RenaissanceRe Reports Operating Income of $154.8 Million for the Second Quarter of 2006; Operating Income Per Common Share of $2.15 vs. $2.37 for the Second Quarter of 2005

-- $130.4 Million of Net Income for the Second Quarter of 2006; Net Income Per Common Share of $1.81 vs. $2.39 for the second quarter of 2005.

-- Second Quarter Book Value Per Share Grows 6.5%.

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported $154.8million in second quarter operating income available to commonshareholders compared to $170.4 million in the second quarter of 2005.Operating income excludes net realized investment losses of $24.3million and net realized investment gains of $1.6 million in thesecond quarters of 2006 and 2005, respectively. Operating income percommon share was $2.15 in the second quarter of 2006, compared to$2.37 in the second quarter of 2005. Net income available to commonshareholders was $130.4 million or $1.81 per common share in thequarter, compared to net income available to common shareholders of$172.0 million or $2.39 per common share for the same quarter of 2005.

Neill A Currie, CEO, commented: "We had a strong quarter, withover 6% growth in book value per share and a 31.3% annualizedoperating return on equity. This quarter compares favorably to oursecond quarter of 2005, after taking into account the substantialcatastrophe reserve reduction in that quarter."

Mr. Currie added: "The severe capacity shortage facing many of ourU.S. clients once again provided us an opportunity to demonstrateindustry leadership. In anticipation of this shortage we hadpreviously increased the capital in DaVinci. As the June 1 renewalseason progressed it became evident that more capacity was required.Our position as a market leader, combined with the expertise of ourteam, enabled us to move very quickly to bring new capacity to ourclients and brokers. Within weeks, working with outside capitalproviders we participated in the formation of two newfully-collateralized joint ventures, Starbound Re and Tim Re. Thiscapacity was utilized where it was most needed.

"Our managed catastrophe premium is up substantially for the firstsix months; much of this growth is due to improved pricing and termsas well as premium written on behalf of our joint ventures. We arepleased with our portfolio of business and believe we are wellpositioned for the future," said Mr. Currie.

PREMIUM FORECASTS AND EARNINGS GUIDANCE

The Company is revising its annual premium forecasts for itscatastrophe and Individual Risk units. Previously, the Company wasforecasting over 15% growth in managed catastrophe premiums for theyear, compared to 2005 normalized managed catastrophe premiums. TheCompany currently expects growth in managed catastrophe premiums, netof fully collateralized joint ventures, will be over 40%. The Companycurrently expects its Individual Risk premiums to be essentially flatfor the year; the Company's previous guidance was for 15% growth. Thedecrease in the Company's Individual Risk premium growth rate is duein part to the Company's decision to shift its catastrophe-exposedquota share capacity within Individual Risk to excess of lossreinsurance business in the Reinsurance segment, where the Companyfound pricing and terms to be more attractive. In addition, while theperformance of the Company's program business is stable, the Companyis not seeing the growth opportunities it had anticipated earlier inthe year. The Company continues to expect its specialty reinsurancepremiums to decline by approximately 35% for the year.

In light of the current dynamic market conditions, and the adventof the Atlantic hurricane season, the Company is not adjusting itsannual operating EPS guidance.

SECOND QUARTER 2006 RESULTS

Premiums

Gross premiums written for the second quarter of 2006 were $742.6million, compared to $443.5 million for the same quarter of 2005. Netpremiums written for the second quarter of 2006 were $512.2 million,compared to $387.9 million for the same quarter of 2005. Net premiumsearned were $430.9 million for the second quarter of 2006, compared to$338.8 million in the second quarter of 2005.

Reinsurance Segment

Gross premiums written include $531.7 million in gross premiumswritten for the Company's Reinsurance segment in the second quarter of2006, compared to $223.3 million for the same quarter of 2005.Included in gross premiums written within the Reinsurance segment is$111.3 million of premium that was written on behalf of two newfully-collateralized joint ventures, Starbound Reinsurance Ltd.("Starbound Re") and Timicuan Reinsurance Ltd. ("Tim Re"), in returnfor a profit commission and an expense override. This premium is cededto these joint ventures and therefore does not impact the Company'snet premiums written. Following is a summary of the Company'sReinsurance segment gross premiums written for the three and sixmonths ended June 30, 2006 and 2005:
Gross Premiums Written Three months ended
---------------------- -----------------------------
June 30, June 30,
2006 2005 % Change
--------- --------- ---------
Catastrophe premiums
Renaissance catastrophe premiums $347,528 $138,922 150.2%
DaVinci catastrophe premiums 155,975 30,175 416.9%
-------- -------- ---------

Total catastrophe premiums 503,503 169,097 197.8%
-------- -------- ---------

Specialty premiums
Renaissance specialty premiums 26,123 52,222 (50.0%)
DaVinci specialty premiums 2,096 2,020 3.8%
-------- -------- ---------

Total specialty premiums 28,219 54,242 (48.0%)
-------- -------- ---------

Reinsurance segment premiums $531,722 $223,339 138.1%
======== ======== =========

Managed Catastrophe Premiums( 1)
--------------------------------

Total catastrophe premiums 503,503 169,097 197.8%
Catastrophe premiums written on
behalf of our joint venture,
Top Layer Re (2) 24,270 19,649 23.5%
-------- -------- ---------

