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

RenaissanceRe’s underwriting remains strong as rate pressure builds

RenaissanceRe’s Q2 analysis supports a constructive operating picture: disciplined underwriting, fee and investment income, and capital management remain supportive, while casualty volatility and potential rate pressure temper the outlook.

Reported After market closeNYSEFinancial Services $13.86B market cap
100quality 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

event-close to next-session close
Stock move -0.7% Event window
SPY move -1.2% Same window
Abnormal move +0.5% Stock minus SPY
Volume 1.8× Versus trailing sessions
Subsequent drift +1.5% Up to 20 sessions
RNRSPY benchmark

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Transcript intelligence

What changed

Management emphasized continued property catastrophe limit growth, AI-enabled underwriting, retrocession and capital-partner structures, and ongoing share repurchases. The analysis also identifies a bridge-collapse loss in casualty and specialty as a one-off factor, with underlying underwriting described as in line with guidance.

Guidance delta

Maintained; management remained confident in the portfolio while noting pressure in property catastrophe rates and continued casualty and specialty uncertainty.

Key takeaways

  • Underwriting, fee income and investment income remained the principal supports to performance.
  • Property catastrophe rates were described as broadly adequate despite mid-year declines, supporting continued U.S. limit growth.
  • Capital management, including share repurchases, remains a central part of the strategy.
  • AI tools and retrocession structures are being used to improve underwriting efficiency and manage exposure.

Management priorities

  • Continue growing property catastrophe limits while monitoring rate adequacy.
  • Deploy AI tools across underwriting and operational workflows.
  • Maintain disciplined share repurchases through the wind season.
  • Prepare for the 2027 renewal cycle through client outreach and portfolio shaping.
  • Expand retrocession and capital-partner structures to preserve margin.

