securities issued by its newly-created subsidiary business trust, RenaissanceRe Capital Trust.

The capital securities will semi-annually pay cumulative cash distributions at an annual rate of 8.54 percent as of September 1, 1997. Proceeds from the offering will be used to repay a portion of the company's outstanding indebtedness.

The capital securities were sold in a private placement to institutional buyers, and have not been registered under the amended version of the US Securities Act 1933, and may not be offered or sold in the US absent registration under, or an applicable exemption from, the registration requirements of the US Securities Act and applicable state securities laws.

The issue was managed by Merrill Lynch & Co. and Salomon Brothers Inc.