business yesterday with initial capitalisation of $140 million.

The company's investors include Warburg, Pincus Investors, L.P., who have put in $70 million; Trustees of General Electric Pension Trust, $25 million; GE Investment Private Placement Partners I, L.P., $25 million; and USF&G, $20 million.

Renaissance Re's CEO and chairman Mr. James Stanard said: "In the wake of Hurricane Andrew and other major catastrophic events in recent years, insurers' ability to continue to provide coverage has been severely constrained by a reduced supply of catastrophe reinsurance.

"The formation of Renaissance Reinsurance will help meet this demonstrated need and we are in a position to move quickly do so.'' The company operates from offices in Victoria Hall, Hamilton.