RenaissanceRe (RNR) 8-K/A Results of Operations and Financial Condition

RenaissanceRe Holdings Ltd.

Financial Supplement

December 31, 2006

Contact:

Investors:

RenaissanceRe Holdings Ltd.
Todd R. Fonner
441-239-4801

Media:

Kekst and Company
David Lilly or Dawn Dover
212-521-4800

Table of Contents

RenaissanceRe Holdings Ltd.
Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including ‘‘operating income,’’ ‘‘operating income per common share,’’ ‘‘operating return on average common equity (annualized)’’, ‘‘managed catastrophe premium’’ and ‘‘managed catastrophe premium, net of fully-collateralized joint ventures’’. A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. Our business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by our subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk, which includes primary insurance and quota share reinsurance.

Cautionary Statement under ‘‘Safe Harbor’’ Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this news release contain information about the Company’s future business prospects. These statements may be considered ‘‘forward-looking.’’ These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the quarters ending March 31, June 30 and September 30, 2006.

All information contained herein is unaudited, except for the financial data relating to the balance sheet for the year ended December 31, 2005. Unless otherwise noted, dollar amounts are in thousands, 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 Holdings Ltd. with the Securities and Exchange Commission, including the Annual Report on Form 10-K for 2005 and Quarterly Reports on Form 10-Q. Please refer to the Company’s website at renre.com for further information about RenaissanceRe Holdings Ltd.

i

RenaissanceRe Holdings Ltd.
Financial Highlights

			Three months ended December 31,												Twelve months ended December 31,
			2006						2005						2006						2005
Highlights
Gross premiums written				$	194,952					$	288,522					$	1,943,647					$	1,809,128
Net premiums written					156,846						249,481						1,529,620						1,543,287
Net premiums earned					380,088						414,107						1,529,777						1,402,709
Net claims and claim expenses incurred					97,280						662,480						446,230						1,635,656
Underwriting income (loss)					177,285						(343,689	)					693,264						(556,379	)
Net investment income					83,233						59,126						318,106						217,252
Net income (loss) available to common shareholders					201,135						(210,402	)					761,635						(281,413	)
Net realized gains (losses) on investments					2,489						(3,548	)					(34,464	)					(6,962	)
Operating income (loss) available to common shareholders (1)					198,646						(206,854	)					796,099						(274,451	)
Total assets				$	7,769,026					$	6,871,261					$	7,769,026					$	6,871,261
Total shareholders’ equity				$	3,280,497					$	2,253,840					$	3,280,497					$	2,253,840
Per share data
Net income (loss) available (attributable) to common shareholders per common share – diluted (2)				$	2.78					$	(2.97	)				$	10.57					$	(3.99	)
Operating income (loss) available (attributable) to common shareholders per common share – diluted (1) (2)				$	2.74					$	(2.92	)				$	11.05					$	(3.89	)
Dividends per common share				$	0.21					$	0.20					$	0.84					$	0.80
Book value per common share				$	34.38					$	24.52					$	34.38					$	24.52
Accumulated dividends per common share					6.12						5.28						6.12						5.28
Book value per common share plus accumulated dividends				$	40.50					$	29.80					$	40.50					$	29.80
Financial ratios
Net claims and claim expense ratio – current accident year					33.5	%					158.8	%					38.1	%					133.8	%
Net claims and claim expense ratio – prior accident years					(7.9	%)					1.2	%					(8.9	%)					(17.2	%)
Net claims and claim expense ratio – calendar year					25.6	%					160.0	%					29.2	%					116.6	%
Underwriting expense ratio					27.8	%					23.0	%					25.5	%					23.1	%
Combined ratio					53.4	%					183.0	%					54.7	%					139.7	%
Operating return on average common equity – annualized (1)					33.3	%					(44.2	%)					37.9	%					(13.3	%)

(1)	Operating income (loss) excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income (loss).

