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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.
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.
RenaissanceRe Holdings Ltd. (NYSE: RNR) announced a rebranding of its Ventures business to "RenaissanceRe Capital Partners," effective immediately. Chris Parry will lead this division, focusing on managing third-party capital relationships and joint ventures, including DaVinci and others. Additionally, the strategic investments pillar has been renamed "RenaissanceRe Strategic Investments," overseen by Jonathan Anderson. This rebranding aims to enhance investment strategies and increase shareholder value. The company emphasizes its strong partnership approach as a key driver of its success over the past two decades.
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.
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