We examine numerically the performance of a thin foil reinforced by embedded rays resembling the caudal fins of many fishes. In our study, the supporting rays are depicted as nonlinear Euler-Bernoulli beams with three-dimensional deformability. This structural model is then incorporated into a boundary-element hydrodynamic model to achieve coupled fluid-structure interaction simulation. Kinematically, we incorporate both a homocercal mode with dorso-ventral symmetry and a heterocercal mode with dorso-ventral asymmetry. Using the homocercal mode, our results demonstrate that the anisotropic deformability of the ray-reinforced fin significantly increases its capacity of force generation. This performance enhancement manifests as increased propulsion efficiency, reduced transverse force and reduced sensitivity to kinematic parameters. Further reduction in transverse force is observed by using the heterocercal mode. In the heterocercal model, the fin also generates a small lifting force, which may be important in vertical maneuvers. Via three-dimensional flow visualization, a chain of vortex rings is observed in the wake. Detailed features of the wake, e.g. the orientation of the vortex rings in the heterocercal mode, agree with predictions based upon particle image velocimetry (PIV) measurements of flow around live fish.