(2)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

1

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations – Quarter to Date

			Three months ended
			December 31, 2006						September 30, 2006						June 30, 2006						March 31, 2006						December 31, 2005
Revenues
Gross premiums written				$	194,952					$	257,752					$	742,551					$	748,392					$	288,522
Net premiums written				$	156,846					$	162,695					$	512,244					$	697,835					$	249,481
Decrease (increase) in unearned premiums					223,242						204,381						(81,303	)					(346,163	)					164,626
Net premiums earned					380,088						367,076						430,941						351,672						414,107
Net investment income					83,233						80,427						74,012						80,434						59,126
Net foreign exchange (losses) gains					(1,715	)					(2,160	)					(2,441	)					3,023						(4,394	)
Equity in earnings of other ventures					8,624						10,131						9,221						6,552						5,271
Other (loss) income					(4,160	)					2,006						(84	)					(1,679	)					11,032
Net realized gains (losses) on investments					2,489						4,151						(24,348	)					(16,756	)					(3,548	)
Total revenues					468,559						461,631						487,301						423,246						481,594
Expenses
Net claims and claim expenses incurred					97,280						42,436						207,336						99,178						662,480
Acquisition expenses					73,288						63,998						74,597						68,814						74,557
Operational expenses					32,235						27,364						29,056						20,931						20,759
Corporate expenses					7,987						5,121						5,571						5,739						29,965
Interest expense					8,439						9,492						10,370						9,301						7,710
Total expenses					219,229						148,411						326,930						203,963						795,471
Income (loss) before minority interest and taxes					249,330						313,220						160,371						219,283						(313,877	)
Minority interest – DaVinciRe Holdings					(38,665	)					(52,830	)					(21,207	)					(31,457	)					112,138
Income (loss) before taxes					210,665						260,390						139,164						187,826						(201,739	)
Income tax expense					(42	)					(616	)					(94	)					(183	)					—
Net income (loss)					210,623						259,774						139,070						187,643						(201,739	)
Dividends on preference shares					(9,488	)					(8,662	)					(8,662	)					(8,663	)					(8,663	)
Net income (loss) available (attributable) to common shareholders				$	201,135					$	251,112					$	130,408					$	178,980					$	(210,402	)
Operating income (loss) available (attributable) to common shareholders per Common Share – diluted (1) (2)				$	2.74					$	3.42					$	2.15					$	2.73					$	(2.92	)
Net income (loss) available (attributable) to common shareholders per Common Share – basic				$	2.83					$	3.53					$	1.84					$	2.52					$	(2.97	)
Net income (loss) available (attributable) to common shareholders per Common Share – diluted (2)				$	2.78					$	3.48					$	1.81					$	2.49					$	(2.97	)
Average shares outstanding – basic					71,178						71,093						71,049						70,935						70,793
Average shares outstanding – diluted (2)					72,467						72,115						71,926						71,786						70,793
Net claims and claim expense ratio					25.6	%					11.6	%					48.1	%					28.2	%					160.0	%
Underwriting expense ratio					27.8	%					24.9	%					24.1	%					25.5	%					23.0	%
Combined ratio					53.4	%					36.5	%					72.2	%					53.7	%					183.0	%
Operating return on average common equity – annualized (1)					33.3	%					45.6	%					31.3	%					42.7	%					(44.2	%)

(1)	Operating income (loss) excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income (loss).

(2)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

2

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations – Year to Date

			Twelve months ended
			December 31, 2006						December 31, 2005
Revenues
Gross premiums written				$	1,943,647					$	1,809,128
Net premiums written				$	1,529,620					$	1,543,287
Decrease (increase) in unearned premiums					157						(140,578	)
Net premiums earned					1,529,777						1,402,709
Net investment income					318,106						217,252
Net foreign exchange (losses) gains					(3,293	)					5,183
Equity in earnings of other ventures					34,528						28,259
Other (loss) income					(3,917	)					9,466
Net realized (losses) gains on investments					(34,464	)					(6,962	)
Total revenues					1,840,737						1,655,907
Expenses
Net claims and claim expenses incurred					446,230						1,635,656
Acquisition expenses					280,697						237,594
Operational expenses					109,586						85,838
Corporate expenses					24,418						71,813
Interest expense					37,602						28,218
Total expenses					898,533						2,059,119
Income (loss) before minority interest and taxes					942,204						(403,212	)
Minority interest – DaVinciRe					(144,159	)					156,449
Income (loss) before taxes					798,045						(246,763	)
Income tax expense					(935	)					—
Net income (loss)					797,110						(246,763	)
Dividends on preference shares					(35,475	)					(34,650	)
Net income (loss) available (attributable) to common shareholders				$	761,635					$	(281,413	)
Operating income (loss) available (attributable) to common shareholders per Common Share – diluted (1) (2)				$	11.05					$	(3.89	)
Net income (loss) available (attributable) to common shareholders per Common Share – basic				$	10.72					$	(3.99	)
Net income (loss) available (attributable) to common shareholders per Common Share – diluted (2)				$	10.57					$	(3.99	)
Average shares outstanding – basic					71,064						70,592
Average shares outstanding – diluted (2)					72,073						70,592
Net claims and claim expense ratio					29.2	%					116.6	%
Underwriting expense ratio					25.5	%					23.1	%
Combined ratio					54.7	%					139.7	%
Operating return on average common equity – annualized (1)					37.9	%					(13.3	%)

(1)	Operating income (loss) excludes net realized gains and losses on investments. See Comments on Regulation G for a reconciliation to net income (loss).

(2)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

3

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results – Quarter to Date

			Three months ended December 31, 2006
			Reinsurance						Individual Risk						Eliminations (1)						Total
Gross premiums written				$	51,719					$	141,601					$	1,632					$	194,952
Net premiums written				$	52,026					$	104,820											$	156,846
Net premiums earned				$	244,273					$	135,815											$	380,088
Net claims and claim expenses incurred					54,183						43,097												97,280
Acquisition expenses					27,837						45,451												73,288
Operational expenses					21,603						10,632												32,235
Underwriting income				$	140,650					$	36,635											$	177,285
Net claims and claim expenses incurred – current accident year				$	79,666					$	47,507											$	127,173
Net claims and claim expenses incurred – prior accident years					(25,483	)					(4,410	)											(29,893	)
Net claims and claim expenses incurred – total				$	54,183					$	43,097											$	97,280
Net claims and claim expense ratio – current accident year					32.6	%					35.0	%											33.5	%
Net claims and claim expense ratio – prior accident years					(10.4	%)					(3.2	%)											(7.9	%)
Net claims and claim expense ratio – calendar year					22.2	%					31.8	%											25.6	%
Underwriting expense ratio					20.2	%					41.3	%											27.8	%
Combined ratio					42.4	%					73.1	%											53.4	%

