RenaissanceRe February 4, 2016

February 4, 2016 RenaissanceRe Solid 2015 but 2016 Guidance Lowered MORGAN STANLEY & CO. LLC Kai Pan Kai.Pan@MorganStanley.com Chai Gohil Chaitanya.Gohil@morganstanley.com RenaissanceRe February 4, 2016 +1 212 761-8711 +1 212 761-1710 Industry View In-Line Stock Rating Equal-weight Price Target $118.00 Post strategic acquisition of PTP, RNR reported solid 2015 ROE of ~12%. Pricing pressure persisted at Jan 1 renewals and RNR lowered its 2016 cat premium guidance to -10% from -5%. We raise our PT to $118 (1.1x 4Q16e BV). However, we maintain EW due to pricing pressure and ~10% ROE outlook. Bigger and stronger post PTP acquisition: RNR completed strategic acquisition of PTP in 2015, which diversifies RNR's historically property cat dominant franchise to a more balanced property cat and specialty reinsurer. We think the combined organization is more relevant to clients and provides broader growth opportunities, with adequate returns and without significant additional capital requirement. The integration is largely complete and generated $30m+ annual expense savings. RNR delivered ~12% ROE in a competitive reinsurance pricing environment, albeit in a year of relatively benign cat losses ($52m vs. ~$190m 10-year average). Management lowered 2016 cat premium guidance to -10% from -5% earlier guidance due to lower than expected Jan 1 renewal volume, mostly due to -40% decline in retro writing. Management indicates competitive pricing pressure and their discipline to walk away from business that does not meet return hurdles. RNR also returned $100m capital to its JV DaVinciRe investors. Although property cat pricing continues to slide, the pull back by both traditional reinsurers and alternative capital could be early signs of stabilization. However, RNR management opined that traditional pricing cycle might not repeat, at least not the same magnitude of swings in the past. We think this could lead to lower long-term returns for property cat business. Specialty re provides growth but at lower margin. Management maintains +20% 2016 premium guidance for both Specialty and Lloyd's segments. However, Specialty is running at close to 100% underlying combined ratio while Lloyd's is yet to be profitable. RNR's business mix shift towards specialty and casualty re could increase overall combined ratio but could be ROE accretive if the company can effectively reduce excess capital. In fact, RNR plans to return 100% operating earnings to shareholders via dividend and buybacks in 2016. Adjusting 2016-17e EPS to $10.11/$10.70 from $10.07/$10.34 as slower premium growth is offset by larger buybacks. Our new PT of $118 (from $116) is based on 1.1x 4Q16e BV, reflecting ~10% ROE during the period. RenaissanceRe ( RNR.N, RNR US ) Insurance - Property & Casualty / Bermuda Stock Rating Equal-weight Industry View In-Line Price target $118.00 Shr price, close (Feb 3, 2016) $111.27 Mkt cap, curr (mm) $4,863 52-Week Range $115.92-95.18 Fiscal Year Ending 12/15 12/16e 12/17e 12/18e EPS ($)** 10.87 10.11 10.70 12.35 Consensus EPS ($) 10.52 9.35 9.94 10.75 P/BV 1.1 1.0 1.0 0.9 P/E 12.2 11.0 10.4 9.0 Div yld (%) 1.1 1.1 1.2 1.2 ModelWare EPS ($) 9.28 10.11 10.70 12.35 Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework ** = Based on consensus methodology = Consensus data is provided by Thomson Reuters Estimates e = Morgan Stanley Research estimates Exhibit 1: RNR Key Fundamental Metrics Source: Morgan Stanley Research, Thomson Reuters Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. 1

