Letter to Shareholders Dear Shareholders, For us, 2021 was a year of abundant opportunity and strong growth. We set challenging objectives, excelled against them, and are a stronger company with a more resilient earnings stream. We achieved this due to: • strong top-line growth, • robust capital management, • solid expense management, • improved profitability and efficiency in our underwriting portfolio, • increased scale in our Capital Partners business, and • an investment portfolio positioned to benefit from a rising rate environment. These accomplishments are the direct result of a multi-year strategic journey that has positioned us to outperform in 2022 and beyond. Ten years ago, we recognized that the reinsurance market was evolving rapidly. Investors were seeking yield, making capital increasingly more interested in reinsurance risk. We set out to build the capabilities and scale needed to generate superior returns in this changing marketplace. This meant diversifying both geographically and into traditional casualty lines. We began by forming our Lloyds’ syndicate, acquired Platinum and Tokio Millennium Re and accelerated the expansion of our Capital Partners business. This process culminated with our common equity capital raise in 2020, which afforded us the ability to lean into a dramatically improving reinsurance market. We did not hesitate. We have nearly tripled our net premiums written over the last three years, focusing on casualty, specialty and primary property excess & surplus (E&S) risks, all of which have experienced significant rate increases. We knew that achieving this strategic imperative would require us to become more efficient. We set specific goals to increase our capital, investment and operating leverage – with a particular focus on managing expenses. In short, we transformed the profile of the Company to ensure that we could continue to maximize returns for our shareholders over the long term. I. Our Performance in 2021 FINANCIAL PERFORMANCE While we strategically outperformed in 2021, our financial performance in the year was impacted by the elevated frequency of natural catastrophe events, resulting in $2.9 billion in gross claims payments and a $962 million net negative impact 1 to our financial results. Against this backdrop, we reported a net loss attributable to our common shareholders of $73 million and operating income available to common shareholders of $82 million. Our return on average common equity was (1.1)% and our operating return on average common equity was 1.3%. Book value per common share decreased by 4.5% and our tangible book value per common share, plus change in accumulated dividends, decreased by 4%. In both cases, the decline was due in part to the repurchase of a substantial proportion of our shares at a multiple to book value. We believe that this will result in a long-term increase in earnings per share, and therefore benefit shareholders. CAPITAL MANAGEMENT We have built a Fortress Balance Sheet that provides us tremendous flexibility to create value for shareholders by actively managing how we deploy our capital. Our first preference is always to deploy any excess capital into profitable business opportunities, and second, to return the excess to our shareholders. We found ample opportunities in 2021 to deploy capital into our business, and as a result we grew net premiums written by 45%. Thanks to strong rate improvements and improved capital efficiency in our underwriting portfolio, we were also able to return more than $1 billion of capital to shareholders through share repurchases. As part of a long-term strategy to minimize our cost of capital, we also issued $500 million of Series G Preference Shares with a fixed-for-life dividend of 4.20%, and used $275 million of the proceeds to refinance our 5.375% Series E Preference Shares. We recognized an excellent opportunity to obtain permanent, fixed price capital at extremely attractive rates, and used the opportunity to bring down our overall cost of capital. Finally, we paid common dividends of $68 million during the year and, despite the year’s catastrophe losses, increased our quarterly dividend for the 27 th consecutive year. THREE DRIVERS OF PROFIT Consistent with prior years, I would like to discuss our three drivers of profit, which are underwriting income, fee income and investment income. Underwriting Income Our first driver of profit is the income we earn on our core underwriting business. For the year, this was a loss of $109 million, comprised of a loss of $186 million in our Property 1 For a definition of net negative impact, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 4, 2022. “ Anthropogenic climate change is both an existential threat to the planet and an imminent risk to our industry, and we bear the responsibility of being part of the solution. By Kevin O’Donnell President and Chief Executive Officer 2 RenaissanceRe Holdings Ltd. 2021 Annual Report Letter to Shareholders