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RNR

RenaissanceRe Holdings NYSE:RNR Stock Report

Last Price

US$140.39

Market Cap

US$6.1b

7D

1.9%

1Y

0.6%

Updated

02 Oct, 2022

Data

Company Financials +
RNR fundamental analysis
Snowflake Score
Valuation4/6
Future Growth4/6
Past Performance0/6
Financial Health5/6
Dividends3/6

RNR Stock Overview

RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally.

RenaissanceRe Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for RenaissanceRe Holdings
Historical stock prices
Current Share PriceUS$140.39
52 Week HighUS$174.55
52 Week LowUS$124.18
Beta0.38
1 Month Change1.90%
3 Month Change-10.62%
1 Year Change0.60%
3 Year Change-27.70%
5 Year Change1.94%
Change since IPO1,858.93%

Recent News & Updates

Aug 02

RenaissanceRe declares $0.37 dividend; renews stock buyback plan

RenaissanceRe (NYSE:RNR) declares $0.37/share quarterly dividend, in line with previous. Forward yield 1.19% Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 14. See RNR Dividend Scorecard, Yield Chart, & Dividend Growth. In addition, the Board of Directors approved a renewal of RenaissanceRe's authorized share repurchase program, bringing the total current authorization up to $500M, which includes the remaining amounts under prior authorizations. The program will expire when the Company has repurchased the full value of the shares authorized, unless terminated earlier by the Board of Directors.

Jul 24

RenaissanceRe Q2 2022 Earnings Preview

RenaissanceRe (NYSE:RNR) is scheduled to announce Q2 earnings results on Monday, July 25th, after market close. The consensus EPS Estimate is $5.10 (-9.6% Y/Y) and the consensus Revenue Estimate is $1.73B (+16.9% Y/Y). Over the last 2 years, RNR has beaten EPS estimates 38% of the time and has beaten revenue estimates 63% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 5 downward. Revenue estimates have seen 1 upward revision and 1 downward.

Shareholder Returns

RNRUS InsuranceUS Market
7D1.9%-1.1%-2.5%
1Y0.6%-3.8%-23.2%

Return vs Industry: RNR exceeded the US Insurance industry which returned -3.8% over the past year.

Return vs Market: RNR exceeded the US Market which returned -23.2% over the past year.

Price Volatility

Is RNR's price volatile compared to industry and market?
RNR volatility
RNR Average Weekly Movement4.6%
Insurance Industry Average Movement4.5%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: RNR is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: RNR's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1993649Kevin O'Donnellhttps://www.renre.com

RenaissanceRe Holdings Ltd. 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 and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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. multi-line reinsurance.

RenaissanceRe Holdings Fundamentals Summary

How do RenaissanceRe Holdings's earnings and revenue compare to its market cap?
RNR fundamental statistics
Market CapUS$6.14b
Earnings (TTM)-US$958.00m
Revenue (TTM)US$4.77b

1.3x

P/S Ratio

-6.4x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
RNR income statement (TTM)
RevenueUS$4.77b
Cost of RevenueUS$5.44b
Gross Profit-US$664.80m
Other ExpensesUS$293.20m
Earnings-US$958.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-21.92
Gross Margin-13.93%
Net Profit Margin-20.08%
Debt/Equity Ratio11.6%

How did RNR perform over the long term?

See historical performance and comparison

Dividends

1.1%

Current Dividend Yield

-7%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is RNR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for RNR?

Other financial metrics that can be useful for relative valuation.

RNR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.3x
Enterprise Value/EBITDA-11.9x
PEG Ration/a

Price to Book Ratio vs Peers

How does RNR's PB Ratio compare to its peers?

RNR PB Ratio vs Peers
The above table shows the PB ratio for RNR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average1.4x
RGA Reinsurance Group of America
1.4x20.0%US$8.4b
RE Everest Re Group
1.2x34.7%US$10.3b
Y Alleghany
1.4x50.2%US$11.3b
BAMR Brookfield Asset Management Reinsurance Partners
1.4xn/aUS$1.9b
RNR RenaissanceRe Holdings
1.2x96.3%US$6.1b

Price-To-Book vs Peers: RNR is good value based on its Price-To-Book Ratio (1.2x) compared to the peer average (1.4x).


Price to Earnings Ratio vs Industry

How does RNR's PE Ratio compare vs other companies in the US Insurance Industry?

