RenaissanceRe Reports Operating Income of$94.2 Million for the First Quarter of 2009 or $1.52 Per Common Share

Net Income of $97.3 Million for the First Quarter of 2009 or $1.57 Per Common
Share
PEMBROKE, Bermuda--(Business Wire)--
RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported $94.2 million in first
quarter operating income available to common shareholders compared to $147.8
million in the first quarter of 2008. Operating income excludes net realized
gains on investments of $3.1 million and net realized losses on investments of
$10.7 million in the first quarters of 2009 and 2008, respectively. Operating
income available to common shareholders per diluted common share was $1.52 in
the first quarter of 2009, compared to $2.21 in the first quarter of 2008. Net
income available to common shareholders was $97.3 million or $1.57 per diluted
common share in the quarter, compared to net income available to common
shareholders of $137.2 million or $2.05 per diluted common share for the same
quarter of 2008. The Company reported an annualized operating return on average
common equity of 15.5% and an annualized return on average common equity of
16.0% in the first quarter of 2009, compared to 21.3% and 19.7%, respectively,
in the first quarter of 2008. Book value per common share increased to $39.65 at
March 31, 2009, a 2.3% increase in the first quarter of 2009, compared to a 2.7%
increase in the first quarter of 2008.

Neill A. Currie, CEO, commented: "We generated an annualized operating ROE of
over 15% and 2.3% growth in book value per share in the quarter. Although below
our expectations in a light catastrophe quarter, our results also reflect over
20% growth in our managed catastrophe premiums due to a successful January 1st
renewal season, fueled by improving market conditions and increasing demand for
property catastrophe reinsurance."

Mr. Currie added: "We are seeing an increasing flow of new business
opportunities, particularly within our specialty reinsurance unit and Individual
Risk segment. Our strong financial resources, excellent ratings, reputation for
superior underwriting and client service along with our ongoing efforts to build
out our business capabilities, position us well to capture these opportunities."

FIRST QUARTER 2009 RESULTS

Underwriting Results

Gross premiums written for the first quarter of 2009 increased 13.5% to $598.3
million, compared to $527.0 million for the first quarter of 2008. The increase
in gross premiums written was primarily driven by an increase in gross premiums
written in the Company`s catastrophe unit, and partially offset by decreases in
both the Company`s specialty unit and Individual Risk segment as discussed in
more detail below. The Company generated $131.2 million of underwriting income
and had a combined ratio of 56.5% in the first quarter of 2009, compared to
$150.2 million of underwriting income and a 51.4% combined ratio in the first
quarter of 2008, principally driven by an increase in net claims and claim
expenses incurred during the quarter as a result of unfavorable development on
prior years reserves within the Company`s Individual Risk segment. The Company`s
unfavorable development on prior years reserves totaled $7.3 million in the
first quarter of 2009, compared to $45.1 million of favorable development in the
first quarter of 2008, and was principally due to higher than expected claims
emergence on the 2008 crop year for the Company`s multi-peril crop business in
its Individual Risk segment and partially offset by favorable development in the
Company`s Reinsurance segment.

Reinsurance Segment

Gross premiums written for the Company`s Reinsurance segment increased $89.2
million, or 20.1%, to $532.9 million in the first quarter of 2009, compared to
$443.7 million in the first quarter of 2008, due to growth in gross premiums
written in the Company`s catastrophe unit which benefited from the impact of
improving market conditions and the inception of several new programs in the
quarter. The Company`s catastrophe premiums increased $97.3 million, or 26.7%,
to $461.4 million in the first quarter of 2009, compared to $364.1 million in
the first quarter of 2008. The Company`s specialty reinsurance premiums
decreased $8.1 million, or 10.2%, to $71.5 million in the first quarter of 2009,
compared to $79.6 million in the first quarter of 2008. The Company`s specialty
reinsurance premiums are prone to significant volatility due to the timing of
contract inception and also due to the business being characterized by a
relatively small number of relatively large transactions.

