First Take 2Q26 Earnings: Strong Property Carried The Day

研报英文原文证据摘录

First Take 2Q26 Earnings: Strong Property Carried The Day

Update

July 22, 2026 09:09 PM GMT

Morgan Stanley & Co. LLCMRenaissanceRe Holdings Ltd. | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comSiddhant Shah +1 212 761-6136

Research Associate

Sid.Shah@morganstanley.com +1 212 761-2603

Strong Property Carried The Daniel Lee, ACAS

Daniel.Lee4@morganstanley.com +1 212 761-0219

Day

RenaissanceRe Holdings Ltd. (RNR.N, RNR US)

Insurance - Property & Casualty | Bermuda

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged In-line Largely unchanged Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target $320.00

consensus EPS Shr price, close (Jul 22, 2026) $319.69

Mkt cap, curr (mm) $13,801

Source: Company data, Morgan Stanley Research 52-Week Range $328.36-231.40

Favorable conditions could support Total Property for some time. RenRe

delivered another strong quarter on Total Property strength. While Catastrophe

growth remains challenging, Other Property posted solid premium growth on prior-

year downward premium adjustments, creating an easier YoY compare. On Casualty

& Specialty (C&S), the combined ratio again topped 100% due to PYD re-allocation

tied to the Baltimore Bridge incident. The accident year combined ratio is now below

100%, which we view as an incremental improvement. Over time, a key investment

thesis is how the segment can improve earnings power and help RenRe diversify

operations. Results were strong but directionally expected. With the market focused

on growth and not crediting excessive profit, capital management will be key.

Property underwriting across the industry should remain favorable and durable;