RenaissanceRe (RNR) 8-K RenaissanceRe Reports Net Income of $122.6 Million for the Fourth Quarter of 2010 or $2.23 Per Diluted

Exhibit 99.2

	RenaissanceRe Holdings Ltd.
	Financial Supplement
	December 31, 2010
Contact:
Investors:
RenaissanceRe Holdings Ltd.
Rohan Pai
Director of Investor Relations
441-295-4513
Media:
Kekst and Company
Peter Hill or Dawn Dover
212-521-4800

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 - Unit Underwriting Results	6-7
d.	Gross Premiums Written and Managed Premiums	8-9
e.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	10-11
Balance Sheets
a.	Summary Consolidated Balance Sheets	12
Investments
a.	Investment Portfolio - Composition	13
b.	Summary of Other Investments	14
c.	Investment Result	15
d.	Investment Portfolio - Yield to Maturity and Credit Rating	16
e.	Investment Portfolio - Change in Portfolio Composition	17
f.	Fixed Maturity Investments - Corporate Sector	18
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	18
Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	19
b.	Paid to Incurred Analysis	20
Other Items
a.	Earnings per Share	21
b.	Equity in (Losses) Earnings of Other Ventures	22
c.	Other Income (Loss)	23
d.	Ratings	24
Comments on Regulation G		25-26

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “managed specialty premiums”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 25 and 26 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. On November 18, 2010, the Company entered into a definitive stock purchase agreement (the “Stock Purchase Agreement”) with QBE Holdings, Inc. (“QBE”) to sell substantially all of its U.S.-based insurance operations, including its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National Inc., its commercial property insurance operations and its claims operations. The Company has classified the assets and liabilities associated with this transaction as held for sale. The financial results for these operations have been presented as discontinued operations in the Company’s statements of operations for all periods presented. Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all amounts presented in this financial supplement relate to the Company’s continuing operations.

In conjunction with the sale of the Company’s U.S.-based insurance operations the Company has changed its reportable segments. The Company now has three reportable segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by Company’s ventures unit, (2) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”), and (3) Insurance, which includes the operations of the Company’s former Insurance segment that are not being sold pursuant to the Stock Purchase Agreement with QBE. Previously, the Company’s Lloyd’s unit was included in the Company’s Reinsurance segment and the underwriting results associated with the Company’s discontinued operations were included in the Company’s Insurance segment. All prior periods presented have been reclassified to conform to this new presentation.

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, 2009 and its quarterly reports on Form 10-Q.

All information contained herein is unaudited. 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 its Annual Report on Form 10-K for the year ended December 31, 2009 and its 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						Twelve months ended
	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Highlights
Gross premiums written	$	31,201		$	225		$	1,165,295		$	1,228,881
Net premiums written		30,165			(5,576	)		848,965			838,333
Net premiums earned		189,742			196,099			864,921			882,204
Net claims and claim expenses incurred		(27,128	)		(44,831	)		129,345			(70,698	)
Underwriting income		152,185			170,702			474,573			695,200
Net investment income		52,503			59,299			203,955			318,179
Net income available to RenaissanceRe common shareholders		122,575			211,767			702,613			838,858
Net realized and unrealized (losses) gains on fixed maturity investments		(66,149	)		35,481			144,444			93,679
Net other-than-temporary impairments		—			(1,280	)		(829	)		(22,450	)
Operating income available to RenaissanceRe common shareholders (1)		189,077			177,694			536,394			768,177
Total assets	$	8,138,278		$	7,926,212		$	8,138,278		$	7,926,212
Total shareholders’ equity attributable to RenaissanceRe	$	3,936,325		$	3,840,786		$	3,936,325		$	3,840,786
Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.23		$	3.38		$	12.31		$	13.40
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.47		$	2.82		$	9.32		$	12.25
Dividends per common share	$	0.25		$	0.24		$	1.00		$	0.96
Book value per common share	$	62.58		$	51.68		$	62.58		$	51.68
Adjustment for goodwill and other intangibles (1)		(2.03	)		(1.95	)		(2.03	)		(1.95	)
Tangible book value per common share (1)		60.55			49.73			60.55			49.73
Accumulated dividends per common share		9.88			8.88			9.88			8.88
Tangible book value per common share plus accumulated dividends (1)	$	70.43		$	58.61		$	70.43		$	58.61
Financial ratios
Net claims and claim expense ratio - current accident year		24.0	%		12.6	%		49.9	%		22.2	%
Net claims and claim expense ratio - prior accident years		(38.3	%)		(35.5	%)		(34.9	%)		(30.2	%)
Net claims and claim expense ratio - calendar year		(14.3	%)		(22.9	%)		15.0	%		(8.0	%)
Underwriting expense ratio		34.1	%		35.9	%		30.1	%		29.2	%
Combined ratio		19.8	%		13.0	%		45.1	%		21.2	%
Operating return on average common equity - annualized (1)		22.5	%		22.7	%		16.5	%		27.6	%

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

1

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations

	Three months ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Revenues
Gross premiums written	$	31,201		$	111,543		$	506,540		$	516,011		$	225
Net premiums written	$	30,165		$	82,307		$	329,334		$	407,159		$	(5,576	)
Decrease (increase) in unearned premiums		159,577			130,048			(117,163	)		(156,506	)		201,675
Net premiums earned		189,742			212,355			212,171			250,653			196,099
Net investment income		52,503			59,570			26,173			65,709			59,299
Net foreign exchange losses		(4,646	)		(529	)		(609	)		(11,342	)		(862	)
Equity in (losses) earnings of other ventures		(10,390	)		(6,740	)		3,160			2,156			(523	)
Other income (loss)		26,032			25,021			(3,742	)		(6,191	)		6,166
Net realized and unrealized (losses) gains on fixed maturity investments		(66,149	)		92,342			70,051			48,200			35,481
Total other-than-temporary impairments		—			—			(798	)		(33	)		(1,280	)
Portion recognized in other comprehensive income, before taxes		—			—			2			—			—
Net other-than-temporary impairments		—			—			(796	)		(33	)		(1,280	)
Total revenues		187,092			382,019			306,408			349,152			294,380
Expenses
Net claims and claim expenses incurred		(27,128	)		77,936			(18,803	)		97,340			(44,831	)
Acquisition expenses		18,803			26,143			23,580			26,435			26,516
Operational expenses		45,882			36,970			38,040			45,150			43,712
Corporate expenses		4,744			5,590			4,493			5,309			4,893
Interest expense		6,303			6,164			6,206			3,156			3,027
Total expenses		48,604			152,803			53,516			177,390			33,317
Income from continuing operations before taxes		138,488			229,216			252,892			171,762			261,063
Income tax (expense) benefit		(196	)		2,399			958			2,963			(2,228	)
Income from continuing operations		138,292			231,615			253,850			174,725			258,835
Income from discontinued operations		11,108			21,234			18,881			11,447			12,187
Net income		149,400			252,849			272,731			186,172			271,022
Net income attributable to noncontrolling interests		(16,432	)		(37,524	)		(51,915	)		(10,550	)		(48,680	)
Net income attributable to RenaissanceRe		132,968			215,325			220,816			175,622			222,342
Dividends on preference shares		(10,393	)		(10,575	)		(10,575	)		(10,575	)		(10,575	)
Net income available to RenaissanceRe common shareholders	$	122,575		$	204,750		$	210,241		$	165,047		$	211,767
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.47		$	1.59		$	2.40		$	1.91		$	2.82
Income from continuing operations available to RenaissanceRe common shareholder per common share - basic	$	2.04		$	3.33		$	3.35		$	2.55		$	3.21
Income from discontinued operations available to RenaissanceRe common shareholders per common share - basic		0.21			0.40			0.34			0.20			0.20
Net income available to RenaissanceRe common shareholders per common share - basic	$	2.25		$	3.73		$	3.69		$	2.75		$	3.41
Income from continuing operations available to RenaissanceRe common shareholder per common share - diluted	$	2.02		$	3.31		$	3.32		$	2.54		$	3.18
Income from discontinued operations available to RenaissanceRe common shareholders per common share - diluted		0.21			0.39			0.34			0.19			0.20
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.23		$	3.70		$	3.66		$	2.73		$	3.38
Average shares outstanding - basic		53,166			53,467			55,538			58,407			60,604
Average shares outstanding - diluted		53,667			53,965			56,044			58,887			61,161
Net claims and claim expense ratio		(14.3	%)		36.7	%		(8.9	%)		38.8	%		(22.9	%)
Underwriting expense ratio		34.1	%		29.7	%		29.1	%		28.6	%		35.9	%
Combined ratio		19.8	%		66.4	%		20.2	%		67.4	%		13.0	%
Operating return on average common equity - annualized (1)		22.5	%		11.3	%		17.9	%		14.8	%		22.7	%

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

2

RenaissanceRe Holdings Ltd.