The Company`s Reinsurance segment generated $161.3 million of underwriting
income and had a combined ratio of 28.6% in the first quarter of 2009, compared
to $145.5 million of underwriting income and a 37.3% combined ratio in the first
quarter of 2008. The increase in underwriting income in the first quarter of
2009 was primarily due to the comparably low level of insured catastrophe events
in the quarter. The Reinsurance segment experienced $24.7 million of favorable
development on prior year reserves in the first quarter of 2009, compared to
$23.5 million of favorable development in the first quarter of 2008. The
favorable development in the first quarter of 2009 was principally attributable
to reduced estimated ultimate losses on certain small catastrophes within the
Company`s catastrophe unit and lower than expected claims emergence in the
Company`s specialty reinsurance unit.

Individual Risk Segment

Gross premiums written for the Company`s Individual Risk segment decreased $15.7
million, or 19.4%, to $65.1 million in the first quarter of 2009, compared to
$80.8 million in the first quarter of 2008. The decrease was primarily due to
the Company`s prior decisions to terminate several program manager relationships
and a commercial property quota share contract as a result of the then softening
market conditions, resulting in reduced commercial property and commercial
multi-line gross premiums written. Gross premiums written in the Company`s
Individual Risk segment can fluctuate, perhaps significantly between quarters
and between years based on several factors, including, without limitation, the
timing of the inception or cessation of new program managers and quota share
reinsurance contracts, including whether or not the Company has portfolio
transfers in, or portfolio transfers out, of quota share reinsurance contracts
of in-force books of business.

The Individual Risk segment incurred an underwriting loss of $30.1 million and
had a combined ratio of 139.7% in the first quarter of 2009, compared to $4.7
million of underwriting income and a 93.9% combined ratio in the first quarter
of 2008. The decrease in underwriting income and increase in the combined ratio
in the first quarter of 2009 compared to the first quarter of 2008 were
primarily due to an increase in net claims and claim expenses as a result of
unfavorable development on prior years reserves of $32.0 million, compared to
favorable development of $21.6 million on prior year reserves in the first
quarter of 2008, and partially offset by a decrease in current accident year net
claims and claim expenses of $19.0 million. The unfavorable loss reserve
development in the first quarter of 2009 was primarily due to a $27.3 million
increase in prior year losses in the Company`s multi-peril crop insurance line
of business related to the 2008 crop year due to an increase in the severity of
reported losses incurred during 2008 and reported during the first quarter of
2009. The net impact of this unfavorable development, after considering
corresponding changes in net earned premium and related acquisition costs for
the 2008 crop year, was a reduction in underwriting income of $25.8 million and
an increase in the Company`s combined ratio of 33.7 percentage points. Current
accident year losses were $37.6 million during the first quarter of 2009,
compared to $56.7 million in the first quarter of 2008, primarily due to a
decrease in net claims and claim expenses in the Company`s commercial property
line of business.

Investments

Returns on the Company`s investment portfolio were lower in the first quarter of
2009 compared to the first quarter of 2008, principally due to lower average
invested assets in the Company`s fixed maturity investments available for sale
portfolio combined with lower total returns on the Company`s fixed maturity
investments available for sale and short term investments. The Company`s total
investment result, which includes the sum of net investment income, net realized
gains and losses on investments and the net change in unrealized holding gains
on fixed maturity investments available for sale, was $39.8 million in the first
quarter of 2009, compared to $65.6 million in the first quarter of 2008, a
decrease of $25.7 million.

Net investment income was $42.1 million in the first quarter of 2009, compared
to net investment income of $52.5 million in the first quarter of 2008. The
$10.4 million decrease was principally driven by $16.0 million and $10.4 million
decreases in net investment income from the Company`s short term investments and
fixed maturity investments available for sale, respectively, as discussed above,
combined with a $17.8 million decrease in net investment income from hedge funds
and private equity investments, and partially offset by a $36.3 million increase
in net investment income from the Company`s other investments, principally
senior secured bank loan funds and non-U.S. fixed income funds. The Company`s
hedge fund, private equity and other investments are accounted for at fair value
with the change in fair value recorded in net investment income which included
net unrealized losses of $17.0 million in the first quarter of 2009, compared to
$25.3 million of net unrealized losses in the first quarter of 2008.

