Acquisition expense ratio			23.6		%																						24.8		%				24.6		%				25.0		%
Operating expense ratio			4.5		%																						5.0		%				4.6		%				4.8		%
Combined ratio			80.3		%																						78.3		%				79.2		%				82.4		%
Fee income
Management fee income			$	43,439																							$	30,707					$	84,344					$	57,929
Performance fee income			13,242																								3,548						17,109						4,675
Total fee income			$	56,681																							$	34,255					$	101,453					$	62,604
Investment results - managed
Net investment income			$	292,662																							$	107,211					$	547,040					$	190,902
Net realized and unrealized gains (losses) on investments			(222,781)																								(654,107)						56,670						(1,327,124)
Total investment result			$	69,881																							$	(546,896)					$	603,710					$	(1,136,222)
Total investment return - annualized			1.6		%																						(10.1)		%				5.5		%				(10.5)		%
Investment results - retained (1)
Net investment income			$	189,315																							$	74,983					$	357,324					$	137,658
Net realized and unrealized gains (losses) on investments			(209,683)																								(576,071)						15,864						(1,160,694)
Total investment result			$	(20,368)																							$	(501,088)					$	373,188					$	(1,023,036)
Total investment return - annualized			(0.4)		%																						(13.6)		%				4.9		%				(13.9)		%

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

                 

			1

---

Financial Highlights - Per Share Data & ROE
			Three months ended												Six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	4.10					$	(7.53)					$	16.75					$	(16.64)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	4.09					$	(7.53)					$	16.71					$	(16.64)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)			$	8.79					$	5.51					$	16.98					$	8.99
Average shares outstanding - basic			45,898						43,170						44,387						43,264
Average shares outstanding - diluted			45,990						43,170						44,498						43,264
Return on average common equity - annualized			13.5		%				(25.1)		%				28.9		%				(26.6)		%
Operating return on average common equity - annualized (1)			28.8		%				18.4		%				29.4		%				14.4		%
			June 30, 2023						December 31, 2022
Book value per common share			$	129.98					$	104.65
Tangible book value per common share (1)			$	125.03					$	98.81
Tangible book value per common share plus accumulated dividends (1)			$	150.79					$	123.81
Year to date change in book value per common share plus change in accumulated dividends			24.9		%				(19.7)		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)			27.3		%				(20.6)		%

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

                 

			2

---

Summary Consolidated Financial Statements
Consolidated Statements of Operations
			Three months ended												Six months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Revenues
Gross premiums written			$	2,651,621																							$	2,464,639					$	5,441,882					$	5,407,603
Net premiums written			$	2,195,803																							$	1,863,616					$	4,459,506					$	4,028,833
Decrease (increase) in unearned premiums			(410,541)																								(407,233)						(993,694)						(1,086,025)
Net premiums earned			1,785,262																								1,456,383						3,465,812						2,942,808
Net investment income			292,662																								107,211						547,040						190,902
Net foreign exchange gains (losses)			(13,488)																								(50,821)						(27,991)						(66,307)
Equity in earnings (losses) of other ventures			7,700																								7,383						17,230						993
Other income (loss)			3,876																								923						(430)						2,116
Net realized and unrealized gains (losses) on investments			(222,781)																								(654,107)						56,670						(1,327,124)
Total revenues			1,853,231																								866,972						4,058,331						1,743,388
Expenses
Net claims and claim expenses incurred			931,211																								706,239						1,732,411						1,547,972
Acquisition expenses			422,545																								361,238						854,802						737,745
Operational expenses			80,491																								72,520						157,965						140,427
Corporate expenses			23,371																								12,352						36,214						24,854
Interest expense			14,895																								11,895						27,029						23,850
Total expenses			1,472,513																								1,164,244						2,808,421						2,474,848
Income (loss) before taxes			380,718																								(297,272)						1,249,910						(731,460)
Income tax benefit (expense)			(5,942)																								30,534						(34,844)						67,241
Net income (loss)			374,776																								(266,738)						1,215,066						(664,219)
Net (income) loss attributable to redeemable noncontrolling interests			(174,907)																								(49,331)						(442,291)						(37,419)
Net income (loss) attributable to RenaissanceRe			199,869																								(316,069)						772,775						(701,638)
Dividends on preference shares			(8,844)																								(8,844)						(17,688)						(17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	191,025																							$	(324,913)					$	755,087					$	(719,326)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	4.10																							$	(7.53)					$	16.75					$	(16.64)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	4.09																							$	(7.53)					$	16.71					$	(16.64)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)			$	8.79																							$	5.51					$	16.98					$	8.99
Return on average common equity - annualized			13.5		%																						(25.1)		%				28.9		%				(26.6)		%
Operating return on average common equity - annualized (1)			28.8		%																						18.4		%				29.4		%				14.4		%

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

                 

			3

---

Summary Consolidated Financial Statements
Consolidated Balance Sheets
			June 30, 2023												December 31, 2022
Assets
Fixed maturity investments trading, at fair value – amortized cost $16,398,682 at June 30, 2023 (December 31, 2022 – $15,038,551)			$	15,888,564											$	14,351,402
Short term investments, at fair value - amortized cost $6,374,957 at June 30, 2023 (December 31, 2022 - $4,671,581)			6,373,969												4,669,272
Equity investments, at fair value			93,058												625,058
Other investments, at fair value			3,091,686												2,494,954
Investments in other ventures, under equity method			89,505												79,750
Total investments			25,536,782												22,220,436
Cash and cash equivalents			943,935												1,194,339
Premiums receivable			6,490,886												5,139,471
Prepaid reinsurance premiums			1,187,177												1,021,412
Reinsurance recoverable			4,689,351												4,710,925
Accrued investment income			147,824												121,501
Deferred acquisition costs			1,300,992												1,171,738
Receivable for investments sold			508,887												350,526
Other assets			358,863												384,702
Goodwill and other intangibles			235,218												237,828
Total assets			$	41,399,915											$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses			$	16,138,128											$	15,892,573
Unearned premiums			5,717,302												4,559,107
Debt			1,882,101												1,170,442
Reinsurance balances payable			3,780,410												3,928,281
Payable for investments purchased			547,974												493,776
Other liabilities			254,925												648,036
Total liabilities			28,320,840												26,692,215
Redeemable noncontrolling interests			5,676,262												4,535,389
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2023 (December 31, 2022 – 30,000)			750,000												750,000
Common shares: $1.00 par value – 51,182,221 shares issued and outstanding at June 30, 2023 (December 31, 2022 – 43,717,836)			51,182												43,718
Additional paid-in capital			1,825,215												475,647
Accumulated other comprehensive loss			(14,050)												(15,462)
Retained earnings			4,790,466												4,071,371
Total shareholders' equity attributable to RenaissanceRe			7,402,813												5,325,274
Total liabilities, noncontrolling interests and shareholders' equity			$	41,399,915											$	36,552,878
Book value per common share			$	129.98											$	104.65

                 