Summary Consolidated Statements of Operations

	Twelve months ended
	December 31, 2010			December 31, 2009
Revenues
Gross premiums written	$	1,165,295		$	1,228,881
Net premiums written	$	848,965		$	838,333
Decrease in unearned premiums		15,956			43,871
Net premiums earned		864,921			882,204
Net investment income		203,955			318,179
Net foreign exchange losses		(17,126	)		(13,623	)
Equity in (losses) earnings of other ventures		(11,814	)		10,976
Other income		41,120			1,798
Net realized and unrealized gains on fixed maturity investments		144,444			93,679
Total other-than-temporary impairments		(831	)		(26,968	)
Portion recognized in other-than-temporary impairments		2			4,518
Net other-than-temporary impairments		(829	)		(22,450	)
Total revenues		1,224,671			1,270,763
Expenses
Net claims and claim expenses incurred		129,345			(70,698	)
Acquisition expenses		94,961			104,150
Operational expenses		166,042			153,552
Corporate expenses		20,136			12,658
Interest expense		21,829			15,111
Total expenses		432,313			214,773
Income from continuing operations before taxes		792,358			1,055,990
Income tax benefit (expense)		6,124			(10,031	)
Income from continuing operations		798,482			1,045,959
Income from discontinued operations		62,670			6,700
Net income		861,152			1,052,659
Net income attributable to noncontrolling interests		(116,421	)		(171,501	)
Net income attributable to RenaissanceRe		744,731			881,158
Dividends on preference shares		(42,118	)		(42,300	)
Net income available to RenaissanceRe common shareholders	$	702,613		$	838,858
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	9.32		$	12.25
Income from continuing operations available to RenaissanceRe common shareholders per common share - basic	$	11.28		$	13.39
Income from discontinued operations available to RenaissanceRe common shareholders per common share - basic		1.14			0.11
Net income available to RenaissanceRe common shareholders per common share - basic	$	12.42		$	13.50
Income from continuing operations available to RenaissanceRe common shareholders per common share - diluted	$	11.18		$	13.29
Income from discontinued operations available to RenaissanceRe common shareholders per common share - diluted		1.13			0.11
Net income available to RenaissanceRe common shareholders per common share - diluted	$	12.31		$	13.40
Average shares outstanding - basic		55,145			60,775
Average shares outstanding - diluted		55,641			61,210
Net claims and claim expense ratio		15.0	%		(8.0	%)
Underwriting expense ratio		30.1	%		29.2	%
Combined ratio		45.1	%		21.2	%
Operating return on average common equity - annualized (1)		16.5	%		27.6	%

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

3

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results

	Three months ended December 31, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)		Total
Gross premiums written	$	17,940		$	8,582		$	1,309		$	3,370	$	31,201
Net premiums written	$	15,752		$	9,067		$	5,346				$	30,165
Net premiums earned	$	192,441		$	12,624		$	(15,323	)			$	189,742
Net claims and claim expenses incurred		(27,291	)		7,650			(7,487	)				(27,128	)
Acquisition expenses		14,890			3,102			811					18,803
Operational expenses		36,467			7,504			1,911					45,882
Underwriting income (loss)	$	168,375		$	(5,632	)	$	(10,558	)			$	152,185
Net claims and claim expenses incurred - current accident year	$	38,420		$	7,671		$	(523	)			$	45,568
Net claims and claim expenses incurred - prior accident years		(65,711	)		(21	)		(6,964	)				(72,696	)
Net claims and claim expenses incurred - total	$	(27,291	)	$	7,650		$	(7,487	)			$	(27,128	)
Net claims and claim expense ratio - current accident year		20.0	%		60.8	%		NMF	(2)				24.0	%
Net claims and claim expense ratio - prior accident years		(34.2	%)		(0.2	%)		NMF	(2)				(38.3	%)
Net claims and claim expense ratio - calendar year		(14.2	%)		60.6	%		NMF	(2)				(14.3	%)
Underwriting expense ratio		26.7	%		84.0	%		NMF	(2)				34.1	%
Combined ratio		12.5	%		144.6	%		NMF	(2)				19.8	%

	Three months ended December 31, 2009
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	(10,240	)	$	10,737		$	(272	)	$	225
Net premiums written	$	(13,947	)	$	8,371					$	(5,576	)
Net premiums earned	$	193,582		$	2,517					$	196,099
Net claims and claim expenses incurred		(47,507	)		2,676						(44,831	)
Acquisition expenses		21,527			4,989						26,516
Operational expenses		41,063			2,649						43,712
Underwriting income (loss)	$	178,499		$	(7,797	)				$	170,702
Net claims and claim expenses incurred - current accident year	$	18,232		$	6,427					$	24,659
Net claims and claim expenses incurred - prior accident years		(65,739	)		(3,751	)					(69,490	)
Net claims and claim expenses incurred - total	$	(47,507	)	$	2,676					$	(44,831	)
Net claims and claim expense ratio - current accident year		9.4	%		255.3	%					12.6	%
Net claims and claim expense ratio - prior accident years		(33.9	%)		(149.0	%)					(35.5	%)
Net claims and claim expense ratio - calendar year		(24.5	%)		106.3	%					(22.9	%)
Underwriting expense ratio		32.3	%		303.5	%					35.9	%
Combined ratio		7.8	%		409.8	%					13.0	%

(1) Represents $0.7 million and $2.7 million of gross premiums ceded from the Insurance segment to the Reinsurance segment and from the Insurance segment to the Lloyd’s segment, respectively, for the three months ended December 31, 2010. Represents gross premiums ceded from the Insurance segment to the Reinsurance segment for the three months ended December 31, 2009.

(2) Not a meaningful figure (“NMF”) due to negative net premiums earned.

4

RenaissanceRe Holdings Ltd.

Consolidated Segment Underwriting Results

	Twelve months ended December 31, 2010
	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,123,619		$	66,209		$	2,585		$	(27,118	)	$	1,165,295
Net premiums written	$	809,719		$	61,189		$	(21,943	)				$	848,965
Net premiums earned	$	838,790		$	50,204		$	(24,073	)				$	864,921
Net claims and claim expenses incurred		113,804			25,676			(10,135	)					129,345
Acquisition expenses		77,954			10,784			6,223						94,961
Operational expenses		129,990			24,837			11,215						166,042
Underwriting income (loss)	$	517,042		$	(11,093	)	$	(31,376	)				$	474,573
Net claims and claim expenses incurred - current accident year	$	399,823		$	25,873		$	5,780					$	431,476
Net claims and claim expenses incurred - prior accident years		(286,019	)		(197	)		(15,915	)					(302,131	)
Net claims and claim expenses incurred - total	$	113,804		$	25,676		$	(10,135	)				$	129,345
Net claims and claim expense ratio - current accident year		47.7	%		51.5	%		NMF	(2)					49.9	%
Net claims and claim expense ratio - prior accident years		(34.1	%)		(0.4	%)		NMF	(2)					(34.9	%)
Net claims and claim expense ratio - calendar year		13.6	%		51.1	%		NMF	(2)					15.0	%
Underwriting expense ratio		24.8	%		71.0	%		NMF	(2)					30.1	%
Combined ratio		38.4	%		122.1	%		NMF	(2)					45.1	%

	Twelve months ended December 31, 2009
	Reinsurance			Insurance			Eliminations (1)			Total
Gross premiums written	$	1,210,795		$	30,736		$	(12,650	)	$	1,228,881
Net premiums written	$	839,023		$	(690	)				$	838,333
Net premiums earned	$	849,725		$	32,479					$	882,204
Net claims and claim expenses incurred		(87,639	)		16,941						(70,698	)
Acquisition expenses		78,848			25,302						104,150
Operational expenses		139,328			14,224						153,552
Underwriting income (loss)	$	719,188		$	(23,988	)				$	695,200
Net claims and claim expenses incurred - current accident year	$	161,868		$	33,650					$	195,518
Net claims and claim expenses incurred - prior accident years		(249,507	)		(16,709	)					(266,216	)
Net claims and claim expenses incurred - total	$	(87,639	)	$	16,941					$	(70,698	)
Net claims and claim expense ratio - current accident year		19.0	%		103.6	%					22.2	%
Net claims and claim expense ratio - prior accident years		(29.3	%)		(51.4	%)					(30.2	%)
Net claims and claim expense ratio - calendar year		(10.3	%)		52.2	%					(8.0	%)
Underwriting expense ratio		25.7	%		121.7	%					29.2	%
Combined ratio		15.4	%		173.9	%					21.2	%

(1) For the twelve months ended December 31, 2010, represents $9.5 million, $17.4 million and $0.2 million of gross premiums ceded from the Insurance segment to the Reinsurance segment, from the Insurance segment to the Lloyd’s segment and from the Reinsurance segment to the Lloyd’s segment, respectively. For the twelve months ended December 31, 2009, represents gross premiums ceded from the Insurance segment to the Reinsurance segment.

