Renaissancere (RNR)
NYSE:RNR
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Renaissancere Holdings
(NYSE:RNR)
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Rating:74Outperform
Price Target:
$325.00
▲(3.11% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by strong financial performance (high recent profitability and a conservative balance sheet) and a constructive earnings outlook supported by strong underwriting and capital returns. Offsetting factors are weak near-term technical momentum (below key moving averages with negative MACD) and business cyclicality/segment margin pressures (notably tight Casualty & Specialty underwriting and investment mark-to-market volatility).
Positive Factors
Underwriting Profitability
RenaissanceRe has restored strong underwriting profitability versus the 2021–2022 loss years, delivering a TTM net margin around 27% and an adjusted combined ratio of 72% in the quarter. Durable underwriting discipline and favorable reserve development support sustained earnings generation absent major catastrophes.
Negative Factors
Revenue / Premium Volatility
Gross written premiums and revenue exhibit notable cyclicality and declines (GWP down 16% YoY, ~-10% revenue TTM). Because reinsurance exposure, reinstatements and pricing dynamics drive top-line swings, this volatility can translate into uneven earnings and complicate medium-term planning for capacity and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Underwriting Profitability
RenaissanceRe has restored strong underwriting profitability versus the 2021–2022 loss years, delivering a TTM net margin around 27% and an adjusted combined ratio of 72% in the quarter. Durable underwriting discipline and favorable reserve development support sustained earnings generation absent major catastrophes.
Read all positive factors
Renaissancere Holdings Key Performance Indicators (KPIs)
Renaissancere Holdings (RNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.83B
Dividend Yield0.57%
Average Volume (3M)393.63K
Price to Earnings (P/E)4.5
Beta (1Y)0.21
Revenue Growth-8.19%
EPS Growth90.81%
CountryUS
Employees945
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)60.07
Shares Outstanding42,633,040
10 Day Avg. Volume370,470
30 Day Avg. Volume393,633
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.09
Price to Sales (P/S)0.99
P/FCF Ratio3.42
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit2.02
Enterprise Value/Ebitda2.69
Forecast
1Y Price Target
$331.70Price Target Upside5.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)40.71
Revenue Forecast (FY)$9.28B
Renaissancere Holdings Business Overview & Revenue Model
Company Description
Established in Pembroke, Bermuda, in 1993, RenaissanceRe Holdings Ltd. (RNR) offers a variety of reinsurance and insurance solutions to clients across the United States and globally. The company's operations are divided into two primary segments. ...
How the Company Makes Money
RenaissanceRe primarily makes money through (1) underwriting income and (2) investment income, with additional fee-based and other income tied to its capital-related activities.
1) Underwriting income (core): The company collects premiums by writ...
Renaissancere Holdings Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call portrayed a largely constructive and confident view of the business: strong underwriting income, diversified and resilient profit streams (underwriting, fees, and investment income), disciplined capital returns, and proactive portfolio management drove solid quarterly operating results. Headwinds include significant retained mark‑to‑market investment losses that reduced reported book value, year-over-year declines in gross written premiums (partly due to prior-year reinstatement activity), tight Casualty & Specialty margins, and an expected rise in operating expense ratio as management invests in the platform. Management framed the MTM losses as largely unrealized and offset by improved reinvestment yields and longer‑term earnings power, and emphasized disciplined capital allocation and continued access to attractive underwriting opportunities.Positive Updates
Strong Operating Results
Reported operating income of $591 million, annualized operating return on equity of 22%, operating earnings per share of $13.75, and tangible book value per share up 1.5% to $233.49.
Negative Updates
Mark-to-Market Investment Losses
Recorded retained mark-to-market losses of approximately $350–$357 million in the quarter (about half fixed maturity related and half equity related), which reduced reported book value despite being largely unrealized and reflecting yield curve shifts.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Operating Results
Reported operating income of $591 million, annualized operating return on equity of 22%, operating earnings per share of $13.75, and tangible book value per share up 1.5% to $233.49.
