RenaissanceRe initiated with a Market Perform at TD Cowen

TD Cowen analyst Andrew Kligerman initiated coverage of RenaissanceRe with a Market Perform rating and $224 price target. The company has a strong underwriting reputation, but also volatile results, the analyst tells investors in a research note. The firm says RenaissanceRe’s combined ratio is volatile year-to-year, given catosprohe exposure.