(2) Not a meaningful figure (“NMF”) due to negative net premiums earned.

5

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results

	Three months ended December 31, 2010
	Catastrophe			Specialty			Total
Gross premiums written	$	(7,707	)	$	25,647		$	17,940
Net premiums written	$	(8,496	)	$	24,248		$	15,752
Net premiums earned	$	158,481		$	33,960		$	192,441
Net claims and claim expenses incurred		(27,362	)		71			(27,291	)
Acquisition expenses		10,873			4,017			14,890
Operational expenses		29,226			7,241			36,467
Underwriting income	$	145,744		$	22,631		$	168,375
Net claims and claim expenses incurred - current accident year	$	21,648		$	16,772		$	38,420
Net claims and claim expenses incurred - prior accident years		(49,010	)		(16,701	)		(65,711	)
Net claims and claim expenses incurred - total	$	(27,362	)	$	71		$	(27,291	)
Net claims and claim expense ratio - current accident year		13.7	%		49.4	%		20.0	%
Net claims and claim expense ratio - prior accident years		(31.0	%)		(49.2	%)		(34.2	%)
Net claims and claim expense ratio - calendar year		(17.3	%)		0.2	%		(14.2	%)
Underwriting expense ratio		25.3	%		33.2	%		26.7	%
Combined ratio		8.0	%		33.4	%		12.5	%
	Three months ended December 31, 2009
	Catastrophe			Specialty			Total
Gross premiums written	$	(31,277	)	$	21,037		$	(10,240	)
Net premiums written	$	(32,842	)	$	18,895		$	(13,947	)
Net premiums earned	$	161,859		$	31,723		$	193,582
Net claims and claim expenses incurred		(49,772	)		2,265			(47,507	)
Acquisition expenses		17,821			3,706			21,527
Operational expenses		28,302			12,761			41,063
Underwriting income	$	165,508		$	12,991		$	178,499
Net claims and claim expenses incurred - current accident year	$	7,276		$	10,956		$	18,232
Net claims and claim expenses incurred - prior accident years		(57,048	)		(8,691	)		(65,739	)
Net claims and claim expenses incurred - total	$	(49,772	)	$	2,265		$	(47,507	)
Net claims and claim expense ratio - current accident year		4.5	%		34.5	%		9.4	%
Net claims and claim expense ratio - prior accident years		(35.3	%)		(27.4	%)		(33.9	%)
Net claims and claim expense ratio - calendar year		(30.8	%)		7.1	%		(24.5	%)
Underwriting expense ratio		28.5	%		51.9	%		32.3	%
Combined ratio		(2.3	%)		59.0	%		7.8	%

6

RenaissanceRe Holdings Ltd.

Reinsurance Segment - Unit Underwriting Results

	Twelve months ended December 31, 2010
	Catastrophe			Specialty			Total
Gross premiums written	$	994,233		$	129,386		$	1,123,619
Net premiums written	$	685,393		$	124,326		$	809,719
Net premiums earned	$	721,419		$	117,371		$	838,790
Net claims and claim expenses incurred		153,290			(39,486	)		113,804
Acquisition expenses		63,889			14,065			77,954
Operational expenses		104,535			25,455			129,990
Underwriting income	$	399,705		$	117,337		$	517,042
Net claims and claim expenses incurred - current accident year	$	310,748		$	89,075		$	399,823
Net claims and claim expenses incurred - prior accident years		(157,458	)		(128,561	)		(286,019	)
Net claims and claim expenses incurred - total	$	153,290		$	(39,486	)	$	113,804
Net claims and claim expense ratio - current accident year		43.1	%		75.9	%		47.7	%
Net claims and claim expense ratio - prior accident years		(21.9	%)		(109.5	%)		(34.1	%)
Net claims and claim expense ratio - calendar year		21.2	%		(33.6	%)		13.6	%
Underwriting expense ratio		23.4	%		33.6	%		24.8	%
Combined ratio		44.6	%		0.0	%		38.4	%
	Twelve months ended December 31, 2009
	Catastrophe			Specialty			Total
Gross premiums written	$	1,096,449		$	114,346		$	1,210,795
Net premiums written	$	732,886		$	106,137		$	839,023
Net premiums earned	$	705,598		$	144,127		$	849,725
Net claims and claim expenses incurred		(102,072	)		14,433			(87,639	)
Acquisition expenses		55,198			23,650			78,848
Operational expenses		103,040			36,288			139,328
Underwriting income	$	649,432		$	69,756		$	719,188
Net claims and claim expenses incurred - current accident year	$	82,323		$	79,545		$	161,868
Net claims and claim expenses incurred - prior accident years		(184,395	)		(65,112	)		(249,507	)
Net claims and claim expenses incurred - total	$	(102,072	)	$	14,433		$	(87,639	)
Net claims and claim expense ratio - current accident year		11.7	%		55.2	%		19.0	%
Net claims and claim expense ratio - prior accident years		(26.2	%)		(45.2	%)		(29.3	%)
Net claims and claim expense ratio - calendar year		(14.5	%)		10.0	%		(10.3	%)
Underwriting expense ratio		22.5	%		41.6	%		25.7	%
Combined ratio		8.0	%		51.6	%		15.4	%

7

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums

	Three months ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Reinsurance Segment
Renaissance catastrophe premiums	$	(3,273	)	$	62,434		$	302,625		$	268,294		$	(17,184	)
Renaissance specialty premiums		25,647			21,363			7,389			72,449			21,037
Total Renaissance premiums		22,374			83,797			310,014			340,743			3,853
DaVinci catastrophe premiums		(4,434	)		25,844			186,917			155,826			(14,093	)
DaVinci specialty premiums		—			936			(414	)		2,016			—
Total DaVinci premiums		(4,434	)		26,780			186,503			157,842			(14,093	)
Total catastrophe unit premiums		(7,707	)		88,278			489,542			424,120			(31,277	)
Total specialty unit premiums		25,647			22,299			6,975			74,465			21,037
Total Reinsurance segment gross premiums written	$	17,940		$	110,577		$	496,517		$	498,585		$	(10,240	)
Lloyd’s Segment
Specialty premiums	$	10,983		$	8,851		$	6,508		$	7,723		$	—
Catastrophe premiums		309			1,422			7,324			5,669			—
Insurance premiums		(2,710	)		(1,511	)		21,009			632			—
Total Lloyd’s segment gross premiums written	$	8,582		$	8,762		$	34,841		$	14,024		$	—
Insurance Segment
Commercial property	$	926		$	50		$	20		$	1,097		$	6,758
Personal lines property		383			541			(3,762	)		3,330			3,281
Commercial multi-line		—			—			—			—			698
Total Insurance segment gross premiums written	$	1,309		$	591		$	(3,742	)	$	4,427		$	10,737
Managed Premiums (1)
Total catastrophe unit gross premiums written	$	(7,707	)	$	88,278		$	489,542		$	424,120		$	(31,277	)
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		2,507			60			18,793			26,186			2,432
Catastrophe premiums written in the Lloyd’s unit		309			1,422			7,324			5,669			—
Catastrophe premiums assumed from the Insurance segment		660			(9,899	)		(67	)		(175	)		(272	)
Total managed catastrophe premiums (1)	$	(4,231	)	$	79,861		$	515,592		$	455,800		$	(29,117	)
Total specialty unit gross premiums written	$	25,647		$	22,299		$	6,975		$	74,465		$	21,037
Specialty premiums written in the Lloyd’s unit		10,983			8,851			6,508			7,723			—
Total managed specialty premiums (1)	$	36,630		$	31,150		$	13,483		$	82,188		$	21,037

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

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

8

RenaissanceRe Holdings Ltd.