			Three months ended December 31, 2005
			Reinsurance						Individual Risk						Eliminations (1)						Total
Gross premiums written				$	155,604					$	153,918					$	(21,000	)				$	288,522
Net premiums written				$	137,093					$	112,388											$	249,481
Net premiums earned				$	309,849					$	104,258											$	414,107
Net claims and claim expenses incurred					572,393						90,087												662,480
Acquisition expenses					30,196						44,361												74,557
Operational expenses					15,466						5,293												20,759
Underwriting loss				$	(308,206	)				$	(35,483	)										$	(343,689	)
Net claims and claim expenses incurred – current accident year				$	566,456					$	91,215											$	657,671
Net claims and claim expenses incurred – prior accident years					5,937						(1,128	)											4,809
Net claims and claim expenses incurred – total				$	572,393					$	90,087											$	662,480
Net claims and claim expense ratio – current accident year					182.8	%					87.5	%											158.8	%
Net claims and claim expense ratio – prior accident years					1.9	%					(1.1	%)											1.2	%
Net claims and claim expense ratio – calendar year					184.7	%					86.4	%											160.0	%
Underwriting expense ratio					14.7	%					47.6	%											23.0	%
Combined ratio					199.4	%					134.0	%											183.0	%

(1)	Represents gross premiums ceded from the Individual Risk segment to the Reinsurance segment.

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Table of Contents

RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results – Year to Date

			Twelve months ended December 31, 2006
			Reinsurance						Individual Risk						Eliminations (1)						Total
Gross premiums written				$	1,321,163					$	689,392					$	(66,908	)				$	1,943,647
Net premiums written				$	1,039,103					$	490,517											$	1,529,620
Net premiums earned				$	972,017					$	557,760											$	1,529,777
Net claims and claim expenses incurred					148,052						298,178												446,230
Acquisition expenses					115,324						165,373												280,697
Operational expenses					72,405						37,181												109,586
Underwriting income				$	636,236					$	57,028											$	693,264
Net claims and claim expenses incurred – current accident year				$	273,286					$	309,502											$	582,788
Net claims and claim expenses incurred – prior accident years					(125,234	)					(11,324	)											(136,558	)
Net claims and claim expenses incurred – total				$	148,052					$	298,178											$	446,230
Net claims and claim expense ratio – current accident year					28.1	%					55.5	%											38.1	%
Net claims and claim expense ratio – prior accident years					(12.9	%)					(2.0	%)											(8.9	%)
Net claims and claim expense ratio – calendar year					15.2	%					53.5	%											29.2	%
Underwriting expense ratio					19.3	%					36.3	%											25.5	%
Combined ratio					34.5	%					89.8	%											54.7	%

			Twelve months ended December 31, 2005
			Reinsurance						Individual Risk						Eliminations (1)						Total
Gross premiums written				$	1,202,975					$	651,430					$	(45,277	)				$	1,809,128
Net premiums written				$	1,024,010					$	519,277											$	1,543,287
Net premiums earned				$	947,389					$	455,320											$	1,402,709
Net claims and claim expenses incurred					1,252,644						383,012												1,635,656
Acquisition expenses					92,763						144,831												237,594
Operational expenses					63,522						22,316												85,838
Underwriting loss				$	(461,540	)				$	(94,839	)										$	(556,379	)
Net claims and claim expenses incurred – current accident year				$	1,483,981					$	393,137											$	1,877,118
Net claims and claim expenses incurred – prior accident years					(231,337	)					(10,125	)											(241,462	)
Net claims and claim expenses incurred – total				$	1,252,644					$	383,012											$	1,635,656
Net claims and claim expense ratio – current accident year					156.6	%					86.3	%											133.8	%
Net claims and claim expense ratio – prior accident years					(24.4	%)					(2.2	%)											(17.2	%)
Net claims and claim expense ratio – calendar year					132.2	%					84.1	%											116.6	%
Underwriting expense ratio					16.5	%					36.7	%											23.1	%
Combined ratio					148.7	%					120.8	%											139.7	%

(1)	Represents gross premiums ceded from the Individual Risk segment to the Reinsurance segment.

5

RenaissanceRe Holdings Ltd.
Reinsurance Segment – Catastrophe and Specialty Underwriting Results

			Three months ended December 31, 2006																		Three months ended December 31, 2005
			Catastrophe						Specialty						Total						Catastrophe						Specialty						Total
Gross premiums written				$	23,184					$	28,535					$	51,719					$	120,154					$	35,450					$	155,604
Net premiums written				$	23,491					$	28,535					$	52,026					$	101,643					$	35,450					$	137,093
Net premiums earned				$	179,309					$	64,964					$	244,273					$	221,444					$	88,405					$	309,849
Net claims and claim expenses incurred					34,973						19,210						54,183						489,043						83,350						572,393
Acquisition expenses					20,337						7,500						27,837						19,386						10,810						30,196
Operational expenses					13,944						7,659						21,603						10,323						5,143						15,466
Underwriting income (loss)				$	110,055					$	30,595					$	140,650					$	(297,308	)				$	(10,898	)				$	(308,206	)
Net claims and claim expenses incurred – current accident year				$	38,433					$	41,233					$	79,666					$	467,392					$	99,064					$	566,456
Net claims and claim expenses incurred – prior accident years					(3,460	)					(22,023	)					(25,483	)					21,651						(15,714	)					5,937
Net claims and claim expenses incurred – total				$	34,973					$	19,210					$	54,183					$	489,043					$	83,350					$	572,393
Net claims and claim expense ratio – current accident year					21.4	%					63.5	%					32.6	%					211.1	%					112.1	%					182.8	%
Net claims and claim expense ratio – prior accident years					(1.9	%)					(33.9	%)					(10.4	%)					9.8	%					(17.8	%)					1.9	%
Net claims and claim expense ratio – calendar year					19.5	%					29.6	%					22.2	%					220.9	%					94.3	%					184.7	%
Underwriting expense ratio					19.1	%					23.3	%					20.2	%					13.4	%					18.0	%					14.7	%
Combined ratio					38.6	%					52.9	%					42.4	%					234.3	%					112.3	%					199.4	%

