JPMorgan upgraded RenaissanceRe (RNR) to Overweight from Neutral with an unchanged price target of $284. The firm expects reinsurance pricing to hold up better than feared in the near-term, enabling RenaissanceRe to generate a “robust” return on equity and strong book value growth. Further, the company’s conservative approach with reserves makes it less susceptible to adverse reserve development, the analyst tells investors in a research note.
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