- "Reinsurance pricing has been decidedly poor for two mid-year renewal cycles as well as one Jan. 1 renewal," says analyst Joshua Shanker. cutting RenaissanceRe Holdings (NYSE:RNR) to a Hold. "We believe the contributors to this weak pricing cycle are more likely permanent than transitory."
- He notes the reinsurers reported misses nearly across the board in Q2, with RNR missing by the widest margin. That RNR is most exposed to poor pricing in property-catastrophe lines isn't new news, but what's changed is valuation.
- Following post-Q2 earnings revisions, RNR now trades at 75% of the S&P 500's multiple, the highest-ever relative valuation for the stock.
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