6

RenaissanceRe Holdings Ltd.
Reinsurance Segment – Catastrophe and Specialty Underwriting Results

			Twelve months ended December 31, 2006																		Twelve months ended December 31, 2005
			Catastrophe						Specialty						Total						Catastrophe						Specialty						Total
Gross premiums written				$	1,099,114					$	222,049					$	1,321,163					$	775,573					$	427,402					$	1,202,975
Net premiums written				$	817,054					$	222,049					$	1,039,103					$	596,608					$	427,402					$	1,024,010
Net premiums earned				$	733,777					$	238,240					$	972,017					$	545,321					$	402,068					$	947,389
Net claims and claim expenses incurred					131,475						16,577						148,052						1,025,389						227,255						1,252,644
Acquisition expenses					82,936						32,388						115,324						47,620						45,143						92,763
Operational expenses					47,364						25,041						72,405						35,746						27,776						63,522
Underwriting income (loss)				$	472,002					$	164,234					$	636,236					$	(563,434	)				$	101,894					$	(461,540	)
Net claims and claim expenses incurred – current accident year				$	117,528					$	155,758					$	273,286					$	1,087,141					$	396,840					$	1,483,981
Net claims and claim expenses incurred – prior accident years					13,947						(139,181	)					(125,234	)					(61,752	)					(169,585	)					(231,337	)
Net claims and claim expenses incurred – total				$	131,475					$	16,577					$	148,052					$	1,025,389					$	227,255					$	1,252,644
Net claims and claim expense ratio – current accident year					16.0	%					65.4	%					28.1	%					199.3	%					98.7	%					156.6	%
Net claims and claim expense ratio – prior accident years					1.9	%					(58.4	%)					(12.9	%)					(11.3	%)					(42.2	%)					(24.4	%)
Net claims and claim expense ratio – calendar year					17.9	%					7.0	%					15.2	%					188.0	%					56.5	%					132.2	%
Underwriting expense ratio					17.8	%					24.1	%					19.3	%					15.3	%					18.1	%					16.5	%
Combined ratio					35.7	%					31.1	%					34.5	%					203.3	%					74.6	%					148.7	%

7

RenaissanceRe Holdings Ltd.
Reinsurance Segment Gross Premiums Written

			Three months ended
			Dec. 31, 2006						Sept. 30, 2006						June 30, 2006						March 31, 2006						Dec. 31, 2005
Renaissance catastrophe premiums				$	20,630					$	92,150					$	377,063					$	283,797					$	84,133
Renaissance specialty premiums					28,164						20,367						27,736						121,843						35,457
Total Renaissance premiums					48,794						112,517						404,799						405,640						119,590
DaVinci catastrophe premiums					2,554						10,578						155,430						156,913						36,021
DaVinci specialty premiums					371						250						2,096						21,221						(7	)
Total DaVinci premiums					2,925						10,828						157,526						178,134						36,014
Total Reinsurance premiums				$	51,719					$	123,345					$	562,325					$	583,774					$	155,604
Total specialty premiums (1)				$	28,535					$	20,617					$	29,832					$	143,064					$	35,450
Total catastrophe premiums				$	23,184					$	102,728					$	532,493					$	440,710					$	120,154
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)					—						1,189						24,270						25,785						—
Catastrophe premiums assumed from the Individual Risk segment					1,632						(31,109	)					(28,990	)					(6,106	)					(21,000	)
Total managed catastrophe premiums (3)					24,816						72,808						527,773						460,389						99,154
Managed catastrophe premiums assumed on behalf of     fully-collateralized joint ventures					322						(3,046	)					(111,253	)					—						—
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)				$	25,138					$	69,762					$	416,520					$	460,389					$	99,154

(1)	Total specialty premiums written includes $nil, $0.7 million, $1.6 million, $nil and $nil of premiums assumed from the Individual Risk segment for the three months ended December 31, 2006, September 30, 2006, June 30, 2006, March 31, 2006 and December 31, 2005, respectively.

(2)	Top Layer Re is accounted for under the equity method of accounting.

(3)	See Comments on Regulaton G.

8

RenaissanceRe Holdings Ltd.
Reinsurance Segment Gross Premiums Written

			Twelve months ended
			Dec. 31, 2006						Dec. 31, 2005
Renaissance catastrophe premiums				$	773,638					$	573,393
Renaissance specialty premiums					198,111						402,207
Total Renaissance premiums					971,749						975,600
DaVinci catastrophe premiums					325,476						202,180
DaVinci specialty premiums					23,938						25,195
Total DaVinci premiums					349,414						227,375
Total Reinsurance premiums				$	1,321,163					$	1,202,975
Total specialty premiums (1)				$	222,049					$	427,402
Total catastrophe premiums				$	1,099,114					$	775,573
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)					51,244						59,908
Catastrophe premiums assumed from the Individual Risk segment					(64,573	)					(43,594	)
Total managed catastrophe premiums (3)					1,085,785						791,887
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures					(113,977	)					—
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)				$	971,808					$	791,887

(1)	Total specialty premiums written includes $2.3 million and $1.7 million of premiums assumed from the Individual Risk segment for the years ended December 31, 2006 and 2005, respectively.

