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Renaissancere Holdings
(NYSE:RNR)
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Rating:79Outperform
Price Target:
$391.00
▲(17.87% Upside)
Action:Reiterated
Date:10/28/26
RNR scores well on financial performance and earnings-call fundamentals, supported by strong recent profitability/ROE, conservative leverage, favorable investment income momentum, and continued share repurchases. Valuation is a clear positive given the low P/E. The main constraints on the score are reinsurance-cycle volatility (historical losses, TTM revenue and FCF growth softness) and only moderate technical momentum.
Positive Factors
Diversified earnings model
RenaissanceRe benefits from three complementary earnings engines rather than relying solely on underwriting results. Fee income and investment income can provide a steadier base when catastrophe experience is adverse, while underwriting adds upside and supports a more resilient earnings profile through market cycles.
Negative Factors
Cyclical financial results
The company’s earnings and revenue can fluctuate materially with catastrophe losses, pricing cycles, and investment conditions. Prior loss-making periods and recent revenue and cash-flow declines indicate that strong current profitability may not persist evenly across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified earnings model
RenaissanceRe benefits from three complementary earnings engines rather than relying solely on underwriting results. Fee income and investment income can provide a steadier base when catastrophe experience is adverse, while underwriting adds upside and supports a more resilient earnings profile through market cycles.
Read all positive factors
Renaissancere Holdings Key Performance Indicators (KPIs)
Any
Net Premiums Written by Segment
Captures the premiums Renaissancere retains after ceding reinsurance, showing actual retained exposure and growth in each business line. This metric is key to understanding the company’s risk appetite and the base of premiums available to fund claims and generate underwriting income.
Captures the premiums Renaissancere retains after ceding reinsurance, showing actual retained exposure and growth in each business line. This metric is key to understanding the company’s risk appetite and the base of premiums available to fund claims and generate underwriting income.
Data provided by:
The Fly
The FlyRenaissancere Holdings (RNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.80B
Dividend Yield0.49%
Average Volume (3M)384.35K
Price to Earnings (P/E)9.5
Beta (1Y)0.19
Revenue Growth-21.85%
EPS Growth-3.23%
CountryUS
Employees1,040
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)58.63
Shares Outstanding41,551,890
10 Day Avg. Volume429,076
30 Day Avg. Volume384,351
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 Cap1.69
Enterprise Value/Revenue2.19
Enterprise Value/Gross Profit3.74
Enterprise Value/Ebitda5.54
Forecast
1Y Price Target
$332.20Price Target Upside0.14% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)46.95
Revenue Forecast (FY)$8.22B
Renaissancere Holdings Business Overview & Revenue Model
Company Description
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment wri...
How the Company Makes Money
RenaissanceRe makes money primarily through (1) underwriting income and (2) investment income, with additional fee-related income from managing third-party capital. Underwriting income is earned by collecting premiums in exchange for assuming risk...
Renaissancere Holdings Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 02, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported robust operating income, high returns on equity, favorable investment income momentum, disciplined capital returns, and confidence in long-term tangible book value growth. These strengths were partially offset by substantial mark-to-market losses, large specialty and property losses, declining premiums and fees, and expected pricing pressure in property catastrophe and casualty. Management nevertheless characterized the balance sheet, liquidity, investment environment, and capital management as strong and expressed confidence in navigating the changing underwriting market.Positive Updates
Strong Third-Quarter Operating Performance
Third-quarter operating income was $513 million, operating earnings per share were $12.71, and annualized operating return on average common equity was 19%. Year to date, operating income exceeded $1.6 billion and operating return on average common equity was 20%.
Negative Updates
Mark-to-Market Losses and Quarterly Book Value Decline
Rising interest rates produced $763 million of retained mark-to-market losses, primarily in the fixed-maturity portfolio, resulting in a GAAP loss and a 2% decline in tangible book value per share versus the second quarter. Total unrealized fixed-maturity losses were $654 million, or $16 per share.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Operating Performance
Third-quarter operating income was $513 million, operating earnings per share were $12.71, and annualized operating return on average common equity was 19%. Year to date, operating income exceeded $1.6 billion and operating return on average common equity was 20%.