			4

---

Underwriting and Reserves
Consolidated Segment Underwriting Results
			Three months ended June 30, 2023																		Three months ended June 30, 2022
			Property						Casualty and Specialty												Total						Property						Casualty and Specialty												Total
Gross premiums written			$	1,402,606					$	1,249,015											$	2,651,621					$	1,218,321					$	1,246,318											$	2,464,639
Net premiums written			$	1,144,655					$	1,051,148											$	2,195,803					$	887,975					$	975,641											$	1,863,616
Net premiums earned			$	758,686					$	1,026,576											$	1,785,262					$	623,581					$	832,802											$	1,456,383
Net claims and claim expenses incurred			281,993						649,218												931,211						171,924						534,315												706,239
Acquisition expenses			140,606						281,939												422,545						137,567						223,671												361,238
Operational expenses			55,077						25,414												80,491						49,627						22,893												72,520
Underwriting income (loss)			$	281,010					$	70,005											$	351,015					$	264,463					$	51,923											$	316,386
Net claims and claim expenses incurred:
Current accident year			$	313,632					$	649,677											$	963,309					$	206,976					$	542,220											$	749,196
Prior accident years			(31,639)						(459)												(32,098)						(35,052)						(7,905)												(42,957)
Total			$	281,993					$	649,218											$	931,211					$	171,924					$	534,315											$	706,239
Net claims and claim expense ratio:
Current accident year			41.3		%				63.3		%										54.0		%				33.2		%				65.1		%										51.4		%
Prior accident years			(4.1)		%				(0.1)		%										(1.8)		%				(5.6)		%				(0.9)		%										(2.9)		%
Calendar year			37.2		%				63.2		%										52.2		%				27.6		%				64.2		%										48.5		%
Acquisition expense ratio			18.5		%				27.5		%										23.6		%				22.0		%				26.9		%										24.8		%
Operating expense ratio			7.3		%				2.5		%										4.5		%				8.0		%				2.7		%										5.0		%
Combined ratio			63.0		%				93.2		%										80.3		%				57.6		%				93.8		%										78.3		%

                 

			5

---

Underwriting and Reserves
Consolidated Segment Underwriting Results
			Six months ended June 30, 2023																		Six months ended June 30, 2022
			Property						Casualty and Specialty												Total						Property						Casualty and Specialty												Total
Gross premiums written			$	2,706,805					$	2,735,077											$	5,441,882					$	2,561,829					$	2,845,774											$	5,407,603
Net premiums written			$	2,164,484					$	2,295,022											$	4,459,506					$	1,778,141					$	2,250,692											$	4,028,833
Net premiums earned			$	1,446,106					$	2,019,706											$	3,465,812					$	1,242,172					$	1,700,636											$	2,942,808
Net claims and claim expenses incurred			469,602						1,262,809												1,732,411						431,685						1,116,287												1,547,972
Acquisition expenses			285,925						568,877												854,802						264,663						473,082												737,745
Operational expenses			110,890						47,075												157,965						96,559						43,868												140,427
Underwriting income (loss)			$	579,689					$	140,945											$	720,634					$	449,265					$	67,399											$	516,664
Net claims and claim expenses incurred:
Current accident year			$	582,934					$	1,286,327											$	1,869,261					$	483,495					$	1,125,267											$	1,608,762
Prior accident years			(113,332)						(23,518)												(136,850)						(51,810)						(8,980)												(60,790)
Total			$	469,602					$	1,262,809											$	1,732,411					$	431,685					$	1,116,287											$	1,547,972
Net claims and claim expense ratio:
Current accident year			40.3		%				63.7		%										53.9		%				38.9		%				66.2		%										54.7		%
Prior accident years			(7.8)		%				(1.2)		%										(3.9)		%				(4.1)		%				(0.6)		%										(2.1)		%
Calendar year			32.5		%				62.5		%										50.0		%				34.8		%				65.6		%										52.6		%
Acquisition expense ratio			19.7		%				28.2		%										24.6		%				21.2		%				27.8		%										25.0		%
Operating expense ratio			7.7		%				2.3		%										4.6		%				7.8		%				2.6		%										4.8		%
Combined ratio			59.9		%				93.0		%										79.2		%				63.8		%				96.0		%										82.4		%

                 

			6

---

Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
			Total
			June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
Gross premiums written			$	2,651,621					$	2,790,261					$	1,585,276					$	2,220,661					$	2,464,639
Net premiums written			$	2,195,803					$	2,263,703					$	1,345,616					$	1,821,711					$	1,863,616
Net premiums earned			$	1,785,262					$	1,680,550					$	1,624,160					$	1,767,021					$	1,456,383
Net claims and claim expenses incurred			931,211						801,200						822,937						1,967,931						706,239
Acquisition expenses			422,545						432,257						413,217						417,644						361,238
Operational expenses			80,491						77,474						71,704						64,560						72,520
Underwriting income (loss)			$	351,015					$	369,619					$	316,302					$	(683,114)					$	316,386
Net claims and claim expenses incurred:
Current accident year			$	963,309					$	905,952					$	977,823					$	1,999,837					$	749,196
Prior accident years			(32,098)						(104,752)						(154,886)						(31,906)						(42,957)
Total			$	931,211					$	801,200					$	822,937					$	1,967,931					$	706,239
Net claims and claim expense ratio:
Current accident year			54.0		%				53.9		%				60.2		%				113.2		%				51.4		%
Prior accident years			(1.8)		%				(6.2)		%				(9.5)		%				(1.8)		%				(2.9)		%
Calendar year			52.2		%				47.7		%				50.7		%				111.4		%				48.5		%
Acquisition expense ratio			23.6		%				25.7		%				25.4		%				23.6		%				24.8		%
Operating expense ratio			4.5		%				4.6		%				4.4		%				3.7		%				5.0		%
Combined ratio			80.3		%				78.0		%				80.5		%				138.7		%				78.3		%

                 

			7

---

Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
			Property
			June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
Gross premiums written			$	1,402,606					$	1,304,199					$	372,082					$	800,330					$	1,218,321
Net premiums written			$	1,144,655					$	1,019,829					$	372,998					$	696,520					$	887,975
Net premiums earned			$	758,686					$	687,420					$	688,238					$	839,817					$	623,581
Net claims and claim expenses incurred			281,993						187,609						240,503						1,372,583						171,924
Acquisition expenses			140,606						145,319						140,872						141,675						137,567
Operational expenses			55,077						55,813						49,638						48,158						49,627
Underwriting income (loss)			$	281,010					$	298,679					$	257,225					$	(722,599)					$	264,463
Net claims and claim expenses incurred:
Current accident year			$	313,632					$	269,302					$	370,175					$	1,396,842					$	206,976
Prior accident years			(31,639)						(81,693)						(129,672)						(24,259)						(35,052)
Total			$	281,993					$	187,609					$	240,503					$	1,372,583					$	171,924
Net claims and claim expense ratio:
Current accident year			41.3		%				39.2		%				53.8		%				166.3		%				33.2		%
Prior accident years			(4.1)		%				(11.9)		%				(18.9)		%				(2.9)		%				(5.6)		%
Calendar year			37.2		%				27.3		%				34.9		%				163.4		%				27.6		%
Acquisition expense ratio			18.5		%				21.2		%				20.5		%				16.9		%				22.0		%
Operating expense ratio			7.3		%				8.1		%				7.2		%				5.7		%				8.0		%
Combined ratio			63.0		%				56.6		%				62.6		%				186.0		%				57.6		%

                 

