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PEMBROKE, Bermuda--([ BUSINESS WIRE ])--RenaissanceRe Holdings Ltd.(NYSE: RNR) today announced the formation ofTimicuan Reinsurance III Limited(aTim Re IIIa), a newBermudareinsurance company, creating additional reinsurance capacity for theFloridahomeowners market.Renaissance Reinsurance Ltd.(aRenaissance Reinsurancea) and DaVinci Reinsurance Ltd. (aDaVincia) have entered into a fully-collateralized reinsurance agreement with Tim Re III, under which Renaissance Reinsurance and DaVinci will cede to Tim Re III a defined portfolio of their property catastrophe business, covering primarily hurricane risks forFloridainsurers during the 2012 hurricane season. Investors (including RenaissanceRe) have agreed to capitalize Tim Re III with approximately$55 millionof equity capital. Tim Re III will be managed by Renaissance Underwriting Managers, Ltd.

Neill A. Currie, Chief Executive Officer ofRenaissanceRe Holdings Ltd., stated: aWe are pleased to announce the formation of Tim Re III and continue our track record of working with the capital markets to provide additional reinsurance capacity. Through this endeavor, we are able both to serve our customersa needs and design a facility that allows investors to invest efficiently in theFloridareinsurance market.a

RenaissanceRe Holdings Ltd.is a global provider of reinsurance and insurance. The Companyas business consists of three segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures, managed by the Companyas ventures unit, (2) Lloydas, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458, and (3) Insurance, which principally includes the CompanyasBermuda-based insurance operations.