head Renaissance Re, a new Bermuda-based reinsurance venture that is being set up by USF&G Corporation.

He is Mr. James N. Stanard, who joined USF&G as an executive vice president in 1991 to assist with a massive restructuring effort.

The Journal of Commerce reported that Mr. Stanard moved to USF&G's head office in Baltimore in 1991 to help with the restructuring of the firm after spending eight years with its F&G Re subsidiary.

Between 1971 and 1983, Mr. Stanard held a variety of actuarial, underwriting and management positions at Chubb Corporation, Prudential Re and INA Re (now Cigna Re).

His number two at Renaissance Re will be Mr. Neill A. Currie, a former reinsurance brokerage executive with J.G. Sullivan Co. of Los Angeles and G.L.

Hodson & Son of New York.

Mr. Neill, who has had more than 15 years' experience in the reinsurance industry, will join Renaissance Re as a senior vice president.

Renaissance Re is a joint venture and will have an expected capitalisation of approximately $150 million from various investors.

USF&G will be a minority shareholder and will provide management services to the company.

Renaissance Re will offer property and casualty reinsurance but is likely to emphasise property catastrophe coverage in its early stages because of an acute shortage of capacity.

This shortage has sparked a rush of activity that is expected to lead to at least five new reinsurance companies forming in Bermuda over the next few months with a combined capitalisation of well over $1 billion.