A Business at a Glance
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RENAISSANCERE HOLDINGS LTD
RNR
$15.5B
Mkt Cap
$329.10
+3.68%
RENAISSANCERE HOLDINGS LTD (RNR) has a current P/E ratio of 5.9, compared to its historical median P/E of 10.2. The stock is currently considered Fair based on its historical valuation range.
RENAISSANCERE HOLDINGS LTD (RNR) has a 5-year average return on invested capital (ROIC) of 9.5%. This is below average and may indicate limited pricing power.
RENAISSANCERE HOLDINGS LTD (RNR) has a market capitalization of $14.1B. It is classified as a large-cap stock.
Yes, RENAISSANCERE HOLDINGS LTD (RNR) pays a dividend with a trailing twelve-month yield of 0.52%. The company also returns capital through share buybacks, with a buyback yield of 11.27%.
Based on historical P/E analysis, RENAISSANCERE HOLDINGS LTD (RNR) appears fair. The current P/E of 5.9 is 43% below its historical median of 10.2. The estimated fair value CAGR (P/E method) is 30.9%.
RENAISSANCERE HOLDINGS LTD (RNR) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
RenaissanceRe is a global reinsurance and insurance provider established in 1993 with offices across Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the U.K., and the U.S. The company operates two reportable segments—Property (catastrophe and other property reinsurance) and Casualty and Specialty (general casualty, professional liability, credit and specialty reinsurance)—and generates diversified earnings through three principal drivers: underwriting income from core reinsurance operations, fee income primarily from managing third-party capital through its Capital Partners unit (composed of management and performance fees), and investment income from a conservative, fixed-income-focused portfolio. The business model emphasizes matching desirable risk with efficient capital through an integrated system of three competitive advantages: superior risk selection, superior customer relationships, and superior capital management, with distribution primarily through intermediaries. RenaissanceRe's strategy focuses predominantly on reinsurance while applying a reinsurance lens to insurance written through delegated authority arrangements, and the company pursues customized transactions and strategic investments to address client risk management needs across global markets.
【Constructive market positioning】 Management's outlook for 2026 remains constructive, with the underwriting portfolio performing well and the earnings model continuing to benefit from multiple diversified income sources. The company expects Property Catastrophe rates to remain strong and produce returns significantly in excess of cost of capital despite anticipated 10% rate reductions at January 1 renewals, supported by continued demand growth and disciplined market conditions. Casualty and Specialty is expected to deliver a high 90s combined ratio, with the segment remaining highly accretive due to substantial float generation in an attractive interest rate environment. Investment income is expected to persist and potentially grow over time as the asset base increases, while fee income from Capital Partners continues to be a strong contributor. The company plans to continue disciplined capital management through deployment into desirable underwriting opportunities and returning excess capital to shareholders through repurchases.
