Welcome to our dedicated page for RenaissanceRe Holdings Ltd. news (Ticker: RNR), a resource for investors and traders seeking the latest updates and insights on RenaissanceRe Holdings Ltd. stock.
RenaissanceRe Holdings Ltd. (symbol: RNR) is a premier global provider of reinsurance and insurance solutions, founded in Bermuda in 1993. As one of the world’s largest and most successful catastrophe reinsurers, the company also excels in offering casualty and specialty reinsurance across a broad spectrum of products. RenaissanceRe selectively participates in the insurance market through RenaissanceRe Syndicate 1458 at Lloyd’s and manages significant joint ventures, such as DaVinci Reinsurance Ltd. and Top Layer Reinsurance Ltd., allowing partners to invest alongside them.
The company’s strengths lie in its disciplined underwriting approach, sophisticated risk models, and a proven track record of exceptional financial performance. RenaissanceRe’s main business segments include the Property Segment which covers catastrophe and other property reinsurance, and the Casualty and Specialty Segment that encompasses casualty and specialty reinsurance. The latter contributes to the majority of the company’s revenue.
Revenue streams for RenaissanceRe include net premiums earned from insurance and reinsurance products, net investment income from capital funds and cash, and other income derived from joint ventures, advisory services, and other related activities.
Recent achievements and current projects have solidified RenaissanceRe’s standing in the industry, showcasing their ability to respond to market needs with agility and precision. Their deep client relationships and commitment to excellent service continue to drive their success, further enhancing their reputation for reliability and expertise.
RenaissanceRe Holdings (NYSE: RNR) has announced the appointment of Loretta J. Mester as an independent director, effective November 6, 2024. Mester, who recently served as President and CEO of the Federal Reserve Bank of Cleveland from 2014 until her retirement, brings nearly four decades of economic policy experience. She replaces Brian G. J. Gray, who retired after serving on the board since 2013. Mester's appointment is expected to bring valuable expertise in macroeconomic policy, global financial systems, and systemic risk management to RenaissanceRe's board.
RenaissanceRe Holdings (NYSE: RNR) has announced two significant shareholder-focused initiatives. The company declared a quarterly dividend of $0.39 per common share, payable on December 31, 2024, to shareholders of record on December 13, 2024. Additionally, the Board approved an expanded share repurchase program, increasing the total authorization to $750.0 million, representing a 50% increase from the previous $500.0 million authorization. The repurchase program will be executed through open market purchases and private transactions, with timing based on market conditions and capital requirements.
RenaissanceRe reported strong Q3 2024 financial results with $1.2 billion net income available to common shareholders and $540.3 million operating income. The company achieved an annualized return on equity of 47.1% and a combined ratio of 84.8%. Key highlights include fee income of $82.1 million (up 27.1% YoY), net investment income of $423.9 million (up 28.8% YoY), and mark-to-market gains of $943.7 million. The company repurchased $106.8 million of common shares and noted Hurricane Milton's estimated net negative impact of $275.0 million for Q4 2024.
RenaissanceRe Holdings (NYSE: RNR) has announced its upcoming third quarter 2024 financial results conference call. The call is scheduled for Thursday, November 7, 2024, at 10:00 a.m. ET. The company will release its financial results after the market closes on Wednesday, November 6, 2024. Investors and interested parties can access the live webcast of the conference call through the Investors section of RenaissanceRe's website at www.renre.com. For those unable to attend the live call, an archive will be available from approximately 1:00 p.m. ET on November 7, 2024, until midnight ET on November 14, 2024. This event provides an opportunity for the investment community to discuss RenaissanceRe's financial performance and outlook with the company's management.
AM Best has affirmed the credit ratings of RenaissanceRe Holdings (RNR) and its main subsidiaries. The Financial Strength Rating (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa-' (Superior) were affirmed for RenaissanceRe's key entities. RNR's Long-Term ICR of 'a-' (Excellent) was also affirmed. The outlook for these ratings is stable.
The ratings reflect RenaissanceRe's strongest balance sheet strength, adequate operating performance, very favorable business profile, and very strong enterprise risk management. AM Best highlighted RNR's improved operating performance in recent years, with reduced volatility due to diversification into specialty and casualty lines. The company's successful integration of Validus Reinsurance, and its subsidiaries has further strengthened its global market position.
RenaissanceRe Holdings (NYSE: RNR) has announced two significant decisions by its Board of Directors. Firstly, the company declared a quarterly dividend of $0.39 per common share, payable on September 30, 2024, to shareholders of record on September 13, 2024. Secondly, the Board approved a renewal of RenaissanceRe's share repurchase program, increasing the total current authorization to $500.0 million. This authorization includes remaining amounts from previous authorizations.
The repurchase program will continue until the full value of authorized shares is repurchased or until terminated by the Board. RenaissanceRe may repurchase shares through open market purchases and privately negotiated transactions. The decision to repurchase shares will be based on factors such as market price and the company's capital requirements.
RenaissanceRe (NYSE: RNR) reported strong Q2 2024 financial results, with $495.0 million in net income available to common shareholders and $650.8 million in operating income. Key highlights include:
- Gross premiums written grew 29.2% to $3.43 billion
- Combined ratio improved to 81.1%
- Fee income increased 48.3% to $84.1 million
- Net investment income rose 40.4% to $410.8 million
- Annualized return on average common equity of 21.4%
The company saw growth across both its Property and Casualty & Specialty segments, benefiting from the Validus acquisition. RenaissanceRe repurchased $108.5 million of common shares in Q2 and an additional $61.2 million from July 1-22, 2024.
RenaissanceRe Holdings (NYSE: RNR) has announced a conference call to discuss its Q2 2024 financial results and company outlook. The call is scheduled for July 25, 2024, at 10:00 a.m. ET, following the release of their results after market close on July 24, 2024. Investors can access the live webcast via the Investors section on RenaissanceRe's website. A replay will be available from 1:00 p.m. ET on July 25 until midnight ET on August 1, 2024.
RenaissanceRe Holdings (NYSE: RNR) has declared a quarterly dividend of $0.39 per common share, payable on June 28, 2024, to shareholders of record by June 14, 2024. The Board also renewed the company's share repurchase program, authorizing up to $500 million for repurchases. This includes remaining amounts from prior authorizations. The repurchase program will end when the full amount is repurchased, unless terminated earlier. Repurchases may occur via open market purchases or private transactions, influenced by market price and capital requirements.
RenaissanceRe Holdings (NYSE: RNR) reported $364.8 million of net income available to common shareholders and $636.4 million of operating income available to common shareholders in Q1 2024. The company achieved an annualized return on average common equity of 16.4% and an annualized operating return on average common equity of 28.7%. Gross premiums written grew by 43.0%, with significant growth in the Property and Casualty and Specialty segments. Fee income increased by 86.6% from Q1 2023, and net investment income was up 53.6%. The Company's President and CEO, Kevin J. O’Donnell, highlighted strong profitability and growth, driven by successful renewals and partnerships.
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