Read all positive updates
Company Guidance
For the fourth quarter, RenaissanceRe expects other property net premiums earned of approximately $330 million with an attritional loss ratio in the mid-50s, Casualty and Specialty net premiums earned of around $1.2 billion with an adjusted combined ratio in the high 90s, fees to stay roughly at $80 million, retained net investment income to be around $325 million, and operating expense ratio to be around 5% for the full year of 2026; retained net investment income is expected to be over $1.25 billion for 2026, around 6% higher than 2025, with continued growth into 2027. For 2027, property catastrophe rates are expected to decline, with rates down less than in 2026, demand growth in the single digits, stable terms and conditions, and property business remaining rate adequate with returns exceeding cost of capital; in casualty, trend has been double digit, call it 10% to 12%, while year to date rates have been more like 8% to 10%, and the company may cut back where needed. Share repurchases are expected to continue through the fourth quarter at a similar pace as in October, absent any large losses and with continued price discipline.Renaissancere Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.66B | 12.75B | 11.65B | 9.09B | 5.05B | 5.27B |
| Gross Profit | 6.24B | 5.18B | 3.67B | 3.64B | -858.28M | 174.46M |
| EBITDA | 4.21B | 4.14B | 3.35B | 3.05B | -1.20B | -87.56M |
| Net Income | 2.63B | 2.68B | 1.87B | 2.56B | -1.06B | -40.16M |
Balance Sheet | ||||||
| Total Assets | 55.20B | 53.80B | 50.71B | 49.01B | 36.55B | 33.95B |
| Cash, Cash Equivalents and Short-Term Investments | 5.25B | 32.96B | 29.77B | 27.36B | 5.86B | 21.21B |
| Total Debt | 2.33B | 2.33B | 1.89B | 1.96B | 1.17B | 4.72B |
| Total Liabilities | 36.03B | 34.59B | 33.16B | 33.45B | 26.69B | 23.78B |
| Stockholders Equity | 11.82B | 11.61B | 10.57B | 9.45B | 5.33B | 6.62B |
Cash Flow | ||||||
| Free Cash Flow | 3.61B | 3.69B | 4.16B | 1.91B | 1.12B | 1.23B |
| Operating Cash Flow | 3.61B | 3.69B | 4.16B | 1.91B | 1.60B | 1.23B |
| Investing Cash Flow | -1.18B | -2.22B | -3.06B | -3.82B | -3.02B | -222.02M |
| Financing Cash Flow | -2.53B | -1.41B | -1.29B | 2.59B | 725.34M | -896.74M |
Renaissancere Holdings Technical Analysis
Neutral
331.73
Price Trends
332.14
Positive
323.46
Positive
309.05
Positive
Market Momentum
5.01
Positive
43.76
Neutral
32.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNR, the sentiment is Neutral. The current price of 331.73 is below the 20-day moving average (MA) of 339.88, below the 50-day MA of 332.14, and above the 200-day MA of 309.05, indicating a neutral trend. The MACD of 5.01 indicates Positive momentum. The RSI at 43.76 is Neutral, neither overbought nor oversold. The STOCH value of 32.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.42B | 5.90 | 21.19% | 6.99% | 17.41% | 57.09% | |
79 Outperform | $13.80B | 9.45 | 13.44% | 0.49% | -21.85% | -3.23% | |
78 Outperform | $14.83B | 8.23 | 12.43% | 2.07% | -5.12% | 146.14% | |
75 Outperform | $7.41B | 7.67 | 19.21% | 1.73% | 9.43% | 35.23% | |
71 Outperform | $2.94B | 6.09 | 21.84% | 5.06% | 22.55% | 371.77% | |
68 Neutral | $474.93M | 9.70 | 7.28% | ― | -0.85% | 32.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
RNR
Renaissancere Holdings
332.19
85.98
34.92%
AXS
Axis Capital
101.61
14.86
17.13%
EG
Everest Group
386.88
84.77
28.06%
GLRE
Greenlight Capital Re
14.55
2.42
19.95%
SPNT
SiriusPoint
25.27
7.02
38.47%
HG
Hamilton Insurance Group, Ltd. Class B
34.68
12.52
56.52%
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.