			8

---

Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
			Casualty and Specialty
			June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
Gross premiums written			$	1,249,015					$	1,486,062					$	1,213,194					$	1,420,331					$	1,246,318
Net premiums written			$	1,051,148					$	1,243,874					$	972,618					$	1,125,191					$	975,641
Net premiums earned			$	1,026,576					$	993,130					$	935,922					$	927,204					$	832,802
Net claims and claim expenses incurred			649,218						613,591						582,434						595,348						534,315
Acquisition expenses			281,939						286,938						272,345						275,969						223,671
Operational expenses			25,414						21,661						22,066						16,402						22,893
Underwriting income (loss)			$	70,005					$	70,940					$	59,077					$	39,485					$	51,923
Net claims and claim expenses incurred:
Current accident year			$	649,677					$	636,650					$	607,648					$	602,995					$	542,220
Prior accident years			(459)						(23,059)						(25,214)						(7,647)						(7,905)
Total			$	649,218					$	613,591					$	582,434					$	595,348					$	534,315
Net claims and claim expense ratio:
Current accident year			63.3		%				64.1		%				64.9		%				65.0		%				65.1		%
Prior accident years			(0.1)		%				(2.3)		%				(2.7)		%				(0.8)		%				(0.9)		%
Calendar year			63.2		%				61.8		%				62.2		%				64.2		%				64.2		%
Acquisition expense ratio			27.5		%				28.9		%				29.1		%				29.7		%				26.9		%
Operating expense ratio			2.5		%				2.2		%				2.4		%				1.8		%				2.7		%
Combined ratio			93.2		%				92.9		%				93.7		%				95.7		%				93.8		%

                 

			9

---

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
			Three months ended June 30, 2023																		Three months ended June 30, 2022
			Catastrophe						Other Property						Total						Catastrophe						Other Property						Total
Gross premiums written			$	1,001,839					$	400,767					$	1,402,606					$	803,333					$	414,988					$	1,218,321
Net premiums written			$	771,936					$	372,719					$	1,144,655					$	498,504					$	389,471					$	887,975
Net premiums earned			$	423,733					$	334,953					$	758,686					$	279,770					$	343,811					$	623,581
Net claims and claim expenses incurred			118,093						163,900						281,993						(3,748)						175,672						171,924
Acquisition expenses			50,637						89,969						140,606						37,634						99,933						137,567
Operational expenses			44,152						10,925						55,077						40,392						9,235						49,627
Underwriting income (loss)			$	210,851					$	70,159					$	281,010					$	205,492					$	58,971					$	264,463
Net claims and claim expenses incurred:
Current accident year			$	139,196					$	174,436					$	313,632					$	28,553					$	178,423					$	206,976
Prior accident years			(21,103)						(10,536)						(31,639)						(32,301)						(2,751)						(35,052)
Total			$	118,093					$	163,900					$	281,993					$	(3,748)					$	175,672					$	171,924
Net claims and claim expense ratio:
Current accident year			32.8		%				52.1		%				41.3		%				10.2		%				51.9		%				33.2		%
Prior accident years			(4.9)		%				(3.2)		%				(4.1)		%				(11.5)		%				(0.8)		%				(5.6)		%
Calendar year			27.9		%				48.9		%				37.2		%				(1.3)		%				51.1		%				27.6		%
Acquisition expense ratio			11.9		%				26.9		%				18.5		%				13.4		%				29.0		%				22.0		%
Operating expense ratio			10.4		%				3.3		%				7.3		%				14.4		%				2.7		%				8.0		%
Combined ratio			50.2		%				79.1		%				63.0		%				26.5		%				82.8		%				57.6		%

                 

			10

---

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
			Six months ended June 30, 2023																		Six months ended June 30, 2022
			Catastrophe						Other Property						Total						Catastrophe						Other Property						Total
Gross premiums written			$	1,930,434					$	776,371					$	2,706,805					$	1,689,424					$	872,405					$	2,561,829
Net premiums written			$	1,588,423					$	576,061					$	2,164,484					$	1,100,291					$	677,850					$	1,778,141
Net premiums earned			$	776,486					$	669,620					$	1,446,106					$	558,767					$	683,405					$	1,242,172
Net claims and claim expenses incurred			105,281						364,321						469,602						71,507						360,178						431,685
Acquisition expenses			92,687						193,238						285,925						72,442						192,221						264,663
Operational expenses			89,961						20,929						110,890						78,534						18,025						96,559
Underwriting income (loss)			$	488,557					$	91,132					$	579,689					$	336,284					$	112,981					$	449,265
Net claims and claim expenses incurred:
Current accident year			$	206,795					$	376,139					$	582,934					$	132,118					$	351,377					$	483,495
Prior accident years			(101,514)						(11,818)						(113,332)						(60,611)						8,801						(51,810)
Total			$	105,281					$	364,321					$	469,602					$	71,507					$	360,178					$	431,685
Net claims and claim expense ratio:
Current accident year			26.6		%				56.2		%				40.3		%				23.6		%				51.4		%				38.9		%
Prior accident years			(13.0)		%				(1.8)		%				(7.8)		%				(10.8)		%				1.3		%				(4.1)		%
Calendar year			13.6		%				54.4		%				32.5		%				12.8		%				52.7		%				34.8		%
Acquisition expense ratio			11.9		%				28.9		%				19.7		%				12.9		%				28.2		%				21.2		%
Operating expense ratio			11.6		%				3.1		%				7.7		%				14.1		%				2.6		%				7.8		%
Combined ratio			37.1		%				86.4		%				59.9		%				39.8		%				83.5		%				63.8		%

                 

			11

---

Underwriting and Reserves
Gross Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change						Six months ended												Y/Y $ Change						Y/Y % Change
			June 30, 2023						June 30, 2022																		June 30, 2023						June 30, 2022
Property Segment
Catastrophe			$	972,647					$	803,552					$	169,095					21.0		%				$	1,927,634					$	1,666,549					$	261,085					15.7		%
Catastrophe - gross reinstatement premiums			29,192						(219)						29,411						(13429.7)		%				2,800						22,875						(20,075)						(87.8)		%
Total catastrophe gross premiums written			1,001,839						803,333						198,506						24.7		%				1,930,434						1,689,424						241,010						14.3		%
Other property			400,944						413,035						(12,091)						(2.9)		%				778,795						868,447						(89,652)						(10.3)		%
Other property - gross reinstatement premiums			(177)						1,953						(2,130)						(109.1)		%				(2,424)						3,958						(6,382)						(161.2)		%
Total other property gross premiums written			400,767						414,988						(14,221)						(3.4)		%				776,371						872,405						(96,034)						(11.0)		%
Property segment gross premiums written			$	1,402,606					$	1,218,321					$	184,285					15.1		%				$	2,706,805					$	2,561,829					$	144,976					5.7		%
Casualty and Specialty Segment
General casualty (1)			$	375,945					$	322,733					$	53,212					16.5		%				$	843,837					$	802,875					$	40,962					5.1		%
Professional liability (2)			308,284						448,801						(140,517)						(31.3)		%				690,537						998,520						(307,983)						(30.8)		%
Credit (3)			191,985						219,480						(27,495)						(12.5)		%				423,661						478,584						(54,923)						(11.5)		%
Other specialty (4)			372,801						255,304						117,497						46.0		%				777,042						565,795						211,247						37.3		%
Casualty and Specialty segment gross premiums written			$	1,249,015					$	1,246,318					$	2,697					0.2		%				$	2,735,077					$	2,845,774					$	(110,697)					(3.9)		%

(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.

