RenaissanceRe Reports Operating EPS of $1.75 Per Common Share for 2003 Q2

July 24, 2003

RenaissanceRe Holdings Ltd. reported $124.4 million in second quarter net operating income available to common shareholders, compared to $93.3 million in the second quarter of 2002. Operating income excludes realized investment gains of $55.8 million and $3.0 million in the second quarters of 2003 and 2002, respectively. Operating income per common share grew to $1.75 in the second quarter of 2003, from $1.33 per common share in the second quarter of the previous year. Net income available to common shareholders rose 87% to $180.2 million or $2.54 per common share in the quarter, from $96.2 million or $1.37 per common share for the same quarter of 2002.

RenaissanceRe Holdings Ltd. reported $124.4 million in second quarter net operating income available to common shareholders, compared to $93.3 million in the second quarter of 2002. Operating income excludes realized investment gains of $55.8 million and $3.0 million in the second quarters of 2003 and 2002, respectively. Operating income per common share grew to $1.75 in the second quarter of 2003, from $1.33 per common share in the second quarter of the previous year. Net income available to common shareholders rose 87% to $180.2 million or $2.54 per common share in the quarter, from $96.2 million or $1.37 per common share for the same quarter of 2002.

James Stanard, chairman and CEO, commented, “Our business continues to perform well and our second quarter came in ahead of expectations principally because of light catastrophe losses. We are especially pleased with the growth in our individual risk unit, which is now expected to deliver more than 40 percent growth in gross written premium for the year. We also continue to expect gross managed premium growth in specialty reinsurance of approximately 20 percent.

“While we currently expect gross managed premium in catastrophe reinsurance to be flat with last year, we now believe that overall premium growth, combined with light catastrophe loss activity through the first half of the year, will enable us to produce operating earnings per share in the range of $6.35 to $6.60, versus our previous forecast of $5.30 to $5.70, assuming normal loss levels for the balance of the year.”

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