Renaissance Stock Price, News & Analysis

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 Investors can access a live webcast via the RenaissanceRe website, with an archived version available from 1:00 p.m. ET on October 26 through midnight ET on November 26, 2021.

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.