Renaissance Stock Price, News & Analysis

RenaissanceRe Holdings Ltd. (NYSE: RNR) reported a net loss attributable to common shareholders of $(394.4 million) for Q1 2022, equivalent to $(9.10) per diluted share, amidst significant weather-related losses and impacts from the Russia-Ukraine conflict.

Net premiums written grew by 18.7% to $2.17 billion, driven by a 56.3% increase in Casualty and Specialty segments. The combined ratio improved to 86.5%, despite weather losses affecting results. Share buybacks totaled $93.4 million, and the launch of the joint venture Fontana is expected to bolster future fee income.

RenaissanceRe Holdings Ltd. (NYSE: RNR) has appointed Shannon Lowry Bender, the Group General Counsel and Corporate Secretary, to its Governance Committee, the company's senior management team responsible for governance and strategy. Since joining RenaissanceRe in January 2021, Bender's legal expertise has been pivotal for the executive team and the Board. CEO Kevin J. O'Donnell expressed confidence in her contributions following her invaluable counsel during her tenure.

RenaissanceRe Holdings Ltd. has established Fontana Holdings L.P., a joint venture focused on Casualty and Specialty risks, launching with $475 million in capital. Institutional investors contributed $325 million, with RenaissanceRe supplying the rest. Fontana will manage RenaissanceRe’s global Casualty and Specialty portfolio, enhancing potential shareholder value through steady fee income. Fontana is regulated by the Bermuda Monetary Authority and will be consolidated into RenaissanceRe's financial statements, forming part of the company's strategic evolution in the reinsurance sector.

RenaissanceRe Holdings Ltd. (NYSE: RNR) will host a conference call on May 4, 2022, at 11:00 a.m. ET, to discuss its Q1 2022 financial results and outlook. Results will be released post-market on May 3, 2022. A live webcast will be available via the company's website, with an archive accessible from 2:00 p.m. ET on May 4 until midnight ET on June 4, 2022. RenaissanceRe specializes in reinsurance and insurance, providing solutions through intermediaries globally.

The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) has nominated Shyam Gidumal for election as an independent director at the Annual General Meeting in May 2022. Gidumal, who has over 35 years of operational and advisory experience, previously served as Chief Operating Officer at WeWork. He succeeds Jean Hamilton, who will retire after 17 years on the Board. Both the CEO and the non-Executive Chair expressed confidence that Gidumal's leadership will enhance the company's global operations and governance, while thanking Hamilton for her significant contributions.

RenaissanceRe Holdings Ltd. (NYSE: RNR) has increased its quarterly dividend to $0.37 per share, up from $0.36. This marks the 27th consecutive annual dividend increase since its IPO. The new dividend is payable on March 31, 2022, to shareholders of record as of March 15, 2022. Additionally, the Board approved an extension of the share repurchase program, raising the total authorization to $500 million. Share repurchases will depend on market conditions and capital needs, showcasing the company's commitment to returning value to shareholders.

RenaissanceRe reported a net loss of $73.4 million for 2021, with an operating income of $81.6 million. Gross premiums written surged by $2 billion (34.9%) and net premiums increased by $1.8 billion (45%). The combined ratio for the Casualty and Specialty segment was 92.5% in Q4. The company repurchased $326.9 million in shares in Q4 and $1 billion in 2021. Weather-related losses had a $962.1 million negative impact on net loss for the year. The company raised $1.1 billion in capital in 2021, including $258 million from RenaissanceRe itself.

RenaissanceRe Holdings Ltd. (NYSE: RNR) will host a conference call on January 26, 2022, at 10:00 a.m. ET to discuss its financial results for the fourth quarter and year-end 2021, releasing results on January 25, 2022. Investors can access a live webcast through the company's website. Notably, RenaissanceRe specializes in reinsurance and insurance, effectively matching structured risks with capital sources since its establishment in 1993, maintaining a global presence with offices in key regions including Bermuda, Australia, Ireland, Singapore, Switzerland, the UK, and the US.