Gross Premiums Written and Managed Premiums

	Twelve months ended
	December 31, 2010			December 31, 2009
Reinsurance Segment
Renaissance catastrophe premiums	$	630,080		$	706,947
Renaissance specialty premiums		126,848			111,889
Total Renaissance premiums		756,928			818,836
DaVinci catastrophe premiums		364,153			389,502
DaVinci specialty premiums		2,538			2,457
Total DaVinci premiums		366,691			391,959
Total catastrophe unit premiums	$	994,233		$	1,096,449
Total specialty unit premiums		129,386			114,346
Total Reinsurance segment premiums	$	1,123,619		$	1,210,795
Lloyd’s Segment
Specialty	$	34,065		$	—
Insurance		17,420			—
Catastrophe		14,724			—
Total Lloyd’s segment premiums	$	66,209		$	—
Insurance Segment
Commercial property	$	2,093		$	19,529
Personal lines property		492			11,798
Commercial multi-line		—			(591	)
Total Insurance segment gross premiums written	$	2,585		$	30,736
Managed Premiums (1)
Total catastrophe unit premiums	$	994,233		$	1,096,449
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)		47,546			51,974
Catastrophe premiums written in the Lloyd’s unit		14,724			—
Catastrophe premiums assumed from the Insurance segment		(9,481	)		(12,650	)
Total managed catastrophe premiums (1)	$	1,047,022		$	1,135,773
Total specialty unit premiums	$	129,386		$	114,346
Specialty premiums written in the Lloyd’s unit		34,065			—
Total managed specialty premiums (1)	$	163,451		$	114,346

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

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

9

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Three months ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Revenues
Gross premiums written	$	(4,434	)	$	26,780		$	186,503		$	157,842		$	(14,093	)
Net premiums written	$	(4,433	)	$	20,945		$	164,556		$	145,035		$	(15,721	)
Decrease (increase) in unearned premiums		79,052			61,507			(84,515	)		(50,822	)		93,966
Net premiums earned		74,619			82,452			80,041			94,213			78,245
Net investment income		6,725			7,980			6,207			10,274			9,606
Net foreign exchange (losses) gains		(1,499	)		(74	)		(30	)		(1,928	)		263
Other income (loss)		254			181			(152	)		(276	)		(4,263	)
Net realized and unrealized (losses) gains on fixed maturity investments		(16,280	)		28,968			16,441			5,757			13,448
Total other-than-temporary impairments		—			—			(648	)		—			(1,402	)
Portion recognized in other comprehensive income, before taxes		—			—			—			—			—
Net other-than-temporary impairments		—			—			(648	)		—			(1,402	)
Total revenues		63,819			119,507			101,859			108,040			95,897
Expenses
Net claims and claim expenses incurred		7,561			30,353			(8,155	)		62,471			(16,230	)
Acquisition expenses		16,254			14,065			15,394			19,671			21,525
Operational and corporate expenses		10,522			10,770			5,870			7,491			11,383
Interest expense		574			512			474			469			489
Total expenses		34,911			55,700			13,583			90,102			17,167
Net income		28,908			63,807			88,276			17,938			78,730
Net income attributable to redeemable noncontrolling interest		(59	)		(128	)		(178	)		(37	)		(158	)
Net income available to DaVinciRe common shareholders	$	28,849		$	63,679		$	88,098		$	17,901		$	78,572
Net claims and claim expenses incurred - current accident year	$	18,219		$	37,273		$	8,553		$	78,027		$	2,379
Net claims and claim expenses incurred - prior accident years		(10,658	)		(6,920	)		(16,708	)		(15,556	)		(18,609	)
Net claims and claim expenses incurred - total	$	7,561		$	30,353		$	(8,155	)	$	62,471		$	(16,230	)
Net claims and claim expense ratio - current accident year		24.4	%		45.2	%		10.7	%		82.8	%		3.0	%
Net claims and claim expense ratio - prior accident years		(14.3	%)		(8.4	%)		(20.9	%)		(16.5	%)		(23.7	%)
Net claims and claim expense ratio - calendar year		10.1	%		36.8	%		(10.2	%)		66.3	%		(20.7	%)
Underwriting expense ratio		35.9	%		30.1	%		26.6	%		28.8	%		42.0	%
Combined ratio		46.0	%		66.9	%		16.4	%		95.1	%		21.3	%

10

DaVinciRe Holdings Ltd. and Subsidiary

Consolidated Statements of Operations

	Twelve months ended
	December 31, 2010			December 31, 2009
Revenues
Gross premiums written	$	366,691		$	391,959
Net premiums written	$	326,103		$	332,104
Decrease (increase) in unearned premiums		5,222			(5,345	)
Net premiums earned		331,325			326,759
Net investment income		31,186			47,679
Net foreign exchange losses		(3,531	)		(3,324	)
Other income (loss)		7			(13,004	)
Net realized and unrealized gains on fixed maturity investments		34,886			17,168
Total other-than-temporary impairments		(648	)		(1,510	)
Portion recognized in other comprehensive income, before taxes		—			—
Net other-than-temporary impairments		(648	)		(1,510	)
Total revenues		393,225			373,768
Expenses
Net claims and claim expenses incurred		92,230			(36,529	)
Acquisition expenses		65,384			85,331
Operational and corporate expenses		34,653			44,401
Interest expense		2,029			3,192
Total expenses		194,296			96,395
Net income		198,929			277,373
Net income attributable to redeemable noncontrolling interest		(402	)		(561	)
Net income available to DaVinciRe common shareholders	$	198,527		$	276,812
Net claims and claim expenses incurred - current accident year	$	142,072		$	31,948
Net claims and claim expenses incurred - prior accident years		(49,842	)		(68,477	)
Net claims and claim expenses incurred - total	$	92,230		$	(36,529	)
Net claims and claim expense ratio - current accident year		42.9	%		9.8	%
Net claims and claim expense ratio - prior accident years		(15.1	%)		(21.0	%)
Net claims and claim expense ratio - calendar year		27.8	%		(11.2	%)
Underwriting expense ratio		30.2	%		39.7	%
Combined ratio		58.0	%		28.5	%

11

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

	December 31, 2010		September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009
Assets
Fixed maturity investments trading, at fair value	$	3,871,780	$	4,332,794	$	3,786,610	$	3,009,259	$	696,894
Fixed maturity investments available for sale, at fair value		244,917		273,339		569,851		1,332,602		3,420,001
Total fixed maturity investments, at fair value		4,116,697		4,606,133		4,356,461		4,341,861		4,116,895
Short term investments, at fair value		1,110,364		842,953		761,430		834,492		943,051
Other investments, at fair value		787,548		792,377		782,345		866,865		858,026
Investments in other ventures, under equity method		85,603		79,976		86,448		84,942		97,287
Total investments		6,100,212		6,321,439		5,986,684		6,128,160		6,015,259
Cash and cash equivalents		277,738		248,120		220,299		267,279		203,112
Premiums receivable		322,080		487,744		690,086		450,981		323,672
Prepaid reinsurance premiums		60,643		153,346		208,020		105,489		76,096
Reinsurance recoverable		101,711		103,449		89,624		101,855		84,099
Accrued investment income		34,560		37,431		33,104		31,276		30,529
Deferred acquisition costs		35,648		60,359		78,160		55,464		39,068
Receivable for investments sold		99,226		158,465		153,923		53,863		7,431
Other secured assets		14,250		17,765		17,418		27,651		27,730
Other assets		205,373		188,165		157,275		140,502		172,703
Goodwill and other intangibles		14,690		14,844		14,998		15,152		15,306
Assets of discontinued operations held for sale		872,147		984,027		1,051,323		707,534		931,207
Total assets	$	8,138,278	$	8,775,154	$	8,700,914	$	8,085,206	$	7,926,212
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	1,257,843	$	1,364,225	$	1,345,887	$	1,419,647	$	1,344,433
Unearned premiums		286,183		538,462		723,183		503,491		317,592
Debt		549,155		549,132		549,109		549,086		300,000
Reinsurance balances payable		318,024		368,270		421,113		365,524		384,361
Payable for investments purchased		195,383		304,604		202,562		136,838		59,236
Other secured liabilities		14,000		17,500		17,500		27,500		27,500
Other liabilities		222,310		211,793		179,792		186,632		200,016
Liabilities of discontinued operations held for sale		598,511		706,255		778,985		446,672		665,641
Total liabilities		3,441,409		4,060,241		4,218,131		3,635,390		3,298,779
Redeemable noncontrolling interest - DaVinciRe		757,655		741,103		707,541		658,525		786,647
Shareholders’ Equity
Preference shares		550,000		650,000		650,000		650,000		650,000
Common shares		54,110		54,875		54,872		58,320		61,745
Additional paid-in capital		—		5,840		—		—		—
Accumulated other comprehensive income		19,823		23,774		22,153		30,771		41,438
Retained earnings		3,312,392		3,239,321		3,048,217		3,052,200		3,087,603
Total shareholders’ equity attributable to RenaissanceRe		3,936,325		3,973,810		3,775,242		3,791,291		3,840,786
Noncontrolling interest		2,889		—		—		—		—
Total shareholders’ equity		3,939,214		3,973,810		3,775,242		3,791,291		3,840,786
Total liabilities, noncontrolling interests and shareholders’ equity	$	8,138,278	$	8,775,154	$	8,700,914	$	8,085,206	$	7,926,212
Book value per common share	$	62.58	$	60.57	$	56.96	$	53.86	$	51.68
Common shares outstanding		54,110		54,875		54,872		58,320		61,745

