Renaissancere Holdings Stock Earnings Reports

RenaissanceRe reported a very strong Q3 2025: operating income of $734 million, operating ROAE of 28% for the quarter (17% year-to-date), and record operating EPS of $15.62. Tangible book value per share plus change in accumulated dividends rose ~10% in the quarter and ~22% year-to-date. The company’s performance is driven by three stable profit pillars: disciplined underwriting (notably a large, high‑margin property catastrophe portfolio), growing capital partner fees (now ~ $300M annualized), and materially higher retained investment income (retained NII up from $392M in 2022 to ~ $1.2B trailing 4 quarters). Management grew property CAT capacity materially since 2022, preserved underwriting margins (avg ~50% combined ratio in property CAT since 2023), and returned significant capital to shareholders (~$1B repurchased YTD). Looking to 2026, RenaissanceRe expects some rate pressure (management cites ~10% baseline decline in property CAT pricing at Jan 1), continued competition but still attractive rate adequacy, and a deliberate focus on margin over top-line growth. Casualty remains carefully managed (selective pullbacks in U.S. general liability) until sustained improvement in claims trends is evident. Investment positioning (including derivatives and a strategic gold allocation) and fee‑generating third‑party capital are described as durable contributors to earnings stability. Capital management remains active: management expects continued buybacks given excess capital and attractive share value, while deploying capital selectively into profitable property CAT opportunities.