Eklund Resigns as RenRe Executive VP

June 24, 2004

Bermuda’s RenaissanceRe Holdings Ltd. announced that David A. Eklund, its Executive Vice President, and President and Chief Underwriting Officer of Renaissance Reinsurance Ltd., is resigning from the Company to pursue personal interests.

“Mr. Eklund’s roles have been transitioned over the past year to Kevin J. O’Donnell, Senior Vice President of Property Catastrophe Reinsurance and Ceded Reinsurance, and Michael W. Cash, Senior Vice President of Specialty Reinsurance,” said the bulletin. It also noted that Eklund “has agreed to serve as a consultant to the Company on special projects, and has extended his non-compete agreement with Renaissance to a period of two years.”

Eklund stated: “RenaissanceRe has become one of the world’s leading reinsurance companies and I am proud to have contributed to its growth over the past 11 years. My decision to resign results from my desire to spend more time with my family following their move to the U.S. last year, and I look forward to working actively with Renaissance as a consultant.”

RenRe’s Chairman and CEO James N. Stanard noted that, “Dave Eklund has been with RenaissanceRe since we started in 1993 and has contributed significantly to our success. While we will miss seeing Dave on a daily basis, we understand his decision to spend more time with his family. We are also pleased that he has managed a seamless transition within our reinsurance operations to Kevin and Mike. Both have been leading their units effectively over the past year and are well prepared to see that RenaissanceRe continues its strong record of reinsurance underwriting excellence.”

O’Donnell joined RenaissanceRe in 1996 and is currently responsible for leading Property Catastrophe Reinsurance for the Renaissance group of companies. He has over 15 years of insurance and reinsurance experience, including catastrophe underwriting, alternative markets and insurance derivatives and securitization.

Cash joined RenaissanceRe in 2000 and is currently responsible for leading Specialty Reinsurance. He has more than 12 years of insurance and reinsurance experience. The Company’s individual risk operations will continue under the leadership of William I. Riker, CEO of Glencoe Group Holdings, who also serves as President of RenaissanceRe Holdings.

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