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

The following tables present condensed consolidating balance sheets at March 31, 2018 and December 31, 2017, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three months ended March 31, 2018 and 2017, and condensed consolidating statements of cash flows for the three months ended March 31, 2018. Each of RenRe North America Holdings Inc. and RenaissanceRe Finance, Inc. is a 100% owned subsidiary of RenaissanceRe. On June 1, 2017, the notes issued by Platinum Underwriters Finance, Inc. (“Platinum Finance”) matured and the Company repaid the aggregate principal amount plus applicable accrued interest in full. Platinum Finance was subsequently dissolved on November 30, 2017. Prior to the liquidation of Platinum Finance, it was 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, 2017 and “Note 7. Debt and Credit Facilities” in the “Notes to Consolidated Financial Statements” included herein.



Condensed Consolidating Balance Sheet at March 31, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings 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	$	70,641	$	112,716	$	22,433	$	10,015,914	$	—		$	10,221,704
Cash and cash equivalents	8,150		97		1,175		638,551		—			647,973
Investments in subsidiaries	4,090,065		53,476		1,137,922		—		(5,281,463		)	—
Due from subsidiaries and affiliates	137,639		91,891		—		—		(229,530		)	—
Premiums receivable	—		—		—		1,684,630		—			1,684,630
Prepaid reinsurance premiums	—		—		—		794,921		—			794,921
Reinsurance recoverable	—		—		—		1,572,321		—			1,572,321
Accrued investment income	16		223		46		42,784		—			43,069
Deferred acquisition costs	—		—		—		477,010		—			477,010
Receivable for investments sold	48		—		6		111,377		—			111,431
Other assets	439,667		21,340		433,056		82,133		(848,625		)	127,571
Goodwill and other intangible assets	123,728		—		—		117,844		—			241,572
Total assets	$	4,869,954	$	279,743	$	1,594,638	$	15,537,485	$	(6,359,618	)	$	15,922,202
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	4,912,727	$	—		$	4,912,727
Unearned premiums	—		—		—		1,961,746		—			1,961,746
Debt	417,000		—		842,188		147,807		(417,000		)	989,995
Amounts due to subsidiaries and affiliates	9,639		61		106,900		—		(116,600		)	—
Reinsurance balances payable	—		—		—		1,758,948		—			1,758,948
Payable for investments purchased	—		—		—		306,664		—			306,664
Other liabilities	7,062		793		9,457		119,676		(6,483		)	130,505
Total liabilities	433,701		854		958,545		9,207,568		(540,083		)	10,060,585
Redeemable noncontrolling interests	—		—		—		1,425,364		—			1,425,364
Shareholders’ Equity
Total shareholders’ equity	4,436,253		278,889		636,093		4,904,553		(5,819,535		)	4,436,253
Total liabilities, noncontrolling interests and shareholders’ equity	$	4,869,954	$	279,743	$	1,594,638	$	15,537,485	$	(6,359,618	)	$	15,922,202


(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, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings 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	$	225,266	$	129,732	$	31,255	$	9,117,186	$	—		$	9,503,439
Cash and cash equivalents	14,656		139		1,469		1,345,328		—			1,361,592
Investments in subsidiaries	4,105,760		36,140		1,141,733		—		(5,283,633		)	—
Due from subsidiaries and affiliates	4,602		91,891		—		—		(96,493		)	—
Premiums receivable	—		—		—		1,304,622		—			1,304,622
Prepaid reinsurance premiums	—		—		—		533,546		—			533,546
Reinsurance recoverable	—		—		—		1,586,630		—			1,586,630
Accrued investment income	405		428		82		41,320		—			42,235
Deferred acquisition costs	—		—		—		426,551		—			426,551
Receivable for investments sold	135		51		8		102,951		—			103,145
Other assets	433,468		21,342		430,481		76,703		(840,768		)	121,226
Goodwill and other intangible assets	124,960		—		—		118,185		—			243,145
Total assets	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	5,080,408	$	—		$	5,080,408
Unearned premiums	—		—		—		1,477,609		—			1,477,609
Debt	417,000		—		841,892		147,731		(417,000		)	989,623
Amounts due to subsidiaries and affiliates	82,579		54		92,794		—		(175,427		)	—
Reinsurance balances payable	—		—		—		989,090		—			989,090
Payable for investments purchased	—		—		—		208,749		—			208,749
Other liabilities	18,298		1,053		14,117		764,432		(5,129		)	792,771
Total liabilities	517,877		1,107		948,803		8,668,019		(597,556		)	9,538,250
Redeemable noncontrolling interests	—		—		—		1,296,506		—			1,296,506
Shareholders’ Equity
Total shareholders’ equity	4,391,375		278,616		656,225		4,688,497		(5,623,338		)	4,391,375
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131


