A.M. Best Affirms Ratings of RenaissanceRe and Its Operating Subsidiaries; Removes Ratings From Under Review.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength ratings (FSR) and the issuer credit ratings (ICR) of the operating subsidiaries of RenaissanceRe Holdings Ltd. (RenaissanceRe) (NYSE: RNR). These affirmations include the FSRs of A (Excellent) and the ICRs of "a" of Renaissance Reinsurance Ltd. and DaVinci Reinsurance Ltd.; the FSRs of A- (Excellent) and the ICRs of "a-" of the operating subsidiaries of Glencoe Group Holdings Ltd. (Glencoe) and the FSR of A- (Excellent) and the ICR of "a-" of Overseas Partners Cat Limited. A.M. Best has also affirmed the ICR of "bbb" and debt ratings of RenaissanceRe. All the above companies are domiciled in Hamilton, Bermuda. All ratings have been removed from under review and assigned a stable outlook.

These rating actions reflect RenaissanceRe's strong capitalization and Co despite taking over $1 billion in losses from the 2004 and 2005 hurricanes Co a historical track record (2003 and prior) of exceptional underwriting performance and superior risk management techniques. In the 10 years preceding 2004, RenaissanceRe generated returns on equity at the 20% range and greater.

As a market leader in global property catastrophe reinsurance, RenaissanceRe's earnings remain exposed to high severity losses associated with catastrophic events on a worldwide basis, such as those experienced in 2004 and 2005. Furthermore, RenaissanceRe's specialty and individual risk businesses have experienced rapid growth in recent years with the individual risk unit taking significant losses from 2004 and 2005 hurricanes. Nonetheless, these factors are somewhat mitigated by RenaissanceRe's disciplined and analytical underwriting approach, sophisticated catastrophe modeling capabilities and the active monitoring controls over the individual risk business.

As part of A.M. Best's due diligence, A.M. Best undertook a detailed review of the Starbound Reinsurance Limited (Bermuda) sidecar to assess the future potential for "over the top risk" (tail risk) that ultimately must be absorbed by RenaissanceRe. The tail risk is the excess, if any, of this collateral level determined by A.M. Best over the collateral held in the sidecar's trust. The analysis required the aggregate exceedance curve (for all perils) produced by using the most conservative results from third-party peril models for the business ceded to the sidecar. The review of the sidecar included a determination of the minimum required capitalization based on A.M. Best's insurance company impairment probability data and stress scenarios on the sidecar's aggregate exceedance curve. Specifically, A.M. Best calculated the amount of collateral necessary for the sidecar to withstand losses within an acceptable confidence level. In addition, A.M. Best reviewed the general structure of the sidecar. The outcome of this due diligence was factored into the analytical assessment for the rating affirmations.

As a result of the severity and frequency of catastrophic events in 2005, reinsurance property catastrophe pricing hardened, benefiting RenaissanceRe in the near term. A.M. Best will continue to monitor the group's risk-adjusted capital, financial leverage ratios and fixed charge coverage with the expectation that RenaissanceRe will remain within acceptable ranges to support its FSRs, ICRs and debt ratings.

The ratings also consider the turnover experienced in RenaissanceRe's senior management in November 2005 following the receipt of "Wells Notices" from the Securities and Exchange Commission (SEC). RenaissanceRe disclosed, as part of the second quarter 2006 earnings announcement that it has submitted an offer of settlement to the SEC in connection with the agency's investigation of the company and has received the support of the SEC staff. The proposed settlement remains subject to approval by the SEC Commissioners and the Federal Court.

For a complete listing of RenaissanceRe Holdings Ltd.'s FSRs, ICRs and debt ratings, please visit www.ambest.com/press/101203renre.pdf.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.