AM Best Revises Issuer Credit Rating Outlook to Positive for Renaissance Reinsurance Ltd., Its Members and RenaissanceRe Holdings Ltd.; Affirms Credit Ratings of DaVinciRe Holdings Ltd. and Vermeer Reinsurance Ltd.

AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of "aa-" (Superior) of Renaissance Reinsurance Ltd. (RenaissanceRe), Renaissance Reinsurance U.S. Inc. (New York, NY), RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance of Europe Designated Activity Company (Dublin, Ireland) and RenaissanceRe Europe AG (Zurich, Switzerland). The outlook of the FSR is stable. Additionally, AM Best has revised the outlook to positive from stable and affirmed the Long-Term ICR of "a-" (Excellent) of RenaissanceRe Holdings Ltd. (RNR) (NYSE:RNR). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a+" (Excellent) of DaVinci Reinsurance Ltd. (DaVinci) and the Long-Term ICR of "bbb+" (Good) of DaVinciRe Holdings Ltd. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a+" (Excellent) of Vermeer Reinsurance Ltd. (Vermeer). The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Bermuda, unless otherwise specified. (See below for a detailed listing of the Long-Term Issue Credit Ratings [Long-Term IRs].)

The ratings of RenaissanceRe reflect the group's balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favorable business profile and very strong enterprise risk management (ERM).

The Long-Term ICR outlook revision to positive for RenaissanceRe recognizes that the company's operating performance has improved substantially in recent years in terms of dampened volatility as its specialty and casualty lines have earned into the portfolio and partially offset the volatility produced by the property catastrophe core of RenaissanceRe's writings. Despite the continuation of elevated global catastrophe activity in recent years, RenaissanceRe has produced very strong operating performance from underwriting and fee generation. Looking forward, RenaissanceRe appears well-positioned to benefit from continued, largely favorable overall market conditions in the global reinsurance space. Lastly, investment returns have increased significantly as RenaissanceRe's relatively short-duration, fixed-income portfolio experienced a marked increase in yield as maturing issuances were reinvested at higher yields.

Partially offsetting these strengths is RenaissanceRe's exposure to high-severity losses associated with global catastrophe events, although the company's underwriting results and overall operating performance have grown increasingly less volatile, as diversifying business lines have mitigated the impact of catastrophe losses. The company's growth in casualty lines also exposes it to potential reserve volatility, although the company possesses reinsurance protection that would absorb a portion of any adverse development on a portion of its legacy reserves should that transpire.

AM Best's assessment of RenaissanceRe's overall balance sheet strength considers the positive impact of the financial flexibility provided by its ultimate parent, RNR, which typically maintains significant capital at the holding company level that is available to be downstreamed into its underwriting companies as needed. RNR has consistently demonstrated its ability to raise capital through the public and private equity markets, as well as the public debt markets. RNR's ability to attract and deploy capital during favorable and challenging market cycles is an important consideration in AM Best's assessment of the enterprise's overall balance sheet strength and the individual balance sheet assessments of RNR's operating companies.

RenaissanceRe's very favorable business profile continues to reflect the company's considerable global market position in the property catastrophe reinsurance segment, as well as in casualty and specialty lines that now comprise more than half of its underwriting premiums and have been consistently profitable. RenaissanceRe's business profile assessment also recognizes the company's leadership in ERM, modeling capabilities and third-party capital management, where it maintains a strong reputation in evaluating risk and effectively deploying capital. As a result, it has attracted capital from outside investors to form several successful joint ventures, including DaVinci, Top Layer Reinsurance Ltd., Vermeer, and most recently, Fontana Holdings L.P., its first third-party reinsurance capital-backed joint venture focused on casualty and specialty risks.

The ratings of DaVinci reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM. DaVinci's profile is enhanced due to its affiliation to RenaissanceRe.

The ratings of Vermeer reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM.

The following Long-Term IRs have been affirmed with the outlooks revised to positive from stable:

RenaissanceRe Holdings Ltd.—

-- "bbb" (Good) on $250 million 5.75% non-cumulative fixed rate Series F perpetual preferred stock

RenaissanceRe Finance Inc. (guaranteed by RenaissanceRe Holdings Ltd.)—

-- "a-" (Excellent) on $300 million 3.45% senior unsecured notes, due 2027

The following indicative Long-Term IRs under the shelf registration have been affirmed with the outlooks revised to positive from stable:

RenaissanceRe Holdings Ltd.—

-- "a-" (Excellent) on senior unsecured

-- "bbb+" (Good) on subordinated

-- "bbb" (Good) on preferred stock

RenaissanceRe Capital Trust II—

-- "bbb" (Good) on trust preferred securities

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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