Price-To-Book vs Industry: RNR is expensive based on its Price-To-Book Ratio (1.2x) compared to the US Insurance industry average (1x)


Price to Book Ratio vs Fair Ratio

What is RNR's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

RNR PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1.2x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate RNR's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of RNR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: RNR ($140.39) is trading below our estimate of fair value ($433.47)

Significantly Below Fair Value: RNR is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is RenaissanceRe Holdings forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


96.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: RNR is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: RNR is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: RNR is expected to become profitable in the next 3 years.

Revenue vs Market: RNR's revenue (12.3% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: RNR's revenue (12.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: RNR's Return on Equity is forecast to be low in 3 years time (16.3%).


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Past Performance

How has RenaissanceRe Holdings performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-5.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: RNR is currently unprofitable.

Growing Profit Margin: RNR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: RNR is unprofitable, and losses have increased over the past 5 years at a rate of 5.4% per year.

Accelerating Growth: Unable to compare RNR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: RNR is unprofitable, making it difficult to compare its past year earnings growth to the Insurance industry (-22.8%).


Return on Equity

High ROE: RNR has a negative Return on Equity (-10.06%), as it is currently unprofitable.


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Financial Health

How is RenaissanceRe Holdings's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: RNR's short term assets ($31.0B) exceed its short term liabilities ($23.5B).

Long Term Liabilities: RNR's short term assets ($31.0B) exceed its long term liabilities ($1.4B).


Debt to Equity History and Analysis

Debt Level: RNR has more cash than its total debt.

Reducing Debt: RNR's debt to equity ratio has reduced from 16% to 11.6% over the past 5 years.

Debt Coverage: RNR's debt is well covered by operating cash flow (99.6%).

Interest Coverage: Insufficient data to determine if RNR's interest payments on its debt are well covered by EBIT.


Balance Sheet


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Dividend

What is RenaissanceRe Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.05%

Current Dividend Yield

Dividend Yield vs Market

RenaissanceRe Holdings Dividend Yield vs Market
How does RenaissanceRe Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (RenaissanceRe Holdings)1.1%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Insurance)2.5%
Analyst forecast in 3 Years (RenaissanceRe Holdings)1.1%

Notable Dividend: RNR's dividend (1.05%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: RNR's dividend (1.05%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: RNR's dividends per share have been stable in the past 10 years.

Growing Dividend: RNR's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: RNR is paying a dividend but the company is unprofitable.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (5.5%), RNR's dividend payments are thoroughly covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.2yrs

Average management tenure


CEO

Kevin O'Donnell (55 yo)

9.25yrs

Tenure

US$8,868,902

Compensation

Mr. Kevin Joseph O’Donnell has been the Chief Executive Officer and President at RenaissanceRe Holdings Ltd. and Renaissance Reinsurance U.S. Inc. since July 1, 2013 and November 13, 2012 respectively.Mr....


CEO Compensation Analysis

Kevin O'Donnell's Compensation vs RenaissanceRe Holdings Earnings
How has Kevin O'Donnell's remuneration changed compared to RenaissanceRe Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$958m

Mar 31 2022n/an/a

-US$178m

Dec 31 2021US$9mUS$1m

-US$74m

Sep 30 2021n/an/a

-US$99m

Jun 30 2021n/an/a

US$399m

Mar 31 2021n/an/a

US$516m

Dec 31 2020US$10mUS$1m

US$723m

Sep 30 2020n/an/a

US$568m

Jun 30 2020n/an/a

US$557m

Mar 31 2020n/an/a

US$352m

Dec 31 2019US$11mUS$1m

US$703m

Sep 30 2019n/an/a

US$587m

Jun 30 2019n/an/a

US$583m

Mar 31 2019n/an/a

US$410m

Dec 31 2018US$11mUS$1m

US$195m

Sep 30 2018n/an/a

US$275m

Jun 30 2018n/an/a

-US$263m

Mar 31 2018n/an/a

-US$281m

Dec 31 2017US$8mUS$1m

-US$245m

Sep 30 2017n/an/a

-US$173m

Jun 30 2017n/an/a

US$477m

Mar 31 2017n/an/a

US$440m

Dec 31 2016US$8mUS$1m

US$475m

Sep 30 2016n/an/a

US$497m

Jun 30 2016n/an/a

US$427m

Mar 31 2016n/an/a

US$365m

Dec 31 2015US$8mUS$975k

US$404m

Compensation vs Market: Kevin's total compensation ($USD8.87M) is about average for companies of similar size in the US market ($USD8.66M).

