PRESS RELEASE
Published on March 19, 1997
EXHIBIT 99.1
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RENAISSANCERE HOLDINGS LTD. $00 MILLION
OFFERING OF CAPITAL SECURITIES
PEMBROKE, Bermuda--March 7, 1997--The Board of Directors of
RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced that it has
completed the sale of $100 million of Capital Securities issued by
RenaissanceRe Capital Trust, a newly-created subsidiary business trust of
the Company. The Capital Securities will pay cumulative cash distributions
at an annual rate of 8.54 percent, payable semi-annually commencing
September 1, 1997. Proceeds from the offering will be used to repay a
portion of the Company's outstanding indebtedness.
The Capital Securities were sold in a private placement to
institutional buyers, and have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United States
absent registration under, or an applicable exemption from, the registration
requirements of the Securities Act and applicable state securities laws.
The issue was managed by Merrill Lynch & Co. and Salomon Brothers Inc.
RenaissanceRe Holdings Ltd., through its subsidiaries Renaissance
Reinsurance Ltd. and Glencoe Insurance Ltd., is a global provider of
reinsurance and insurance. The Company's principal product is property
catastrophe reinsurance.
* * * * *
CONTACT: Keith S. Hynes John D. Nichols, Jr.
Senior Vice President Vice President
and Chief Financial Officer (441) 295-4513
(441) 295-4513
Michael Seely
Investor Access
(212) 692-9060
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