Total managed catastrophe premiums 527,773 188,746 179.6%

Managed catastrophe premiums assumed
on behalf of fully-collateralized
joint ventures (3) 111,253 - -

--------- --------- ---------
Total managed catastrophe premiums, net
of fully-collateralized joint ventures $416,520 $188,746 120.7%
======== ======== =========


Gross Premiums Written Six months ended
---------------------- -------------------------------
June 30, June 30,
2006 2005 % Change
----------- --------- ---------
Catastrophe premiums
Renaissance catastrophe premiums $ 629,253 $391,941 60.5%
DaVinci catastrophe premiums 308,854 112,813 173.8%
---------- -------- ---------

Total catastrophe premiums 938,107 504,754 85.9%
---------- -------- ---------

Specialty premiums
Renaissance specialty premiums 147,966 279,747 (47.1%)
DaVinci specialty premiums 23,317 24,122 (3.3%)
---------- -------- ---------

Total specialty premiums 171,283 303,869 (43.6%)
---------- -------- ---------

Reinsurance segment premiums $1,109,390 $808,623 37.2%
========== ======== =========

Managed Catastrophe Premiums (1)
--------------------------------------

Total catastrophe premiums 938,107 504,754 85.9%
Catastrophe premiums written on
behalf of our joint venture, Top
Layer Re (2) 50,055 59,431 (15.8%)
---------- -------- ---------

Total managed catastrophe premiums 988,162 564,185 75.1%

Managed catastrophe premiums
assumed on behalf of fully-
collateralized joint ventures (3) 111,253 - -

----------- --------- ---------
Total managed catastrophe premiums,
net of fully-collateralized joint
ventures $ 876,909 $564,185 55.4%
========== ======== =========

(1) See "Comments on Regulation G"

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

(3) Included in total managed catastrophe premiums for the three and
six months ended June 30, 2006 is $111.3 million of premium
assumed on behalf of two fully-collateralized joint ventures,
Starbound Re and Tim Re, of which $100.0 million and $11.3 million
was assumed by Renaissance and DaVinci, respectively.

Net premiums written include $361.6 million in net premiumswritten for the Company's Reinsurance segment in the second quarter of2006, compared to $184.5 million for the same quarter of 2005. Netpremiums earned include $278.1 million in net premiums earned for theCompany's Reinsurance segment in the second quarter of 2006, comparedto $206.7 million for the same quarter of 2005.

Premiums for the second quarter of 2006 include $158.1 million ofgross premiums written, $129.5 million of net premiums written and$76.7 million of net premiums earned by the Company's consolidatedjoint venture, DaVinci Reinsurance Ltd. ("DaVinci"), compared to $32.2million of gross premiums written, $32.2 million of net premiumswritten and $42.2 million of net premiums earned by DaVinci during thesecond quarter of 2005. Since December 2005, DaVinci has raised $374.3million in equity capital (December 2005 and February 2006) and hasincreased its funded bank debt by $60.0 million (April 2006) tosupport its growth.

Individual Risk

Gross premiums written include $210.8 million in gross premiumswritten for the Company's Individual Risk segment in the secondquarter of 2006, compared to $220.1 million for the same quarter of2005. The decrease in gross premiums written was principally due totermination of several catastrophe exposed quota share contracts on aportfolio transfer basis, which resulted in the transfer of $60.3million of unearned premium back to the quota share reinsureds andresulted in a decrease in gross premiums written of the same amount.Net premiums written include $150.7 million in net premiums writtenfor the Company's Individual Risk segment in the second quarter of2006, compared to $203.4 million for the same quarter of 2005. Netpremiums earned include $152.9 million in net premiums earned for theCompany's Individual Risk segment in the second quarter of 2006,compared to $132.1 million for the same quarter of 2005.

Underwriting Ratios, Reserve Development

For the second quarter of 2006, the Company generated a combinedratio of 72.2%, a loss ratio of 48.1% and an underwriting expenseratio of 24.1%, compared to a combined ratio, loss ratio andunderwriting expense ratio of 52.5%, 32.1% and 20.4%, respectively,for the second quarter of 2005. During the second quarter of 2006, theCompany recorded favorable development on prior year reserves of $11.3million or a decrease of 2.6 percentage points in the Company'squarterly loss ratio. This compares to favorable development of $65.1million in the second quarter of 2005 which decreased the Company'ssecond quarter 2005 loss ratio by 19.2 percentage points. Thefavorable development in 2005 was driven by the impact of theCompany's catastrophe reserve review. Net paid losses for the quarterwere $117.9 million compared to $149.2 million in the second quarterof 2005.

