RenaissanceRe (RNR) 8-K RenaissanceRe to Participate in the Merrill Lynch Insurance Investor Conference

RenaissanceRe

Holdings Ltd.

Merrill Lynch Insurance Investor Conference

February 2009

Exhibit 99.2

2

Safe Harbor Statement

Cautionary

Statement

under

"Safe

Harbor”

Provisions

of

the

Private

Securities

Litigation

Reform

Act

of

1995:

Statements

made

in

this

presentation

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.

Forward-looking

statements

are

only

as

of

the

date

they are made and we do not undertake any obligation to update or revise publicly any forward-

looking statements, whether as a result of new information, future events or otherwise. 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, 2008.

This

presentation includes certain non-GAAP financial measures within the meaning of Regulation

G

including

"tangible

book

value

per

common

share

plus

accumulated

dividends”

and

“managed

catastrophe

premium”.

A

definition

of

such

measures

and

a

reconciliation

of

these

measures

to

the

most

comparable

GAAP

figures

in

accordance

with

Regulation

G

is

available

in

the

Company's

February

11,

2009

Earnings

Release

and

Financial

Supplement

which

are

located

on

the

Company's

website

www.renre.com

under

“Investor

Information/Current

News”

and

“Investor

Information/Financial

Reports”

respectively.

Table of Contents

Holdings Overview:  A Consistent Strategy

Reinsurance: Market Leading Franchise

Individual Risk: Building Out Our Platform

Ventures: Leveraging and Expanding Our Franchise

Hurricane Science: Extending Scientific Leadership

Financial Profile: Strong Capital and Liquidity Position

Summary: Well-Positioned for the Future

We have generated superior shareholder value

across market cycles

4

Legend: Green =TBVPS; Yellow = accumulated dividends

*Information concerning the reconciliation of Non-GAAP measures can be found at the beginning of this presentation. 

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Tangible Book Value Per Common Share plus Accumulated

Dividends*

5

Our focus remains the same

•We focus on four key business areas

Property Cat Reinsurance

Specialty Reinsurance

Individual Risk

Joint Ventures and Strategic Investments

6

Our consistent strategy provides us with important

competitive advantages

•

Confidence to quote risks in

changing environment

•

Long term outperformance

•

Normal “open market”

position

-

Plus preferred signings on open market

transactions

-

Plus private market transactions

•

Higher market share of attractive business

•

Focus on underwriting

•

Ability to expand and contract capital

in innovative ways

•

Creates opportunities for capital

providers and capital available to clients

•

Optimize return to investors

•Consistent exposure based pricing

•Quick response

•Customized products

•Capacity for large lines

•Advice on cat risk management

•Superior credit quality and willingness to pay

•

Excellent financial rating

•

Multiple channels of access to capita

•

Innovation

•

Matching capital to risk

•

Joint ventures

•

Underwriting excellence

•

Premiere risk modeling

capabilities and technology

7

Multiple channels of access to capital is a competitive advantage

RNR

Long-term

JV Capital

(e.g. DaVinci)

Public

Equity

Reinsurance

Public

Debt

Short-term or

Soft Capital

(e.g.

Starbound I

& II)

Private/

Bank Debt

8

We screen new opportunities with a consistent framework

We look for new business opportunities that meet our return hurdles and fit our

business model.

Credible Data/

Decision Support

Tools

Market

Opportunity

Cultural Fit

9

Extending our industry leadership:

different approaches to different cycles

•

“Pedal to the metal”

in existing

business

•

Innovate to create capacity /  

opportunity, working with

Ventures business:

-

Sidecars

-

Parametric solutions

•

Maintain discipline around

exposure-based pricing

•

Define value proposition for

brokers / buyers

•

Strengthen existing business

operations

•

Maintain discipline around

exposure based pricing

-

“Deal we will do”

versus

offered terms

•

Cautiously pursue new

opportunities

•

Return capital to shareholders

Hard Market Strategies

Soft Market Strategies

10

Our expansion strategy has been key to our growth

0

400

800

1,200

1,600

2,000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

(proj. 1)

RenRe Cat

RenRe Specialty

Joint Venture*

Individual Risk

*Information concerning the reconciliation of Non-GAAP measures and cautionary information with respect to the 2009 projections can be found at the beginning of this

presentation.

(1) 2009 projected premiums are managed catastrophe premiums up 15%, Individual Risk premiums are flat, and Specialty reinsurance premiums up 20%. These

estimates

were

originally

disclosed

on

the

Company’s

February

12,

2009

earnings

call

for

the

quarter

and

year

ended

December

31,

2008.

