[RENAISSANCERE LOGO OMITTED]



FOR IMMEDIATE RELEASE:

          RENAISSANCERE HOLDINGS COMMENTS ON HURRICANE CHARLEY IMPACT

PEMBROKE, BERMUDA, AUGUST 20, 2004 -- RenaissanceRe Holdings Ltd. (NYSE: RNR)
today said that, based on initial loss reports, it estimates that Hurricane
Charley will negatively impact the Company's third quarter earnings by an amount
ranging from $100 to $140 million. The hurricane affected various lines of
business, including catastrophe reinsurance written by Renaissance Reinsurance
Ltd. and by the DaVinci Reinsurance Ltd. joint venture, as well as primary
insurance and quota share reinsurance written in the Company's individual risk
segment.

The Company noted that, compared to other potential catastrophe events, Florida
hurricanes of the magnitude of Hurricane Charley cause disproportionately higher
losses to the Company, as a percentage of total industry losses. This results
from the Company's decision to pursue a relatively large share of the Florida
market, as well as from the structure of the Company's ceded reinsurance, which
generally responds to higher industry losses.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance.
Its business consists of two segments: (1) Reinsurance, which includes
catastrophe reinsurance, specialty reinsurance and certain joint ventures and
other structured relationships managed by our subsidiary Renaissance
Underwriting Managers, and (2) Individual Risk business, which includes primary
insurance and quota share reinsurance.

This release contains forward-looking statements about the effects of Hurricane
Charley on the Company's results of operations and financial condition. These
statements are subject to many risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements. Numerous factors may cause ultimate results to
differ, perhaps materially, from those in such forward-looking statements
including the preliminary nature of reports and estimates of loss to date, the
Company's reliance on information from ceding companies, the amount and timing
of losses actually incurred and reported by insureds to insurers and
subsequently to reinsurers such as Renaissance Reinsurance, the limited ability
of claims personnel to make inspections to date and the amount and timing of
reinsurance recoverables and other reimbursements actually received. For further
information regarding these and other cautionary statements and factors
affecting future 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, 2003, and Forms 10-Q for the quarters ended
March 31 and June 30, 2004.

INVESTOR CONTACT:                                    MEDIA CONTACT:
Martin J. Merritt                                    David Lilly or Dawn Dover
Senior Vice President - Finance                      Kekst and Company
RenaissanceRe Holdings Ltd.                          (212) 521-4800
(441) 299-7230