RenaissanceRe Holdings Ltd. · RNR-PG · FY2025 Q4 · Calendar Q1 2026

RenaissanceRe pairs strong 2025 results with expected Property CAT pressure

RenaissanceRe's diversified underwriting, fee and investment income supported strong 2025 results. The key tension is whether those profit drivers can remain resilient as Property CAT premiums decline and Casualty & Specialty underwriting remains exposed to earnings volatility.

Reported Session unavailableNYSEFinancial Services $12.90B market cap
75quality score

Earnings scorecard

Reported versus consensus
Reported EPS $13.34 Consensus $10.42
EPS surprise +28.0% Reported versus consensus
Reported revenue $1.60B Consensus $2.03B
Revenue surprise -21.3% Reported versus consensus

Market reaction

unavailable
Stock move — Event window
SPY move — Same window
Abnormal move — Stock minus SPY
Volume — Versus trailing sessions
Subsequent drift — Up to 20 sessions
Price and volume data were unavailable at publication time.

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Transcript intelligence

What changed

Management described 2025 as a strong year, citing $1.9 billion of operating income and 30% growth in tangible book value per share. It expects Property CAT premiums to decline by mid-single digits in 2026, while saying rate adequacy remains strong. The supplied event facts contain no prior-quarter analysis for comparison.

Guidance delta

Guidance sentiment was maintained. Management expects mid-single-digit Property CAT premium declines in 2026 and described a 5–5.5% expense ratio outlook; it emphasized continued focus on underwriting, fee income and investment income.

Key takeaways

  • Operating income reached $1.9 billion in 2025, and tangible book value per share grew 30%.
  • Fee income reached a record $329 million; investment income increased 4%.
  • The company repurchased $650 million of shares in Q4 and returned $1.6 billion to shareholders during 2025.
  • Management expects mid-single-digit Property CAT premium declines in 2026, while stating that rate adequacy remains strong.

Management priorities

  • Maintain focus on underwriting, fee income and investment income as core profit drivers.
  • Deploy Property CAT capacity selectively while managing rate pressure.
  • Continue share repurchases when management considers valuations attractive.
  • Advance the REMS underwriting platform and use AI to support underwriting decisions.

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Earnings History

Estimate Beat Miss Match
RNR-PG EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 actual $31.04, None Q1 '24 actual $7.21, None Q2 '24 actual $9.72, None Q3 '25 estimate $9.97 Q3 '25 actual $19.39, beat Q4 '25 estimate $10.42 Q4 '25 actual $13.34, beat Q1 '26 estimate $11.28 Q1 '26 actual $13.75, beat Q2 '26 estimate $11.72 Q2 '26 actual $12.92, beat Q3 '26 estimate $10.56 Q3 '26 actual $12.71, beat Q4 '26 estimate $9.83 Q1 '27 estimate $11.75 Q2 '27 estimate $12.10 Q3 '27 estimate $7.16

Analyst Consensus ?

ConsensusHold19 ratings
Bullish631.6%
Neutral1052.6%
Bearish315.8%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Equal Weight Equal WeightMaintainOct 10, 2023
B of A Securities Buy BuyMaintainAug 20, 2023
Wells Fargo Overweight OverweightMaintainJul 16, 2023
BMO Capital Outperform Market PerformUpgradeJul 10, 2023
Keefe, Bruyette & Woods Outperform OutperformMaintainMay 10, 2023
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Company context

Snapshot as of publication

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, serving clients both within the United States and abroad. Its operations are structured across two main divisions: Property, and Casualty and Specialty. Within its Property segment, the company specializes in underwriting catastrophe excess of loss reinsurance and retrocessional reinsurance. These offerings protect insurance and reinsurance firms from a broad spectrum of natural disasters—such as hurricanes, earthquakes, typhoons, tsunamis, winter storms, freezes, floods, fires, windstorms, and tornadoes—as well as man-made events like explosions and acts of terrorism.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.