New CFO to get $500,000 salary

WASHINGTON (Dow Jones) ? RenaissanceRe Holdings Ltd. (RNR) said on Friday that newly appointed Chief Financial Officer Fred R. Donner will receive an initial base salary of $500,000 a year under his employment agreement with the company. The Bermuda-based insurance holding company said in a US Securities and Exchange Commission filing that Donner's target bonus is set to equal 110 percent of his base salary.

RenaissanceRe Holdings said Donner will receive a $600,000 cash bonus for 2006. It said $200,000 of the amount was payable on July 10, the date his employment agreement took effect.

Also, the company said Donner will receive an annual target equity award under the stock option and incentive plans adopted and maintained by RenaissanceRe valued at 215% of his base salary.

RenaissanceRe Holdings said it made a one-time special equity grant July 10 to Donner valued at $3.2 million, in accordance with the company's regular pricing methodology, consisting of 50% restricted shares and 50% options, vesting in each case ratably over four years.

Sale of 3.6m shares of stock

The 44 percent owner of Bermuda's mobile provider CellularOne has priced the sale of 3.6 million shares of common stock at $19 pre share.

The offering consists of 2.4 million shares to be offered by Atlantic Tele-Network and approximately 1.2 million shares to be offered by its chairman Cornelius B. Prior, Jr. and related entities.

ATN is the 44 percent owner of Bermuda Digital Communications Ltd. which is the parent company of CellularOne. ATN also has interests in Guyana, the US and the US Virgin Islands

The company's net proceeds of approximately $42.4 million will be used to repay a portion of outstanding indebtedness, fund capital expenditures, acquisitions and strategic investments and for general corporate purposes. ATN will not receive any proceeds from the sale of shares of the selling stockholders. Raymond James and UBS Investment Bank served as joint book-running managers for the offering, with Stifel Nicolaus as a co-managing underwriter. The underwriters have an option to purchase up to an additional 540,000 shares from the Company to cover over-allotments.