Exhibit 99.1

RenaissanceRe Reports Operating Income of $186.2 Million for the Fourth Quarter of 2007 or $2.64 Per

Common Share; Net Income of $62.2 Million or $0.88 Per Common Share

Annual Operating Income of $735.5 Million for 2007 or $10.24 Per Common Share; Annual Net Income of

$569.6 Million or $7.93 Per Common Share

Book Value per Common Share Increases 19.3% in 2007 to $41.03

Pembroke, Bermuda, February 5, 2008 — RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported $186.2 million in fourth quarter operating income available to common shareholders compared to $198.6 million in the fourth quarter of 2006. Operating income excludes net realized investment gains of $7.2 million and $2.5 million in the fourth quarters of 2007 and 2006, respectively, and, in the fourth quarter of 2007, reported losses of $131.2 million arising from net unrealized losses on credit derivatives issued by ChannelRe Holdings Ltd. (“ChannelRe”), as previously announced. Operating income per diluted common share was $2.64 in the fourth quarter of 2007, compared to $2.74 in the fourth quarter of 2006. Net income available to common shareholders was $62.2 million or $0.88 per diluted common share in the fourth quarter of 2007, compared to net income available to common shareholders of $201.1 million or $2.78 per diluted common share for the same quarter of 2006.

The Company generated an operating return on average common equity of 26.1% for the fourth quarter of 2007, compared to 33.3% in the fourth quarter of 2006. The Company also reported a return on average common equity of 8.7% for the fourth quarter of 2007, compared to 33.7% in the fourth quarter of 2006. Book value per common share increased 1.2% in the fourth quarter of 2007 compared to a 7.9% increase in fourth quarter of 2006. The Company’s book value per common share increased 19.3% in 2007, compared to a 40.2% increase in 2006.

Neill A. Currie, CEO, commented: “I am pleased to report strong full year earnings, resulting in an increase in book value per common share of over 19% and an operating return on equity of 27%. These earnings are a result of a relatively low level of insured catastrophe losses for the full year, solid investment income and strong performance by our team.”

Mr. Currie added: “Although our premium volume is down, we are pleased with the results of our January 1 renewals and have constructed an attractive portfolio of business for 2008. We will maintain our underwriting discipline, focusing on profit rather than premium volume. This discipline has been part of our culture since our formation and we believe this strategy will continue to benefit our shareholders over the long term.”

FOURTH QUARTER 2007 HIGHLIGHTS

Underwriting Results

Gross premiums written for the fourth quarter of 2007 were $122.2 million, a $72.7 million decrease from the fourth quarter of 2006, driven by premium decreases in both of the Company’s segments as described in more detail below. The Company generated $177.3 million of underwriting income and had a combined ratio of 47.3% in the fourth quarter of 2007, compared to $177.3 million of underwriting income and a combined ratio of 53.4% in the fourth quarter of 2006. The Company experienced $106.8 million of favorable development on prior year reserves in the fourth quarter of 2007, compared to $29.9 million in the fourth quarter of 2006.

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Reinsurance Segment

Gross premiums written for the Company’s Reinsurance segment decreased $25.0 million to $26.7 million in the fourth quarter of 2007, compared to $51.7 million in the fourth quarter of 2006. The decrease is principally due to a $34.0 million decease in gross premiums written in the Company’s catastrophe reinsurance unit. The principal component of this reduction was $20.2 million of estimated negative premium adjustments, reflecting reduced premiums written by the Company’s reinsurance clients, which was principally driven by a decrease in the Company’s clients’ estimated gross premiums written. This decline was partially offset by a $9.0 million increase in gross premiums written in the Company’s specialty reinsurance unit. The increase in gross premiums written in the Company’s specialty reinsurance unit was principally due to $18.3 million of gross premiums written on a personal lines property quota share reinsurance contract which incepted in the second quarter of 2007. The Company does not currently expect this contract to renew in its existing form.

The Reinsurance segment generated $164.7 million of underwriting income and had a combined ratio of 29.7% in the fourth quarter of 2007, compared to $140.7 million of underwriting income and a 42.4% combined ratio in the fourth quarter of 2006. The increase in underwriting income in the fourth quarter of 2007 was driven by a comparably low level of insured catastrophes, favorable development on prior year reserves of $98.6 million, compared to $25.5 million of favorable development in the fourth quarter of 2006, and offset by an increase in the Company’s current accident year reserves, which includes a $55.0 million charge relating to an increase in incurred but not reported (“IBNR”) reserves for sub-prime related exposures in the Company’s casualty clash reinsurance book of business within its specialty reinsurance unit, as previously announced. The favorable development in the fourth quarter of 2007 includes $61.1 million related to the Company’s catastrophe reinsurance unit, which benefited from favorable development attributable to the 2005 hurricanes combined with favorable development on the 2006 accident year, and $37.6 million related to the Company’s specialty reinsurance unit which was principally attributable to lower than expected claims emergence.