Gross Written Premium

11

Reinsurance: Leveraging off of our market

leading franchise

Exposure based pricing that

meets our portfolio return hurdles

Quick response

Customized products

Capacity for large lines

Advice on cat risk management

Superior credit quality and

willingness to pay

Normal

“open

market”

position

Plus preferred signings on open

market transactions

Plus private market transactions

Option to renew business written

for fully collateralized vehicles

RNR delivers value

RNR gets preferred status

12

Discipline requires knowing when to grow

and when to shrink

Market conditions matter –

we decrease when conditions soften

(e.g. late 1990’s and 2008), and grow when pricing improves (e.g. 2002)

Specialty premium can be lumpy due to our willingness to participate on large

lines; we remain disciplined in a more competitive market

0

500

1000

1500

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

(proj.

1)

Specialty

Managed Cat ceded to fully-collateralized J.V.'s*

Managed Cat*

*Information concerning the reconciliation of Non-GAAP measures and cautionary information with respect to the 2009 projections can be found at the beginning of this

presentation.

(1)

2009

projected

premiums

are

managed

catastrophe

premiums

up

15%

and

Specialty

reinsurance

premiums

up

20%.

These

estimates

were

originally

disclosed

on

the

Company’s

February

12,

2009

earnings

call

for

the

quarter

and

year

ended

December

31,

2008.

Managed Catastrophe and Specialty Premiums

13

Individual Risk: Building out our platform

Our focus is on high margin primary insurance and quota share reinsurance

We partner with other insurance companies and program managers

(intermediaries) who source the risk and provide back office support

We target a small number of partners with the following characteristics:

–

Leaders in their classes of risk

–

Large premium volume

–

Efficient back offices

–

Focused on data, systems and rigorous risk analytics

We are developing proprietary risk modeling tools to track and evaluate exposures

14

14

Market conditions dictate writings –

we will decrease when

conditions soften and grow when pricing improves

Individual Risk Premiums

(1) 2009 projected Individual Risk premiums are flat. These estimates were originally disclosed on the Company’s February 12, 2009 earnings call for the

quarter and year ended December 31, 2008.

0

200

400

600

800

2002

2003

2004

2005

2006

2007

2008

2009 (proj. 1)

$MM

Commercial Property

Personal Lines Property

Commercial Multi

-line

Multi Peril Crop

Extending into attractive markets and expanding

our operational capabilities

15

Agro

National

Claims

Management

Services

•

Agro National: a managing general underwriter of crop

insurance

•

We partnered with Agro National over the past four years to

write multi-peril crop insurance policies

•

Acquisition provides means to expand in growing agricultural

market

•

CMS: a privately-held provider of claims administration,

adjustment and consulting services

•

Provided third party administrative services to our subsidiaries

on an outsourced basis since 2005

•

CMS has important operational capabilities and gives us

greater control of a core function key to our plans for U.S.

growth

Renaissance

Investment Managers

(“R.I.M.”)

Ventures: Leveraging and expanding our franchise

16

Joint Ventures (“J.V.”)

•

permanent vehicles that augment RenRe’s offering to

clients and brokers –

Top Layer Re & DaVinci Re

Packaging & Selling

•

limited-life vehicles to provide incremental capital to

clients and brokers including side cars and cat bonds,

Starbound

I (2006) & II (2007). Timicuan Re (2006)

Venture Capital

•

capital solutions to clients as well as strategic investing

–

Tower Hill, Platinum warrants

•

risk mitigation services/products to the natural gas,

heating oil, and energy industry; also includes trading

of weather derivatives

Weather Predict

Consulting (“W.P.C.”)

•

weather forecasting, modeling, advisory services and

outreach

in

support

of

RenRe’s

businesses

–

WindX,

Wall of Wind

Hurricane Science: Extending our scientific leadership

through our current hurricane risk mitigation efforts

StormStruck™

The Hurricane Risk Mitigation Leadership Forum series

The RenaissanceRe

Wall of Wind

17

18

Financial Profile: Strong capital and liquidity position,

our balance sheet and capital base remain strong

$0

$1

$2

$3

$4

$5

$6

Common

Preferred

Funded debt

Undrawn debt

JV capital*

* excluding $3.9 billion of capacity at Top Layer Re

**Reflects the redemption of ~$250 million of preference shares and funded debt, which were redeemed during Q1 2007

19

RenaissanceRe

is well-positioned

Balance sheet and capital base are strong, we are focused on managing our

assets optimally

Our

organization

is

strengthened

by

new

talent,

widening

our

breadth

of

expertise

Our distinctive corporate culture remains a key competitive advantage

We continue to strengthen our position as a leader in property cat reinsurance

with superior risk analytics

We view ourselves as a capital provider to our clients and provide capital

principally in the form of reinsurance, alternative forms of capital are provided

to meet clients’

evolving needs

We are well positioned to continue to serve our customers in timely,

innovative ways, to seize attractive opportunities when they arise and to build

shareholder value in the years ahead

RenaissanceRe Holdings Ltd.

Renaissance House

8–20 East Broadway

Pembroke, HM 19

Bermuda

Tel: (441) 295-4513

www.renre.com