RenaissanceRe initiated with a Market Perform at BMO Capital

BMO Capital analyst Michael Zaremski initiated coverage of RenaissanceRe with a Market Perform rating and $187 price target. Zaremski struggles to justify RenaissanceRe’s price to tangible book value multiple given barriers to entry in the large-account marketplace are low, though he does appreciate its differentiated qualities, the analyst tells investors in a research note.