Analyst Consensus ?
ConsensusHold28 ratings
Bullish828.6%
Neutral1864.3%
Bearish27.1%
RenaissanceRe Holdings Ltd. · RNR · FY2025 Q3 · Calendar Q4 2025
RenaissanceRe posts record Q3 operating EPS as rate pressure looms
RenaissanceRe’s record operating EPS, strong property catastrophe margins, and growing fee contribution demonstrate current earnings power. The test ahead is whether margin-first underwriting and capital-partner income can cushion expected rate pressure without weakening underwriting quality.
Reported After market closeNYSEFinancial Services
$14.18B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$15.62
Consensus $9.97
EPS surprise
+56.7%
Reported versus consensus
Reported revenue
$3.19B
Consensus $2.33B
Revenue surprise
+36.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+6.9%
Event window
SPY move
+0.0%
Same window
Abnormal move
+6.8%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+5.4%
Up to 20 sessions
RNRSPY benchmark
Ask FN2 about RNR FY2025 Q3
Transcript, numbers and history already loaded
Why did RNR rise 6.9% after beating EPS estimates in FY2025 Q3?What changed in RNR's guidance and outlook in FY2025 Q3?Give me the bull and bear case for RNR after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with Q2, Q3 analysis highlights record operating EPS, a larger property catastrophe book, and capital-partner fees that tripled to more than $300 million over the trailing four quarters. Management also now anticipates roughly 10% rate declines in 2026; it expects disciplined underwriting to preserve strong margins.
Guidance delta
Management maintained a confident outlook, while anticipating roughly 10% rate declines in 2026. It plans a margin-first underwriting approach, continued property catastrophe growth, and ongoing share repurchases; no formal numerical earnings guidance is stated in the supplied analysis.
Key takeaways
- Operating EPS reached a record $15.62; operating ROE was 28%, and tangible book value per share rose 10%.
- Property catastrophe gross written premium grew to $3.3 billion, with an approximately 50% margin.
- Capital-partner fee income and investment income contribute to returns; management expects modest rate pressure in 2026.
Management priorities
- Maintain margin-first underwriting while growing property catastrophe exposure.
- Continue share repurchases as a primary use of excess cash.
- Use joint ventures and explore third-party capital structures for longer-tail lines.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$350.08Current
$256Low
$316.91Average
$391High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Oct 29, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 12, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 12, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 9, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 28, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 27, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 23, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 23, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 9, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 7, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 6, 2026 |
| JMP Securities | Market Perform | Market Perform | Maintain | Apr 24, 2025 |
| Jefferies | Hold | Hold | Maintain | Apr 11, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Feb 5, 2024 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jan 8, 2021 |
| Deutsche Bank | Hold | Hold | Maintain | Oct 29, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Jan 22, 2020 |
| Buckingham | Buy | Buy | Maintain | Jan 22, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Jan 16, 2019 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Dec 10, 2018 |
| Nomura | Neutral | Reduce | Upgrade | Dec 7, 2015 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Sep 21, 2015 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Feb 5, 2014 |
| Credit Suisse | Underperform | Neutral | Downgrade | Oct 18, 2013 |
| Bernstein | Market Perform | Outperform | Downgrade | Jul 9, 2013 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Oct 9, 2012 |
| Janney Capital | Neutral | Buy | Downgrade | Oct 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $350.08. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Yaron Kinar | $352 | $339.32 | +0.5% | Nov 2, 2026 |
| Wells Fargo | Analyst unavailable | $319 | $331.38 | -8.9% | Oct 12, 2026 |
| RBC Capital | Rowland Mayor | $365 | $326.29 | +4.3% | Sep 22, 2026 |
| UBS | Analyst unavailable | $350 | $328.98 | -0.0% | Jul 27, 2026 |
| UBS | Analyst unavailable | $349 | $328.39 | -0.3% | Jul 27, 2026 |
| Evercore ISI | Analyst unavailable | $330 | $318.51 | -5.7% | Jul 23, 2026 |