| Metric | Target | Period |
|---|---|---|
| Performance fees | around $120 million | FY2026 |
| Operating expense ratio | 5%-5.5% | FY2026 |
Performance fees (FY2026): “and performance fees will vary by quarter but should come in around $120 million for the year, absent any large loss events or favorable development”
Operating expense ratio (FY2026): “we continue to expect our operating expense ratio to grow to 5%-5.5% over the year as we continue to invest in the business”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.6B | 12.8B | 11.7B | 9.1B | 5.1B | 5.3B |
| Net Income | 2.8B | 2.6B | 1.8B | 2.5B | -1.1B | -73M |
| EPS | $60.69 | $56.03 | $35.21 | $52.27 | $-25.50 | $-1.57 |
| Free Cash Flow | 0 | 3.7B | 4.2B | 1.9B | 1.6B | 1.2B |
| ROIC | 20.0% | 20.1% | 15.4% | 28.2% | -15.3% | -0.9% |
| Gross Margin | - | 31.2% | 25.6% | 34.0% | -24.1% | - |
| Debt/Equity | 0.24 | 0.25 | 0.24 | 0.37 | 0.48 | 0.34 |
| Dividends/Share | $1.70 | $1.58 | $1.55 | $1.55 | $1.50 | $1.45 |
| Operating Income | 4.7M | 4.0B | 3.0B | 3.1B | -1.2B | 11M |
| Operating Margin | 0.0% | 31.2% | 25.6% | 34.0% | -24.1% | 0.2% |
| ROE | 24.1% | 23.9% | 18.3% | 34.2% | -18.4% | -1.0% |
| Shares Outstanding | 43M | 47M | 52M | 48M | 43M | 47M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.3B | 1.5B | 1.7B | 2.1B | 2.1B | 4.2B | 5.2B | 5.3B | 5.1B | 9.1B | 11.7B | 12.8B | 11.6B |
| Gross Margin | 54.5% | 32.8% | 36.5% | -15.6% | 12.7% | 23.0% | 19.3% | N/A | -24.1% | 34.0% | 25.6% | 31.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 23M | 77M | 37M | 19M | 34M | 94M | 97M | 41M | 47M | 128M | 135M | 82M | 79M |
| EBIT | 687M | 496M | 630M | -328M | 263M | 967M | 996M | 11M | -1.2B | 3.1B | 3.0B | 4.0B | 4.7M |
| Op. Margin | 54.5% | 32.8% | 36.5% | -15.6% | 12.7% | 23.0% | 19.3% | 0.2% | -24.1% | 34.0% | 25.6% | 31.2% | 0.0% |
| Net Income | 510M | 409M | 481M | -245M | 197M | 712M | 731M | -73M | -1.1B | 2.5B | 1.8B | 2.6B | 2.8B |
| Net Margin | 40.5% | 27.0% | 27.8% | -11.6% | 9.5% | 16.9% | 14.1% | -1.4% | -21.7% | 27.7% | 15.7% | 20.6% | 23.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | -30M | 0 | 0 | 0 | 14M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 12.3% | 8.3% | 8.4% | -4.4% | 3.5% | 10.6% | 9.1% | -0.9% | -15.3% | 28.2% | 15.4% | 20.1% | 20.0% |
| ROE | 13.1% | 9.5% | 10.0% | -5.3% | 4.2% | 12.9% | 10.8% | -1.0% | -18.4% | 34.2% | 18.3% | 23.9% | 24.1% |
| ROA | 6.2% | 4.1% | 4.0% | -1.8% | 1.2% | 3.2% | 2.6% | -0.2% | -3.1% | 5.9% | 3.7% | 5.1% | 5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 661M | 425M | 485M | 1.0B | 1.2B | 2.1B | 2.0B | 1.2B | 1.6B | 1.9B | 4.2B | 3.7B | 4.2B |
| Free Cash Flow | 661M | 425M | 485M | 1.0B | 1.2B | 2.1B | 2.0B | 1.2B | 1.6B | 1.9B | 4.2B | 3.7B | 0 |
| Owner Earnings | 575M | 369M | 408M | 957M | 1.2B | 2.1B | 1.9B | 1.2B | 1.6B | 1.8B | 4.0B | 3.5B | 4.2B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 48M | 18M | 29M | 31M | 123K | 9.1M | 17M | 21M | 6.5M | 14M | 58M | 71M | -42M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 42M |