Net realized gains on investments were $3.1 million in the first quarter of 2009
compared to net realized losses on investments of $10.7 million in the first
quarter of 2008, an improvement of $13.8 million. Included in net realized gains
for the first quarter of 2009 is $19.0 million of other than temporary
impairments, compared to $25.4 million in the first quarter of 2008. Included in
other than temporary impairment charges are impairment charges for which the
Company believes it will not be able to recover the full principal amount if the
impaired security is held to maturity, of $nil and $0.4 million for the first
quarters of 2009 and 2008, respectively. The Company had essentially no fixed
maturity investments available for sale in an unrealized loss position at March
31, 2009.

Other Items

* The Company`s cash flows from operations were $140.1 million for the first
quarter of 2009, compared to $276.8 million for the first quarter of 2008.
* The Company`s other loss of $14.8 million incurred during the first quarter of
2009 is primarily the result of a negative mark-to-market on the Company`s
Platinum warrant of $13.7 million. In addition, other loss in the first quarter
of 2009 reflected $4.8 million of other income related to the Company`s weather
and energy derivatives trading activities compared to $15.3 million in the first
quarter of 2008.
* During the first quarter of 2009, the Company incurred $10.2 million in net
foreign exchange losses, compared to net foreign exchange gains of $4.9 million
in the first quarter of 2008. The $15.1 million decrease in net foreign exchange
(losses) gains is a result of changes to the U.S. dollar during the quarter
against other major currencies with which the Company does business resulting in
unfavorable foreign exchange translations on the Company`s net non-U.S. dollar
denominated monetary assets and liabilities.

This press release includes certain non-GAAP financial measures including
"operating income", "operating income available to RenaissanceRe common
shareholders per common share - diluted", "operating return on average common
equity - annualized" and "managed catastrophe premiums". A reconciliation of
such measures to the most comparable GAAP figures in accordance with Regulation
G is presented in the attached supplemental financial data.

Please refer to the "Investor Information - Financial Reports - Financial
Supplements" section of the Company's website at www.renre.com for a copy of the
Financial Supplement which includes additional information on the Company`s
financial performance.

RenaissanceRe Holdings Ltd. will host a conference call on Thursday, April 30,
2009 at 9:30 a.m. (ET) to discuss this release. Live broadcast of the conference
call will be available through the "Investor Information - Company Webcasts"
section of the Company`s website at www.renre.com.

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 the Company`s subsidiary RenaissanceRe Ventures
Ltd., and (2) Individual Risk, which includes primary insurance and quota share
reinsurance.

Cautionary Statement under "Safe Harbor" Provisions of the Private Securities
Litigation Reform Act of 1995: Statements made in this news release contain
information about the Company's future business prospects.These statements may
be considered "forward-looking."These statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in or implied by such forward-looking statements.For further
information regarding cautionary statements and factors affecting future
results, please refer to RenaissanceRe Holdings Ltd.`s filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2008 and its quarterly reports on Form 10-Q.

RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts)
(Unaudited)

Three months ended
March 31, 2009 March 31, 2008
Revenues
Gross premiums written $ 598,301 $ 527,038

Net premiums written $ 446,836 $ 403,116
Increase in unearned premiums (145,088) (94,202)

Net premiums earned 301,748 308,914
Net investment income 42,126 52,503
Net foreign exchange (losses) gains (10,155) 4,936
Equity in earnings of other ventures 1,736 6,250
Other (loss) income (14,795) 8,012
Net realized gains (losses) on investments 3,104 (10,670)

Total revenues 323,764 369,945

Expenses
Net claims and claim expenses incurred 86,197 82,156
Acquisition expenses 44,604 46,428
Operational expenses 39,757 30,113
Corporate expenses 6,588 8,703
Interest expense 4,136 6,804

Total expenses 181,282 174,204

Income before taxes 142,482 195,741
Income tax benefit (expense) 852 (7,686)

Net income 143,334 188,055
Net income attributable to redeemable (35,475) (40,315)
noncontrolling interest - DaVinciRe

Net income available to RenaissanceRe 107,859 147,740
Dividends on preference shares (10,575) (10,575)

Net income available to RenaissanceRe common $ 97,284 $ 137,165
shareholders

Operating income available to RenaissanceRe
common
shareholders per common share - diluted (1) $ 1.52 $ 2.21