Risk Reward Renaissance Re - Risk Reward $ 160 140 120 100 80 60 40 20 Price Target $118 Bull $135 1.2x 4Q16e Bull Case BVPS Base $118 1.1x 4Q16e Base Case BVPS Bear $88 1.0x 4Q16e Bear Case BVPS Derived from Base case $111.27 $135.00 (+21%) $118.00 (+6%) $88.00 (-21%) 0 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Source: Thomson Reuters, Morgan Stanley Research Price Target (Feb-17) Historical Stock Performance Current Stock Price WARNINGDONOTEDIT_RRS4RL~RNR.N~ Faster growth and higher returns as pricing improves. Pricing power returns to cat reinsurance. Higher interest rates produce investment income growth. Low cat losses, reserve releases and robust buybacks continue. PTP integration delivers larger than expected synergies. Sustainable mid-teen ROE. Improving pricing and faster growth drive multiple expansion toward historical averages. ~10% ROE. Cat losses close to historical avg. Top-line declines due to pricing pressure, lower investment returns, slower reserve releases. Mgmt expects 2016 to be a challenging year. ROE of ~10%. Our price target is based on 1.1x 4Q16e P/B, below its historical average of 1.3x P/B, due to continued pricing challenges and lower cross cycle ROE expectation compared to its historical average given business mix shift. Outsized losses in underwriting and investments within 4 quarters. BV drops 18% due to a large catastrophe event (~16% impact) and investment losses ~50% of those experienced during the financial crisis (~2% impact). Near trough multiple on lower BV as P&C pricing remains weak following the large event. Investment Thesis Diversified reinsurer with leading property cat franchise. RNR is the market leader in the shorttail property catastrophe market. Acquisition of PTP diversifies RNR's business mix to ~50%/50% property/casualty, altering return profile to higher combined ratio, lower ROE, with lower volatility. RNR has the highest ratings in reinsurance (AAratings and S&P ERM rating of Excellent ). Reinsurance market under pressure from both secular shift to alternative capital solutions (cat bonds, ILWs, etc.), and cyclical pricing declines (property cat pricing down 30%+ in 2 years). We expect ~10% ROEs in 2016-17e vs. 20%+ historical averages for RNR. Better positioned for challenging 2016: RNR expects property-cat premiums to decline -5% in 2016 as pricing continues to decline. Diversified business mix coupled with organic growth and strong underwriting culture positions RNR to better weather a challenging 2016. Valuations below historical average: Current ~1.1x BV is near historical lows and below historical avg. of 1.3x, reflecting challenging market conditions, business mix shift and lower expected returns. Risks to Achieving Price Target RenaissanceRe February 4, 2016 Upside stabilizing reinsurance pricing; lower catastrophe losses; larger than expected PTP synergies; improving investment returns; larger share buybacks. Downside increasing market competition leads to worse pricing and terms and conditions; large catastrophe losses (without the benefit of higher pricing); PTP integration issues; ROEs deteriorate further. 2

