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RENAISSANCE REINSURANCE LTD. FORMED

 HAMILTON, Bermuda, June 15 /PRNewswire/ -- Renaissance Reinsurance Ltd., a Bermuda-based reinsurer, commenced operations today with initial capitalization of $140 million. The new entity will primarily write property catastrophe reinsurance on a world-wide basis.
 Renaissance Reinsurance was formed with investments from Warburg, Pincus Investors, L.P. ($70 million); Trustees of General Electric Pension Trust ($25 million); GE Investment Private Placement Partners I, L.P. ($25 million); and USF&G Corporation ($20 million).
 James N. Stanard, formerly executive vice president of USF&G, is chairman and CEO of Renaissance Reinsurance Ltd. Mr. Stanard said, "In the wake of Hurricane Andrew and other major catastrophic events in recent years, insurers' ability to continue to provide coverage has been severely constrained by a reduced supply of catastrophe reinsurance. The formation of Renaissance Reinsurance will help meet this demonstrated need and we are in position to move quickly to do so."
 Neill A. Currie, formerly senior vice president of reinsurance broker E.J. Sullivan, has joined the company as senior vice president. Both Mr. Stanard and Mr. Currie will operate from Renaissance Reinsurance's headquarters in Bermuda, cited below:
 Renaissance Reinsurance Ltd.
 Victoria Hall, 11 Victoria Street
 P.O. Box HM 1826
 Hamilton, HM HX, Bermuda
 Phone: 809-295-4513
 Fax: 809-297-9715
 Renaissance Reinsurance is a new and separate business from USF&'s wholly owned reinsurance subsidiary, F&G Re of Morristown, N.J.
 -0- 6/15/93
 /CONTACT: James N. Stanard, chairman and CEO, or Neill A. Currie, senior vice president of Renaissance Reinsurance, 809-295-4513/


CO: Renaissance Reinsurance Ltd. ST: IN: INS SU:

WB -- NY056 -- 2136 06/15/93 12:46 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
Words:265
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