Net income available to RenaissanceRe common
shareholders per common share - basic $ 1.57 $ 2.09
Net income available to RenaissanceRe common
shareholders per common share - diluted $ 1.57 $ 2.05

Net claims and claim expense ratio 28.6% 26.6%
Underwriting expense ratio 27.9% 24.8%

Combined ratio 56.5% 51.4%

Operating return on average common equity - 15.5% 21.3%
annualized (1)

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

RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)

At
March 31, 2009 December 31, 2008
(Unaudited) (Audited)
Assets
Fixed maturity investments available for sale, $ 3,164,848 $ 2,996,885
at fair value
Short term investments, at fair value 2,136,336 2,172,343
Other investments, at fair value 733,023 773,475
Investments in other ventures, under equity 88,159 99,879
method

Total investments 6,122,366 6,042,582
Cash and cash equivalents 249,340 274,692
Premiums receivable 593,199 565,630
Ceded reinsurance balances 149,309 88,019
Losses recoverable 201,215 299,534
Accrued investment income 23,927 26,614
Deferred acquisition costs 97,710 81,904
Receivable for investments sold 308,483 236,485
Other secured assets 76,331 76,424
Other assets 165,492 217,986
Goodwill and other intangibles 72,537 74,181

Total assets $ 8,059,909 $ 7,984,051

Liabilities, Redeemable Noncontrolling Interest
and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses $ 1,992,049 $ 2,160,612
Reserve for unearned premiums 716,613 510,235
Debt 450,000 450,000
Reinsurance balances payable 289,522 315,401
Payable for investments purchased 590,401 378,111
Other secured liabilities 77,420 77,420
Other liabilities 171,738 290,998

Total liabilities 4,287,743 4,182,777

Redeemable noncontrolling interest - DaVinciRe 650,763 768,531

Shareholders' Equity
Preference shares 650,000 650,000
Common shares 62,324 61,503
Additional paid-in capital 11,373 -
Accumulated other comprehensive income 69,530 75,387
Retained earnings 2,328,176 2,245,853

Total shareholders' equity 3,121,403 3,032,743

Total liabilities, redeemable noncontrolling $ 8,059,909 $ 7,984,051
interest and shareholders' equity

Book value per common share $ 39.65 $ 38.74

Common shares outstanding 62,324 61,503

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars)
(Unaudited)

Three months ended March 31, 2009
Reinsurance Individual Risk Eliminations (1) Other Total

Gross premiums written $ 532,916 $ 65,149 $ 236 $ - $ 598,301

Net premiums written $ 414,787 $ 32,049 - $ 446,836

Net premiums earned $ 225,971 $ 75,777 - $ 301,748
Net claims and claim expenses incurred 16,571 69,626 - 86,197
Acquisition expenses 19,021 25,583 - 44,604
Operational expenses 29,115 10,642 - 39,757

Underwriting income (loss) $ 161,264 $ (30,074) - 131,190
Net investment income 42,126 42,126
Equity in earnings of other ventures 1,736 1,736
Other loss (14,795) (14,795)
Interest and preference share dividends (14,711) (14,711)
Redeemable noncontrolling interest - DaVinciRe (35,475) (35,475)
Other items, net (15,891) (15,891)
Net realized gains on investments 3,104 3,104

Net income available to RenaissanceRe common shareholders $ (33,906) $ 97,284

Net claims and claim expenses incurred - current accident year $ 41,306 $ 37,629 $ 78,935
Net claims and claim expenses incurred - prior accident years (24,735) 31,997 7,262

Net claims and claim expenses incurred - total $ 16,571 $ 69,626 $ 86,197

Net claims and claim expense ratio - current accident year 18.3% 49.7% 26.2%
Net claims and claim expense ratio - prior accident years (11.0%) 42.2% 2.4%

Net claims and claim expense ratio - calendar year 7.3% 91.9% 28.6%
Underwriting expense ratio 21.3% 47.8% 27.9%

Combined ratio 28.6% 139.7% 56.5%

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

Three months ended March 31, 2008
Reinsurance Individual Risk Eliminations (1) Other Total

