EXCHANGE AGENT AGREEMENT

EXHIBIT 99.3


July , 1997


EXCHANGE AGENT AGREEMENT
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The Bank of New York
Corporate Trust Trustee Administration
101 Barclay Street - 21st Floor
New York, New York 10286

Ladies and Gentlemen:

RenaissanceRe Capital Trust, a statutory business trust formed under
the laws of the State of Delaware (the "Trust"), proposes to make an offer (the
"Exchange Offer") to exchange up to $100,000,000 aggregate liquidation amount of
its 8.54% Series A Capital Securities (liquidation amount $1,000 per Capital
Security) (the "Old Securities") for a like amount of its 8.54% Series B Capital
Securities (liquidation amount $1,000 per Capital Security) of which
$100,000,000 aggregate liquidation amount is outstanding, which have been
registered under the Securities Act of 1933 (the "New Securities") pursuant to a
Registration Statement on Form S-4 (File No. 333-30729) (the "Registration
Statement"). All of the beneficial interests represented by the common
securities of the Trust are owned by RenaissanceRe Holdings Ltd., a Bermuda
company and sponsor of the Trust. The terms and conditions of the Exchange
Offer as currently contemplated, are set forth in a prospectus, dated July __,
1997 (the "Prospectus"), contained within the Registration Statement, to be
distributed to all record holders of the Old Securities. The Old Securities and
the New Securities are collectively referred to herein as the "Securities."

The Trust hereby appoints The Bank of New York to act as exchange
agent (the "Exchange Agent") in connection with the Exchange Offer. References
hereinafter to "you" shall refer to The Bank of New York.

The Trust expects to commence the Exchange Offer on or about July __,
1997. The Letter of Transmittal, dated July __, 1997, accompanying the
Prospectus (or in the case of book-entry securities, the ATOP system) is to be
used by the holders of the Old Securities to accept the Exchange Offer and
contains instructions with respect to (i) the delivery of certificates for Old
Securities tendered in connection therewith and (ii) the book entry transfer of
Securities to the Exchange Agent's account.

The Exchange Offer shall expire at 5:00 p.m., New York City time, on
________ __, 1997 or on such later date or time to which the Trust may extend
the Exchange Offer (the "Expiration Date"). Subject to the terms and conditions
set forth in the

Prospectus, the Trust expressly reserves the right to extend the Exchange Offer
from time to time by giving oral (to be confirmed in writing) or written notice
to you before 9:00 A.M., New York City time, on the business day following the
previously scheduled Expiration Date.

The Trust expressly reserves the right to amend or terminate the
Exchange Offer, and not to accept for exchange any Old Securities not
theretofore accepted for exchange, upon the occurrence of any of the conditions
of the Exchange Offer specified in the Prospectus under the caption "The
Exchange Offer -- Conditions to the Exchange Offer." The Trust shall give oral
(to be confirmed in writing) or written notice of any amendment, termination or
nonacceptance of Old Securities to you promptly after any amendment, termination
or nonacceptance.

In carrying out your duties as Exchange Agent, you shall act in
accordance with the following instructions:

1. You will perform such duties and only such duties as are
specifically set forth in the section of the Prospectus captioned "The Exchange
Offer" or as specifically set forth herein; provided, however, that in no way
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shall your general duty to act in good faith be discharged by the foregoing.

2. You will establish an account with respect to the Old Securities at
The Depository Trust Company (the "Book-Entry Transfer Facility") for the
purposes of the Exchange Offer within two business days after the date of the
Prospectus, and any financial institution that is a participant in the Book-
Entry Transfer Facility's system may make book-entry delivery of the Old
Securities by causing the Book-Entry Transfer Facility to transfer such Old
Securities into your account in accordance with the Book-Entry Transfer
Facility's procedure for such transfer.