Compensation vs Earnings: Kevin's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: RNR's management team is seasoned and experienced (6.2 years average tenure).


Board Members

Experienced Board: RNR's board of directors are considered experienced (9.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: RNR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:RNR Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
10 Aug 22BuyUS$979,650Brian G. GrayIndividual7,500US$130.62
20 May 22SellUS$89,047David BushnellIndividual600US$148.41
05 Nov 21SellUS$201,136Henry KlehmIndividual1,300US$154.72
29 Oct 21BuyUS$2,162,150Kevin O'DonnellIndividual15,000US$145.78
29 Oct 21BuyUS$217,776James FraserIndividual1,500US$145.86
29 Oct 21BuyUS$994,588Ross CurtisIndividual6,900US$145.78
29 Oct 21BuyUS$495,113Ian BranaganIndividual3,440US$145.54
29 Oct 21BuyUS$490,087Robert QutubIndividual3,400US$145.78

Ownership Breakdown

What is the ownership structure of RNR?
Owner TypeNumber of SharesOwnership Percentage
State or Government19,4610.04%
Individual Insiders658,3681.5%
Institutions43,053,44398.5%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 75.83% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
10.31%
The Vanguard Group, Inc.
4,506,610$632.7m1.33%0.02%
9.13%
BlackRock, Inc.
3,990,937$560.3m2.97%0.01%
7.63%
T. Rowe Price Group, Inc.
3,335,157$468.2m6.62%0.06%
5.88%
Capital Research and Management Company
2,571,078$361.0m-0.04%0.03%
5.55%
State Street Global Advisors, Inc.
2,426,536$340.7m6.18%0.02%
5.49%
State Farm Insurance Companies, Asset Management Arm
2,399,303$336.8m0%0.4%
3.81%
Fidelity International Ltd
1,664,014$233.6m37.14%0.13%
2.31%
Gladstone Capital Management L.L.P.
1,008,512$141.6m1.75%14.75%
2.2%
J.P. Morgan Asset Management, Inc.
960,599$134.9m0.47%0.03%
2.05%
BNY Mellon Asset Management
894,458$125.6m-2.85%0.03%
1.93%
Polar Capital Holdings plc
842,528$118.3m0%0.67%
1.92%
Phaeacian Partners LLC
839,281$117.8m0%7.4%
1.78%
Cooke & Bieler, L.P.
779,422$109.4m-3.87%1.18%
1.69%
TimesSquare Capital Management, LLC
737,200$103.5m-16.53%1.33%
1.65%
Boston Partners Global Investors, Inc.
720,509$101.2m-2.52%0.09%
1.62%
Southeastern Asset Management, Inc.
706,546$99.2m-24.78%1.85%
1.41%
ARGA Investment Management, LLC
617,445$86.7m4.57%4.3%
1.35%
FMR LLC
590,845$82.9m-0.26%0.01%
1.34%
Dimensional Fund Advisors LP
587,285$82.4m-13.56%0.02%
1.28%
Geode Capital Management, LLC
561,597$78.8m-1.34%0.01%
1.23%
Jennison Associates LLC
539,001$75.7m25.35%0.07%
1.14%
Northern Trust Global Investments
500,286$70.2m-1.48%0.02%
1.08%
The Plymouth Rock Company Incorporated, Asset Management Arm
472,251$66.3m-1.31%4.87%
1.05%
Great Lakes Advisors, LLC
459,627$64.5m-1.32%1.39%
0.99%
Norges Bank Investment Management
430,713$60.5m0%0.01%

Company Information

RenaissanceRe Holdings Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: RenaissanceRe Holdings Ltd.
  • Ticker: RNR
  • Exchange: NYSE
  • Founded: 1993
  • Industry: Reinsurance
  • Sector: Insurance
  • Implied Market Cap: US$6.136b
  • Shares outstanding: 43.71m
  • Website: https://www.renre.com

Number of Employees


Location

  • RenaissanceRe Holdings Ltd.
  • Renaissance House
  • 12 Crow Lane
  • Pembroke
  • HM 19
  • Bermuda


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
RNRNYSE (New York Stock Exchange)YesCommon SharesUSUSDJul 1995
RRJDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 1995
RNR.PRFNYSE (New York Stock Exchange)DPSHS RP PFD FUSUSDJun 2018
RNR.PRGNYSE (New York Stock Exchange)4.20% DEP PFD GUSUSDJul 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.