year in 2000, and reported a rise in net income of 22 percent to $127.2 million. And the company's chairman, president and chief executive officer, James Stanard, said that the outlook for 2001 was excellent after a good renewals period.

The reinsurance company, which has offices in East Broadway in Pembroke, saw its return on equity of 21 percent for the 12 months ending December 31, 2000, a figure which the company said was industry-leading.

And the company's operating earnings grew by 18 percent per share to the highest level in the company's history. The company added that its position as one of the largest underwriters in the treaty cat excess business had been solidified with a 40 percent cat management growth in the year.

For 2000 net operating income was $134.4 million or $6.86 per share compared to $120.0 million or $5.82 per share. Net income for the 12 months ended December 31, 2000 was $127.2 million or $6.50 per share, compared to $104.2 million or $5.05 per share in 1999.

Mr. Stanard said: "Fiscal 2000 was another outstanding year for RenaissanceRe. Operating earnings grew 18 percent per share to their highest level in the company's history and the 21 percent return on equity we recorded put us at the forefront of our industry in terms of productivity for shareholders for the eighth year in a row.'' He added: "Significantly, the 40 percent growth we achieved in Managed Cat Premium solidifies our position as one of the world's largest underwriters of treaty cat excess business. A successful January renewal season provides us with a very attractive portfolio of catastrophe reinsurance in 2001, leading us to expect another year of excellent performance.'' Gross premiums written for the 12 months ended December 31, 2000 were $433.0 million compared to $351.3 million for the same period of 1999.

Net premiums written for the 12 months ended December 31, 2000 were $293.3 million compared to $213.5 million for the same period of 1999.

Total Managed Cat Premiums written, representing gross catastrophe premiums written by RenaissanceRe Holdings Ltd. and by the OPCat Ltd. and Top Layer Re Ltd. joint ventures, were $24.6 million for the fourth quarter compared to $13.6 million for the same quarter of 1999. Total Managed Catastrophe Premiums written for fiscal year 2000 were $397.0 million compared to $284.0 million for the same period of 1999.