RenaissanceRe RenaissanceRe Holdings Ltd. 2012 Annual Report

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Contents

Financial Highlights 1

Company Overview 2

Letter To Our Shareholders 5

Message from the Chairman 13

Executive Committee 14

Essay: Creating Value Over Time From an Integrated System 17

Comments on Regulation G 21

Form 10-K 23

Senior Officers Last Page

Board of Directors Inside Back Cover

Financial and Investor Information Inside Back Cover

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Financial Highlights

Financial Highlights for RenaissanceRe Holdings Ltd. and Subsidiaries

(In thousands of United States dollars, except per share amounts and percentages)

2012 2011 2010

Gross premiums written $1,551,591 1,434,976 1,165,295

Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) $402,366 (162,393) 536,394

Net income (loss) available (attributable) to RenaissanceRe common shareholders $566,014 (92,235) 702,613

Total assets $7,928,628 7,744,912 8,138,278

Total shareholders’ equity $3,507,056 3,608,533 3,939,214

Per common share amounts

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) $7.93 (3.22) 9.32

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $11.23 (1.84) 12.31

Tangible book value per common share (1) $67.28 58.45 60.55

Dividends per common share $1.08 1.04 1.00

Operating ratios

Operating return on average common equity (1) %12.6 (5.3) 16.5

Net claims and claim expense ratio %30.4 90.6 15.0

Underwriting expense ratio %27.4 28.0 30.1

Combined ratio %57.8 118.6 45.1

Gross Managed Premiums Written

($) (In millions) (1) Tangible Book Value Per Common Share Plus Accumulated Dividends ($) (1)

1,600 80

1,200 60

800 40

400 20

0 10 11 12 0 08 09 10 11 12

Managed Catastrophe Specialty Lloyd’s Insurance Tangible Book Value Per Common Share Accumulated Dividends

(1) In this Annual Report we refer to various non-GAAP measures, which are explained in the Comments on Regulation G on pages 21 and 22.

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Value and Focus Through an Integrated System

Company Overview

RenaissanceRe is a leading global provider of property catastrophe reinsurance and insurance worldwide. Founded in Bermuda in 1993, the Company has gained recognition for excellence in the industry through disciplined underwriting, capital management expertise, sophisticated risk analytics and responsive client service. RenaissanceRe is traded on the New York Stock Exchange under the ticker symbol ‘RNR’.

Reinsurance - Property Catastrophe

As one of the leading providers of property catastrophe reinsurance in the world based on managed catastrophe premium, our principal products include catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance.

We underwrite our reinsurance business primarily through Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), DaVinci Reinsurance Ltd. (“DaVinci”) and Top Layer Reinsurance Ltd. (“Top Layer Re”). Using sophisticated computer modeling and our proprietary technology for risk analysis and management, our seasoned team of underwriters seeks to construct a superior risk portfolio, while cultivating long-term relationships with clients who appreciate our problem-solving capabilities.

Reinsurance - Specialty

We offer global specialty reinsurance products principally on an excess of loss basis through Renaissance Reinsurance and DaVinci, and on a proportional basis through Glencoe Insurance Ltd. (“Glencoe”). As a result of our financial strength, we have the ability to provide significant capacity for select risks as well as participate in market placements.

Our coverages include agriculture, aviation, casualty clash, energy, excess casualty, mortgage guaranty, political risk, professional liability, surety, terrorism, trade credit, and catastrophe-exposed workers’ compensation reinsurance.

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RenaissanceRe Holdings Ltd. 2012 Annual Report

Lloyd’s

RenaissanceRe operates through RenaissanceRe Syndicate Management Limited and Syndicate 1458 at Lloyd’s. The extensive distribution network and worldwide licenses of the Lloyd’s marketplace complement and extend both our strategy and our strong underwriting platform in Bermuda.

Coverages currently include property insurance and treaty reinsurance, casualty insurance and treaty reinsurance, and crop reinsurance. The disciplined underwriting approach and rigorous risk management which underpin our Bermuda operation are reflected by our London team.

Ventures

RenaissanceRe’s Ventures unit structures and manages joint ventures as well as other strategic relationships that leverage the Company’s underwriting expertise and experience. We manage several property catastrophe joint ventures that provide additional high quality capacity to our clients and generate fee income for RenaissanceRe. Our principal joint ventures include Top Layer Re and DaVinci, and we seek to structure other joint ventures when market opportunities arise. We also make strategic investments to provide capital to existing clients and market participants in forms other than reinsurance.

Our weather and energy risk management operations, RenRe Energy Advisors Ltd. (REAL), has been a part of the RenaissanceRe group since 2007. This team offers risk management solutions pertaining to weather and energy price risks, which include weather, energy and commodity derivatives and hybrid products.

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Value and Focus Through an Integrated System

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RenaissanceRe Holdings Ltd. 2012 Annual Report

To Our Shareholders

RenaissanceRe’s success in 2012 resulted from the focused, hard work of our talented people, the integration of our operations, and the continued execution of a clear and consistent strategy across our organization.

Our achievements during the year reflected our ongoing commitment to a strategy focused on excellence in evaluating and underwriting low-frequency, high-severity risks. We continued to benefit by enlisting our competitive advantages in the integrated operation of three core areas: superior client relationships, superior risk selection, and superior capital management - an approach explained later in this annual report.

Twenty Years of Focused Leadership

We are in our 20th year of operation. At our inception, we articulated the goal of being the first-call market for our clients and brokers, identifying the “three superiors”

I just mentioned as central drivers to achieving that goal. Over our two decades of operation, those drivers have remained embedded in our culture and proven to be fundamental to our long-term success.

I am proud to see that the business model and guiding principles we developed from the outset and have followed diligently ever since, have enabled us once again to generate attractive returns, despite large industry losses in our core market.

Stepping Up to Opportunity in an Uncertain Market

We have always sought opportunity in difficult markets and to be a consistent source of capital for our clients when they need us most. As 2012 began, the global catastrophe reinsurance market was still somewhat uncertain after the string of major disasters during 2011 and late 2010, which included the Japanese earthquake and tsunami, the New Zealand earthquakes, and Hurricane Irene. After these events, many in our industry reduced exposures during the January 2012 renewal season at a time when our clients were looking for coverages and support. We did not.

At RenaissanceRe, as we have after each major catastrophe since we were formed, we approached the January renewals looking to support our clients as expansively as possible, and to pursue promising opportunities. Despite our prior-year losses, we confidently entered the market, growing managed catastrophe premiums by 35% in the first quarter of 2012. Utilizing our ability to evaluate a wide range of risks quickly, we were able to access some of the most desirable opportunities and assemble a large and attractive portfolio. It included risks such as Japanese, Australian and New Zealand earthquake, as well as our traditionally strong participation in the Atlantic hurricane market.

Later in the year, the June 2012 renewals produced fewer and relatively less attractive growth opportunities than January had offered. However, our leading position in Atlantic hurricane exposed markets and coverages enabled us to write well-priced business. This, along with the decisions we had made in January, allowed us to construct an attractive book of business for the year.

Sandy - A Display of Exceptional Customer Service

In a sense, 2012 can be viewed in two parts: the first nine months, with limited insured catastrophic events, and the final quarter, dominated by Sandy. During the first three

Opposite page:

Neill Currie

Chief Executive Officer

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Value and Focus Through an Integrated System

“We continue to be a leader in providing rapid solutions to cedants and capital providers while striving to ensure that the risks we assume are attractive and well-suited to our own overall portfolio.”

quarters of the year, we experienced some destructive U.S. tornado activity as well as a heightened number of Atlantic hurricanes but few of these reached major strength and, for the most part, remained at sea.

But in late October, Sandy came ashore inflicting significant property damage and, regrettably, loss of life in the densely populated Northeast, especially New York City and the New Jersey coast. Although some in our industry were surprised by the nature and extent of the losses resulting from Sandy, we were not. Our risk models had incorporated the possibility of an event of this scale and in the geographical proximity in which it occurred. Within days after the storm made landfall, we were assisting our clients to evaluate their losses.

Sandy was a prime example of our integrated system at work: the seamless operation of our underwriting, scientific, modeling and claims teams, working in concert. Although it will take a great deal of time for the total claims from Sandy to develop, we quickly estimated our ultimate loss, establishing that it was within our expectation for an event of this nature and would be contained within that quarter’s earnings.

As is the case with all storms, earthquakes or other loss events, Sandy added to our base of information for future modeling. Importantly, it also served as another reminder of the inherent volatility of our business and the importance of our products to our clients. As I have said many times, we expect to incur losses in our business, but believe that through superior risk management, our losses will be manageable and our franchise will endure. Our experience with Sandy, one of the largest insured loss events in U.S. history, certainly supports that view.

Innovative Solutions for Third-Party Capital

As 2012 began, low interest rates continued to force those with capital to explore investment alternatives in order to seek better returns. New market entrants with large pools of capital, including pension funds, hedge funds and university endowments, increasingly turned their attention to our industry.

Again, our flexible business model allowed us to adapt to this market dynamic. Through our Ventures unit, we have always been a leader in developing creative solutions for matching third-party capital with risk/return profiles our capital providers find attractive. Working closely with our underwriters, our Ventures team established a fully collateralized joint venture in January 2012, Upsilon Reinsurance Ltd. (“Upsilon Re”), with a limit of $115 million to write retrocessional protection in a market dislocated by insufficient retrocessional capacity. We built upon the success of Upsilon Re and established Upsilon Re II for 2013, with capacity of $186 million, opening it to new investors.

Similarly, in June 2012 we established Timicuan Reinsurance III Limited (“Tim Re III”), a $96 million vehicle specifically focused on reinsurance for the Florida homeowners market. Tim Re III, like its predecessors, provided our investors with excellent returns.

DaVinci, our long-standing joint venture, which writes the same risks as Renaissance Reinsurance but on a separate balance sheet, significantly diversified its shareholder base. We decreased our ownership during the year from 43% to 33%, to make room for a number of high-quality, long-term investors.

Top Layer Re, our joint venture with State Farm Mutual Automobile Insurance Company that writes high layers of international catastrophe reinsurance, experienced another profitable year. Buyers appreciate the magnitude of the line sizes we offer, along with the claims-paying capability of this partnership. We continue to believe that Top Layer Re is one of the most innovative structures in the market today.

Whether providing limited life vehicles, such as the Upsilon and the Timicuan series, insurance-linked securities, or other ongoing ventures, we have proven ourselves adept at structuring innovative vehicles to match the types of risk our capital providers seek. In a market where capital flows more quickly than ever, we continue to be a leader in providing rapid solutions to cedants and capital providers while striving to ensure that the risks we assume are attractive and well-suited to our own overall portfolio.

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RenaissanceRe Holdings Ltd. 2012 Annual Report

“Sandy was a prime example of our integrated system at work: the seamless operation of our underwriting, scientific, modeling and claims teams, working in concert.”

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Value and Focus Through an Integrated System

“RenaissanceRe Syndicate 1458 promotes broader recognition of the RenaissanceRe brand through the vibrant Lloyd’s market.”

Credit Ratings A.M. Best S&P(4) Moody’s Fitch

Reinsurance Segment(1)

Renaissance Reinsurance A+ AA- A1 A+

DaVinci A A+ A3 -

Glencoe A A - -

Top Layer Re A+ AA - -

Renaissance Reinsurance of Europe A+ AA- - -

Lloyd’s Segment

RenaissanceRe Syndicate 1458 - - - -

Lloyd’s Overall Market Rating(2) A A+ - A+

RenaissanceRe(3) - 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 S&P rating for RenaissanceRe represents the rating on its Enterprise Risk Management practices.

(4) 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.

Being a Core Partner in a Global Marketplace

RenaissanceRe has always focused on being a trusted long-term partner offering sophisticated risk management solutions to our clients.

Increasingly, clients want partners to provide solutions in more than one risk area. They seek “core” partners who will work closely with them, take on larger lines and provide a broader range of product offerings.

Our Specialty reinsurance unit is well positioned to help us fulfill this need, and we have developed expertise in a variety of classes beyond natural property catastrophe coverage.

