Jun 2026 (Q2 FY26) — Jul 23, 2026
RenaissanceRe Q2 FY26 — Strong Underwriting, Fee, and Investment Income Drive Tangible Book Value Growth
Read the full callRenaissanceRe earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,769 | −13.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 663 | −20.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
18 of 23 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capital Partners management fees (Q2 FY26 guide) | around $50 million | Mar 2026 | we generated $83 million in fees, including management fees of $48 million and performance fees of $35 million. | Achieved |
| Effective tax rate on income applicable to RenaissanceRe shareholders | just above 15% | Mar 2025 | The tax rate on the income applicable to RenaissanceRe shareholders was [ 17% ], which reflects the 15% Bermuda corporate income tax as well as some tax and other jurisdictions. | Missed |
| Operating expense ratio (FY26) | 5% to 5.5% | Dec 2025 | I said 5% to 5.5% before we feel we're coming in at the low end on it now. | Revised Up |
5 of RENAISSANCERE HOLDINGS LTD's 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $242.56 on 22 Oct 2025 → $352.6. High $362.59 (22 Oct 2026), low $231.59 (28 Oct 2025).
Overview
Guidance
18 of 23 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capital Partners management fees (Q2 FY26 guide) | around $50 million | Mar 2026 | we generated $83 million in fees, including management fees of $48 million and performance fees of $35 million. | Achieved |
| Effective tax rate on income applicable to RenaissanceRe shareholders | just above 15% | Mar 2025 | The tax rate on the income applicable to RenaissanceRe shareholders was [ 17% ], which reflects the 15% Bermuda corporate income tax as well as some tax and other jurisdictions. | Missed |
| Operating expense ratio (FY26) | 5% to 5.5% | Dec 2025 | I said 5% to 5.5% before we feel we're coming in at the low end on it now. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
RenaissanceRe Q2 FY26 — Strong Underwriting, Fee, and Investment Income Drive Tangible Book Value Growth
Read the full callRenaissanceRe Q1 FY26 — Strong Underwriting, Fee, and Investment Income Drive 22% ROE
Read the full callEvery analysed call
Financials
Net profit, year on year: −21% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,974 | 2,293 | 3,470 | 3,207 | 3,198 | 2,973 | 2,195 | 2,769 |
| Interest | 24 | 23 | 27 | 32 | 31 | 31 | 32 | 32 |
| Profit before tax | 1,735 | -83 | -71 | 1,341 | 1,481 | 1,264 | 549 | 1,118 |
| Tax rate | 5.9% | 76.9% | 64.3% | 13.2% | 10.1% | 9.2% | 6.0% | 12.5% |
| Net profit | 1,182 | -190 | 170 | 835 | 917 | 760 | 293 | 663 |
| EPS ($ per share) | 22.68 | — | 3.29 | 17.25 | 19.47 | — | 6.60 | — |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 42 | 44 | 51 | 44 | 44 | 53 | 50 | 44 |
| Reserves | 4,058 | 4,711 | 5,374 | 5,233 | 4,071 | 6,522 | 8,276 | 10,827 |
| Total liabilities | 11,579 | 17,287 | 19,872 | 23,781 | 26,692 | 33,451 | 33,156 | 34,590 |
| Investments | 2,587 | — | — | — | — | — | — | — |
| Total assets | 18,676 | 26,330 | 30,821 | 33,960 | 36,553 | 49,007 | 50,708 | 53,800 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,222 | 2,137 | 1,993 | 1,235 | 1,604 | 1,912 | 4,165 | 3,693 |
| Cash from investing | -2,537 | -2,989 | -2,305 | -816 | -3,016 | -3,823 | -3,061 | -2,216 |
| Cash from financing | 1,066 | 1,120 | 665 | -302 | 725 | 2,589 | -1,288 | -1,411 |
| Net cash flow | -254 | 271 | 358 | 122 | -665 | 683 | -201 | 55 |
65 filings between Nov 1, 2025 and Sep 3, 2026.
Purchases
None
No insider bought shares.
