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.
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.
The Board of Directors of RenaissanceRe Holdings (NYSE: RNR) has declared a quarterly dividend of
RenaissanceRe reported a net loss of $726.8 million for Q3 2021, primarily due to significant weather-related losses from Hurricane Ida and flooding in Europe. Gross premiums written surged to $1.77 billion, marking a 55.2% increase year-over-year. The company repurchased $223.8 million of common shares in Q3 and a total of $704.5 million for 2021. However, the underwriting loss reached $678.8 million, resulting in a combined ratio of 145.1%. Despite these setbacks, management emphasized their strong capital position and strategic focus on profitable growth.
RenaissanceRe Holdings Ltd. (NYSE: RNR) reported a net negative impact of approximately $725 million from 2021 catastrophe events on Q3 results. This includes $440 million from Hurricane Ida and $210 million from severe flooding in Northwestern Europe. The estimates remain uncertain due to limited claims data and other variables affecting loss estimation. CEO Kevin O'Donnell highlighted the company's commitment to promptly pay claims and its strong balance sheet, positioning it for leadership in the global reinsurance market in 2022.
RenaissanceRe Holdings Ltd. (NYSE: RNR) will host a conference call on October 26, 2021, at 10:00 a.m. ET, to discuss its third-quarter financial results and outlook. The results will be released after market close on October 25, 2021. Investors can access a live webcast via the RenaissanceRe website, with an archived version available from 1:00 p.m. ET on October 26 through midnight ET on November 26, 2021.
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