RenaissanceRe Holdings Ltd. (RNR) Earnings
RenaissanceRe Holdings Ltd. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $11.70. RNR has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +31.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $11.07 | $13.75 | +24.2% | $2.7B | -5.8% |
| Feb 3, 2026 | $10.59 | $13.34 | +26.0% | $2.9B | +75.4% |
| Oct 28, 2025 | $9.97 | $15.62 | +56.7% | $3.2B | +36.6% |
| Jul 23, 2025 | $10.28 | $12.29 | +19.6% | $3.2B | +55.9% |
| Apr 23, 2025 | $-1.17 | $-1.49 | -27.4% | $3.5B | +10.2% |
| Jan 28, 2025 | $6.94 | $8.06 | +16.1% | $2.3B | -15.1% |
| Jul 24, 2024 | $10.70 | $12.41 | +16.0% | $2.8B | -3.1% |
| Apr 30, 2024 | $9.48 | $12.18 | +28.5% | $2.6B | -15.2% |
| Jan 30, 2024 | $8.13 | $11.77 | +44.8% | $3.2B | +63.0% |
| Nov 1, 2023 | $6.54 | $8.33 | +27.4% | $1.8B | -4.8% |
| Jul 25, 2023 | $7.47 | $8.79 | +17.7% | $1.8B | +5.2% |
| May 2, 2023 | $7.34 | $8.16 | +11.2% | $2.2B | +18.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Geopolitical risk elevated, but company's business anti-correlated. Operating income strong with underwriting, fee, and investment income contributing. - Underwriting: Strong underwriting income, Property Cat top line flat excluding reinstatement premiums, rates adequate, Casualty and Specialty adjusted combined ratio 99.4%, limited exposure to Middle East war. - Fee income: Total fee income $94 million, performance fees main driver, Capital Partners important for diversified earnings. - Investment: Net investment income robust, adjusted portfolio by reducing gold position, increasing exposure to investment-grade corporate credit, extending duration, and having exposure to private credit.
Guidance
- Expect Other Property net premiums earned around $350 million and attritional loss ratio in mid-50s in second quarter. - Expect Casualty and Specialty net premiums earned approximately $1.3 billion and adjusted combined ratio in high 90s in second quarter. - Expect management fees around $50 million in second quarter, performance fees around $120 million for the year absent large loss events or favorable development. - Expect retained net investment income to trend slightly up in second quarter.
Segment performance
For the first quarter of 2026, operating income was $591 million, operating return on equity was 22% annualized, and operating earnings per share was $13.75. Tangible book value per share increased by 1.5% to $233.49. Underwriting income was $589 million, driven by excellent current accident year performance and favorable prior year development. Property Cat top line stayed relatively flat excluding reinstatement premiums with rates adequate and above-market share of new business. Casualty and Specialty adjusted combined ratio was 99.4%. Fee income was approximately $94 million, with performance fees the main driver. Retained net investment income was impacted by market movements but net investment income remained robust. Gold position reduced by about half during the quarter.
Risks & headwinds
- Geopolitical risk elevated, market conditions highly volatile and less predictable. - Exposure to war in Middle East, though limited and potential impact monitored.
Analyst Q&A
Q: On midyear renewals and new demand,
A: Bound about half of U.S. midyear portfolio, new demand higher than expected.
Q: On losses from Iran war,
A: Limited exposure, losses reflected in portfolio, cautious on IBNR release.
Q: On operating expense ratio,
A: 4.1% due to one-time items, investing in business, expecting expense ratio to grow to 5 - 5.5%.
Q: On portfolio changes,
A: Reduced gold position, shifted to investment-grade credit, extended duration, and has exposure to private credit.
Q: On demand for aggregate covers,
A: Prioritize quality of pricing, risk, and buyer, see good aggregates.
Q: On Florida midyear pricing,
A: Economics reducing, portfolio well rated, finding new growth opportunities.
Q: On ROE target,
A: Not a target, formulaic input for compensation.
Q: On inorganic growth,
A: Open to inorganic growth if serves strategy.
Q: On incremental demand at midyear,
A: $15 billion for U.S. Cat limit.
Q: On Casualty and Specialty loss ratio,
A: Impacted by Iran losses but underlying not showing uptick.
Q: On PMLs,
A: Deploying more capacity, exposure to Southeast hurricane risk slightly up