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) declared a quarterly dividend of $0.36 per common share, payable on September 30, 2021 to shareholders recorded by September 15, 2021.
Additionally, they renewed the authorized share repurchase program, raising the total authorization to $500 million, which will remain effective until the full amount is repurchased. Share repurchases will depend on market price and capital needs.
RenaissanceRe Holdings Ltd. (NYSE: RNR) reported strong financial results for Q2 2021, with a net income of $456.8 million, translating to $9.35 per diluted share. Gross premiums written increased by 23.1% year-over-year, reaching $2.09 billion. The underwriting income was $329 million, and the combined ratio improved to 72.4%. Total net investment income was $80.9 million, but total investment results decreased by $265.8 million compared to Q2 2020. The company raised over $200 million in new capital and expects to redeem its Series E Preference Shares. The tangible book value per share grew 6.7%.
RenaissanceRe Holdings Ltd. (NYSE:RNR) announced the mandatory redemption of all 11 million outstanding 5.375% Series E Preference Shares on August 11, 2021, at $25.00 per share, plus accrued dividends. This decision is financed partly by proceeds from its 4.20% Series G Preference Share offering, which closed on July 12, 2021. The outstanding Series E Preference Shares will cease to earn dividends post-redemption. A notice of redemption has been mailed to registered holders, and inquiries can be directed to Computershare Trust Company.
RenaissanceRe Holdings Ltd. announced an underwritten public offering of 20,000,000 Depositary Shares, each representing a 1/1,000th interest in its 4.20% Series G Preference Shares, priced at $25 per share, totaling $500 million. The proceeds will primarily be used to redeem the 5.375% Series E Preference Shares. The offering is expected to close on July 12, 2021, subject to customary conditions. The shares will be listed on the NYSE under the symbol 'RNRPRG.'
RenaissanceRe Holdings Ltd. (NYSE: RNR) will host a conference call on July 23, 2021, at 10:00 a.m. ET to discuss its second-quarter 2021 financial results and future outlook. Results will be released after market close on July 22, 2021. The call will be accessible via a live webcast on RenaissanceRe's website, with an archived version available from July 23 to August 23, 2021. RenaissanceRe specializes in providing reinsurance and insurance solutions globally, focusing on efficiently matching risks with capital sources.
AM Best has affirmed the Financial Strength Rating (FSR) of A+ and Long-Term Issuer Credit Ratings (ICR) of “aa-” for RenaissanceRe and various associated companies, noting their strong balance sheet and operation performance. Additionally, DaVinci and Vermeer received favorable ratings, reflecting their balance sheet strengths and adequate performance. The outlook for all ratings is stable. RenaissanceRe maintains a competitive edge due to superior risk management and capitalization, positioning it well amid ongoing pricing improvements in the reinsurance market.
RenaissanceRe Holdings Ltd. (NYSE: RNR) declared a quarterly dividend of $0.36 per common share, payable on June 30, 2021, to shareholders of record on June 15, 2021. Additionally, the company renewed its share repurchase program, increasing the authorization to $500.0 million. This program allows repurchase through open market purchases, subject to market conditions and capital requirements. RenaissanceRe specializes in reinsurance and insurance solutions, operating globally since 1993.
RenaissanceRe Holdings Ltd. (NYSE: RNR) reported significant losses for Q1 2021, with a net loss of $(290.9M) or $(5.87) per diluted share. The underwriting loss was $(35.8M), attributed primarily to Winter Storm Uri, which negatively impacted results by $(179.8M). Despite these challenges, the company expanded its underwriting portfolio and is optimistic about future opportunities. Gross premiums written increased to $2.65B from $2.03B year-over-year. The combined ratio rose to 103.1%, indicating underwriting challenges, while the return on equity fell to -17.1%. There was a 5.3% decline in book value per share.
RenaissanceRe (NYSE: RNR) estimates a net loss of approximately $180 million due to Winter Storm Uri, impacting Q1 2021 results. The storm caused widespread damage in February 2021, particularly in Texas. Despite this loss, the company maintains a strong capital position and looks forward to mid-year renewal opportunities. The estimates of net impact may vary based on ongoing assessments and claims data. CEO Kevin J. O’Donnell emphasized their commitment to support affected customers and communities through rapid claim payments.
RenaissanceRe Holdings Ltd. (RNR) will hold a conference call on April 29, 2021, at 11:00 a.m. ET to discuss its first-quarter financial results and outlook. These results will be released after market close on April 28, 2021. A live webcast of the call will be available on the company's website, with an archived version accessible from April 29 until May 29, 2021. RenaissanceRe specializes in reinsurance and insurance, providing solutions mainly through intermediaries, with a presence in multiple countries worldwide.
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