RenaissanceRe 2Q26 Wrap: Stronger Near-Term Results, Competition to Hurt Medium Term Growth and Margins; Neutral

研报英文原文证据摘录

RenaissanceRe 2Q26 Wrap: Stronger Near-Term Results, Competition to Hurt Medium Term Growth and Margins; Neutral

Pablo S. Singzon AC North America Equity Research

(1-212) 622-2295 28 July 2026 J P M O R G A N

pablo.s.singzon@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We are Neutral. RNR operates leading property catastrophe

reinsurance and third-party capital businesses, and more

recently, diversified into casualty/specialty insurance,

strengthening its position in a structurally competitive

reinsurance market. Like other P&C underwriters, and

especially the reinsurers, RNR benefited from the most recent

hard market cycle, but is now facing a period of softening prices

(particularly in property reinsurance). Term/conditions remain

largely stable, implying that margins, ROEs, and earnings

YTD 1m 3m 12m should stay healthy as growth slows. However, our view is this

Abs 17.0% 2.9% 5.8% 33.0% period of excess returns for RNR is temporary and not structural,

Rel -1.8% 5.0% 0.0% 2.4%

reflecting the cyclical and competitive nature of the reinsurance

Company Data market, which has over time attracted more providers of

Shares O/S (mn) 42 capacity, including third-party capital.

52-week range ($) 331.45-231.17

Market cap ($ mn) 13,750.50

Exchange rate 1.00 Performance Drivers

Free float (%) 97.6%

3M ADV (mn) 0.38

3M ADV ($ mn) 115.7

Volatility (90 Day) 25

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 6|12|1

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

NEP (Premium) 9,901 8,600 8,109 8,166

Underwriting income 1,270 1,340 985 962

Net investment income 1,703 1,734 1,830 1,923

Operating income 2,974 3,075 2,815 2,885

Adj. PBT 4,014 2,624 2,669 2,748

Adj. net income 1,816 1,630 1,377 1,396

Adj.