Specialty premiums increased substantially in 2012, up 44% from 2011. We pursued casualty opportunities in the credit and political risk markets, and repositioned Glencoe, our separate Bermuda-based balanced sheet, to write

U.S. quota share reinsurance. Our strong Specialty teams have built out a meaningful market position, expanded our product offerings, and enhanced our risk management tools and capabilities.

Our Lloyd’s syndicate, which writes both insurance and reinsurance, grew again in 2012 and is continuing to develop as planned. RenaissanceRe Syndicate 1458 promotes broader recognition of the RenaissanceRe brand through the vibrant Lloyd’s market and provides access to transactions we would otherwise not see.

We made several steps to increase our global reach during the year. Among other things, Jon Paradine, formerly Chief Underwriting Officer of our flagship operating entity Renaissance Reinsurance, moved to Singapore to explore potential opportunities in this major regional hub to the bourgeoning Asian market.

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RenaissanceRe Holdings Ltd. 2012 Annual Report

“Tangible book value per common share, plus accumulated dividends – the primary metric by which we measure the value we create for our shareholders over time – rose by 17% from 2011.”

Tangible Book Value Per Common Share Plus Accumulated Dividends ($) (1)

80

60

40

20

0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Tangible Book Value Per Common Share Accumulated Dividends Per Common Share

(1) In this Annual Report, we refer to various non-GAAP measures, which are explained in the Comments on Regulation G on pages 21 and 22.

Excellence in Financial Performance and Capital Management

For the year, net income was $566 million and earnings per share were $11.23. Operating income was $402 million and we generated an operating ROE of 12.6%, one of the best among our peers.

Tangible book value per common share plus accumulated dividends – the primary metric by which we measure the value we create for our shareholders over time – rose by 17% from 2011.

Despite Sandy, 2012 was our sixth best year from a net income perspective and our third best in earnings per share.

Our investment portfolio generated attractive risk-adjusted results of 5.1%. Despite the historically low interest rate environment and the continued sluggish U.S. economy, we

concluded that pockets of opportunity existed in select fixed-income areas. We believed the housing recovery had substance and increased our allocation to non-agency residential mortgage-backed securities as well as commercial mortgage-backed securities. We also raised our allocation to highly-rated corporate bonds. These decisions paid off, although we continued to maintain a conservative posture with a portfolio duration of about two years.

Our other investments, which account for approximately 10% of our investment portfolio, also performed well.

Private equity represents our largest asset class in this portion of the portfolio and largely performed in line with the overall equity markets, returning 9.8% for the year.

At RenaissanceRe, underwriting provides the bulk of our expected profits, not investments. Given the predominantly short-tail nature of our business, we structure our portfolio such that we are able to pay a large number of claims quickly.

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Value and Focus Through an Integrated System

“In 2012, we made great strides in implementing investment, accounting and business support tools that allow us to operate seamlessly as an integrated system.”

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RenaissanceRe Holdings Ltd. 2012 Annual Report

“Our objective is to maintain a unified technological infrastructure linking all our functions onto one global platform.”

Therefore, our investments chiefly maintain our liquidity while providing stability and security for our under- writing operations.

A central tenet of our capital management philosophy has always been to return excess capital to shareholders. During 2012, we repurchased 6.4 million common shares, which we viewed as attractive purchases. In addition, we redeemed 6 million shares or $ 150 million of our 6.60% Series D Preference Shares, half of the issue outstanding, and returned $110 million of capital to our DaVinci shareholders. We view these actions as being consistent with our commitment to returning capital to our shareholders and joint venture partners whenever we have more capital than we can optimally deploy.

Integration and Collaboration Through Our Technological Capabilities

RenaissanceRe has always used sophisticated technology to aid in the selection of risks and the construction of our portfolio. Over the years, we have spent considerable resources developing our proprietary systems. As we gather an ever-growing amount of information and data, we continue to upgrade capabilities and add capacity to our systems. Our goal is to facilitate the evaluation of transactions with greater granularity, to maintain the highest-quality data, and to incorporate whatever new tools and capabilities our underwriters require.

For the past few years, we have focused on ensuring that every area of the organization benefits from the same high technological standard we have developed on the risk assessment side. In 2012, we made great strides in implementing investment, accounting and business support tools that allow us to operate seamlessly as an integrated system across countries, time zones, currencies and business sectors.

Operating Return On Average Common Equity (%) (1)

45

30

15

0

-15

03 04 05 06 07 08 09 10 11 12

(1) In this Annual Report, we refer to various non-GAAP measures, which are explained

in the Comments on Regulation G on pages 21 and 22.

Our objective is to maintain a unified technological infrastructure linking all our functions – whether under- writing, risk analytics, investments, accounting or claims processing – onto one global platform, available around the clock in all our locations around the world.

This consolidated platform allows our people to employ the fullest spectrum of tools available, to optimize their interaction and keep them working together as an integrated global entity.

Thought Leadership and Talent

Externally, we continue to be a thought leader in risk mitigation and community resiliency to natural disasters. In 2012, our risk mitigation leadership forums in Orlando and New Orleans brought together elected officials, climatologists and other scientists, emergency responders,

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Value and Focus Through an Integrated System

“We work hard at hiring smart, well-educated people, who are driven to help our clients and to succeed.”

environmental groups and policy experts to discuss the latest ideas for reducing the risks that natural disasters pose to life and property. We were also closely consulted for our flood assessment expertise during the bipartisan reform of the National Flood Insurance Program.

I am proud of the depth of management throughout the Company. We continue to invest in our team and in recruiting new talent to incorporate a more diverse range of perspectives within the senior leaders of our Company. I am delighted that so many of our professionals continue to broaden their skills, through our mentoring and leadership programs and immersion in our culture, to become excellent managers and executives as well as domain experts. As we pursue our strategic plans for the future, it is critical that we continue to attract and retain talented employees who share our ethical standards and our passion for client service and risk management.

Looking Ahead

In the near term, challenges include non-traditional capital continuing to flow into our market, as well as competition steadily growing more sophisticated. Many of the innovations we pioneered, in areas such as catastrophe modeling and structuring vehicles that facilitate third party capital investment, have been imitated or are now commercially available in some fashion. Keeping our edge is a top priority and at the center of our strategy. I believe that over the past two decades, we have put together a company with unsurpassed capabilities in our field. We work hard at hiring smart, well-educated people, who are driven to help our clients and to succeed. We also try to hire people with whom others want to work, with whom clients and brokers want to do business. The importance of this should not be underestimated; our people are a differentiator for RenaissanceRe.

As always, I thank our Board of Directors for their invaluable counsel, as well as my colleagues on the executive committee for their deep commitment to the Company. I would also like to congratulate Kevin O’Donnell, who was promoted to President and remains Global Chief Underwriting Officer. His achievements have helped to instill the highest underwriting standards throughout the Company. Kevin’s contributions to our success over the years have been significant and his promotion to President reflects those contributions.

Finally, I want to thank all our employees, whose talents and teamwork make RenaissanceRe such a productive and enjoyable place to work, and of course our many shareholders for their continued support. I am gratified to see how far we have come since our formation twenty years ago and I remain excited about the future prospects of the Company.

Sincerely,

Neill A. Currie

Chief Executive Officer

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RenaissanceRe Holdings Ltd. 2012 Annual Report

Message from the Chairman

Our Company had a very good year in 2012, generating strong results, managing shareholders’ capital efficiently and delivering outstanding customer service, which contribute to enhanced long-term value. These results were enjoyed because of strong performance across our entire integrated system, as described in Neill’s letter. My fellow directors join me in thanking our whole team for its collaborative effort and focus on successfully executing the Company’s strategy.

Our principal focus as your Board of Directors is effective fiduciary oversight of the Company’s strategic planning, risk management approach, value creation and performance. The Board’s corporate governance practices are rooted in the same commitment to excellence, principles and values that our executive management team seeks to inculcate across our employee team. In 2012, we reviewed the Company’s business strategies and the performance of its tactical plans. We assessed its capital position, allocation, and optimization planning and evaluated the organization’s succession planning and management bench strength. Finally, we continued our evaluation of executive compensation programs to ensure that they do not create unintended risk, remain aligned with long-term shareholder results, and provide appropriate competitive incentives to attract and retain the talented team upon which our business depends.

On behalf of my fellow directors, I would like to recognize the invaluable contributions and expertise of Thomas Cooper, who has served RenaissanceRe since after the Company’s initial public offering and who retires from the Board this year. Tom has provided both wisdom and strong guidance to the Company and we thank him for his many years of service. In turn, we welcome Brian Gray, who joins our Board after a long career at Swiss Re where he most recently held the position of Group Chief Underwriting Officer. Brian’s industry knowledge and global experience will contribute to our stewardship of the organization on behalf of all of our shareholders.

Lastly, I would like to extend personal thanks to my Board colleagues for their dedication and insight and, together with Neill and all directors, gratitude to our shareholders for their continued support. I am proud of the excellence and discipline being exercised across the organization, which are reflected in the strong performance achieved by RenaissanceRe over time.

Sincerely,

Ralph B. Levy

Chairman

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Value and Focus Through an Integrated System

Executive Committee

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RenaissanceRe Holdings Ltd. 2012 Annual Report

Neill A. Currie

Kevin J. O’Donnell

Peter C. Durhager

Jeffrey D. Kelly

Chief Executive Officer, RenaissanceRe Holdings Ltd.

President,

Global Chief Underwriting Officer, RenaissanceRe Holdings Ltd.

Executive Vice President, Chief Administrative Officer, RenaissanceRe Holdings Ltd.

Executive Vice President, Chief Financial Officer, RenaissanceRe Holdings Ltd.

Ian D. Branagan

Dana J. Cuffe

Ross A. Curtis

Aditya K. Dutt

Senior Vice President,

Chief Risk Officer, RenaissanceRe Holdings Ltd.

Senior Vice President,

Chief Information Officer, RenaissanceRe Holdings Ltd.

Senior Vice President, RenaissanceRe Holdings Ltd., Chief Underwriting Officer of European Operations

Senior Vice President, RenaissanceRe Holdings Ltd., President,

Renaissance Underwriting Managers, Ltd.

Todd R. Fonner

David E. Marra

Justin D. O’Keefe

Jonathan D. A. Paradine

Senior Vice President,

Chief Investment Officer, Treasurer,

RenaissanceRe Holdings Ltd.

Senior Vice President, RenaissanceRe Holdings Ltd.

Senior Vice President, RenaissanceRe Holdings Ltd.

Senior Vice President, RenaissanceRe Holdings Ltd., Principal Officer,

Renaissance Reinsurance Ltd., Singapore Representative Office

Stephen H. Weinstein

Mark A. Wilcox

Senior Vice President,

Chief Compliance Officer, General Counsel and Secretary, RenaissanceRe Holdings Ltd.

Senior Vice President,

Chief Accounting Officer, Corporate Controller, RenaissanceRe Holdings Ltd.

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“Anticipating the final portfolio is essential to consistent selection and pricing of risks within and across renewal cycles.”

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RenaissanceRe Holdings Ltd. 2012 Annual Report

Creating Value Over Time From an Integrated System

Our past three annual reports have discussed the three competitive advantages we seek to deploy: superior customer relationships, superior capital management, and superior risk selection.

Last year we concluded by saying: “It is our belief that our success comes in the first instance from our unwavering focus on each, and in the second from seamless integration of all three.” This year we explain how we seek to achieve that integration.

We have been building our Company as an integrated system since our founding. Indeed, the idea of an integrated system of three competitive advantages was outlined in longhand in notes from a staff meeting on August 24, 1993, when the staff was just four people.

The goal was to create this system and support it through integrated technology, integrated decision-making processes, empowered underwriters, and a unique culture.

The 1993 plan started with underwriting. We aspire to be “the best underwriter.” Underwriting includes both risk and capital components: the best underwriter matches well-structured risk with capital whose providers would find the risk/return trade-off attractive.

