RenaissanceRe (RNR) 8-K RenaissanceRe Reports Operating Income of $186.2 Million for the Fourth Quarter of 2007 or $2.64 Per

Exhibit 99.2

RenaissanceRe Holdings Ltd.

Contents

		Page(s)
Basis of Presentation		i
Financial Highlights		1
Income Statements
a.	Summary Consolidated Statements of Operations	2-3
b.	Consolidated Segment Underwriting Results	4-5
c.	Reinsurance Segment - Catastrophe and Specialty Underwriting Results	6
d.	Reinsurance Segment Gross Premiums Written	7-8
e.	Individual Risk Segment Gross Premiums Written	9
f.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	10-11
Balance Sheets
a.	Summary Consolidated Balance Sheets	12
b.	Composition of Investment Portfolio	13
c.	Summary of Other Investments	14
Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	15
b.	Paid to Incurred Analysis	16
Other Items
a.	Equity in (Losses) Earnings of Other Ventures	17
b.	Ratings	18
Comments on Regulation G		19

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income”, “operating income per common share - diluted”, “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 page 19 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s 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 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, 2006 and its Quarterly Reports on Form 10-Q for the quarters ending March 31, June 30 and September 30, 2007.

All information contained herein is unaudited, except for the financial data relating to the balance sheet for the year ended December 31, 2006. 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 2006 and Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.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,
	2007			2006			2007			2006
Highlights
Gross premiums written	$	122,227		$	194,952		$	1,809,637		$	1,943,647
Net premiums written		105,303			156,846			1,435,335			1,529,620
Net premiums earned		336,240			380,088			1,424,369			1,529,777
Net claims and claim expenses incurred		62,728			97,280			479,274			446,230
Underwriting income		177,252			177,285			579,701			693,264
Net investment income		80,714			83,233			402,463			318,106
Net income available to common shareholders		62,204			201,135			569,575			761,635
Net realized gains (losses) on investments		7,182			2,489			1,293			(34,464	)
Net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method		(131,201	)		—			(167,171	)		—
Operating income available to common shareholders (1)		186,223			198,646			735,453			796,099
Total assets	$	8,286,355		$	7,769,026		$	8,286,355		$	7,769,026
Total shareholders’ equity	$	3,477,503		$	3,280,497		$	3,477,503		$	3,280,497
Per share data
Net income available to common shareholders per common share - diluted	$	0.88		$	2.78		$	7.93		$	10.57
Operating income available to common shareholders per common share - diluted (1)	$	2.64		$	2.74		$	10.24		$	11.05
Dividends per common share	$	0.22		$	0.21		$	0.88		$	0.84
Book value per common share	$	41.03		$	34.38		$	41.03		$	34.38
Accumulated dividends per common share		7.00			6.12			7.00			6.12
Book value per common share plus accumulated dividends	$	48.03		$	40.50		$	48.03		$	40.50
Financial ratios
Net claims and claim expense ratio - current accident year		50.4	%		33.5	%		50.0	%		38.1	%
Net claims and claim expense ratio - prior accident years		(31.7	)%		(7.9	)%		(16.4	)%		(8.9	)%
Net claims and claim expense ratio - calendar year		18.7	%		25.6	%		33.6	%		29.2	%
Underwriting expense ratio		28.6	%		27.8	%		25.7	%		25.5	%
Combined ratio		47.3	%		53.4	%		59.3	%		54.7	%
Operating return on average common equity - annualized (1)		26.1	%		33.3	%		27.0	%		37.9	%

(1) See Comments on Regulation G for a reconciliation of operating income to net income.