3. You are to examine each of the Letters of Transmittal and
certificates for Old Securities (or confirmation of book-entry transfer into
your account at the Book-Entry Transfer Facility) and any other documents
delivered or mailed to you by or for holders of the Old Securities to ascertain
whether: (i) the Letters of Transmittal and any such other documents are duly
executed and properly completed in accordance with instructions set forth
therein and (ii) the Old Securities have otherwise been properly tendered. In
each case where any such Letter of Transmittal or any other document has been
improperly completed or executed or any of the certificates for Old Securities
are not in proper from for transfer or some other irregularity in connection
with the acceptance of the Exchange Offer exists, you will endeavor to inform
the presenters of the need for fulfillment of all requirements and to take any
other action as may be necessary or advisable to cause such irregularity to be
corrected.

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4. With the approval of any Administrative Trustee of the Trust or any
person designated in writing by the Company (a "Designated Officer") (such
approval, if given orally, to be confirmed in writing) or any other party
designated by any such Administrative Trustee or Designated Officer in writing,
you are authorized to waive any irregularities in connection with any tender of
Old Securities pursuant to the Exchange Offer.

5. Tenders of Old Securities may be made only as set forth in the
Letter of Transmittal and in the section of the Prospectus captioned "The
Exchange Offer -- Procedures for Tendering Old Capital Securities," and Old
Securities shall be considered properly tendered to you only when tendered in
accordance with the procedures set forth therein.

Notwithstanding the provisions of this paragraph 5, Old Securities
which any Administrative Trustee of the Trust or Designated Officer of the
Corporation shall approve as having been properly tendered shall be considered
to be properly tendered (such approval, if given orally, shall be confirmed in
writing).

6. You shall advise the Trust and the Company with respect to any Old
Securities received subsequent to the Expiration Date and accept the
instructions of the Trust and the Company with respect to disposition of such
Old Securities.

7. You shall accept tenders:

(a) in cases where the Old Securities are registered in two or more
names, only if signed by all named holders;

(b) in cases where the signing person (as indicated on the Letter of
Transmittal) is acting in a fiduciary or representative capacity, only when
proper evidence of such person's authority so to act is submitted; and

(c) from persons other than the registered holder of Old Securities,
provided that customary transfer requirements, including any applicable transfer
taxes, are fulfilled.

You shall accept partial tenders of Old Securities where so indicated
and as permitted in the Letter of Transmittal and deliver certificates for Old
Securities to the transfer agent for split-up and return any untendered Old
Securities to the holder (or such other person as may be designated in the
Letter of Transmittal) as promptly as practicable after expiration or
termination of the Exchange Offer.

8. Upon satisfaction or waiver of all of the conditions to the
Exchange Offer, the Trust will notify you (such notice, if given orally, to be
confirmed in writing) of its acceptance, promptly after the Expiration Date, of
all Old

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Securities properly tendered and you, on behalf of the Trust, will exchange such
Old Securities for New Securities and cause such Old Securities to be canceled.
Delivery of New Securities will be made on behalf of the Trust by you at the
rate of $1,000 principal amount of New Securities for each $1,000 principal
amount of Old Securities tendered promptly after notice (such notice, if given
orally, to be confirmed in writing) of acceptance of said Old Securities by the
Trust; provided, however, that in all cases, Old Securities tendered pursuant to
the Exchange Offer will be exchanged only after timely receipt by you of
certificates for such Old Securities (or confirmation of book-entry transfer
into your account at the Book-Entry Transfer Facility), a properly completed and
duly executed Letter of Transmittal (or facsimile thereof) with any required
signature guarantees and any other required documents. You shall issue New
Securities only in denominations of $1,000 or any integral multiple thereof. Old
Securities may be tendered in whole or in part in denominations of $100,000 and
integral multiples of $1,000 in excess thereof, provided that if any Old
Securities are tendered for exchange in part, the untendered principal amount
thereof must be $100,000 or any integral multiple of $1,000 in excess thereof.

9. Tenders pursuant to the Exchange Offer are irrevocable, except
that, subject to the terms and upon the conditions set forth in the Prospectus
and the Letter of Transmittal, Old Securities tendered pursuant to the Exchange
Offer may be withdrawn at any time on or prior to the Expiration Date.

