OPINION OF CONYERS DILL & PEARMAN

September 28, 2001

RenaissanceRe Holdings Ltd.
Renaissance House
8 - 12 East Broadway
Pembroke HM 19
Bermuda

Dear Sirs

RENAISSANCERE HOLDINGS LTD. (THE "COMPANY")

We have acted as special legal counsel in Bermuda to the Company in connection
with the filing by the Company with the Securities and Exchange Commission under
the Securities Act of 1933, as amended (the "Securities Act") of a registration
statement on Form S-3 to which this is an exhibit (the "Registration Statement")
in relation to the shelf registration of common shares of the Company ("Common
Shares"), preference shares of the Company ("Preference Shares"), depositary
receipts issued by a depository to be selected in respect of fractions of Common
Shares or of Preference Shares ("Depositary Shares"), debt securities of the
Company ("Debt Securities"), warrants to purchase Common Shares ("Common Share
Warrants"),warrants to purchase Preference Shares ("Preference Share Warrants"),
share purchase contracts ("Share Purchase Contracts"), share purchase units
("Share Purchase Units") and preferred securities of RenaissanceRe Capital Trust
II ("Preferred Securities"), a guarantee by the Company in respect of Preferred
Securities ("Guarantee") (together the "Securities"). The Securities may be
issued from time to time by the Company after the Registration Statement to
which this opinion is an exhibit, becomes effective.

For the purposes of giving this opinion, we have examined the following
documents:

(i) an electronic copy of an original Registration Statement on
Form S-3 with respect to the Securities excluding Exhibits and
the documents incorporated by reference;

(ii) An electronic copy of a draft form of Junior Subordinated
Indenture to be entered into between the Company as Issuer and
Bankers Trust Company as Trustee (the "Junior Subordinated
Indenture");

(iii) An electronic copy of a draft form of Senior Indenture
(Renaissancere Holdings Ltd.) to be entered into between the
Company as Issuer and Bankers Trust Company as Trustee (the
"Senior Indenture");


RenaissanceRe Holdings Ltd.
September 28, 2001

(iv) An electronic copy of a draft form of Subordinated Indenture
(Renaissancere Holdings Ltd.) to be entered into between the
Company as Issuer and Bankers Trust Company as Trustee (the
"Subordinated Indenture");

(v) An electronic copy of a draft form of Guarantee Agreement to be
entered into between the Company (as Guarantor) and Bankers
Trust Company (as Guarantee Trustee) (the "Guarantee
Agreement");

(vi) An electronic copy of a Trust Agreement, dated as of January 5,
2001 of the Trust (the "Initial Trust Agreement"), between the
Company, as Depositor, Bankers Trust Company, as Property
Trustee, Bankers Trust Company (Delaware), as Delaware Trustee,
and the Administrative Trustees named therein; and

(vii) An electronic copy of a form of Amended and Restated Trust
Agreement, (the "Amended Trust Agreement"), between the
Company, as Depositor, Bankers Trust Company, as Property
Trustee, Bankers Trust Company (Delaware), as Delaware Trustee,
and the Administrative Trustees named therein.

The documents listed in items (i) through (vii) above are herein sometimes
collectively referred to as the "Documents" and the documents listed in items
(ii) through (vii) above are herein sometimes collectively referred to as the
"Operative Documents" (which terms do not include any other instrument or
agreement whether or not specifically referred to therein or attached as an
exhibit or schedule thereto).

We have also reviewed the memorandum of association and the amended and restated
bye-laws of the Company (the "Constitutional Documents"), each certified by the
Secretary of the Company and such other documents and made such enquiries as to
questions of law as we have deemed necessary in order to render the opinion set
forth below.

We have assumed (a) the genuineness and authenticity of all signatures and the
conformity to the originals of all copies (whether or not certified) examined by
us and the authenticity and completeness of the originals from which such copies
were taken, (b) that where a document has been examined by us in draft form, it
will be or has been executed in the form of that draft, and where a number of
drafts of a document have been examined by us all changes thereto have been
marked or otherwise drawn to our attention, (c) the capacity, power and
authority of each of the parties to the Operative Documents, other than the
Company, to enter into and perform its respective obligations under the
Operative Documents, (d) the due execution of the Operative Documents, and of
any instruments evidencing any of the Securities to the extent required by
applicable law, by each of the parties thereto and the delivery thereof by each
of the parties thereto, (e) the accuracy and completeness of all factual
representations made in the Documents and other documents reviewed by us, (f)
that

