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what it is
RenaissanceRe sells insurance to insurers, then collects when disasters are rarer or less costly than feared.
how it gets paid
Last year Renaissancere made $12.8B in revenue. Property reinsurance was the main engine at $4.9B, or 38% of sales.
why it's growing
Revenue grew 9.9% last year. The company said year-to-date operating income was nearly $1.3 billion through the September period.
what just happened
Latest quarter: about $9.9B revenue and very high quarter EPS (~$39)— full-year 2025 EPS on this page was about $35.35, a different period.
At a glance
A balance sheet — strong enough to weather a downturn
15/100 earnings predictability — expect surprises
8.0x trailing p/e — the market's not buying it — or you found a deal
0.6% dividend yield — cash in your pocket every quarter
14.7% return on capital — nothing to write home about
xvary composite: 72/100 — average
What they do
RenaissanceRe sells insurance to insurers, then collects when disasters are rarer or less costly than feared.
This business wins because scale matters when you insure the scary stuff. RenaissanceRe produced a 14.7% return on capital in a business where bad pricing gets you buried, and it did that with just 945 employees. Reinsurance (insurance for insurance companies) → taking huge risks for other insurers → so what: buyers want balance-sheet muscle, and an A balance sheet gives your counterparties fewer reasons to flinch.
How they make money
$12.8B
annual revenue · their business grew +9.9% last year
Property reinsurance
$4.9B
+9.9%
Casualty reinsurance
$4.1B
+9.9%
Specialty reinsurance
$3.8B
+9.9%
The products that matter
catastrophe risk transfer
Property Reinsurance
$4.9B · ~38% of revenue (bridge)
Matches the revenue table: property is the storm-exposed engine. One bad season can dominate the narrative.
storm-sensitive
diversified underwriting lines
Casualty & specialty
$4.1B + $3.8B · ~62% combined
Casualty and specialty lines from the bridge add diversification versus pure property cat risk.
mix stabilizer
Key numbers
8.0x
trailing p/e
P/E (price-to-earnings) → what investors pay for each dollar of profit → so what: ~8x is modest vs insurers— match the denominator to full-year EPS (~$35.35 here), not a single huge quarter.
$12.8B
ttm revenue
That is the scale. Bigger balance sheets matter in reinsurance because clients want claims paid when the world is on fire.
14.7%
return on capital
Return on capital → profit from the money used in the business → so what: this is a real operator, not just a premium collector.
0.6%
dividend yield
The dividend is tiny. You own this for underwriting and capital allocation, not for mailbox money.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $2.2B (15% of capital)
- return on equity 13% — $0.13 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in RNR 3 years ago → it's now worth $15,550.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Latest quarter: ~$9.9B revenue and ~$39.46 quarter EPS— compare to ~$35.35 full-year 2025 EPS below.
Year-to-date operating income was nearly $1.3B through September in commentary here; full-year 2025 EPS ~$35.35. Any huge “surprise %” depends on which consensus line and which period— always match quarter vs FY.
$9.9B
quarter revenue
~$39.46
quarter EPS
~$35.35
FY 2025 EPS
the number that mattered
Separating quarter cat luck (~$39 EPS) from full-year earn-out (~$35 EPS) matters— reinsurance screens jump when loss seasons flip.
-
renaissancere probably closed out 2025 with healthy fourth-quarter results.the company turned in a decent performance in the third quarter of 2025, providing a solid foundation to build on.
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the bermuda-based company reported operating income of $734 million for the september period, with an operating return on average common equity of 28%.
-
yearto-date, renaissancere posted nearly $1.3 billion in operating income.
-
top-line growth ought to continue this year, thanks in part to an expanding portfolio.renaissancere plans to grow its portfolio by continuing to focus on strategic opportunities in the property catastrophe, other property, and casualty and specialty segments. the company has already demonstrated its ability to expand in attractive markets, increasing its property catastrophe portfolio over the past few years, and it expects demand for property catastrophe reinsurance to grow further in 2026. the company’s approach to portfolio growth is centered on disciplined underwriting and prioritizing margin over sheer volume.
-
demand for property catastrophe reinsurance will likely rise this year.
source: company earnings report, 2026
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What could go wrong
your primary risk is atlantic hurricane and catastrophe loss exposure. RenaissanceRe gets paid to take ugly risks off other insurers' books. Sometimes those risks stay theoretical. Sometimes they make landfall.
high
catastrophe loss sensitivity
Property reinsurance is $6.1B of premiums, or 47.5% of the reported mix. A bad hurricane or wildfire season can turn a cheap-looking earnings multiple into a mirage fast.
nearly half the premium base is directly tied to the most volatile part of the book
med
reinsurance rate softening
The recent hard market helped drive $2.6B in net income and a 19.7% return on equity. If pricing softens while catastrophe exposure stays high, the earnings power behind that 8.0x p/e falls with it.
lower pricing would pressure the returns that make the stock look inexpensive
low
investment portfolio volatility
The company holds $31.4B in total cash and investments. That's a support beam for the business, but it also means rates and market moves can affect reported results even when underwriting is fine.
a large asset base can amplify mark-to-market noise in quarterly numbers
Property risk is 47.5% of the reported premium mix, so the biggest threat is simple: one active catastrophe season can hit nearly half the book at once.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q1 2026 earnings report
Expected april 22, 2026. Consensus EPS is $10.90 on $2.80B revenue. The number behind the number is management's commentary on catastrophe pricing and claims.
seasonal risk
2026 atlantic hurricane season
Peak activity runs august through october. For this stock, the weather is not background noise. It is part of the earnings model.
pricing
property reinsurance demand vs. discipline
Management expects demand for property catastrophe reinsurance to rise in 2026. Watch whether that translates into better pricing, or just more volume on the same risk.
mix
casualty & specialty staying larger than property
Casualty & specialty is $6.8B versus $6.1B for property. You want that balance to hold because diversification is doing real work here.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not expect smooth quarters here. Catastrophe claims make earnings lumpy by nature.
balance sheet grade
A
The balance sheet is strong. That's the difference between a volatile insurer and a fragile one.
source: institutional data
Institutional activity
239 buyers vs. 214 sellers in 3q2025. total institutional holdings: 43.8M shares.
source: institutional data
Price targets
3-5 year target range
$229
$392
$284
current price
$311
target midpoint · +10% from current · 3-5yr high: $575 (+105% · 20% ann'l return)
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The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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