RenaissanceRe Holdings Ltd. - RNR STOCK NEWS

The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) has approved an increase in the quarterly dividend to $0.36 per share, up from $0.35. This marks the twenty-sixth consecutive year of dividend increases since the company went public. The new dividend will be payable on March 31, 2021, to shareholders on record as of March 15, 2021.

RenaissanceRe specializes in providing reinsurance and insurance solutions globally, established in 1993 with offices in key financial centers.

RenaissanceRe Holdings Ltd. reported a net income of $189.8 million, or $3.74 per diluted share, for Q4 2020, a significant increase from $33.8 million, or $0.77 per share, in Q4 2019. However, the operating loss was $77.1 million, compared to a gain of $12.6 million a year earlier. The company faced a net negative impact of $166.1 million from weather-related losses and $172.7 million from COVID-19. Gross premiums written rose 3.3% to $935.5 million. Book value per share increased 2.5% to $138.46, while the annualized return on average equity was 10.9%.

RenaissanceRe Holdings Ltd. (NYSE: RNR) estimates a net negative impact of approximately $345 million on its Q4 2020 results due to weather-related catastrophes and COVID-19 pandemic losses. Specifically, losses from weather events, including Hurricanes Delta, Zeta, and Eta, are estimated at $170 million, while COVID-19 related losses are projected at $175 million, primarily affecting the Property segment. Despite these challenges, the Company expects net income available to common shareholders but anticipates an operating loss for the quarter. The Company continues to assess its potential exposure amid ongoing uncertainty.

RenaissanceRe Holdings Ltd. (NYSE: RNR) has unveiled three strategic focus areas under its Environmental, Social, and Governance (ESG) strategy: Promoting Climate Resilience, Closing the Protection Gap, and Inducing Positive Societal Change. The company aims to enhance its sustainability efforts through a dedicated ESG website, showcasing initiatives such as climate change modeling and promoting diversity. CEO Kevin O’Donnell emphasized the company's commitment to integrity and social responsibility, while Group Chief Risk Officer Ian Branagan highlighted the goal of creating value and innovation for communities.

RenaissanceRe Holdings Ltd. (RNR) will hold a conference call on January 27, 2021, at 11:00 a.m. ET to discuss its financial results for Q4 and year-end 2020. The earnings release will occur after market close on January 26, 2021. A live webcast will be accessible through the company's website, with an archived version available from 2:00 p.m. ET on January 27 until midnight ET on February 27, 2021. RenaissanceRe is a global reinsurance and insurance provider, established in 1993, catering to various regions worldwide.

RenaissanceRe Holdings Ltd. (NYSE: RNR) appoints Shannon Lowry Bender as Senior Vice President, Group General Counsel, and Corporate Secretary, effective January 1, 2021. She succeeds Stephen Weinstein, who departs the company but will assist as an advisor for one year. CEO Kevin O’Donnell expressed excitement about Bender's leadership during a pivotal time for the organization. With over 25 years in corporate law and governance, Bender transitions from a leadership role at CIT. RenaissanceRe continues to provide reinsurance and insurance solutions globally, emphasizing effective risk management.

RenaissanceRe Holdings Ltd. reported a net income of $47.8 million ($0.94/share) in Q3 2020, up from $36.7 million ($0.83/share) in Q3 2019. However, the operating loss was $131.7 million ($2.64/share), contrasting with an operating income of $32.7 million ($0.73/share) last year. The company faced a $321.7 million negative impact from major catastrophes, including hurricanes and wildfires, leading to a significant underwriting loss of $206.1 million and a combined ratio of 120.6%. Despite challenges, gross premiums rose 32.7% to $1.1 billion, driven by both segments.

RenaissanceRe Holdings Ltd. (NYSE: RNR) estimates a net negative impact of approximately $325 million on its Q3 2020 results due to catastrophe events, primarily from Hurricanes Laura and Sally and wildfires across the U.S. West Coast. The company anticipates a modest net income available to common shareholders but forecasts an operating loss. Ongoing assessment of Hurricane Delta's impact is underway, alongside the continuing evaluation of California wildfires. The company underscores the value of reinsurance amidst increasing climate-related disasters.

RenaissanceRe Holdings Ltd. (NYSE: RNR) will hold a conference call on October 28, 2020, at 11:00 a.m. ET to discuss its third-quarter financial results and outlook. The results will be released after the market closes on October 27, 2020. Investors can access the live webcast via the company's website. An archived version will be available from October 28 to November 28, 2020. Established in 1993, RenaissanceRe specializes in reinsurance and insurance solutions, with a presence in multiple countries including the U.S., U.K., and Bermuda.