Bermuda Insurers Receive Subpoenas

April 11, 2005

Two of Bermuda’s leading reinsurance companies – RenaissanceRe Holdings Ltd. and PartnerRe Ltd. – have acknowledged that they have received subpoenas from both the U.S. Securities and Exchange Commission and the Office of the Attorney General for the State of New York.

Two of Bermuda’s leading reinsurance companies – RenaissanceRe Holdings Ltd. and PartnerRe Ltd. – have acknowledged that they have received subpoenas from both the U.S. Securities and Exchange Commission and the Office of the Attorney General for the State of New York.

Both companies were queried on their relationship with Channel Reinsurance Ltd., a reinsurance company in which RenRe holds an interest and PartnerRe holds a 20 percent equity shareholding.

Both companies said that they intend to fully cooperate in responding to the requests.

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