Individual Risk Segment

Gross premiums written for the Company’s Individual Risk segment decreased $48.2 million to $93.4 million in the fourth quarter of 2007, compared to $141.6 million in the fourth quarter of 2006, with the decrease driven in part by actions management has taken to maintain underwriting discipline in an increasingly softening U.S. property and casualty market. The Individual Risk segment’s commercial multi-line, commercial property and personal lines property businesses all experienced declines in gross premiums written compared to the same period in 2006. The Company experienced a $26.6 million decrease in commercial property gross premiums written due primarily to the Company terminating one large commercial property quota share contract in the second quarter of 2007, combined with softening rates in the California earthquake commercial property market resulting in a decrease in business that met the Company’s return hurdles. In addition, personal lines property gross premiums written experienced a $19.1 million decrease principally due to the Company’s decision to reduce its exposure to this market and redeploy its capacity within the property catastrophe excess of loss reinsurance market within the Company’s Reinsurance segment where the Company has found pricing and terms more attractive. Driven primarily by the factors described above, net premiums earned decreased $34.0 million to $101.9 million in the fourth quarter of 2007, compared to $135.8 million in the fourth quarter of 2006.

The Individual Risk segment generated $12.5 million of underwriting income and had a combined ratio of 87.7% in the fourth quarter of 2007, compared to $36.6 million of underwriting income and a 73.1% combined ratio in the fourth quarter of 2006. The decrease in underwriting income in the fourth quarter of 2007 was driven by the $34.0 million decrease in net premiums earned as noted above, combined with a higher combined ratio. The Individual Risk segment experienced $8.1 million of favorable development on prior year reserves in the fourth quarter of 2007, compared to $4.4 million of favorable development in the fourth quarter of 2006, principally due to lower than expected claims emergence.

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Other Items

FULL YEAR 2007 HIGHLIGHTS

For the year ended December 31, 2007, the Company generated operating income available to common shareholders of $735.5 million, compared to $796.1 million in 2006. Operating income excludes net realized investment gains of $1.3 million and net realized investment losses of $34.5 million for 2007 and 2006, respectively, and net unrealized losses on credit derivatives issued by ChannelRe of $167.2 million and $nil in 2007 and 2006, respectively. Operating income per diluted common share was $10.24 in 2007, compared to $11.05 in 2006. Net income available to common shareholders was $569.6 million or $7.93 per diluted common share in 2007, compared to net income available to common shareholders of $761.6 million or $10.57 per diluted common share for 2006.

The Company generated an operating return on average common equity of 27.0% for 2007, compared to 37.9% for 2006. The Company generated a return on average common equity of 20.9% for 2007, compared to 36.3% for 2006. The Company’s book value per common share increased 19.3% in 2007, compared to a 40.2% increase in 2006. Whereas the Company benefited from a hard market for property catastrophe reinsurance and a low level of insured catastrophe losses in 2006, the Company’s results in 2007 were negatively impacted by a reduced level of gross premiums written due primarily to a softening market as well as $56.7 million and $45.2 million in net negative impact related to the flooding in the United Kingdom (“U.K.”) and European windstorm Kyrill (“Kyrill”), respectively. The net negative impact described above includes the sum of net claims and claim expenses incurred, reinstatement premiums earned and minority interest. In addition, the Company’s 2007 results were negatively affected by $167.2 million in losses as a result of the Company’s reduction in its carried value of ChannelRe and a $60.0 million increase in IBNR for sub-prime related exposures in the Company’s casualty clash reinsurance book of business. Partially offsetting these items was an $84.4 million increase in net investment income due to higher returns and a higher level of average invested assets and a $96.6 million increase in favorable loss reserve development.

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Underwriting Results

Gross premiums written for 2007 were $1,809.6 million, a $134.0 million decrease from 2006. The Company’s managed catastrophe and Individual Risk premiums experienced declines of 4.9% and 19.3%, respectively, in 2007 compared to 2006, primarily due to a softening market and selective underwriting where the Company chose to reduce its gross premiums written for certain classes of business. The Company’s specialty reinsurance gross premiums written increased 29.4% in 2007 compared to 2006, principally due to one new large transaction. As described in more detail below, the Company generated $579.7 million of underwriting income and had a combined ratio of 59.3% in 2007, compared to $693.3 million of underwriting income and a 54.7% combined ratio in 2006. The $113.6 million reduction in underwriting income in 2007 was principally due to a $105.4 million decrease in net premiums earned combined with an increase in net claims and claim expenses of $33.0 million and partially offset by a $24.9 million decrease in underwriting expenses. In addition, the Company experienced $233.2 million of favorable development on prior year reserves in 2007, compared to $136.6 million of favorable development in 2006.