Our planning process is illustrative of how the three competitive advantages operate as a single integrated system to match risk and capital. Throughout the year we construct forward-looking representations of the portfolio we expect to write at the upcoming renewal period(s).

Our leadership position in our major markets means we have better quality data with which to estimate how the market and our portfolio will change at the next renewal.

In addition, we believe that the value we provide to ceding companies through our superior customer relationships allows us to obtain more of the business we find attractive and therefore to forecast the lines we will sign better than a typical reinsurer.

The more accurate our planning is, the better we can manage capital to support the expected portfolio. Our finance, underwriting, ventures, and risk teams meet regularly to assess the expected portfolio and plan capital management. This assessment includes the balance sheets we manage for third-party capital in our joint venture business. We adjust our plans in real time if conditions change unexpectedly in either the reinsurance or capital markets.

Having a good estimate of our expected portfolio at the next renewal also improves our ability to select risk. Each risk added to our portfolio interacts with other risks either by diversifying or amplifying aggregate risk. So, anticipating the final portfolio is essential to consistent selection and pricing of risks within and across renewal cycles.

Bringing efficient capital to the market and pricing our product consistently are two factors that we believe contribute to superior customer relationships.

In short, the three competitive advantages that we seek, when managed in an integrated manner, become self-reinforcing.

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Value and Focus Through an Integrated System

“Having one robust set of real-time numbers allows collaborative decision-making among risk, finance, ventures, and underwriting teams.”

Integrated Technology

Being the best underwriter in our definition – matching risk and capital – requires and is enabled by a single system to assess and manage all forms of risk and capital. Shortly after our founding we began building our proprietary Renaissance Exposure Management System (REMS©

). REMS©

intends to capture all assumed risk, all balance sheets, all third-party capital vehicles, all classes of business, investments, reserve risk, credit risk, and other forms of risk irrespective of where it arises within the Company. REMS©

facilitates critical processes across the Company: exposure analysis, deal structuring, gross portfolio optimization and management, the ceding of gross risk, capital management, and risk control. By providing information in real time, REMS©

allows us to adjust plans on a daily basis to incorporate new information.

Integrated Decision-Making

Having one robust set of real-time numbers allows collaborative decision-making among risk, finance, ventures, and underwriting teams. There are many forms of capital with different risk tolerances that can be deployed into the reinsurance market. We seek to bring ceding companies the most efficient capital by optimally balancing the use of our shareholders’ capital, various forms of third-party capital, and ceded retrocessional reinsurance protection. For example, if capital markets change, we can assess the trade-offs among changing our capital management plans, changing the retrocession protection we buy, changing how we assume risk, or repositioning the investment portfolio.

Empowered Underwriters

Our underwriters match our clients’ risk with the right capital. To play their role most effectively, our underwriters are empowered as decision-makers and provided industry-leading tools and risk measures to enable consistent and optimal portfolio construction. REMS©

allows underwriters to evaluate and develop price quotes for different structures backed by different forms of

capital, and it does this in real time to better serve clients and brokers. Our goal is for brokers and ceding companies to receive consistent exposure-based pricing across all our operating units.

An Integrated Culture

Our “all for one, one for all” culture is another self-reinforcing aspect of the integrated system. The culture demands that we operate as one company, not a set of independent local entities. We are a meritocracy, where our leaders reward teamwork, peer review, and careful analysis.

The culture and integrated system are supported by a compensation program focused on rewarding achievement of long-term corporate goals, centrally-managed global support functions, and an inclusive “one company” approach to long-term strategy and budgeting.

Conclusion

Operating a company with multiple lines of business, geographies, and capital sources as a seamlessly integrated system is not as simple as it may seem. Achieving our mission and vision drives us to be a leader in our markets, which comes from – and reinforces – being the best underwriter, which we believe is achievable over the long-term only through operating as an integrated system.

Over the past twenty years, we have differentiated our Company as a leader in risk and capital management, and customer service. Our founding principles have enabled us to lead many of the changes in reinsurance and capital management, while at the same time avoiding less attractive choices. Operating the Company as an integrated system positions us best to continue to achieve our mission of generating superior returns over the long term.

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Financial Information

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•	we are exposed to significant losses from catastrophic events and other exposures that we cover, which we expect to cause significant volatility in our financial results from time to time;

•	the frequency and severity of catastrophic events or other events which we cover could exceed our estimates and cause losses greater than we expect;

•	the inherent uncertainties in our reserving process, particularly as regards to large catastrophic events and longer tail casualty lines, which uncertainties could increase as the product classes we offer evolve over time;

•	the risk of the lowering or loss of any of the financial strength, claims paying or enterprise wide risk management ratings of RenaissanceRe Holdings Ltd. ("RenaissanceRe") or of one or more of our subsidiaries or changes in the policies or practices of the rating agencies;

•

risks associated with appropriately modeling, pricing for, and contractually addressing new or potential factors in loss emergence, such as the trend toward potentially significant global warming and other aspects of climate change which have the potential to adversely affect our business, any of which could cause us to underestimate our exposures and potentially adversely impact our financial results;

•	risks due to our increasing reliance on a small and potentially decreasing number of insurance and reinsurance brokers for the preponderance of our revenue;

•

the risk that our customers may fail to make premium payments due to us (a risk that we believe has increased in certain of our key markets), as well as the risk of failures of our reinsurers, brokers or other counterparties to honor their obligations to us, including as regards to large catastrophic events, and also including their obligations to make third party payments for which we might be liable;

•	a contention by the Internal Revenue Service that Renaissance Reinsurance Ltd. ("Renaissance Reinsurance"), or any of our other Bermuda subsidiaries, is subject to U.S. taxation;

•	risks associated with implementing our business strategies and initiatives, including risks related to developing or enhancing the operations, controls and other infrastructure necessary in respect of our more recent, new or proposed initiatives, and the risk that we may fail to succeed in our business or financing plans for these initiatives;

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•

risks relating to operating in a highly competitive environment, which we expect to continue to increase over time from new competition from traditional and non-traditional participants, particularly as capital markets products provide alternatives and replacements for more traditional reinsurance and insurance products, as new entrants or existing competitors attempt to replicate our business model, and as a result of consolidation in the (re)insurance industry;

•	risks associated with potential for loss of services of any one of our key senior officers, the risk that we fail to attract or retain the executives and employees necessary to manage our business, or difficulties associated with the transition of members of our senior management team for new or expanded roles necessary to execute our strategic and tactical plans;

•

risks relating to adverse legislative developments that could reduce the size of the private markets we serve, or impede their future growth, including proposals to shift United States ("U.S.") catastrophe risks to federal mechanisms; similar proposals at the state level in the U.S., including the risk of new legislation in Florida to expand the reinsurance coverages offered by the Florida Hurricane Catastrophe Fund ("FHCF") and the insurance policies written by state-sponsored Citizens Property Insurance Corporation ("Citizens"), or failing to implement reforms to reduce such coverages; and the risk that new legislation will be enacted in the international markets we serve which might reduce market opportunities in the private sector, weaken our customers or otherwise adversely impact us;

•	risks relating to the inability, or delay, in the claims paying ability of Citizens, FHCF or of private market participants in Florida, particularly following a large windstorm or of multiple smaller storms, which we believe would further weaken or destabilize the Florida market and give rise to an unpredictable range of impacts which might be adverse to us, perhaps materially so;

•	the risk of potential challenges to the Company's claim of exemption from insurance regulation under certain current laws and the risk of increased global regulation of the insurance and reinsurance industry;

•	the passage of federal or state legislation subjecting Renaissance Reinsurance or our other Bermuda subsidiaries to supervision, regulation or taxation in the U.S. or other jurisdictions in which we operate, or increasing the taxation of business ceded to us;

•	the risk that there could be regulatory or legislative changes adversely impacting us, as a Bermuda-based company, relative to our competitors, or actions taken by multinational organizations having such an impact;

•	risks associated with highly subjective judgments, such as valuing our more illiquid assets, and determining the impairments taken on our investments, all of which impact our reported financial position and operating results;

•	risks associated with our investment portfolio, including the risk that our investment assets may fail to yield attractive or even positive results; and the risk that investment managers may breach our investment guidelines, or the inability of such guidelines to mitigate risks arising out of the ongoing period of relative economic weakness;

•	risks associated with inflation, which could cause loss costs to increase, and impact the performance of our investment portfolio, thereby adversely impacting our financial position or operating results;

•	the risk we might be bound to policyholder obligations beyond our underwriting intent, including due to emerging claims and coverage issues;

•	risks associated with counterparty credit risk, including with respect to reinsurance brokers, customers, agents, retrocessionaires, capital providers, parties associated with our investment portfolio and/or our energy trading business, and premiums and other receivables owed to us, which risks we believe continue to be heightened as a result of the ongoing period of relative economic weakness;

•	risks associated with our allocation of capital to our weather and energy risk management operations, including the risks that these operations may give rise to unforeseen or unanticipated losses;

•	the risk that ongoing or future industry regulatory developments will disrupt our business, or that of our business partners, or mandate changes in industry practices in ways that increase our costs, decrease our revenues or require us to alter aspects of the way we do business;

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•	acts of terrorism, war or political unrest;

•	changes in insurance regulations in the U.S. or other jurisdictions in which we operate, including risks arising out of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") or its related rule making or implementation;

•	risks that the advent of the new U.S. Federal Insurance Office or other related developments may adversely impact our business, or significantly increase our operating costs;

•	operational risks, including system or human failures;

•	risks in connection with our management of third party capital;

•

changes in economic conditions, including interest rate, currency, equity and credit conditions which could affect our investment portfolio or declines in our investment returns for other reasons which could reduce our profitability and hinder our ability to pay claims promptly in accordance with our strategy, which risks we believe are currently enhanced in light of the current uncertainty regarding U.S. fiscal policy and the ongoing period of relative economic weakness, both globally, particularly in respect of Eurozone countries and companies, and in the U.S.;

•	risks relating to our potential failure to comply with covenants in our debt agreements;

•	risks relating to the inability of our operating subsidiaries to declare and pay dividends to RenaissanceRe;

•	risks that we may require additional capital in the future, particularly after a catastrophic event or to support potential growth opportunities in our business, which may not be available or may be available only on unfavorable terms;

•	risks that certain of our new or potentially expanding business lines could have a significant negative impact on our financial results or cause significant volatility in our results for any particular period, including risks relating to our weather and energy risk operations, whose results may be more volatile than we estimate;

•	risks arising out of possible changes in the distribution or placement of risks due to increased consolidation of customers or insurance and reinsurance brokers, or from potential changes in their business practices which may be required by future regulatory changes; and

•	risks relating to changes in regulatory regimes and/or accounting rules, which could result in significant changes to our financial results, including but not limited to, the European Union ("EU") directive concerning capital adequacy, risk management and regulatory reporting for insurers.

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(1)

Property catastrophe reinsurance, principally written for our own account, and for DaVinci, is our traditional core business. We believe we are one of the world's leading providers of this coverage, based on total catastrophe gross premiums written. This coverage protects against large natural catastrophes, such as earthquakes, hurricanes and tsunamis, as well as claims arising from other natural and man-made catastrophes such as winter storms, freezes, floods, fires, wind storms, tornadoes, explosions and acts of terrorism. We offer this coverage to insurance companies and other reinsurers primarily on an excess of loss basis. This means that we begin paying when our customers' claims from a catastrophe exceed a certain retained amount.

(2)	Specialty reinsurance, also principally written for our own account and for DaVinci, covering certain targeted classes of business where we believe we have a sound basis for underwriting and pricing the risk that we assume. Our portfolio includes various classes of business, such as catastrophe

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(1)	Total catastrophe premiums written includes $Nil, $Nil and $9.5 million of gross premiums written assumed from our Other category for the years ended December 31, 2012, 2011 and 2010, respectively.

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(1)	The category "Worldwide (excluding U.S.)" consists of contracts that cover more than one geographic region (other than the U.S.). The exposure in this category for gross premiums written to date is predominantly from Europe and Japan.

(2)	The Other category consists of contracts that are primarily exposed to U.S. risks.

