Glencoe Insurance Ltd. is Approved in California

Business Wire, July 8, 1996

HAMILTON, Bermuda--(BUSINESS WIRE)--July 8, 1996--The California Department of Insurance has notified Glencoe Insurance Ltd. that it has been approved as a non-admitted surplus lines insurer. Glencoe will specialize in property excess and surplus lines with an emphasis on catastrophe perils such as earthquake.

Besides earthquake, Glencoe will consider other catastrophe and weather related perils using DIC or limited peril forms where the cat coverages can be isolated. Middle market accounts with 1-10 locations where Glencoe can influence underwriting terms are preferred. Target maximum authorization for earthquake will be $5 million per occurrence, per policy. Glencoe's primary production source will be selected wholesale brokers. All underwriting and processing is done by submissions to Glencoe's Bermuda office.

Two strategic investors have become Glencoe shareholders. Underwriters Reinsurance Company of Woodlands Hills, California has purchased 100,000 shares, or 20%, of Glencoe. Russell T. John, President of Underwriters Re, has joined the Glencoe Board of Directors. Dames & Moore Ventures has purchased 49,500 shares, or 9.9%, of Glencoe. Dames and Moore Ventures is a subsidiary of Dames & Moore Inc., a leading engineering and consulting firm. Glencoe and Dames & Moore have entered into contracts for the provision of enhanced catastrophe modeling services and on-site seismic risk assessment services for Glencoe insureds. Alan Krusi, President of Dames & Moore Ventures has joined the Glencoe Board of Directors.

RenaissanceRe Holdings Ltd. (NASDAQ: RNREF) will continue to hold a 70.1% ownership in Glencoe Insurance Ltd. RenaissanceRe Holdings Ltd., through its subsidiaries Renaissance Reinsurance Ltd. and Glencoe Insurance Ltd ., provides reinsurance and insurance on a worldwide basis. The Company's principal product is property catastrophe reinsurance on an excess of loss basis.

CONTACT: Glencoe Insurance Ltd.

Glenn Thomas

441-296-3235