Renaissance Stock Price, News & Analysis

RenaissanceRe Holdings Ltd. (NYSE: RNR) announced the appointments of David Marra as EVP, Group Chief Underwriting Officer and CEO of Renaissance Reinsurance U.S. Inc., and Ross Curtis as EVP, Chief Portfolio Officer, effective January 1, 2023. Marra will oversee the company's underwriting strategy and join the Governance Committee, while Curtis will manage portfolio optimization and capital allocation. President Kevin J. O'Donnell emphasized the leadership changes as a strategic move to capitalize on market opportunities.

RenaissanceRe Holdings Ltd. (NYSE: RNR) reported a Q3 2022 net loss of $825.3M, attributed to Hurricane Ian and other catastrophes, resulting in a 57.2 percentage point increase in the combined ratio. Despite these challenges, net investment income grew by 101.6% year-over-year to $157.8M. The casualty and specialty combined ratio improved to 95.7%, and net premiums written increased by 22.6%, driven by a 39.7% rise in the casualty and specialty segment. However, the company faced $641.5M in net investment losses.

RenaissanceRe Holdings Ltd. (NYSE: RNR) estimates a net negative impact of approximately $650 million from 2022 catastrophe events, primarily due to Hurricane Ian, which alone accounts for $540 million. The company anticipates reporting a net loss attributable to common shareholders for Q3 2022 and the nine months ending September 30, 2022. While Q3 will show an operating loss, the nine-month results are expected to be modest. Uncertainties remain regarding actual loss estimates and their significant variation as further data becomes available.

RenaissanceRe Holdings Ltd. (NYSE: RNR) hosted its 16th Annual Risk Mitigation Leadership Forum, focusing on the transition to a green economy through credit and risk transfer. The event featured discussions on renewable energy financing, carbon markets, and climate risk mitigation strategies. Notable speakers included leaders from academia and financial services. CEO Kevin O'Donnell emphasized the company's commitment to managing climate change impacts and supporting a sustainable future. The forum aims to bring together diverse stakeholders to foster resilience against climate risks.

RenaissanceRe Holdings Ltd. (NYSE: RNR) will host an investment community conference call on November 2, 2022, at 11:00 a.m. ET to discuss its third quarter 2022 financial results and outlook. The financial results will be released after market close on November 1, 2022. Interested parties can access a live webcast through the company's website, and an archive will be available from 1:00 p.m. ET on November 2 until midnight ET on November 9, 2022.

The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) has declared a quarterly dividend of $0.37 per share, payable on September 30, 2022 to shareholders on record as of September 15, 2022. In addition, the Board has renewed its share repurchase program, increasing total authorization to $500.0 million. Shares may be bought back through open market and privately negotiated transactions, depending on market conditions and capital needs, thus potentially enhancing shareholder value.

RenaissanceRe Holdings Ltd. (NYSE: RNR) announced Q2 2022 financial results showing a net loss attributable to common shareholders of $(324.9) million, or $(7.53) per diluted share. Despite this, the company reported a 23.2% growth in net premiums written, driven by strong performance in its Casualty and Specialty segment, which saw a 37.6% increase in net premiums. The combined ratio improved to 93.8%, reflecting strong underwriting results, although the annualized return on average common equity decreased to (25.1)% due to significant mark-to-market losses.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ and the Long-Term Issuer Credit Ratings (ICR) of 'aa-' for RenaissanceRe (NYSE: RNR) and its subsidiaries, highlighting their strong balance sheet and risk management. These ratings reflect the company's robust capitalization, effective underwriting practices, and diversification into specialty lines. The outlook remains stable, with expectations of pricing improvements across key product lines, although there remains exposure to high severity catastrophe events.

RenaissanceRe Holdings Ltd. (NYSE: RNR) will hold an investment community conference call on July 26, 2022, at 10:00 a.m. ET to discuss its Q2 2022 financial results and outlook. The results will be released after the market closes on July 25, 2022. Interested participants can access a live webcast on the company’s website. An archive of the call will be available from 1:00 p.m. ET on the same day until midnight ET on August 2, 2022.