(3)

Represents $0.5 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment, for the year ended December 31, 2012 (2011 - $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment, 2010 - $9.5 million, $17.4 million and $0.2 million of gross premiums ceded from the Other category to the Reinsurance segment, from the Other category to the Lloyd's segment and from the Reinsurance segment to the Lloyd's segment, respectively).

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•	simulate a range of potential outcomes that adequately represents the risk to an individual contract;

•	analyze the incremental impact of an individual reinsurance contract on our overall portfolio;

•	better assess the underlying exposures associated with assumed retrocessional business;

•	price contracts within a short time frame;

•	capture various classes of risk, including catastrophe and other insurance risks;

•	assess risk across multiple entities (including our various joint ventures) and across different components of our capital structure; and

•	provide consistent pricing information.

•	the reputation of the proposed cedant and the likelihood of establishing a long-term relationship with the cedant;

•	the geographic area in which the cedant does business and its market share;

•	historical loss data for the cedant and, where available, for the industry as a whole in the relevant regions and lines of business, in order to compare the cedant's historical catastrophe loss experience to industry averages;

•	the cedant's pricing strategies; and

•	the perceived financial strength of the cedant and factors such as the cedant's historical record of making premium payments in full and on a timely basis.

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(1)

Assumed Risk. We define assumed risk as activities where we deliberately take risk against the Company's capital base, including underwriting risks and other quantifiable risks such as credit risk and interest rate risk as they relate to investments, ceded reinsurance credit risk and strategic investment risk, each of which can be analyzed in substantial part through quantitative tools and techniques. Of these, we believe underwriting risk to be the most material to us. In order to understand, monitor, quantify and proactively assess underwriting risk, we seek to develop and deploy appropriate tools to, among other things, estimate the comparable expected returns on potential business opportunities, and estimate the impact that such incremental business could have on our overall risk profile. We use the tools and methods described above in "Underwriting" to seek to achieve these objectives. Embedded within our consideration of assumed risk is our management of the Company's aggregate, consolidated risk profile. In part through the utilization of REMS© and our other systems and procedures, we seek to analyze our in-force aggregate assumed risk portfolio on a daily basis. We believe this capability helps us to manage our aggregate exposures, as well as to rigorously analyze individual proposed transactions and evaluate them in the context of our in-force portfolio. This aggregation process captures line of business, segment and corporate risk profiles, calculates internal and external capital tests and explicitly models ceded reinsurance. Generally, additional data is added quarterly to our aggregate risk framework to reflect updated or new information or estimates relating to matters such as interest rate risk, credit risk, capital adequacy and liquidity. This information is used in day-to-day decision making for underwriting, investments and operations and is also reviewed quarterly from both a unit level and in respect of our consolidated financial position. We also regularly assess, monitor and review our regulatory risk capital and related constraints.

(2)

Business Environment Risk.   We define this as the risk of changes in the business, political or regulatory environment that could negatively impact our short term or long-term financial results or the markets in which we operate. Accordingly, these risks are predominately extrinsic to the Company and in general, our ability to alter or eliminate these risks is limited. Rather, our efforts focus on monitoring developments, assessing potential impacts of any such changes, and investing in cost effective means to attempt to mitigate the consequences of and ensure compliance with any new requirements applicable to us.

(3)	Operational Risk. We are subject to a number of additional risks arising out of operational, regulatory, and other matters. We define operational risk to include the risk that we fail to create, manage, control or mitigate the people, processes, structures or functions required to execute our strategic and tactical plans and assemble an optimized portfolio of assumed risk, and to adjust to

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•

Class 3A and Class 4 general business insurers are required to submit annual statutory financial statements as part of its statutory financial return no later than four months after the insurer's financial year end (unless specifically extended). The annual statutory financial statements give detailed information and analyses regarding premiums, claims, reinsurance, reserves and investments. The statutory financial return includes, among other items: a report of the approved independent auditor on the statutory financial statements; a declaration of statutory ratios; a solvency certificate; the statutory financial statements themselves; the opinion of the approved loss reserve specialist; and details concerning ceded reinsurance.

•	In addition to preparing statutory financial statements, all Class 3A and Class 4 insurers must prepare financial statements in respect of their insurance business in accordance with GAAP or International Financial Reporting Standards ("IFRS").

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A general business insurer's statutory assets must exceed its statutory liabilities by an amount, equal to or greater than the prescribed minimum solvency margin, which varies with the category of its registration and net premiums written and loss reserves posted ("Minimum Solvency Margin"). The Minimum Solvency Margin that must be maintained by a Class 4 insurer is the greater of (i) $100.0 million, or (ii) 50% of net premiums written (with a credit for reinsurance ceded not exceeding 25% of gross premiums) or (iii) 15% of net discounted aggregate loss and loss expense provisions and other insurance reserves. The Minimum Solvency Margin for a Class 3A insurer is the greater of (i) $1.0 million, or (ii) 20% of the first $6.0 million of net premiums written; if in excess of $6.0 million, the figure is $1.2 million plus 15% of net premiums written in excess of $6.0 million, or (iii) 15% of net discounted aggregate loss and loss expense provisions and other insurance reserves.

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In addition, each Class 3A and Class 4 insurer must maintain its capital at a level equal to its enhanced capital requirement ("ECR") which is established by reference to the Bermuda Solvency Capital Requirement ("BSCR") model. Alternatively, under the Insurance Act, insurers may, subject to the terms of the Insurance Act and to the BMA's oversight, elect to utilize an approved internal capital model to determine regulatory capital. In either case, the ECR shall at all times equal or exceed the respective Class 3A and Class 4 insurer's Minimum Solvency Margin and may be adjusted in circumstances where the BMA concludes that the insurer's risk profile deviates significantly from the assumptions underlying its ECR or the insurer's assessment of its risk management policies and practices used to calculate the ECR applicable to it. While not specifically referred to in the Insurance Act, the BMA has also established a target capital level ("TCL") for each Class 3A and Class 4 insurer equal to 120% of the respective ECR. While a Class 3A and Class 4 insurer is not currently required to maintain its statutory capital and surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased BMA regulatory oversight.

•	An insurer engaged in general business is required to maintain the value of its relevant assets at not less than 75% of the amount of its relevant liabilities ("Minimum Liquidity Ratio").

•

Both Class 3A and Class 4 insurers are prohibited from declaring or paying any dividends if in breach of the required Minimum Solvency Margin or Minimum Liquidity Ratio (the "Relevant Margins") or if the declaration or payment of such dividend would cause the insurer to fail to meet the Relevant Margins. Further, a Class 4 insurer is prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year's statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit stating that it will continue to meet its Relevant Margins. Class 3A and Class 4 insurers must obtain the BMA's prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year's financial statements. These restrictions on declaring or paying dividends and distributions under the Insurance Act are in addition to the solvency requirements under the Companies Act which apply to all Bermuda companies.

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Unlike other (re)insurers, SPIs are fully funded to meet their (re)insurance obligations and are not exposed to insolvency, therefore the application and supervision processes are streamlined to facilitate the transparent structure.  Further, SPIs are exempt from filing annual loss reserve specialist opinions and the BMA has the discretion to modify such insurer's accounting requirements under the Insurance Act.  Like other (re)insurers, the principal representative of an SPI has a duty to inform the BMA in relation to solvency matters, where applicable.

•

The BMA maintains supervision over the controllers (as defined herein) of all Bermuda registered insurers. Currently the Insurance Act states that no person shall become a controller of any description of a registered insurer unless he has first served the BMA notice in writing stating that he intends to become such a controller. A controller includes the managing director and chief executive of the registered insurer or its parent company; a 10%, 20%, 33% or 50% shareholder controller; and any person in accordance with whose directions or instructions the directors of the registered insurer or of its parent company are accustomed to act. In addition, all Bermuda insurers are also required to give the BMA written notice of the fact that a person has become, or ceased to be, a controller or officer of the registered insurer within 45 days of becoming aware of such fact. An officer in relation to a registered insurer includes a director, secretary, chief executive or senior executive by whatever name called.

•	All registered insurers are required to give the BMA 14 days' notice of certain matters that are likely to be of material significance (each a "Material Change") to the BMA in carrying out its supervisory function under the Insurance Act.

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All Bermuda insurers are required to comply with the BMA's Insurance Code of Conduct which establishes duties, requirements and standards to be complied with to ensure each insurer implements sound corporate governance, risk management and internal controls. Failure to comply with these requirements will be a factor taken into account by the BMA in determining whether an insurer is conducting its business in a sound and prudent manner under the Insurance Act.

•

Pursuant to the Insurance Act, the BMA acts as the group supervisor of the RenaissanceRe group of companies (the "RenaissanceRe Group") and it has designated Renaissance Reinsurance to be the "designated insurer" in respect of the RenaissanceRe Group. The designated insurer is required to ensure that the RenaissanceRe Group complies with the provisions of the Insurance Act pertaining to groups and all related group solvency and group supervision rules (together, the "Group Rules"). Under the Group Rules, the RenaissanceRe Group is required to annually prepare and submit to the BMA group GAAP financial statements, a group statutory financial return and a group capital and solvency return. Further, our Board of Directors has established solvency self assessment procedures for the RenaissanceRe Group that factor in all foreseeable material risks; Renaissance Reinsurance must ensure that the RenaissanceRe Group's assets exceed the amount of the RenaissanceRe Group's liabilities by the aggregate minimum margin of solvency of each qualifying member; and our Board of Directors has established and effectively implement corporate governance policies and procedures to ensure they support the overall organizational strategy of the RenaissanceRe Group. In addition, the RenaissanceRe Group is required to prepare and submit a quarterly financial return comprising unaudited group statutory financial statements, a schedule of intra-group transactions and a schedule of risk concentrations.

•	The BMA has certain powers of investigation and intervention relating to insurers and their holding companies, subsidiaries and other affiliates, which it may exercise in the interest of such insurer's policyholders or if there is any risk of insolvency or of a breach of the Insurance Act or the insurer's license conditions.

•	Under the provisions of the Insurance Act, the BMA may, from time to time, conduct "on site" visits at the offices of insurers it regulates. Over the past several years the BMA has conducted several "on site" reviews in respect of our Bermuda-domiciled operating insurers. No remedial actions were communicated to us as a result of any of the on-site reviews to date.

•	The BMA may cancel an insurer's registration on certain grounds specified in the Insurance Act.

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•	a classified Board, whose size is fixed and whose members may be removed by the shareholders only for cause upon a 66  2/3% vote;

•	restrictions on the ability of shareholders to nominate persons to serve as directors, submit resolutions to a shareholder vote and requisition special general meetings;

•	a large number of authorized but unissued shares which may be issued by the Board without further shareholder action; and

•	a 66  2/3% shareholder vote to amend, repeal or adopt any provision inconsistent with several provisions of the Bye-Laws.

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•	provide insurance and reinsurance capacity in markets and to consumers that we target, such as the legislation enacted in Florida in 2007 or the proposed federal legislation described above;

•	expand the scope of coverage under existing policies for perils such as hurricanes or earthquakes or for a pandemic disease outbreak;

•	increasingly mandate the terms of insurance and reinsurance policies;

•	expand the proposed scope of the FIO or establish a new federal insurance regulator;

•	revise laws, regulations, or contracts under which we operate;

•	disproportionately benefit the companies of one country over those of another; or

•	repeal or diminish the insurance company antitrust exemption from the McCarran Ferguson Act.

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(1)

Property catastrophe reinsurance, principally written for our own account, and for DaVinci, is our traditional core business. We believe we are one of the world's leading providers of this coverage, based on catastrophe gross premiums written. This coverage protects against large natural catastrophes, such as earthquakes, hurricanes and tsunamis, as well as claims arising from other natural and man-made catastrophes such as winter storms, freezes, floods, fires, wind storms, tornadoes, explosions and acts of terrorism. We offer this coverage to insurance companies and other reinsurers primarily on an excess of loss basis. This means that we begin paying when our customers' claims from a catastrophe exceed a certain retained amount.

