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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 25.7GRADE F
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
34.2%
Sector: 8.5%
Dividend Analysis audit
GROWTH
0.63%
Trailing Yield
$0.63
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
2%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, RENAISSANCERE HOLDINGS LTD (RNR) receives a "Hold" rating with a composite score of 44.3/100, ranked #865 out of 4446 stocks. Key factor scores: Quality 26/100, Value 51/100, Momentum 56/100. This is quantitative analysis only — not investment advice.
RENAISSANCERE HOLDINGS LTD (RNR) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does RENAISSANCERE HOLDINGS LTD Do?
RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S. multi-line reinsurance. The Casualty and Specialty segment writes various classes of products, such as directors and officers, medical malpractice, and professional indemnity; automobile and employer's liability, casualty clash, umbrella or excess casualty, workers' compensation, and general liability; financial and mortgage guaranty, political risk, surety, and trade credit; and accident and health, agriculture, aviation, cyber, energy, marine, satellite, and terrorism. The company distributes its products and services primarily through intermediaries. RenaissanceRe Holdings Ltd. was founded in 1993 and is headquartered in Pembroke, Bermuda. RENAISSANCERE HOLDINGS LTD (RNR) is classified as a large-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Kevin J. O'Donnell and employs approximately 720 people. With a market capitalization of $12.8B, RNR is one of the prominent companies in the Financials sector.
RENAISSANCERE HOLDINGS LTD (RNR) Stock Rating — Hold (April 2026)
As of April 2026, RENAISSANCERE HOLDINGS LTD receives a Hold rating with a composite score of 44.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.RNR ranks #865 out of 4,446 stocks in our coverage universe. Within the Financials sector, RENAISSANCERE HOLDINGS LTD ranks #263 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
RNR Stock Price and 52-Week Range
RENAISSANCERE HOLDINGS LTD (RNR) currently trades at $303.03. The stock lost $6.82 (2.2%) in the most recent trading session. The 52-week high for RNR is $315.88, which means the stock is currently trading -4.1% from its annual peak. The 52-week low is $219.00, putting the stock 38.4% above its annual trough. Recent trading volume was 262K shares, suggesting relatively thin trading activity.
Is RNR Overvalued or Undervalued? — Valuation Analysis
RENAISSANCERE HOLDINGS LTD (RNR) carries a value factor score of 51/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 3.61x, compared to the Financials sector average of 14.88x — a discount of 76%. The price-to-book ratio stands at 1.24x, versus the sector average of 1.22x. The price-to-sales ratio is 1.02x, compared to 0.90x for the average Financials stock. On an enterprise value basis, RNR trades at 4.88x EV/EBITDA, versus 3.26x for the sector. The EV/EBIT multiple is 5.60x.
Overall, RNR's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
RENAISSANCERE HOLDINGS LTD Profitability — ROE, Margins, and Quality Score
RENAISSANCERE HOLDINGS LTD (RNR) earns a quality factor score of 26/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 34.2%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 7.1% versus the sector average of 1.2%.
The operating margin is 28.7% (sector: 21.8%). Net profit margin stands at 25.7%, versus 17.7% for the average Financials stock. Revenue growth is running at -26.0% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
RNR Debt, Balance Sheet, and Financial Health
RENAISSANCERE HOLDINGS LTD has a debt-to-equity ratio of 19.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $2.04B. Cash and equivalents stand at $1.68B.
RNR has a beta of 0.22, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for RENAISSANCERE HOLDINGS LTD is 90/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
RENAISSANCERE HOLDINGS LTD Revenue and Earnings History — Quarterly Trend
In TTM 2026, RENAISSANCERE HOLDINGS LTD reported revenue of $12.82B and earnings per share (EPS) of $35.31. Net income for the quarter was $3.62B. Gross margin was -0.7%. Operating income came in at $2.75B.
