Under this shelf registration statement, the Company will have the flexibility to sell debt securities, common and preferred shares, warrants and share purchase contracts and units, as well as trust preferred securities or a combination of the above. When the registration statement filed today is declared effective and combined with the remaining availability under its existing effective shelf registration statement, the Company will be able to offer up to $564 million of securities.

A registration statement relating to the securities listed in the latest shelf registration statement has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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.

CONTACT:          Investor Contact:                                            
                  RenaissanceRe Holdings Ltd.   
                  Martin J. Merritt                                            
                  441/299-7230
                  or
                  Media Contact:                     
                  Kekst and Company                  
                  Dawn Dover/Sarah Zitter Milstein   
                  212/521-4800

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