RenaissanceRe Holdings Ltd. and Subsidiaries Consolidated Statements of Cash Flows For the years ended December 31, 2021, 2020 and 2019 (in thousands of United States Dollars) 2021 2020 2019 Cash flows provided by (used in) operating activities Net income (loss) $ (103,440) $ 993,058 $ 950,267 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Amortization, accretion and depreciation (20,989) 16,652 (58,964) Equity in undistributed (earnings) losses of other ventures 13,200 1,561 (762) Net realized and unrealized (gains) losses on investments 205,897 (820,636) (414,109) Loss on sale of RenaissanceRe UK — 30,242 — Change in: Premiums receivable (886,911) (293,581) (424,973) Prepaid reinsurance premiums (31,140) (55,801) (11,798) Reinsurance recoverable (1,342,659) (138,361) 129,665 Deferred acquisition costs (215,639) 30,442 118,676 Reserve for claims and claim expenses 2,913,492 1,155,615 900,562 Unearned premiums 767,614 232,949 51,343 Reinsurance balances payable 372,611 662,281 658,532 Other (437,221) 178,314 238,756 Net cash provided by (used in) operating activities 1,234,815 1,992,735 2,137,195 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 15,543,565 15,186,952 17,313,940 Purchases of fixed maturity investments trading (15,680,351) (16,836,538) (17,919,343) Net sales (purchases) of equity investments trading 206,595 829 (7,841) Net sales (purchases) of short term investments (252,833) (581,473) (1,900,741) Net sales (purchases) of other investments (617,782) (216,760) (202,878) Net sales (purchases) of investments in other ventures (23,835) (3,698) (2,717) Return of investment from investment in other ventures 8,345 9,255 11,250 Net sales (purchases) of other assets — — (4,108) Net proceeds from sale of RenaissanceRe UK — 136,744 — Net purchase of TMR — — (276,206) Net cash provided by (used in) investing activities (816,296) (2,304,689) (2,988,644) Cash flows provided by (used in) financing activities Dividends paid – RenaissanceRe common shares (67,828) (68,490) (59,368) Dividends paid – preference shares (32,889) (30,923) (36,756) RenaissanceRe common share repurchases (1,027,505) (62,621) — RenaissanceRe common share issuance — 1,095,507 — Issuance of debt, net of expenses — — 396,411 Repayment of debt — (250,000) — Drawdown of Medici Revolving Credit Facility 30,000 — — Redemption of preference shares (275,000) (125,000) — Issuance of preference shares, net of expenses 488,653 — — Net third-party redeemable noncontrolling interest share transactions 594,279 119,071 827,083 Taxes paid on withholding shares (12,171) (12,330) (7,253) Net cash provided by (used in) financing activities (302,461) 665,214 1,120,117 Effect of exchange rate changes on foreign currency cash 6,148 4,485 2,478 Net increase (decrease) in cash and cash equivalents 122,206 357,745 271,146 Cash and cash equivalents, beginning of year 1,736,813 1,379,068 1,107,922 Cash and cash equivalents, end of year $ 1,859,019 $ 1,736,813 $ 1,379,068 Supplemental disclosure of cash flow information Income taxes paid (refunded) $ (4,261) $ 5,668 $ 9,749 Interest paid $ 21,172 $ 48,805 $ 53,220 See accompanying notes to the consolidated financial statements F-8