Gross premiums written $ 443,728 $ 80,821 $ 2,489 $ - $ 527,038

Net premiums written $ 342,920 $ 60,196 - $ 403,116

Net premiums earned $ 232,227 $ 76,687 - $ 308,914
Net claims and claim expenses incurred 47,069 35,087 - 82,156
Acquisition expenses 18,515 27,913 - 46,428
Operational expenses 21,139 8,974 - 30,113

Underwriting income $ 145,504 $ 4,713 - 150,217
Net investment income 52,503 52,503
Equity in earnings of other ventures 6,250 6,250
Other income 8,012 8,012
Interest and preference share dividends (17,379) (17,379)
Redeemable noncontrolling interest - DaVinciRe (40,315) (40,315)
Other items, net (11,453) (11,453)
Net realized losses on investments (10,670) (10,670)

Net income available to RenaissanceRe common shareholders $ (13,052) $ 137,165

Net claims and claim expenses incurred - current accident year $ 70,576 $ 56,665 $ 127,241
Net claims and claim expenses incurred - prior accident years (23,507) (21,578) (45,085)

Net claims and claim expenses incurred - total $ 47,069 $ 35,087 $ 82,156

Net claims and claim expense ratio - current accident year 30.4% 73.9% 41.2%
Net claims and claim expense ratio - prior accident years (10.1%) (28.1%) (14.6%)

Net claims and claim expense ratio - calendar year 20.3% 45.8% 26.6%
Underwriting expense ratio 17.0% 48.1% 24.8%

Combined ratio 37.3% 93.9% 51.4%

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

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Gross Premiums Written Analysis
(in thousands of United States Dollars)
(Unaudited)

Three months ended
Reinsurance Segment March 31, 2009 March 31, 2008

Renaissance catastrophe premiums $ 289,630 $ 224,968
Renaissance specialty premiums 68,973 75,463

Total Renaissance premiums 358,603 300,431

DaVinci catastrophe premiums 171,786 139,178
DaVinci specialty premiums 2,527 4,119

Total DaVinci premiums 174,313 143,297

Total Reinsurance premiums $ 532,916 $ 443,728

Total specialty premiums $ 71,500 $ 79,582

Total catastrophe premiums $ 461,416 $ 364,146

Catastrophe premiums written on behalf of our 23,792 31,621
joint venture, Top Layer Re (1)
Catastrophe premiums assumed from the 236 2,489
Individual Risk segment

Total managed catastrophe premiums (2) $ 485,444 $ 398,256

(1) Top Layer Re is accounted for under the equity method of accounting.
(2) See Comments on Regulation G for a reconciliation of non-GAAP financial
measures.

Three months ended
Individual Risk Segment March 31, 2009 March 31, 2008

Commercial multi-line $ 24,642 $ 31,384
Personal lines property 16,234 13,212
Commercial property 16,121 30,853
Multi-peril crop 8,152 5,372
Total Individual Risk premiums $ 65,149 $ 80,821

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars)
(Unaudited)

Three months ended
March 31, 2009 March 31, 2008

Fixed maturity investments available for sale $ 39,127 $ 49,535
Short term investments 3,071 19,080
Other investments
Hedge funds and private equity investments (19,741) (1,940)
Other 21,821 (14,441)
Cash and cash equivalents 373 2,902

44,651 55,136
Investment expenses (2,525) (2,633)

Net investment income 42,126 52,503

Gross realized gains 31,423 20,272
Gross realized losses (9,297) (5,560)
Other than temporary impairments (19,022) (25,382)

Net realized gains (losses) on investments 3,104 (10,670)

Net change in unrealized holding gains on
fixed maturity investments available for sale (5,407) 23,729

Total investment result $ 39,823 $ 65,562

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Investment Portfolio - Yield to Maturity and Credit Rating
(in thousands of United States Dollars)
(Unaudited)

Credit Rating (1)
% of Total
Managed Non-
Amortized Fair Investment Yield to Investment
At March 31, 2009 Cost Value Portfolio Maturity AAA AA A BBB Grade Not Rated

Short term investments $ 2,136,336 $ 2,136,336 35.4% 0.3% $ 2,113,433 $ 16,206 $ 5,469 $ 120 $ 1,108 $ -
100.0% 98.9% 0.7% 0.3% 0.0% 0.1% 0.0%

