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

RenaissanceRe’s 2025 results show three profit engines, with CAT pricing pressure in view

RenaissanceRe’s supplied FY2025 call analysis describes diversified earnings contributions from underwriting, Capital Partners fee income and investments, alongside strong profitability. The durability of returns depends in part on maintaining underwriting margins as Property CAT pricing eases and catastrophe and reserve risks remain uncertain.

Reported After market closeNYSEFinancial Services $13.71B market cap
100quality 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

event-close to next-session close
Stock move +5.0% Event window
SPY move -0.5% Same window
Abnormal move +5.5% Stock minus SPY
Volume 2.8× Versus trailing sessions
Subsequent drift -0.9% Up to 20 sessions
RNRSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, management’s FY2025 discussion highlighted record fee income, the contribution from a gold hedge and Bermuda tax credits, and a mid-single-digit expected decline in 2026 premiums despite low-teen Property CAT rate declines. The supplied scorecard shows EPS above consensus and revenue below consensus; those are separate reported-versus-estimated measures.

Guidance delta

Guidance sentiment was maintained. Management’s supplied analysis expects 2026 premiums to decline mid-single digits while describing rate adequacy as solid; it also plans to hold Property CAT net risk roughly flat.

Key takeaways

  • The supplied call analysis reports $1.9 billion of operating income and 18% ROE for 2025.
  • Management described underwriting, Capital Partners fee income and investment returns as the three profit drivers; fee income reached record levels.
  • The supplied scorecard shows actual EPS of $13.34 versus $10.42 estimated, while revenue was $1.599 billion versus $2.030 billion estimated.
  • Management cited low-teen Property CAT rate declines and expects mid-single-digit premium declines in 2026.

Management priorities

  • Continue executing the three-driver profit strategy.
  • Maintain Property CAT net risk roughly flat while monitoring capacity and pricing.
  • Upgrade the REMS underwriting platform with AI and client-centric architecture.
  • Repurchase shares when management considers valuations attractive.

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Earnings History

Estimate Beat Miss Match
RNR REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $3B Q2 '24 actual $3B, miss Q3 '24 estimate $3B Q3 '24 actual $4B, beat Q2 '25 estimate $2B Q2 '25 actual $3B, beat Q3 '25 estimate $2B Q3 '25 actual $3B, beat Q4 '25 estimate $2B Q4 '25 actual $2B, miss Q1 '26 estimate $3B Q1 '26 actual $3B, miss Q2 '26 estimate $3B Q2 '26 actual $2B, miss Q3 '26 estimate $2B Q3 '26 actual $2B, miss Q4 '26 estimate $1B Q1 '27 estimate $3B Q2 '27 estimate $2B Q3 '27 estimate $2B
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Analyst Consensus ?

ConsensusHold28 ratings
Bullish828.6%
Neutral1864.3%
Bearish27.1%

Analyst 52W Price Targets

$339.32Current
$256Low
$315.68Average
$391High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Citigroup Buy BuyMaintainOct 29, 2026
Wells Fargo Equal Weight Equal WeightMaintainOct 12, 2026
TD Cowen Hold HoldMaintainOct 12, 2026
JP Morgan Neutral NeutralMaintainOct 9, 2026
Keefe, Bruyette & Woods Market Perform Market PerformMaintainJul 28, 2026
Show 23 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $339.32. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$319$331.38 -6.0%Oct 12, 2026
RBC CapitalRowland Mayor$365$326.29 +7.6%Sep 22, 2026
UBSAnalyst unavailable$350$328.98 +3.1%Jul 27, 2026
UBSAnalyst unavailable$349$328.39 +2.9%Jul 27, 2026
Evercore ISIAnalyst unavailable$330$318.51 -2.7%Jul 23, 2026
See 44 more

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Company context

Snapshot as of publication

RenaissanceRe 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

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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 · 2026-11-02T03:40:44.179729+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T03:40:44.176776+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 2026-11-02. For educational purposes only; not investment advice.