RNR 4Q15 Results vs. Expectations 4Q15 results: RNR Op EPS of $3.08 was above $2.71 consensus and our $2.86. Net written premiums grew +112% from inclusion of PTP book. Core margin deteriorated YoY to 71.5% due to business mix change vs.77.7% MS est. There were no cat losses and reserve releases of $37m (10.2pts) in 4Q. Investment income increased +77% YoY from higher invested assets post PTP acquistion. RNR repurchased 447k shares for $48m in 4Q and additional $339k shares for $37m till Feb 1st 2016. BV grew +2% to $99.13 and Op ROE was ~12.5%. Exhibit 2: Op EPS of $3.08 was above $2.71 consensus and $2.86 MS estimate 3

Premium Growth To Remain Challenged in 2016 Exhibit 3: P&C Net Written Premium Growth Exhibit 4: Net Written Premium by Business Segment Strong Premium growth in 4Q. In 4Q, net premiums written grew +112% vs. MS est of +53%, following inclusion of revenues from PTP acquisition. Within segments, managed cat premiums were $9m vs. $7m YoY. Specialty increased +195% YoY due to inclusion of Platinum revenues, and Lloyds was up +4% YoY. Premium growth to remain challenged in 2016. Management revised lower its expectation for 2016 managed cat premiums from -5% to -10%. Specialty and Lloyds growth is expected to be +20%. The guidance highlights continued challenges in property cat reinsurance market as pricing continues to remain negative and traditional reinsurer scale back capacity as returns approach closer to cost of capital. No Cat Losses Result in Strong 4Q Exhibit 5: Combined Ratio and Cat Losses Exhibit 6: Prior Period Reserve Development 4

Investment Income Above Expectation Exhibit 7: Net Investment Income Exhibit 8: Investment Portfolio Yield Capital Distribution Remains a Priority Exhibit 9: Shares Outstanding Exhibit 10: Excess Capital Estimate 6,000 5,000 4,000 3,000 2,000 1,000 - Debt/Capital Reserve Redundancy Reserve/Equity NPW/Equity $m ~3% total capital reduction, 1,366 return $300m to shareholders 1,266 4Q15E Shareholders Equity Total Debt 4,332 Source of fund Use of fund Reserve release: 231 Paydown debt: 100 4,263 Capital release: 169 Return to shareholders: 300 Total: 400 Total: 400 Re-Capitalized 24.0% 10-yr historical average 26.6% 22.9% 462 release 50% of reserve redundancy 231 0.61x 0.36x 10-yr historical average 0.60x 10-yr historical average 0.49x 0.56x 0.37x Capital distribution remains a priority: In 4Q, RNR repurchased 447k shares for $48m below our expectation of $192m. Till Feb 1st, RNR had repurchased an additional 339k shares for $37m. Management plans to return excess capital to shareholders if unable to deploy profitably. We expect share repurchases of $360m/$353m in 2016e/2017e respectively with annual payout ratio ~96% for 2016-17e. RNR.N Our $118 price target is based on 1.1x 4Q16e P/B, below its historical average of 1.6x P/B, due