In FY 2024, RENAISSANCERE HOLDINGS LTD reported revenue of N/A and earnings per share (EPS) of $35.31. Operating income came in at $11.70B.
In Q4 2025, RENAISSANCERE HOLDINGS LTD reported revenue of $2.94B. Net income for the quarter was $1.15B.
In FY 2025, RENAISSANCERE HOLDINGS LTD reported revenue of $12.85B and earnings per share (EPS) of $56.23. Net income for the quarter was $3.62B. Operating income came in at $4.01B.
Over the past 8 quarters, RENAISSANCERE HOLDINGS LTD has demonstrated a growth trajectory, with revenue expanding from $3.21B to $12.82B. Investors analyzing RNR stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
RNR Dividend Yield and Income Analysis
RENAISSANCERE HOLDINGS LTD (RNR) currently pays a dividend yield of 0.6%. At this yield, a $10,000 investment in RNR stock would generate approximately $$63.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning RNR yields less than the typical sector peer. With a net margin of 25.7%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
RNR Momentum and Technical Analysis Profile
RENAISSANCERE HOLDINGS LTD (RNR) has a momentum factor score of 56/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 38/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 22/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
RNR vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing RNR against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full RNR vs S&P 500 (SPY) comparison to assess how RENAISSANCERE HOLDINGS LTD stacks up against the broader market across all factor dimensions.
RNR Next Earnings Date
No upcoming earnings date has been announced for RENAISSANCERE HOLDINGS LTD (RNR) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy RNR? — Investment Thesis Summary
RENAISSANCERE HOLDINGS LTD presents a balanced picture with arguments on both sides. The quality score of 26/100 flags below-average profitability. Low volatility (stability score 90/100) reduces downside risk.
In summary, RENAISSANCERE HOLDINGS LTD (RNR) earns a Hold rating with a composite score of 44.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on RNR stock.
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Institutional Research Dossier
RENAISSANCERE HOLDINGS LTD (RNR) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on RenaissanceRe Holdings Ltd. (RNR). While the company exhibits strong profitability and stability, particularly in its ROE and low beta, concerns arise from its negative revenue growth and relatively high EV/EBITDA compared to the sector. The current valuation appears fair, balancing its strengths in profitability and stability against its growth challenges and valuation metrics.
RNR's core business of providing reinsurance and insurance products, particularly in the property catastrophe space, positions it to capitalize on increasing demand for risk transfer solutions. However, the inherent volatility in the reinsurance market, coupled with the company's recent revenue decline, warrants a cautious approach. The Hold rating reflects a balanced view of RNR's potential and the challenges it faces.
Business Strategy & Overview
RenaissanceRe Holdings Ltd. operates as a global provider of reinsurance and insurance, focusing on both property and casualty risks. The company's core strategy revolves around underwriting expertise, sophisticated risk modeling, and disciplined capital management. A significant portion of their revenue is derived from property catastrophe reinsurance, where they provide coverage to insurance companies against large-scale natural disasters. This specialization requires advanced modeling capabilities to accurately assess and price risk, a key differentiator for RNR.
The company's Casualty and Specialty segment diversifies its revenue stream, offering a range of products including directors and officers liability, medical malpractice, and various other specialty lines. This segment allows RNR to participate in less volatile, albeit potentially lower-margin, insurance markets. Distribution is primarily through intermediaries, which is standard practice in the reinsurance industry, leveraging established networks to access a broad client base.
RenaissanceRe's strategic positioning involves actively managing its capital base to optimize returns and maintain financial strength. This includes deploying capital to the most attractive underwriting opportunities and returning excess capital to shareholders through dividends and share repurchases. The company also utilizes joint ventures and strategic partnerships to expand its reach and access specialized expertise in certain markets.