| D&A | 48M | 18M | 29M | 31M | 123K | 9.1M | 17M | 21M | 6.5M | 14M | 58M | 71M | -42M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 46M | 54M | 52M | 51M | 53M | 59M | 68M | 68M | 65M | 75M | 81M | 75M | 73M |
| Dividend Yield | 1.3% | 1.3% | 1.1% | 1.0% | 1.1% | 0.8% | 0.9% | 1.0% | 1.0% | 0.8% | 0.7% | 0.6% | 0.5% |
| Share Buybacks | 515M | 260M | 309M | 189M | 0 | 0 | 63M | 1.0B | 167M | 0 | 667M | 1.6B | 1.6B |
| Buyback Yield | 14.3% | 5.6% | 5.8% | 4.0% | N/A | N/A | 0.8% | 13.2% | 2.1% | N/A | 5.1% | 12.0% | 11.3% |
| Stock-Based Comp | 38M | 38M | 47M | 37M | 36M | 41M | 44M | 40M | 45M | 60M | 71M | 78M | 83M |
| Debt Repayment | 0 | 0 | 0 | 250M | 0 | 0 | 250M | 0 | 0 | 30M | 75M | 450M | 450M |
| Balance Sheet | |||||||||||||
| Net Debt | -1.3B | -43M | -70M | -876M | -2.2B | -3.5B | -4.5B | -4.9B | -3.3B | -2.9B | -3.7B | -3.6B | -2.6B |
| Cash & Equiv. | 526M | 507M | 421M | 1.4B | 1.1B | 1.4B | 1.7B | 1.9B | 1.2B | 1.9B | 1.7B | 1.7B | 5.4B |
| Long-Term Debt | 250M | 960M | 949M | 990M | 991M | 1.4B | 1.1B | 1.2B | 1.2B | 2.0B | 1.9B | 2.3B | 2.3B |
| Debt/Equity | 0.06 | 0.35 | 0.35 | 0.34 | 0.30 | 0.42 | 0.29 | 0.34 | 0.48 | 0.37 | 0.24 | 0.25 | 0.24 |
| Interest Coverage | 39.5 | 13.7 | 15.0 | -7.4 | 5.6 | 16.6 | 19.7 | 0.2 | -25.2 | 42.5 | 31.9 | 33.2 | 0.0 |
| Equity | 3.9B | 4.7B | 4.9B | 4.4B | 5.0B | 6.0B | 7.6B | 6.6B | 5.3B | 9.5B | 10.6B | 11.6B | 11.5B |
| Total Assets | 8.2B | 11.6B | 12.4B | 15.2B | 18.7B | 26.3B | 30.8B | 34.0B | 36.6B | 49.0B | 50.7B | 53.8B | 53.7B |
| Total Liabilities | 3.2B | 5.8B | 6.3B | 9.5B | 11.6B | 17.3B | 19.9B | 23.8B | 26.7B | 33.5B | 33.2B | 34.6B | 35.2B |
| Intangibles | 15M | 83M | 65M | 54M | 57M | 66M | 51M | 41M | 35M | 482M | 404M | 333M | 0 |
| Retained Earnings | 3.4B | 3.8B | 4.2B | 3.9B | 4.1B | 4.7B | 5.4B | 5.2B | 4.1B | 6.5B | 8.3B | 10.8B | 10.7B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 12.60 | 9.28 | 11.43 | -6.15 | 4.91 | 16.29 | 15.31 | -1.57 | -25.50 | 52.27 | 35.21 | 56.03 | 60.69 |
| Owner EPS | 14.20 | 8.37 | 9.71 | 24.05 | 29.52 | 47.74 | 40.44 | 25.10 | 36.09 | 38.03 | 77.44 | 75.03 | 97.31 |
| Book Value | 95.44 | 107.42 | 115.75 | 110.34 | 125.57 | 136.61 | 158.24 | 141.65 | 123.83 | 195.67 | 202.90 | 245.73 | 267.94 |
| Cash Flow/Share | 16.31 | 9.65 | 11.53 | 25.77 | 30.41 | 48.89 | 41.71 | 26.40 | 37.29 | 39.56 | 79.92 | 78.17 | 63.48 |
| Dividends/Share | 1.16 | 1.20 | 1.24 | 1.28 | 1.32 | 1.36 | 1.43 | 1.45 | 1.50 | 1.55 | 1.55 | 1.58 | 1.70 |
| Shares Out. | 40.5M | 44.1M | 42.0M | 39.8M | 40.2M | 43.7M | 47.8M | 46.8M | 43.0M | 48.3M | 52.1M | 47.2M | 43.0M |
| Valuation | |||||||||||||
| P/E Ratio | 7.1 | 11.4 | 11.0 | N/A | 25.5 | 11.5 | 10.2 | N/A | N/A | 3.7 | 7.1 | 5.0 | 5.4 |
| P/FCF | 5.5 | 10.9 | 10.9 | 4.6 | 4.1 | 3.8 | 3.8 | 6.3 | 4.9 | 4.9 | 3.1 | 3.6 | N/A |
| EV/EBIT | 4.4 | 9.7 | 8.5 | N/A | 9.8 | 4.6 | 2.4 | 164.0 | N/A | 2.3 | 4.4 | 2.9 | N/A |
| Price/Book | 0.9 | 1.0 | 1.1 | 1.1 | 1.0 | 1.4 | 1.0 | 1.2 | 1.5 | 1.0 | 1.2 | 1.1 | 1.2 |
| Price/Sales | 2.9 | 2.8 | 2.7 | 2.5 | 2.4 | 1.7 | 1.5 | 1.3 | 1.3 | 1.0 | 1.1 | 0.9 | 1.2 |
