Results of Operations for 2020 Compared to 2019 Net income available to RenaissanceRe common shareholders was $731.5 million in 2020, compared to $712.0 million in 2019, an increase of $19.4 million. As a result of our net income available to RenaissanceRe common shareholders in 2020, we generated an annualized return on average common equity of 11.7% and our book value per common share increased from $120.53 at December 31, 2019 to $138.46 at December 31, 2020, a 16.0% increase, after considering the change in accumulated dividends paid to our common shareholders. The most significant items affecting our financial performance during 2020, on a comparative basis to 2019, include: • Impact of Weather-Related Large Loss Events and COVID-19 - in 2020, we had a net negative impact on our net income available to RenaissanceRe common shareholders of $493.6 million resulting from the 2020 Weather-Related Large Loss Events and $286.6 million resulting from losses related to the COVID-19 pandemic. This compares to a net negative impact on our net income available to RenaissanceRe common shareholders of $348.2 million from the combined impacts of the 2019 Large Loss Events. • Underwriting Results - we incurred an underwriting loss of $76.5 million and had a combined ratio of 101.9% in 2020, compared to underwriting income of $256.4 million and a combined ratio of 92.3% in 2019. Our underwriting loss in 2020 was comprised of an $87.5 million underwriting loss in our Casualty and Specialty segment, offset by underwriting income of $11.2 million in our Property segment. In comparison, underwriting income in 2019 was comprised of $209.3 million of underwriting income in our Property segment and $46.0 million of underwriting income in our Casualty and Specialty segment. Our underwriting result in 2020 was principally impacted by the 2020 Weather-Related Large Loss Events and the COVID-19 losses. The 2020 Weather-Related Large Loss Events resulted in a net negative impact on the underwriting result of $668.5 million and added 17.2 percentage points to the combined ratio, primarily in the Property segment. The COVID-19 losses, which impacted both the Property and Casualty and Specialty segments, resulted in a net negative impact on the underwriting result of $351.9 million and added 8.9 percentage points to the combined ratio. Partially offsetting the impact of the 2020 Weather-Related Large Loss Events and COVID-19 losses was favorable development on prior accident years of $183.8 million, primarily related to large loss events in 2019, 2018 and 2017, as well as favorable movements in other assumed losses and ceded recoveries. This favorable development reduced the combined ratio by 4.6 percentage points and was principally in the Property segment. In comparison, our underwriting result in 2019 was principally impacted by the 2019 Large Loss Events, which had a net negative impact on our underwriting result of $418.9 million and added 12.9 percentage points to the combined ratio, principally in the Property segment; • Gross Premiums Written - our gross premiums written increased by $1.0 billion, or 20.8%, to $5.8 billion, in 2020, compared to 2019, with an increase of $568.2 million in the Property segment and an increase of $430.3 million in the Casualty and Specialty segment; • Investment Results - our total investment result, which includes the sum of net investment income and net realized and unrealized gains on investments, was $1.2 billion in 2020, compared to $838.3 million in 2019, an increase of $336.4 million. The increase was primarily driven by net realized and unrealized gains on investments of $820.6 million in 2020, compared to $414.1 million in 2019. The net realized and unrealized gains on investments in 2020 were driven by net realized and unrealized gains on the fixed maturity investments portfolio, equity investments trading and investment-related derivatives; • Net Income Attributable to Redeemable Noncontrolling Interests - our net income attributable to redeemable noncontrolling interests was $230.7 million in 2020, compared to $201.5 million in 2019. The increase was due to improved performance from Medici and Vermeer, compared to 2019, partially offset by lower underlying performance in DaVinci which was negatively impacted by the 2020 Weather- Related Large Loss Events and the COVID-19 losses; and 73