| Evercore ISI | David Motemaden | $320 | $313.14 | -8.6% | Jul 10, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $354 | $322.37 | +1.1% | Jul 9, 2026 |
| Mizuho Securities | Analyst unavailable | $329 | $322.37 | -6.0% | Jul 9, 2026 |
| UBS | Analyst unavailable | $342 | $325.86 | -2.3% | Jul 8, 2026 |
| Wolfe Research | Analyst unavailable | $315 | $324.88 | -10.0% | Jul 7, 2026 |
| Morgan Stanley | Analyst unavailable | $320 | $326.29 | -8.6% | Jul 6, 2026 |
| UBS | Analyst unavailable | $326 | $301.07 | -6.9% | May 4, 2026 |
| Mizuho Securities | Yaron Kinar | $325 | $299.3 | -7.2% | May 4, 2026 |
| Barclays | Analyst unavailable | $328 | $310.61 | -6.3% | Apr 29, 2026 |
| Mizuho Securities | Yaron Kinar | $318 | $306.2 | -9.2% | Apr 13, 2026 |
| Evercore ISI | David Motemaden | $309 | $309.85 | -11.7% | Apr 9, 2026 |
| Cantor Fitzgerald | Ryan Tunis | $340 | $309.85 | -2.9% | Apr 9, 2026 |
| UBS | Analyst unavailable | $319 | $307.08 | -8.9% | Apr 8, 2026 |
| UBS | Brian Meredith | $312 | $295.26 | -10.9% | Feb 9, 2026 |
| Morgan Stanley | Analyst unavailable | $310 | $303.55 | -11.4% | Feb 6, 2026 |
| Mizuho Securities | Yaron Kinar | $313 | $305.29 | -10.6% | Feb 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $282 | $276.12 | -19.4% | Jan 14, 2026 |
| Mizuho Securities | Yaron Kinar | $277 | $270.1 | -20.9% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $281 | $274.72 | -19.7% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $304 | $274.07 | -13.2% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $267 | $274.07 | -23.7% | Jan 7, 2026 |
| Evercore ISI | David Motemaden | $283 | $272.64 | -19.2% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $300 | $271.54 | -14.3% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $281 | $271.54 | -19.7% | Dec 15, 2025 |
| BMO Capital | Michael Zaremski | $303 | $266.96 | -13.4% | Dec 5, 2025 |
| Morgan Stanley | Bob Huang | $290 | $265.6 | -17.2% | Nov 17, 2025 |
| Wells Fargo | Analyst unavailable | $285 | $247.56 | -18.6% | Oct 30, 2025 |
| Goldman Sachs | Robert Cox | $256 | $262.03 | -26.9% | Oct 14, 2025 |
| UBS | Analyst unavailable | $272 | $267.03 | -22.3% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $278 | $267.03 | -20.6% | Oct 8, 2025 |
| Evercore ISI | Analyst unavailable | $244 | $253.93 | -30.3% | Oct 1, 2025 |
| Wells Fargo | Elyse Greenspan | $269 | $238.44 | -23.2% | Jul 10, 2025 |
| Morgan Stanley | Bob Huang | $285 | $248.1 | -18.6% | May 19, 2025 |
| Wells Fargo | Elyse Greenspan | $288 | $253.84 | -17.7% | Jan 14, 2025 |
| Bank of America Securities | Joshua Shanker | $391 | $273.82 | +11.7% | Oct 10, 2024 |
| Evercore ISI | David Motemaden | $229 | $261.47 | -34.6% | Oct 9, 2024 |
| CFRA | Cathy Seifert | $305 | $264.55 | -12.9% | Sep 23, 2024 |
| Barclays | Alex Scott | $287 | $259.04 | -18.0% | Sep 4, 2024 |
| Jefferies | Yaron Kinar | $270 | $226.94 | -22.9% | Jul 29, 2024 |
| Morgan Stanley | Bob Huang | $240 | $217.28 | -31.4% | Jul 10, 2024 |
| Wells Fargo | Analyst unavailable | $245 | $209.53 | -30.0% | Feb 2, 2023 |
| Wells Fargo | Analyst unavailable | $200 | $187.37 | -42.9% | Nov 29, 2022 |
| Morgan Stanley | Analyst unavailable | $195 | $183.69 | -44.3% | Nov 22, 2022 |
| Jefferies | Yaron Kinar | $162 | $150.66 | -53.7% | Jul 12, 2022 |
Track every rating change on RNR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationRenaissanceRe Holdings Ltd., together with its subsidiaries, 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 contracts to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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.…
Historical context
All RNR earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CBOE Cboe Global Markets, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.8% | +6.8% | Cboe posts strong Q3 as options growth and new products advance |
| NWG NatWest Group plc | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -9.0% | NatWest maintains guidance as Q3 growth and capital remain strong |
| ERIE Erie Indemnity Company | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +5.3% | Erie pairs resilient demand initiatives with thin underwriting margins |
Latest beats and misses
Who reports nextBeat on EPS
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
- ETRFY2026 Q3 · November 2, 2026+14.5% EPS-0.2% move
- OFY2026 Q3 · November 2, 2026+5.7% EPS+1.1% move
Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-03T14:50:43.907437+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T14:50:43.904547+00:00
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 2026-11-03. For educational purposes only; not investment advice.