12

RenaissanceRe Holdings Ltd.

Investment Portfolio - Composition

	December 31, 2010					September 30, 2010					June 30, 2010					March 31, 2010					December 31, 2009
TYPE OF INVESTMENT
U.S. treasuries	$	761,461		12.4	%	$	1,198,741		19.0	%	$	1,385,037		23.1	%	$	1,328,756		21.7	%	$	861,888		14.3	%
Agencies		216,963		3.6	%		218,295		3.5	%		155,173		2.6	%		106,921		1.7	%		148,785		2.5	%
Non-U.S. government (Sovereign debt)		184,387		3.0	%		153,695		2.4	%		124,388		2.1	%		206,446		3.4	%		196,994		3.3	%
FDIC guaranteed corporate		388,468		6.4	%		399,938		6.3	%		502,542		8.4	%		634,525		10.4	%		847,585		14.1	%
Non-U.S. government-backed corporate		357,504		5.9	%		531,009		8.4	%		410,903		6.9	%		370,099		6.0	%		248,746		4.1	%
Corporate		1,512,411		24.7	%		1,510,917		24.0	%		1,362,866		22.8	%		1,250,528		20.5	%		1,082,305		18.0	%
Agency mortgage-backed		401,807		6.6	%		312,634		4.9	%		162,119		2.7	%		210,927		3.4	%		370,846		6.2	%
Non-agency mortgage-backed		34,149		0.6	%		35,954		0.6	%		36,660		0.6	%		30,984		0.5	%		36,383		0.6	%
Commercial mortgage-backed		219,440		3.6	%		198,246		3.1	%		167,186		2.8	%		152,698		2.5	%		230,854		3.8	%
Asset-backed		40,107		0.7	%		46,704		0.7	%		49,587		0.8	%		49,977		0.8	%		92,509		1.5	%
Total fixed maturity investments, at fair value		4,116,697		67.5	%		4,606,133		72.9	%		4,356,461		72.8	%		4,341,861		70.9	%		4,116,895		68.4	%
Short term investments, at fair value		1,110,364		18.2	%		842,953		13.3	%		761,430		12.7	%		834,492		13.6	%		943,051		15.7	%
Other investments, at fair value		787,548		12.9	%		792,377		12.5	%		782,345		13.1	%		866,865		14.1	%		858,026		14.3	%
Total managed investment portfolio		6,014,609		98.6	%		6,241,463		98.7	%		5,900,236		98.6	%		6,043,218		98.6	%		5,917,972		98.4	%
Investments in other ventures, under equity method		85,603		1.4	%		79,976		1.3	%		86,448		1.4	%		84,942		1.4	%		97,287		1.6	%
Total investments	$	6,100,212		100.0	%	$	6,321,439		100.0	%	$	5,986,684		100.0	%	$	6,128,160		100.0	%	$	6,015,259		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	2,531,922		61.5	%	$	3,012,436		65.5	%	$	2,906,525		66.8	%	$	2,977,409		68.5	%	$	2,980,502		72.4	%
AA		489,780		11.9	%		586,276		12.7	%		547,801		12.6	%		609,232		14.0	%		483,338		11.7	%
A		666,497		16.2	%		644,169		14.0	%		559,498		12.8	%		445,166		10.3	%		387,526		9.4	%
BBB		303,269		7.4	%		273,948		5.9	%		258,392		5.9	%		220,906		5.1	%		180,352		4.4	%
Non-investment grade		125,229		3.0	%		89,304		1.9	%		84,245		1.9	%		89,148		2.1	%		85,177		2.1	%
Total fixed maturity investments, at fair value	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%	$	4,341,861		100.0	%	$	4,116,895		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	90,450		2.2	%	$	39,960		0.9	%	$	10,303		0.2	%	$	63,709		1.5	%	$	67,038		1.6	%
Due after one through five years		2,330,181		56.6	%		2,826,941		61.4	%		3,001,349		68.9	%		2,966,917		68.3	%		2,765,888		67.2	%
Due after five through ten years		827,981		20.1	%		978,797		21.2	%		792,578		18.2	%		768,915		17.7	%		480,405		11.7	%
Due after ten years		172,582		4.2	%		166,897		3.6	%		136,679		3.1	%		97,734		2.3	%		72,972		1.8	%
Mortgage-backed securities		655,396		15.9	%		546,834		11.9	%		365,965		8.5	%		394,609		9.0	%		638,083		15.5	%
Asset-backed securities		40,107		1.0	%		46,704		1.0	%		49,587		1.1	%		49,977		1.2	%		92,509		2.2	%
Total fixed maturity investments, at fair value	$	4,116,697		100.0	%	$	4,606,133		100.0	%	$	4,356,461		100.0	%	$	4,341,861		100.0	%	$	4,116,895		100.0	%
Average yield to maturity of fixed maturities and short term investments		2.1	%				1.7	%				2.0	%				2.1	%				2.3	%
Average duration of fixed maturities and short term investments		3.2					3.0					2.9					2.8					2.6

13

RenaissanceRe Holdings Ltd.

Summary of Other Investments

	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
TYPE OF INVESTMENT
Private equity partnerships	$	347,556		$	310,296		$	298,306		$	292,412		$	286,108
Senior secured bank loan funds		166,106			168,309			167,132			253,652			245,701
Catastrophe bonds		123,961			159,752			183,793			156,973			160,051
Non-U.S. fixed income funds		80,224			78,848			66,190			75,533			75,891
Hedge funds		41,005			44,043			43,639			56,475			54,163
Miscellaneous other investments		28,696			31,129			23,285			31,820			36,112
Total other investments, at fair value	$	787,548		$	792,377		$	782,345		$	866,865		$	858,026
TYPE OF INVESTMENT
Private equity partnerships		44.2	%		39.2	%		38.1	%		33.7	%		33.4	%
Senior secured bank loan funds		21.1	%		21.2	%		21.4	%		29.3	%		28.6	%
Catastrophe bonds		15.7	%		20.2	%		23.5	%		18.1	%		18.7	%
Non-U.S. fixed income funds		10.2	%		10.0	%		8.5	%		8.7	%		8.8	%
Hedge funds		5.2	%		5.5	%		5.5	%		6.5	%		6.3	%
Miscellaneous other investments		3.6	%		3.9	%		3.0	%		3.7	%		4.2	%
Total other investments, at fair value		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

14

RenaissanceRe Holdings Ltd.

