| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 92 | 5.6x | 17.8x | Top tier | |
Growth | 34 | -14.0% | 7.1% | Bottom tier | |
Quality | 95 | — | — | Top tier | |
Safety | 26 | — | — | Bottom tier | |
Capital Return | 45 | 0.47% | 2.12% | Around median | |
Momentum | 85 | 32.4% | 2.9% | Top tier | |
Sentiment | 45 | 11 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
RenaissanceRe Holdings Ltd. operates in reinsurance across three main areas: Property Catastrophe, Other Property, and Casualty and Specialty, building its portfolios by selecting risks, adjusting participation levels, and purchasing retrocessional reinsurance. Its earnings model relies on three interconnected drivers: underwriting income, partner capital management and performance fees, and net investment income; in Q2 FY2026, underwriting income was $600 million, fees were $83 million, and retained net investment income was $314 million.
In Q2 FY2026, the company recorded revenue of $2.8 billion and net income of $663.1 million, representing an approximate net income margin of 23.7%. Operating income was $548 million, operating earnings per share were $12.92, and annualized operating return on equity was 20.1%, while tangible book value per share increased by approximately 6% during the quarter and by 27% compared with the end of Q2 FY2025.
Gross premiums written totaled $3 billion in Q2 FY2026, down 12%. Property Catastrophe premiums declined 14% after excluding the impact of reinstatement premiums, and Casualty and Specialty declined 15%, while Other Property premiums increased 9.5% on a reported basis and were approximately flat after adjusting for prior-period adjustments. In terms of underwriting profitability, the group’s adjusted combined ratio was 72%, compared with 9% in Property Catastrophe, 52% in Other Property, and 102% in Casualty and Specialty.
The average analyst price target is $332.29, within a range of $315 to $354, while the consensus rates the stock “Neutral.” The average target is only approximately 1.1% below the 52-week range high of $335.97 and approximately 43.7% above the range low of $231.17, tying the valuation to RenaissanceRe’s ability to maintain underwriting profitability and book value despite declining reinsurance prices.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
RenaissanceRe recorded revenue of $2.8 billion and net income of $663.1 million in Q2 FY2026. Operating income was $548 million and operating earnings per share were $12.92, with an annualized operating return on equity of 20.1%. The results came from underwriting income of $600 million, fees of $83 million, and retained net investment income of $314 million.
Management believes prices remained adequate in Q2 FY2026 despite high-teens percentage declines in midyear renewals. This view is based on prices rising by approximately 50% in FY2023 and the improvement in coverage terms at that time, compared with a decline of approximately 20% over the following two years in the main U.S. renewal portfolios. The company increased its U.S. limits by $600 million but reduced its participation in programs that did not meet its required return.
Gross Casualty and Specialty premiums written declined 15% in Q2 FY2026 due to portfolio reshaping and increased cessions to reinsurers and capital partners. General Casualty declined 17%, Specialty declined 16%, and Credit declined 19%, with the decline in Credit related to the timing of multiyear transactions that were not yet due for renewal. The share transferred by the company through cession programs and capital partners increased from 25% to approximately 35% of the segment’s gross premiums compared with Q2 FY2025.
Automated analysis for informational purposes only — not investment advice.
RenaissanceRe repurchased $350 million of shares in Q2 FY2026, following a similar amount in Q1 FY2026. From the beginning of Q2 FY2024 through the end of Q2 FY2026, repurchases totaled $3 billion at an average of $258 per share, compared with $4.6 billion in operating earnings. The reduction in the share count helped increase operating earnings per share by more than 20%, alongside 66% growth in tangible book value per share over the same period.
The adjusted combined ratio for Casualty and Specialty was 102% in Q2 FY2026, with 4.4 percentage points of unfavorable prior-year reserve development. Of this, 4.1 points were related to the Baltimore bridge collapse, while the company’s additional net unfavorable impact was $12 million after transferring part of the loss between segments. Management remains cautious about General Casualty because social inflation and personal injury compensation inflation may continue to pressure claims costs.
The company announced that Bob Qutub will retire at the end of FY2026, while continuing to participate actively in operations until then to ensure a smooth transition. Management stated during the July 23, 2026 call that Matt Neuber will become Chief Financial Officer in FY2027. The company highlighted his experience in corporate finance and capital management, as well as his role in building the capital partners business and expanding the treasury function.