1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Quarter to Date

	Three months ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Revenues
Gross premiums written	$	122,227		$	208,821		$	845,860		$	632,729		$	194,952
Net premiums written	$	105,303		$	149,163		$	609,842		$	571,027		$	156,846
Decrease (increase) in unearned premiums		230,937			217,894			(251,388	)		(208,409	)		223,242
Net premiums earned		336,240			367,057			358,454			362,618			380,088
Net investment income		80,714			95,594			118,140			108,015			83,233
Net foreign exchange gains (losses)		4,598			(5,424	)		(373	)		5,167			(1,715	)
Equity in (losses) earnings of other ventures		(124,999	)		(23,986	)		9,675			10,701			8,624
Other loss		(20,221	)		(10,008	)		(5,498	)		(2,203	)		(4,160	)
Net realized gains (losses) on investments		7,182			1,592			(11,566	)		4,085			2,489
Total revenues		283,514			424,825			468,832			488,383			468,559
Expenses
Net claims and claim expenses incurred		62,728			131,700			138,854			145,992			97,280
Acquisition expenses		67,973			63,719			59,509			63,729			73,288
Operational expenses		28,287			27,126			26,527			28,524			32,235
Corporate expenses		9,771			7,158			4,927			7,004			7,987
Interest expense		7,226			7,226			7,195			11,979			8,439
Total expenses		175,985			236,929			237,012			257,228			219,229
Income before minority interest and taxes		107,529			187,896			231,820			231,155			249,330
Minority interest - DaVinciRe		(54,070	)		(43,820	)		(37,399	)		(29,107	)		(38,665	)
Income before taxes		53,459			144,076			194,421			202,048			210,665
Income tax benefit (expense)		19,320			(101	)		(680	)		(107	)		(42	)
Net income		72,779			143,975			193,741			201,941			210,623
Dividends on preference shares		(10,575	)		(10,575	)		(10,575	)		(11,136	)		(9,488	)
Net income available to common shareholders	$	62,204		$	133,400		$	183,166		$	190,805		$	201,135
Operating income available to common shareholders per Common Share - diluted (1)	$	2.64		$	2.33		$	2.69		$	2.57		$	2.74
Net income available to common shareholders per Common Share - basic	$	0.90		$	1.89		$	2.57		$	2.68		$	2.83
Net income available to common shareholders per Common Share - diluted	$	0.88		$	1.85		$	2.53		$	2.63		$	2.78
Average shares outstanding - basic		68,966			70,575			71,259			71,281			71,178
Average shares outstanding - diluted		70,413			71,945			72,430			72,514			72,467
Net claims and claim expense ratio		18.7	%		35.9	%		38.7	%		40.2	%		25.6	%
Underwriting expense ratio		28.6	%		24.7	%		24.0	%		25.4	%		27.8	%
Combined ratio		47.3	%		60.6	%		62.7	%		65.6	%		53.4	%
Operating return on average common equity - annualized (1)		26.1	%		23.6	%		28.5	%		29.1	%		33.3	%

(1) See Comments on Regulation G for a reconciliation of operating income to net income.

2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations - Year to Date

	Twelve months ended
	December 31, 2007			December 31, 2006
Revenues
Gross premiums written	$	1,809,637		$	1,943,647
Net premiums written	$	1,435,335		$	1,529,620
(Increase) decrease in unearned premiums		(10,966	)		157
Net premiums earned		1,424,369			1,529,777
Net investment income		402,463			318,106
Net foreign exchange gains (losses)		3,968			(3,293	)
Equity in (losses) earnings of other ventures		(128,609	)		34,528
Other loss		(37,930	)		(3,917	)
Net realized gains (losses) on investments		1,293			(34,464	)
Total revenues		1,665,554			1,840,737
Expenses
Net claims and claim expenses incurred		479,274			446,230
Acquisition expenses		254,930			280,697
Operational expenses		110,464			109,586
Corporate expenses		28,860			24,418
Interest expense		33,626			37,602
Total expenses		907,154			898,533
Income before minority interest and taxes		758,400			942,204
Minority interest - DaVinciRe		(164,396	)		(144,159	)
Income before taxes		594,004			798,045
Income tax benefit (expense)		18,432			(935	)
Net income		612,436			797,110
Dividends on preference shares		(42,861	)		(35,475	)
Net income available to common shareholders	$	569,575		$	761,635
Operating income available to common shareholders per Common Share - diluted (1)	$	10.24		$	11.05
Net income available to common shareholders per Common Share - basic	$	8.08		$	10.72
Net income available to common shareholders per Common Share - diluted	$	7.93		$	10.57
Average shares outstanding - basic		70,520			71,064
Average shares outstanding - diluted		71,825			72,073
Net claims and claim expense ratio		33.6	%		29.2	%
Underwriting expense ratio		25.7	%		25.5	%
Combined ratio		59.3	%		54.7	%
Operating return on average common equity - annualized (1)		27.0	%		37.9	%

(1) See Comments on Regulation G for a reconciliation of operating income to net income.

3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Quarter to Date

	Three months ended December 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)		Total
Gross premiums written	$	26,693		$	93,353		$	2,181	$	122,227
Net premiums written	$	28,807		$	76,496				$	105,303
Net premiums earned	$	234,375		$	101,865				$	336,240
Net claims and claim expenses incurred		19,128			43,600					62,728
Acquisition expenses		33,504			34,469					67,973
Operational expenses		17,026			11,261					28,287
Underwriting income	$	164,717		$	12,535				$	177,252
Net claims and claim expenses incurred - current accident year	$	117,777		$	51,722				$	169,499
Net claims and claim expenses incurred - prior accident years		(98,649	)		(8,122	)				(106,771	)
Net claims and claim expenses incurred - total	$	19,128		$	43,600				$	62,728
Net claims and claim expense ratio - current accident year		50.3	%		50.8	%				50.4	%
Net claims and claim expense ratio - prior accident years		(42.1	)%		(8.0	)%				(31.7	)%
Net claims and claim expense ratio - calendar year		8.2	%		42.8	%				18.7	%
Underwriting expense ratio		21.5	%		44.9	%				28.6	%
Combined ratio		29.7	%		87.7	%				47.3	%
	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	%

