PRESS RELEASE

[LOGO OF RENAISSANCERE]

RenaissanceRe Reports $126.9 Million Operating Profit for 2003 First
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Quarter; Operating EPS of $1.80 per Common Share for 2003 First Quarter vs.
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$1.24 for First Quarter of 2002
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25% Growth in Managed Catastrophe Premium for the First Quarter

Individual Risk Premium Grows to $63.8 Million in First Quarter of 2003
Compared to $27.7 Million for the Same Period in 2002

Specialty Reinsurance Premium Grows to $186.1 Million in First Quarter of 2003
Compared to $101.0 Million for the Same Period in 2002

Achieves Annualized Operating ROE of 32.5% for the First Quarter of 2003


Pembroke, Bermuda, April 22, 2003 -- RenaissanceRe Holdings Ltd. (NYSE: RNR)
today reported $126.9 million in first quarter net operating income available to
common shareholders, compared to $86.6 million in the first quarter of 2002.
Operating income excludes realized investment gains of $24.4 million and $0.7
million in the first quarters of 2003 and 2002, respectively and also excludes
the cumulative effect of a change in our accounting for goodwill of $9.2 million
in the first quarter of 2002. Operating earnings per common share grew to $1.80
in the first quarter, from $1.24 per common share in the first quarter of the
previous year. Net income available to common shareholders rose 94% to $151.3
million, or $2.14 per common share in the quarter, from $78.1 million or $1.12
per common share for the same quarter of 2002.

James N. Stanard, Chairman and CEO, commented: "We are very pleased with the
performance of our business across all categories. In particular, the 25%
increase in Managed Catastrophe Premium reflects the ongoing strength of our
market presence in our traditional core business."

"We are confident in our ability to deliver another year of growth in all of our
businesses in 2003. At the same time, we remain committed to careful
underwriting in a market in which property catastrophe prices have roughly
stabilized. Significant premium from large transactions produced growth in the
first quarter beyond our original expectations, and may create some variability
in premium growth rates going forward. For the 2003 first quarter, we also
estimate that we experienced approximately $25 million, or $0.35 per common
share, of benefit from the low level of catastrophe loss activity compared to
results from a period of normalized activity."

Gross premiums written for the first quarter of 2003 increased by 49% to $685.2
million, compared to $460.8 million for the same quarter of 2002. Net premiums
written for the first quarter of 2003 were $590.4 million, versus $379.1 million
for the same quarter of 2002. Net premiums earned for the first quarter of 2003
were $263.5 million, compared to $150.3 million for the same quarter of 2002.
Those premiums include $126.5 million of gross written premiums, $126.5 million
of net written premiums and $49.1 million of net premiums earned by the
Company's consolidated joint venture, DaVinci Re during the first quarter of
2003, compared to $95.3 million of gross written premiums, $95.3 million of net
written premiums and $23.6 million of net premiums earned by DaVinci Re during
the first quarter of 2002.



Total Managed Catastrophe Premiums Written, representing gross catastrophe
premiums written by RenaissanceRe Holdings Ltd. and by related joint ventures,
increased to $464.7 million for the first quarter, compared to $370.4 million
for the same quarter of 2002. See attached supplemental financial data for a
reconciliation of Managed Catastrophe Premiums.

Net investment income, excluding realized and unrealized investment gains and
losses, for the first quarter of 2003 increased to $28.2 million, compared to
$22.8 million for the same period in 2002. This increase was driven by the
increase in invested assets resulting both from strong operating cash flows as
well as the $196 million of net proceeds from the Perpetual Preferred Stock and
Senior Notes sold in the first quarter.

Claims and claim expenses incurred for the quarter ended March 31, 2003 were
$82.8 million, or 31.4% of net premiums earned. In comparison, claims and claim
expenses incurred for the quarter ended March 31, 2002 were $43.1 million, or
28.7% of net premiums earned.

During the quarter, the Company recorded pro-forma other income of $36.1
million, compared to $22.3 million during the first quarter of 2002. Of the
total $36.1 million of pro-forma other income during the quarter, $20.2 million
was generated from fees and profit commissions, compared to $9.4 million in the
first quarter of 2002, $17.7 million was generated from the Company's equity
pick up from joint ventures, versus $9.7 million in the comparable quarter of
2002 and the remaining loss of $1.8 million was primarily related to losses from
contracts triggered by physical variables, compared to income of $3.1 million in
the first quarter of last year. Pro-forma "other income", which includes
aggregate earnings from joint venture activities, fees related to catastrophe
business, and miscellaneous other items, is presented in the supplemental
disclosures. The principal differences between other income as reported and the
pro-forma presentation are that the results of DaVinci Re are reflected as if it
were reported under the equity accounting method, and the pro-forma presentation
also includes fees earned on certain quota share cessions of catastrophe
business by the Company which are reflected on the income statement as a
reduction of acquisition and operational expenses.

Shareholders' equity attributable to common shareholders was $1.63 billion at
March 31, 2003, compared to $1.49 billion at December 31, 2002. Book value per
common share at March 31, 2003 was $23.37, compared to $21.39 per common share
at December 31, 2002.

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, April 23,
2003 at 10:00 a.m. (ET) to discuss this release. Live broadcast of the
conference call will be available through the Investor Section of
RenaissanceRe's website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance.

Cautionary Statement under "Safe Harbor" Provisions 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."


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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, 2002.

INVESTOR CONTACT: MEDIA CONTACT:
Martin J. Merritt David Lilly or Dawn Dover
Senior Vice President - Finance Kekst and Company
RenaissanceRe Holdings Ltd. (212) 521-4800
(441) 299-7230


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