(2)

Specialty reinsurance, also principally written for our own account, and for DaVinci, covering certain targeted classes of business where we believe we have a sound basis for underwriting and pricing the risk that we assume. Our portfolio includes various classes of business, such as catastrophe exposed workers' compensation, surety, terrorism, energy, aviation, crop, political risk, trade credit, financial, mortgage guarantee, catastrophe-exposed personal lines property, casualty clash, certain other casualty lines and other specialty lines of reinsurance that we collectively refer to as specialty reinsurance. We believe that we are seen as a market leader in certain of these classes of business. We are seeking to expand our specialty reinsurance operations over time, although we cannot assure you that we will do so, particularly in light of current and forecasted market conditions. Our specialty reinsurance business is typically significantly impacted by a comparably small number of relatively large transactions.

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•	Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which we have access. The fair value is determined by multiplying the quoted price by the quantity held by us;

•

Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•

Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management's best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

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(1)	See "Note 19. Derivative Instruments in our Notes to Consolidated Financial Statements" for additional information related to the fair value by type of contract, of derivatives entered into by us.

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•

Increased Gross Premiums Written - gross premiums written increased $116.6 million, or 8.1%, to $1,551.6 million. Excluding the impact of $20.1 million and $160.3 million of net reinstatement premiums written from large losses in 2012 and 2011, respectively, gross premiums written increased $256.8 million, or 20.1% for the year, due to a combination of improved pricing during the 2012 renewals within our core markets, and continued growth across most lines of business within our specialty unit and Lloyd's segment;

•

Significantly Improved Underwriting Results - underwriting income of $451.3 million and a combined ratio of 57.8% in 2012, compared to an underwriting loss of $177.2 million and a combined ratio of 118.6% in 2011, was positively impacted by the increase in gross premiums written, noted above, and a decrease in net claims and claim expenses of $536.0 million due to significantly lower insured losses with respect of large events. Included in underwriting income for 2012 was $149.1 million and $26.3 million of underwriting losses related to storm Sandy and hurricane Isaac, respectively, which added a total of 19.0 percentage points to our 2012 combined ratio. In 2011, a number of large losses, namely the 2011 New Zealand and Tohoku earthquakes, the large U.S. tornadoes, the Australian floods, losses arising from aggregate contracts, hurricane Irene and the Thailand floods (collectively referred to as the "2011 Large Losses") resulted in $725.2 million of underwriting losses and added 85.4 percentage points to the Company's combined ratio, as detailed in the table below;

•

Higher Investment Results - our net investment income and net realized and unrealized gains on investments increased $49.4 million and $93.3 million, respectively, in 2012, compared to 2011, primarily due to higher total returns in our fixed maturity investments portfolio as a result of the significant tightening of credit spreads combined with higher average invested assets and improved valuations in our portfolio of other investments, specifically our senior secured bank loan funds;

•

Equity in Earnings of Other Ventures - our equity in earnings of other ventures improved to earnings of $23.2 million in 2012, compared to a loss of $36.5 million in 2011. The $59.8 million improvement is primarily due to our equity investment in Top Layer Re which generated income of $20.8 million in 2012, compared to a loss of $37.5 million in 2011, an improvement of $58.3 million, principally due to the absence of large losses during 2012, compared to claims and claim expenses incurred in 2011 in Top Layer Re related to the 2011 New Zealand and Tohoku earthquakes; and partially offset by

•

Other Loss - our other loss deteriorated $22.2 million to a loss of $22.9 million in 2012, compared to a loss of $0.7 million in 2011, primarily the result of ceded reinsurance contracts accounted for at fair value which incurred a loss of $4.6 million in 2012, compared to income of $37.4 million in 2011, due to net recoverables on the Tohoku earthquake in the first quarter of 2011 which did not reoccur in 2012 and partially offset by $20.8 million of trading losses within the Company's weather and energy risk management operations, compared to trading losses of $45.0 million in 2011; and

•

Net (Income) Loss Attributable to Redeemable Noncontrolling Interest - DaVinciRe - our net income attributable to redeemable noncontrolling interest - DaVinciRe was $147.5 million in 2012, compared to net loss attributable to redeemable noncontrolling interest - DaVinciRe of $33.7 million in 2011, a change of $181.2 million, principally due to a significant improvement in underwriting income as a result of the decrease in current accident year net claims and claim expenses and higher investment results, as noted above, which also impacted DaVinciRe, and together resulted in net income of $212.5 million for DaVinciRe in 2012, compared to net loss of $61.3 million for DaVinciRe in 2011. In addition, our ownership in DaVinciRe decreased from 42.8% at December 31, 2011 to 30.8% at December 31, 2012, consequently increasing redeemable noncontrolling interest - DaVinciRe.

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Significant Catastrophe Events and Corresponding Underwriting Losses - our underwriting loss of $177.2 million in 2011 deteriorated $651.7 million from underwriting income of $474.6 million in 2010, primarily due to $725.2 million of underwriting losses as a result of a number of large losses, namely the 2011 Large Losses, and resulted in $559.5 million of net negative impact, compared to $211.7 million of net negative impact from the large losses of 2010, an increase of $347.9 million, as detailed below;

•	Lower Favorable Development on Prior Years Claims and Claim Expenses - favorable development on prior years claims and claim expenses decreased $170.1 million to $132.0 million in 2011, compared to $302.1 million in 2010, and was comprised primarily of $136.9 million related to our Reinsurance segment, as detailed below;

•

Lower Investment Results - net investment income and net realized and unrealized gains on investments deteriorated $86.0 million and $73.8 million, respectively, compared to 2010. The decrease in our investment results was primarily due to lower total returns on the fixed maturity investments portfolio, a decrease in the returns from our hedge fund and private equity investments due to relatively weaker performance, and lower returns on certain non-investment grade allocations included in other investments;

•

Other (Loss) Income - our other (loss) income deteriorated $41.8 million to a loss of $0.7 million in 2011, compared to income of $41.1 million in 2010, primarily the result of $45.0 million of trading losses within the Company's weather and energy risk management operations due to the unusually warm weather experienced in the United Kingdom and certain parts of the the United States during the fourth quarter of 2011, compared to trading income of $8.1 million in 2010, more than offsetting our ceded reinsurance contracts accounted for at fair value which generated $37.4 million in income in 2011, compared to $5.2 million in 2010, principally as a result of net recoverables from the Tohoku earthquake;

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Equity in Losses of Other Ventures - our equity in losses of other ventures deteriorated to a loss of $36.5 million in 2011, compared to a loss of $11.8 million in 2010. The decrease is primarily due to our equity investment in Top Layer Re which incurred a loss of $37.5 million in 2011, compared to a loss of $12.1 million in 2010, a deterioration of $25.4 million, principally due to current accident year claims and claim expenses in Top Layer Re related to the 2011 New Zealand earthquake and the Tohoku earthquake;

•

Loss from Discontinued Operations - our loss from discontinued operations is $15.9 million in 2011, compared to income from discontinued operations of $62.7 million in 2010, and is primarily due to certain tax related adjustments and the recognition of a $10.0 million expense related to a contractually agreed obligation to pay, or otherwise reimburse, QBE for amounts up to $10.0 million in respect of net adverse development on prior accident years net claims and claims expenses for reserves that were sold to QBE.  Income from discontinued operations in 2010 is primarily due to underwriting income of $57.0 million which was principally attributable to strong underwriting results for the 2010 crop year; and partially offset by

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Net Loss Attributable to Redeemable Noncontrolling Interest - DaVinciRe - our net loss attributable to redeemable noncontrolling interest - DaVinciRe was $33.7 million in 2011, compared to net income attributable to redeemable noncontrolling interest - DaVinciRe of $116.5 million in 2010, a change of $150.2 million, and principally due to a significant reduction in underwriting income, due to the increase in current accident year net claims and claim expenses, combined with lower investment results, as noted above, which also impacted DaVinciRe and together resulted in a net loss for 2011, compared to net income in 2010, and consequently decreased redeemable noncontrolling interest - DaVinciRe.

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(1)	Includes gross premiums written of $Nil assumed from the Other category for the year ended December 31, 2012 (2011 - $Nil, 2010 - $9.5 million).

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(1)	Includes gross premiums written of $Nil assumed from the Other category for the year ended December 31, 2012 (2011 - $Nil, 2010 - $9.5 million).

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(1)	Includes gross premiums written of $Nil and $0.5 million assumed from the Other category and Reinsurance segment, respectively, for the year ended December 31, 2012 (2011 - $Nil and $0.1 million, 2010 - $17.4 million and $0.2 million, respectively).

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•	a $42.1 million decrease in other income generated by our assumed and ceded reinsurance contracts accounted for at fair value, principally as a result of $45.0 million of net recoverables from the Tohoku earthquake during 2011 not reoccurring in 2012;

•	the absence in 2012 of a mark-to-market adjustment on the Platinum warrant due to its sale during the first quarter of 2011 and the sale of NBIC in the third quarter of 2011; and partially offset by

•	a relatively lower level of losses from our weather and energy risk management operations of $20.8 million due to the unusually warm weather experienced in parts of the United Kingdom and parts of the United States during the first quarter of 2012, compared to losses from these operations of $45.0 million in 2011.

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(1)

On November 27, 2012, we announced mandatory partial redemption of 6.0 million of our outstanding Series D Preference Shares at a redemption price of $25.00 per Series D Preference Share. The partial redemption was allocated by random lottery in accordance with the Depository Trust Company's rules and procedures and on December 27, 2012 we redeemed the 6.0 million Series D Preference Shares called for redemption for $150.0 million plus accrued and unpaid dividends thereon. Following this transaction, 6.0 million Series D Preference Shares remain outstanding.

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(1)	The A.M. Best, S&P, Moody's and Fitch ratings for the companies in the Reinsurance segment 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 S&P rating for RenaissanceRe represents rating on its Enterprise Risk Management practices.

(4)	The S&P ratings for the companies in the Reinsurance segment reflect, in addition to the insurer's financial strength rating, the insurer's issuer credit rating.

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(1)

The credit ratings included in this table are those assigned by 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.

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•

Changes in the overall interest rate environment can expose us to "prepayment risk" on our mortgage-backed investments. When interest rates decline, consumers will generally make prepayments on their mortgages and, as a result, our investments in mortgage-backed securities will be repaid to us more quickly than we might have originally anticipated. When we receive these prepayments, our opportunities to reinvest these proceeds back into the investment markets will likely be at reduced interest rates. Conversely, when interest rates increase, consumers will generally make fewer prepayments on their mortgages and, as a result, our investments in mortgage-backed securities will be repaid to us less quickly than we might have originally anticipated. This will increase the duration of our portfolio, which is disadvantageous to us in a rising interest rate environment.

•	Our investments in mortgage-backed securities are also subject to default risk. This risk is due in part to defaults on the underlying securitized mortgages, which would decrease the market value of the investment and be disadvantageous to us. Similar risks apply to other asset-backed securities in which we may invest from time to time.

•	Our investments in debt securities of other corporations are exposed to losses from insolvencies of these corporations, and our investment portfolio can also deteriorate based on reduced credit quality of these corporations. We are also exposed to the impact of widening credit spreads even if specific securities are not downgraded.

•	Our investments in asset-backed securities are subject to prepayment risks, as noted above, and to the structural risks of these securities. The structural risks primarily emanate from the priority of each security in the issuer's overall capital structure. We are also exposed to the impact of widening credit spreads.

•

Within our other investments category, we have several funds that invest in non-investment grade fixed income securities as well as securities denominated in foreign currencies. These investments expose us to losses from insolvencies and other credit-related issues. We are also exposed to fluctuations in foreign exchange rates that may result in realized losses to us if our exposures are not hedged or if our hedging strategies are not effective and also to widening of credit spreads.

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

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

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(1)	Included in amortized cost and fair value is $0.2 million and $0.3 million, respectively, of fixed maturity investments available for sale.

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(1)	Includes contractual interest payments.

(2)	The private equity and investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category.

