Renaissance Stock Price, News & Analysis

RenaissanceRe (NYSE: RNR) has launched a new Irish-domiciled property catastrophe bond fund called RenaissanceRe Medici UCITS Fund. The fund launched with $340 million in total capital, including a $140 million co-investment from RenaissanceRe.

The new UCITS structure is designed to provide European and global investors access to RenaissanceRe's catastrophe bond investment strategy through a European-regulated framework. The fund shares similar investment guidelines and risk appetites with the existing RenaissanceRe Medici Fund

Managed by RenaissanceRe's Capital Partners team and regulated by the Central Bank of Ireland, Medici UCITS will generate fee income but will not be consolidated into RenaissanceRe's financial results. The company's co-investment will be reflected in consolidated financial statements at fair value.

RenaissanceRe Holdings (NYSE:RNR) announced that its joint venture, DaVinciRe Holdings , will offer $300 million in 5.950% Senior Notes due 2035 through a private debt offering. The proceeds will be used for general corporate purposes, including repaying DaVinci's existing $150 million 4.750% Senior Notes due 2025.

The notes, expected to close around March 5, 2025, will be rated Baa1 by Moody's and A- by S&P. They will be offered privately to qualified institutional buyers in the US under Rule 144A and to non-US persons under Regulation S. RenaissanceRe maintains a noncontrolling economic interest in DaVinci but controls the majority of voting shares, incorporating DaVinci's financials into RNR's consolidated statements.

RenaissanceRe Holdings (NYSE:RNR) has announced the pricing of $500 million aggregate principal amount of 5.800% Senior Notes due 2035. The offering is expected to close around February 25, 2025, subject to customary closing conditions. The notes have received preliminary ratings of A3 from Moody's, BBB+ from S&P, and A- from Fitch.

The company plans to use the net proceeds for general corporate purposes, including potential redemption, repayment, or refinancing of existing debt. The offering is being managed by joint book-runners Barclays, Citigroup, Morgan Stanley, RBC Capital Markets, and Wells Fargo Securities.

RenaissanceRe Holdings (NYSE: RNR) has announced its thirtieth consecutive annual dividend increase, raising the quarterly dividend from $0.39 to $0.40 per common share. The dividend will be payable on March 31, 2025, to shareholders of record on March 14, 2025.

Additionally, the company's Board of Directors has approved a renewal of its share repurchase program with a total authorization of $750.0 million, including remaining amounts from previous authorizations. The program allows RenaissanceRe to repurchase shares through open market purchases and private negotiations, with timing and execution dependent on market conditions and capital requirements.

RenaissanceRe (RNR) reported strong financial results for 2024, with $1.8 billion in annual net income and $2.2 billion in operating income available to common shareholders. The company achieved a 19.3% return on average common equity and a 23.5% operating return.

Key highlights include an 18.5% growth in book value per share and strong performance across three profit drivers: $1.6 billion in underwriting income, $1.7 billion in net investment income, and $326.8 million in fee income. The company maintained a solid combined ratio of 83.9%.

In Q4 2024, RNR faced challenges including a $198.5 million quarterly net loss, primarily due to Hurricane Milton's $270.5 million impact and mark-to-market losses of $630.3 million. However, the company demonstrated financial strength by repurchasing $677.6 million of common shares in 2024 and raising $857.4 million in third-party capital.

RenaissanceRe Holdings (NYSE: RNR) has announced it will host an investment community conference call on Wednesday, January 29, 2025, at 10:00 a.m. ET to discuss its fourth quarter and year-end 2024 financial results. The company will release its financial results after market close on Tuesday, January 28, 2025.

A live webcast of the conference call will be accessible through the Investors section of RenaissanceRe's website. An archive of the call will be available from approximately 1:00 p.m. ET on January 29, 2025, until midnight ET on February 5, 2025.

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.