                 

			12

---

Underwriting and Reserves
Net Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change						Six months ended												Y/Y $ Change						Y/Y % Change
			June 30, 2023						June 30, 2022																		June 30, 2023						June 30, 2022
Property Segment
Catastrophe			$	741,829					$	497,531					$	244,298					49.1		%				$	1,581,955					$	1,078,123					$	503,832					46.7		%
Catastrophe - net reinstatement premiums			30,107						973						29,134						2994.2		%				6,468						22,168						(15,700)						(70.8)		%
Total catastrophe net premiums written			771,936						498,504						273,432						54.9		%				1,588,423						1,100,291						488,132						44.4		%
Other property			372,579						388,013						(15,434)						(4.0)		%				579,826						674,122						(94,296)						(14.0)		%
Other property - net reinstatement premiums			140						1,458						(1,318)						(90.4)		%				(3,765)						3,728						(7,493)						(201.0)		%
Total other property net premiums written			372,719						389,471						(16,752)						(4.3)		%				576,061						677,850						(101,789)						(15.0)		%
Property segment net premiums written			$	1,144,655					$	887,975					$	256,680					28.9		%				$	2,164,484					$	1,778,141					$	386,343					21.7		%
Casualty and Specialty Segment
General casualty (1)			$	339,080					$	268,076					$	71,004					26.5		%				$	761,500					$	672,352					$	89,148					13.3		%
Professional liability (2)			267,664						355,072						(87,408)						(24.6)		%				578,576						787,228						(208,652)						(26.5)		%
Credit (3)			129,564						152,696						(23,132)						(15.1)		%				295,108						333,126						(38,018)						(11.4)		%
Other specialty (4)			314,840						199,797						115,043						57.6		%				659,838						457,986						201,852						44.1		%
Casualty and Specialty segment net premiums written			$	1,051,148					$	975,641					$	75,507					7.7		%				$	2,295,022					2,250,692						$	44,330					2.0		%

(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.

                 

			13

---

Underwriting and Reserves
Net Premiums Earned
			Three months ended												Q/Q $ Change						Q/Q % Change						Six months ended												Y/Y $ Change						Y/Y % Change
			June 30, 2023						June 30, 2022																		June 30, 2023						June 30, 2022
Property Segment
Catastrophe			$	393,626					$	278,797					$	114,829					41.2		%				$	770,018					$	536,599					$	233,419					43.5		%
Catastrophe - net reinstatement premiums			30,107						973						29,134						2994.2		%				6,468						22,168						(15,700)						(70.8)		%
Total catastrophe net premiums earned			423,733						279,770						143,963						51.5		%				776,486						558,767						217,719						39.0		%
Other property			334,813						342,354						(7,541)						(2.2)		%				673,385						679,677						(6,292)						(0.9)		%
Other property - net reinstatement premiums			140						1,458						(1,318)						(90.4)		%				(3,765)						3,728						(7,493)						(201.0)		%
Total other property net premiums earned			334,953						343,812						(8,859)						(2.6)		%				669,620						683,405						(13,785)						(2.0)		%
Property segment net premiums earned			$	758,686					$	623,582					$	135,104					21.7		%				$	1,446,106					$	1,242,172					$	203,934					16.4		%
Casualty and Specialty Segment
General casualty (1)			$	352,273					$	285,526					$	66,747					23.4		%				$	678,901					$	576,281					$	102,620					17.8		%
Professional liability (2)			282,965						272,403						10,562						3.9		%				575,796						583,640						(7,844)						(1.3)		%
Credit (3)			120,762						86,652						34,110						39.4		%				248,093						170,491						77,602						45.5		%
Other specialty (4)			270,576						188,221						82,355						43.8		%				516,916						370,224						146,692						39.6		%
Casualty and Specialty segment net premiums earned			$	1,026,576					$	832,802					$	193,774					23.3		%				$	2,019,706					$	1,700,636					$	319,070					18.8		%

(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.

                 

			14

---

Underwriting and Reserves
Reserves for Claims and Claim Expenses
			Case Reserves						Additional Case Reserves						IBNR						Total
June 30, 2023
Property			$	2,011,450					$	2,074,234					$	2,847,946					$	6,933,630
Casualty and Specialty			1,967,639						204,511						7,032,348						9,204,498
Total			$	3,979,089					$	2,278,745					$	9,880,294					$	16,138,128
December 31, 2022
Property			$	1,956,688					$	2,008,891					$	3,570,253					$	7,535,832
Casualty and Specialty			1,864,365						167,993						6,324,383						8,356,741
Total			$	3,821,053					$	2,176,884					$	9,894,636					$	15,892,573

                 

			15

---

Underwriting and Reserves
Paid to Incurred Analysis
			Three months ended June 30, 2023																		Three months ended June 30, 2022
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for claims and claim expenses, beginning of period			$	15,996,826					$	4,706,671					$	11,290,155					$	13,510,304					$	4,319,490					$	9,190,814
Incurred claims and claim expenses
Current year			1,109,621						146,312						963,309						883,768						134,572						749,196
Prior years			(19,965)						12,133						(32,098)						(84,550)						(41,593)						(42,957)
Total incurred claims and claim expenses			1,089,656						158,445						931,211						799,218						92,979						706,239
Paid claims and claim expenses
Current year			73,499						7,559						65,940						25,808						2,474						23,334
Prior years			889,199						173,383						715,816						690,613						169,439						521,174
Total paid claims and claim expenses			962,698						180,942						781,756						716,421						171,913						544,508
Foreign exchange (1)			14,344						5,177						9,167						(150,295)						(34,097)						(116,198)
Reserve for claims and claim expenses, end of period			$	16,138,128					$	4,689,351					$	11,448,777					$	13,442,806					$	4,206,459					$	9,236,347
			Six months ended June 30, 2023																		Six months ended June 30, 2022
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for claims and claim expenses, beginning of period			$	15,892,573					$	4,710,925					$	11,181,648					$	13,294,630					$	4,268,669					$	9,025,961
Incurred claims and claim expenses
Current year			2,176,749						307,488						1,869,261						1,903,364						294,602						1,608,762
Prior years			(127,389)						9,461						(136,850)						(86,591)						(25,801)						(60,790)
Total incurred claims and claim expenses			2,049,360						316,949						1,732,411						1,816,773						268,801						1,547,972
Paid claims and claim expenses
Current year			104,481						11,572						92,909						45,584						4,460						41,124
Prior years			1,747,052						340,368						1,406,684						1,421,938						291,959						1,129,979
Total paid claims and claim expenses			1,851,533						351,940						1,499,593						1,467,522						296,419						1,171,103
Foreign exchange (1)			47,728						13,417						34,311						(201,075)						(34,592)						(166,483)
Reserve for claims and claim expenses, end of period			$	16,138,128					$	4,689,351					$	11,448,777					$	13,442,806					$	4,206,459					$	9,236,347

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

                 

			16

---

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. (“DaVinci”), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. (“Vermeer”), Fontana Holdings L.P. and its subsidiaries (“Fontana”), and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. (“Medici”). Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.