(3)

We caution the reader that the information provided above related to estimated future payment dates of our reserves for claims and claim expenses is not prepared or utilized for internal purposes and that we currently do not estimate the future payment dates of claims and claim expenses. Because of the nature of the coverages that we provide, the amount and timing of the cash flows associated with our policy liabilities will fluctuate, perhaps significantly, and therefore are highly uncertain. We have based our estimates of future claim payments upon benchmark industry payment patterns, drawing upon available relevant sources of loss and allocated loss adjustment expense development data. These benchmarks are revised periodically as new trends emerge. We believe that it is likely that this benchmark data will not be predictive of our future claim payments and that material fluctuations can occur due to the nature of the losses which we insure and the coverages which we provide.

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(a)	Financial Statements, Financial Statement Schedules and Exhibits.

1	Financial Statements

2	Financial Statement Schedules

3	Exhibits

3.1	Memorandum of Association. (1)

3.2	Amended and Restated Bye-Laws. (2)

3.3	Memorandum of Increase in Share Capital of RenaissanceRe Holdings Ltd. (3)

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3.4	Specimen Common Share certificate. (1)

10.1	Form of Director Retention Agreement, dated as of November 8, 2002, entered into by each of the non-employee directors of RenaissanceRe Holdings Ltd. (4)

10.2	Further Amended and Restated Employment Agreement, dated as of February 19, 2009, between RenaissanceRe Holdings Ltd. and Neill A. Currie. (8)

10.3	Amendment No. 1 to the Further Amended and Restated Employment Agreement, dated January 8, 2010, by and among RenaissanceRe Holdings Ltd. and Neill A. Currie. (9)

10.4	Employment Agreement, dated as of June 10, 2009, by and between RenaissanceRe Holdings Ltd. and Jeffrey D. Kelly. (11)

10.5	Memorandum of Agreement by and between the Company and Neill A. Currie, dated February 21, 2012 (5).

10.6	Amendment No. 1 the Employment Agreement, dated January 8, 2010, by and among RenaissanceRe Holdings Ltd. and Jeffrey D. Kelly. (9)

10.7	Form of Employment Agreement for Executive Officers. (10)

10.8	Form of Amendment to Employment Agreement for Executive Officers. (13)

10.9	Form of Amendment No. 2 to Employment Agreement for Executive Officers. (7)

10.10	Form of Amendment No. 3 to the Amended and Restated Employment Agreement for Executive Officers. (9)

10.11	RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (18)

10.12	Amendment No. 1 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (19)

10.13	Amendment No. 2 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (19)

10.14	Amendment No. 3 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (20)

10.15	Amendment No. 4 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (40)

10.16	Amendment No. 5 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (37)

10.17	UK Schedule to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (20)

10.18	UK Sub-Plan to the RenaissanceRe Holdings 2001 Stock Incentive Plan. (20)

10.19	Form of Option Grant Notice and Agreement pursuant to which option grants are made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (21)

10.20	Form of Restricted Stock Grant Notice and Agreement pursuant to which Restricted Stock grants are made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (21)

10.21	RenaissanceRe Holdings Ltd. 2004 Stock Option Incentive Plan. (22)

10.22	Amendment No. 1 to the RenaissanceRe Holdings Ltd. 2004 Stock Option Incentive Plan. (23)

10.23	Form of Option Agreement pursuant to which option grants are made under the RenaissanceRe Holdings 2004 Stock Option Incentive Plan to executive officers. (22)

10.24	Amended and Restated RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (25)

10.25	Amendment No. 1 to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (25)

10.26	Amendment No. 2 to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (26)

10.27	Amendment No. 3 to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (31)

10.28	Form of Restricted Stock Grant Agreement for Directors. (5)

10.29	Form of Option Grant Agreement for Directors. (5)

10.30	Certificate of Designation, Preferences and Rights of 6.08% Series C Preference Shares. (29)

10.31	Certificate of Designation, Preferences and Rights of 6.60% Series D Preference Shares. (30)

10.32	Senior Indenture, dated as of July 1, 2001, between RenaissanceRe Holdings Ltd., as Issuer, and Bankers Trust Company, as Trustee. (12)

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10.33	Second Supplemental Indenture, by and between RenaissanceRe Holdings Ltd. and Deutsche Bank Trust Company Americas (f/k/a Bankers Trust Company), dated as of January 31, 2003. (14)

10.34	Master Reimbursement Agreement, dated as of April 29, 2009, by and between Renaissance Reinsurance Ltd. and Citibank Europe PLC. (20)

10.35	Pledge Agreement, dated as of April 29, 2009, by and between Renaissance Reinsurance Ltd. and Citibank Europe PLC. (20)

10.36	Agreement Regarding Use of Aircraft Interest, dated as of November 17, 2009, by and between RenaissanceRe Holdings Ltd. and Neill A. Currie. (42)

10.37	RenaissanceRe Holdings Ltd. 2010 Restricted Stock Unit Plan. (42)

10.38	Form of Restricted Stock Unit Agreement, pursuant to which restricted stock unit grants are made under the RenaissanceRe Holdings Ltd. 2010 Restricted Stock Unit Plan. (42)

10.39	Senior Indenture, dated as of March 17, 2010, among RenRe North America Holdings Inc., as Issuer, RenaissanceRe Holdings Ltd., as Guarantor, and Deutsche Bank Trust Companies America, as Trustee. (33)

10.40	First Supplemental Indenture, dated as of March 17, 2010, among RenRe North America Holdings Inc., as Insurer, RenaissanceRe Holdings Ltd., as Guarantor, and Deutsche Bank Trust Companies America, as Trustee. (33)

10.41	Senior Debt Securities Guarantee Agreement, dated as of March 17, 2010, between RenaissanceRe Holdings Ltd., as Guarantor, and Deutsche Bank Trust Companies America, as Guarantee Trustee. (33)

10.42	Waiver Agreement, dated as of January 21, 2011, by and among RenRe North America Holdings Inc., RenaissanceRe Holdings Ltd. and Deutsche Bank Trust Company Americas, as Trustee. (41)

10.43

Credit Agreement, dated as of May 17, 2012, by and among RenaissanceRe Holdings Ltd., various banks and financial institutions parties thereto, Wells Fargo Bank, National Association, as Fronting Bank, LC Administrator and Administrative Agent for the Lenders, Citibank, N.A., as Syndication Agent, and Wells Fargo Securities, LLC and Citigroup Global Markets Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (43).

10.44

Fourth Amended and Restated Reimbursement Agreement, dated as of May 17, 2012, by and among RenaissanceRe Holdings Ltd., Renaissance Reinsurance Ltd., Renaissance Reinsurance of Europe, Glencoe Insurance Ltd., DaVinci Reinsurance Ltd., the banks and financial institutions parties thereto, Wells Fargo Bank, National Association, as issuing bank, administrative agent and collateral agent for the lenders, and certain other agents (43).

10.45	Form of Letter Agreement with Neill A. Currie Regarding Performance Share Awards. (35)

10.46	Form of Letter Agreement with the Named Executive Officers Regarding Performance Share Awards. (35)

10.47	Form of Tax Reimbursement Waiver Letter with the Named Executive Officers. (45)

10.48	Form of Performance-Based Restricted Stock Grant Notice and Agreement pursuant to which performance-based restricted stock awards are made under the RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan. (36)

10.49	Performance-Based Restricted Stock Grant Notice and Agreement under the RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan, dated June 9, 2010, between RenaissanceRe Holdings Ltd. and Neill A. Currie. (36)

10.50	Facility Letter, dated September 17, 2010, from Citibank Europe plc to Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd. (38)

10.51	Insurance Letters of Credit - Master Agreement, dated September 17, 2010, between Renaissance Reinsurance Ltd. and Citibank Europe plc. DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd. have each entered into an agreement with Citibank Europe plc that is identical to the foregoing agreement, except with respect to party names. (38)

10.52	Stock Purchase Agreement, dated as of November 18, 2010, by and between RenRe North America Holdings Inc., and QBE Holdings Inc. (39)

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10.53	Memorandum of Agreement by and between RenaissanceRe Holdings Ltd. and Neill A. Currie, dated February 21, 2012. (44)

10.54	RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan. (40)

10.55	Amendment No. 2 to Further Amended and Restated Employment Agreement by and between RenaissanceRe Holdings Ltd. and Neill A. Currie, dated February 19, 2013.

10.56	Form of Agreement Regarding Use of Aircraft Interest by and between RenaissanceRe Holdings Ltd. and Certain Executive Officers of RenaissanceRe Holdings Ltd.

21.1	List of Subsidiaries of the Registrant.

23.1	Consent of Ernst & Young Ltd.

31.1	Certification of Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2	Certification of Jeffrey D. Kelly, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1	Certification of Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Jeffrey D. Kelly, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

(1)	Incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995.

(2)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended June 30, 2002, filed with the SEC on August 14, 2002.

(3)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 1998, filed with the SEC on May 14, 1998 (SEC File Number 000-26512)

(4)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 31, 2003 (SEC File Number 001-14428)

(5)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 27, 2006

(6)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.

(7)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on November 25, 2008.

(8)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 25, 2009.

(9)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on January 14, 2010.

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(10)

Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on July 21, 2006, relating to certain events which occurred on July 19, 2006. Other than with respect to the Percent and Lump Sum Percent (as defined and disclosed in the Form 8-K) and matters such as names and titles, the employment agreements for Messrs. O'Donnell and Ashley are identical to the form filed as Exhibit 10.9.

(11)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on June 15, 2009.

(12)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on July 17, 2001.

(13)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2008, filed with the SEC on May 2, 2008.

(14)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on January 31, 2003.

(15)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on April 14, 2009.

(16)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on April 11, 2006, relating to certain events which occurred on April 5, 2006.

(17)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on May 3, 2007.

(18)	Incorporated by reference to Exhibit 99.2 to the Registration Statement on Form S-8 (Registration No. 333-90758) dated June 19, 2002.

(19)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.

(20)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2009, filed with the SEC on May 1, 2009.

(21)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended September 30, 2004, filed with the SEC on November 9, 2004.

(22)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on September 2, 2004.

(23)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2004, filed with the SEC on March 31, 2005 (SEC File Number 001-14428).

(24)	Incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 (Registration No. 333-90758) dated June 19, 2002.

(25)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.

(26)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended September 30, 2008, filed with the SEC on October 30, 2008.

(27)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2001, filed with the SEC on April 1, 2002.

(28)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 4, 2003.

(29)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on March 18, 2004.

(30)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Form 8-A, filed with the SEC on December 14, 2006.

(31)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on February 20, 2009.

(32)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on March 11, 2010.

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(33)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on March 18, 2010.

(34)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on April 27, 2010.

(35)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q, filed with the SEC on April 29, 2010.

(36)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on June 11, 2010.

(37)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on August 13, 2010.

(38)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on September 23, 2010.

(39)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on November 18, 2010.

(40)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Definitive Proxy Statement filed with the Commission on April 8, 2010.

(41)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on January 24, 2011.

(42)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on February 19, 2010.

(43)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on May 22, 2012.

(44)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 27, 2012.

(45)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 23, 2012.

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(1)	Included in net realized gains on fixed maturity investments available for sale is $Nil, $Nil and $7.7 million of net realized gains on fixed maturity investments available for sale included within the Company's discontinued operations for the years ended December 31, 2012, 2011 and 2010, respectively.

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•	Renaissance Reinsurance Ltd. ("Renaissance Reinsurance"), the Company's principal reinsurance subsidiary, provides property catastrophe and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

•

The Company also manages property catastrophe and specialty reinsurance business written on behalf of joint ventures, which principally include Top Layer Reinsurance Ltd. ("Top Layer Re"), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. ("DaVinci"). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci's parent, DaVinciRe Holdings Ltd. ("DaVinciRe"), the results of DaVinci and DaVinciRe are consolidated in the Company's financial statements. Redeemable noncontrolling interest – DaVinciRe represents the interests of external parties with respect to the net (income) loss and shareholders' equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. ("RUM"), a wholly owned subsidiary, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation.