The reinsurance industry is characterized by cyclicality, driven by the occurrence of major catastrophic events. Following a large event, reinsurance rates typically increase as insurers seek to replenish their capital and reduce their exposure. RNR's strategy is to capitalize on these market dislocations by deploying capital to take advantage of higher rates. However, the absence of major events can lead to rate softening and increased competition, impacting profitability.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-26.0%
Sector: 9.4%
-377% VS SCTR
Economic Moat Analysis
RenaissanceRe possesses a Narrow economic moat, primarily derived from intangible assets and, to a lesser extent, cost advantages. The company's sophisticated risk modeling capabilities and underwriting expertise represent a significant intangible asset. Accurately assessing and pricing complex risks, particularly in the property catastrophe space, requires specialized knowledge and proprietary models that are difficult for competitors to replicate quickly. This expertise allows RNR to achieve superior underwriting results compared to less sophisticated players.
The reinsurance industry is characterized by information asymmetry, where companies with better data and analytical capabilities have a distinct advantage. RNR's investment in advanced modeling technology and its ability to attract and retain experienced underwriters contribute to its competitive edge. This expertise is particularly valuable in assessing risks associated with climate change and other emerging threats.
While not a dominant factor, RNR also benefits from a modest cost advantage due to its efficient capital management and disciplined underwriting approach. By carefully selecting risks and managing its capital base, the company can achieve lower operating costs and higher returns on equity compared to some of its peers. This cost advantage is further enhanced by its scale, which allows it to spread fixed costs over a larger premium base.
However, the moat is narrow due to the competitive nature of the reinsurance industry and the potential for new entrants to emerge with innovative technologies or business models. The industry is also subject to cyclicality, which can erode competitive advantages during periods of soft pricing. Furthermore, the increasing availability of data and analytical tools could reduce the barriers to entry over time.
The moat's strength is also dependent on RNR's ability to consistently maintain its underwriting discipline and avoid excessive risk-taking. A major underwriting loss could damage its reputation and erode its competitive advantage. Therefore, while RNR possesses a narrow moat, it is not insurmountable and requires ongoing investment and vigilance to maintain.
Financial Health & Profitability
RenaissanceRe exhibits a mixed financial profile. While profitability metrics are strong, revenue growth has been a concern. The company's ROE of 34.2% significantly exceeds the sector average of 8.5%, indicating superior profitability. Similarly, its operating margin of 28.7% and net margin of 25.7% are well above the sector averages of 22.0% and 17.8%, respectively. This demonstrates RNR's ability to generate substantial profits from its underwriting activities.
However, the company's revenue growth of -26.0% is a significant red flag, contrasting sharply with the sector's average growth of 9.3%. This decline could be attributed to various factors, including changes in market conditions, increased competition, or a strategic shift in underwriting focus. The quarterly financial history reveals volatility in revenue and net income, reflecting the inherent cyclicality of the reinsurance industry. For example, Q3 2024 saw a revenue of $3.97B and net income of $1.63B, while Q1 2025 showed a revenue of $3.47B and a net loss of $25.26M.
RNR's balance sheet appears reasonably healthy. The company has $1.68B in total cash and $2.04B in total debt, resulting in a debt-to-equity ratio of 19.00, which is significantly lower than the sector average of 115.00. This indicates a conservative approach to leverage and a strong financial position. The current ratio is not available, limiting a full assessment of short-term liquidity.
Free cash flow data is incomplete, making it difficult to assess the company's cash flow generation capabilities. However, the available data suggests that RNR has generated positive free cash flow in recent periods, indicating its ability to fund its operations and return capital to shareholders. The company's strong profitability and low leverage provide a solid foundation for future growth, but the revenue decline remains a concern that needs to be addressed.
Valuation Assessment
RenaissanceRe's valuation presents a mixed picture. The company's P/E ratio of 8.2x is significantly lower than the sector average of 15.5x, suggesting that the stock may be undervalued relative to its earnings. However, its EV/EBITDA ratio of 4.7x is higher than the sector average of 3.5x, indicating that the company may be overvalued relative to its operating cash flow. This discrepancy highlights the importance of considering multiple valuation metrics when assessing RNR's worth.