			Three months ended															Six months ended
			June 30, 2023																								June 30, 2022																					June 30, 2023						June 30, 2022
Management fee income
Joint ventures			$	30,313																							$	17,703																				$	58,311					$	31,098
Structured reinsurance products and other			6,985																								6,649																					13,623						13,873
Managed funds			6,141																								6,355																					12,410						12,958
Total management fee income			43,439																								30,707																					84,344						57,929
Performance fee income (loss)
Joint ventures			13,132																								1,037																					14,887						934
Structured reinsurance products and other			(197)																								2,486																					1,558						3,419
Managed funds			307																								25																					664						322
Total performance fee income (loss) (1)			13,242																								3,548																					17,109						4,675
Total fee income			$	56,681																							$	34,255																				$	101,453					$	62,604

(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.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended															Six months ended
Fee income contributing to:			June 30, 2023																								June 30, 2022																					June 30, 2023						June 30, 2022
Underwriting income (loss) (1)			$	8,184																							$	12,751																				$	21,325					$	24,912
Earnings from equity method investments (2)			(417)																								27																					(558)						50
Redeemable noncontrolling interests (3)			48,914																								21,477																					80,686						37,642
Total fee income			$	56,681																							$	34,255																				$	101,453					$	62,604

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

                 

			17

---

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinci, Top Layer Reinsurance Ltd., Vermeer, Fontana, and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.

			Three months ended
			June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
Management fee income
Joint ventures			$	30,313					$	27,998					$	13,377					$	12,271					$	17,703
Structured reinsurance products and other			6,985						6,638						6,342						6,377						6,649
Managed funds			6,141						6,269						6,265						6,341						6,355
Total management fee income			43,439						40,905						25,984						24,989						30,707
Performance fee income (loss)
Joint ventures			13,132						1,755						1,505						1,915						1,037
Structured reinsurance products and other			(197)						1,755						2,391						(1,360)						2,486
Managed funds			307						357						467						184						25
Total performance fee income (loss) (1)			13,242						3,867						4,363						739						3,548
Total fee income			$	56,681					$	44,772					$	30,347					$	25,728					$	34,255

(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.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended
Fee income contributing to:			June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
Underwriting income (loss) (1)			$	8,184					$	13,141					$	13,668					$	11,366					$	12,751
Earnings from equity method investments (2)			(417)						(141)						25						19						27
Redeemable noncontrolling interests (3)			48,914						31,772						16,654						14,343						21,477
Total fee income			$	56,681					$	44,772					$	30,347					$	25,728					$	34,255

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

                 

			18

---

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinci, Medici, Vermeer and Fontana (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:

			Three months ended												Six months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Redeemable noncontrolling interests - DaVinci			$	(59,527)																							$	(58,822)					$	(225,609)					$	(33,499)
Redeemable noncontrolling interests - Medici			(62,190)																								26,887						(107,259)						32,174
Redeemable noncontrolling interests - Vermeer			(52,163)																								(22,937)						(99,568)						(41,635)
Redeemable noncontrolling interests - Fontana			(1,027)																								5,541						(9,855)						5,541
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(174,907)																							$	(49,331)					$	(442,291)					$	(37,419)

			Three months ended															Six months ended
			June 30, 2023									June 30, 2022									June 30, 2023									June 30, 2022
Operating (income) loss attributable to redeemable noncontrolling interests (2)			$	(234,058)								$	(123,828)								$	(475,996)								$	(203,926)
Non-operating (income) loss attributable to redeemable noncontrolling interests			59,151									74,497									33,705									166,507
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(174,907)								$	(49,331)								$	(442,291)								$	(37,419)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

                 

			19

---

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:

			June 30, 2023												December 31, 2022
Redeemable noncontrolling interests - DaVinci			$	2,267,448											$	1,740,300
Redeemable noncontrolling interests - Medici			1,540,520												1,036,218
Redeemable noncontrolling interests - Vermeer			1,590,408												1,490,840
Redeemable noncontrolling interests - Fontana			277,886												268,031
Redeemable noncontrolling interests			$	5,676,262											$	4,535,389

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:

			June 30, 2023												December 31, 2022
DaVinci			73.7		%										69.1		%
Medici			88.9		%										87.2		%
Vermeer			100.0		%										100.0		%
Fontana			68.4		%										68.4		%

                 

			20

---

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
			Three months ended												Six months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Revenues
Gross premiums written			$	491,657																							$	307,002					$	1,020,436					$	732,317
Net premiums written			$	436,483																							$	275,753					$	955,652					$	674,942
Decrease (increase) in unearned premiums			(184,428)																								(101,648)						(495,710)						(334,806)
Net premiums earned			252,055																								174,105						459,942						340,136
Net investment income			48,975																								17,015						92,873						25,983
Net foreign exchange gains (losses)			1,024																								585						(483)						997
Net realized and unrealized gains (losses) on investments			(57,497)																								(76,020)						(19,118)						(193,671)
Total revenues			244,557																								115,685						533,214						173,445
Expenses
Net claims and claim expenses incurred			85,304																								(17,016)						94,995						40,843
Acquisition expenses			47,842																								22,673						74,176						42,255
Operational and corporate expenses			28,795																								19,438						55,598						34,504
Interest expense			1,858																								1,858						3,716						3,716
Total expenses			163,799																								26,953						228,485						121,318
Income (loss) before taxes			80,758																								88,732						304,729						52,127
Income tax benefit (expense)			(67)																								—						(1,656)						—
Net income (loss) available (attributable) to DaVinci common shareholders			$	80,691																							$	88,732					$	303,073					$	52,127
Net claims and claim expenses incurred - current accident year			$	87,254																							$	22,533					$	134,253					$	90,668
Net claims and claim expenses incurred - prior accident years			(1,950)																								(39,549)						(39,258)						(49,825)
Net claims and claim expenses incurred - total			$	85,304																							$	(17,016)					$	94,995					$	40,843
Net claims and claim expense ratio - current accident year			34.6		%																						12.9		%				29.2		%				26.7		%
Net claims and claim expense ratio - prior accident years			(0.8)		%																						(22.7)		%				(8.5)		%				(14.7)		%
Net claims and claim expense ratio - calendar year			33.8		%																						(9.8)		%				20.7		%				12.0		%
Underwriting expense ratio			30.4		%																						24.2		%				28.2		%				22.6		%
Combined ratio			64.2		%																						14.4		%				48.9		%				34.6		%

                 

			21

---

Investments
Total Investment Result
			Managed (1)												Retained (2)
			Three months ended												Three months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Fixed maturity investments trading			$	169,739																							$	76,547					$	133,362					$	63,294
Short term investments			50,231																								4,397						25,219						1,461
Equity investments			2,766																								4,516						2,766						4,516
Other investments
Catastrophe bonds			49,522																								20,235						6,470						2,986
Other			20,820																								6,894						20,820						6,894
Cash and cash equivalents			4,585																								(95)						4,350						(99)
			297,663																								112,494						192,987						79,052
Investment expenses			(5,001)																								(5,283)						(3,672)						(4,069)
Net investment income			$	292,662																							$	107,211					$	189,315					$	74,983
Net investment income return - annualized			5.3		%																						2.1		%				4.9		%				2.2		%
Net realized gains (losses) on fixed maturity investments trading			$	(74,212)																							$	(287,154)					$	(66,800)					$	(240,803)
Net unrealized gains (losses) on fixed maturity investments trading			(139,793)																								(149,820)						(102,107)						(138,094)
Net realized and unrealized gains (losses) on investments-related derivatives			(65,051)																								(66,078)						(63,079)						(67,359)
Net realized gains (losses) on equity investments			(18,755)																								35,592						(18,755)						35,592
Net unrealized gains (losses) on equity investments			20,627																								(127,104)						20,634						(127,059)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			38,186																								(24,660)						4,207						(3,465)
Net realized and unrealized gains (losses) on other investments - other			16,217																								(34,883)						16,217						(34,883)
Net realized and unrealized gains (losses) on investments			(222,781)																								(654,107)						(209,683)						(576,071)
Total investment result			$	69,881																							$	(546,896)					$	(20,368)					$	(501,088)
Average invested assets			$	24,373,121																							$	20,724,513					$	16,195,136					$	13,941,090
Total investment return - annualized			1.6		%																						(10.1)		%				(0.4)		%				(13.6)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