(2)	Top Layer Re is accounted for under the equity method of accounting.

(3)	See Comments on Regulation G.

9

RenaissanceRe Holdings Ltd.
Individual Risk Segment Gross Premiums Written

			Three months ended
			Dec. 31, 2006						Sept. 30, 2006						June 30, 2006						March 31, 2006						Dec. 31, 2005
By Type of Business
Commercial multi-line				$	62,942					$	92,056					$	137,162					$	66,827					$	69,468
Commercial property					47,199						46,597						78,407						54,002						38,338
Personal lines property					31,460						27,585						(4,740	)					49,895						46,112
Total Individual Risk premiums				$	141,601					$	166,238					$	210,829					$	170,724					$	153,918

			Twelve months ended
			Dec. 31, 2006						Dec. 31, 2005
By Type of Business
Commercial multi-line				$	358,987					$	316,553
Commercial property					226,205						123,236
Personal lines property					104,200						211,641
Total Individual Risk premiums				$	689,392					$	651,430

10

DaVinciRe Holdings Ltd and Subsidiary
Consolidated Statements of Operations

			Three months ended December 31,												Twelve months ended December 31,
			2006						2005						2006						2005
Revenues
Gross premiums written				$	2,925					$	36,014					$	349,414					$	227,375
Net premiums written				$	3,117					$	36,014					$	310,500					$	226,547
Decrease (increase) in unearned premiums					66,821						49,136						(30,952	)					(8,854	)
Net premiums earned					69,938						85,150						279,548						217,693
Net investment income					16,572						8,298						59,067						28,051
Net foreign exchange losses					(1,428	)					(792	)					(4,066	)					(1,131	)
Other (loss) income					(1,045	)					37						(2,129	)					45
Net realized gains (losses) on investments					646						(7,014	)					(7,740	)					(10,258	)
Total revenues					84,683						85,679						324,680						234,400
Expenses
Net claims and claim expenses incurred					9,251						222,692						46,574						400,588
Acquisition expenses					16,567						5,610						58,326						17,957
Operational and corporate expenses					8,154						6,231						29,928						20,971
Interest expense					2,469						1,119						8,549						4,138
Total expenses					36,441						235,652						143,377						443,654
Income (loss) before minority interest					48,242						(149,973	)					181,303						(209,254	)
Minority interest					(103	)					298						(382	)					410
Net income (loss)				$	48,139					$	(149,675	)				$	180,921					$	(208,844	)
Net claims and claim expense ratio – current accident year					16.3	%					254.3	%					14.7	%					189.7	%
Net claims and claim expense ratio – prior accident years					(3.1	%)					7.2	%					1.9	%					(5.7	%)
Net claims and claim expense ratio – calendar year					13.2	%					261.5	%					16.6	%					184.0	%
Underwriting expense ratio					35.3	%					13.9	%					31.6	%					17.9	%
Combined ratio					48.5	%					275.4	%					48.2	%					201.9	%

11

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

			Dec. 31, 2006						Sept. 30, 2006						June 30, 2006						March 31, 2006						Dec. 31, 2005
Assets
Fixed maturity investments available for sale, at fair value				$	3,111,930					$	3,176,045					$	3,079,855					$	3,101,935					$	2,872,294
Short term investments, at cost					2,410,971						1,841,330						1,911,693						1,621,623						1,653,618
Other investments, at fair value					592,829						559,256						526,844						506,974						586,467
Investments in other ventures, under equity method					227,075						195,787						186,979						172,618						178,774
Total investments					6,342,805						5,772,418						5,705,371						5,403,150						5,291,153
Cash and cash equivalents					214,399						245,817						187,340						240,684						174,001
Premiums receivable					419,150						623,869						857,687						566,956						363,105
Ceded reinsurance balances					133,971						232,439						241,315						62,856						57,134
Losses recoverable					301,854						394,335						464,556						625,697						673,190
Accrued investment income					41,234						38,437						37,639						31,785						25,808
Deferred acquisition costs					106,918						138,922						158,600						138,802						107,951
Other assets					208,695						93,320						86,121						88,332						178,919
Total assets				$	7,769,026					$	7,539,557					$	7,738,629					$	7,158,262					$	6,871,261
Liabilities, Minority Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses				$	2,098,155					$	2,155,213					$	2,347,525					$	2,419,252					$	2,614,551
Reserve for unearned premiums					578,424						900,133						1,113,391						853,629						501,744
Debt					450,000						410,000						485,000						500,000						500,000
Subordinated obligation to capital trust					103,093						103,093						103,093						103,093						103,093
Reinsurance balances payable					395,083						437,653						477,477						268,620						292,307
Other liabilities					213,490						123,827						118,191						65,850						142,815
Total liabilities					3,838,245						4,129,919						4,644,677						4,210,444						4,154,510
Minority interest – DaVinciRe Holdings					650,284						612,431						555,433						531,929						462,911
Shareholders’ Equity
Preference shares					800,000						500,000						500,000						500,000						500,000
Common shares and additional paid-in capital					356,263						358,700						356,462						352,055						351,285
Accumulated other comprehensive income					25,217						25,472						4,993						2,088						4,760
Retained earnings					2,099,017						1,913,035						1,677,064						1,561,746						1,397,795
Total shareholders’ equity					3,280,497						2,797,207						2,538,519						2,415,889						2,253,840
Total liabilities, minority interest and shareholders’ equity				$	7,769,026					$	7,539,557					$	7,738,629					$	7,158,262					$	6,871,261
Book value per common share				$	34.38					$	31.86					$	28.37					$	26.65					$	24.52
Common shares outstanding					72,140						72,108						71,849						71,881						71,523

