S&P Comments on RenRe’s Management Changes; No Rating Change

Standard & Poor’s Ratings Services has stated that its ratings on Bermuda-based RenaissanceRe Holdings Ltd. (currently ‘A’ with a stable outlook) and related entities are not affected by the announcement of several management changes at the organization.

S&P referred to the recent promotion of Kevin J. O’Donnell, RenRe’s senior vice president and president of the company’s reinsurance operations, to executive vice president and global chief underwriting officer.

With the promotion, the company consolidated and aligned the underwriting function under O’Donnell, as he is now responsible for the global reinsurance and insurance underwriting businesses.

In addition, S&P noted that John D. (Jay) Nichols, Jr., president of RenaissanceRe Ventures Ltd., and William J. Ashley, president, chief executive officer, and chief underwriting officer of RenRe Insurance Holdings Ltd., have both announced their intentions to retire from the company in 2010. Their responsibilities will be assumed internally, and some reporting lines will be altered.

“We don’t believe these management changes are a concern given the strong talent within the company,” S&P said. “This reorganization was driven by the expansion of underwriting platforms and the company’s growth. These changes are designed to better align the company’s underwriting and capital-management activities.

Source: Standard & Poor’s – www.standardandpoors.com