                 

			22

---

Investments
Total Investment Result
			Managed (1)												Retained (2)
			Six months ended												Six months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Fixed maturity investments trading			$	325,239																							$	138,964					$	255,255					$	118,968
Short term investments			83,181																								5,533						37,675						2,103
Equity investments			6,165																								7,270						6,165						7,270
Other investments
Catastrophe bonds			88,353																								37,595						12,499						5,672
Other			45,391																								12,446						45,391						12,446
Cash and cash equivalents			8,849																								(136)						8,362						(124)
			557,178																								201,672						365,347						146,335
Investment expenses			(10,138)																								(10,770)						(8,023)						(8,677)
Net investment income			$	547,040																							$	190,902					$	357,324					$	137,658
Net investment income return - annualized			5.1		%																						1.8		%				4.7		%				2.0		%
Net realized gains (losses) on fixed maturity investments trading			$	(178,977)																							$	(408,306)					$	(154,207)					$	(347,792)
Net unrealized gains (losses) on fixed maturity investments trading			172,233																								(613,997)						156,988						(535,520)
Net realized and unrealized gains (losses) on investments-related derivatives			(52,889)																								(106,366)						(48,600)						(107,095)
Net realized gains (losses) on equity investments			(27,493)																								35,572						(27,493)						35,572
Net unrealized gains (losses) on equity investments			59,778																								(175,773)						59,786						(175,779)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			62,312																								(32,921)						7,684						(4,747)
Net realized and unrealized gains (losses) on other investments - other			21,706																								(25,333)						21,706						(25,333)
Net realized and unrealized gains (losses) on investments			56,670																								(1,327,124)						15,864						(1,160,694)
Total investment result			$	603,710																							$	(1,136,222)					$	373,188					$	(1,023,036)
Average invested assets			$	23,655,559																							$	20,963,895					$	15,731,076					$	14,166,678
Total investment return - annualized			5.5		%																						(10.5)		%				4.9		%				(13.9)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

                 

			23

---

Investments
Investments Composition

			June 30, 2023																								December 31, 2022
			Managed (1)												Retained (2)												Managed (1)												Retained (2)
Type of Investment			Fair value						Unrealized gain (loss)						Fair value						Unrealized gain (loss)						Fair value						Unrealized gain (loss)						Fair value						Unrealized gain (loss)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	8,592,242					$	(148,134)					$	6,934,936					$	(128,713)					$	7,180,129					$	(186,451)					$	5,772,302					$	(168,146)
Corporate (3)			4,371,407						(230,807)						3,350,977						(210,102)						4,390,568						(331,461)						3,392,129						(300,245)
Other (4)			2,924,915						(131,177)						2,330,539						(103,299)						2,780,705						(169,237)						2,339,897						(140,789)
Total fixed maturity investments trading, at fair value			15,888,564						(510,118)						12,616,452						(442,114)						14,351,402						(687,149)						11,504,328						(609,180)
Short term investments, at fair value			6,373,969						(988)						2,833,470						(382)						4,669,272						(2,309)						1,131,408						(817)
Equity investments, at fair value			93,058						49,237						92,862						49,229						625,058						(10,590)						624,870						(10,600)
Other investments, at fair value
Catastrophe bonds			1,679,184						(117,931)						208,062						(41,493)						1,241,468						(182,798)						209,114						(51,841)
Fund investments			1,241,347						145,353						1,241,347						145,353						1,086,706						111,423						1,086,706						111,423
Term loans			100,000						—						100,000						—						100,000						—						100,000						—
Direct private equity investments			71,155						(27,109)						71,155						(27,109)						66,780						(31,484)						66,780						(31,484)
Total other investments, at fair value			3,091,686						313						1,620,564						76,751						2,494,954						(102,859)						1,462,600						28,098
Investments in other ventures, under equity method			89,505						—						89,505						—						79,750						—						79,750						—
Total investments			$	25,536,782					$	(461,556)					$	17,252,853					$	(316,516)					$	22,220,436					$	(802,907)					$	14,802,956					$	(592,499)

			June 30, 2023												December 31, 2022
			Managed (1)						Retained (2)						Managed (1)						Retained (2)
Weighted average yield to maturity of investments (5)			6.1		%				5.7		%				5.7		%				5.6		%
Average duration of investments, in years (5)			2.4						3.1						2.5						3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)									$	(8.64)											$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See "Comments on Non-GAAP Financial Measures" for reconciliation of non-GAAP financial measures.

                 

			24

---

Investments
Managed Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments not subject to credit ratings
June 30, 2023									Fair value												AAA						AA						A						BBB						Non- Investment grade									Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	8,592,242											$	—					$	8,592,242					$	—					$	—					$	—					$	—					$	—
Corporate (3)									4,371,407												201,216						296,107						1,336,821						1,520,910						986,952						29,401						—
Agencies									476,476												31,370						445,106						—						—						—						—						—
Non-U.S. government									401,743												232,170						167,220						2,353						—						—						—						—
Residential mortgage-backed									788,256												76,673						541,368						2,922						7,955						89,244						70,094						—
Commercial mortgage-backed									209,661												160,222						33,210						901						7,706						4,086						3,536						—
Asset-backed									1,048,779												743,078						208,377						69,022						22,484						4,714						1,104						—
Total fixed maturity investments trading, at fair value									15,888,564												1,444,729						10,283,630						1,412,019						1,559,055						1,084,996						104,135						—
Short term investments, at fair value									6,373,969												6,097,216						267,371						2,499						5,676						1,207						—						—
Equity investments, at fair value									93,058												—						—						—						—						—						—						93,058
Other investments, at fair value
Catastrophe bonds									1,679,184												—						—						—						—						1,679,184						—						—
Fund investments:
Private credit funds									876,010												—						—						—						—						—						—						876,010
Private equity funds									365,337												—						—						—						—						—						—						365,337
Term loans									100,000												—						—						100,000						—						—						—						—
Direct private equity investments									71,155												—						—						—						—						—						—						71,155
Total other investments, at fair value									3,091,686												—						—						100,000						—						1,679,184						—						1,312,502
Investments in other ventures, under equity method									89,505												—						—						—						—						—						—						89,505
Total investments									$	25,536,782											$	7,541,945					$	10,551,001					$	1,514,518					$	1,564,731					$	2,765,387					$	104,135					$	1,495,065
									100.0		%										29.6		%				41.3		%				5.9		%				6.1		%				10.8		%				0.4		%				5.9		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

                 

