RNR NYSE Russell 1000 Earnings call

RenaissanceRe (RNR) · Q2 2026 results and valuation

Share price: $353.89 · 2026-11-11

RenaissanceRe is a global provider of property, casualty, and specialty insurance and reinsurance. The company provides these solutions to customers primarily through intermediaries and operates in multiple countries including the United States, Bermuda, and various international locations. Source: 10-K annual report (2026-02-11)

Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 29 Apr 2026

Net income up 126.0% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.

1 · Numbers

+126.0%

Net income vs Q1 2026

Outlook given

Net income 663.1M vs 293.4M

Revenue +26.1%

Against the same quarter last year (Q2 2025) it is −20.6%, so the move on last quarter looks seasonal or timing-related rather than a trend.

Why Lower share counts resulting from capital management grew tangible book value per share by 66% and operating earnings per share by more than 20% since the beginning of Q2 2024.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: cautious, in line with the script.

Similar to last call.

3 · What stood out

RenaissanceRe expects third-quarter other property net premiums earned of around $330 million and an attritional loss ratio in the mid-50s.

Valuation

Is RenaissanceRe undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 10.0% growth a year (3-year revenue growth), the model's fair value is $1449.71 a share — the stock trades 76% below it. Today's price assumes −10.5% growth a year.

Current price

$353.89

close of 2026-11-11

Market implies growth of i

-10.5% for 10 yrs

Fair value / share

$1449.71

Buy below

$1087.29

Price vs fair value

Undervalued 76%

Price vs buy-below price

Undervalued 67%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Figure

Lower share counts resulting from capital management grew tangible book value per share by 66% and operating earnings per share by more than 20% since the beginning of Q2 2024.

Source quote
“Since the beginning of Q2 2024, our diligent capital management, coupled with consistently strong income from our 3 drivers of profit, has enabled us to grow tangible book value per share by 66% and benefit operating earnings per share by more than 20% as a result of the lower share count.”
Figure

RNR reported operating earnings per share of $12.92 and an annualized operating return on equity of 20.1% for the quarter.

Source quote
“This is another strong quarter where we generated operating earnings per share of $12.92 and an annualized operating return on equity of 20.1%.”
Guidance

RNR expects third-quarter other property net premiums earned of around $330 million and an attritional loss ratio in the mid-50s.
Guidance

Excluding the Baltimore Bridge and purchase accounting adjustments, the segment's year development was modestly favorable with an adjusted combined ratio in the high 90s consistent with guidance.
Figure

The company reported an adjusted combined ratio of 72% for the quarter, identifying underwriting as one of the three drivers of profit.

Source quote
“Now I'd like to turn to a more detailed view of our 3 drivers of profit in the quarter, starting with underwriting, where our portfolio continues to perform well with an adjusted combined ratio of 72%.”

4 more

Figure

The property catastrophe segment reported a current accident year loss ratio of 12% and an adjusted combined ratio of 9%.

Source quote
“In property catastrophe, the current accident year loss ratio was 12%, and the adjusted combined ratio was 9%.”
Figure

Retained net investment income reached an all-time high of $314 million, up 3% from the first quarter and 10% from a year ago.

Source quote
“Retained net investment income was $314 million, up 3% from the first quarter or 10% from a year ago. This is an all-time high.”
Key theme

The company expects the expense ratio to build toward 5% as the year progresses due to continued investment in the business.

Source quote
“We continue to invest in the business and expect the expense ratio to build towards 5% as the year progresses.”
Figure

The company grew its U.S. Property cat limit by $600 million at the midyear renewal.

Source quote
“At the midyear renewal, we successfully grew U.S. Property cat limit by $600 million.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was restrained)

Answers to analysts Cautious (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“We also get reduced volatility because as volatility may arise in the future, we've now ceded a portion of the book and there's less exposure at risk.”

“At the media renewal, our leadership position in client relationships enabled us to grow property catastrophe limit with high-quality clients in the U.S.”