Fixed maturity investments available for sale

U.S. treasuries 223,224 227,594 3.8% 1.5% 227,594 - - - - -

Agencies

Fannie Mae & Freddie Mac 373,351 380,955 6.3% 1.6% 376,288 - 4,667 - - -
Other agencies 21,931 23,169 0.4% 2.1% 23,169 - - - - -

Total agencies 395,282 404,124 6.7% 1.6% 399,457 - 4,667 - - -

Non U.S. government 78,035 80,921 1.3% 5.3% 46,694 11,462 373 10,317 12,075 -

FDIC guaranteed corporate 509,782 516,115 8.6% 1.8% 516,115 - - - - -

Corporate 501,458 518,400 8.6% 6.2% 18,715 198,711 195,272 54,734 50,968 -

Mortgage-backed securities

Residential mortgage-backed securities
Agency securities 967,757 990,126 16.4% 3.0% 990,126 - - - - -
Non-agency securities 39,343 39,887 0.7% 13.9% 39,387 - - 500 - -
Non-agency securities - Alt A 21,423 22,172 0.4% 16.6% 21,663 - - 175 334 -
Non-agency securities - Sub-prime - - 0.0% 0.0% - - - - - -

Total residential mortgage-backed securities 1,028,523 1,052,185 17.5% 3.8% 1,051,176 - - 675 334 -

Commercial mortgage-backed securities 209,562 213,943 3.5% 9.2% 213,943 - - - - -

Total mortgage-backed securities 1,238,085 1,266,128 21.0% 4.7% 1,265,119 - - 675 334 -

Asset-backed securities

Credit cards 51,316 53,647 0.9% 3.9% 53,647 - - - - -
Auto 45,553 48,008 0.8% 5.1% 48,008 - - - - -
Other - Stranded cost 7,292 7,670 0.1% 3.2% 7,670 - - - - -
Other 40,334 42,241 0.7% 7.8% 42,241 - - - - -

Total asset-backed securities 144,495 151,566 2.5% 5.3% 151,566 - - - - -

Total securitized assets 1,382,580 1,417,694 23.5% 4.8% 1,416,685 - - 675 334 -

Total fixed maturity investments available for sale 3,090,361 3,164,848 52.5% 3.9% 2,625,260 210,173 200,312 65,726 63,377 -
100.0% 83.0% 6.6% 6.3% 2.1% 2.0% 0.0%

Other investments

Private equity partnerships 247,559 4.1% - - - - - 247,559
Senior secured bank loan funds 220,202 3.6% - - - - 220,202 -
Catastrophe bonds 93,798 1.6% - 23,905 - - 69,893 -
Non-U.S. fixed income funds 81,757 1.4% - - - 58,734 23,023 -
Hedge funds 72,428 1.2% - - - - - 72,428
Miscellaneous other investments 17,279 0.2% - - - 8,880 - 8,399

Total other investments 733,023 12.1% - 23,905 - 67,614 313,118 328,386

Total managed investment portfolio $ 6,034,207 100.0% $ 4,738,693 $ 250,284 $ 205,781 $ 133,460 $ 377,603 $ 328,386
100.0% 78.6% 4.1% 3.4% 2.2% 6.3% 5.4%

(1) The credit ratings included in this table are those assigned by Standard & Poor`s Corporation. 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.

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Investment Portfolio
(in thousands of United States Dollars)
(Unaudited)

At March 31, 2009 At December 31, 2008 Change
% of Total % of Total
Managed Managed
Fair Investment Fair Investment
Value Portfolio Value Portfolio $ %

Short term investments $ 2,136,336 35.4% $ 2,172,343 36.6% $ (36,007) (1.7%)

Fixed maturity investments available for sale

U.S. treasuries 227,594 3.8% 467,480 7.9% (239,886) (51.3%)

Agencies

Fannie Mae & Freddie Mac 380,955 6.3% 385,229 6.4% (4,274) (1.1%)
Other agencies 23,169 0.4% 63,292 1.1% (40,123) (63.4%)

Total agencies 404,124 6.7% 448,521 7.5% (44,397) (9.9%)