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September 28, 2001

the Company will issue the Securities and enter into the Operative Documents in
furtherance of its objects as set out in its memorandum of association, (g) that
there is no provision of the law of any jurisdiction, other than Bermuda, which
would have any implication in relation to the opinions expressed herein, (h) the
validity and binding effect under the laws of the State of New York or the State
of Delaware (the "Foreign Laws") of the Operative Documents which are expressed
to be governed by such Foreign Laws in accordance with their respective terms,
(i) the validity and binding effect under the Foreign Laws of the submission by
the Company pursuant to the Operative Documents to the non-exclusive
jurisdiction of the courts of United States Federal or New York State court
sitting in the Borough of Manhattan, the City of New York, New York (the
"Foreign Courts"), (j) none of the parties to the Operative Documents has
carried on or will carry on activities, other than the performance of its
obligations under the Operative Documents, which would constitute the carrying
on of investment business in or from within Bermuda and that none of the parties
to the Operative Documents, other than the Company, will perform its obligations
under the Operative Documents in or from within Bermuda, (k) the approval of the
issue by the Company of any Securities will be made at a duly convened and
quorate meeting of the Board of Directors of the Company and, if required, at a
duly convened and quorate meeting of the shareholders of the Company in a manner
complying with the Constitutional Documents, (l) the Company will receive money
or money's worth for each Common Share and for each Preference Share when issued
of not less than the par values thereof, (m) the Company will have sufficient
authorised capital to effect the issue of each Common Share and each Preference
Share when issued, (n) the Company will comply, to the extent applicable, with
the requirements of Part III of the Companies Act 1981, as amended "Prospectuses
and Public Offers", and (o) the Bermuda Monetary Authority will consent to the
issue by the Company of the Securities.

The obligations of the Company under the Operative Documents and any instruments
evidencing any of the Securities (a) will be subject to the laws from time to
time in effect relating to bankruptcy, insolvency, liquidation, possessory
liens, rights of set off, reorganisation, amalgamation, moratorium or any other
laws or legal procedures, whether of a similar nature or otherwise, generally
affecting the rights of creditors, (b) will be subject to statutory limitation
of the time within which proceedings may be brought, (c) will be subject to
general principles of equity and, as such, specific performance and injunctive
relief, being equitable remedies, may not be available, (d) may not be given
effect to by a Bermuda court, whether or not it was applying the Foreign Laws,
if and to the extent they constitute the payment of an amount which is in the
nature of a penalty and not in the nature of liquidated damages. Notwithstanding
any contractual submission to the jurisdiction of specific courts, a Bermuda
court has inherent discretion to stay or allow proceedings in the Bermuda
courts.

We express no opinion as to the enforceability of any provision of the Operative
Documents which provides for the payment of a specified rate of interest on the
amount of a judgment after the date of judgment or which purports to fetter the
statutory powers of the Company.

We have made no investigation of and express no opinion in relation to the laws
of any jurisdiction other than Bermuda. This opinion is to be governed by and
construed in accordance with the laws of Bermuda and is limited to and is given
on the basis of the current

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September 28, 2001

law and practice in Bermuda. This opinion is issued solely for your benefit and
is not to be relied upon by any other person, firm or entity or in respect of
any other matter except as set out below.

On the basis of and subject to the foregoing, we are of the opinion that:

1. The Company is duly incorporated and existing under the laws of Bermuda
in good standing (meaning solely that it has not failed to make any
filing with any Bermuda governmental authority or to pay any Bermuda
government fee or tax which would make it liable to be struck off the
Register of Companies and thereby cease to exist under the laws of
Bermuda).

2. Any Common Shares and any Preference Shares issued as described in the
Prospectus that forms part of the Registration Statement, provided that
such issue is undertaken subject to and in accordance with the
Constitutional Documents of the Company and in accordance with Bermuda
law, will be validly issued, fully paid and non-assessable (meaning
that no further sums are required to be paid by the holders thereof in
connection with the issue thereof).

3. The Debt Securities and the Guarantees, when issued as described in
accordance with the terms of the applicable Operative Documents, will
constitute the valid and binding obligations of the Company in
accordance with the terms thereof.

4. The statements in the Prospectus included in the Registration Statement
under the captions "Description of our Capital Shares" and "Enforcement
of Civil Liabilities under United States Federal Securities Laws",
insofar as they purport to describe the provisions of the laws of
Bermuda referred to therein, are accurate and correct in all material
respects.

We hereby consent to the filing of this opinion with the SEC and as an exhibit
to the Registration Statement and to the references to this Firm in the
Registration Statement. As Bermuda attorneys, however, we are not qualified to
opine on matters of law of any jurisdiction other than Bermuda. Accordingly, we
do not admit to being an expert within the meaning of the Act.

Yours faithfully


/s/ CONYERS DILL & PEARMAN

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