PRESS RELEASE

Exhibit 99.1


RENAISSANCERE SIGNS DEFINITIVE AGREEMENT

TO ACQUIRE NOBEL OPERATING SUBSIDIARIES



HAMILTON, Bermuda, December 19, 1997 - RenaissanceRe Holdings Ltd. (NYSE: RNR)
and Nobel Insurance Limited (NASDAQ: NOBLF) announced today that RenaissanceRe
Holdings has agreed to acquire the operating subsidiaries of Nobel in exchange
for $54.1 million in cash. Following the acquisition, Nobel expects to liquidate
and to distribute cash proceeds to its stockholders in an amount of $14.00 per
share, representing approximately $63.0 million in the aggregate, although the
timing and manner of distribution has not been decided.

RenaissanceRe Holdings has established a U.S. holding company to hold the Nobel
operating companies. The acquisition will be financed with bank debt and cash
but is not subject to a financing condition. In addition to the cash payment to
acquire the Nobel subsidiaries, RenaissanceRe Holdings has agreed to provide up
to $8.9 million of limited recourse financing to Nobel to support certain of
Nobel's obligations in the liquidation. In connection with the transaction,
Nobel's lead casualty reinsurer, American Re-Insurance Company, and Inter-Ocean
Reinsurance Company Ltd. have agreed to provide reinsurance for casualty
business acquired from Nobel with respect to future and prior accident years.
Consummation of the acquisition of the Nobel operating subsidiaries by
RenaissanceRe Holdings is subject to customary conditions including the approval
by Nobel's shareholders and the receipt of regulatory and other third party
approvals.

James N. Stanard, RenaissanceRe Holdings' Chairman, President and Chief
Executive Officer, said: "Having had an excellent relationship with Nobel as
their lead catastrophe reinsurer, we have confidence in their management team.
This transaction combines the skills of our organizations. RenaissanceRe
Holdings provides catastrophe risk analytic and capital management skills; Nobel
provides an operating platform for primary specialty insurance business."

Keith S. Hynes, RenaissanceRe Holdings' Executive Vice President responsible for
primary insurance, commented: "We are looking forward to working with Nobel in
the development of their specialty insurance businesses. Nobel has developed an
excellent book of low-value dwelling business and is the leading casualty
underwriter for the explosives industry. Nobel has 20 years of experience in
these franchise businesses."

Jeffry K. Amsbaugh, Nobel's President and Chief Executive Officer commented: "We
are happy to be joining RenaissanceRe Holdings' group. Being part of the group
will provide us with enhanced risk management and capital management skills and
resources. The Nobel management team is very supportive of this transaction."





Nobel's principal business is the service and underwriting of commercial
property, casualty and surety risks for specialized industries, and personal
lines property coverage for low-value dwellings. The company's commercial
business is marketed nationally while its personal lines/low-value dwelling
business has been focused on the Southeast. Nobel Insurance Company is the
principal operating unit. It is a Texas domiciled company admitted in all 50
states. Gross premiums written were $83.7 million for 1996. Nobel Insurance
Company's GAAP equity was $43.7 million at September 30, 1997.

RenaissanceRe Holdings Ltd., through its subsidiaries, Renaissance Reinsurance
Ltd., Glencoe Insurance Ltd. and DeSoto Insurance Company, is a global provider
of reinsurance and insurance. The Company's principal product is property
catastrophe reinsurance.


CONTACT: John M. Lummis John D. Nichols, Jr.
Senior Vice President Vice President
and Chief Financial and Treasurer
Officer (441) 295-4513
(441) 295-4513

or

Michael Seely
Investors Access Corp.
(212) 692-9060

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