to continued pricing challenges and lower cross cycle ROE expectation compared to its historical average given business mix shift. Downside risks include: increasing market competition leads to worse pricing and terms and conditions; large catastrophe losses (without the benefit of higher pricing); PTP integration issues; ROEs deteriorate further. Upside risks include: stabilizing reinsurance pricing; lower catastrophe losses; larger than expected PTP synergies; improving investment returns; larger share buybacks. 5

RNR Model Income Statement ($ in millions, except per share data) 2014 2015 2016E 2017E 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E Gross written premium 1,550.6 2,011.3 2,124.4 2,290.3 643.6 662.0 369.6 336.1 699.2 655.7 396.6 372.9 change yr/yr -3.4% 29.7% 5.6% 7.8% -8.7% 29.4% 83.9% 153.1% 8.6% -1.0% 7.3% 10.9% Managed Cat ex. Reinstatement 1,024.5 969.8 873.4 875.1 423.1 439.3 90.2 17.1 384.0 394.5 81.1 13.9 change yr/yr -17.8% -5.3% -9.9% 0.2% -14.7% 0.3% 19.4% 13.4% -9.3% -10.2% -10.2% -18.9% Net written premium 1,068.2 1,416.1 1,559.4 1,715.4 404.0 508.7 266.8 236.6 513.0 492.9 288.3 265.2 change yr/yr -11.3% 32.6% 10.1% 10.0% -10.3% 46.8% 67.1% 111.7% 27.0% -3.1% 8.1% 12.1% Earned premium 1,062.4 1,400.6 1,537.6 1,643.9 296.8 379.8 362.4 361.6 392.0 379.3 380.0 386.3 change yr/yr -4.7% 31.8% 9.8% 6.9% 3.6% 45.9% 39.9% 41.0% 32.1% -0.1% 4.9% 6.8% Paid losses 314.8 555.7 524.8 593.6 117.9 157.0 156.6 124.1 108.9 125.1 74.8 216.1 Reserve change (related to incurred claims) (116.9) (107.4) 97.3 106.3 (41.1) 12.3 (56.5) (22.1) 36.3 41.7 91.4 (72.0) Incurred losses 197.9 448.2 622.2 699.9 76.9 169.3 100.0 102.0 145.2 166.8 166.2 144.0 Commission expense 144.5 238.6 288.0 324.0 43.4 61.7 78.1 55.4 66.8 74.0 76.4 70.7 Other underwriting expense 190.6 219.1 237.7 248.2 45.6 54.7 54.5 64.3 56.2 55.4 58.6 67.5 Pretax underwriting results 529.4 494.6 389.8 371.8 130.9 94.1 129.7 139.9 123.8 83.2 78.8 104.0 Traditional investment income 94.3 130.6 144.7 149.9 25.8 32.5 35.6 36.8 35.9 36.0 36.3 36.4 Alternative investment income 30.0 21.9 32.3 33.2 13.9 6.1 (7.2) 9.2 8.0 8.0 8.1 8.2 Net investment income (pretax) 124.3 152.6 177.0 183.1 39.7 38.6 28.3 45.9 43.9 44.0 44.4 44.6 change yr/yr -40.7% 22.7% 16.0% 3.4% 1.9% 11.8% 13.6% 77.4% 10.6% 14.0% 56.6% -2.8% Equity in earnings of other ventures 26.1 20.5 24.0 24.0 5.3 6.2 5.7 3.3 6.0 6.0 6.0 6.0 Interest expense (17.2) (35.7) (41.4) (41.4) (5.3) (9.7) (10.4) (10.4) (10.3) (10.3) (10.3) (10.3) Corp. expense (23.0) (77.1) (16.0) (16.0) (45.6) (13.0) (7.5) (11.0) (4.0) (4.0) (4.0) (4.0) Fx gain/(loss) 6.3 (3.1) 0.0 0.0 (3.1) (1.7) 0.6 1.2 0.0 0.0 0.0 0.0 Corporate pretax Income (8.2) (81.9) (31.4) (31.4) (47.1) (16.9) (9.2) (8.6) (7.8) (7.8) (7.8) (7.8) Minority interest (153.5) (111.1) (79.5) (76.3) (39.7) (12.2) (31.2) (28.1) (20.7) (17.2) (18.4) (23.3) Preferred dividends (22.4) (22.4) (22.4) (22.4) (5.6) (5.6) (5.6) (5.6) (5.6) (5.6) (5.6) (5.6) Operating Income (Pre-tax) 469.5 431.9 433.5 424.8 78.2 98.1 112.1 143.5 133.6 96.5 91.4 112.0 Taxes (0.6) 45.9 (4.9) (4.6) 47.9 1.8 4.6 (8.5) (1.5) (1.0) (1.0) (1.3) Tax rate 0.1% -10.6% 1.1% 1.1% -61.3% -1.9% -4.1% 