Reinsurance Segment

The Company's Reinsurance segment generated a loss ratio of 35.2%and an underwriting expense ratio of 18.3% for the second quarter of2006, compared to a loss ratio and underwriting expense ratio of 12.6%and 14.8%, respectively, for the second quarter of 2005. The resultsfor the second quarter of 2006 include $100.8 million of currentaccident year net claims and claim expenses resulting in a currentaccident year loss ratio of 36.2%, compared to current accident yearnet claims and claim expenses and a current accident year loss ratioof $91.8 million and 44.4%, respectively, for the second quarter of2005. During the second quarter of 2006, the Company's Reinsurancesegment experienced $2.8 million of favorable development on prioryear reserves or a decrease of 1.0 percentage point to the Company'sReinsurance segment quarterly loss ratio. Included in the underwritingresult in the second quarter of 2005 was a net reduction in prior yearclaims incurred of $65.7 million which reduced the Company's secondquarter 2005 Reinsurance segment loss ratio by 31.8 percentage points.The favorable development in the second quarter of 2005 wasprincipally the result of the Company's catastrophe reserve reviewwhich resulted in a $118.2 million decrease of prior year reserves andincreased the Company's net income by $108.2 million, after minorityinterest. This favorable development in 2005 was partially offset by$52.5 million of adverse development on prior year reserves in thesecond quarter of 2005, including $37.3 million from the 2004hurricanes.

Individual Risk Segment

The Company's Individual Risk segment generated a loss ratio of71.6% and an underwriting expense ratio of 34.5% for the secondquarter of 2006, compared to a loss ratio and underwriting expenseratio of 62.6% and 29.0%, respectively, for the second quarter of2005. The results for the second quarter of 2006 include $117.9million of current accident year net claims and claim expensesresulting in a current accident year loss ratio of 77.1%, compared tocurrent accident year net claims and claim expenses and a currentaccident year loss ratio of $82.0 million and 62.1%, respectively, inthe second quarter of 2005. The 15.0 percentage points increase in thecurrent accident year loss ratio was due primarily to additionalearned premiums on a seasonal program which has a higher attritionalloss ratio than the rest of the Individual Risk business as well asseveral large per risk losses within the Company's Individual Riskquota share business. The Company's U.S. casualty program businesscontinues to perform as expected. During the quarter, the Company'sIndividual Risk segment experienced $8.5 million of favorabledevelopment on prior year reserves or a decrease of 5.5 percentagepoints to the Company's Individual Risk quarterly loss ratio. In thesecond quarter of 2005, the Company experienced $0.7 million ofadverse development on prior year reserves or an increase of 0.5percentage points to the Company's Individual Risk quarterly lossratio.

Fully-Collateralized Joint ventures

During the second quarter of 2006 the Company participated in theestablishment of two new fully-collateralized joint ventures,Starbound Re and Tim Re. These joint ventures enabled the Company towrite additional property catastrophe excess of loss reinsurancebusiness for the Company's clients that it may not have otherwisewritten due to portfolio management considerations. The premium forthese joint ventures is reflected in gross and ceded premiums writtenand therefore has no impact on the Company's net premiums written. Theunderwriting result on this business, net of a profit commission andexpense override, accrues to the investors in these joint ventures.The limit ceded to these joint ventures, including any reinstatedlimits, is fully-collateralized by highly-rated short term and fixedmaturity investments as well as the premium receivable.

In conjunction with the Starbound Re transaction the Company madea $7.5 million equity investment in Starbound Holdings Ltd.("Starbound"), representing a 5.9% ownership interest. This equityinvestment is accounted for under the equity method of accounting.With respect to Tim Re, the Company sold non-voting Class B shares inthis entity, a previously wholly-owned subsidiary of the Company, tounrelated third party investors for $49.5 million during the quarter.The Class B shareholders will earn an underwriting profit or lossbased on the performance of the contracts assumed by Tim Re. Tim Reremains a consolidated subsidiary of the Company. The Class B capitalstructure of Tim Re provides indemnification of losses relating toinsurance risk assumed from the Company and is therefore accounted foras ceded reinsurance in the Company's consolidated financialstatements.

Equity in Earnings of Other Ventures

Equity in earnings of other ventures generated $9.2 million inincome in the second quarter of 2006 compared to $7.8 million inincome in the second quarter of 2005. The Company's equity in earningsof other ventures in 2006 now includes the equity in earnings ofStarbound, in addition to the equity in earnings of its investments inTop Layer Reinsurance Ltd. ("Top Layer Re"), ChannelRe Holdings Ltd.("ChannelRe") and Tower Hill Holdings Inc. ("Tower Hill"). Theincrease was principally due to a $0.9 million and a $0.4 millionincrease of the equity in earnings from ChannelRe and Tower Hill,respectively, along with $0.3 million of equity in earnings fromStarbound.

Other Income

During the second quarter of 2006 the Company recognized a $0.1million other loss on fees and other items compared to $3.2 million ofother income in the second quarter of 2005. Fee income was $1.5million in the second quarter of 2006 compared to $1.0 million for thesecond quarter of 2005. Other items generated a loss of $1.6 millionin the second quarter of 2006, principally driven by a $2.2 millionmark-to-market loss on the Company's warrant to purchase 2.5 millionshares of Platinum Underwriters Holding Ltd. ("Platinum") commonstock, compared to income of $2.2 million in the second quarter of2005, which included a $2.3 million increase in the fair value of theCompany's Platinum warrant.

Net Investment Income and Net Realized Gains and Losses onInvestments

Net investment income for the second quarter of 2006 was $74.0million, compared to $45.8 million for the same quarter in 2005,principally reflecting a higher yield on the Company's portfolio offixed maturity investments available for sale and short terminvestments, combined with an increased level of average investedassets. Other investments, which include the Company's hedge fund andprivate equity investments, generated $11.1 million of net investmentincome in the second quarter of 2006 compared with $7.1 million in thesecond quarter of 2005.