Investment Result

	Three months ended															Twelve months ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Fixed maturity investments	$	16,087		$	35,219		$	28,014		$	28,875		$	37,270		$	108,195		$	160,476
Short term investments		515			635			682			486			549			2,318			4,139
Other investments
Hedge funds and private equity investments		31,204			7,491			8,188			17,536			10,183			64,419			18,279
Other		7,292			18,979			(8,184	)		21,218			14,058			39,305			145,367
Cash and cash equivalents		120			74			22			61			16			277			600
		55,218			62,398			28,722			68,176			62,076			214,514			328,861
Investment expenses		(2,715	)		(2,828	)		(2,549	)		(2,467	)		(2,777	)		(10,559	)		(10,682	)
Net investment income		52,503			59,570			26,173			65,709			59,299			203,955			318,179
Gross realized gains		30,254			30,959			28,753			48,848			51,943			138,814			143,173
Gross realized losses		(7,267	)		(748	)		(5,962	)		(5,170	)		(5,623	)		(19,147	)		(38,655	)
Net realized gains on fixed maturity investments		22,987			30,211			22,791			43,678			46,320			119,667			104,518
Net unrealized (losses) gains on fixed maturity investments, trading		(89,136	)		62,131			47,260			4,522			(10,839	)		24,777			(10,839	)
Net realized and unrealized (losses) gains on fixed maturity investments		(66,149	)		92,342			70,051			48,200			35,481			144,444			93,679
Total other-than-temporary impairments		—			—			(798	)		(33	)		(1,280	)		(831	)		(26,968	)
Portion recognized in other comprehensive income, before taxes		—			—			2			—			—			2			4,518
Net other-than-temporary impairments		—			—			(796	)		(33	)		(1,280	)		(829	)		(22,450	)
Net unrealized losses on fixed maturity investments available for sale		(5,138	)		(3,453	)		(9,414	)		(8,641	)		(46,004	)		(26,646	)		(33,880	)
FAS 115-2 cumulative effect adjustment (1)		—			—			—			—			—			—			76,615
Net change in unrealized holding gains on fixed maturity investments available for sale		(5,138	)		(3,453	)		(9,414	)		(8,641	)		(46,004	)		(26,646	)		42,735
Total investment result	$	(18,784	)	$	148,459		$	86,014		$	105,235		$	47,496		$	320,924		$	432,143

(1) Cumulative effect adjustment to opening retained earnings as of April 1, 2009, related to the recognition and presentation of other-than-temporary impairments, as required by FASB ASC Topic Investments - Debt and Equity Securities.

15

RenaissanceRe Holdings Ltd.

Investment Portfolio - Yield to Maturity and Credit Rating

												Credit Rating (1)
At December 31, 2010	Amortized Cost		Fair Value			% of Total Managed Investment Portfolio			Yield to Maturity			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,110,364	$	1,110,364			18.4	%		0.2	%	$	1,098,644		$	5,254		$	301		$	—		$	6,165		$	—
				100.0	%								98.9	%		0.5	%		0.0	%		0.0	%		0.6	%		0.0	%
Fixed maturity investments
U.S. treasuries		764,807		761,461			12.7	%		1.6	%		761,461			—			—			—			—			—
Agencies
Fannie Mae & Freddie Mac		173,204		174,287			2.9	%		0.7	%		174,287			—			—			—			—			—
Other agencies		43,199		42,676			0.7	%		1.5	%		42,676			—			—			—			—			—
Total agencies		216,403		216,963			3.6	%		0.8	%		216,963			—			—			—			—			—
Non-U.S. government (Sovereign debt)		181,066		184,387			3.1	%		2.7	%		96,611			25,615			17,207			26,075			16,071			2,808
FDIC guaranteed corporate		385,991		388,468			6.5	%		0.6	%		388,468			—			—			—			—			—
Non-U.S. government-backed corporate		354,726		357,504			5.9	%		1.5	%		316,900			36,021			4,583			—			—			—
Corporate		1,496,599		1,512,411			25.1	%		3.8	%		112,916			425,462			612,314			257,292			99,518			4,909
Mortgage-backed securities
Residential mortgage-backed
Agency securities		403,914		401,807			6.7	%		3.2	%		401,807			—			—			—			—			—
Non-agency securities - Prime		18,417		19,591			0.3	%		4.0	%		14,954			—			—			4,637			—			—
Non-agency securities - Alt A		12,298		14,558			0.2	%		5.8	%		12,635			—			—			—			1,923			—
Total residential mortgage-backed		434,629		435,956			7.2	%		3.3	%		429,396			—			—			4,637			1,923			—
Commercial mortgage-backed		211,732		219,440			3.7	%		3.4	%		169,100			2,682			32,393			15,265			—			—
Total mortgage-backed		646,361		655,396			10.9	%		3.4	%		598,496			2,682			32,393			19,902			1,923			—
Asset-backed
Student loans		32,234		33,056			0.6	%		1.1	%		33,056			—			—			—			—			—
Auto		1,804		1,809			0.0	%		0.7	%		1,809			—			—			—			—			—
Other		5,000		5,242			0.1	%		0.8	%		5,242			—			—			—			—			—
Total asset-backed		39,038		40,107			0.7	%		1.0	%		40,107			—			—			—			—			—
Total securitized assets		685,399		695,503			11.6	%		3.2	%		638,603			2,682			32,393			19,902			1,923			—
Total fixed maturity investments		4,084,991		4,116,697			68.5	%		2.6	%		2,531,922			489,780			666,497			303,269			117,512			7,717
				100.0	%								61.5	%		11.9	%		16.2	%		7.4	%		2.9	%		0.1	%
Other investments
Private equity partnerships				347,556			5.7	%					—			—			—			—			—			347,556
Senior secured bank loan funds				166,106			2.8	%					—			—			—			—			166,106			—
Catastrophe bonds				123,961			2.1	%					—			—			—			—			123,961			—
Non-U.S. fixed income funds				80,224			1.3	%					—			—			—			46,854			33,370			—
Hedge funds				41,005			0.7	%					—			—			—			—			—			41,005
Miscellaneous other investments				28,696			0.5	%					—			—			—			21,870			—			6,826
Total other investments				787,548			13.1	%					—			—			—			68,724			323,437			395,387
Total managed investment portfolio			$	6,014,609			100.0	%				$	3,630,566		$	495,034		$	666,798		$	371,993		$	447,114		$	403,104
				100.0	%								60.4	%		8.2	%		11.1	%		6.2	%		7.4	%		6.7	%

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

16

RenaissanceRe Holdings Ltd.

Investment Portfolio - Change in Portfolio Composition

	December 31, 2010					December 31, 2009					Change
	Fair Value		% of Total Managed Investment Portfolio			Fair Value		% of Total Managed Investment Portfolio			$			%
Short term investments	$	1,110,364		18.4	%	$	943,051		15.9	%	$	167,313			2.5	%
Fixed maturity investments
U.S. treasuries		761,461		12.7	%		861,888		14.6	%		(100,427	)		(1.9	%)
Agencies
Fannie Mae & Freddie Mac		174,287		2.9	%		70,725		1.2	%		103,562			1.7	%
Other agencies		42,676		0.7	%		78,060		1.3	%		(35,384	)		(0.6	%)
Total agencies		216,963		3.6	%		148,785		2.5	%		68,178			1.1	%
Non-U.S. government (Sovereign debt)		184,387		3.1	%		196,994		3.3	%		(12,607	)		(0.2	%)
FDIC guaranteed corporate		388,468		6.5	%		847,585		14.3	%		(459,117	)		(7.8	%)
Non-U.S. government-backed corporate		357,504		5.9	%		248,746		4.2	%		108,758			1.7	%
Corporate		1,512,411		25.1	%		1,082,305		18.3	%		430,106			6.8	%
Mortgage-backed
Residential mortgage-backed
Agency securities		401,807		6.7	%		370,846		6.3	%		30,961			0.4	%
Non-agency securities - Prime		19,591		0.3	%		21,823		0.4	%		(2,232	)		(0.1	%)
Non-agency securities - Alt A		14,558		0.2	%		14,560		0.2	%		(2	)		0.0	%
Total residential mortgage-backed		435,956		7.2	%		407,229		6.9	%		28,727			0.3	%
Commercial mortgage-backed		219,440		3.7	%		230,854		3.9	%		(11,414	)		(0.2	%)
Total mortgage-backed		655,396		10.9	%		638,083		10.8	%		17,313			0.1	%
Asset-backed
Student loans		33,056		0.6	%		54,973		1.0	%		(21,917	)		(0.4	%)
Auto		1,809		0.0	%		19,604		0.3	%		(17,795	)		(0.3	%)
Credit cards		—		0.0	%		7,093		0.1	%		(7,093	)		(0.1	%)
Other		5,242		0.1	%		10,839		0.2	%		(5,597	)		(0.1	%)
Total asset-backed		40,107		0.7	%		92,509		1.6	%		(52,402	)		(0.9	%)
Total securitized assets		695,503		11.6	%		730,592		12.4	%		(35,089	)		(0.8	%)
Total fixed maturity investments		4,116,697		68.5	%		4,116,895		69.6	%		(198	)		(1.1	%)
Other investments
Private equity partnerships		347,556		5.7	%		286,108		4.8	%		61,448			0.9	%
Senior secured bank loan funds		166,106		2.8	%		245,701		4.2	%		(79,595	)		(1.4	%)
Catastrophe bonds		123,961		2.1	%		160,051		2.7	%		(36,090	)		(0.6	%)
Non-U.S. fixed income funds		80,224		1.3	%		75,891		1.3	%		4,333			0.0	%
Hedge funds		41,005		0.7	%		54,163		0.9	%		(13,158	)		(0.2	%)
Miscellaneous other investments		28,696		0.5	%		36,112		0.6	%		(7,416	)		(0.1	%)
Total other investments		787,548		13.1	%		858,026		14.5	%		(70,478	)		(1.4	%)
Total managed investment portfolio	$	6,014,609		100.0	%	$	5,917,972		100.0	%	$	96,637