Non U.S. government 80,921 1.3% 57,058 1.0% 23,863 41.8%

FDIC guaranteed corporate 516,115 8.6% 207,393 3.5% 308,722 148.9%

Corporate 518,400 8.6% 539,817 9.1% (21,417) (4.0%)

Mortgage-backed securities

Residential mortgage-backed securities
Agency securities 990,126 16.4% 756,902 12.7% 233,224 30.8%
Non-agency securities 39,887 0.7% 70,916 1.2% (31,029) (43.8%)
Non-agency securities - Alt A 22,172 0.4% 27,756 0.5% (5,584) (20.1%)
Non-agency securities - Sub-prime - 0.0% - 0.0% - 0.0%

Total residential mortgage-backed securities 1,052,185 17.5% 855,574 14.4% 196,611 23.0%

Commercial mortgage-backed securities 213,943 3.5% 255,020 4.3% (41,077) (16.1%)

Total mortgage-backed securities 1,266,128 21.0% 1,110,594 18.7% 155,534 14.0%

Asset-backed securities

Auto 53,647 0.9% 95,812 1.6% (42,165) (44.0%)
Credit cards 48,008 0.8% 12,056 0.2% 35,952 298.2%
Other - Stranded cost 7,670 0.1% 7,639 0.1% 31 0.4%
Other 42,241 0.7% 50,515 0.8% (8,274) (16.4%)

Total asset-backed securities 151,566 2.5% 166,022 2.7% (14,456) (8.7%)

Total securitized assets 1,417,694 23.5% 1,276,616 21.4% 141,078 11.1%

Total fixed maturity investments available for sale 3,164,848 52.5% 2,996,885 50.4% 167,963 5.6%

Other investments

Private equity partnerships 247,559 4.1% 258,901 4.3% (11,342) (4.4%)
Senior secured bank loan funds 220,202 3.6% 215,870 3.6% 4,332 2.0%
Catastrophe bonds 93,798 1.6% 93,085 1.8% 713 0.8%
Non-U.S. fixed income funds 81,757 1.4% 81,719 1.6% 38 0.0%
Hedge funds 72,428 1.2% 105,838 1.4% (33,410) (31.6%)
Miscellaneous other investments 17,279 0.2% 18,062 0.3% (783) (4.3%)

Total other investments 733,023 12.1% 773,475 13.0% (40,452) (5.2%)

Total managed investment portfolio $ 6,034,207 100.0% $ 5,942,703 100.0% $ 91,504 1.5%

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Fixed Maturity Investments Available for Sale - Securitized Assets
(in thousands of United States Dollars)
(Unaudited)

% of Total Managed Investment Portfolio
Vintage
% of Total
Managed % of Total
Investment 2004 & Securitized Average
At March 31, 2009 Fair Value Portfolio 2009 2008 2007 2006 2005 Prior Assets Duration

Total managed investment portfolio $ 6,034,207 100.0%

Mortgage-backed securities

Residential mortgage-backed securities
Agency securities 990,126 16.4% 3.7% 6.8% 2.9% 0.7% 1.1% 1.2% 69.8% 2.5

Non-agency securities 39,887 0.7% 0.0% 0.0% 0.0% 0.1% 0.2% 0.3% 2.8% 0.8
Non-agency securities - Alt A 22,172 0.4% 0.0% 0.0% 0.0% 0.0% 0.1% 0.2% 1.6% 0.3
Non-agency securities - Sub-prime - 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -

Total non-agency securities 62,059 1.1% 0.0% 0.0% 0.0% 0.1% 0.3% 0.5% 4.4% 0.6

Total residential mortgage-backed securities 1,052,185 17.5% 3.7% 6.8% 2.9% 0.8% 1.4% 1.7% 74.2% 2.3

Commercial mortgage-backed securities 213,943 3.5% 0.0% 0.1% 0.2% 0.5% 0.8% 2.0% 15.1% 2.0

Total mortgage-backed securities 1,266,128 21.0% 3.7% 6.9% 3.1% 1.3% 2.2% 3.7% 89.3% 2.2