During the second quarter of 2006, the Company recorded $24.3million of net realized losses compared to $1.6 million of netrealized gains in the second quarter of 2005. Included in net realizedlosses are other than temporary impairment charges of $23.7 millionand $0.6 million in the second quarter of 2006 and 2005, respectively,with respect to the Company's portfolio of fixed maturity investmentsavailable for sale. Principally all of the other than temporaryimpairment charges are due to rising interest rates.

Regulatory Update; Proposed SEC Settlement

The Company has submitted an offer of settlement to the Securitiesand Exchange Commission ("SEC") in connection with the SEC'sinvestigation relating to the Company's restatement of its financialstatements for the years ended December 31, 2001, 2002 and 2003.Pursuant to the offer of settlement, which the SEC staff has indicatedthat it will recommend to the SEC Commissioners, the Company willconsent, without admitting or denying any wrongdoing, to entry of afinal judgment enjoining future violations of certain provisions ofthe federal securities laws and ordering the Company to paydisgorgement of $1 and a civil penalty of $15 million. The Companywill also retain an independent consultant to review certain of theCompany's internal controls, policies and procedures as well as thedesign and implementation of the review conducted by independentcounsel reporting to the non-executive members of the Company's Boardof Directors and procedures performed by the Company's auditors inconnection with their audit of the Company's financial statements forthe fiscal year ended December 31, 2004. The amount of the monetarypenalty discussed above has been previously provided for.

The proposed settlement, which has the support of the SEC staff,remains subject to approval by the SEC Commissioners, and by thefederal court in which the SEC's complaint against the Company will befiled. The Company can give no assurances that the proposed settlementwill receive the necessary approvals. If the proposed settlement isnot approved, the Company could be subject to different or additionalremedies, both monetary and non-monetary, which could adversely affectthe Company's business or financial statements, perhaps materially.Disposition of the SEC's investigation relating to the Company'srestatement would not dispose of the ongoing investigation by theUnited States Attorney's Office for the Southern District of New York,which the Company has previously disclosed in its filings with theSEC. The Company continues to fully cooperate with governmentalauthorities as to this investigation. The SEC settlement also does notinclude the plaintiffs in the consolidated securities class actionlawsuit pending against the Company and certain of its current andformer officers. The Company intends to vigorously defend thislawsuit, which it believes is without merit.

Other Items

Corporate expenses of $5.6 million were incurred during the secondquarter of 2006 compared to $8.7 million in the second quarter of2005. The difference in such expenses principally relates to thedifference in costs incurred related to the Company's internal reviewand the ongoing investigations into the Company and certain of itspresent and former executive officers by governmental authorities,which totaled $1.1 million in the second quarter of 2006 compared to$4.7 million in the second quarter of 2005.

The Company paid down $75.0 million principal amount of bank debtduring the second quarter of 2006 on its revolving credit facility.DaVinciRe Holdings Ltd. borrowed $60.0 million principal amount on itscredit facility during the second quarter of 2006 and contributed alike amount as a capital contribution to DaVinci.

The Company's cash flows from operations were $237.4 million forthe second quarter of 2006, compared to $172.2 million for the secondquarter of 2005.

Shareholders' equity attributable to common shareholders was $2.0billion at June 30, 2006, compared to $1.8 billion at December 31,2005. Book value per common share at June 30, 2006 was $28.37,compared to $24.52 per common share at December 31, 2005.

This press release includes certain non-GAAP financial measuresincluding "operating income available to common shareholders,""operating income available to common shareholders per common share -diluted," "operating return on average common equity, annualized","managed catastrophe premiums" and "managed catastrophe premiums, netof fully-collateralized joint ventures." A reconciliation of suchmeasures to the most comparable GAAP figures in accordance withRegulation G is presented in the attached supplemental financial data.

RenaissanceRe Holdings Ltd. will host a conference call onTuesday, August 1, 2006 at 8:30 a.m. (EDT) to discuss this release.Live broadcast of the conference call will be available through theInvestor Section of RenaissanceRe's website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsuranceand insurance. Our business consists of two segments: (1) Reinsurance,which includes catastrophe reinsurance, specialty reinsurance andcertain joint ventures and other investments managed by our subsidiaryRenaissanceRe Ventures Ltd., and (2) Individual Risk, which includesprimary insurance and quota share reinsurance.

Cautionary Statement under "Safe Harbor" Provisions of the PrivateSecurities Litigation Reform Act of 1995: Statements made in this newsrelease contain information about the Company's future businessprospects. These statements may be considered "forward-looking." Thesestatements are subject to risks and uncertainties that could causeactual results to differ materially from those set forth in or impliedby such forward-looking statements. For further information regardingcautionary statements and factors affecting future results, pleaserefer to RenaissanceRe Holdings Ltd.'s filings with the Securities andExchange Commission, including its Annual Report on Form 10-K for theyear ended December 31, 2005 and its quarterly report on Form 10-Q forthe quarter ending March 31, 2006.
RenaissanceRe Holdings Ltd. and Subsidiaries
Summary Consolidated Statements of Operations
For the three and six months ended June 30, 2006 and 2005
(in thousands of United States Dollars, except per share amounts)
(Unaudited)

