RenaissanceRe Holdings Ltd. · RNR-PG · FY2026 Q2 · Calendar Q3 2026

RenaissanceRe sustains strong earnings amid softer property-cat rates

RenaissanceRe's Q2 analysis supports a constructive but conditional view: strong operating earnings, disciplined underwriting, capital returns and AI-enabled risk selection support continued performance, while softer property-cat rates, casualty pressure and geopolitical exposure remain important offsets.

Reported After market closeNYSEFinancial Services $12.90B market cap
85quality score

Earnings scorecard

Reported versus consensus
Reported EPS $12.92 Consensus $11.72
EPS surprise +10.2% Reported versus consensus
Reported revenue $2.28B Consensus $2.57B
Revenue surprise -11.4% 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 continued strength in operating earnings and tangible book value growth, added property-cat limit despite rate declines, and advanced generative AI from underwriting augmentation toward automation. Casualty and specialty performance weakened, with combined ratios above 100% mainly reflecting the Baltimore bridge loss shift; management also highlighted a 2027 CFO transition.

Guidance delta

Guidance sentiment remained maintained. Management is preparing for 2027 renewals, plans additional U.S. property-cat capital deployment, and expects to continue share buybacks while managing credit, specialty and ceded-reinsurance exposures.

Key takeaways

  • Operating earnings and ROE remained strong, supporting tangible book value growth.
  • Property-cat rates declined, but management said pricing remained adequate and the company added $600 million of limit.
  • Casualty and specialty combined ratios exceeded 100%, mainly due to the Baltimore bridge loss shift.
  • Share repurchases remained a core capital-management tool, with $350 million repurchased in the quarter.
  • AI integration is progressing from underwriting augmentation toward automation.

Management priorities

  • Disciplined underwriting and selective growth in high-margin risk layers.
  • Additional U.S. property-cat capital deployment and preparation for 2027 renewals.
  • Continued share repurchases and capital-efficient portfolio management.
  • Expansion of AI capabilities in underwriting and risk analysis.
  • Management of credit, specialty, ceded-reinsurance and geopolitical exposures.

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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
Jefferies Hold HoldMaintainApr 9, 2023
JP Morgan Underweight UnderweightMaintainMar 30, 2023
Citigroup Neutral NeutralMaintainJun 20, 2021
Goldman Sachs Buy NeutralUpgradeJan 7, 2021
Deutsche Bank Hold HoldMaintainOct 28, 2020
Buckingham Research Buy BuyMaintainJan 21, 2020
UBS Neutral NeutralMaintainNov 3, 2019
Barclays Underweight UnderweightMaintainOct 1, 2019
Nomura Neutral ReduceUpgradeDec 6, 2015
JMP Securities Market Perform Market OutperformDowngradeJun 15, 2014
RBC Capital Sector Perform OutperformDowngradeFeb 4, 2014
Credit Suisse Underperform NeutralDowngradeOct 17, 2013
Bernstein Market Perform OutperformDowngradeJul 8, 2013
Janney Montgomery Scott Neutral BuyDowngradeOct 8, 2012
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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 · 2026-07-23T20:04:09.752688+00:00
  2. FN2 earnings calendar · 2026-08-27T01:23:13.912278+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 2026-10-31. For educational purposes only; not investment advice.