new coverage by Lehman Brothers analyst Mr. Michael Smith, Bloomberg business news said Wednesday.

The new rating follows the same rating issued August 21 by analyst Mr. Ira Malis at Alex. Brown & Sons Inc.

RenaissanceRe, through its wholly-owned subsidiary Renaissance Reinsurance Ltd., provides property catastrophe reinsurance.

RenaissanceRe Holdings recently announced the completion of a initial public offering of 2.7 million shares at $19.50 per share.

The offering was underwritten by Merrill Lynch & Co., Alex. Brown & Sons and Lehman Brothers.

Arethusa (Offshore) Ltd., also a Bermuda company, was downgraded to `hold'' from "buy'' yesterday by Prudential Securities analyst Mr. Jeff Freedman On Tuesday, Arethusa was reiterated "buy'' by Salomon Brothers analyst Mr. Geoff Kieburtz.

Arethusa owns and/or operates mobile offshore drilling rigs.