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

4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results - Year to Date

	Twelve months ended December 31, 2007
	Reinsurance			Individual Risk			Eliminations (1)			Total
Gross premiums written	$	1,290,420		$	556,594		$	(37,377	)	$	1,809,637
Net premiums written	$	1,024,493		$	410,842					$	1,435,335
Net premiums earned	$	957,661		$	466,708					$	1,424,369
Net claims and claim expenses incurred		241,118			238,156						479,274
Acquisition expenses		119,915			135,015						254,930
Operational expenses		67,969			42,495						110,464
Underwriting income	$	528,659		$	51,042					$	579,701
Net claims and claim expenses incurred - current accident year	$	435,495		$	276,929					$	712,424
Net claims and claim expenses incurred - prior accident years		(194,377	)		(38,773	)					(233,150	)
Net claims and claim expenses incurred - total	$	241,118		$	238,156					$	479,274
Net claims and claim expense ratio - current accident year		45.5	%		59.3	%					50.0	%
Net claims and claim expense ratio - prior accident years		(20.3	)%		(8.3	)%					(16.4	)%
Net claims and claim expense ratio - calendar year		25.2	%		51.0	%					33.6	%
Underwriting expense ratio		19.6	%		38.1	%					25.7	%
Combined ratio		44.8	%		89.1	%					59.3	%
	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	%

(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, 2007									Three months ended December 31, 2006
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	(10,815	)	$	37,508		$	26,693		$	23,184		$	28,535		$	51,719
Net premiums written	$	(8,701	)	$	37,508		$	28,807		$	23,491		$	28,535		$	52,026
Net premiums earned	$	168,843		$	65,532		$	234,375		$	179,309		$	64,964		$	244,273
Net claims and claim expenses incurred		(30,094	)		49,222			19,128			34,973			19,210			54,183
Acquisition expenses		17,693			15,811			33,504			20,337			7,500			27,837
Operational expenses		12,086			4,940			17,026			13,944			7,659			21,603
Underwriting income (loss)	$	169,158		$	(4,441	)	$	164,717		$	110,055		$	30,595		$	140,650
Net claims and claim expenses incurred - current accident year	$	31,001		$	86,776		$	117,777		$	38,433		$	41,233		$	79,666
Net claims and claim expenses incurred - prior accident years		(61,095	)		(37,554	)		(98,649	)		(3,460	)		(22,023	)		(25,483	)
Net claims and claim expenses incurred - total	$	(30,094	)	$	49,222		$	19,128		$	34,973		$	19,210		$	54,183
Net claims and claim expense ratio - current accident year		18.4	%		132.4	%		50.3	%		21.4	%		63.5	%		32.6	%
Net claims and claim expense ratio - prior accident years		(36.2	)%		(57.3	)%		(42.1	)%		(1.9	)%		(33.9	)%		(10.4	)%
Net claims and claim expense ratio - calendar year		(17.8	)%		75.1	%		8.2	%		19.5	%		29.6	%		22.2	%
Underwriting expense ratio		17.6	%		31.7	%		21.5	%		19.1	%		23.3	%		20.2	%
Combined ratio		(0.2	)%		106.8	%		29.7	%		38.6	%		52.9	%		42.4	%
	Twelve months ended December 31, 2007									Twelve months ended December 31, 2006
	Catastrophe			Specialty			Total			Catastrophe			Specialty			Total
Gross premiums written	$	1,003,104		$	287,316		$	1,290,420		$	1,099,114		$	222,049		$	1,321,163
Net premiums written	$	737,177		$	287,316		$	1,024,493		$	817,054		$	222,049		$	1,039,103
Net premiums earned	$	726,265		$	231,396		$	957,661		$	733,777		$	238,240		$	972,017
Net claims and claim expenses incurred		128,573			112,545			241,118			131,475			16,577			148,052
Acquisition expenses		77,089			42,826			119,915			82,936			32,388			115,324
Operational expenses		49,370			18,599			67,969			47,364			25,041			72,405
Underwriting income	$	471,233		$	57,426		$	528,659		$	472,002		$	164,234		$	636,236
Net claims and claim expenses incurred - current accident year	$	221,662		$	213,833		$	435,495		$	117,528		$	155,758		$	273,286
Net claims and claim expenses incurred - prior accident years		(93,089	)		(101,288	)		(194,377	)		13,947			(139,181	)		(125,234	)
Net claims and claim expenses incurred - total	$	128,573		$	112,545		$	241,118		$	131,475		$	16,577		$	148,052
Net claims and claim expense ratio - current accident year		30.5	%		92.4	%		45.5	%		16.0	%		65.4	%		28.1	%
Net claims and claim expense ratio - prior accident years		(12.8	)%		(43.8	)%		(20.3	)%		1.9	%		(58.4	)%		(12.9	)%
Net claims and claim expense ratio - calendar year		17.7	%		48.6	%		25.2	%		17.9	%		7.0	%		15.2	%
Underwriting expense ratio		17.4	%		26.6	%		19.6	%		17.8	%		24.1	%		19.3	%
Combined ratio		35.1	%		75.2	%		44.8	%		35.7	%		31.1	%		34.5	%

6

RenaissanceRe Holdings Ltd.

