RenaissanceRe Adds To Glencoe’s Capital

NU Online News Service, Jan. 7, 1:28 p.m. EST?RenaissanceRe Holdings Ltd. of Pembroke, Bermuda said it is beefing up Glencoe Insurance Ltd. with a new chief operating officer and an additional $100 million in capital, bringing total capitalization of the subsidiary firm to $200 million.

The capital increase follows $34 million in capital that RenaissanceRe added to the property insurer in September 2001 following the terrorist attacks that month.

RenaissanceRe also announced today that William J. Ashley has been appointed chief operating officer of Glencoe Insurance Ltd. Mr. Ashley most recently served as executive vice president at London-based Benfield Blanch. A spokesman said the position was a new one created as a result of Glencoe’s expanding activity.

“These steps to further strengthen the managerial and capital resources at Glencoe underscore our commitment to serving the needs of this market segment,” said James N. Stanard, chairman, president and chief executive officer of RenaissanceRe Holdings Ltd.

Mr. Stanard said Mr. Ashley’s technical and risk management expertise “will enable Glencoe to continue to be the state of the art company in the primary catastrophe-exposed property business.

“The additional capital commitment will expand Glencoe’s ability to meet demand in the primary property markets, as well as expand our assumed reinsurance and program business,” Mr. Stanard said.

Mr. Ashley has worked in the insurance industry for more than 20 years, most recently at Benfield Blanch and EW Blanch.

In his last position, Mr. Ashley worked with clients to develop catastrophe exposure management plans and techniques and tools for portfolio optimization.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The company’s principal product is property catastrophe reinsurance.