S&P: RenaissanceRe unaffected

Standard & Poor's said it is taking no rating action on RenaissanceRe Holdings Ltd. (A/negative/--) as a result of its announcement that its first-quarter 2005 earnings were significantly affected by property catastrophe losses and losses within its specialty segment.

The ratings on operating subsidiary Renaissance Reinsurance Ltd. (AA-/stable/--) are also unaffected.

S&P said it expects volatility within RenaissanceRe's property catastrophe core line of business, but volatility outside property catastrophe reinsurance is viewed with concern.

The specialty and individual risk segments are expected to have very strong earnings in support of the ratings, according to S&P, and if unexpected adverse losses develop, the ratings will be reviewed.

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