RenaissanceRe Launches New Property Catastrophe Reinsurer Backed by PGGM

PEMBROKE, Bermuda–(BUSINESS WIRE)–RenaissanceRe Holdings Ltd. (NYSE:RNR) (“RenaissanceRe”) and Dutch
pension fund manager PGGM announced today the creation of Vermeer
Reinsurance Ltd. (“Vermeer”) to provide capacity focused on risk remote
layers in the U.S. property catastrophe market.

PGGM is a leading Dutch pension fund service provider with €215 billion
of assets under management. It has a 13-year track record of investing
in insurance and is currently one of the largest end-investors in the
ILS asset class.

Vermeer will be initially capitalized with $600 million of equity from
PGGM, with up to a further $400 million available to pursue growth
opportunities in 2019, for a total of $1 billion of capital. The company
has received an “A” financial strength rating from A.M. Best and has
obtained approval in principle to be licensed and regulated by the
Bermuda Monetary Authority as a Class 3B reinsurer. Vermeer will be
managed by Renaissance Underwriting Managers, Ltd. and is expected to be
consolidated into RenaissanceRe’s financial statements. PGGM is the sole
investor in Vermeer.

Aditya Dutt, President of Renaissance Underwriting Managers, Ltd., said:
“We are proud to partner with a respected global leader in PGGM to
create Vermeer. This continues RenaissanceRe’s 20-year track record of
creating and managing joint ventures that match well-underwritten
portfolios of risk to diverse sources of capital. We continue to be a
pioneer in this area and are pleased to bring our excellent service and
deep expertise in underwriting, modeling and claims to address the risk
challenges of our clients.”

Eveline Takken-Somers, Senior Director, Credit and Insurance Linked
Investments of PGGM: “Since 2014, we have focused on building strategic
partnerships with top tier reinsurance companies to improve access to
and selection of risk. We seek efficient implementation of our
investments as we believe this leads to superior returns. RenaissanceRe
is a world leader in both reinsurance and the creation of joint venture
vehicles and we look forward to the opportunities Vermeer will provide
as PGGM continues to grow its insurance portfolio.”

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that
specializes in matching well-structured risks with efficient sources of
capital. The Company provides property, casualty and specialty
reinsurance and certain insurance solutions to customers, principally
through intermediaries. Established in 1993, the Company has offices
in Bermuda, Ireland, Singapore, Switzerland, the United Kingdom and the
United States.

About PGGM

PGGM is a cooperative Dutch pension fund service provider. Institutional
clients are offered: asset management, pension fund management, policy
advice and management support. On June 30, 2018 PGGM had €215 billion in
assets under management and was administrating pensions of 4.2 million
participants. Around 750,000 workers in the Dutch healthcare are
connected to PGGM&CO, our members organization. Either alone or together
with strategic partners, PGGM develops future solutions by linking
together pension, care, housing and work.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release reflect
RenaissanceRe’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements, including the following: the failure to
obtain regulatory approvals or satisfy other conditions to completion of
the proposed Tokio Millennium Re transaction; risks that the proposed
Tokio Millennium Re transaction disrupts current plans and operations;
the ability to recognize the benefits of the proposed Tokio Millennium
Re transaction; the amount of the costs, fees, expenses and charges
related to the proposed Tokio Millennium Re transaction; the frequency
and severity of catastrophic and other events that the Company covers;
the effectiveness of the Company’s claims and claim expense reserving
process; the Company’s ability to maintain its financial strength
ratings; the effect of climate change on the Company’s business;
collection on claimed retrocessional coverage, and new retrocessional
reinsurance being available on acceptable terms and providing the
coverage that we intended to obtain; the effects of U.S. tax reform
legislation and possible future tax reform legislation and regulations,
including changes to the tax treatment of the Company’s shareholders or
investors in the Company’s joint ventures or other entities the Company
manages; the effect of emerging claims and coverage issues; continued
soft reinsurance underwriting market conditions; the Company’s reliance
on a small and decreasing number of reinsurance brokers and other
distribution services for the preponderance of its revenue; the
Company’s exposure to credit loss from counterparties in the normal
course of business; the effect of continued challenging economic
conditions throughout the world; a contention by the Internal Revenue
Service that Renaissance Reinsurance Ltd., or any of the Company’s other
Bermuda subsidiaries, is subject to taxation in the U.S.; the success of
any of the Company’s strategic investments or acquisitions, including
the Company’s ability to manage its operations as its product and
geographical diversity increases; the Company’s ability to retain key
senior officers and to attract or retain the executives and employees
necessary to manage its business; the performance of the Company’s
investment portfolio; losses that the Company could face from terrorism,
political unrest or war; the effect of cybersecurity risks, including
technology breaches or failure on the Company’s business; the Company’s
ability to successfully implement its business strategies and
initiatives; the Company’s ability to determine the impairments taken on
investments; the effect of inflation; the ability of the Company’s
ceding companies and delegated authority counterparties to accurately
assess the risks they underwrite; the effect of operational risks,
including system or human failures; the Company’s ability to effectively
manage capital on behalf of investors in joint ventures or other
entities it manages; foreign currency exchange rate fluctuations; the
Company’s ability to raise capital if necessary; the Company’s ability
to comply with covenants in its debt agreements; changes to the
regulatory systems under which the Company operates, including as a
result of increased global regulation of the insurance and reinsurance
industry; changes in Bermuda laws and regulations and the political
environment in Bermuda; the Company’s dependence on the ability of its
operating subsidiaries to declare and pay dividends; aspects of the
Company’s corporate structure that may discourage third-party takeovers
or other transactions; the cyclical nature of the reinsurance and
insurance industries; adverse legislative developments that reduce the
size of the private markets the Company serves or impede their future
growth; consolidation of competitors, customers and insurance and
reinsurance brokers; the effect on the Company’s business of the highly
competitive nature of its industry, including the effect of new entrants
to, competing products for and consolidation in the (re)insurance
industry; other political, regulatory or industry initiatives adversely
impacting the Company; increasing barriers to free trade and the free
flow of capital; international restrictions on the writing of
reinsurance by foreign companies and government intervention in the
natural catastrophe market; the effect of Organisation for Economic
Co-operation and Development or European Union (“EU”) measures to
increase the Company’s taxes and reporting requirements; the effect of
the vote by the U.K. to leave the EU; changes in regulatory regimes and
accounting rules that may impact financial results irrespective of
business operations; the Company’s need to make many estimates and
judgments in the preparation of its financial statements; and other
factors affecting future results disclosed in RenaissanceRe’s filings
with the Securities and Exchange Commission, including its Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q.


RenaissanceRe Holdings Ltd.
Keith McCue,
Senior Vice President, Finance & Investor Relations

Holdings Ltd.
Keil Gunther, 441-239-4932
Vice President,
Marketing & Communications

Kekst CNC
Dawn Dover,

PGGM Corporate Communication
(0)30 277 97 35

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