CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES

The following tables present condensed consolidating balance sheets at March 31, 2017 and December 31, 2016, condensed consolidating statements of operations, condensed consolidating statements of comprehensive income and condensed consolidating statements of cash flow for the three months ended March 31, 2017 and 2016. Each of RenRe North America Holdings Inc., Platinum Underwriters Finance, Inc. and RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 9. Debt and Credit Facilities in the Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2016.



Condensed Consolidating Balance Sheet at March 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)		Consolidating Adjustments (2)			RenaissanceRe Consolidated
Assets
Total investments	$	142,794	$	122,599	$	192,290	$	31,701	$	8,970,486	$	—		$	9,459,870
Cash and cash equivalents	4,177		164		4,164		6,080		439,502		—			454,087
Investments in subsidiaries	4,311,578		35,691		852,931		1,183,615		—		(6,383,815		)	—
Due from subsidiaries and affiliates	44,346		91,891		—		—		—		(136,237		)	—
Premiums receivable	—		—		—		—		1,283,275		—			1,283,275
Prepaid reinsurance premiums	—		—		—		—		628,091		—			628,091
Reinsurance recoverable	—		—		—		—		325,819		—			325,819
Accrued investment income	161		255		510		141		39,480		—			40,547
Deferred acquisition costs	—		—		—		—		388,681		—			388,681
Receivable for investments sold	45		3		87,506		—		229,394		—			316,948
Other assets	414,825		38,063		932		128,928		113,556		(522,320		)	173,984
Goodwill and other intangible assets	128,818		—		—		—		119,507		—			248,325
Total assets	$	5,046,744	$	288,666	$	1,138,333	$	1,350,465	$	12,537,791	$	(7,042,372	)	$	13,319,627
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	—	$	2,934,688	$	—		$	2,934,688
Unearned premiums	—		—		—		—		1,596,495		—			1,596,495
Debt	117,000		—		252,141		546,062		147,498		(117,000		)	945,701
Amounts due to subsidiaries and affiliates	60,897		91		89		98,583		—		(159,660		)	—
Reinsurance balances payable	—		—		—		—		972,266		—			972,266
Payable for investments purchased	—		—		—		—		604,613		—			604,613
Other liabilities	8,010		1,498		6,349		6,962		200,015		(5,798		)	217,036
Total liabilities	185,907		1,589		258,579		651,607		6,455,575		(282,458		)	7,270,799
Redeemable noncontrolling interests	—		—		—		—		1,187,991		—			1,187,991
Shareholders’ Equity
Total shareholders’ equity	4,860,837		287,077		879,754		698,858		4,894,225		(6,759,914		)	4,860,837
Total liabilities, noncontrolling interests and shareholders’ equity	$	5,046,744	$	288,666	$	1,138,333	$	1,350,465	$	12,537,791	$	(7,042,372	)	$	13,319,627


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


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



Condensed Consolidating Balance Sheet at December 31, 2016	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)		Consolidating Adjustments (2)			RenaissanceRe Consolidated
Assets
Total investments	$	387,274	$	119,163	$	267,556	$	45,027	$	8,497,948	$	—		$	9,316,968
Cash and cash equivalents	7,067		162		6,671		9,397		397,860		—			421,157
Investments in subsidiaries	4,074,769		34,761		843,089		1,165,413		—		(6,118,032		)	—
Due from subsidiaries and affiliates	7,413		91,892		—		—		—		(99,305		)	—
Premiums receivable	—		—		—		—		987,323		—			987,323
Prepaid reinsurance premiums	—		—		—		—		441,260		—			441,260
Reinsurance recoverable	—		—		—		—		279,564		—			279,564
Accrued investment income	105		289		551		106		37,025		—			38,076
Deferred acquisition costs	—		—		—		—		335,325		—			335,325
Receivable for investments sold	136		2		99		45		105,559		—			105,841
Other assets	410,757		37,204		4,689		127,572		118,098		(522,938		)	175,382
Goodwill and other intangible assets	130,407		—		—		—		120,779		—			251,186
Total assets	$	5,017,928	$	283,473	$	1,122,655	$	1,347,560	$	11,320,741	$	(6,740,275	)	$	12,352,082
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	—	$	2,848,294	$	—		$	2,848,294
Unearned premiums	—		—		—		—		1,231,573		—			1,231,573
Debt	117,000		—		255,352		545,889		147,422		(117,000		)	948,663
Amounts due to subsidiaries and affiliates	14,644		42		123		96,061		—		(110,870		)	—
Reinsurance balances payable	—		—		—		—		673,983		—			673,983
Payable for investments purchased	—		—		—		—		305,714		—			305,714
Other liabilities	19,707		10,544		—		13,350		270,610		(12,527		)	301,684
Total liabilities	151,351		10,586		255,475		655,300		5,477,596		(240,397		)	6,309,911
Redeemable noncontrolling interests	—		—		—		—		1,175,594		—			1,175,594
Shareholders’ Equity
Total shareholders’ equity	4,866,577		272,887		867,180		692,260		4,667,551		(6,499,878		)	4,866,577
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	5,017,928	$	283,473	$	1,122,655	$	1,347,560	$	11,320,741	$	(6,740,275	)	$	12,352,082