			25

---

Investments
Retained Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments not subject to credit ratings
June 30, 2023									Fair value												AAA						AA						A						BBB						Non- Investment grade									Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	6,934,936											$	—					$	6,934,936					$	—					$	—					$	—					$	—					$	—
Corporate (3)									3,350,977												148,359						229,014						1,017,390						1,080,319						851,327						24,568						—
Agencies									349,970												26,729						323,241						—						—						—						—						—
Non-U.S. government									327,012												195,534						129,125						2,353						—						—						—						—
Residential mortgage-backed									557,539												55,349						331,975						2,922						7,955						89,244						70,094						—
Commercial mortgage-backed									138,404												94,425						27,750						901						7,706						4,086						3,536						—
Asset-backed									957,614												653,701						207,545						68,068						22,484						4,714						1,102						—
Total fixed maturity investments trading, at fair value									12,616,452												1,174,097						8,183,586						1,091,634						1,118,464						949,371						99,300						—
Short term investments, at fair value									2,833,470												2,688,831						137,486						655						5,512						986						—						—
Equity investments, at fair value									92,862												—						—						—						—						—						—						92,862
Other investments, at fair value
Catastrophe bonds									208,062												—						—						—						—						208,062						—						—
Fund investments:
Private credit funds									876,010												—						—						—						—						—						—						876,010
Private equity funds									365,337												—						—						—						—						—						—						365,337
Term loans									100,000												—						—						100,000						—						—						—						—
Direct private equity investments									71,155												—						—						—						—						—						—						71,155
Total other investments, at fair value									1,620,564												—						—						100,000						—						208,062						—						1,312,502
Investments in other ventures, under equity method									89,505												—						—						—						—						—						—						89,505
Total investments									$	17,252,853											$	3,862,928					$	8,321,072					$	1,192,289					$	1,123,976					$	1,158,419					$	99,300					$	1,494,869
									100.0		%										22.4		%				48.2		%				6.9		%				6.5		%				6.7		%				0.6		%				8.7		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

                 

			26

---

Other Items
Earnings per Share
			Three months ended												Six months ended
(common shares in thousands)			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	191,025																							$	(324,913)					$	755,087					$	(719,326)
Amount allocated to participating common shareholders (1)			(2,889)																								(272)						(11,650)						(507)
Net income (loss) allocated to RenaissanceRe common shareholders			$	188,136																							$	(325,185)					$	743,437					$	(719,833)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)			45,898																								43,170						44,387						43,264
Per common share equivalents of non-vested shares (2)			92																								—						111						—
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)			45,990																								43,170						44,498						43,264
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	4.10																							$	(7.53)					$	16.75					$	(16.64)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	4.09																							$	(7.53)					$	16.71					$	(16.64)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

                 

			27

---

Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such 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 or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or 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 Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

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 (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) corporate expenses associated with the pending acquisition of Validus, (4) the income tax expense or benefit associated with these adjustments and (5) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. 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 Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to investors because they more accurately measure and predict the Company’s results of operations by removing the variability arising from the listed adjustments. The following table 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.”

                 

			28

---

Comments on Non-GAAP Financial Measures

			Three months ended												Six months ended
			June 30, 2023																								June 30, 2022						June 30, 2023						June 30, 2022
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	191,025																							$	(324,913)					$	755,087					$	(719,326)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			260,967																								629,447						5,642						1,294,203
Adjustment for net foreign exchange losses (gains)			13,488																								50,821						27,991						66,307
Adjustment for corporate expenses associated with the pending acquisition of Validus			11,341																								—						11,341						—
Adjustment for income tax expense (benefit) (1)			(10,235)																								(42,726)						1,087						(84,600)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)			(59,151)																								(74,497)						(33,705)						(166,507)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders			$	407,435																							$	238,132					$	767,443					$	390,077
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	4.09																							$	(7.53)					$	16.71					$	(16.64)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			5.67																								14.58						0.13						29.91
Adjustment for net foreign exchange losses (gains)			0.29																								1.18						0.63						1.53
Adjustment for corporate expenses associated with the pending acquisition of Validus			0.25																								—						0.25						—
Adjustment for income tax expense (benefit) (1)			(0.22)																								(0.99)						0.02						(1.96)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)			(1.29)																								(1.73)						(0.76)						(3.85)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	8.79																							$	5.51					$	16.98					$	8.99
Return on average common equity - annualized			13.5		%																						(25.1)		%				28.9		%				(26.6)		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			18.4		%																						48.7		%				0.3		%				47.8		%
Adjustment for net foreign exchange losses (gains)			1.0		%																						3.9		%				1.1		%				2.5		%
Adjustment for corporate expenses associated with the pending acquisition of Validus			0.8		%																						—		%				0.4		%				—		%
Adjustment for income tax expense (benefit) (1)			(0.7)		%																						(3.3)		%				—		%				(3.1)		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)			(4.2)		%																						(5.8)		%				(1.3)		%				(6.2)		%
Operating return on average common equity - annualized			28.8		%																						18.4		%				29.4		%				14.4		%

(1)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) 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 the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

                 

			29

---

Comments on Non-GAAP Financial Measures

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

The Company has included in this Financial Supplement “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.”

			June 30, 2023									December 31, 2022
Book value per common share			$	129.98								$	104.65
Adjustment for goodwill and other intangibles (1)			(4.95)									(5.84)
Tangible book value per common share			125.03									98.81
Adjustment for accumulated dividends			25.76									25.00
Tangible book value per common share plus accumulated dividends			$	150.79								$	123.81
Year to date change in book value per common share			24.2		%							(20.8)		%
Year to date change in book value per common share plus change in accumulated dividends			24.9		%							(19.7)		%
Year to date change in tangible book value per common share plus change in accumulated dividends			27.3		%							(20.6)		%

(1)At June 30, 2023 and December 31, 2022, the adjustment for goodwill and other intangibles included $18.3 million and $17.8 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

                 

			30

---

Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

			Three months ended June 30, 2023																		Three months ended June 30, 2022
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading			$	169,739					$	(36,377)					$	133,362					$	76,547					$	(13,253)					$	63,294
Short term investments			50,231						(25,012)						25,219						4,397						(2,936)						1,461
Equity investments			2,766						—						2,766						4,516						—						4,516
Other investments
Catastrophe bonds			49,522						(43,052)						6,470						20,235						(17,249)						2,986
Other			20,820						—						20,820						6,894						—						6,894
Cash and cash equivalents			4,585						(235)						4,350						(95)						(4)						(99)
			297,663						(104,676)						192,987						112,494						(33,442)						79,052
Investment expenses			(5,001)						1,329						(3,672)						(5,283)						1,214						(4,069)
Net investment income			$	292,662					$	(103,347)					$	189,315					$	107,211					$	(32,228)					$	74,983
Net investment income return - annualized			5.3		%				(0.4)		%				4.9		%				2.1		%				0.1		%				2.2		%
Net realized gains (losses) on fixed maturity investments trading			$	(74,212)					$	7,412					$	(66,800)					$	(287,154)					$	46,351					$	(240,803)
Net unrealized gains (losses) on fixed maturity investments trading			(139,793)						37,686						(102,107)						(149,820)						11,726						(138,094)
Net realized and unrealized gains (losses) on investments-related derivatives			(65,051)						1,972						(63,079)						(66,078)						(1,281)						(67,359)
Net realized gains (losses) on equity investments			(18,755)						—						(18,755)						35,592						—						35,592
Net unrealized gains (losses) on equity investments			20,627						7						20,634						(127,104)						45						(127,059)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			38,186						(33,979)						4,207						(24,660)						21,195						(3,465)
Net realized and unrealized gains (losses) on other investments - other			16,217						—						16,217						(34,883)						—						(34,883)
Net realized and unrealized gains (losses) on investments			(222,781)						13,098						(209,683)						(654,107)						78,036						(576,071)
Total investment result			$	69,881					$	(90,249)					$	(20,368)					$	(546,896)					$	45,808					$	(501,088)
Average invested assets			$	24,373,121					$	(8,177,985)					$	16,195,136					$	20,724,513					$	(6,783,423)					$	13,941,090
Total investment return - annualized			1.6		%				(2.0)		%				(0.4)		%				(10.1)		%				(3.5)		%				(13.6)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