Reinsurance Segment Gross Premiums Written

	Three months ended
	Dec. 31, 2007			Sept. 30, 2007			June 30, 2007			March 31, 2007			Dec. 31, 2006
Renaissance catastrophe premiums	$	(2,224	)	$	84,271		$	340,913		$	240,027		$	20,630
Renaissance specialty premiums		37,498			39,536			93,258			107,590			28,164
Total Renaissance premiums		35,274			123,807			434,171			347,617			48,794
DaVinci catastrophe premiums		(8,591	)		17,856			171,915			158,937			2,554
DaVinci specialty premiums		10			(118	)		129			9,413			371
Total DaVinci premiums		(8,581	)		17,738			172,044			168,350			2,925
Total Reinsurance premiums	$	26,693		$	141,545		$	606,215		$	515,967		$	51,719
Total specialty premiums (1)	$	37,508		$	39,418		$	93,387		$	117,003		$	28,535
Total catastrophe premiums	$	(10,815	)	$	102,127		$	512,828		$	398,964		$	23,184
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		2,711			—			26,822			36,903			—
Catastrophe premiums assumed from the Individual Risk segment		2,590			(34,258	)		1,254			(6,554	)		1,632
Total managed catastrophe premiums (3)		(5,514	)		67,869			540,904			429,313			24,816
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		883			(938	)		(65,798	)		6,435			322
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	(4,631	)	$	66,931		$	475,106		$	435,748		$	25,138

(1) Total specialty premiums written includes $0.4 million, $nil, $ nil, $nil and $nil of premiums assumed from the Individual Risk segment for the three months ended December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

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

(3) See Comments on Regulation G.

7

RenaissanceRe Holdings Ltd.

Reinsurance Segment Gross Premiums Written

	Twelve months ended
	Dec. 31, 2007			Dec. 31, 2006
Renaissance catastrophe premiums	$	662,987		$	773,638
Renaissance specialty premiums		277,882			198,111
Total Renaissance premiums		940,869			971,749
DaVinci catastrophe premiums		340,117			325,476
DaVinci specialty premiums		9,434			23,938
Total DaVinci premiums		349,551			349,414
Total Reinsurance premiums	$	1,290,420		$	1,321,163
Total specialty premiums (1)	$	287,316		$	222,049
Total catastrophe premiums	$	1,003,104		$	1,099,114
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		66,436			51,244
Catastrophe premiums assumed from the Individual Risk segment		(36,968	)		(64,573	)
Total managed catastrophe premiums (3)		1,032,572			1,085,785
Managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures		(59,418	)		(113,977	)
Total managed catastrophe premiums, net of fully-collateralized joint ventures (3)	$	973,154		$	971,808

(1) Total specialty premiums written includes $0.4 million and $2.3 million of premiums assumed from the Individual Risk segment for the years ended December 31, 2007 and 2006, respectively.

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

(3) See comments on Regulation G.

8

RenaissanceRe Holdings Ltd.

Individual Risk Segment Gross Premiums Written

	Three months ended
	Dec. 31, 2007		Sept. 30, 2007		June 30, 2007		March 31, 2007		Dec. 31, 2006
By Type of Business
Commercial multi-line	$	60,456	$	60,428	$	161,125	$	59,141	$	62,942
Commercial property		20,559		26,361		75,013		42,505		47,199
Personal lines property		12,338		14,745		2,253		21,670		31,460
Total Individual Risk premiums	$	93,353	$	101,534	$	238,391	$	123,316	$	141,601

	Twelve months ended
	Dec. 31, 2007		Dec. 31, 2006
By Type of Business
Commercial multi-line	$	341,150	$	358,987
Commercial property		164,438		226,205
Personal lines property		51,006		104,200
Total Individual Risk premiums	$	556,594	$	689,392