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


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



Condensed Consolidating Statement of Operations for the three months ended March 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	366,045		$	—		$	366,045
Net investment income	5,457			426			841			269			53,583			(6,251		)	54,325
Net foreign exchange gains	—			—			—			—			8,165			—			8,165
Equity in losses of other ventures	—			—			—			(752		)	(755		)	—			(1,507		)
Other (loss) income	(1		)	—			—			—			1,666			—			1,665
Net realized and unrealized gains (losses) on investments	53			2,921			4,725			(26		)	35,700			—			43,373
Total revenues	5,509			3,347			5,566			(509		)	464,404			(6,251		)	472,066
Expenses
Net claims and claim expenses incurred	—			—			—			—			193,081			—			193,081
Acquisition expenses	—			—			—			—			83,282			—			83,282
Operational expenses	3,298			24			50			7,979			42,058			(6,126		)	47,283
Corporate expenses	5,208			—			—			—			78			—			5,286
Interest expense	140			—			1,476			6,542			2,508			(140		)	10,526
Total expenses	8,646			24			1,526			14,521			321,007			(6,266		)	339,458
(Loss) income before equity in net income of subsidiaries and taxes	(3,137		)	3,323			4,040			(15,030		)	143,397			15			132,608
Equity in net income of subsidiaries	101,353			1,086			9,843			16,498			—			(128,780		)	—
Income before taxes	98,216			4,409			13,883			1,468			143,397			(128,765		)	132,608
Income tax (expense) benefit	(269		)	(1,098		)	(1,308		)	3,072			(731		)	—			(334		)
Net income	97,947			3,311			12,575			4,540			142,666			(128,765		)	132,274
Net income attributable to redeemable noncontrolling interests	—			—			—			—			(34,327		)	—			(34,327		)
Net income attributable to RenaissanceRe	97,947			3,311			12,575			4,540			108,339			(128,765		)	97,947
Dividends on preference shares	(5,595		)	—			—			—			—			—			(5,595		)
Net income available to RenaissanceRe common shareholders	$	92,352		$	3,311		$	12,575		$	4,540		$	108,339		$	(128,765	)	$	92,352


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


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



Condensed Consolidating Statement of Comprehensive Income for the three months ended March 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Comprehensive income
Net income	$	97,947	$	3,311	$	12,575	$	4,540	$	142,666		$	(128,765	)	$	132,274
Change in net unrealized gains on investments	—		—		—		—		(1,491		)	—			(1,491		)
Comprehensive income	97,947		3,311		12,575		4,540		141,175			(128,765		)	130,783
Net income attributable to redeemable noncontrolling interests	—		—		—		—		(34,327		)	—			(34,327		)
Comprehensive income attributable to noncontrolling interests	—		—		—		—		(34,327		)	—			(34,327		)
Comprehensive income available to RenaissanceRe	$	97,947	$	3,311	$	12,575	$	4,540	$	106,848		$	(128,765	)	$	96,456


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


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



Condensed Consolidating Statement of Operations for the three months ended March 31, 2016	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	353,606		$	—		$	353,606
Net investment income	6,858			509			1,433			140			25,806			(5,883		)	28,863
Net foreign exchange losses	(1		)	—			—			—			(1,691		)	—			(1,692		)
Equity in earnings of other ventures	—			—			—			—			1,611			—			1,611
Other income	—			—			—			—			4,079			—			4,079
Net realized and unrealized gains on investments	4,488			1,115			1,964			—			54,086			—			61,653
Total revenues	11,345			1,624			3,397			140			437,497			(5,883		)	448,120
Expenses
Net claims and claim expenses incurred	—			—			—			—			126,605			—			126,605
Acquisition expenses	—			—			—			—			65,592			—			65,592
Operational expenses	(701		)	(141		)	52			7,009			55,096			(5,080		)	56,235
Corporate expenses	5,613			—			—			—			2,612			—			8,225
Interest expense	140			—			1,476			6,543			2,519			(140		)	10,538
Total expenses	5,052			(141		)	1,528			13,552			252,424			(5,220		)	267,195
Income (loss) before equity in net income (loss) of subsidiaries and taxes	6,293			1,765			1,869			(13,412		)	185,073			(663		)	180,925
Equity in net income (loss) of subsidiaries	123,538			(133		)	22,335			24,479			—			(170,219		)	—
Income before taxes	129,831			1,632			24,204			11,067			185,073			(170,882		)	180,925
Income tax benefit (expense)	3,759			(561		)	(344		)	2,879			(8,477		)	—			(2,744		)
Net income	133,590			1,071			23,860			13,946			176,596			(170,882		)	178,181
Net income attributable to redeemable noncontrolling interests	—			—			—			—			(44,591		)	—			(44,591		)
Net income attributable to RenaissanceRe	133,590			1,071			23,860			13,946			132,005			(170,882		)	133,590
Dividends on preference shares	(5,595		)	—			—			—			—			—			(5,595		)
Net income available to RenaissanceRe common shareholders	$	127,995		$	1,071		$	23,860		$	13,946		$	132,005		$	(170,882	)	$	127,995


