is to protect communities and enable prosperity. I believe we best achieve this through the active assumption of risk, which promotes the liquidity and capital necessary to enable the orderly transition of industries, businesses and society towards a lower -carbon future. By working with our customers and brokers to enhance their understanding of the risk of anthropogenic climate change, we can help them develop transition pathways as well as products that enable transition. Ultimately, some will transition more successfully and faster than others, and our goal is to support those that develop and consistently execute credible and measurable transition plans. ADVANCING OUR ENVIRONMENTAL, SOCIAL AND GOVERNANCE STRATEGY Our purpose also drives our ESG Strategy, which focuses on three areas where our risk acumen intersects with our ability to make a meaningful impact on society: 1. Promoting Climate Resilience, 2. Closing the Protection Gap, and 3. Inducing Positive Societal Change. In 2021, we made great progress against each of these priorities. Promoting Climate Resilience We demonstrated our industry leadership position on climate resilience, adaptation and the transition to a low-carbon world through our participation at the United Nations 26 th Climate Change Conference in Glasgow. We were active in several risk focused initiatives, including the “Building Resilience in a Riskier World” event sponsored by the Insurance Development Forum (IDF), as well as the launch of the Global Risk Modelling Alliance. We also looked inward for ways to reduce RenaissanceRe’s impact on the environment. This included calculating and offsetting our carbon footprint and reducing the carbon intensity of our corporate credit and public equity portfolios by 70% with negligible expected impact on the portfolio’s yield. 2 We also actively supported the transition to a low-carbon world while furthering the sustainability of our investment portfolio by being a cornerstone investor in Blackrock’s US Carbon Transition Readiness Fund with a $100 million seed investment. Closing the Protection Gap The protection gap is the difference between insured loss and economic loss and it is especially pronounced in underserved communities where insurance take up rates are low or coverage is not available. Global catastrophe- related economic losses in 2021 were a stark reminder of this gap, with as little as a third of these economic losses being 2 From October 2020 to December 2021 as measured by MSCI. covered by insurance. We play an active role in key industry partnerships to close the protection gap, such as through our leadership position in the IDF and participation in other public sector partnerships. Inducing Positive Societal Change Our employees are our most valuable asset, and we are committed to maintaining a culture that supports each of them in their personal and professional journeys. During the year, we furthered our focus on Diversity, Equity and Inclusion (DEI) through both internal action and external leadership. Our DEI Council, chaired by our Chief Underwriting Officer, continues to promote awareness of, and discussion around, important DEI topics through our global quarterly “DEI Spotlight Series” and local events. We were a global sponsor of the DiveIn Festival, which is a movement in the insurance sector to develop more inclusive workplaces and enable people to achieve their potential. We are also an ambassador for Race Action Through Leadership, which is a new, action-oriented initiative to improve the representation of ethnic minorities at all levels of the industry. Governance We recently announced the nomination of Shyam Gidumal to our Board of Directors. Shyam will be a great addition and brings a wealth of experience enhancing operational efficiency and navigating digital transformation. I have every confidence that Shyam’s experience will contribute significantly to the Board’s stewardship of the organization on behalf of our shareholders and other stakeholders. We also announce the planned retirement of Jean Hamilton from our Board of Directors in May 2022 after 17 years of service. Jean’s outstanding leadership and significant contributions, in particular in her capacity as former Chair of the Compensation and Corporate Governance Committee and more recently in her active role in advancing our ESG strategy, have been invaluable to me and my team. I would like to thank Jean for her many years of distinguished service. IN CLOSING In the nearly 30 years since we started RenaissanceRe, we have transformed from a property catastrophe reinsurer to a multiline, global reinsurer, with access to the best casualty, specialty and property risks. We are now at an inflection point in our evolution. We have built an organization that can succeed in an industry characterized by low interest rates, abundant third-party capital, social inflation, and climate change. Going forward, we are poised to benefit from higher interest rates and improved pricing for our products. Rate increases will help offset inflation and climate change. Excellent access to capital across multiple forms – traditional, managed third-party capital, and retrocessional protection – uniquely positions us for growing into new opportunities, while continuing to return capital to our shareholders. Looking forward to 2022, I believe that we will continue to benefit from the strong growth and portfolio optimization that we implemented in 2021, and that we have positioned ourselves for delivering long-term stakeholder value. Thank you to our employees for your efforts to continuously innovate and propel us forward, our customers for your longstanding partnership, and our shareholders for your continued support on our journey. Sincerely, Kevin J. O’Donnell President and Chief Executive Officer 7 2021 Annual Report RenaissanceRe Holdings Ltd. Letter to Shareholders