Reinsurance Segment

Gross premiums written for the Company’s Reinsurance segment decreased $30.7 million to $1,290.4 million in 2007, compared to $1,321.2 million in 2006. For the year ended December 31, 2007, the Company’s managed catastrophe premiums and its specialty premiums, totaled $1,032.6 million and $287.3 million, respectively, compared to $1,085.8 million and $222.0 million, respectively, in 2006. The $53.2 million decrease in managed catastrophe premiums was principally due to softening market conditions in 2007 where the pricing for property catastrophe reinsurance decreased from 2006. The softening market conditions also resulted in a $54.6 million decrease in managed catastrophe premiums assumed on behalf of fully-collateralized joint ventures. The $65.3 million increase in specialty premiums was principally driven by one new large transaction in 2007 that resulted in $98.8 million of gross premiums written. In the absence of this contract, the Company’s specialty premiums would have declined in 2007 compared to 2006. The Company does not currently expect this contract to renew in its existing form. The Reinsurance segment’s gross premiums written are increasingly comprised of a relatively small number of large transactions which can result in significant increases or decreases in gross premiums written from one period to the next.

The Reinsurance segment generated $528.7 million of underwriting income and had a combined ratio of 44.8% in 2007, compared to $636.2 million of underwriting income and a 34.5% combined ratio in 2006. The decrease in underwriting income in 2007 was principally driven by an increase of $217.5 million in net claims and claims expenses as a result of losses related to Kyrill, the U.K. floods and sub-prime related casualty losses. The Company experienced $194.4 million of favorable development on prior year reserves in 2007, compared to $125.2 million of favorable development in 2006. The favorable development in 2007 included $93.1 million attributable to the Company’s catastrophe reinsurance unit and was principally driven by a reduction of ultimate losses in the 2006 and 2005 accident years. The specialty reinsurance unit experienced $101.3 million of favorable development which was principally due to lower than expected claims emergence.

Individual Risk Segment

Gross premiums written for the Company’s Individual Risk segment decreased $132.8 million to $556.6 million in 2007, compared to $689.4 million in 2006. The decrease was driven in part by actions management has taken to maintain underwriting discipline in an increasingly softening U.S. property and casualty market. In addition, the Company continued to reduce its quota share personal lines property capacity in 2007 and redeploy this capacity to property catastrophe excess of loss reinsurance in the Company’s Reinsurance segment, where it found the pricing and terms more attractive.

The Individual Risk segment generated $51.0 million of underwriting income and had a combined ratio of 89.1% in 2007, compared to $57.0 million of underwriting income and an 89.8% combined ratio in 2006. The decrease in the Individual Risk segment underwriting income in 2007 was principally driven by a decrease in net premiums earned of $91.1 million due to the decrease in gross premiums written noted above, and offset by a decrease in net claims and claim expenses incurred of $60.0 million due in part to the decrease in net earned premiums noted above which

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resulted in a lower level of attritional losses, and a $25.0 million decrease in underwriting expenses which was principally driven by the decline in net premiums earned.

Other Items

This press release includes certain non-GAAP financial measures including “operating income”, “operating income per common share – diluted”, “operating return on average common equity—annualized” and “managed catastrophe premiums”. A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

Please refer to the Investor Information – Financial Information section of the Company's website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, February 6, 2008 at 11:00 a.m. (ET) to discuss this release. Live broadcast of the conference call will be available through the Investor Information – Company Webcast section of RenaissanceRe’s website at www.renre.com.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company’s business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by the Company’s subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk, which includes primary insurance and quota share reinsurance.

Cautionary Statement under "Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this earnings 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 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, 2006 and its quarterly reports on Form 10-Q for the quarters ending March 31, 2007, June 30, 2007 and September 30, 2007.

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RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Statements of Operations

For the three and twelve months ended December 31, 2007 and 2006

(in thousands of United States Dollars, except per share amounts)

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Summary Consolidated Balance Sheets

(in thousands of United States Dollars, except per share amounts)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data – Segment Information

(in thousands of United States Dollars)

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data – Segment Information (cont’d.)

(in thousands of United States Dollars)

(Unaudited)

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RenaissanceRe Holdings Ltd. and Subsidiaries

Supplemental Financial Data – Gross Premiums Written Analysis

(in thousands of United States Dollars)

(Unaudited)