Comments on Regulation G In addition to the financial measures prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) set forth in this Annual Report, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measures in previous investor communications and the Company’s management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance. Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from: fluctuations in the fair value of the Company’s fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for all prior periods has been updated to conform to the current methodology and presentation. Comments on Regulation G (Continued) Year Ended December 31, (in thousands of United States dollars, except per share amounts and percentages) 2021 2020 2 019 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (73,421) $ 731,482 $ 712,042 Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 183,101 (827,667) (423,501) Adjustment for net foreign exchange losses (gains) 41,006 (27,773) 2,938 Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) 135 47,964 49,725 Adjustment for income tax expense (benefit) (2) (11,521) 29,863 20,367 Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) (57,701) 60,771 36,180 Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 81,599 $ 14,640 $ 397,751 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ (1.57) $ 15.31 $ 16.29 Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 3.88 (17.54) (9.81) Adjustment for net foreign exchange losses (gains) 0.87 (0.59) 0.07 Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) — 1.02 1.15 Adjustment for income tax expense (benefit) (2) (0.24) 0.63 0.47 Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) (1.22) 1.29 0.84 Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 1.72 $ 0.12 $ 9.01 Return on average common equity - annualized (1.1)% 11.7% 14.1% Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 2.9% (13.4)% (8.4)% Adjustment for net foreign exchange losses (gains) 0.6% (0.4)% 0.1% Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) —% 0.8% 1.0% Adjustment for income tax expense (benefit) (2) (0.2)% 0.5% 0.4% Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) (0.9)% 1.0% 0.7% Operating return on average common equity - annualized 1.3% 0.2% 7.9% (1) Included in the year ended December 31, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million. (2) Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors. (3) Represents the portion of these adjustments that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments. 10 RenaissanceRe Holdings Ltd. 2021 Annual Report