Three months ended Six months ended
---------------------- -----------------------
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
----------- ---------- ----------- -----------

Revenues
Gross premiums written $ 742,551 $ 443,483 $1,490,943 $1,137,816
========== ========= ========== ==========

Net premiums written $ 512,244 $ 387,889 $1,210,079 $1,003,682
Increase in unearned
premiums (81,303) (49,136) (427,466) (363,428)
---------- --------- ---------- ----------

Net premiums earned 430,941 338,753 782,613 640,254
Net investment income 74,012 45,769 154,446 96,984
Net foreign exchange
(losses) gains (2,441) 7,134 582 7,848
Equity in earnings of
other ventures 9,221 7,798 15,773 15,365
Other (loss) income (84) 3,205 (1,763) (310)
Net realized (losses)
gains on investments (24,348) 1,583 (41,104) (8,606)
---------- --------- ---------- ----------

Total revenues 487,301 404,242 910,547 751,535
---------- --------- ---------- ----------

Expenses
Net claims and claim
expenses incurred 207,336 108,799 306,514 310,447
Acquisition expenses 74,597 45,574 143,411 97,082
Operational expenses 29,056 23,377 49,987 42,220
Corporate expenses 5,571 8,694 11,310 20,033
Interest expense 10,370 6,967 19,671 13,572
---------- --------- ---------- ----------

Total expenses 326,930 193,411 530,893 483,354
---------- --------- ---------- ----------

Income before minority
interest and taxes 160,371 210,831 379,654 268,181
Minority interest -
DaVinciRe 21,207 30,283 52,664 34,667
---------- --------- ---------- ----------

Income before taxes 139,164 180,548 326,990 233,514
Income tax expense (94) - (277) -
---------- --------- ---------- ----------

Net income 139,070 180,548 326,713 233,514
Dividends on preference
shares 8,662 8,566 17,325 17,229
---------- --------- ---------- ----------

Net income available to
common shareholders $ 130,408 $ 171,982 $ 309,388 $ 216,285
========== ========= ========== ==========

Operating income
available to common
shareholders per Common
Share - diluted (1) $ 2.15 $ 2.37 $ 4.88 $ 3.12

Net income available to
common shareholders per
Common Share - basic $ 1.84 $ 2.44 $ 4.36 $ 3.07
Net income available to
common shareholders per
Common Share - diluted $ 1.81 $ 2.39 $ 4.31 $ 3.00

Average shares
outstanding - basic 71,049 70,585 70,992 70,472
Average shares
outstanding - diluted 71,926 72,016 71,856 71,983

Net claims and claim
expense ratio 48.1% 32.1% 39.2% 48.5%
Underwriting expense
ratio 24.1% 20.4% 24.7% 21.8%
---------- --------- ---------- ----------

Combined ratio 72.2% 52.5% 63.9% 70.3%
========== ========= ========== ==========

Operating return on
average common equity
(annualized) (1) 31.3% 30.6% 36.8% 20.4%
========== ========= ========== ==========

(1) Excludes net realized (losses) gains on investments (see -
"Comments on Regulation G")

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

At
------------------------------------
June 30, 2006 December 31, 2005
----------------- ------------------
(Unaudited) (Audited)
Assets
Fixed maturity investments
available for sale, at fair value $ 3,079,855 $ 2,872,294
Short term investments, at cost 1,911,693 1,653,618
Other investments, at fair value 526,844 586,467
Investments in other ventures,
under equity method 186,979 178,774
---------------- -----------------

Total investments 5,705,371 5,291,153
Cash and cash equivalents 187,340 174,001
Premiums receivable 857,687 363,105
Ceded reinsurance balances 241,315 57,134
Losses recoverable 464,556 673,190
Accrued investment income 37,639 25,808
Deferred acquisition costs 158,600 107,951
Other assets 86,121 178,919
---------------- -----------------

Total assets $ 7,738,629 $ 6,871,261
================ =================

Liabilities, Minority Interest and
Shareholders' Equity
Liabilities
Reserve for claims and claim
expenses $ 2,347,525 $ 2,614,551
Reserve for unearned premiums 1,113,391 501,744
Debt 485,000 500,000
Subordinated obligation to capital
trust 103,093 103,093
Reinsurance balances payable 477,477 292,307
Other liabilities 118,191 142,815
---------------- -----------------

Total liabilities 4,644,677 4,154,510
---------------- -----------------

Minority interest - DaVinciRe 555,433 462,911

Shareholders' Equity
Preference shares 500,000 500,000
Common shares and additional paid-
in capital 356,462 351,285
Accumulated other comprehensive
income 4,993 4,760
Retained earnings 1,677,064 1,397,795
---------------- -----------------

Total shareholders' equity 2,538,519 2,253,840
---------------- -----------------

Total liabilities, minority
interest and shareholders'
equity $ 7,738,629 $ 6,871,261
================ =================

Book value per common share $ 28.37 $ 24.52
================ =================

Common shares outstanding 71,849 71,523
================ =================
RenaissanceRe Holdings Ltd. and Subsidiaries
Unaudited Supplemental Financial Data - Segment Information
(in thousands of United States Dollars)

Three months ended June 30, 2006
--------------------------------------------
Reinsurance Individual Other Total
Risk
----------- ---------- --------- -----------