17

RenaissanceRe Holdings Ltd.

Fixed Maturity Investments - Corporate Sector

	December 31, 2010
Sector	Total		AAA		AA		A		BBB		Non- Investment Grade		Not Rated
Financials	$	830,319	$	81,392	$	274,121	$	400,752	$	51,197	$	18,659	$	4,198
Industrial, utilities and energy		248,517		—		47,398		93,518		82,948		24,653		—
Communications and technology		142,077		1,979		—		88,076		33,499		17,980		543
Consumer		114,237				33,629		17,846		41,506		21,101		155
Health care		67,540		1,496		50,002		6,201		2,051		7,790		—
Basic materials		57,181		—		—		3,970		43,991		9,207		13
Other		52,540		28,049		20,312		1,951		2,100		128		—
Total corporate fixed maturity investments, at fair value (1)	$	1,512,411	$	112,916	$	425,462	$	612,314	$	257,292	$	99,518	$	4,909

Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	December 31, 2010
Issuer	Total		Short term investments		Fixed maturity investments
Wells Fargo & Company	$	67,791	$	5,250	$	62,541
JP Morgan Chase & Co.		64,920		—		64,920
General Electric Company		64,830		—		64,830
Barclays PLC		52,548		—		52,548
Credit Suisse Group AG		51,906		—		51,906
Citigroup Inc.		41,873		—		41,873
Bank of America Corp.		41,298		—		41,298
Goldman Sachs Group Inc.		34,950		—		34,950
Morgan Stanley		32,287		—		32,287
Lloyds Banking Group PLC		26,939		—		26,939
Total (2)	$	479,342	$	5,250	$	474,092

(1) Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, at fair value.

(2) Excludes FDIC guaranteed and non-U.S. government-backed corporate fixed maturity investments, repurchase agreements and commercial paper, at fair value.

18

RenaissanceRe Holdings Ltd.

Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2010
Catastrophe	$	173,157	$	281,202	$	163,021	$	617,380
Specialty		102,521		60,196		350,573		513,290
Total Reinsurance		275,678		341,398		513,594		1,130,670
Lloyd’s		172		6,874		12,985		20,031
Insurance		40,943		3,317		62,882		107,142
Total	$	316,793	$	351,589	$	589,461	$	1,257,843
September 30, 2010
Catastrophe	$	201,704	$	238,572	$	250,899	$	691,175
Specialty		93,732		81,587		358,368		533,687
Total Reinsurance		295,436		320,159		609,267		1,224,862
Lloyd’s		190		8,651		8,196		17,037
Insurance		47,900		6,044		68,382		122,326
Total	$	343,526	$	334,854	$	685,845	$	1,364,225
June 30, 2010
Catastrophe	$	134,647	$	270,696	$	244,164	$	649,507
Specialty		110,188		80,107		358,056		548,351
Total Reinsurance		244,835		350,803		602,220		1,197,858
Lloyd’s		—		6,246		4,894		11,140
Insurance		50,160		11,413		75,316		136,889
Total	$	294,995	$	368,462	$	682,430	$	1,345,887
March 31, 2010
Catastrophe	$	140,851	$	132,874	$	455,140	$	728,865
Specialty		114,049		82,769		349,647		546,465
Total Reinsurance		254,900		215,643		804,787		1,275,330
Lloyd’s		—		1,089		2,603		3,692
Insurance		53,395		6,221		81,009		140,625
Total	$	308,295	$	222,953	$	888,399	$	1,419,647
December 31, 2009
Catastrophe	$	165,153	$	148,252	$	258,451	$	571,856
Specialty		119,674		101,612		382,818		604,104
Total Reinsurance		284,827		249,864		641,269		1,175,960
Insurance		76,489		3,658		88,326		168,473
Total	$	361,316	$	253,522	$	729,595	$	1,344,433

19

RenaissanceRe Holdings Ltd.

Paid to Incurred Analysis

	Three months ended December 31, 2010									Three months ended December 31, 2009
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,364,225		$	103,449		$	1,260,776		$	1,461,080		$	152,988		$	1,308,092
Incurred losses and loss expenses
Current year		54,600			9,032			45,568			26,293			1,634			24,659
Prior years		(77,865	)		(5,169	)		(72,696	)		(81,744	)		(12,254	)		(69,490	)
Total incurred losses and loss expenses		(23,265	)		3,863			(27,128	)		(55,451	)		(10,620	)		(44,831	)
Paid losses and loss expenses
Current year		23,919			15,406			8,513			10,474			2,867			7,607
Prior years		59,198			(9,805	)		69,003			50,722			55,402			(4,680	)
Total paid losses and loss expenses		83,117			5,601			77,516			61,196			58,269			2,927
Reserve for losses and loss expenses, end of period	$	1,257,843		$	101,711		$	1,156,132		$	1,344,433		$	84,099		$	1,260,334
	Twelve months ended December 31, 2010									Twelve months ended December 31, 2009
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses, beginning of period	$	1,344,433		$	84,099		$	1,260,334		$	1,758,776		$	193,546		$	1,565,230
Incurred losses and loss expenses
Current year		500,836			69,360			431,476			210,193			14,675			195,518
Prior years		(322,414	)		(20,283	)		(302,131	)		(291,426	)		(25,210	)		(266,216	)
Total incurred losses and loss expenses		178,422			49,077			129,345			(81,233	)		(10,535	)		(70,698	)
Paid losses and loss expenses
Current year		71,365			20,572			50,793			45,579			2,867			42,712
Prior years		193,647			10,893			182,754			287,531			96,045			191,486
Total paid losses and loss expenses		265,012			31,465			233,547			333,110			98,912			234,198
Reserve for losses and loss expenses, end of period	$	1,257,843		$	101,711		$	1,156,132		$	1,344,433		$	84,099		$	1,260,334

20

RenaissanceRe Holdings Ltd.

Earnings per Share

	Three months ended
(common shares in thousands)	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	122,575		$	204,750		$	210,241		$	165,047		$	211,767
Amount allocated to participating common shareholders (1)		(3,107	)		(5,147	)		(5,322	)		(4,196	)		(5,171	)
	$	119,468		$	199,603		$	204,919		$	160,851		$	206,596
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares		53,166			53,467			55,538			58,407			60,604
Per common share equivalents of employee stock options and restricted shares		501			498			506			480			557
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		53,667			53,965			56,044			58,887			61,161
Basic income per RenaissanceRe common share	$	2.25		$	3.73		$	3.69		$	2.75		$	3.41
Diluted income per RenaissanceRe common share	$	2.23		$	3.70		$	3.66		$	2.73		$	3.38

	Twelve months ended
(common shares in thousands)	December 31, 2010			December 31, 2009
Numerator:
Net income available to RenaissanceRe common shareholders	$	702,613		$	838,858
Amount allocated to participating common shareholders (1)		(17,765	)		(18,473	)
	$	684,848		$	820,385
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares		55,145			60,775
Per common share equivalents of employee stock options and restricted shares		496			435
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions		55,641			61,210
Basic income per RenaissanceRe common share	$	12.42		$	13.50
Diluted income per RenaissanceRe common share	$	12.31		$	13.40

(1) Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.

