this is the text of a press release from RenaissanceRe Holdings Ltd. on its results released last night. A new story will be published later today.

RenaissanceRe Reports Operating EPS of $1.75 Per Common Share for 2003 Second Quarter Compared to $1.33 for 2002 Second Quarter

RenaissanceRe Holdings Ltd. today 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 N. 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% growth in gross written premium for the year. We also continue to expect gross managed premium growth in specialty reinsurance of approximately 20%. 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."

For the six months ended June 30, 2003, net operating income available to common shareholders was $251.3 million or $3.55 per common share, compared to $179.9 million or $2.57 per common share for the same period in 2002. Operating income excludes realized investments gains of $80.2 million and $3.7 for the six months ended June 30, 2003 and 2002, respectively, and, in 2002, the cumulative effect of a change in accounting principle of $9.2 million. Net income available to common shareholders for the six months ended June 30, 2003 was $331.4 million or $4.68 per common share, compared to $174.3 million or $2.49 per common share for the same period in 2002.

Gross premiums written for the second quarter of 2003 were $212.6 million, compared to $270.3 million for the same quarter of 2002. Net premiums written for the second quarter of 2003 were $160.2 million, versus $198.5 million for the same quarter of 2002. Net premiums earned for the second quarter of 2003 were $275.5 million, compared to $184.7 million for the same quarter of 2002. Those premiums include $17.1 million of gross written premiums, $19.0 million of net written premiums and $46.7 million of net premiums earned by the Company's consolidated joint venture, DaVinci Re during the second quarter of 2003, compared to $34.8 million of gross written premiums, $34.8 million of net written premiums and $34.2 million of net premiums earned by DaVinci Re during the second quarter of 2002.

Gross premiums written for the six months ended June 30, 2003 were $897.7 million, compared to $731.1 million for the same period of 2002. Net premiums written for the six months ended June 30, 2003 were $750.6 million, compared to $577.6 million for the same period of 2002. Net premiums earned for the first six months of 2003 were $539.0 million, compared to $335.1 million for the same period of 2002. Those premiums include $143.6 million of gross written premiums, $145.5 million of net written premiums and $95.8 million of net premiums earned by DaVinci Re during the first six months of 2003, compared to $130.1 million of gross written premiums, $130.1 million of net written premiums and $57.8 million of net premiums earned by DaVinci Re for the first six months of 2002.

Total Managed Catastrophe Premiums Written, representing gross catastrophe premiums written by Renaissance Reinsurance and by related joint ventures, was $103.8 million for the second quarter, compared to $144.8 million for the same quarter of 2002. This decline was primarily attributable to contracts recorded in the second quarter of 2002 which were renewed and recorded in the first quarter of 2003. Total Managed Cat Premium for the six months ended June 30, 2003 increased to $568.5, compared to $515.2 million for the same period in 2002. See the attached supplemental financial data for additional details regarding managed premiums.

Net investment income, excluding realized and unrealized investment gains and losses, for the second quarter of 2003 increased to $28.0 million, compared to $26.4 million for the same period in 2002. Net investment income, excluding realized and unrealized gains and losses, for the six months ended June 30, 2003 was $56.2 million, compared to $49.1 million for the same period in 2002. Investment income for the second quarter of 2003 includes $6.1 million of income and appreciation related to investments in hedge funds and private equity funds, compared with a loss of $.2 million for the same quarter in 2002. For the first six months of 2003, income and appreciation from these investments totaled $9.4 million as compared to $.1 million for the same six month period in 2002.

Claims and claim expenses incurred for the quarter ended June 30, 2003 were $100.1 million, or 36.3% of net premiums earned. In comparison, claims and claim expenses incurred for the quarter ended June 30, 2002 were $73.1 million, or 39.6% of net premiums earned. Claims and claim expenses incurred for the six months ended June 30, 2003 were $182.9 million or 33.9% of net premiums earned, compared to $116.3 million or 34.7% of net premiums earned for the same period in 2002. Claims and claim expenses incurred for the both the quarters and the six months ending June 30, 2003 and 2002 benefited from the relatively low level of catastrophe losses during each of these periods.

During the quarter, income from the DaVinci joint venture and other fee income on managed cat business was $31.6 million, compared to $28.9 million during the second quarter of 2002. Of the total $31.6 million of other income during the quarter, $15.6 million was generated from fees and profit commissions, compared to $14.8 million in the second quarter of 2002, and $16.5 million was generated from the Company's equity pick up from joint ventures, versus $14.2 million in the comparable quarter of 2002. A summary of income from joint venture relationships, which includes aggregate earnings from joint venture activities, fees related to catastrophe business, and miscellaneous other items, is presented in the supplemental disclosures. The principal differences between other income as reported and the summary of income above from joint venture relationships are that the results of DaVinci Re are reflected as if it were reported under the equity accounting method, and the summary presentation also includes fees earned on certain quota share cessions of catastrophe business by the Company which are reflected on the income statement as a reduction of acquisition and operational expenses.

Shareholders' equity attributable to common shareholders was $1.82 billion at June 30, 2003, compared to $1.49 billion at December 31, 2002. Book value per common share at June 30, 2003 was $25.94, compared to $21.39 per common share at December 31, 2002.

RenaissanceRe Holdings Ltd. will host a conference call on Wednesday, July 23, 2003 at 10:00 a.m. (EST) to discuss this release. Live broadcast of the conference call will be available through the Investor Section of RenaissanceRe's website at www.renre.com.

RenaissanceRe Holdings Ltd. (NYSE: RNR), is a global provider of reinsurance and insurance. The Company's business primarily consists of four components: (1) catastrophe reinsurance; (2) catastrophe reinsurance written for the account of joint ventures Top Layer Reinsurance Ltd. and DaVinci Reinsurance Ltd; (3) specialty reinsurance, including such lines as catastrophe-exposed workers compensation, surety, terrorism, property per risk, aviation and finite reinsurance; and (4) individual risk business which includes primary insurance and quota share reinsurance.

Cautionary Statement under "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this news release contain information about the Company's future business prospects. These statements may be considered "forward-looking." These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future operations results, please refer to RenaissanceRe Holdings Ltd's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2002, and Form 10-Q for the quarter ended March 31, 2003.