12

RenaissanceRe Holdings Ltd.
Composition of Investment Portfolio

			Dec. 31, 2006												Sept. 30, 2006												June 30, 2006												Mar. 31, 2006												Dec. 31, 2005
TYPE OF INVESTMENT
U.S. treasuries and agencies				$	1,180,064						18.6	%				$	1,403,475						24.2	%				$	1,388,386						24.3	%				$	1,524,192						28.1	%				$	1,040,432						19.6	%
Non-U.S. government					154,848						2.4	%					153,396						2.7	%					147,249						2.6	%					132,996						2.5	%					127,961						2.4	%
Corporate					995,410						15.7	%					855,272						14.8	%					817,097						14.3	%					599,597						11.1	%					554,666						10.5	%
Mortgage-backed					397,741						6.3	%					389,868						6.8	%					396,794						7.0	%					489,805						9.1	%					739,053						14.0	%
Asset-backed					383,867						6.1	%					374,034						6.5	%					330,329						5.8	%					355,345						6.6	%					410,182						7.8	%
Total fixed maturities available for sale					3,111,930						49.1	%					3,176,045						55.0	%					3,079,855						54.0	%					3,101,935						57.4	%					2,872,294						54.3	%
Short term investments, at cost					2,410,971						38.0	%					1,841,330						31.9	%					1,911,693						33.5	%					1,621,623						30.0	%					1,653,618						31.2	%
Other investments, at fair value					592,829						9.3	%					559,256						9.7	%					526,844						9.2	%					506,974						9.4	%					586,467						11.1	%
Total managed investment portfolio					6,115,730						96.4	%					5,576,631						96.6	%					5,518,392						96.7	%					5,230,532						96.8	%					5,112,379						96.6	%
Investments in other ventures, under equity method					227,075						3.6	%					195,787						3.4	%					186,979						3.3	%					172,618						3.2	%					178,774						3.4	%
Total investments				$	6,342,805						100.0	%				$	5,772,418						100.0	%				$	5,705,371						100.0	%				$	5,403,150						100.0	%				$	5,291,153						100.0	%
CREDIT QUALITY OF FIXED MATURITIES
AAA				$	2,248,182						72.2	%				$	2,455,167						77.3	%				$	2,392,763						77.7	%				$	2,578,170						83.2	%				$	2,356,609						82.1	%
AA					479,340						15.4	%					339,209						10.7	%					308,840						10.0	%					201,560						6.5	%					202,417						7.0	%
A					167,068						5.4	%					172,119						5.4	%					181,165						5.9	%					124,810						4.0	%					132,120						4.6	%
BBB					139,453						4.5	%					138,423						4.4	%					130,218						4.2	%					131,444						4.2	%					111,001						3.9	%
Non-investment grade					77,887						2.5	%					71,127						2.2	%					66,869						2.2	%					65,951						2.1	%					70,147						2.4	%
Total fixed maturities available for sale				$	3,111,930						100.0	%				$	3,176,045						100.0	%				$	3,079,855						100.0	%				$	3,101,935						100.0	%				$	2,872,294						100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year				$	508,982						16.4	%				$	329,405						10.4	%				$	299,264						9.7	%				$	317,280						10.3	%				$	241,954						8.4	%
Due after one through five years					1,539,509						49.5	%					1,777,781						55.9	%					1,769,729						57.4	%					1,679,450						54.1	%					1,220,387						42.5	%
Due after five through ten years					178,143						5.7	%					215,586						6.8	%					199,011						6.5	%					171,807						5.5	%					175,930						6.1	%
Due after 10 years					103,688						3.3	%					89,371						2.8	%					84,728						2.8	%					88,248						2.8	%					84,788						3.0	%
U.S. mortgage-backed securities					397,741						12.8	%					389,868						12.3	%					396,794						12.9	%					489,805						15.8	%					739,053						25.7	%
U.S. asset-backed securities					383,867						12.3	%					374,034						11.8	%					330,329						10.7	%					355,345						11.5	%					410,182						14.3	%
Total fixed maturities available for sale				$	3,111,930						100.0	%				$	3,176,045						100.0	%				$	3,079,855						100.0	%				$	3,101,935						100.0	%				$	2,872,294						100.0	%

			As of or for the three months ended
			Dec. 31, 2006						Sept. 30, 2006						June 30, 2006						Mar. 31, 2006						Dec. 31, 2005
Average yield to maturity of fixed maturities and short term investments					5.3	%					5.2	%					5.5	%					5.0	%					4.6	%
Average duration of fixed maturities and short term investments					1.3						1.4						1.4						1.4						1.4
Average credit quality of fixed maturities and short term investments					AA						AA						AA						AA						AA

