The following is excerpted from the question-and-answer section of the transcript.

Question: Doug Mewhirter - RBC Capital Markets - Analyst: Hi, good morning. I guess the first question would be I guess maybe for Kevin. Just more detail around your retrocessional purchases. First of all, it was described as opportunistic. Was it because maybe some of these retro contracts just sort of looked cheap on an absolute basis or is it more where you saw an opportunity to take a little more gross risk and you just needed a place to lay it off for your risk management purposes?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO

Question: Doug Mewhirter - RBC Capital Markets - Analyst: I guess as a follow-up to the retro question, was it -- your purchases this quarter, was it traditional reinsurance contracts or was there a mix of capital markets type industry loss warrantees or catastrophe swaps in there? And if there was, I guess would that introduce a component of basis risk into your purchases?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Doug Mewhirter - RBC Capital Markets - Analyst: Okay. And if I could just -- I will ask one more question then I guess jump back into the queue. It might be a little premature to talk about Florida since June is a ways away. I have been reading in the press and some statutory filings that Florida homeowners insurers aren't doing very well on an aggregate basis despite the fact that there haven't really been any catastrophes this year. Is that affecting I guess -- do you think that will affect the way that they approach you in terms of reinsurance purchases either with retentions or the total amount they buy? Just describe how that might -- how you are looking at that going into 2010.

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Doug Mewhirter - RBC Capital Markets - Analyst: Okay, thanks. That is all my questions. I will jump back in the queue.

Question: Jay Cohen - BAS-ML - Analyst: Thanks, good morning. A couple of questions. First is on the retro purchases in the third quarter, as we look forward, what should we be assuming from a net to grow standpoint? In other words, does this just effect the third quarter or will we see that, in fact, going forward as well?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Jay Cohen - BAS-ML - Analyst: Right. And then in the 2010 outlook, if I just focus on the RenRe cat premiums, I guess I would have suspected, given that your capital base is much higher and you still believe that the returns available in the cat market will be attractive, one would have suspected you would be able to grow that business. And I just wanted to -- you seem to suggest flat and I don't know if it was just because of Tim Re, but how do you reflect on the comment that I made about the ability to grow the business underlying?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO

Question: Jay Cohen - BAS-ML - Analyst: Got it. Thank you.

Question: Vinay Misquith - Credit Suisse - Analyst: Hi, good morning. What premium rate assumptions do you have embedded in your flat top-line guidance for next year?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Vinay Misquith - Credit Suisse - Analyst: Sure, so even if prices fall a little bit, you believe that you can grow the business more next year in part because of the Florida hurricane cat fund producing its reinsurance provided?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Vinay Misquith - Credit Suisse - Analyst: Sure. Fair enough. Second question is on the [venture] and energy risk operations. I was just wondering whether there was something special that happened this quarter whether -- because you had a pretty high number of [forward] earnings in that line this quarter.

Answer By: Jeff Kelly - Renaissance Re Holdings - EVP & CFO

Question: Vinay Misquith - Credit Suisse - Analyst: Okay, great. And one last thing if you could, give us the dollar number for the corporate insurance recovery that you had this quarter.

Answer By: Jeff Kelly - Renaissance Re Holdings - EVP & CFO

Question: Vinay Misquith - Credit Suisse - Analyst: Sure, that's great. Thank you.

Question: Seth Bienstock - Times Square Capital Management - Analyst: Hi, good morning. I was hoping that you could provide us a sense of how much capital is currently sitting up at the holding company.

Answer By: Jeff Kelly - Renaissance Re Holdings - EVP & CFO

Question: Seth Bienstock - Times Square Capital Management - Analyst: Okay.

Answer By: Jeff Kelly - Renaissance Re Holdings - EVP & CFO

Question: Seth Bienstock - Times Square Capital Management - Analyst: That's very helpful.

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO

Question: Seth Bienstock - Times Square Capital Management - Analyst: Okay. That's helpful. And I was curious if you could remind us just roughly what the contribution to return equity has been from fees and profit share say over the last seven years or so?

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO

Question: Seth Bienstock - Times Square Capital Management - Analyst: Okay, thank you very much.

Question: Ian Gutterman - Adage Capital - Analyst: Hi, guys. Good morning. Two questions I guess. One, in the cat subsegment, it looks like your accident year loss ratio had been running about 10% the past few quarters and it bumped up to 20% this quarter. And just given pricing, I would have thought that would have been stable to improving. Were there some large attritional losses or did you change your picks? I was just kind of curious why that went up this quarter.

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: Yes.

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: Okay, I guess what I am confused about is, given it was a loss-free quarter, why would it have gone up? Is it solely the cost of retro in that now, in a loss-free quarter, you'll report to us a higher loss ratio, which, again, like you said, might mean the worst quarters have better results, but that, in loss-free quarters, we should now be expecting a little bit higher combineds through the retro costs?

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: I am just taking your reported loss ratio and taking out the development, the prior period development.

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: I'm looking at just within -- okay, yes. I was doing it just on the loss ratio, but yes.

Answer By: Kevin O'Donnell - Renaissance Re Holdings - SVP & President, Renaissance Reinsurance Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: Okay, fair enough and then I also had a crop question. Given what we are seeing from the initial reports coming in on the harvest that the harvest has been slow due to wet weather, what concerns do you have about potential yield problems? Are we more susceptible to early freeze than normal now because the harvest has gone slow or if it stays wet for a while, could that be a concern? Just what issues might lead to a lower yield than expected?

Answer By: Bill Ashley - Renaissance Re Holdings - President, CEO & CUO, RenRe Insurance Holdings Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: That is kind of what -- those are the same numbers I was looking at. I was wondering if that posed any concern to you about the delay.

Answer By: Bill Ashley - Renaissance Re Holdings - President, CEO & CUO, RenRe Insurance Holdings Ltd.

Question: Ian Gutterman - Adage Capital - Analyst: Okay, all right, thank you.

Question: David Small - JPMorgan - Analyst: Good morning. I just want to ask you maybe a little more about your excess capital that you discussed earlier. Can you just -- given your outlook for growth that that you gave earlier, how do you view deploying that excess capital throughout 2010?

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO

Question: David Small - JPMorgan - Analyst: And in terms of where you would buy back stock, the current -- is the current valuation compelling to do that?

Answer By: Bill Ashley - Renaissance Re Holdings - President, CEO & CUO, RenRe Insurance Holdings Ltd.

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO

Question: David Small - JPMorgan - Analyst: Okay, thanks a lot.

Question: Doug Mewhirter - RBC Capital Markets - Analyst: Hi, this is just a follow-up question. Just to clarify, on your energy and weather advisory business, just help me understand, is it more of a market-making function where you are just sort of standing in between a buyer and a seller or maybe doing consulting for a fee or is there also an element of I guess directional risk in the derivatives and services that you do?

Answer By: Bill Ashley - Renaissance Re Holdings - President, CEO & CUO, RenRe Insurance Holdings Ltd.

Question: Doug Mewhirter - RBC Capital Markets - Analyst: Okay, so it's customized enough where it's -- you are standing as the counterparty to an OTC product and then you do your best to hedge, but there is still probably some basis risk involved in there too.

Answer By: Bill Ashley - Renaissance Re Holdings - President, CEO & CUO, RenRe Insurance Holdings Ltd.

Question: Doug Mewhirter - RBC Capital Markets - Analyst: Okay, thanks. That is all my questions.

Answer By: Neill Currie - Renaissance Re Holdings - President & CEO