10. The Trust shall not be required to exchange any Old Securities
tendered if any of the conditions set forth in the Exchange Offer are not met.
Notice of any decision by the Trust not to exchange any Old Securities tendered
shall be given orally (and confirmed in writing) by the Trust to you.

11. If, pursuant to the Exchange Offer, the Trust does not accept for
exchange all or part of the Old Securities tendered because of an invalid
tender, the occurrence of certain other events set forth in the Prospectus under
the caption "The Exchange Offer -- Conditions to the Exchange Offer" or
otherwise, you shall promptly after the expiration or termination of the
Exchange Offer return those certificates for unaccepted Old Securities (or
effect appropriate book-entry transfer), together with any related required
documents and the Letters of Transmittal relating thereto that are in your
possession, to the persons who deposited them.

12. All certificates for reissued Old Securities, unaccepted Old
Securities or for New Securities shall be forwarded by (a) first class certified
mail, return receipt requested, under a blanket surety bond protecting you and
the Trust from loss or liability arising out of the non-receipt or

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non-delivery of such certificates or (b) by registered mail, insured separately
for the replacement value of each of such certificates.

13. You are not authorized to pay or offer to pay any concessions,
commissions or solicitation fees to any broker, dealer, bank or other persons or
to engage or utilize any person to solicit tenders.

14. As Exchange Agent hereunder, you:

(a) shall have no duties or obligations other than those specifically
set forth in the Prospectus, the Letter of Transmittal or herein, or as may be
subsequently agreed to in writing by you and the Trust;

(b) will be regarded as making no representations and having no
responsibilities as to the validity, sufficiency, value or genuineness of any of
the certificates or the Old Securities represented thereby deposited with you
pursuant to the Exchange Offer, and will not be required to and will make no
representation as to the validity, value or genuineness of the Exchange Offer;

(c) shall not be obligated to take any legal action hereunder which
might in your reasonable judgment involve any expense or liability, unless you
shall have been furnished with reasonable indemnity;

(d) may reasonably rely on, and shall be protected in acting in
reliance upon, any certificate, instrument, opinion, notice, letter, telegram or
other document or security delivered to you and reasonably believed by you to be
genuine and to have been signed by the proper party or parties;

(e) may reasonably act upon any tender, statement, request, agreement
or other instrument whatsoever not only as to its due execution and validity and
effectiveness of its provisions, but also as to the truth and accuracy of any
information contained therein, which you shall in good faith believe to be
genuine or to have been signed or represented by a proper person or persons;

(f) may rely on and shall be protected in acting upon written or oral
instructions from any Administrative Trustee of the Trust or from any Designated
Officer;

(g) may consult with your counsel with respect to any questions
relating to your duties and responsibilities, and the advice or opinion of such
counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by you hereunder in good faith
and in accordance with the advice or opinion of such counsel; and

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(h) shall not advise any person tendering Old Securities pursuant to
the Exchange Offer as to the wisdom of making such tender or as to the market
value or decline or appreciation in market value of any Old Securities.

15. You shall take such action as may from time to time be requested
by the Trust or its counsel or any Designated Officer (and such other action as
you may reasonably deem appropriate) to furnish copies of the Prospectus, Letter
of Transmittal and the Notice of Guaranteed Delivery (as defined in the
Prospectus) or such other forms as may be approved from time to time by the
Trust or the Company, to all persons requesting such documents and to accept and
comply with telephone requests for information relating to the Exchange Offer,
provided that such information shall relate only to the procedures for accepting
(or withdrawing from) the Exchange Offer. The Trust shall furnish you with
copies of such documents at your request. All other requests for information
relating to the Exchange Offer shall be directed to the Trust, Attention: Keith
S. Hynes, Administrative Trustee.

