RenaissanceRe Holdings Ltd. (RNR) - NYSE
  • Apr. 20, 2015, 9:49 AM
    • "While property-cat rates have declined sharply (down as much as 40%) in the past two years, risk of loss has also declined materially as the appetite for diversifying exposures among third-party entities has provided cheap retrocession and new capacity to lower overall risk," says analyst Joshua Shanker, upgrading RenaissanceRe (RNR +1.5%) to Buy with $116 price target from Hold and $107.
    • The risk of negative ROE is "increasingly remote," says Shanker, expecting RenRe to earn its cost of equity capital (8-9%) in a catastrophe "normal" year. "We had hesitated recommending RenRe due to a premium valuation, but that premium no longer exists."
    | Apr. 20, 2015, 9:49 AM
  • Jan. 26, 2015, 12:25 PM
    • Lack of scale has never been the problem at Axis Capital (AXS +5.4%), say Citigroup's Todd Bault and James Kaklick. The current issue is low demand, they say, and a merger with PartnerRe (PRE +1%) won't solve that.
    • Noting the merger is being done at "no premium" (presumably to book value), the two say this deal and others in the industry are acts of necessity, rather than strategic opportunities. "The pressure to cut even  more costs will be enormous given the lack of significant deal premiums."
    • The team reiterates its Sell rating and $46 price target on Axis.
    • More on the terms: PartnerRe owners will receive 2.18 shares in the combined company for each share they own, and Axis shares will convert on a one-to-one basis.
    • A check of others in the industry: ACE Limited (ACE +0.1%), XL Group (XL +0.4%), Everest Re (RE +0.7%), RenaissanceRe (RNR +0.9%), Aspen Insurance (AHL +0.9%), Arch Capital (ACGL +0.2%), Reinsurance Group of America (RGA -0.6%), Montpelier Re (MRH +0.3%), Unum Group (UNM +0.1%).
    • Previously: Axis Capital to merge with PartnerRe (Jan. 26)
    | Jan. 26, 2015, 12:25 PM | 2 Comments
  • Nov. 24, 2014, 7:37 AM
    • The stock and cash deal currently works out to $76 per share for Platinum Underwriters (NYSE:PTP), a 24% premium to Friday's close. It's also 1.1x September 30 book value of $68.34.
    • Platinum owners will receive $10 per share in cash as a special pre-closing dividend, and may then elect to receive another $66 per share in cash or 0.6504 RenaissanceRe (NYSE:RNR) shares, or a combination of the two. The deal is expected to close in 2015 H1.
    • A conference call is set for 9 ET.
    • PTP +18.3% to $72.50 permarket
    | Nov. 24, 2014, 7:37 AM
  • Jul. 31, 2014, 11:47 AM
    | Jul. 31, 2014, 11:47 AM
  • Apr. 30, 2014, 10:42 AM
    • AXIS Capital (AXS -3.8%) is the outlier to the downside in reinsurance after Q1 operating income of $137M or $1.24 per share fell from $227M and $1.92 a year ago, and missed expectations by a wide amount. Book value per share of $47.13 rose 3% during the quarter, up 6% Y/Y.
    • Gross premiums written of $1.8B gained 4%, with insurance up 1%, reinsurance up 6%. Net premiums written up 6% to $1.7B. Net premiums earned up 8% to $946M. Combined ratio deteriorates to 91.9% from 83.0%. Accident year loss ratio of 62.1% vs. 56.4%.
    • Net investment income of $83M falls from $109M, driven by changes in the fair market value of alternative investments.
    • $179M of share repurchases during quarter.
    • Previously: Axis Capital Holdings Limited misses by $0.08, misses on revenue
    • Others reporters in the sector: ACE Limited (ACE -0.5%), RenaissanceRe (RNR -0.9%)
    | Apr. 30, 2014, 10:42 AM
  • Dec. 30, 2013, 2:26 PM
    • RenaissanceRe Holdings (RNR +4.2%) will replace Lender Processing Services in the S&P 400 Midcap Index after the close of trade on January 2. LPS is being acquired by Fidelity National Financial.
    | Dec. 30, 2013, 2:26 PM
  • May 3, 2013, 6:18 PM
    After-hours top gainers, as of 5:30 p.m.: ABFS +16.0%. RNR +3.75%. MSG +3.3%. NCT +3.1%. INCY +3.0%.
    After-hours top losers: STM -9%. GRMN -3.6%. BRCD -2.7%. H -2.6%. CPWR -2.1%.
    | May 3, 2013, 6:18 PM
Company Description
RenaissanceRe Holdings Ltd. provides reinsurance and insurance services to cover the risk of natural and man-made catastrophes. It operates in three segments: Catastrophe Reinsurance, Specialty Reinsurance and Lloyd's. The Catastrophe Reinsurance segment includes catastrophe reinsurance and... More
Sector: Financial
Industry: Property & Casualty Insurance
Country: United States