PRESS RELEASE
Published on September 18, 2001
Exhibit 99.1
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FOR IMMEDIATE RELEASE
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CONTACT:
Martin J. Merritt
Vice President - Finance
RenaissanceRe Holdings Ltd.
(441) 299-7230
RenaissanceRe Makes Statement on This Week's Events
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Pembroke, Bermuda, September 13, 2001 -- James N. Stanard, Chairman, President
and Chief Executive Officer of RenaissanceRe Holdings Ltd. (NYSE: RNR) said
today: "We extend our sympathy to all who were affected by this week's
unprecedented tragedy."
In response to inquiries, the Company said that it expects its share of losses
from this week's attacks to be significantly smaller than would be indicated by
its catastrophe reinsurance market share. This results from the Company having
relatively limited exposure to commercial accounts in New York, and minimal
exposure to aviation, workers compensation, life and liability reinsurance.
Based on its preliminary analysis, the Company believes that it will still
report a profit for the third quarter, although it is not yet in a position to
comment on performance relative to Street expectations for the quarter.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance.
The Company's principal product is property catastrophe reinsurance.
Cautionary Statement under "Safe Harbor" Provision of the Private Securities
Litigation Reform Act of 1995: Statements made in this news release contain
information about the Company's future business prospects. These statements may
be considered "forward-looking." These statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in or implied by such forward-looking statements. For further
information regarding cautionary statements and factors affecting future
operations results, please refer to RenaissanceRe Holdings Ltd.'s filings with
the Securities and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2000 and Forms 10-Q for the quarters ended March
31, 2001 and June 30, 2001.