9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Three months ended
	Dec. 31, 2007			Sept. 30, 2007			June 30, 2007			March 31, 2007			Dec. 31, 2006
Revenues
Gross premiums written	$	(8,581	)	$	17,738		$	172,044		$	168,350		$	2,925
Net premiums written	$	(9,173	)	$	5,662		$	159,155		$	166,251		$	3,117
Decrease (increase) in unearned premiums		83,214			76,796			(83,855	)		(87,786	)		66,821
Net premiums earned		74,041			82,458			75,300			78,465			69,938
Net investment income		18,517			19,496			18,961			18,657			16,572
Net foreign exchange gains (losses)		1,738			(1,545	)		(170	)		897			(1,428	)
Other loss		(4,706	)		(5,548	)		(3,422	)		(3,448	)		(1,045	)
Net realized gains (losses) on investments		2,873			350			(2,972	)		763			646
Total revenues		92,463			95,211			87,697			95,334			84,683
Expenses
Net claims and claim expenses incurred		(5,806	)		9,302			12,587			35,118			9,251
Acquisition expenses		19,424			19,162			17,233			12,771			16,567
Operational and corporate expenses		7,758			8,554			7,795			7,827			8,154
Interest expense		3,067			3,067			3,033			3,000			2,469
Total expenses		24,443			40,085			40,648			58,716			36,441
Income before minority interest		68,020			55,126			47,049			36,618			48,242
Minority interest		(143	)		(116	)		(101	)		(79	)		(103	)
Net income	$	67,877		$	55,010		$	46,948		$	36,539		$	48,139
Net claims and claim expenses incurred - current accident year	$	10,636		$	14,393		$	20,037		$	40,012		$	11,422
Net claims and claim expenses incurred - prior accident years		(16,442	)		(5,091	)		(7,450	)		(4,894	)		(2,171	)
Net claims and claim expenses incurred - total	$	(5,806	)	$	9,302		$	12,587		$	35,118		$	9,251
Net claims and claim expense ratio - current accident year		14.4	%		17.5	%		26.6	%		51.0	%		16.3	%
Net claims and claim expense ratio - prior accident years		(22.2	)%		(6.2	)%		(9.9	)%		(6.2	)%		(3.1	)%
Net claims and claim expense ratio - calendar year		(7.8	)%		11.3	%		16.7	%		44.8	%		13.2	%
Underwriting expense ratio		36.7	%		33.6	%		33.2	%		26.3	%		35.3	%
Combined ratio		28.9	%		44.9	%		49.9	%		71.1	%		48.5	%

10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Twelve months ended
	Dec. 31, 2007			Dec. 31, 2006
Revenues
Gross premiums written	$	349,551		$	349,414
Net premiums written	$	321,895		$	310,500
Increase in unearned premiums		(11,631	)		(30,952	)
Net premiums earned		310,264			279,548
Net investment income		75,631			59,067
Net foreign exchange gains (losses)		920			(4,066	)
Other loss		(17,124	)		(2,129	)
Net realized gains (losses) on investments		1,014			(7,740	)
Total revenues		370,705			324,680
Expenses
Net claims and claim expenses incurred		51,201			46,574
Acquisition expenses		68,590			58,326
Operational and corporate expenses		31,934			29,928
Interest expense		12,167			8,549
Total expenses		163,892			143,377
Income before minority interest		206,813			181,303
Minority interest		(439	)		(382	)
Net income	$	206,374		$	180,921
Net claims and claim expenses incurred - current accident year	$	85,078		$	41,135
Net claims and claim expenses incurred - prior accident years		(33,877	)		5,439
Net claims and claim expenses incurred - total	$	51,201		$	46,574
Net claims and claim expense ratio - current accident year		27.4	%		14.7	%
Net claims and claim expense ratio - prior accident years		(10.9	)%		1.9	%
Net claims and claim expense ratio - calendar year		16.5	%		16.6	%
Underwriting expense ratio		32.4	%		31.6	%
Combined ratio		48.9	%		48.2	%

11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

	Dec. 31, 2007		Sept. 30, 2007		June 30, 2007		March 31, 2007		Dec. 31, 2006
Assets
Fixed maturity investments available for sale, at fair value	$	3,914,363	$	3,475,449	$	3,179,189	$	3,155,864	$	3,111,930
Short term investments, at cost		1,821,549		2,418,958		2,268,172		2,183,564		2,410,971
Other investments, at fair value		807,864		716,686		661,709		620,576		592,829
Investments in other ventures, under equity method		90,572		176,256		235,371		239,021		227,075
Total investments		6,634,348		6,787,349		6,344,441		6,199,025		6,342,805
Cash and cash equivalents		330,226		317,295		266,455		270,608		214,399
Premiums receivable		475,075		714,495		927,657		538,720		419,150
Ceded reinsurance balances		107,916		194,357		241,488		116,020		133,971
Losses recoverable		183,275		220,037		236,990		248,599		301,854
Accrued investment income		39,084		41,483		41,824		41,881		41,234
Deferred acquisition costs		104,212		142,171		171,931		124,282		106,918
Receivable for investments sold		144,037		197,110		193,387		109,554		61,061
Other secured assets		90,488		—		—		—		—
Other assets		177,694		147,041		134,190		138,427		147,634
Total assets	$	8,286,355	$	8,761,338	$	8,558,363	$	7,787,116	$	7,769,026
Liabilities, Minority Interest and Shareholders’ Equity Liabilities
Reserve for claims and claim expenses	$	2,028,496	$	2,128,644	$	2,128,216	$	2,109,864	$	2,098,155
Reserve for unearned premiums		563,336		880,714		1,145,739		768,882		578,424
Debt		451,951		450,540		450,000		450,000		450,000
Subordinated obligation to capital trust		—		—		—		—		103,093
Reinsurance balances payable		275,430		358,333		344,945		232,832		395,083
Payable for investments purchased		422,974		511,153		200,833		138,110		88,089
Other secured liabilities		88,920		—		—		—		—
Other liabilities		162,294		148,388		114,406		104,300		125,401
Total liabilities		3,993,401		4,477,772		4,384,139		3,803,988		3,838,245
Minority interest - DaVinciRe		815,451		761,815		714,186		679,568		650,284
Shareholders’ Equity
Preference shares		650,000		650,000		650,000		650,000		800,000
Common shares		68,920		70,852		72,266		72,289		72,140
Additional paid-in capital		107,867		212,297		283,693		279,979		284,123
Accumulated other comprehensive income		44,719		29,649		12,939		27,420		25,217
Retained earnings		2,605,997		2,558,953		2,441,140		2,273,872		2,099,017
Total shareholders’ equity		3,477,503		3,521,751		3,460,038		3,303,560		3,280,497
Total liabilities, minority interest and shareholders’ equity	$	8,286,355	$	8,761,338	$	8,558,363	$	7,787,116	$	7,769,026
Book value per common share	$	41.03	$	40.53	$	38.88	$	36.71	$	34.38
Common shares outstanding		68,920		70,852		72,266		72,289		72,140