| FCF Yield | 18.3% | 9.2% | 9.1% | 21.7% | 24.3% | 26.2% | 26.7% | 15.9% | 20.3% | 20.5% | 32.0% | 27.8% | N/A |
| Market Cap | 3.6B | 4.6B | 5.3B | 4.7B | 5.0B | 8.2B | 7.5B | 7.8B | 7.9B | 9.3B | 13.0B | 13.3B | 14.1B |
| Avg. Price | 90.13 | 95.72 | 109.64 | 130.52 | 122.37 | 161.49 | 165.22 | 151.74 | 149.74 | 196.86 | 236.93 | 246.61 | 329.10 |
| Year-End Price | 89.12 | 105.41 | 126.02 | 118.88 | 125.14 | 186.77 | 156.42 | 166.23 | 183.77 | 192.55 | 249.40 | 281.40 | 329.10 |
RENAISSANCERE HOLDINGS LTD passes 6 of 9 quality checks, suggesting mixed fundamentals.
RENAISSANCERE HOLDINGS LTD trades at 5.9x trailing earnings, compared to its 15-year median P/E of 10.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.2x vs a median of 4.4x. The company's 5-year average ROIC is 9.5% with a gross margin of 16.7%. Total shareholder yield (dividends + buybacks) is 11.8%. At current prices, the estimated annualized return to fair value is +8.9%.
RENAISSANCERE HOLDINGS LTD (RNR) reported annual revenue of $12.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
RENAISSANCERE HOLDINGS LTD (RNR) has a net profit margin of 20.6%. This is a strong margin indicating high profitability.
RENAISSANCERE HOLDINGS LTD (RNR) generated $3.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RENAISSANCERE HOLDINGS LTD (RNR) has a debt-to-equity ratio of 0.25. This indicates a conservatively financed balance sheet.
RENAISSANCERE HOLDINGS LTD (RNR) reported earnings per share (EPS) of $56.03 in its most recent fiscal year.
RENAISSANCERE HOLDINGS LTD (RNR) has a return on equity (ROE) of 23.9%. This indicates the company generates strong returns for shareholders.
RENAISSANCERE HOLDINGS LTD (RNR) has a 5-year average gross margin of 16.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for RENAISSANCERE HOLDINGS LTD (RNR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RENAISSANCERE HOLDINGS LTD (RNR) has a book value per share of $245.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management's outlook for 2026 remains constructive, with the underwriting portfolio performing well and the earnings model continuing to benefit from multiple diversified income sources. The company expects Property Catastrophe rates to remain strong and produce returns significantly in excess of cost of capital despite anticipated 10% rate reductions at January 1 renewals, supported by continued demand growth and disciplined market conditions. Casualty and Specialty is expected to deliver a high 90s combined ratio, with the segment remaining highly accretive due to substantial float generation in an attractive interest rate environment. Investment income is expected to persist and potentially grow over time as the asset base increases, while fee income from Capital Partners continues to be a strong contributor. The company plans to continue disciplined capital management through deployment into desirable underwriting opportunities and returning excess capital to shareholders through repurchases.
Based on recent SEC filings and earnings calls, RENAISSANCERE HOLDINGS LTD (RNR) has provided the following forward guidance: Performance fees: around $120 million (FY2026); Operating expense ratio: 5%-5.5% (FY2026).