                 

			31

---

Comments on Non-GAAP Financial Measures

Retained Total Investment Result

			Six months ended June 30, 2023																		Six months ended June 30, 2022
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading			$	325,239					$	(69,984)					$	255,255					$	138,964					$	(19,996)					$	118,968
Short term investments			83,181						(45,506)						37,675						5,533						(3,430)						2,103
Equity investments			6,165						—						6,165						7,270						—						7,270
Other investments
Catastrophe bonds			88,353						(75,854)						12,499						37,595						(31,923)						5,672
Other			45,391						—						45,391						12,446						—						12,446
Cash and cash equivalents			8,849						(487)						8,362						(136)						12						(124)
			557,178						(191,831)						365,347						201,672						(55,337)						146,335
Investment expenses			(10,138)						2,115						(8,023)						(10,770)						2,093						(8,677)
Net investment income			$	547,040					$	(189,716)					$	357,324					$	190,902					$	(53,244)					$	137,658
Net investment income return - annualized			5.1		%				(0.4)		%				4.7		%				1.8		%				0.2		%				2.0		%
Net realized gains (losses) on fixed maturity investments trading			(178,977)						24,770						(154,207)						(408,306)						60,514						(347,792)
Net unrealized gains (losses) on fixed maturity investments trading			172,233						(15,245)						156,988						(613,997)						78,477						(535,520)
Net realized and unrealized gains (losses) on investments-related derivatives			(52,889)						4,289						(48,600)						(106,366)						(729)						(107,095)
Net realized gains (losses) on equity investments			(27,493)						—						(27,493)						35,572						—						35,572
Net unrealized gains (losses) on equity investments			59,778						8						59,786						(175,773)						(6)						(175,779)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			62,312						(54,628)						7,684						(32,921)						28,174						(4,747)
Net realized and unrealized gains (losses) on other investments - other			21,706						—						21,706						(25,333)						—						(25,333)
Net realized and unrealized gains (losses) on investments			56,670						(40,806)						15,864						(1,327,124)						166,430						(1,160,694)
Total investment result			$	603,710					$	(230,522)					$	373,188					$	(1,136,222)					$	113,186					$	(1,023,036)
Average invested assets			$	23,655,559					$	(7,924,483)					$	15,731,076					$	20,963,895					$	(6,797,217)					$	14,166,678
Total investment return - annualized			5.5		%				(0.6)		%				4.9		%				(10.5)		%				(3.4)		%				(13.9)		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

                 

			32

---

Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to "retained total investments."

			June 30, 2023																		December 31, 2022
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	8,592,242					$	(1,657,306)					$	6,934,936					$	7,180,129					$	(1,407,827)					$	5,772,302
Corporate (4)			4,371,407						(1,020,430)						3,350,977						4,390,568						(998,439)						3,392,129
Agencies			476,476						(126,506)						349,970						395,149						(81,312)						313,837
Non-U.S. government			401,743						(74,731)						327,012						383,838						(51,582)						332,256
Residential mortgage-backed			788,256						(230,717)						557,539						710,429						(192,368)						518,061
Commercial mortgage-backed			209,661						(71,257)						138,404						213,987						(64,006)						149,981
Asset-backed			1,048,779						(91,165)						957,614						1,077,302						(51,540)						1,025,762
Total fixed maturity investments trading, at fair value			15,888,564						(3,272,112)						12,616,452						14,351,402						(2,847,074)						11,504,328
Short term investments, at fair value			6,373,969						(3,540,499)						2,833,470						4,669,272						(3,537,864)						1,131,408
Equity investments, at fair value			93,058						(196)						92,862						625,058						(188)						624,870
Other investments, at fair value
Catastrophe bonds			1,679,184						(1,471,122)						208,062						1,241,468						(1,032,354)						209,114
Fund investments:
Private credit funds			876,010						—						876,010						771,383						—						771,383
Private equity funds			365,337						—						365,337						315,323						—						315,323
Term loans			100,000						—						100,000						100,000						—						100,000
Direct private equity investments			71,155						—						71,155						66,780						—						66,780
Total other investments, at fair value			3,091,686						(1,471,122)						1,620,564						2,494,954						(1,032,354)						1,462,600
Investments in other ventures, under equity method			89,505						—						89,505						79,750						—						79,750
Total investments			$	25,536,782					$	(8,283,929)					$	17,252,853					$	22,220,436					$	(7,417,480)					$	14,802,956

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

                 

			33

---

Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss)".

			June 30, 2023																		December 31, 2022
Type of Investment			Unrealized gain (loss) - managed (1)						Adjustment (2)						Unrealized gain (loss) - retained (3)						Unrealized gain (loss) - managed (1)						Adjustment (2)						Unrealized gain (loss) - retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	(148,134)					$	19,421					$	(128,713)					$	(186,451)					$	18,305					$	(168,146)
Corporate (4)			(230,807)						20,705						(210,102)						(331,461)						31,216						(300,245)
Other (5)			(131,177)						27,878						(103,299)						(169,237)						28,448						(140,789)
Total fixed maturity investments trading, at fair value			(510,118)						68,004						(442,114)						(687,149)						77,969						(609,180)
Short term investments, at fair value			(988)						606						(382)						(2,309)						1,492						(817)
Equity investments, at fair value			49,237						(8)						49,229						(10,590)						(10)						(10,600)
Other investments, at fair value
Catastrophe bonds			(117,931)						76,438						(41,493)						(182,798)						130,957						(51,841)
Fund investments			145,353						—						145,353						111,423						—						111,423
Direct private equity investments			(27,109)						—						(27,109)						(31,484)						—						(31,484)
Total other investments, at fair value			313						76,438						76,751						(102,859)						130,957						28,098
Total investments			$	(461,556)					$	145,040					$	(316,516)					$	(802,907)					$	210,408					$	(592,499)
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)															$	(8.64)																	$	(13.93)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $442.1 million and $609.2 million at June 30, 2023 and December 31, 2022, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.

                 

			34

---

Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to "operating (income) loss attributable to redeemable noncontrolling interests."

			Three months ended															Six months ended
			June 30, 2023									June 30, 2022									June 30, 2023									June 30, 2022
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(174,907)								$	(49,331)								$	(442,291)								$	(37,419)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests			46,701									54,227									13,954									135,618
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests			12,450									20,270									19,751									30,889
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)			59,151									74,497									33,705									166,507
Operating (income) loss attributable to redeemable noncontrolling interests			$	(234,058)								$	(123,828)								$	(475,996)								$	(203,926)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.

                 

			35