Gross premiums written
(1) $ 531,722 $ 210,829 $ - $ 742,551
========== ========= ==========

Net premiums written $ 361,558 $ 150,686 - $ 512,244
========== ========= ==========

Net premiums earned $ 278,061 $ 152,880 - $ 430,941
Net claims and claim
expenses incurred 97,945 109,391 - 207,336
Acquisition expenses 31,091 43,506 - 74,597
Operational expenses 19,763 9,293 - 29,056
---------- --------- -------- ----------

Underwriting income
(loss) $ 129,262 $ (9,310) - 119,952
========== =========
Net investment income 74,012 74,012
Equity in earnings of
other ventures 9,221 9,221
Other loss (84) (84)
Interest and preference
share dividends (19,032) (19,032)
Minority interest -
DaVinciRe (21,207) (21,207)
Other items, net (8,106) (8,106)
Net realized losses on
investments (24,348) (24,348)
-------- ----------

Net income available to
common shareholders $ 10,456 $ 130,408
======== ==========

Net claims and claim
expenses incurred -
current accident year $ 100,776 $ 117,892 $ 218,668
Net claims and claim
expenses incurred -
prior years (2,831) (8,501) (11,332)
---------- --------- ----------

Net claims and claim
expenses incurred -
total $ 97,945 $ 109,391 $ 207,336
========== ========= ==========

Net claims and claim
expense ratio - accident
year 36.2% 77.1% 50.7%
========== ========= ==========

Net claims and claim
expense ratio - calendar
year 35.2% 71.6% 48.1%
Underwriting expense
ratio 18.3% 34.5% 24.1%
---------- --------- ----------

Combined ratio 53.5% 106.1% 72.2%
========== ========= ==========

(1) Reinsurance segment gross premiums written excludes $30.6 million
of premiums assumed from the Individual Risk segment.

Three months ended June 30, 2005
--------------------------------------------
Reinsurance Individual Other Total
Risk
----------- ---------- --------- -----------

Gross premiums written
(1) $ 223,339 $ 220,144 $ - $ 443,483
========== ========= ==========

Net premiums written $ 184,477 $ 203,412 - $ 387,889
========== ========= ==========

Net premiums earned $ 206,651 $ 132,102 - $ 338,753
Net claims and claim
expenses incurred 26,117 82,682 - 108,799
Acquisition expenses 13,273 32,301 - 45,574
Operational expenses 17,384 5,993 - 23,377
---------- --------- -------- ----------

Underwriting income $ 149,877 $ 11,126 - 161,003
========== =========
Net investment income 45,769 45,769
Equity in earnings of
other ventures 7,798 7,798
Other income 3,205 3,205
Interest and preference
share dividends (15,533) (15,533)
Minority interest -
DaVinciRe (30,283) (30,283)
Other items, net (1,560) (1,560)
Net realized gains on
investments 1,583 1,583
-------- ----------

Net income available to
common shareholders $ 10,979 $ 171,982
======== ==========

Net claims and claim
expenses incurred -
current accident year $ 91,845 $ 82,020 $ 173,865
Net claims and claim
expenses incurred -
prior years (65,728) 662 (65,066)
---------- --------- ----------

Net claims and claim
expenses incurred -
total $ 26,117 $ 82,682 $ 108,799
========== ========= ==========

Net claims and claim
expense ratio - accident
year 44.4% 62.1% 51.3%
========== ========= ==========

Net claims and claim
expense ratio - calendar
year 12.6% 62.6% 32.1%
Underwriting expense
ratio 14.8% 29.0% 20.4%
---------- --------- ----------

Combined ratio 27.4% 91.6% 52.5%
========== ========= ==========

(1) Reinsurance segment gross premiums written excludes $1.7 million
of premiums assumed from the Individual Risk segment.


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

Six months ended June 30, 2006
--------------------------------------------
Reinsurance Individual Other Total
Risk
----------- ---------- --------- -----------

Gross premiums written
(1) $1,109,390 $ 381,553 $ - $1,490,943
========== ========= ==========

Net premiums written $ 910,015 $ 300,064 - $1,210,079
========== ========= ==========

Net premiums earned $ 491,434 $ 291,179 - $ 782,613
Net claims and claim
expenses incurred 134,625 171,889 - 306,514
Acquisition expenses 59,597 83,814 - 143,411
Operational expenses 32,307 17,680 - 49,987
---------- --------- -------- ----------

Underwriting income $ 264,905 $ 17,796 - 282,701
========== =========
Net investment income 154,446 154,446
Equity in earnings of
other ventures 15,773 15,773
Other loss (1,763) (1,763)
Interest and preference
share dividends (36,996) (36,996)
Minority interest -
DaVinciRe (52,664) (52,664)
Other items, net (11,005) (11,005)
Net realized losses on
investments (41,104) (41,104)
-------- ----------

Net income available to
common shareholders $ 26,687 $ 309,388
======== ==========

Net claims and claim
expenses incurred -
current accident year $ 176,489 $ 183,259 $ 359,748
Net claims and claim
expenses incurred -
prior years (41,864) (11,370) (53,234)
---------- --------- ----------

Net claims and claim
expenses incurred -
total $ 134,625 $ 171,889 $ 306,514
========== ========= ==========

Net claims and claim
expense ratio - accident
year 35.9% 62.9% 46.0%
========== ========= ==========

Net claims and claim
expense ratio - calendar
year 27.4% 59.0% 39.2%
Underwriting expense
ratio 18.7% 34.9% 24.7%
---------- --------- ----------

Combined ratio 46.1% 93.9% 63.9%
========== ========= ==========

(1) Reinsurance segment gross premiums written excludes $36.7 million
of premiums assumed from the Individual Risk segment.

