PRESS RELEASE
Published on October 10, 2001
EXHIBIT 99.1
CONTACT:
Martin J. Merritt
Vice President - Finance
RenaissanceRe Holdings Ltd.
(441) 299-7230
FOR IMMEDIATE RELEASE
RENAISSANCERE TO FORM DAVINCI RE, NEW GLOBAL PROPERTY
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CATASTROPHE REINSURER
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Pembroke, Bermuda, October 9, 2001 -- RenaissanceRe Holdings Ltd. announced
today it plans to form a new Bermuda-based property catastrophe reinsurer,
DaVinci Reinsurance Ltd. DaVinci Re is expected to be initially capitalized with
$500 million, and could be expanded depending upon catastrophe reinsurance
capacity demands.
Initial investors in DaVinci Re are anticipated to include: State Farm Mutual
Automobile Insurance Company, with a $200 million capital contribution;
RenaissanceRe, targeting a $100 million capital contribution; and other
investors. James N. Stanard, Chairman, President and Chief Executive Officer of
RenaissanceRe Holdings Ltd., said today "We are extremely pleased to be
partnering with State Farm on this second venture. DaVinci Re will offer
side-by-side participation with RenaissanceRe quotes, similar to the continuing
arrangement with OPCat. In conjunction with the OPCat and DaVinci Re managed
ventures, RenaissanceRe will offer capacity of $200 million per program from
three strong reinsurers with over $2 billion in total capital. DaVinci Re
further strengthens the position of RenaissanceRe as the world's leading
provider of property catastrophe reinsurance."
Like OPCat, DaVinci Re will be managed by Renaissance Underwriting Managers,
Ltd., a wholly-owned subsidiary of RenaissanceRe Holdings Ltd. Renaissance
Underwriting Managers also manages Top Layer Re, another joint venture with
State Farm, which has $4 Billion in capacity available for high-layer
reinsurance and retrocessional coverage.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance.
The Company's principal product is property catastrophe reinsurance.
Cautionary Statement under "Safe Harbor," Provision 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." 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, 2000 and Form 10-Q for the quarters ended March
31, 2001 and June 30, 2001 and its current reports on Form 8-K filed in 2001.
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