16. You shall advise by facsimile transmission or telephone, and
promptly thereafter confirm in writing to Keith S. Hynes, Administrative Trustee
of the Trust, and such other person or persons as the Trust may request, daily
(and more frequently during the week immediately preceding the Expiration Date
and if otherwise requested) up to and including the Expiration Date, as to the
number of Old Securities which have been tendered pursuant to the Exchange Offer
and the items received by you pursuant to this Agreement, separately reporting
and giving cumulative totals as to items properly received and items improperly
received. In addition, you will also inform, and cooperate in making available
to, the Trust or the Company or any such other person or persons upon oral
request made from time to time on or prior to the Expiration Date of such other
information as it or such person reasonably requests. Such cooperation shall
include, without limitation, the granting by you to the Trust or the Company and
such person as the Trust or the Corporation may request of access to those
persons on your staff who are responsible for receiving tenders, in order to
ensure that, immediately prior to the Expiration Date, the Trust or the Company
shall have received information in sufficient detail to enable it to decide
whether to extend the Exchange Offer. You shall prepare a final list of all
persons whose tenders were accepted, the aggregate principal amount of Old
Securities tendered and the aggregate principal amount of Old Securities
accepted, and deliver said list to the Trust promptly after the Expiration Date.

17. Letters of Transmittal and Notices of Guaranteed Delivery shall be
stamped by you as to the date and the time of receipt thereof and shall be
preserved by you for a period of time at least equal to the period of time you
routinely preserve other records pertaining to the transfer of securities in the
ordinary course of your business. You shall dispose of unused

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Letters of Transmittal and other surplus materials relating to the Exchange
Offer by returning them to the Trust at the address set forth below for Notices.

18. You hereby expressly waive any lien, encumbrance or right of set-
off whatsoever that you may have with respect to funds, if any, deposited with
you for the payment of transfer taxes by reasons of amounts, if any, borrowed by
the Trust, or any of its subsidiaries or affiliates, pursuant to any loan or
credit agreement with you or for compensation owed to you hereunder.

19. For services rendered as Exchange Agent hereunder, you shall be
entitled to such compensation as set forth on Schedule I attached hereto.

20. You hereby acknowledge receipt of the Prospectus and the form of
Letter of Transmittal, and further acknowledge that you have examined both of
them. Any inconsistency between this Agreement, on the one hand, and the
Prospectus and the form of Letter of Transmittal (as the same may be amended or
supplemented from time to time), on the other hand, shall be resolved in favor
of the Prospectus and the Letter of Transmittal, except with respect to the
duties, liabilities and indemnification of you as Exchange Agent, which shall be
controlled by this Agreement.

21. (a) The Trust covenants and agrees to indemnify and hold you
harmless in your capacity as Exchange Agent hereunder against any loss,
liability, cost or expense, including reasonable attorneys' fees and expenses,
arising out of or in connection with any act, omission, delay or refusal made by
you in reliance upon any signature, endorsement, assignment, certificate, order,
request, notice, instruction or other instrument or document reasonably believed
by you to be valid, genuine and sufficient and in accepting any tender or
effecting any transfer of Old Securities reasonably believed by you in good
faith to be authorized, and in delaying or refusing in good faith to accept any
tenders or effect any transfer of Old Securities; provided, however, that the
Trust shall not be liable for indemnification or otherwise for any loss,
liability, cost or expense to the extent arising out of your negligence or
willful misconduct. In no case shall the Trust be liable under this indemnity
with respect to any claim against you unless the Trust shall be notified by you,
by letter or by facsimile confirmed by letter, of the written assertion of a
claim against you or of any other action commenced against you, promptly after
you shall have received any such written assertion or notice of commencement of
action. The Trust shall be entitled to participate at its own expense in the
defense of any such claim or other action, and, if the Trust so elects, the
Trust may assume the defense of any suit brought to enforce any such claim. In
the event that the Trust shall assume the defense of any such suit or threatened
action in respect of which indemnification may be sought hereunder, the

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Trust shall not be liable for the fees and expenses of any additional counsel
thereafter retained by you so long as you consent to the retention of counsel by
the Trust, which consent shall not be unreasonably withheld; provided, that the
Trust shall not be entitled to assume the defense of any such action if the
named parties to such action include both the Trust and you and representation
of both parties by the same legal counsel would, in the written opinion of
counsel to you, be inappropriate due to actual or potential conflicting
interests between such counsel. It is understood that the Trust shall not be
liable under this paragraph for the fees and expenses of more than one legal
counsel for you. In the event that the Trust shall assume the defense of any
such suit, the Trust shall not thereafter be liable for the fees and expenses of
any counsel retained by you.