•	Glencoe Insurance Ltd. ("Glencoe") is a Bermuda domiciled excess and surplus lines insurance company that is currently eligible to do business on an excess and surplus lines basis in 49 U.S. states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

•	RenaissanceRe Syndicate 1458 ("Syndicate 1458") is the Company's Lloyd's syndicate. RenaissanceRe Corporate Capital (UK) Limited ("RenaissanceRe CCL"), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458's sole corporate member and RenaissanceRe Syndicate Management Ltd. ("RSML"), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.

•	The Company, through Renaissance Trading Ltd. ("Renaissance Trading") and RenRe Energy Advisors Ltd. ("REAL"), transacts certain derivative-based risk management products primarily to address weather and energy risk and engages in hedging and trading activities related to those transactions.

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(1)	Excludes goodwill and intangible assets of $23.7 million and $33.3 million, respectively, at December 31, 2010 associated with the assets of discontinued operations held for sale.

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(1)

Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income since the adoption of guidance related to the recognition and presentation of other-than-temporary impairments under FASB ASC Topic Financial Instruments – Debt and Equity Securities, during the second quarter of 2009, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.

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•	Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

•

Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•

Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management's best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

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(1)	See "Note 19. Derivative Instruments" for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

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•	observable inputs: contract price, notional, option strike, term to expiry, interest rate, contractual limits;

•	unobservable inputs: correlation; and

•	both observable and unobservable: spot and forward volatilities, forward commodity price, forward weather curve, counterparty credit risk.

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(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.

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(1)	Represents $0.5 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment.

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(1)	Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment.

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(1)	Represents $9.5 million, $17.4 million and $0.2 million of gross premiums ceded from the Other category to the Reinsurance segment, from the Other category to the Lloyd's segment and from the Reinsurance segment to the Lloyd's segment, respectively.

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(1)	The category "Worldwide (excluding U.S.)" consists of contracts that cover more than one geographic region (other than the U.S.). The exposure in this category for gross premiums written to date is predominantly from Europe and Japan.

(2)	The Other category consists of contracts that are primarily exposed to U.S. risks.

(3)

Represents $0.5 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment for the year ended December 31, 2012 (2011 - $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment, 2010 - $9.5 million, $17.4 million and $0.2 million of gross premiums ceded from the Other category to the Reinsurance segment, from the Other category to the Lloyd's segment and from the Reinsurance segment to the Lloyd's segment).

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(1)	The expected volatility and risk-free interest rate applied are specific to each tranche of Performance Shares.

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(1)	Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)	Contracts used to manage foreign currency risks in investment operations. Included in other liabilities are derivative assets of $2.5 million (2011 – $7.2 million) which are netted with derivative liabilities of $2.3 million (2011 – $1.6 million) under master netting arrangements.

(3)	Contracts used to manage foreign currency risks in energy and risk operations.

(4)	Included in other assets is $43.4 million of derivative assets (2011 – $104.6 million) and $13.4 million of derivative liabilities (2011 – $51.9 million). Included in other liabilities is $19.2 million of derivative assets (2011 – $8.8 million) and $33.7 million of derivative liabilities (2011 – $52.2 million).

(1)	Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)	Contracts used to manage foreign currency risks in investment operations.

(3)	Contracts used to manage foreign currency risks in energy and risk operations.

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(1)	Represents the sum of gross long and gross short derivative contracts.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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(a)	Financial Statements, Financial Statement Schedules and Exhibits.

1	Financial Statements

2	Financial Statement Schedules

3	Exhibits

3.1	Memorandum of Association. (1)

3.2	Amended and Restated Bye-Laws. (2)

3.3	Memorandum of Increase in Share Capital of RenaissanceRe Holdings Ltd. (3)

3.4	Specimen Common Share certificate. (1)

10.1	Form of Director Retention Agreement, dated as of November 8, 2002, entered into by each of the non-employee directors of RenaissanceRe Holdings Ltd. (4)

10.2	Further Amended and Restated Employment Agreement, dated as of February 19, 2009, between RenaissanceRe Holdings Ltd. and Neill A. Currie. (8)

10.3	Amendment No. 1 to the Further Amended and Restated Employment Agreement, dated January 8, 2010, by and among RenaissanceRe Holdings Ltd. and Neill A. Currie. (9)

10.4	Employment Agreement, dated as of June 10, 2009, by and between RenaissanceRe Holdings Ltd. and Jeffrey D. Kelly. (11)

10.5	Memorandum of Agreement by and between the Company and Neill A. Currie, dated February 21, 2012 (5).

10.6	Amendment No. 1 the Employment Agreement, dated January 8, 2010, by and among RenaissanceRe Holdings Ltd. and Jeffrey D. Kelly. (9)

10.7	Form of Employment Agreement for Executive Officers. (10)

10.8	Form of Amendment to Employment Agreement for Executive Officers. (13)

10.9	Form of Amendment No. 2 to Employment Agreement for Executive Officers. (7)

10.10	Form of Amendment No. 3 to the Amended and Restated Employment Agreement for Executive Officers. (9)

10.11	RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (18)

10.12	Amendment No. 1 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (19)

10.13	Amendment No. 2 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (19)

10.14	Amendment No. 3 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (20)

10.15	Amendment No. 4 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (40)

10.16	Amendment No. 5 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (37)

10.17	UK Schedule to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (20)

10.18	UK Sub-Plan to the RenaissanceRe Holdings 2001 Stock Incentive Plan. (20)

10.19	Form of Option Grant Notice and Agreement pursuant to which option grants are made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (21)

10.20	Form of Restricted Stock Grant Notice and Agreement pursuant to which Restricted Stock grants are made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (21)

10.21	RenaissanceRe Holdings Ltd. 2004 Stock Option Incentive Plan. (22)

10.22	Amendment No. 1 to the RenaissanceRe Holdings Ltd. 2004 Stock Option Incentive Plan. (23)

10.23	Form of Option Agreement pursuant to which option grants are made under the RenaissanceRe Holdings 2004 Stock Option Incentive Plan to executive officers. (22)

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10.24	Amended and Restated RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (25)

10.25	Amendment No. 1 to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (25)

10.26	Amendment No. 2 to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (26)

10.27	Amendment No. 3 to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan. (31)

10.28	Form of Restricted Stock Grant Agreement for Directors. (5)

10.29	Form of Option Grant Agreement for Directors. (5)

10.30	Certificate of Designation, Preferences and Rights of 6.08% Series C Preference Shares. (29)

10.31	Certificate of Designation, Preferences and Rights of 6.60% Series D Preference Shares. (30)

10.32	Senior Indenture, dated as of July 1, 2001, between RenaissanceRe Holdings Ltd., as Issuer, and Bankers Trust Company, as Trustee. (12)

10.33	Second Supplemental Indenture, by and between RenaissanceRe Holdings Ltd. and Deutsche Bank Trust Company Americas (f/k/a Bankers Trust Company), dated as of January 31, 2003. (14)

10.34	Master Reimbursement Agreement, dated as of April 29, 2009, by and between Renaissance Reinsurance Ltd. and Citibank Europe PLC. (20)

10.35	Pledge Agreement, dated as of April 29, 2009, by and between Renaissance Reinsurance Ltd. and Citibank Europe PLC. (20)

10.36	Agreement Regarding Use of Aircraft Interest, dated as of November 17, 2009, by and between RenaissanceRe Holdings Ltd. and Neill A. Currie. (42)

10.37	RenaissanceRe Holdings Ltd. 2010 Restricted Stock Unit Plan. (42)

10.38	Form of Restricted Stock Unit Agreement, pursuant to which restricted stock unit grants are made under the RenaissanceRe Holdings Ltd. 2010 Restricted Stock Unit Plan. (42)

10.39	Senior Indenture, dated as of March 17, 2010, among RenRe North America Holdings Inc., as Issuer, RenaissanceRe Holdings Ltd., as Guarantor, and Deutsche Bank Trust Companies America, as Trustee. (33)

10.40	First Supplemental Indenture, dated as of March 17, 2010, among RenRe North America Holdings Inc., as Insurer, RenaissanceRe Holdings Ltd., as Guarantor, and Deutsche Bank Trust Companies America, as Trustee. (33)

10.41	Senior Debt Securities Guarantee Agreement, dated as of March 17, 2010, between RenaissanceRe Holdings Ltd., as Guarantor, and Deutsche Bank Trust Companies America, as Guarantee Trustee. (33)

10.42	Waiver Agreement, dated as of January 21, 2011, by and among RenRe North America Holdings Inc., RenaissanceRe Holdings Ltd. and Deutsche Bank Trust Company Americas, as Trustee. (41)

10.43

Credit Agreement, dated as of May 17, 2012, by and among RenaissanceRe Holdings Ltd., various banks and financial institutions parties thereto, Wells Fargo Bank, National Association, as Fronting Bank, LC Administrator and Administrative Agent for the Lenders, Citibank, N.A., as Syndication Agent, and Wells Fargo Securities, LLC and Citigroup Global Markets Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (43).

10.44

Fourth Amended and Restated Reimbursement Agreement, dated as of May 17, 2012, by and among RenaissanceRe Holdings Ltd., Renaissance Reinsurance Ltd., Renaissance Reinsurance of Europe, Glencoe Insurance Ltd., DaVinci Reinsurance Ltd., the banks and financial institutions parties thereto, Wells Fargo Bank, National Association, as issuing bank, administrative agent and collateral agent for the lenders, and certain other agents (43).

10.45	Form of Letter Agreement with Neill A. Currie Regarding Performance Share Awards. (35)

10.46	Form of Letter Agreement with the Named Executive Officers Regarding Performance Share Awards. (35)

10.47	Form of Tax Reimbursement Waiver Letter with the Named Executive Officers. (45)

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10.48	Form of Performance-Based Restricted Stock Grant Notice and Agreement pursuant to which performance-based restricted stock awards are made under the RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan. (36)

10.49	Performance-Based Restricted Stock Grant Notice and Agreement under the RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan, dated June 9, 2010, between RenaissanceRe Holdings Ltd. and Neill A. Currie. (36)

10.50	Facility Letter, dated September 17, 2010, from Citibank Europe plc to Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd. (38)

10.51	Insurance Letters of Credit - Master Agreement, dated September 17, 2010, between Renaissance Reinsurance Ltd. and Citibank Europe plc. DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd. have each entered into an agreement with Citibank Europe plc that is identical to the foregoing agreement, except with respect to party names. (38)

10.52	Stock Purchase Agreement, dated as of November 18, 2010, by and between RenRe North America Holdings Inc., and QBE Holdings Inc. (39)

10.53	Memorandum of Agreement by and between RenaissanceRe Holdings Ltd. and Neill A. Currie, dated February 21, 2012. (44)

10.54	RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan. (40)

10.55	Amendment No. 2 to Further Amended and Restated Employment Agreement by and between RenaissanceRe Holdings Ltd. and Neill A. Currie, dated February 19, 2013.

10.56	Form of Agreement Regarding Use of Aircraft Interest by and between RenaissanceRe Holdings Ltd. and Certain Executive Officers of RenaissanceRe Holdings Ltd.

21.1	List of Subsidiaries of the Registrant.

23.1	Consent of Ernst & Young Ltd.

31.1	Certification of Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2	Certification of Jeffrey D. Kelly, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1	Certification of Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Jeffrey D. Kelly, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

(1)	Incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995.

(2)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended June 30, 2002, filed with the SEC on August 14, 2002.

(3)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 1998, filed with the SEC on May 14, 1998 (SEC File Number 000-26512)

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(4)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 31, 2003 (SEC File Number 001-14428)

(5)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 27, 2006

(6)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.

(7)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on November 25, 2008.

(8)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 25, 2009.

(9)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on January 14, 2010.

(10)

Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on July 21, 2006, relating to certain events which occurred on July 19, 2006. Other than with respect to the Percent and Lump Sum Percent (as defined and disclosed in the Form 8-K) and matters such as names and titles, the employment agreements for Messrs. O'Donnell and Ashley are identical to the form filed as Exhibit 10.9.

(11)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on June 15, 2009.

(12)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on July 17, 2001.

(13)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2008, filed with the SEC on May 2, 2008.

(14)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on January 31, 2003.

