The ratings of DaVinci reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and very strong ERM. The ratings also recognize DaVinci's solid operating performance over the past several years and the maintenance of its strong risk-adjusted capitalization. DaVinci's profile is enhanced due to its affiliation to RenRe.The following Long-Term IRs have been affirmed with the outlooks revised to stable from negative: RenaissanceRe Holdings Ltd.—-- "bbb" on $250 million 6.08% Series C perpetual preferred stock-- "bbb" on $275 million 5.375% Series E perpetual preferred stock RenaissanceRe North American Holdings Inc. (guaranteed by RenaissanceRe Holdings Ltd.)—-- "a-" on $250 million 5.75% senior unsecured notes, due 2020 RenaissanceRe Finance Inc. (guaranteed by RenaissanceRe Holdings Ltd.) --- "a-" on $300 million 3.7% senior unsecured notes, due 2025 The following indicative Long-Term IRs under the shelf registration have been affirmed with the outlook revised to stable from negative: RenaissanceRe Holdings Ltd.—-- "a-" on senior unsecured-- "bbb+" on subordinated-- "bbb" on preferred stock RenaissanceRe Capital Trust II—-- "bbb" on trust preferred securities The following Long-Term IR has been assigned with a stable outlook. RenaissanceRe Finance Inc. (guaranteed by RenaissanceRe Holdings Ltd.) --- "a-" on $300 million 3.45% senior unsecured notes, due 2027 This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings . For information on the proper media use of Best's Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating Action Press Releases . A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.