(b) You agree that, without the prior written consent of the Trust,
you will not settle, compromise or consent to the entry of any pending or
threatened claim, action or proceeding in respect of which indemnification could
be sought in accordance with the indemnification provisions of this Agreement
(whether or not you or the Trust or any of its trustees or controlling persons
is an actual or potential party to such claim, action or proceeding), unless
such settlement, compromise or consent includes an unconditional release of the
Trust and its trustees and controlling persons from all liability arising out of
such claim, action or proceeding.

22. You shall arrange to comply with all requirements under the tax
laws of the United States, including those relating to missing Tax
Identification Numbers, and shall timely file any appropriate reports with the
Internal Revenue Service. The Trust understands that you are required in certain
instances to deduct 31% of the interest paid on the New Securities and proceeds
from the sale, exchange, redemption or retirement of the New Securities from
holders who have not supplied their correct Taxpayer Identification Number or
required certification. Such funds will promptly be turned over to the Internal
Revenue Service in accordance with applicable regulations.

23. You shall notify the Trust of the amount of any transfer taxes
payable in respect of the exchange of Old Securities and, upon receipt of
written approval from the Trust, you shall deliver or cause to be delivered, in
a timely manner to each governmental authority to which any transfer taxes are
payable in respect of the exchange of Old Securities, your check in the amount
of all transfer taxes so payable, and the Trust shall reimburse you for the
amount of any and all transfer taxes payable in respect of the exchange of Old
Securities; provided, however, that you shall reimburse the Trust for amounts
refunded to you in respect of your payment of any such transfer taxes, at such
time as such refund is received by you.

24. This Agreement and your appointment as Exchange Agent hereunder
shall be construed and enforced in accordance

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with the laws of the State of New York applicable to agreements made and to be
performed entirely within such state, and without regard to conflicts of law
principles, and shall inure to the benefit of, and the obligations created
hereby shall be binding upon, the successors and assigns of each of the parties
hereto.

25. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

26. In case any provision of this Agreement shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

27. This Agreement shall not be deemed or construed to be modified,
amended, rescinded, canceled or waived, in whole or in part, except by a written
instrument signed by a duly authorized representative of the party to be
charged. This Agreement may not be modified orally.

28. Unless otherwise provided herein, all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given to such party, addressed to it, at its
address or telecopy number set forth below:

If to the Trust:

RenaissanceRe Capital Trust
c/o RenaissanceRe Holdings Ltd.
Renaissance House
8-12 East Broadway
Pembroke HM 19 Bermuda

Facsimile: (441) 292-9453
Attention: Keith S. Hynes
Administrative Trustee

If to the Exchange Agent:

The Bank of New York
101 Barclay Street
Floor 21 West
New York, New York 10286

Facsimile: (212) 815-5915
Attention: Corporate Trust
Administration

29. Unless terminated earlier by the parties hereto, this Agreement
shall terminate on the ninetieth calendar day following the Expiration Date.
Notwithstanding the foregoing,

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Paragraphs 18, 19, 21 and 23 shall survive the termination of this Agreement.
Upon any termination of this Agreement, you shall promptly deliver to the Trust
any certificates for Securities, funds or property then held by you as Exchange
Agent under this Agreement.

30. This Agreement shall be binding and effective as of the date
hereof.

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Please acknowledge receipt of this Agreement and confirm the
arrangements herein provided by signing and returning the enclosed copy.

RENAISSANCERE CAPITAL TRUST


By:
-------------------------------
Name: John D. Nichols, Jr.
Title: Administrative Trustee


Accepted as the date
first above written:

THE BANK OF NEW YORK, as Exchange Agent


By:
--------------------------
Name:
Title:

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