12

RenaissanceRe Holdings Ltd.

Composition of Investment Portfolio

	Dec. 31, 2007					Sept. 30, 2007					June 30, 2007					Mar. 31, 2007					Dec. 31, 2006
TYPE OF INVESTMENT
U.S. treasuries and agencies	$	1,057,979		15.9	%	$	1,005,748		14.8	%	$	1,006,808		15.9	%	$	1,214,606		19.6	%	$	1,180,064		18.6	%
Non-U.S. government		66,496		1.0	%		127,346		1.9	%		143,004		2.3	%		146,774		2.4	%		154,848		2.4	%
Corporate		937,289		14.1	%		950,739		14.0	%		967,070		15.2	%		1,015,171		16.4	%		995,410		15.7	%
Mortgage-backed		1,251,582		18.9	%		861,157		12.7	%		634,066		10.0	%		405,205		6.5	%		397,741		6.3	%
Asset-backed		601,017		9.1	%		530,459		7.8	%		428,241		6.7	%		374,108		6.0	%		383,867		6.1	%
Total fixed maturities available for sale		3,914,363		59.0	%		3,475,449		51.2	%		3,179,189		50.1	%		3,155,864		50.9	%		3,111,930		49.1	%
Short term investments, at cost		1,821,549		27.4	%		2,418,958		35.6	%		2,268,172		35.8	%		2,183,564		35.2	%		2,410,971		38.0	%
Other investments, at fair value		807,864		12.2	%		716,686		10.6	%		661,709		10.4	%		620,576		10.0	%		592,829		9.3	%
Total managed investment portfolio		6,543,776		98.6	%		6,611,093		97.4	%		6,109,070		96.3	%		5,960,004		96.1	%		6,115,730		96.4	%
Investments in other ventures, under equity method		90,572		1.4	%		176,256		2.6	%		235,371		3.7	%		239,021		3.9	%		227,075		3.6	%
Total investments	$	6,634,348		100.0	%	$	6,787,349		100.0	%	$	6,344,441		100.0	%	$	6,199,025		100.0	%	$	6,342,805		100.0	%
CREDIT QUALITY OF FIXED MATURITIES
AAA	$	3,130,143		80.0	%	$	2,656,928		76.4	%	$	2,339,451		73.6	%	$	2,286,168		72.4	%	$	2,248,182		72.2	%
AA		404,173		10.3	%		447,123		12.9	%		484,035		15.2	%		514,643		16.3	%		479,340		15.4	%
A		182,780		4.7	%		173,240		5.0	%		161,038		5.1	%		157,437		5.0	%		167,068		5.4	%
BBB		123,529		3.1	%		115,382		3.3	%		115,184		3.6	%		122,030		3.9	%		139,453		4.5	%
Non-investment grade		73,738		1.9	%		82,776		2.4	%		79,481		2.5	%		75,586		2.4	%		77,887		2.5	%
Total fixed maturities available for sale	$	3,914,363		100.0	%	$	3,475,449		100.0	%	$	3,179,189		100.0	%	$	3,155,864		100.0	%	$	3,111,930		100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Due in less than one year	$	385,497		9.8	%	$	383,365		11.0	%	$	471,367		14.8	%	$	529,078		16.8	%	$	508,982		16.4	%
Due after one through five years		1,323,586		33.8	%		1,324,174		38.1	%		1,324,211		41.6	%		1,534,647		48.6	%		1,539,509		49.5	%
Due after five through ten years		267,579		6.8	%		290,864		8.4	%		240,195		7.6	%		221,741		7.0	%		178,143		5.7	%
Due after 10 years		85,102		2.2	%		85,430		2.4	%		81,109		2.6	%		91,085		2.9	%		103,688		3.3	%
U.S. mortgage-backed securities		1,251,582		32.0	%		861,157		24.8	%		634,066		19.9	%		405,205		12.8	%		397,741		12.8	%
U.S. asset-backed securities		601,017		15.4	%		530,459		15.3	%		428,241		13.5	%		374,108		11.9	%		383,867		12.3	%
Total fixed maturities available for sale	$	3,914,363		100.0	%	$	3,475,449		100.0	%	$	3,179,189		100.0	%	$	3,155,864		100.0	%	$	3,111,930		100.0	%
	As of or for the three months ended
	Dec. 31, 2007					Sept. 30, 2007					June 30, 2007					Mar. 31, 2007					Dec. 31, 2006
Average yield to maturity of fixed maturities and short term investments		4.5	%				4.9	%				5.4	%				5.1	%				5.3	%
Average duration of fixed maturities and short term investments		1.8					1.3					1.3					1.3					1.3
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, 2007			Sept. 30, 2007			June 30, 2007			Mar. 31, 2007			Dec. 31, 2006
TYPE OF INVESTMENT
Private equity partnerships	$	301,446		$	293,099		$	278,312		$	247,809		$	223,245
Senior secured bank loan funds		158,203			98,412			84,136			83,007			81,428
Hedge funds		126,417			75,230			72,577			73,283			72,439
Non-U.S. fixed income funds		126,252			125,687			103,124			100,601			97,999
Catastrophe bonds		95,535			124,247			123,549			115,865			114,614
Miscellaneous other investments		11			11			11			11			3,104
Total other investments	$	807,864		$	716,686		$	661,709		$	620,576		$	592,829
TYPE OF INVESTMENT
Private equity partnerships		37.4	%		40.9	%		42.0	%		39.9	%		37.7	%
Senior secured bank loan funds		19.6	%		13.8	%		12.7	%		13.4	%		13.7	%
Hedge funds		15.6	%		10.5	%		11.0	%		11.8	%		12.2	%
Non-U.S. fixed income funds		15.6	%		17.5	%		15.6	%		16.2	%		16.6	%
Catastrophe bonds		11.8	%		17.3	%		18.7	%		18.7	%		19.3	%
Miscellaneous other investments		0.0	%		0.0	%		0.0	%		0.0	%		0.5	%
Total other investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