Six months ended June 30, 2005
--------------------------------------------
Reinsurance Individual Other Total
Risk
----------- ---------- --------- -----------

Gross premiums written
(1) $ 808,623 $ 329,193 $ - $1,137,816
========== ========= ==========

Net premiums written $ 712,610 $ 291,072 - $1,003,682
========== ========= ==========

Net premiums earned $ 407,021 $ 233,233 - $ 640,254
Net claims and claim
expenses incurred 168,061 142,386 - 310,447
Acquisition expenses 33,811 63,271 - 97,082
Operational expenses 31,611 10,609 - 42,220
---------- --------- -------- ----------

Underwriting income $ 173,538 $ 16,967 - 190,505
========== =========
Net investment income 96,984 96,984
Equity in earnings of
other ventures 15,365 15,365
Other loss (310) (310)
Interest and preference
share dividends (30,801) (30,801)
Minority interest -
DaVinciRe (34,667) (34,667)
Other items, net (12,185) (12,185)
Net realized losses on
investments (8,606) (8,606)
-------- ----------

Net income available to
common shareholders $ 25,780 $ 216,285
======== ==========

Net claims and claim
expenses incurred -
current accident year $ 251,881 $ 141,222 $ 393,103
Net claims and claim
expenses incurred -
prior years (83,820) 1,164 (82,656)
---------- --------- ----------

Net claims and claim
expenses incurred -
total $ 168,061 $ 142,386 $ 310,447
========== ========= ==========

Net claims and claim
expense ratio - accident
year 61.9% 60.5% 61.4%
========== ========= ==========

Net claims and claim
expense ratio - calendar
year 41.3% 61.0% 48.5%
Underwriting expense
ratio 16.1% 31.7% 21.8%
---------- --------- ----------

Combined ratio 57.4% 92.7% 70.3%
========== ========= ==========

(1) Reinsurance segment gross premiums written excludes $13.2 million
of premiums assumed from the Individual Risk segment.

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

Three months ended
----------------------------
Gross Premiums Written June 30, June 30,
2006 2005 % Change
---------------------- --------- --------- ---------

Renaissance catastrophe premiums $347,528 $138,922 150.2%
Renaissance specialty premiums 26,123 52,222 (50.0%)
-------- -------- --------

Total Renaissance Reinsurance premiums 373,651 191,144 95.5%
-------- -------- --------

DaVinci catastrophe premiums 155,975 30,175 416.9%
DaVinci specialty premiums 2,096 2,020 3.8%
-------- -------- --------

Total DaVinci Reinsurance premiums 158,071 32,195 391.0%
-------- -------- --------

Total Reinsurance premiums (1) 531,722 223,339 138.1%
Individual Risk premiums 210,829 220,144 (4.2%)
-------- -------- --------

Total premiums $742,551 $443,483 67.4%
======== ======== ========

Total managed catastrophe premiums (2) $527,773 $188,747 179.6%

Managed premiums assumed for fully-
collateralized joint ventures (3) $111,253 $ - -

--------- --------- --------
Total managed catastrophe premiums, net
of fully-collateralized joint ventures
(3) $416,520 $188,747 120.7%
======== ======== ========

Total specialty premiums $ 28,219 $ 54,242 (48.0%)
======== ======== ========


Six months ended
---------------------------------
Gross Premiums Written June 30, June 30,
2006 2005 % Change
---------------------- ----------- ----------- ---------

Renaissance catastrophe premiums $ 629,253 $ 391,941 60.5%
Renaissance specialty premiums 147,966 279,747 (47.1%)
---------- ---------- ---------

Total Renaissance Reinsurance
premiums 777,219 671,688 15.7%
---------- ---------- ---------

DaVinci catastrophe premiums 308,854 112,813 173.8%
DaVinci specialty premiums 23,317 24,122 (3.3%)
---------- ---------- ---------

Total DaVinci Reinsurance premiums 332,171 136,935 142.6%
---------- ---------- ---------

Total Reinsurance premiums (1) 1,109,390 808,623 37.2%
Individual Risk premiums 381,553 329,193 15.9%
---------- ---------- ---------

Total premiums $1,490,943 $1,137,816 31.0%
========== ========== =========

Total managed catastrophe premiums
(2) $ 988,162 $ 564,185 75.1%

Managed premiums assumed for fully-
collateralized joint ventures (3) $ 111,253 $ - -

----------- ----------- ---------
Total managed catastrophe premiums,
net of fully-collateralized joint
ventures (3) $ 876,909 $ 564,185 55.4%
========== ========== =========

Total specialty premiums $ 171,283 $ 303,869 (43.6%)
========== ========== =========

(1) Reinsurance gross premiums written excludes $30.6 million and $1.7
million of premiums assumed from the Individual Risk segment for
the three months ended June 30, 2006 and 2005, respectively, and
$36.7 million and $13.2 million of premiums assumed from the
Individual Risk segment for the six months ended June 30, 2006 and
2005, respectively.