5.9% 1.2% 1.1% 1.1% 1.2% Operating Income (After-tax) 468.9 477.7 428.6 420.2 126.1 99.9 116.7 135.0 132.0 95.5 90.4 110.7 change yr/yr -25.7% 1.9% -10.3% -2.0% -7.3% 6.8% 18.0% -3.8% 4.7% -4.4% -22.5% -18.0% Net income 510.3 408.8 428.6 420.2 167.9 73.2 75.5 92.2 132.0 95.5 90.4 110.7 Operating EPS $11.56 $10.87 $10.11 $10.70 $3.10 $2.18 $2.58 $3.08 $3.03 $2.25 $2.15 $2.67 Operating EPS (ex. Fx) $11.40 $10.94 $10.11 $10.70 $3.18 $2.21 $2.56 $3.05 $3.03 $2.25 $2.15 $2.67 Realized gains/losses $1.04 ($1.58) $0.00 $0.00 $1.04 ($0.59) ($0.92) ($0.98) $0.00 $0.00 $0.00 $0.00 Net EPS $12.60 $9.28 $10.11 $10.70 $4.14 $1.59 $1.67 $2.09 $3.03 $2.25 $2.15 $2.67 Fully diluted shares 40.0 43.5 41.5 38.5 40.0 45.7 44.9 43.5 42.7 41.7 41.2 40.6 Balance Sheet Assets Invested Assets 7,269.3 9,506.0 9,748.9 10,021.0 9,241.7 9,678.4 9,524.3 9,506.0 9,555.1 9,612.9 9,793.2 9,748.9 Reinsurance Recoverable 66.7 134.5 139.5 144.9 82.7 136.5 141.4 134.5 136.4 138.5 143.2 139.5 DAC 110.1 199.4 219.3 241.2 146.1 173.4 213.6 199.4 160.7 190.7 235.0 219.3 Goodwill 7.9 265.2 265.2 265.2 281.3 275.7 270.2 265.2 265.2 265.2 265.2 265.2 Total Assets 8,203.6 11,560.9 11,887.0 12,247.0 11,287.2 12,053.2 11,906.7 11,560.9 11,714.1 12,068.1 12,264.0 11,887.0 change yr/yr 0.3% 40.9% 2.8% 3.0% 38.3% 41.5% 42.5% 40.9% 3.8% 0.1% 3.0% 2.8% Liabilities Debt 249.5 966.1 966.1 966.1 826.8 972.4 969.2 966.1 966.1 966.1 966.1 966.1 Preferred 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 Total Debt 649.5 1,366.1 1,366.1 1,366.1 1,226.8 1,372.4 1,369.2 1,366.1 1,366.1 1,366.1 1,366.1 1,366.1 Reserves (Gross) 1,412.5 2,767.0 2,869.4 2,981.1 2,781.6 2,847.6 2,796.1 2,767.0 2,805.2 2,849.0 2,945.1 2,869.4 Unearned Premiums 512.4 889.1 906.9 925.0 983.1 1,155.6 1,042.0 889.1 1,002.8 1,178.7 1,062.9 906.9 Total Liabilities 4,737.8 7,228.7 7,537.3 7,878.9 6,904.9 7,616.2 7,609.1 7,228.7 7,394.5 7,760.9 7,902.0 7,537.3 change yr/yr 1.3% 52.6% 4.3% 4.5% 43.8% 49.9% 51.5% 52.6% 7.1% 1.9% 3.8% 4.3% Equity Common Stock, APIC 38.4 551.4 551.4 551.4 801.0 796.5 595.8 551.4 551.4 551.4 551.4 551.4 Retained Earnings 3,423.9 3,778.7 3,796.2 3,814.6 3,578.0 3,637.5 3,699.6 3,778.7 3,766.1 3,753.7 3,808.5 3,796.2 AOCI 3.4 2.1 2.1 2.1 3.3 3.0 2.3 2.1 2.1 2.1 2.1 2.1 Total Common Equity 3,465.7 4,332.2 4,349.7 4,368.1 4,382.3 4,436.9 4,297.6 4,332.2 4,319.6 4,307.2 4,362.0 4,349.7 change yr/yr -1.1% 25.0% 0.4% 0.4% 30.3% 29.1% 28.8% 25.0% -1.4% -2.9% 1.5% 0.4% Book value per share $90.15 $99.13 $107.40 $116.17 $95.21 $96.43 $97.41 $99.13 $101.64 $103.41 $105.23 $107.40 change yr/yr 12.3% 10.0% 8.3% 8.2% 15.7% 13.7% 13.6% 10.0% 6.7% 7.2% 8.0% 8.3% Tangible Book value per share $89.95 $93.06 $100.85 $109.12 $89.10 $90.44 $91.28 $93.06 $95.40 $97.05 $98.84 $100.85 E= Morgan Stanley Equity Research Estimate.. 6

