A.M. Best Places Ratings of RenaissanceRe Under Review With Negative Implications

A.M. Best Co. has placed the financial strength and debt ratings of the insurance and reinsurance subsidiaries of RenaissanceRe Holdings Ltd. (RenaissanceRe) [NYSE:RNR] (Bermuda) under review with negative implications.

Published on February 22, 2005

This rating action follows an announcement by RenaissanceRe that as a result of an ongoing review, the company will be restating its financial statements for 2001, 2002 and 2003. While the currently proposed adjustments are not material to the financial condition of RenaissanceRe, the status of the review is ongoing and may cause a delay for the company in filing its audited financial statements. Should this review be completed without significant adjustments to RenaissanceRe's financial condition, A.M. Best will affirm the current ratings with a stable outlook.

For a complete listing of RenaissanceRe Holdings Ltd.'s financial strength and debt ratings, please visit http://www.ambest.com/press/022201renre.pdf.