Ren Re to Increase Capital of Glencoe Subsidiary

Bermuda’s Renaissance Re Holdings Ltd. announced that it plans to increase the capital and surplus of its commercial property insurance subsidiary, Glencoe Insurance Ltd. to $100 million.

Ren Re described the move as a response to the “possible industry-wide capacity shortfall in the wake of the World Trade Center attacks.” It enables Glencoe to offer property lines of $10 million per risk.

Even though Glencoe has no exposure as a result of the attacks, and Ren Re’s exposure is minimal (See IJ Website Sept.14), the company said it was making the capital increase to step up its commitment to the “property excess and surplus markets, as well as the property facultative market.”|”ren, re, increase, capital, of, glencoe, subsidiary