13

RenaissanceRe Holdings Ltd.
Summary of Other Investments

			Dec. 31, 2006						Sept. 30, 2006						June 30, 2006						Mar 31 2006						Dec. 31, 2005
TYPE OF INVESTMENT
Private equity partnerships				$	223,245					$	208,583					$	194,280					$	174,181					$	167,864
Catastrophe bonds					114,614						50,041						—						—						—
Senior secured bank loan fund					81,428						79,831						78,535						77,771						76,451
Hedge funds					72,439						125,262						159,837						162,433						214,669
Non-U.S. convertible fund					36,080						32,815						32,149						31,077						28,083
European high yield credit fund					31,919						29,620						29,022						27,447						64,885
Medium term note representing an interest in a pool of European fixed income securities					30,000						30,000						30,000						30,000						30,000
Miscellaneous other investments					3,104						3,104						3,021						4,065						4,515
Total other investments				$	592,829					$	559,256					$	526,844					$	506,974					$	586,467
TYPE OF INVESTMENT
Private equity partnerships					37.7	%					37.2	%					36.9	%					34.5	%					28.6	%
Catastrophe bonds					19.3	%					8.9	%					0.0	%					0.0	%					0.0	%
Senior secured bank loan fund					13.7	%					14.3	%					14.9	%					15.3	%					13.0	%
Hedge funds					12.2	%					22.4	%					30.3	%					32.0	%					36.6	%
Non-U.S. convertible fund					6.1	%					5.9	%					6.1	%					6.1	%					4.8	%
European high yield credit fund					5.4	%					5.3	%					5.5	%					5.4	%					11.1	%
Medium term note representing an interest in a pool of European fixed income securities					5.1	%					5.4	%					5.7	%					5.9	%					5.1	%
Miscellaneous other investments					0.5	%					0.6	%					0.6	%					0.8	%					0.8	%
Total other investments					100.0	%					100.0	%					100.0	%					100.0	%					100.0	%

14

RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

December 31, 2006			Case Reserves						Additional Case Reserves						IBNR						Total
Property catastrophe reinsurance				$	366,337					$	282,544					$	226,579					$	875,460
Specialty reinsurance					104,010						77,315						412,466						593,791
Total Reinsurance					470,347						359,859						639,045						1,469,251
Individual Risk					272,119						15,611						341,174						628,904
Total				$	742,466					$	375,470					$	980,219					$	2,098,155
September 30, 2006
Property catastrophe reinsurance				$	432,924					$	265,016					$	221,404					$	919,344
Specialty reinsurance					104,298						75,811						414,250						594,359
Total Reinsurance					537,222						340,827						635,654						1,513,703
Individual Risk					286,624						19,774						335,112						641,510
Total				$	823,846					$	360,601					$	970,766					$	2,155,213
June 30, 2006
Property catastrophe reinsurance				$	498,426					$	309,485					$	224,725					$	1,032,636
Specialty reinsurance					175,937						88,563						414,323						678,823
Total Reinsurance					674,363						398,048						639,048						1,711,459
Individual Risk					284,780						15,566						335,720						636,066
Total				$	959,143					$	413,614					$	974,768					$	2,347,525
March 31, 2006
Property catastrophe reinsurance				$	555,631					$	428,796					$	158,488					$	1,142,915
Specialty reinsurance					158,410						103,011						403,464						664,885
Total Reinsurance					714,041						531,807						561,952						1,807,800
Individual Risk					240,624						—						370,828						611,452
Total				$	954,665					$	531,807					$	932,780					$	2,419,252
December 31, 2005
Property catastrophe reinsurance				$	544,750					$	576,992					$	207,087					$	1,328,829
Specialty reinsurance					180,868						95,312						414,445						690,625
Total Reinsurance					725,618						672,304						621,532						2,019,454
Individual Risk					194,016						—						401,081						595,097
Total				$	919,634					$	672,304					$	1,022,613					$	2,614,551

15

RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

			Three months ended December 31, 2006																		Three months ended December 31, 2005
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for losses and loss expenses, beginning of period				$	2,155,213					$	394,335					$	1,760,878					$	2,300,231					$	543,460					$	1,756,771
Incurred losses and loss expenses
Current year					164,809						37,636						127,173						886,731						229,060						657,671
Prior years					(36,784	)					(6,891	)					(29,893	)					1						(4,808	)					4,809
Total incurred losses and loss expenses					128,025						30,745						97,280						886,732						224,252						662,480
Paid losses and loss expenses
Current year					59,962						20,590						39,372						495,546						23,250						472,296
Prior years					125,121						102,636						22,485						76,866						71,272						5,594
Total paid losses and loss expenses					185,083						123,226						61,857						572,412						94,522						477,890
Reserve for losses and loss expenses, end of period				$	2,098,155					$	301,854					$	1,796,301					$	2,614,551					$	673,190					$	1,941,361
			Twelve months ended December 31, 2006																		Twelve months ended December 31, 2005
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for losses and loss expenses, beginning of period				$	2,614,551					$	673,190					$	1,941,361					$	1,459,398					$	217,788					$	1,241,610
Incurred losses and loss expenses
Current year					668,941						86,153						582,788						2,423,783						546,665						1,877,118
Prior years					(164,831	)					(28,273	)					(136,558	)					(219,421	)					22,041						(241,462	)
Total incurred losses and loss expenses					504,110						57,880						446,230						2,204,362						568,706						1,635,656
Paid losses and loss expenses
Current year					172,800						33,532						139,268						624,971						27,974						596,997
Prior years					847,706						395,684						452,022						424,238						85,330						338,908
Total paid losses and loss expenses					1,020,506						429,216						591,290						1,049,209						113,304						935,905
Reserve for losses and loss expenses, end of period				$	2,098,155					$	301,854					$	1,796,301					$	2,614,551					$	673,190					$	1,941,361