21

RenaissanceRe Holdings Ltd.

Equity in (Losses) Earnings of Other Ventures

	Three months ended
	December 31, 2010			September 30, 2010			June 30, 2010		March 31, 2010			December 31, 2009
Tower Hill Companies	$	(30	)	$	2,023		$	229	$	(1,071	)	$	(3,226	)
Top Layer Re		(9,437	)		(8,655	)		2,609		3,380			2,912
Other		(923	)		(108	)		322		(153	)		(209	)
Total equity in (losses) earnings of other ventures	$	(10,390	)	$	(6,740	)	$	3,160	$	2,156		$	(523	)

	Twelve months ended
	December 31, 2010			December 31, 2009
Tower Hill Companies	$	1,151		$	(2,083	)
Top Layer Re		(12,103	)		12,619
Other		(862	)		440
Total equity in (losses) earnings of other ventures	$	(11,814	)	$	10,976

22

RenaissanceRe Holdings Ltd.

Other Income (Loss)

	Three months ended
	December 31, 2010		September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Weather and energy risk management operations	$	15,206	$	(4,740	)	$	(492	)	$	(1,825	)	$	12,268
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		8,448		(677	)		(1,041	)		(1,516	)		(9,768	)
Mark-to-market on Platinum warrant		1,067		14,352			(1,668	)		(3,697	)		5,419
Weather-related and loss mitigation		47		(216	)		(18	)		188			(2,717	)
Gain on sale of ChannelRe		—		15,835			—			—			—
Other items		1,264		467			(523	)		659			964
Total other income (loss)	$	26,032	$	25,021		$	(3,742	)	$	(6,191	)	$	6,166

	Twelve months ended
	December 31, 2010		December 31, 2009
Gain on sale of ChannelRe	$	15,835	$	—
Mark-to-market on Platinum warrant		10,054		4,958
Weather and energy risk management operations		8,149		37,184
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits		5,214		(32,635	)
Weather-related and loss mitigation		1		(11,069	)
Other items		1,867		3,360
Total other income	$	41,120	$	1,798

23

RenaissanceRe Holdings Ltd.

Ratings

	A.M. Best	S&P (5)	Moody’s	Fitch (6)
REINSURANCE SEGMENT (1)
Renaissance Reinsurance	A+	AA-	A1	A+
DaVinci	A	A+	—	—
Top Layer Re	A+	AA	—	—
Renaissance Europe	A+	AA-	—	—
LLOYD’S SEGMENT
RenaissanceRe Syndicate 1458	—	—	—	—
Lloyd’s Overall Market Rating (2)	A	A+	—	A+
INSURANCE SEGMENT (1)
Glencoe (3)	A	A+	—	—
RENAISSANCERE (4)	—	Excellent	—	—

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

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd’s Overall Market Rating represent its financial strength rating.

(3) The A.M. Best rating for Glencoe is under review with negative implications and the S&P rating for Glencoe is under CreditWatch negative.

(4) The S&P rating for RenaissanceRe represents rating on its Enterprise Risk Management practices.

(5) The S&P ratings for the companies in the Reinsurance and Insurance segments reflect, in addition to the insurer’s financial strength rating, the insurer’s issuer credit rating.

(6) On January 19, 2011, Fitch upgraded the insurer’s financial strength rating of Renaissance Reinsurance to “A+” from “A”. The outlook is stable for this rating.

24

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 available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on fixed maturity investments from continuing and discontinued operations, net other-than-temporary impairments from continuing and discontinued operations, and in the third quarter of 2010, the gain on the sale of the Company’s ownership interest in ChannelRe. The Company’s management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from fluctuations in the Company’s fixed maturity investment portfolio and the gain associated with the sale of the Company’s ownership interest in ChannelRe. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share – diluted” and “operating return on average common equity – annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share – diluted to operating income available to RenaissanceRe common shareholders per common share – diluted; and 3) return on average common equity – annualized to operating return on average common equity – annualized:

	Three months ended															Year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Net income available to RenaissanceRe common shareholders	$	122,575		$	204,750		$	210,241		$	165,047		$	211,767		$	702,613		$	838,858
Adjustment for net realized and unrealized gains on fixed maturity investments of continuing operations		66,149			(92,342	)		(70,051	)		(48,200	)		(35,481	)		(144,444	)		(93,679	)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			796			33			1,280			829			22,450
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		353			(5,669	)		(1,055	)		(398	)		128			(6,769	)		548
Adjustment for gain on sale of ChannelRe		—			(15,835	)		—			—			—			(15,835	)		—
Operating income available to RenaissanceRe common shareholders	$	189,077		$	90,904		$	139,931		$	116,482		$	177,694		$	536,394		$	768,177
Net income available to RenaissanceRe common shareholders per common share - diluted	$	2.23		$	3.70		$	3.66		$	2.73		$	3.38		$	12.31		$	13.40
Adjustment for net realized and unrealized gains on fixed maturity investments of continuing operations		1.23			(1.71	)		(1.24	)		(0.82	)		(0.58	)		(2.60	)		(1.53	)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			0.02			0.02			0.37
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		0.01			(0.11	)		(0.02	)		—			—			(0.12	)		0.01
Adjustment for gain on sale of ChannelRe		—			(0.29	)		—			—			—			(0.29	)		—
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	3.47		$	1.59		$	2.40		$	1.91		$	2.82		$	9.32		$	12.25
Return on average common equity - annualized		14.6	%		25.4	%		26.8	%		20.9	%		27.1	%		21.7	%		30.2	%
Adjustment for net realized and unrealized gains on fixed maturity investments of continuing operations		7.9	%		(11.4	%)		(8.8	%)		(6.1	%)		(4.6	%)		(4.5	%)		(3.5	%)
Adjustment for net other-than-temporary impairments of continuing operations		—			—			—			—			0.2	%		0.0	%		0.8	%
Adjustment for net realized and unrealized gains on fixed maturity investments and net other-than-temporary impairments of discontinued operations		—			(0.7	%)		(0.1	%)		—			—			(0.2	%)		0.1	%
Adjustment for gain on sale of ChannelRe		—			(2.0	%)		—			—			—			(0.5	%)		—
Operating return on average common equity - annualized		22.5	%		11.3	%		17.9	%		14.8	%		22.7	%		16.5	%		27.6	%

25

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement “managed catastrophe premiums” and “managed specialty premiums”. “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 Insurance segment. “Managed catastrophe premiums” differs from total catastrophe unit 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, the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment, and the exclusion of catastrophe premiums assumed from the Company’s Insurance segment. “Managed specialty premiums” is defined as gross specialty premiums written by Renaissance Reinsurance, DaVinci and the Company’s Lloyd’s segment. “Managed specialty premiums” differs from total specialty unit premiums, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of specialty premiums written on behalf of the Company’s Lloyd’s segment. The Company’s management believes “managed catastrophe premiums” and “managed specialty premiums” are useful to investors and other interested parties because they provide a measure of total catastrophe and specialty premiums, as applicable, assumed by the Company through its consolidated subsidiaries and related joint ventures.

The Company has also included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets; “tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:

	At
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Book value per common share	$	62.58		$	60.57		$	56.96		$	53.86		$	51.68
Adjustment for goodwill and other intangibles (1)		(2.03	)		(2.05	)		(2.10	)		(2.02	)		(1.95	)
Tangible book value per common share		60.55			58.52			54.86			51.84			49.73
Adjustment for accumulated dividends		9.88			9.63			9.38			9.13			8.88
Tangible book value per common share plus accumulated dividends	$	70.43		$	68.15		$	64.24		$	60.97		$	58.61
Change in book value per common share		3.3	%		6.3	%		5.8	%		4.2	%		5.0	%
Change in tangible book value per common share plus change in accumulated dividends		3.9	%		7.1	%		6.3	%		4.7	%		5.5	%

(1) At December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, goodwill and other intangibles included $38.1 million, $39.5 million, $40.9 million, $42.4 million and $43.8 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method and $57.0 million, $58.1 million, $59.1 million, $60.3 million and $61.4 million, respectively, of goodwill and intangibles included in assets of discontinued operations held for sale.

26