Key Metrics ($ in millions, except per share data) 2014 2015 2016E 2017E 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E Underwriting Ratios Loss ratio 18.6% 32.0% 40.5% 42.6% 25.9% 44.6% 27.6% 28.2% 37.0% 44.0% 43.7% 37.3% Expense ratio 31.5% 32.7% 34.2% 34.8% 30.0% 30.6% 36.6% 33.1% 31.4% 34.1% 35.5% 35.8% Combined ratio 50.2% 64.7% 74.6% 77.4% 55.9% 75.2% 64.2% 61.3% 68.4% 78.1% 79.3% 73.1% CATs (Pts) 5.8% 3.7% 6.8% 5.9% 0.0% 6.3% 7.8% 0.0% 7.5% 6.6% 8.8% 4.1% Accident year CR 63.7% 76.3% 85.6% 87.3% 63.4% 83.9% 83.6% 71.5% 79.5% 89.0% 90.1% 83.9% Accident year CR (ex. CATs) 57.9% 72.6% 78.8% 81.4% 63.4% 77.6% 75.9% 71.5% 72.0% 82.4% 81.3% 79.8% Operating/Capital Statistics Operating ROE 13.5% 12.3% 9.9% 9.6% 12.9% 9.1% 10.7% 12.5% 12.2% 8.9% 8.3% 10.2% Net ROE 14.6% 10.5% 9.9% 9.6% 17.1% 6.6% 6.9% 8.5% 12.2% 8.9% 8.3% 10.2% Accident Year Oper. ROE 9.3% 7.7% 6.0% 5.9% 9.9% 6.0% 4.0% 9.3% 8.2% 5.1% 4.6% 6.4% Net Written premiums/equity 30.8% 32.7% 35.9% 39.3% 36.9% 45.9% 24.8% 21.8% 47.5% 45.8% 26.4% 24.4% Net reserves/equity 38.8% 60.8% 62.8% 64.9% 61.6% 61.1% 61.8% 60.8% 61.8% 62.9% 64.2% 62.8% Debt/Total Capital (incl. pfd in debt) 15.8% 24.0% 23.9% 23.8% 21.9% 23.6% 24.2% 24.0% 24.0% 24.1% 23.8% 23.9% Excluding AOCI: Book value per share (Ex. AOCI) 90.07 99.08 107.35 116.11 95.14 96.36 97.35 99.08 101.59 103.36 105.18 107.35 Operating ROE (Ex. AOCI) 13.5% 12.3% 9.9% 9.6% 12.9% 9.1% 10.7% 12.5% 12.2% 8.9% 8.3% 10.2% Total Net ROE (Ex. AOCI) 14.7% 10.5% 9.9% 9.6% 17.1% 6.6% 6.9% 8.6% 12.2% 8.9% 8.3% 10.2% Debt/Total Capital (incl. pfd in debt) ex. AOCI 15.8% 24.0% 23.9% 23.8% 21.9% 23.6% 24.2% 24.0% 24.0% 24.1% 23.9% 23.9% Investment Income Analysis Amortized cost investment balance 7,235.4 9,565.0 9,807.9 10,080.0 9,193.9 9,688.0 9,532.4 9,565.0 9,614.1 9,671.9 9,852.2 9,807.9 change yr/yr 0.5% 32.2% 2.5% 2.8% 35.4% 40.2% 35.9% 32.2% 4.6% -0.2% 3.4% 2.5% Calculated pretax yield (Traditional) 1.4% 1.7% 1.6% 1.6% 1.3% 1.5% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% Calculated pretax yield (Alternatives) 5.2% 4.3% 6.7% 6.7% 11.0% 4.7% -5.7% 7.6% 6.6% 6.6% 6.6% 6.6% Invested assets at market 7,269.3 9,506.0 9,748.9 10,021.0 9,241.7 9,678.4 9,524.3 9,506.0 9,555.1 9,612.9 9,793.2 9,748.9 EPS Sensitivity 1% move in Combined Ratio $0.26 $0.32 $0.37 $0.42 $0.07 $0.08 $0.08 $0.08 $0.09 $0.09 $0.09 $0.09 1% Growth in Earned Premiums $0.14 $0.09 $0.08 $0.09 $0.03 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 10 bp on Investment Yield $0.18 $0.19 $0.23 $0.26 $0.05 $0.05 $0.05 $0.05 $0.06 $0.06 $0.06 $0.06 1% Increase in Consol. Tax Rate $0.03 $0.04 $0.04 $0.05 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 Reserve Analysis (Net) Beginning reserve balance 1,462.7 1,345.8 2,632.5 2,729.9 1,345.8 2,698.9 2,711.2 2,654.6 2,632.5 2,668.8 2,710.5 2,801.9 Incurred losses 197.9 448.2 622.2 699.9 76.9 169.3 100.0 102.0 145.2 166.8 166.2 144.0 Paid losses (314.8) (555.7) (524.8) (593.6) (117.9) (157.0) (156.6) (124.1) (108.9) (125.1) (74.8) (216.1) Other changes 0.0 1,394.1 0.0 0.0 1,394.1 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 Ending net reserve balance 1,345.8 2,632.5 2,729.9 2,836.2 2,698.9 2,711.2 2,654.6 2,632.5 2,668.8 2,710.5 2,801.9 2,729.9 Paid: incurred 159.1% 124.0% 84.4% 84.8% 153.4% 92.7% 156.5% 121.7% 75.0% 75.0% 45.0% 150.0% Paid: earned 29.6% 39.7% 34.1% 36.1% 39.7% 41.3% 43.2% 34.3% 27.8% 33.0% 19.7% 55.9% Prior Period Development (Neg = Favorable) (143.8) (162.4) (168.1) (163.4) (22.1) (33.1) (70.4) (36.9) (43.6) (41.3) (41.3) (41.9) Pts