16

RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

			Three months ended
			December 31, 2006						September 30, 2006						June 30, 2006						March 31, 2006						December 31, 2005
Channel Re				$	5,653					$	5,142					$	4,639					$	3,663					$	4,320
Top Layer Re					3,232						3,176						3,506						2,789						1,404
Starbound					880						941						305						—						—
Tower Hill					(1,141	)					872						771						100						(453	)
Total equity in earnings of other ventures				$	8,624					$	10,131					$	9,221					$	6,552					$	5,271

			Year ended
			December 31, 2006						December 31, 2005
Channel Re				$	19,097					$	15,388
Top Layer Re					12,703						12,524
Starbound					2,126						—
Tower Hill					602						347
Total equity in earnings of other ventures				$	34,528					$	28,259

17

RenaissanceRe Holdings Ltd.
Ratings

At December 31, 2006

S&P

A.M. Best

Moody’s

REINSURANCE SEGMENT1

Renaissance Reinsurance

A+

A

A2

DaVinci

A

A

—

Top Layer Re

AA

A+

—

Renaissance Europe

—

A

—

INDIVIDUAL RISK SEGMENT1

Glencoe

—

A−

—

Stonington

—

A−

—

Stonington Lloyds

—

A−

—

Lantana

—

A−

—

RENAISSANCERE2

A−

—

Baa1

1	The A.M. Best, S&P and Moody’s ratings for the companies in the Reinsurance and Individual Risk segments reflect the insurer’s financial strength rating.

2	The S&P and Moody’s ratings for RenaissanceRe represent the credit ratings on its senior unsecured debt.

18

RenaissanceRe Holdings Ltd.
Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures in this Financial Supplement within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company’s management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for the comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

The Company uses ‘‘operating income (loss)’’ 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)’’ as used herein differs from ‘‘net income (loss) available (attributable) to common shareholders’’, which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized gains and losses on investments. In addition, the Company’s management believes that ‘‘operating income (loss)’’ is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s investment portfolio, which is not considered by management to be a relevant indicator of business operations. The Company also uses ‘‘operating income (loss)’’ to calculate ‘‘operating income (loss) per common share’’ and ‘‘operating return on average common equity, annualized’’. The following is a reconciliation of 1) net income (loss) available (attributable) to common shareholders to operating income (loss) available (attributable) to common shareholders; 2) net income (loss) available (attributable) to common shareholders per common share to operating income (loss) available (attributable) to common shareholders per common share; and 3) return on average common equity, annualized to operating return on average common equity, annualized:

			Three months ended																														Year ended
			Dec. 31, 2006						Sept. 30, 2006						June 30, 2006						March 31, 2006						Dec. 31, 2005						Dec. 31, 2006						Dec. 31, 2005
Net income (loss) available (attributable) to common shareholders				$	201,135					$	251,112					$	130,408					$	178,980					$	(210,402	)				$	761,635					$	(281,413	)
Adjustment for net realized losses (gains) on investments					(2,489	)					(4,151	)					24,348						16,756						3,548						34,464						6,962
Operating income (loss) available (attributable) to common shareholders				$	198,646					$	246,961					$	154,756					$	195,736					$	(206,854	)				$	796,099					$	(274,451	)
Net income (loss) available (attributable) to common shareholders per common share – diluted (1)				$	2.78					$	3.48					$	1.81					$	2.49					$	(2.97	)				$	10.57					$	(3.99	)
Adjustment for net realized losses (gains) on investments (1)					(0.04	)					(0.06	)					0.34						0.24						0.05						0.48						0.10
Operating income (loss) available (attributable) to common shareholders per common share – diluted (1)				$	2.74					$	3.42					$	2.15					$	2.73					$	(2.92	)				$	11.05					$	(3.89	)
Return on average common equity, annualized					33.7	%					46.3	%					26.4	%					39.0	%					(45.0	%)					36.3	%					(13.6	%)
Adjustment for net realized losses (gains) on investments					(0.4	%)					(0.7	%)					4.9	%					3.7	%					0.8	%					1.6	%					0.3	%
Operating return on average common equity, annualized					33.3	%					45.6	%					31.3	%					42.7	%					(44.2	%)					37.9	%					(13.3	%)

(1)	In accordance with FAS 128, earnings per share calculations use average common shares outstanding – basic, when in a net loss position.

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The Company has also included in this Press Release ‘‘managed catastrophe premiums’’ and ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures.’’ ‘‘Managed catastrophe premiums’’ is defined as gross catastrophe premiums written by Renaissance Reinsurance and its related joint ventures, excluding catastrophe premiums assumed from the Company’s Individual Risk segment. ‘‘Managed catastrophe premiums’’ differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting and the exclusion of catastrophe premiums assumed from the Company’s Individual Risk segment. ‘‘Managed catastrophe premiums, net of fully-collateralized joint ventures’’ differ from total catastrophe premiums, which the Company believes is the most directly comparable GAAP measure, due to: 1) the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting; 2) the exclusion of catastrophe premiums assumed from the Company’s Individual Risk segment; and 3) the deduction of catastrophe premiums that are written by the Company and ceded directly to the Company’s fully-collateralized joint ventures which include Starbound Re and Timicuan Reinsurance Ltd. The Company’s management believes ‘‘managed catastrophe premiums’’ is useful to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. The Company believes ‘‘managed catastrophe premiums, net of fully-collateralized joint ventures’’ is also a useful measure to investors and other interested parties because it provides a measure of total catastrophe reinsurance premiums assumed by the Company through its consolidated subsidiaries and related joint ventures, net of catastrophe premiums assumed from the Company’s Individual Risk segment and net of catastrophe premiums written directly on behalf of the Company’s fully-collateralized joint ventures.

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