Asset-backed securities

Credit cards 53,647 0.9% 0.0% 0.3% 0.0% 0.4% 0.2% 0.0% 3.8% 0.6
Auto 48,008 0.8% 0.0% 0.0% 0.0% 0.5% 0.3% 0.0% 3.4% 0.8
Other - Stranded cost 7,670 0.1% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.5% 1.7
Other 42,241 0.7% 0.0% 0.4% 0.0% 0.0% 0.2% 0.1% 3.0% 0.3

Total asset-backed securities 151,566 2.5% 0.0% 0.7% 0.0% 0.9% 0.8% 0.1% 10.7% 0.7

Total securitized assets $ 1,417,694 23.5% 3.7% 7.6% 3.1% 2.2% 3.0% 3.8% 100.0% 2.0

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Investment Portfolio - Fixed Maturity Investments Available for Sale - Corporate
(in thousands of United States Dollars)
(Unaudited)

At March 31, 2009
Non-Investment
Sector Total AAA AA A BBB Grade

Financials $ 285,738 $ 16,130 $ 154,438 $ 97,593 $ 8,238 $ 9,339
Industrial, utilities and energy 87,671 167 21,453 31,730 19,393 14,928
Consumer 77,641 2,418 22,820 26,165 11,480 14,758
Communications and technology 60,437 - - 36,478 13,980 9,979
Basic materials 6,913 - - 3,306 1,643 1,964

Total corporate fixed maturity
investments available for sale, at fair value (1) $ 518,400 $ 18,715 $ 198,711 $ 195,272 $ 54,734 $ 50,968

(1) Excludes FDIC guaranteed corporate fixed maturity investments available for sale, at fair value.

RenaissanceRe Holdings Ltd. and Subsidiaries
Supplemental Financial Data - Investment Portfolio
Short Term Investments and Fixed Maturity Investments Available for Sale - Top 10 Corporate Issuers by Fair Value
(in thousands of United States Dollars)
(Unaudited)

At March 31, 2009
Fixed maturity
investments
Short term available for
Issuer Total investments sale

General Electric Company $ 71,238 $ - $ 71,238
Wells Fargo & Company 38,019 - 38,019
JP Morgan Chase & Co. 20,600 2,054 18,546
BP PLC 16,032 - 16,032
Chevron Corporation 15,701 - 15,701
Bank of America Corporation 12,274 100 12,174
The Goldman Sachs Group, Inc. 9,828 - 9,828
Morgan Stanley 9,184 - 9,184
Wal-Mart Stores, Inc. 8,555 - 8,555
Citigroup Inc. 8,555 - 8,555

Total (1) $ 209,986 $ 2,154 $ 207,832

(1) Excludes FDIC guaranteed corporate fixed maturity investments available for sale, at fair value.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the
Company has included certain non-GAAP financial measures in this Press Release
within the meaning of Regulation G. The Company has 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 RenaissanceRe common shareholders," which the Company
believes is the most directly comparable GAAP measure, by the exclusion of net
realized gains and losses on investments. 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, which is not
considered by management to be a relevant indicator 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 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
(in thousands of United States Dollars, except March 31, 2009 March 31, 2008
for per share amounts)

Net income available to RenaissanceRe common $ 97,284 $ 137,165
shareholders
Adjustment for net realized (gains) losses on (3,104) 10,670
investments

Operating income available to RenaissanceRe $ 94,180 $ 147,835
common shareholders

Net income available to RenaissanceRe common $ 1.57 $ 2.05
shareholders per common share - diluted
Adjustment for net realized (gains) losses on (0.05) 0.16
investments

Operating income available to RenaissanceRe $ 1.52 $ 2.21
common shareholders per common share - diluted

Return on average common equity - annualized 16.0% 19.7%
Adjustment for net realized (gains) losses on (0.5%) 1.6%
investments

Operating return on average common equity - 15.5% 21.3%
annualized

The Company has also included in this Press Release "managed catastrophe
premiums." "Managed catastrophe premiums" is defined as gross catastrophe
premiums written by Renaissance Reinsurance and its related joint ventures.
"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. 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.

Investors:
RenaissanceRe Holdings Ltd.
Fred R. Donner, 441-295-4513
Chief Financial Officer and Executive Vice President
or
Media:
Kekst and Company
David Lilly or Dawn Dover, 212-521-4800

Copyright Business Wire 2009