(15)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on April 14, 2009.

(16)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on April 11, 2006, relating to certain events which occurred on April 5, 2006.

(17)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on May 3, 2007.

(18)	Incorporated by reference to Exhibit 99.2 to the Registration Statement on Form S-8 (Registration No. 333-90758) dated June 19, 2002.

(19)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.

(20)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2009, filed with the SEC on May 1, 2009.

(21)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended September 30, 2004, filed with the SEC on November 9, 2004.

(22)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on September 2, 2004.

(23)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2004, filed with the SEC on March 31, 2005 (SEC File Number 001-14428).

(24)	Incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 (Registration No. 333-90758) dated June 19, 2002.

(25)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.

(26)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q for the period ended September 30, 2008, filed with the SEC on October 30, 2008.

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(27)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2001, filed with the SEC on April 1, 2002.

(28)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 4, 2003.

(29)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on March 18, 2004.

(30)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Form 8-A, filed with the SEC on December 14, 2006.

(31)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on February 20, 2009.

(32)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on March 11, 2010.

(33)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on March 18, 2010.

(34)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on April 27, 2010.

(35)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Quarterly Report on Form 10-Q, filed with the SEC on April 29, 2010.

(36)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on June 11, 2010.

(37)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on August 13, 2010.

(38)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on September 23, 2010.

(39)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on November 18, 2010.

(40)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Definitive Proxy Statement filed with the Commission on April 8, 2010.

(41)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on January 24, 2011.

(42)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on February 19, 2010.

(43)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on May 22, 2012.

(44)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on February 27, 2012.

(45)	Incorporated by reference to RenaissanceRe Holdings Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 23, 2012.

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Senior Officers

RenaissanceRe Holdings Ltd. and Subsidiaries

Bermuda

Currie, Neill A.

Chief Executive Officer, RenaissanceRe Holdings Ltd.

O’Donnell, Kevin J.

President,

Global Chief Underwriting Officer, RenaissanceRe Holdings Ltd.

Durhager, Peter C.

Executive Vice President,

Chief Administrative Officer, RenaissanceRe Holdings Ltd.

Kelly, Jeffrey D.

Executive Vice President,

Chief Financial Officer, RenaissanceRe Holdings Ltd.

Branagan, Ian D.

Senior Vice President,

Chief Risk Officer,

RenaissanceRe Holdings Ltd.

Cuffe, Dana J.

Senior Vice President,

Chief Information Officer, RenaissanceRe Holdings Ltd.

Curtis, Ross A.

Senior Vice President, RenaissanceRe Holdings Ltd., Chief Underwriting Officer of European Operations

Dutt, Aditya K.

Senior Vice President, RenaissanceRe Holdings Ltd., President,

Renaissance Underwriting

Managers, Ltd.

Marra, David E.

Senior Vice President, RenaissanceRe Holdings Ltd.

O’Keefe, Justin D.

Senior Vice President, RenaissanceRe Holdings Ltd.

Paradine, Jonathan D. A.

Senior Vice President, RenaissanceRe Holdings Ltd., Principal Officer,

Renaissance Reinsurance Ltd., Singapore Representative Office

Weinstein, Stephen H.

Senior Vice President,

General Counsel,

Chief Compliance Officer and Secretary,

RenaissanceRe Holdings Ltd.

Wilcox, Mark A.

Senior Vice President,

Chief Accounting Officer, Corporate Controller, RenaissanceRe Holdings Ltd.

Dalton, Bryan M.

Senior Vice President, RenaissanceRe Underwriting Management Ltd.

Doak, Michael J.

Senior Vice President, RenaissanceRe Ventures Ltd.

James, Helen L.

Senior Vice President, RenaissanceRe Ventures Ltd.

Roberts, Rebecca J.

Senior Vice President, RenaissanceRe Underwriting Management Ltd.

A’Zary, Angela H.

Vice President, RenaissanceRe Services Ltd.

Bonanno, Laura

Vice President, RenaissanceRe Services Ltd.

Cahill, W. Jay

Vice President, RenaissanceRe Underwriting Management Ltd.

Carr, Cathal J.

Vice President, RenaissanceRe Underwriting Management Ltd.

Chaves, Natalie C.

Vice President, RenaissanceRe Services Ltd.

Fraser, Jamie C.

Vice President,

Head of Internal Audit, RenaissanceRe Services Ltd.

Freisenbruch, W. Justin

Vice President, RenaissanceRe Underwriting Management Ltd.

Gunther, Keil A.

Vice President, RenaissanceRe Services Ltd.

Manson, Jeff H.

Vice President, RenaissanceRe Underwriting Management Ltd.

McCue, Keith A.

Vice President,

Renaissance Reinsurance Ltd.

Mitchell, James A.

Vice President, RenaissanceRe Underwriting Management Ltd.

Morgenstern, Kai H.

Vice President,

Managing Director, RenaissanceRe Ventures Ltd.

Nusum, Maureen B.

Vice President, RenaissanceRe Services Ltd.

Regan, Michael E.

Vice President,

Global Tax Director, RenaissanceRe Services Ltd.

Reingevurts, Vadim V.

Vice President, RenaissanceRe Services Ltd.

Smith, Josephine A.

Vice President, RenaissanceRe Services Ltd.

Valdes, Humberto M.

Vice President, RenaissanceRe Underwriting Management Ltd.

Fonner, Todd R.

Senior Vice President,

Chief Investment Officer, Treasurer,

RenaissanceRe Holdings Ltd.

Moore, Sean M.

Senior Vice President, RenaissanceRe Services Ltd.

Komposch, Caroline M.

Vice President, RenaissanceRe Services Ltd.

Walker, Blythe W.

Vice President, RenaissanceRe Services Ltd.

Werner, Loral L.

Vice President, RenaissanceRe Services Ltd.

Ireland

United Kingdom

Britchfield, Ian D.

Managing Director,

Renaissance Services of Europe Limited

Brosnan, Sean G.

Managing Director, Investments, Renaissance Services of Europe Limited

De Vere, Gerard

Vice President,

Renaissance Services of Europe Limited

Finnan, Orla M.

Vice President,

Renaissance Services of Europe Limited

Curtis, Ross A.

Active Underwriter,

Chief Underwriting Officer of European Operations, RenaissanceRe Syndicate Management Limited

Murphy, Richard J.

Chief Executive Officer, RenaissanceRe Syndicate Management Limited

McMenamin, Conor S.

Senior Vice President, Chief Risk Officer of European Operations, RenaissanceRe Syndicate Management Limited

Fox, Kim T.

Chief Operating Officer, RenaissanceRe Syndicate Management Limited

Heatherly, David A.

Executive Director, RenaissanceRe Syndicate Management Limited

Mann, James W.

Executive Director, RenaissanceRe Syndicate Management Limited

Brennan, Hugh R.

Finance Director, RenaissanceRe Syndicate Management Limited

Burr, Stephen D.

Senior Specialty Actuary, RenaissanceRe Syndicate Management Limited

Cruttenden, Edward J.

Underwriter,

RenaissanceRe Syndicate Management Limited

Lang, Robin J.

Vice President, RenaissanceRe Services Ltd.

Oakley, Ian R.

Underwriter,

RenaissanceRe Syndicate Management Limited

O’Leary, John Paul

Underwriter,

RenaissanceRe Syndicate Management Limited

Shepherd, Alex H.

Underwriter,

RenaissanceRe Syndicate Management Limited

United States

Tawney, Mark R.

President,

RenRe Energy Advisors Ltd.

Carrick, George M.

Vice President,

RenRe Energy Advisors Ltd.

Kaplan, Paul E.

Vice President,

RenRe Energy Advisors Ltd.

Williford, Eric C.

Senior Scientist, WeatherPredict Consulting Inc.

Tillman, Craig W.

President,

WeatherPredict Consulting Inc.

Bachiochi, David R.

Senior Scientist, WeatherPredict Consulting Inc.

Cohen, Michael N.

Regulatory and Government Affairs, Vice President,

RenRe North America Employee Services Inc.

Rowe, G. Dail

Senior Scientist, WeatherPredict Consulting Inc.

Windle, William W.

Vice President,

RenRe Energy Advisors Ltd.

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Board of Directors

RenaissanceRe Holdings Ltd.

Neill A. Currie

Chief Executive Officer RenaissanceRe Holdings Ltd.

Ralph B. Levy

Chairman

RenaissanceRe Holdings Ltd.

David C. Bushnell

Retired Chief Administrative Officer Citigroup Inc.

Thomas A. Cooper*

Chief Executive Officer TAC Associates

James L. Gibbons

President, CEO and Chairman CAPITAL G Bank Limited

Brian G. J. Gray*

Retired Group Chief Underwriting Officer Swiss Reinsurance Company Ltd.

Jean D. Hamilton

Private Investor Independent Consultant

Henry Klehm III

Partner Jones Day

W. James MacGinnitie

Former Chairman RenaissanceRe Holdings Ltd.

Independent Consultant

Anthony M. Santomero

Former Senior Advisor McKinsey & Company

Nicholas L. Trivisonno

Retired Chairman and CEO ACNielsen Corporation

Edward J. Zore

Retired Chairman and CEO

The Northwestern Mutual Life Insurance Company

*Mr. Cooper will retire from the Board and Mr. Gray is nominated to fill the vacancy created by the retirement of Mr. Cooper from the Board, each to occur in conjunction with the Company’s Annual General Meeting of Shareholders in May 2013.

Financial and Investor Information

RenaissanceRe Holdings Ltd. and Subsidiaries

General Information About the Company

For the Company’s Annual Report, press releases, Forms 10-K and 10-Q or other filings, please visit our website: www.renre.com

Or contact:

Kekst and Company, 437 Madison Avenue,

19th Floor, New York, NY 10022 Tel: +1 212 521 4800

Investor inquiries should be directed to:

Investor Relations, RenaissanceRe Holdings Ltd.

Tel: +1 441 295 4513 E-mail: investorrelations@renre.com

Additional requests can be directed to:

The Company Secretary, RenaissanceRe Holdings Ltd.

Tel: +1 441 295 4513 E-mail: secretary@renre.com

Stock Information

The Company’s stock is listed on The New York Stock Exchange under the symbol ‘RNR’.

The following table sets forth, for the period indicated, the high and low closing prices per share of our common shares as reported in composite New York Stock Exchange trading.

Price Range of Common Shares

2012

2011

Period

High

Low

High

Low

1st Quarter

$79.11

$71.18

$70.58

$60.64

2nd Quarter

80.53

72.41

73.93

67.58

3rd Quarter

78.39

70.00

72.30

59.50

4th Quarter

82.76

75.26

75.16

60.34

Certifications

The Chief Executive Officer and Chief Financial Officer have certified in writing to the Securities and Exchange Commission (SEC) as to the integrity of the Company’s financial statements included in this Annual Report and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 filed with the SEC and as to the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting.

The certifications are filed as Exhibit 31 and Exhibit 32 to our Form 10-K. The Chief Executive Officer has also certified to the New York Stock Exchange in 2012 that he is not aware of any violation by the Company of the New York Stock Exchange corporate governance listing standards.

Independent Registered Public Accounting Firm

Ernst & Young Ltd., Hamilton, Bermuda

Registrar and Transfer Agent

Computershare Shareowner Services LLC

480 Washington Boulevard

Jersey City, NJ 07310

Tel: +1 866 245 5019 or + 1 201 680 6578

www.computershare.com

The cover stock is Green Seal Certified and contains 30% post consumer waste. The narrative stock is FSC certified and contains 10% recycled fiber with chlorine free (TCF/ECF) pulp using timber from managed forests. The financial stock is FSC certified, elemental chlorine free and contains 30% post consumer waste.

Printed at a zero-discharge facility using soy-based inks.

Please recycle this publication. Printed on paper containing post consumer materials.

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RenaissanceRe

RenaissanceRe Holdings Ltd. Renaissance House 12 Crow Lane Pembroke HM19 Bermuda

Telephone:+1 441 295 4513 Fax: +1 441 295 4327 www.renre.com