Glencoe Acquires Savannah Re from Palmer & Cay

March 25, 2005

In a joint announcement private retail brokerage firm Palmer & Cay, Inc., and Glencoe U.S. Holdings Inc., the wholly owned U.S. subsidiary of Bermuda’s RenaissanceRe Holdings Ltd., affirmed that Glencoe has acquired property facultative reinsurance underwriting manager Savannah Reinsurance Underwriting Management LLC. Glencoe had purchased a minority interest in Savannah Re in July 2004.

The terms of the acquisition were not disclosed.

“Savannah Re has authority to offer property facultative reinsurance limits up to $10,000,000 per risk under an Underwriting Management Agreement with Platinum Underwriters Reinsurance, Inc., and typically targets accounts in low excess layers predominately located in the U.S. and Canada,” said the bulletin. “Savannah Re considers a broad range of property risks, including earthquake, flood, windstorm, surplus lines, specialty programs, and boiler and machinery exposures. The majority of their business is generated by reinsurance intermediaries. In the future, Savannah Re may underwrite for additional clients, and may enter additional lines of business in the reinsurance and insurance arena.”

J. Kevin Brawley, CPCU, President of Savannah Re noted: “We are very excited to be part of the Glencoe Group of Companies, and our potential for further development of our existing facility under their ownership. Through Glencoe, we will have access to additional talent and resources, including the full range of Glencoe’s considerable catastrophe modeling and underwriting tools. These resources will improve our ability to successfully serve our clients and develop a portfolio of high quality, profitable property risks. We respect Glencoe’s technical and disciplined approach to underwriting risk, and we embrace it. We couldn’t have found a better company with which to align ourselves.”

Glencoe President and CEO William I. Riker stated: “This purchase expands Glencoe’s market participation with proven partners, and enables Glencoe to develop new products and relationships. We have known Kevin for some time, and have great respect for Kevin’s knowledge, experience and discipline. We are familiar with the type and quality of business he has underwritten and look forward to his contributions to our company.”

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