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Earnings History

Estimate Beat Miss Match
RNR EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $10.70 Q2 '24 actual $12.41, beat Q3 '24 estimate $7.89 Q3 '24 actual $10.23, beat Q2 '25 estimate $10.28 Q2 '25 actual $12.29, beat Q3 '25 estimate $9.97 Q3 '25 actual $15.62, 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 $10.14 Q1 '27 estimate $11.83 Q2 '27 estimate $12.16 Q3 '27 estimate $7.67
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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 1, 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
UBS Neutral NeutralMaintainJul 27, 2026
Evercore ISI Group In Line In LineMaintainJul 23, 2026
B of A Securities Buy BuyMaintainJul 23, 2026
Mizuho Neutral NeutralMaintainJul 9, 2026
Cantor Fitzgerald Overweight OverweightMaintainJul 9, 2026
Barclays Equal Weight Equal WeightMaintainJul 7, 2026
Morgan Stanley Equal Weight Equal WeightMaintainJul 6, 2026
JMP Securities Market Perform Market PerformMaintainApr 24, 2025
Jefferies Hold HoldMaintainApr 11, 2025
BMO Capital Outperform OutperformMaintainFeb 5, 2024
Goldman Sachs Buy NeutralUpgradeJan 8, 2021
Deutsche Bank Hold HoldMaintainOct 29, 2020
Buckingham Research Buy BuyMaintainJan 22, 2020
Buckingham Buy BuyMaintainJan 22, 2020
Bank of America Underperform NeutralDowngradeJan 16, 2019
Keefe Bruyette & Woods Outperform Market PerformUpgradeDec 10, 2018
Nomura Neutral ReduceUpgradeDec 7, 2015
Sterne Agee CRT Neutral NeutralMaintainSep 21, 2015
RBC Capital Sector Perform OutperformDowngradeFeb 5, 2014
Credit Suisse Underperform NeutralDowngradeOct 18, 2013
Bernstein Market Perform OutperformDowngradeJul 9, 2013
Janney Montgomery Scott Neutral BuyDowngradeOct 9, 2012
Janney Capital Neutral BuyDowngradeOct 9, 2012
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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
Evercore ISIDavid Motemaden$320$313.14 -5.7%Jul 10, 2026
Cantor FitzgeraldAnalyst unavailable$354$322.37 +4.3%Jul 9, 2026
Mizuho SecuritiesAnalyst unavailable$329$322.37 -3.0%Jul 9, 2026
UBSAnalyst unavailable$342$325.86 +0.8%Jul 8, 2026
Wolfe ResearchAnalyst unavailable$315$324.88 -7.2%Jul 7, 2026
Morgan StanleyAnalyst unavailable$320$326.29 -5.7%Jul 6, 2026
UBSAnalyst unavailable$326$301.07 -3.9%May 4, 2026
Mizuho SecuritiesYaron Kinar$325$299.3 -4.2%May 4, 2026
BarclaysAnalyst unavailable$328$310.61 -3.3%Apr 29, 2026
Mizuho SecuritiesYaron Kinar$318$306.2 -6.3%Apr 13, 2026
Evercore ISIDavid Motemaden$309$309.85 -8.9%Apr 9, 2026
Cantor FitzgeraldRyan Tunis$340$309.85 +0.2%Apr 9, 2026
UBSAnalyst unavailable$319$307.08 -6.0%Apr 8, 2026
UBSBrian Meredith$312$295.26 -8.1%Feb 9, 2026
Morgan StanleyAnalyst unavailable$310$303.55 -8.6%Feb 6, 2026
Mizuho SecuritiesYaron Kinar$313$305.29 -7.8%Feb 6, 2026
Cantor FitzgeraldAnalyst unavailable$282$276.12 -16.9%Jan 14, 2026
Mizuho SecuritiesYaron Kinar$277$270.1 -18.4%Jan 14, 2026
Wells FargoAnalyst unavailable$281$274.72 -17.2%Jan 13, 2026
BarclaysAnalyst unavailable$304$274.07 -10.4%Jan 8, 2026
Goldman SachsAnalyst unavailable$267$274.07 -21.3%Jan 7, 2026
Evercore ISIDavid Motemaden$283$272.64 -16.6%Jan 7, 2026
Morgan StanleyAnalyst unavailable$300$271.54 -11.6%Dec 16, 2025
Mizuho SecuritiesAnalyst unavailable$281$271.54 -17.2%Dec 15, 2025
BMO CapitalMichael Zaremski$303$266.96 -10.7%Dec 5, 2025
Morgan StanleyBob Huang$290$265.6 -14.5%Nov 17, 2025
Wells FargoAnalyst unavailable$285$247.56 -16.0%Oct 30, 2025
Goldman SachsRobert Cox$256$262.03 -24.6%Oct 14, 2025
UBSAnalyst unavailable$272$267.03 -19.8%Oct 8, 2025
BarclaysAnalyst unavailable$278$267.03 -18.1%Oct 8, 2025
Evercore ISIAnalyst unavailable$244$253.93 -28.1%Oct 1, 2025
Wells FargoElyse Greenspan$269$238.44 -20.7%Jul 10, 2025
Morgan StanleyBob Huang$285$248.1 -16.0%May 19, 2025
Wells FargoElyse Greenspan$288$253.84 -15.1%Jan 14, 2025
Bank of America SecuritiesJoshua Shanker$391$273.82 +15.2%Oct 10, 2024
Evercore ISIDavid Motemaden$229$261.47 -32.5%Oct 9, 2024
CFRACathy Seifert$305$264.55 -10.1%Sep 23, 2024
BarclaysAlex Scott$287$259.04 -15.4%Sep 4, 2024
JefferiesYaron Kinar$270$226.94 -20.4%Jul 29, 2024
Morgan StanleyBob Huang$240$217.28 -29.3%Jul 10, 2024
Wells FargoAnalyst unavailable$245$209.53 -27.8%Feb 2, 2023
Wells FargoAnalyst unavailable$200$187.37 -41.1%Nov 29, 2022
Morgan StanleyAnalyst unavailable$195$183.69 -42.5%Nov 22, 2022
JefferiesYaron Kinar$162$150.66 -52.3%Jul 12, 2022
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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 · 2026-07-23T20:05:35.350679+00:00
  2. FN2 earnings calendar · 2026-08-27T01:23:13.912278+00:00
  3. Polygon adjusted daily market bars · 2026-10-31T20:50:40.431955+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T20:50:40.429083+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 2026-10-31. For educational purposes only; not investment advice.