Business is booming at Bermuda insurance company Renaissance Re - and Bermudians are a strong part of that, according to company management.

Renaissance Re (RenRe), in the first quarter of 2002, posted close to $87 million - a nearly $50 million jump - in first quarter operating income over the same period last year. Strong business activity and minimal catastrophe activity during the period was said to be behind the company's solid results. But RenRe staff were also recognised as an important factor in the company's on-going success.

To that end the company recently made several promotions, “in acknowledgement of service to the company”.

Senior vice-president of finance Martin Merritt revealed this week that, in total, Ren Re has roughly 60 staff members and Bermudians make up about 75 percent of that workforce.

And several of those Bermudians are moving up the corporate ladder and into the ranks of management:

Michael Cash has been promoted to Senior Vice President - Specialty Reinsurance. Mr. Cash joined Renaissance in November 2000 and has over 11 years experience in the reinsurance industry. Prior to joining Renaissance, he held various underwriting positions at Centre Reinsurance and Stockton Reinsurance companies. He is an Associate of the Casualty Actuarial Society and attended Saltus Grammar School.

Jon Paradine has been promoted to Vice President - US Underwriting. Mr. Paradine joined Renaissance in March 1996 as a technical assistant and was promoted in October 1998 to Assistant Vice President and Assistant Underwriter - US Underwriting. Mr. Paradine is also graduate of Saltus Grammar School.

Josephine Smith has been promoted to Assistant Vice President and will retain her position as Technical Accounts Manager. Ms Smith joined Renaissance in 1996 as Cash Administrator and in May 2000 was promoted to Technical Accounts Manager. Prior to joining Renaissance, she was employed in a variety of positions in the reinsurance industry and she has over 20 years of experience in the reinsurance industry. Ms Smith is a graduate of The Berkeley Institute.

Dion Tucker has been promoted to Assistant Vice President and will retain his position as Senior Network Analyst.

Mr. Tucker joined Renaissance in November 1996 as Network Administrator and was promoted to Senior Network Analyst in May 2000. Prior to joining Renaissance, he held various IT positions at The Bermuda Telephone Company. Mr. Tucker is a graduate of Warwick Secondary.

James Burnett-Herkes has been promoted to Senior Analyst - US Underwriting. Mr. Burnett-Herkes joined Renaissance in August of 1999 as an analyst in the US property underwriting team. Prior to joining Renaissance, he was employed as a project engineer specialising in environmental consulting. He is a graduate of Warwick Academy.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The company's principal product is property catastrophe reinsurance.