Sales
$16.23M
15 sales by 3 insiders
60% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Also filed: 5 dispositions to the issuer.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Curtis Ross | — | $12.60M | Sep 3, 2026 |
| Qutub Robert | — | $3.19M | Jul 28, 2026 |
| Sanders Carol P | — | $439.8K | May 18, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Sale 10b5-1 plan | 5,000 | $1.70M |
| Sep 3, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Sale 10b5-1 plan | 4,623 | $1.55M |
| Aug 26, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Sale 10b5-1 plan | 377 | $126.3K |
| Aug 24, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Sale 10b5-1 plan | 5,000 | $1.65M |
| Aug 17, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Sale 10b5-1 plan | 5,000 | $1.63M |
| Jul 28, 2026 | Qutub Robert EVP, Chief Financial Officer | Sale | 2,640 | $879.7K |
| Jul 28, 2026 | Qutub Robert EVP, Chief Financial Officer | Sale | 1,582 | $525.5K |
| Jul 28, 2026 | Qutub Robert EVP, Chief Financial Officer | Sale | 778 | $259.9K |
| May 18, 2026 | Sanders Carol P Director | Sale | 1,479 | $439.8K |
| May 11, 2026 | Hooley Stephen C Director | Award | 591 | $0 |
| May 11, 2026 | Klehm Henry III Director | Award | 506 | $0 |
| Mar 10, 2026 | Marra David E EVP,Chief Underwriting Officer | Tax withheld | 2,630 | $781.7K |
| Mar 10, 2026 | Marra David E EVP,Chief Underwriting Officer | Disposition to issuer | 652 | $0 |
| Mar 10, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Disposition to issuer | 2,424 | $0 |
| Mar 10, 2026 | Qutub Robert EVP, Chief Financial Officer | Tax withheld | 3,087 | $917.5K |
| Mar 10, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Tax withheld | 7,647 | $2.27M |
| Mar 10, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Tax withheld | 1,525 | $453.3K |
| Mar 10, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Disposition to issuer | 483 | $0 |
| Mar 10, 2026 | Qutub Robert EVP, Chief Financial Officer | Disposition to issuer | 979 | $0 |
| Mar 10, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Disposition to issuer | 1,070 | $0 |
| Mar 1, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Award | 2,562 | $0 |
| Mar 1, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Tax withheld | 977 | $295.5K |
| Mar 1, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Tax withheld | 1,039 | $314.3K |
| Mar 1, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Tax withheld | 1,068 | $323.0K |
| Mar 1, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Tax withheld | 1,595 | $482.4K |
| Mar 1, 2026 | GIBBONS JAMES L Director | Award | 1,074 | $0 |
| Mar 1, 2026 | Klehm Henry III Director | Award | 578 | $0 |
| Mar 1, 2026 | Sanders Carol P Director | Award | 578 | $0 |
| Mar 1, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Award | 25,788 | $0 |
| Mar 1, 2026 | Curtis Ross EVP,Chief Portfolio Officer | Award | 7,686 | $0 |
| Mar 1, 2026 | ODonnell Kevin Pres & Chief Executive Officer | Award | 8,596 | $0 |
| Mar 1, 2026 | Marra David E EVP,Chief Underwriting Officer | Tax withheld | 382 | $115.5K |
| Mar 1, 2026 | Qutub Robert EVP, Chief Financial Officer | Tax withheld | 329 | $99.5K |
| Mar 1, 2026 | Marra David E EVP,Chief Underwriting Officer | Tax withheld | 317 | $95.9K |
| Mar 1, 2026 | Qutub Robert EVP, Chief Financial Officer | Tax withheld | 432 | $130.7K |
| Mar 1, 2026 | Qutub Robert EVP, Chief Financial Officer | Award | 7,934 | $0 |
| Mar 1, 2026 | Marra David E EVP,Chief Underwriting Officer | Award | 8,926 | $0 |
| Mar 1, 2026 | Marra David E EVP,Chief Underwriting Officer | Award | 2,975 | $0 |
| Mar 1, 2026 | Qutub Robert EVP, Chief Financial Officer | Award | 2,644 | $0 |
| Mar 1, 2026 | Qutub Robert EVP, Chief Financial Officer | Tax withheld | 517 | $156.4K |
| Mar 1, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Tax withheld | 263 | $79.5K |
| Mar 1, 2026 | Qutub Robert EVP, Chief Financial Officer | Tax withheld | 350 | $105.9K |
| Mar 1, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Tax withheld | 218 | $65.9K |
| Mar 1, 2026 | GIDUMAL SHYAM H Director | Award | 578 | $0 |
| Mar 1, 2026 | TRUDELL CYNTHIA Director | Award | 578 | $0 |
| Mar 1, 2026 | BUSHNELL DAVID C Director | Award | 578 | $0 |
| Mar 1, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Tax withheld | 213 | $64.4K |
| Mar 1, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Tax withheld | 204 | $61.7K |
| Mar 1, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Award | 5,356 | $0 |
| Mar 1, 2026 | Bender Shannon Lowry EVP, General Counsel & Secty | Award | 1,785 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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