RenaissanceRe Ratings Increased

May 15, 2000

Moody’s Investors Service raised the following RenaissanceRe Holdings Ltd. ratings: Renaissance Re Capital Trust capital securities to “baa2” from “baa3”; RenaissanceRe Holdings Ltd. junior subordinated debt to “Baa2” from “Ba1.” The ratings action reflects the Bermuda-based company’s strengths in cumulative operating performance, underwriting and exposure management strategy.