leading property catastrophe underwriter after reporting earnings of $120 million for the year ended December 31.

RenRe's net operating income of $30.4 million, or $1.52 per share, was up from $30.2 million, or $1.38 per share, for the same period in 1998.

Net operating income for the full year was $120.0 million, or $5.82 per share, compared with $121.5 million or $5.42 per share for the same period in 1998.

"1999 was a very successful year for Renaissance, further reinforcing our position as the premier underwriter of property catastrophe risk,'' James N.

Stanard, chairman, president and CEO, said.

"Through careful risk management we produced an operating ROE of 20 percent, which ranked us number one in our peer group for the seventh consecutive year.

Our responsive and agile marketing resulted in growth of gross reinsurance premium of 36 percent. We entered into joint ventures with State Farm and Overseas Partners Ltd. that allow our underwriters to deploy a total of over $4 billion of capital dedicated to meeting our clients' property catastrophe coverage needs. And, after several years of a softening cat market, we were able to turn the corner and begin to grow Operating EPS.'' Net premiums written for the fourth quarter of 1999 were $4.1 million compared with $11.0 million for the same quarter of 1998. Net premiums earned for the fourth quarter of 1999 were $51.3 million compared with $53.1 million for the same quarter of 1998.

Gross premiums written for the twelve months ended December 31, 1999 were $351.3 million compared with $270.5 million for the same period of 1998. Net premiums written for the twelve months ended December 31, 1999 were $213.5 million compared with $195.0 million for the same period of 1998.

Net investment income, excluding realised and unrealised investment gains and losses, for the fourth quarter of 1999 was $17.5 million, compared with $13.3 million for the same period in 1998. Net investment income for the full year ended 1999 was $60.3 million compared with $52.8 million for the same period in 1998.

Claims and claim adjustment expenses incurred for the quarter ended December 31, 1999 were $21.0 million or 41.0 percent of net premiums earned. In comparison, claims and claim adjustment expenses for the quarter ended December 31, 1998 were $22.9 million or 43.1 percent of net premiums earned.

Claims and claim adjustment expenses incurred for the twelve months ended December 31, 1999 were $77.1 million or 34.9 percent of net premiums earned.

In comparison, claims and claim adjustment expenses for the twelve months ended December 31, 1998 were $67.8 million or 33.1 percent of net premiums earned.

Operating expenses were $9.4 million for the fourth quarter of 1999, compared with $10.7 million for the same period of the prior year.

The Company's net operating income excludes the impact of realised investment gains and losses, as well as the 1998 fourth quarter special charge of $40.1 million related to Nobel Insurance Company.

Shareholders' equity at December 31, 1999 was $600.3 million, compared to $612.2 million at December 31, 1998. Book value per common share at December 31, 1999 was $30.50 per share, compared to $28.28 per share at December 31, 1998.

During the quarter the Company repurchased 837,200 shares at a total cost of $31.5 million under its share repurchase programme. For the year ended December 31, 1999, the Company repurchased 2,226,700 shares at a total cost of $80.1 million.

RenaissanceRe Holdings Ltd., is a global provider of reinsurance and insurance. The Company's principal product is property catastrophe reinsurance.