14

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2007
Property catastrophe reinsurance	$	275,436	$	287,201	$	204,487	$	767,124
Specialty reinsurance		109,567		93,280		448,756		651,603
Total Reinsurance		385,003		380,481		653,243		1,418,727
Individual Risk		237,747		10,359		361,663		609,769
Total	$	622,750	$	390,840	$	1,014,906	$	2,028,496
September 30, 2007
Property catastrophe reinsurance	$	268,412	$	332,990	$	238,595	$	839,997
Specialty reinsurance		124,511		97,262		401,376		623,149
Total Reinsurance		392,923		430,252		639,971		1,463,146
Individual Risk		246,111		13,360		406,027		665,498
Total	$	639,034	$	443,612	$	1,045,998	$	2,128,644
June 30, 2007
Property catastrophe reinsurance	$	337,825	$	258,807	$	288,602	$	885,234
Specialty reinsurance		101,025		75,551		408,954		585,530
Total Reinsurance		438,850		334,358		697,556		1,470,764
Individual Risk		261,637		19,263		376,552		657,452
Total	$	700,487	$	353,621	$	1,074,108	$	2,128,216
March 31, 2007
Property catastrophe reinsurance	$	380,995	$	282,113	$	247,714	$	910,822
Specialty reinsurance		94,178		78,215		406,171		578,564
Total Reinsurance		475,173		360,328		653,885		1,489,386
Individual Risk		267,059		21,088		332,331		620,478
Total	$	742,232	$	381,416	$	986,216	$	2,109,864
December 31, 2006
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

15

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis

	Three months ended December 31, 2007									Three months ended December 31, 2006
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,128,644		$	220,037		$	1,908,607		$	2,155,213		$	394,335		$	1,760,878
Incurred losses and loss expenses
Current year		165,339			(4,160	)		169,499			164,809			37,636			127,173
Prior years		(114,842	)		(8,071	)		(106,771	)		(36,784	)		(6,891	)		(29,893	)
Total incurred losses and loss expenses		50,497			(12,231	)		62,728			128,025			30,745			97,280
Paid losses and loss expenses
Current year		70,809			1,350			69,459			59,962			20,590			39,372
Prior years		79,836			23,181			56,655			125,121			102,636			22,485
Total paid losses and loss expenses		150,645			24,531			126,114			185,083			123,226			61,857
Reserve for losses and loss expenses, end of period	$	2,028,496		$	183,275		$	1,845,221		$	2,098,155		$	301,854		$	1,796,301
	Twelve months ended December 31, 2007									Twelve months ended December 31, 2006
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	2,098,155		$	301,854		$	1,796,301		$	2,614,551		$	673,190		$	1,941,361
Incurred losses and loss expenses
Current year		797,044			84,620			712,424			668,941			86,153			582,788
Prior years		(233,286	)		(136	)		(233,150	)		(164,831	)		(28,273	)		(136,558	)
Total incurred losses and loss expenses		563,758			84,484			479,274			504,110			57,880			446,230
Paid losses and loss expenses
Current year		134,562			8,746			125,816			172,800			33,532			139,268
Prior years		498,855			194,317			304,538			847,706			395,684			452,022
Total paid losses and loss expenses		633,417			203,063			430,354			1,020,506			429,216			591,290
Reserve for losses and loss expenses, end of period	$	2,028,496		$	183,275		$	1,845,221		$	2,098,155		$	301,854		$	1,796,301

