RenaissanceRe Holdings Ltd. yesterday announced an additional commitment of $100 million in capital to Glencoe Insurance Ltd., bringing the total capitalisation of the company to $200 million.

This capital increase is in addition to $34 million in capital added to Glencoe by RenaissanceRe in September 2001.

RenaissanceRe also announced yesterday that William J. Ashley has been appointed Chief Operating Officer of Glencoe Insurance Ltd.

Mr. Ashley most recently served as executive vice president of the Strategic Operations and Risk Management business unit of Benfield Blanch.

"These steps to further strengthen the managerial and capital resources at Glencoe underscore our commitment to serving the needs of this market segment," said James N. Stanard, chairman, president and chief executive Officer of RenaissanceRe Holdings Ltd.

Mr. Stanard continued: "In appointing Bill Ashley chief operating officer, we are augmenting our current team with an individual with more than 20 years of insurance experience. His great technical and risk management expertise will enable Glencoe to continue to be the state of the art company in the primary catastrophe exposed property business.

"The additional capital commitment will expand Glencoe's ability to meet demand in the primary property markets, as well as expand our assumed reinsurance and program business. It builds upon an already strong foundation, evidenced by A.M. Best's recent upgrade of the company's financial strength rating to A," Mr. Stanard said.

Mr. Ashley has worked in the insurance industry for more than 20 years, most recently at Benfield Blanch and EW Blanch, where he rose to executive vice president of Strategic Operations and Risk Management. In that capacity, he worked closely with clients to develop catastrophe exposure management plans and developed techniques and tools for portfolio optimisation.