Report RenRe Has Potential 14.2% Stake in Platinum

November 6, 2002

Bermuda’s RenaissanceRe apparently has a larger stake in Platinum Underwriters than was originally announced, around 14.2 percent rather than the 9.9 percent stated in recent articles (See IJ Website Oct. 29 and Nov. 5)

Bermuda’s RenaissanceRe apparently has a larger stake in Platinum Underwriters than was originally announced, around 14.2 percent rather than the 9.9 percent stated in recent articles (See IJ Website Oct. 29 and Nov. 5)

According to a report from Dow Jones Newswire, RenRe filed a Schedule 13g report with the Securities and Exchange Commission stating that it held 6.46 million shares of Platinum, 2.5 million more than the 3.96 million it bought in a private placement last September before the company’s initial public offering.

As the article states, a 13g filing does not require the company to give any details of what are deemed “passive investments.” RenRe in fact has an option, or right to purchase, the additional 2.5 million shares, but does not appear to have exercised it.

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