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RenaissanceRe 2010

RenaissanceRe Holdings Ltd consolidated results year ended 31 December ● $m Category 2006 2007 2008 2009 2010 Gross written premium 1,943.65 1,809.64 1,736.03 1,728.93 1,165.30 Net written premium 1,529.62 1,435.34 1,353.62 1,206.40 848.97 Increased NWP % (0.9) (6.2) (5.7) (10.9) (29.6) Retention % 78.7 79.3 78.0 69.8 72.9 Net earned premium 1,529.78 1,424.37 1,386.82 1,273.82 864.92 Claims incurred 446.23 479.27 760.49 197.29 129.35 Claims incurred % NEP 29.2 33.6 54.8 15.5 15.0 Operating expenses 390.28 365.39 335.72 379.46 261.00 Operating expenses % NWP 25.5 25.5 24.8 31.5 30.7 Underwriting result 693.26 579.70 290.62 697.07 474.57 Underwriting result % NWP 45.3 40.4 21.5 57.8 55.9 Combined ratio % 54.7 59.3 79.0 45.3 45.1 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 318.11 402.46 24.23 323.98 203.96 Net realised gains/(losses) (34.46) 1.29 (206.31) 82.07 118.84 Pre-tax result 798.05 758.40 84.72 1,061.75 792.36 Pre-tax % NWP 52.2 52.8 6.3 88.0 93.3 Net result 797.11 612.44 29.02 881.16 744.73 Shareholders' funds 3,280.50 3,477.50 3,032.74 3,840.79 3,936.33 Solvency margin % 214.5 242.3 224.0 318.4 463.7 Unearned premium reserve 578.42 563.34 510.24 446.65 286.18 Outstanding claims reserve 1,796.30 1,845.22 1,861.08 1,507.77 1,156.13 Total technical provisions 2,374.72 2,408.56 2,371.32 1,954.42 1,442.31 Technical reserves as % NWP 155.2 167.8 175.2 162.0 169.9 Overall coverage as % NWP 369.70 410.10 399.20 480.40 633.50 Note: In November 2010, RenRe entered into an agreement to sell substantially all of its US-based insurance operations.

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