Renaissance Re Holdings (RNR)

Hamilton, Bermuda-based RenaissanceRe Holdings Ltd. (RNR) primarily provides property-catastrophe reinsurance to insurers and reinsurers globally on the basis of excess of loss (Coverage of losses over a specified limit is termed as excess of loss). In addition, RenaissanceRe provides certain specialty reinsurance coverage on accident, health, aviation, and satellite concerns, as well as homeowners' insurance in various parts of the U.S. The company also writes specialty and catastrophe reinsurance through two joint ventures Top Layer Re and DaVinci Reinsurance and through certain specialty reinsurance and primary insurance lines. In 2007, property-catastrophe reinsurance, specialty reinsurance, and individual risk accounted for 55%, 16%, and 31% of the $1.81 billion gross written premiums (GWP), respectively. In 1Q08, property-catastrophe reinsurance, specialty reinsurance, and individual risk accounted for 69%, 15%, and 15% of the $527.0 million gross written premiums (GWP), respectively.

The company conducts its business through two reportable segments:

Reinsurance segment has three main units: Property catastrophe reinsurance, Specialty reinsurance and through Ventures. Gross premiums written for this segment were $1.29 billion for FY07, and $443.7 million for 1Q08.

Individual Risk segment primarily functions through three distribution channels:

1) program managers 2) quota share reinsurance and 3) brokers. Gross premiums written for this segment were $556.6 million for FY07, and $80.8 million for 1Q08.

In addition to its existing reinsurance and insurance business, from time to time, RNR considers opportunistic diversification into new ventures, either through organic growth or through the acquisition of other companies or their books of business. The company has, however, been somewhat slow on the acquisition front in the recent past. As of March 31, 2008, RNR had total assets of $8.2 billion and total shareholders' equity of $3.4 billion.

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