Bermuda-based RenaissanceRe Holdings Ltd. announced today it expects to record two charges totaling $181.7 million that will impact its fourth-quarter 2007 results.
One charge will result in a write-off of its total $126.7 million investment in ChannelRe Holdings Ltd., a privately held financial guaranty reinsurer, and a second $55 million charge to increase incurred but not reported (IBNR) reserves for subprime-related exposures in its casualty clash reinsurance book of business.
Ratings agencies A.M. Best Co. and Standard & Poor's said the announcement would not affect the company's ratings.
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