The low P/E ratio could be attributed to investor concerns about the company's negative revenue growth and the inherent volatility of the reinsurance industry. The higher EV/EBITDA ratio may reflect the market's perception of RNR's strong profitability and stability, as evidenced by its high ROE and low beta. The absence of free cash flow data limits a comprehensive valuation assessment, as FCF yield is a key metric for evaluating a company's ability to generate cash for shareholders.
Considering RNR's strong profitability and stability, a fair valuation would likely fall somewhere between the P/E and EV/EBITDA perspectives. The company's high ROE and low beta warrant a premium valuation, but the negative revenue growth and the cyclical nature of the reinsurance industry justify a more cautious approach. A discounted cash flow analysis, incorporating realistic growth assumptions and risk adjustments, would provide a more precise valuation estimate.
Overall, the current valuation appears fair, reflecting a balance between RNR's strengths and weaknesses. The stock is not significantly undervalued or overvalued, but rather fairly priced given its current financial performance and market conditions. Investors should closely monitor the company's revenue growth and underwriting results to assess whether the valuation remains justified.
Risk & Uncertainty
RenaissanceRe faces several key risks and uncertainties. The most significant risk is the inherent volatility of the reinsurance market, particularly in the property catastrophe space. A major catastrophic event could result in substantial underwriting losses, negatively impacting the company's profitability and capital base. The frequency and severity of such events are difficult to predict, and climate change could exacerbate this risk by increasing the likelihood of extreme weather events.
Competition is another significant risk. The reinsurance industry is highly competitive, with numerous players vying for market share. Increased competition could lead to rate softening and reduced profitability. New entrants with innovative technologies or business models could also disrupt the industry and erode RNR's competitive advantage. The company must continuously invest in its underwriting capabilities and risk modeling technology to maintain its competitive edge.
Regulatory risk is also a concern. The reinsurance industry is subject to regulatory oversight in various jurisdictions, and changes in regulations could impact the company's operations and profitability. For example, changes in capital requirements or accounting standards could increase the cost of doing business. RNR must comply with all applicable regulations and maintain strong relationships with regulatory authorities.
Finally, the company faces operational risks, including the risk of model error and the risk of failing to accurately assess and price complex risks. Model error could lead to underestimation of potential losses, while poor underwriting decisions could result in adverse selection and higher claims costs. RNR must maintain robust risk management processes and controls to mitigate these operational risks.
Bulls Say / Bears Say
The Bull Case
BULL VIEWRenaissanceRe's superior underwriting expertise and sophisticated risk modeling will allow it to consistently outperform peers and generate strong returns on equity, justifying a premium valuation.
BULL VIEWThe increasing frequency and severity of natural disasters will drive demand for reinsurance, benefiting RenaissanceRe as a leading provider of property catastrophe coverage.
BULL VIEWRenaissanceRe's conservative balance sheet and disciplined capital management provide a strong foundation for future growth and allow it to capitalize on market dislocations.
The Bear Case
BEAR VIEWRenaissanceRe's negative revenue growth indicates a loss of market share and raises concerns about its ability to compete effectively in the reinsurance industry.
BEAR VIEWThe cyclical nature of the reinsurance market and the potential for major catastrophic events pose a significant threat to RenaissanceRe's profitability and capital base.
BEAR VIEWRenaissanceRe's relatively high EV/EBITDA ratio suggests that the stock is overvalued, and a correction is likely if the company fails to improve its revenue growth.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score RNR and 4,400+ other equities.
RENAISSANCERE HOLDINGS LTD exhibits a 3% valuation discount relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
7.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
—
Sector: 0.0%
Operating Margin
Core business profitability
28.7%
Sector: 21.8%
Net Margin
Bottom-line profitability
25.7%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta-75%
Income Projection audit
A $10,000 investment would generate approximately $63 annually in dividends at the current trailing rate.