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


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



Condensed Consolidating Statement of Comprehensive Income for the three months ended March 31, 2016	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Comprehensive income
Net income	$	133,590	$	1,071	$	23,860	$	13,946	$	176,596		$	(170,882	)	$	178,181
Change in net unrealized gains on investments	—		—		—		—		(443		)	—			(443		)
Comprehensive income	133,590		1,071		23,860		13,946		176,153			(170,882		)	177,738
Net income attributable to redeemable noncontrolling interests	—		—		—		—		(44,591		)	—			(44,591		)
Comprehensive income attributable to redeemable noncontrolling interests	—		—		—		—		(44,591		)	—			(44,591		)
Comprehensive income available to RenaissanceRe	$	133,590	$	1,071	$	23,860	$	13,946	$	131,562		$	(170,882	)	$	133,147


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


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



Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(12,358	)	$	(8,594	)	$	5,188		$	(17,914	)	$	254,717		$	221,039
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	38,449			12,473			36,397			15,449			2,579,618			2,682,386
Purchases of fixed maturity investments trading	(63,417		)	(12,438		)	(36,790		)	—			(2,894,479		)	(3,007,124		)
Net (purchases) sales of equity investments trading	—			(74		)	(2,181		)	—			16,002			13,747
Net sales (purchases) of short term investments	269,585			(590		)	(5,087		)	(3,374		)	(14,841		)	245,693
Net sales of other investments	—			—			—			—			36,402			36,402
Dividends and return of capital from subsidiaries	65,180			9,175			—			9,175			(83,530		)	—
Contributions to subsidiaries	(162,550		)	—			—			(9,175		)	171,725			—
Due (from) to subsidiary	(28,130		)	50			(34		)	2,522			25,592			—
Net cash provided by (used in) investing activities	119,117			8,596			(7,695		)	14,597			(163,511		)	(28,896		)
Cash flows used in financing activities
Dividends paid – RenaissanceRe common shares	(13,027		)	—			—			—			—			(13,027		)
Dividends paid – preference shares	(5,595		)	—			—			—			—			(5,595		)
RenaissanceRe common share repurchases	(80,009		)	—			—			—			—			(80,009		)
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(51,166		)	(51,166		)
Taxes paid on withholding shares	(11,018		)	—			—			—			—			(11,018		)
Net cash used in financing activities	(109,649		)	—			—			—			(51,166		)	(160,815		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			1,602			1,602
Net (decrease) increase in cash and cash equivalents	(2,890		)	2			(2,507		)	(3,317		)	41,642			32,930
Cash and cash equivalents, beginning of period	7,067			162			6,671			9,397			397,860			421,157
Cash and cash equivalents, end of period	$	4,177		$	164		$	4,164		$	6,080		$	439,502		$	454,087


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



Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2016	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(12,542	)	$	(332	)	$	4,561		$	(15,213	)	$	21,888		$	(1,638	)
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	80,763			25,376			20,566			—			2,413,368			2,540,073
Purchases of fixed maturity investments trading	(195,141		)	(82,697		)	(135,561		)	—			(2,242,884		)	(2,656,283		)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			—			—			—			3,662			3,662
Net sales (purchases) of equity investments trading	—			158			138,834			—			(19,623		)	119,369
Net sales (purchases) of short term investments	104,213			63,194			(33,409		)	—			11			134,009
Net purchases of other investments	—			—			—			—			(39,698		)	(39,698		)
Dividends and return of capital from subsidiaries	118,544			2,900			—			—			(121,444		)	—
Contributions to subsidiaries	(19,924		)	—			—			—			19,924			—
Due to (from) subsidiaries	23,054			(14,242		)	139			20,979			(29,930		)	—
Net cash provided by (used in) investing activities	111,509			(5,311		)	(9,431		)	20,979			(16,614		)	101,132
Cash flows used in financing activities
Dividends paid – RenaissanceRe common shares	(13,285		)	—			—			—			—			(13,285		)
Dividends paid – preference shares	(5,595		)	—			—			—			—			(5,595		)
RenaissanceRe common share repurchases	(85,166		)	—			—			—			—			(85,166		)
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(50,374		)	(50,374		)
Taxes paid on withholding shares	—			—			—			—			(8,069		)	(8,069		)
Net cash used in financing activities	(104,046		)	—			—			—			(58,443		)	(162,489		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			5,259			5,259
Net (decrease) increase in cash and cash equivalents	(5,079		)	(5,643		)	(4,870		)	5,766			(47,910		)	(57,736		)
Cash and cash equivalents, beginning of period	10,185			5,908			7,103			677			483,012			506,885
Cash and cash equivalents, end of period	$	5,106		$	265		$	2,233		$	6,443		$	435,102		$	449,149

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