-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
RNR posted Q1 operating EPS of $13.75 versus an operating loss of $1.49 a year ago, significantly beating our $7.54 estimate and the $11.22 consensus on improved underwriting profitability. Operating revenues declined 17% to $2.6B, lagging our forecast, primarily reflecting a nearly 20% drop in earned premiums. Underwriting results improved significantly with Q1 underwriting profit of $588.8M versus a $770.6M loss, and the combined ratio improved to 73.0% from 128.3%. Management noted the firm continues to "shape the underwriting portfolio to deliver superior returns" by deploying additional limit into property catastrophe business. Net written premiums declined over 22% in Q1 to under $2.7B. RNR repurchased $352.5M of shares in Q1 and $1.6B in 2025, reducing share count by 12.8%. Tangible book value grew to $263.58/share from $206.79 a year ago. At current levels, shares trade at about 1.2x tangible book value, in line with the peer group average range of 0.8x-1.4x.