on LR -13.5% -11.6% -10.9% -9.9% -7.5% -8.7% -19.4% -10.2% -11.1% -10.9% -10.9% -10.8% % of Beg. of Yr. Reserves -9.8% -12.1% -6.4% -6.0% -1.9% -2.9% -6.1% -3.2% -3.2% -3.1% -3.1% -3.1% EPS Impact (est.) $ 3.59 $ 4.08 $ 4.01 $ 4.21 $ 0.71 $ 0.74 $ 1.63 $ 0.79 $ 1.01 $ 0.98 $ 0.99 $ 1.02 Capital Management Dividends per share $1.15 $1.20 $1.24 $1.28 $0.30 $0.30 $0.30 $0.30 $0.31 $0.31 $0.31 $0.31 Shares repurchased 5.3 2.4 3.4 3.1 0.0 0.1 1.9 0.4 1.3 0.9 0.3 1.0 $ amount of shs repurchased (est.) $516.1 $259.5 $382.2 $376.9 $0.0 $8.4 $203.1 $48.0 $136.9 $100.5 $28.5 $116.2 Ending shares outstanding 38.4 43.7 40.5 37.6 46.0 46.0 44.1 43.7 42.5 41.7 41.5 40.5 Total payout ratio (% operating income) 119.8% 65.6% 101.2% 101.4% 10.9% 22.2% 185.4% 45.3% 113.7% 118.8% 45.7% 116.4% E= Morgan Stanley Equity Research Estimate.. RenaissanceRe February 4, 2016 7

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COVERAGE UNIVERSE INVESTMENT BANKING CLIENTS (IBC) STOCK RATING CATEGORY COUNT % OF TOTAL COUNT % OF TOTAL IBC % OF RATING CATEGORY Overweight/Buy 1206 36% 323 43% 27% Equal-weight/Hold 1432 42% 331 44% 23% Not-Rated/Hold 79 2% 9 1% 11% Underweight/Sell 658 19% 86 11% 13% TOTAL 3,375 749 Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the last 12 months. Analyst Stock Ratings Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Underweight (U). The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Unless otherwise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months. Analyst Industry Views Attractive (A): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be attractive vs. the relevant broad market benchmark, as indicated below. In-Line (I): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be in line with the relevant broad market benchmark, as indicated below. Cautious (C): The analyst views the performance of his or her industry coverage universe over the next 12-18 months with caution vs. the relevant broad market benchmark, as indicated below. Benchmarks for each region are as follows: North America - S&P 500; Latin America - relevant MSCI country index or MSCI Latin America Index; Europe - MSCI Europe; Japan - TOPIX; Asia - relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. Stock Price, Price Target and Rating History (See Rating Definitions) Important Disclosures for Morgan Stanley Smith Barney LLC Customers 9

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(RE.N) E (05/16/2013) $177.70 Intact Financial Corp (IFC.TO) E (09/08/2015) C$82.98 Marsh & McLennan Cos (MMC.N) E (02/09/2015) $52.84 National General Holdings Corp (NGHC.O) O (01/26/2016) $20.13 PartnerRe Ltd. (PRE.N) $140.38 Progressive Corp (PGR.N) U (04/25/2012) $30.42 RenaissanceRe (RNR.N) E (03/09/2015) $111.27 The Travelers Companies, Inc. (TRV.N) E (03/02/2012) $106.89 Third Point Reinsurance Ltd (TPRE.N) E (01/06/2014) $11.14 W.R. Berkley Corp. (WRB.N) E (01/21/2016) $50.51 Willis Towers Watson PLC (WLTW.O) O (02/12/2015) $114.05 XL Group PLC (XL.N) O (05/12/2015) $35.62 Stock Ratings are subject to change. Please see latest research for each company. * Historical prices are not split adjusted. 2016 Morgan Stanley 11