(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, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings 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	$	—		$	—		$	—		$	440,282		$	—		$	440,282
Net investment income	6,035			513			1,234			56,305			(7,611		)	56,476
Net foreign exchange (losses) gains	(3		)	—			—			3,760			—			3,757
Equity in earnings (losses) of other ventures	—			—			1,211			(354		)	—			857
Other loss	—			—			—			(1,242		)	—			(1,242		)
Net realized and unrealized losses on investments	(661		)	(1,286		)	(259		)	(79,938		)	—			(82,144		)
Total revenues	5,371			(773		)	2,186			418,813			(7,611		)	417,986
Expenses
Net claims and claim expenses incurred	—			—			—			171,703			—			171,703
Acquisition expenses	—			—			—			97,711			—			97,711
Operational expenses	1,313			10			11,070			37,933			(9,054		)	41,272
Corporate expenses	3,684			—			—			3,049			—			6,733
Interest expense	1,108			—			9,252			2,515			(1,108		)	11,767
Total expenses	6,105			10			20,322			312,911			(10,162		)	329,186
(Loss) income before equity in net income (loss) of subsidiaries and taxes	(734		)	(783		)	(18,136		)	105,902			2,551			88,800
Equity in net income (loss) of subsidiaries	62,426			834			(3,813		)	—			(59,447		)	—
Income (loss) before taxes	61,692			51			(21,949		)	105,902			(56,896		)	88,800
Income tax benefit	616			221			1,815			755			—			3,407
Net income (loss)	62,308			272			(20,134		)	106,657			(56,896		)	92,207
Net loss attributable to redeemable noncontrolling interests	—			—			—			(29,899		)	—			(29,899		)
Net income (loss) attributable to RenaissanceRe	62,308			272			(20,134		)	76,758			(56,896		)	62,308
Dividends on preference shares	(5,595		)	—			—			—			—			(5,595		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	56,713		$	272		$	(20,134	)	$	76,758		$	(56,896	)	$	56,713


(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 (Loss) for the three months ended March 31, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings 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 (loss)
Net income (loss)	$	62,308	$	272	$	(20,134	)	$	106,657		$	(56,896	)	$	92,207
Change in net unrealized gains on investments	—		—		—			(30		)	—			(30		)
Comprehensive income (loss)	62,308		272		(20,134		)	106,627			(56,896		)	92,177
Net income attributable to redeemable noncontrolling interests	—		—		—			(29,899		)	—			(29,899		)
Comprehensive income attributable to noncontrolling interests	—		—		—			(29,899		)	—			(29,899		)
Comprehensive income (loss) attributable to RenaissanceRe	$	62,308	$	272	$	(20,134	)	$	76,728		$	(56,896	)	$	62,278


(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, 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 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 redeemable 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 and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2018	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	$	(6,875	)	$	659				$	(23,449	)	$	(7,684	)	$	(37,349	)
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	119,542			42,793					27,672			2,128,852			2,318,859
Purchases of fixed maturity investments trading	(20,216		)	(22,956		)			(12,698		)	(2,256,591		)	(2,312,461		)
Net (purchases) sales of equity investments trading	—			(21		)			—			158			137
Net sales (purchases) of short term investments	54,728			(4,024		)			(5,925		)	(639,420		)	(594,641		)
Net sales of other investments	—			—					—			(98,639		)	(98,639		)
Dividends and return of capital from subsidiaries	177,250			—					—			(177,250		)	—
Contributions to subsidiaries	(150,205		)	(16,500		)			—			166,705			—
Due to (from) subsidiary	(154,877		)	7					14,106			140,764			—
Net cash provided by (used in) investing activities	26,222			(701		)	—		23,155			(753,395		)	(704,719		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(13,224		)	—			—		—			—			(13,224		)
Dividends paid – preference shares	(5,595		)	—			—		—			—			(5,595		)
Net third party redeemable noncontrolling interest share transactions	—			—					—			52,759			52,759
Taxes paid on withholding shares	(7,034		)	—			—		—			—			(7,034		)
Net cash (used in) provided by financing activities	(25,853		)	—			—		—			52,759			26,906
Effect of exchange rate changes on foreign currency cash	—			—			—		—			1,543			1,543
Net decrease in cash and cash equivalents	(6,506		)	(42		)	—		(294		)	(706,777		)	(713,619		)
Cash and cash equivalents, beginning of period	14,656			139					1,469			1,345,328			1,361,592
Cash and cash equivalents, end of period	$	8,150		$	97		$	—	$	1,175		$	638,551		$	647,973


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



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	)	$	234,717		$	201,039
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
Return of investment from investment in other ventures	—			—			—			—			20,000			20,000
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 subsidiaries	(28,130		)	50			(34		)	2,522			25,592			—
Net cash provided by (used in) investing activities	119,117			8,596			(7,695		)	14,597			(143,511		)	(8,896		)
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.