Bermuda's RenaissanceRe Q1 operating income rebounds on underwriting improvement

RenaissanceRe Holdings

28/04/2026 21:31

Overview

Bermuda reinsurance provider's Q1 operating income rose sharply, driven by improved underwriting

Gross premiums written fell 16% yr/yr due to lower catastrophe premiums

Company repurchased $352.5 mln of common shares in Q1 2026

Outlook

Company did not provide specific guidance for future quarters or the full year in its press release

Result Drivers

UNDERWRITING IMPROVEMENT - Co said lower catastrophe losses and favorable prior accident year development led to a sharp drop in combined ratio and strong underwriting income

FEE INCOME GROWTH - Performance fee income rose sharply, supported by strong current year underwriting results and recognition of deferred performance fees in DaVinci

INVESTMENT PORTFOLIO ACTIONS - Co said net investment income increased due to higher average invested assets and portfolio reallocation, including increased allocations to investment-grade credit and extended duration

Company press release: ID:nBw2736f8a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Gross Premiums
$3.48 bln
Q1 Combined Ratio
73.00%
Q1 Fee Income
$94.10 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the reinsurance peer group is "buy."

Wall Street's median 12-month price target for Renaissancere Holdings Ltd is $317.50, about 2.1% above its April 27 closing price of $310.99

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)