In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Renaissancere Holdings Ltd (NYSE: RNR). The company’s shares closed yesterday at $132.43.
Greenspan noted:
“We believe how this plays out depends on whether some of Ren’s other shareholders team up with TimesSquare here. The Ren shares should trade up on this news. We do point out that there is no precedence of an activist investor pushing for a sale of a P&C insurance company and being successful and therefore we would not be surprised if Ren comes out and says that it will look to remain an independent public company. Pressure due to lackluster reinsurance pricing environment and recent sales at premium multiples.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 6.2% and a 61.9% success rate. Greenspan covers the Financial sector, focusing on stocks such as Marsh & Mclennan Companies, United Insurance Holdings, and Brighthouse Financial Inc.
Renaissancere Holdings Ltd has an analyst consensus of Hold.
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Based on Renaissancere Holdings Ltd’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $195 million. In comparison, last year the company had a GAAP net loss of $499 million.
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RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following segments: Property, Casualty and Specialty, and Other. The Property segment comprises of catastrophe, and other property reinsurance and insurance.
