RNR 8-K SEC Filing Analysis

Latest settled — T+20d

RNR-PG ▼ -0.84% at T+20d

NEUTRAL call ✗ call lost -0.84% · α vs SPY -6.89% · entry $15.23 → $15.10

Next anchor: T+60d in 5w

Last close $300.88 (close Jun 12) · +1876.18% from $15.23 entry

Entry anchored
Apr 28, 2026
via day open

T+1d

+0.52%

call +0.52% · α -0.51%

$15.30

settled 7w ago

T+5d

+1.10%

call +1.10% · α -2.01%

$15.39

settled 6w ago

T+20d

-0.84%

call -0.84% · α -6.89%

$15.10

settled 19d ago

T+60d

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call — · α —

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Executive Summary

RenaissanceRe reported Q1 2026 net income of $284.5M ($6.57/diluted) and operating income of $590.5M ($13.75/diluted), driven by a sharp improvement in underwriting (combined ratio 73.0% vs 128.3% a year ago) and strong fee and investment income. However, net premiums earned fell 19.7% YoY to $2.18B, reflecting the absence of large reinstatement premiums from the prior-year California wildfires.

Actionable Insight

The sharp improvement in underwriting profitability and strong operating returns support the stock, but the persistent decline in net premiums earned (down ~20% YoY) may weigh on sentiment. Monitor the April 29 conference call for commentary on the pricing cycle and premium growth outlook.

Key Facts

Net income available to common shareholders: $284.5M ($6.57 per diluted share)
Operating income available to common shareholders: $590.5M ($13.75 per diluted share)
Combined ratio improved to 73.0% from 128.3% in Q1 2025
Underwriting income of $588.8M vs loss of $770.6M a year ago
Net premiums earned declined 19.7% YoY to $2.18B
Fee income of $94.1M (up from $30.5M)
Net investment income of $420.5M (up 3.7% YoY)
Book value per share $250.48 (up 1.4% in Q1)
Repurchased $352.5M of common shares in Q1 2026

Financial Impact

Underwriting swing of +$1.36B from -$770.6M to +$588.8M; operating ROE annualized 21.8%

underwriting incomecombined rationet premiums earnedoperating income

Risk Factors

Premium decline may signal softening in property catastrophe market
Investment portfolio mark-to-market losses of $421.9M in Q1
Dependence on reinsurance demand and catastrophe loss activity

Market Snapshot

Exchange

NYSE

Sector

Fire, Marine & Casualty Insurance

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0000913144-26-000063
Document: 0000913144-26-000063-index.html	0000913144-26-000063
Document: 0000913144-26-000063.txt	0000913144-26-000063
8-K Data (Synthetic)	0000913144-26-000063

US Market Status

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