16

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures

	Three months ended
	December 31, 2007			September 30, 2007			June 30, 2007		March 31, 2007		December 31, 2006
Top Layer Re	$	3,162		$	4,093		$	3,761	$	3,933	$	3,232
Tower Hill		1,969			1,131			79		253		(1,141	)
Starbound II		1,071			1,057			344		—		—
Starbound		—			301			302		1,686		880
ChannelRe		(131,201	)		(30,568	)		5,189		4,829		5,653
Total equity in (losses) earnings of other ventures	$	(124,999	)	$	(23,986	)	$	9,675	$	10,701	$	8,624

	Year ended
	December 31, 2007			December 31, 2006
Top Layer Re	$	14,949		$	12,703
Tower Hill		3,432			602
Starbound II		2,472			—
Starbound		2,289			2,126
ChannelRe		(151,751	)		19,097
Total equity in (losses) earnings of other ventures	$	(128,609	)	$	34,528

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RenaissanceRe Holdings Ltd.

Ratings

At December 31, 2007	A.M. Best	S&P	Moody’s	Fitch
REINSURANCE SEGMENT1
Renaissance Reinsurance	A+	AA-	A2	A
DaVinci	A	A+	-	-
Top Layer Re	A+	AA	-	-
Renaissance Europe	A+	-	-	-
INDIVIDUAL RISK SEGMENT1
Glencoe	A-	-	-	-
Stonington	A-	-	-	-
Stonington Lloyds	A-	-	-	-
Lantana	A-	-	-	-
RENAISSANCERE2	a-	A	Baa1	BBB+

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

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

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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” 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” as used herein differs from “net income available 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 and net unrealized gains and losses on credit derivatives issued by entities included in investments in other ventures, under equity method. In the presentation below, the only adjustments in respect of unrealized gains and losses reflect unrealized mark-to-market losses on credit derivatives and other credit-related products issued by ChannelRe, a financial guarantee reinsurer whose investment is accounted for by the Company under the equity method. The Company believes that the prevailing convention among financial guarantee insurers, reinsurers and other market participants, such as ChannelRe, is to exclude from operating income such unrealized gains and losses attributable to credit derivatives and other credit-related products. The Company’s management believes that “operating income” 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 and credit derivatives issued by entities included in investments in other ventures, under equity method, which are not considered by management to be relevant indicators of business operations. The Company also uses “operating income” to calculate “operating income per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of 1) net income available to common shareholders to operating income available to common shareholders; 2) net income available to common shareholders per common share - diluted to operating income available to common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity, annualized:

	Three months ended															Year ended
	Dec. 31, 2007			Sept. 30, 2007			June 30, 2007			March 31, 2007			Dec. 31, 2006			Dec. 31, 2007			Dec. 31, 2006
Net income available to common shareholders	$	62,204		$	133,400		$	183,166		$	190,805		$	201,135		$	569,575		$	761,635
Adjustment for net realized (gains) losses on investments		(7,182	)		(1,592	)		11,566			(4,085	)		(2,489	)		(1,293	)		34,464
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method		131,201			35,970			—			—			—			167,171			—
Operating income available to common shareholders	$	186,223		$	167,778		$	194,732		$	186,720		$	198,646		$	735,453		$	796,099
Net income available to common shareholders per common share - diluted	$	0.88		$	1.85		$	2.53		$	2.63		$	2.78		$	7.93		$	10.57
Adjustment for net realized (gains) losses on investments		(0.10	)		(0.02	)		0.16			(0.06	)		(0.04	)		(0.02	)		0.48
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method		1.86			0.50			—			—			—			2.33			—
Operating income available to common shareholders per common share - diluted	$	2.64		$	2.33		$	2.69		$	2.57		$	2.74		$	10.24		$	11.05
Return on average common equity - annualized		8.7	%		18.8	%		26.8	%		29.7	%		33.7	%		20.9	%		36.3	%
Adjustment for net realized (gains) losses on investments		(1.0	)%		(0.2	)%		1.7	%		(0.6	)%		(0.4	)%		(0.1	)%		1.6	%
Adjustment for net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method		18.4	%		5.0	%		—			—			—			6.2	%		—
Operating return on average common equity - annualized		26.1	%		23.6	%		28.5	%		29.1	%		33.3	%		27.0	%		37.9	%

The Company has also included in this Financial Supplement “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 Reinsurance Ltd., Starbound Reinsurance II Ltd. 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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