Read all positive updates
Company Guidance
Management reiterated a constructive, “continuity not change” outlook for 2026 and gave quantified expectations: Q1 operating income $591M, operating EPS $13.75 and annualized operating ROAE 22% (GAAP annualized ROE 10.5% including ~$357M retained mark‑to‑market losses); tangible book value per share +1.5% to $233.49; underwriting income $589M with an overall adjusted combined ratio 72% (Property Cat AY loss ratio 10.2% and adj. CR 19.2%; Other Property AY loss ratio 55.5% and adj. CR 56.1%; Casualty & Specialty adj. CR 99.4%); gross written premiums $3.4B (down 16% YoY, down 9% ex‑reinstatements); fee income ~$94M (management $48M, performance $46M; mgmt fees ~ $50M guided for Q2; performance fees expected ~ $120M for the year absent large events); retained mark‑to‑market losses ~$350–357M; investment portfolio duration extended to 3.4 years (from 3.0) and new‑money yield up ~4.8% to ~5.1%; private credit ~5% of investments and gold reduced from ~5% to ~2%; Q2 expects Other Property net premiums earned ≈ $350M with mid‑50s attritional loss ratio and Casualty & Specialty NPE ≈ $1.3B with a high‑90s adjusted CR; operating expense ratio was 4.1% in Q1 and is expected to rise to 5.0–5.5% for the year; GAAP effective tax rate 6% this quarter (expected to return to low double digits); and disciplined capital returns with $353M of buybacks in Q1 (1.2M shares at $289 avg) and $458M YTD through April 24 (≈11M shares / $2.7B repurchased since 2024).Renaissancere Holdings Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.47B | 12.75B | 11.65B | 9.09B | 5.05B | 5.27B |
| Gross Profit | 6.31B | 5.18B | 3.67B | 3.64B | -858.28M | 174.46M |
| EBITDA | 4.73B | 4.14B | 3.35B | 3.05B | -1.20B | -87.56M |
| Net Income | 2.81B | 2.68B | 1.87B | 2.56B | -1.06B | -40.16M |
Balance Sheet | ||||||
| Total Assets | 53.72B | 53.80B | 50.71B | 49.01B | 36.55B | 33.96B |
| Cash, Cash Equivalents and Short-Term Investments | 31.71B | 32.96B | 6.21B | 27.36B | 5.86B | 7.16B |
| Total Debt | 2.33B | 2.33B | 1.89B | 1.96B | 1.17B | 1.17B |
| Total Liabilities | 35.16B | 34.59B | 33.16B | 33.45B | 26.69B | 23.78B |
| Stockholders Equity | 11.51B | 11.61B | 10.57B | 9.45B | 5.33B | 6.62B |
Cash Flow | ||||||
| Free Cash Flow | 4.22B | 3.69B | 4.16B | 1.91B | 1.12B | 2.05B |
| Operating Cash Flow | 4.22B | 3.69B | 4.16B | 1.91B | 1.60B | 1.23B |
| Investing Cash Flow | -1.18B | -2.22B | -3.06B | -3.82B | -3.02B | -816.30M |
| Financing Cash Flow | -3.09B | -1.41B | -1.29B | 2.59B | 725.34M | -302.46M |
Renaissancere Holdings Technical Analysis
Positive
315.20
Price Trends
299.10
Positive
296.45
Positive
277.80
Positive
Market Momentum
-1.60
Negative
58.40
Neutral
94.01
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNR, the sentiment is Positive. The current price of 315.2 is above the 20-day moving average (MA) of 290.31, above the 50-day MA of 299.10, and above the 200-day MA of 277.80, indicating a bullish trend. The MACD of -1.60 indicates Negative momentum. The RSI at 58.40 is Neutral, neither overbought nor oversold. The STOCH value of 94.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RNR.
Renaissancere Holdings Risk Analysis
Renaissancere Holdings disclosed 35 risk factors in its most recent earnings report. Renaissancere Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Renaissancere Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $13.43B | 6.72 | 13.31% | 2.37% | -0.63% | 147.66% | |
77 Outperform | $3.17B | 5.14 | 23.38% | ― | 20.32% | 98.92% | |
75 Outperform | $13.79B | 11.34 | 9.47% | 1.76% | 18.66% | 55.67% | |
74 Outperform | $12.83B | 4.55 | 24.71% | 0.57% | -8.19% | 90.81% | |
73 Outperform | $2.75B | 5.46 | 22.02% | ― | 22.94% | 317.95% | |
72 Outperform | $534.31M | 6.69 | 11.68% | ― | 0.10% | 77.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
RNR
Renaissancere Holdings
300.88
54.34
22.04%
EG
Everest Group
339.40
8.44
2.55%
GLRE
Greenlight Capital Re
16.11
1.58
10.87%
RGA
Reinsurance Group
210.45
15.13
7.75%
SPNT
SiriusPoint
23.38
3.82
19.53%
HG
Hamilton Insurance Group, Ltd. Class B
31.90
11.90
59.52%
Renaissancere Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
RenaissanceRe Announces CFO and Portfolio Leadership Succession
Positive
May 14, 2026
On May 11, 2026, RenaissanceRe announced that Chief Financial Officer Robert “Bob” Qutub and Chief Portfolio Officer Ross Curtis intend to retire effective December 31, 2026, with Senior Financial Officer and Corporate Treasurer Matthe...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
RenaissanceRe Shareholders Approve New 2026 Long-Term Incentive Plan
Positive
May 6, 2026
At its Annual General Meeting held on May 5, 2026 in Pembroke, Bermuda, RenaissanceRe shareholders approved a new 2026 Long-Term Incentive Plan, replacing the prior 2016 plan and authorizing 1,250,000 new common shares plus any remaining shares un...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.