(2) Total managed catastrophe premiums include Renaissance and DaVinci
catastrophe premiums, as above, and catastrophe premiums written
on behalf of our joint venture, Top Layer Re of $24.3 million and
$19.6 million for the three months ended June 30, 2006 and 2005,
respectively and $50.1 million and $59.4 million for the six
months ended June 30, 2006 and 2005, respectively. (see -
"Comments on Regulation G")

(3) Included in total managed catastrophe premiums for the three and
six months ended June 30, 2006 is $111.3 million of premium
assumed on behalf of two fully-collateralized joint ventures,
Starbound Re and Tim Re, of which $100.0 million and $11.3 million
was assumed by Renaissance and DaVinci, respectively. These
premiums are ceded directly to these facilities. (see - "Comments
on Regulation G")

Comments on Regulation G

In addition to the GAAP financial measures set forth in this PressRelease, the Company has included certain non-GAAP financial measuresin this Press Release within the meaning of Regulation G. The Companyhas consistently provided these financial measurements in previousinvestor communications and the Company's management believes thatthese measurements are important to investors and other interestedpersons, and that investors and such other persons benefit from havinga consistent basis for comparison between quarters and for thecomparison with other companies within the industry. These measuresmay not, however, be comparable to similarly titled measures used bycompanies outside of the insurance industry. Investors are cautionednot to place undue reliance on these non-GAAP measures in assessingthe Company's overall financial performance.

The Company uses "operating income" as a measure to evaluate theunderlying fundamentals of its operations and believes it to be auseful measure of its corporate performance. "Operating income" asused herein differs from "net income available to commonshareholders", which the Company believes is the most directlycomparable GAAP measure, by the exclusion of net realized gains andlosses on investments. In addition, the Company's management believesthat "operating income" is useful to investors because it moreaccurately measures and predicts the Company's results of operationsby removing the variability arising from fluctuations in the Company'sinvestment portfolio, which is not considered by management to be arelevant indicator of business operations. The Company also uses"operating income" to calculate "operating income per common share"and "operating return on average common equity, annualized". Thefollowing is a reconciliation of 1) net income available to commonshareholders to operating income available to common shareholders; 2)net income available to common shareholders per common share tooperating income available to common shareholders per common share;and 3) return on average common equity, annualized to operating returnon average common equity, annualized:
Three months ended Six months ended
------------------- -------------------
(In thousands of U.S. dollars, June 30, June 30, June 30, June 30,
except for per share amounts) 2006 2005 2006 2005
--------- --------- --------- ---------


Net income available to common
shareholders $130,408 $171,982 $309,388 $216,285
Adjustment for net realized
losses (gains) on investments 24,348 (1,583) 41,104 8,606
-------- -------- -------- --------

Operating income available to
common shareholders $154,756 $170,399 $350,492 $224,891
======== ======== ======== ========


Net income available to common
shareholders per common share
- diluted $ 1.81 $ 2.39 $ 4.31 $ 3.00
Adjustment for net realized
losses (gains) on investments 0.34 (0.02) 0.57 0.12
-------- -------- -------- --------

Operating income available to common
shareholders
per common share - diluted $ 2.15 $ 2.37 $ 4.88 $ 3.12
======== ======== ======== ========


Return on average common
equity, annualized 26.4% 30.8% 32.5% 19.6%
Adjustment for net realized
losses (gains) on investments 4.9% (0.2%) 4.3% 0.8%
-------- -------- -------- --------

Operating return on average
common equity, annualized 31.3% 30.6% 36.8% 20.4%
======== ======== ======== ========

The Company has also included in this Press Release "managedcatastrophe premiums" and "managed catastrophe premiums, net offully-collateralized joint ventures." "Managed catastrophe premiums"is defined as gross catastrophe premiums written by RenaissanceReinsurance and its related joint ventures. "Managed catastrophepremiums" differ from total catastrophe premiums, which the Companybelieves is the most directly comparable GAAP measure, due to theinclusion of catastrophe premiums written on behalf of the Company'sjoint venture Top Layer Re, which is accounted for under the equitymethod of accounting. "Managed catastrophe premiums, net offully-collateralized joint ventures" differs from total catastrophepremiums, which the Company believes is the most directly comparableGAAP measure, due to: 1) the inclusion of catastrophe premiums writtenon behalf of the Company's joint venture Top Layer Re, which isaccounted for under the equity method of accounting; and 2) thededuction of catastrophe premiums that are written by the Company andceded directly to the Company's fully-collateralized joint ventureswhich include Starbound Re and Tim Re. The Company's managementbelieves "managed catastrophe premiums" is useful to investors andother interested parties because it provides a measure of totalcatastrophe reinsurance premiums assumed by the Company through itsconsolidated subsidiaries and related joint ventures. The Companybelieves "managed catastrophe premiums, net of fully-collateralizedjoint ventures" is also a useful measure to investors and otherinterested parties because it provides a measure of total catastrophereinsurance premiums assumed by the Company through its consolidatedsubsidiaries and related joint ventures, net of catastrophe premiumswritten directly on behalf of the Company's fully-collateralized jointventures.