“It has a positive effect on the portfolio of reducing volatility, turning risk income into fee income through the overrides.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	2.77B	2.19B	+26.1%	3.21B	−13.7%
Operating income	1.12B	548.8M	+103.7%	1.34B	−16.6%
Net income	663.1M	293.4M	+126.0%	835.4M	−20.6%
EPS	—	6.57		17.20
P/E today 5.9	—	5.0	—	6.2	—

Topics

Most discussed now

This reflects the long-term disciplined execution of RenaissanceRe's strategy that enables us to continue to grow tangible book value per...
RenaissanceRe continues to like the property cat market.
RenaissanceRe's leadership position allowed us to grow property cat limit with high-quality clients.
RenaissanceRe manages the business to build efficient portfolios of risk that maximize profitability.
RenaissanceRe continues to steadily grow tangible book value per share by 6% in the quarter and 27% over the last...

Faded since Q1 2026

Fading RenaissanceRe's diversified earnings model continued to produce superior returns for shareholders.
Fading Great adequacy across the portfolio remains attractive and should continue to support strong shareholder returns.
Fading Markets continue to adjust to higher for longer rate environment and the macro environment remains increasingly fragmented, highly volatile…
Fading Net investment income remained robust with stronger reinvestment economics supporting future earnings power, and RenaissanceRe repurchased…

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-27 Results of operations · SEC 8-K
2026-07-22 Results of operations · SEC 8-K
RenaissanceRe Holdings Ltd. issued a press release on July 22, 2026, announcing its financial results for the second quarter ended June 30, 2026.
2026-05-14 Director or officer change; Regulation FD disclosure · SEC 8-K
Robert Qutub and Ross Curtis will retire on December 31, 2026, with Matthew Neuber appointed as Chief Financial Officer effective January 1, 2027.
2026-05-06 Director or officer change; Shareholder vote results · SEC 8-K
Shareholders approved the 2026 Long-Term Incentive Plan authorizing 1,250,000 shares plus remaining shares from the prior plan, and elected four nominees for Class I director positions.
2026-04-28 Results of operations · SEC 8-K
RenaissanceRe Holdings Ltd. issued a press release on April 28, 2026, announcing its financial results for the first quarter ended March 31, 2026.
2026-02-03 Results of operations · SEC 8-K
RenaissanceRe Holdings Ltd. issued a press release on February 3, 2026, announcing its financial results for the fourth quarter and full year ended December 31, 2025.
2025-12-22 Material agreement; New financial obligation · SEC 8-K
The companies entered into an amendment on December 22, 2025, extending the availability of a secured letter of credit facility up to $320 million, with an option to increase it to $350 million.
2025-10-28 Results of operations · SEC 8-K
RenaissanceRe Holdings Ltd. issued a press release on October 28, 2025, announcing its financial results for the third quarter ended September 30, 2025.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-12.

Cash & runway

Cash & equivalents

$1.30B

2026-06-30

Short-term investments

$4.12B

total $5.42B

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -12.2% YoY, -2.5% QoQ.

Quarter	Shares
Q3 2024	51.0M
Q1 2025	48.3M
Q2 2025	47.1M
Q3 2025	45.8M
Q1 2026	42.4M
Q2 2026	41.4M

Shares outstanding: 41.6M (2026-07-20)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 35 filings parsed.

Sold by insiders

51.5K shares

$16.2M · 15 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

year-end

Bob will retire

Source quote
“We have previously announced Bob will retire at year-end and Ross Curtis, our Chief Portfolio Officer. It will both remain actively involved in our operations until that time and are focused on ensuring a smooth transition.”
2027

Matt Neuber become our Chief Financial Officer

Source quote
“In 2027, Matt Neuber become our Chief Financial Officer, bringing a proven record of financial leadership and deep expertise in corporate finance and capital management.”
third quarter

anticipated share repurchases

Source quote
“We will continue to take a disciplined approach to capital management and anticipate continued share repurchases in the third quarter.”
third quarter

expected other property net premiums earned and attritional loss ratio

Source quote
“Looking ahead to the third quarter, we expect other property net premiums earned of around $330 million and an attritional loss ratio in the mid-50s.”
third quarter

expected Casualty and Specialty net premiums earned and adjusted combined ratio

Source quote
“Casualty and Specialty net premiums earned of approximately $1.3 billion and an adjusted combined ratio in the high 90s.”