RNR earnings analysis
What we found in RNR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
RenaissanceRe reported Q1 2026 results with a significant EPS beat of $13.75 compared to expectations of $11.19, while revenues of $2.20 billion fell short of the $2.95 billion estimate. The combined ratio improved to 73% from 128.3% in the prior year, reflecting effective underwriting discipline despite challenges in investment income.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong EPS Beat
- EPS reached $13.75, significantly higher than the expected $11.19, marking an increase of $3.30 from $3.27 in Q1 2025.
- Improved Combined Ratio
- The combined ratio improved to 73%, a remarkable reduction from 128.3% in Q1 2025.
- Significant Underwriting Income
- Underwriting income stood at $588.8 million, a turnaround of $1.4 billion from a loss of $(770.6) million in Q1 2025.
- Decreased Net Claims Expense
- Net claims and claim expenses decreased to $983.9 million from $2.74 billion in Q1 2025, a decline of $1.76 billion.
- Increased Fee Income
- Fee income rose $63.7 million to $94.1 million in Q1 2026.
- Higher Return on Equity
- Return on average common equity improved to 10.5%, compared to 6.6% in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Investment Portfolio Volatility
- Net realized and unrealized losses on investments were $(421.9) million, a drop of $754.9 million compared to gains in the prior year.
- Decline in Premiums Written
- Gross premiums written decreased by $676.6 million to $3.48 billion from $4.16 billion in Q1 2025.
- Civil and Regulatory Risks
- Increased geopolitical issues reflected in market risks, which may impact premium pricing and claims.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $13.75
- Segment
- Property Segment
- Segment
- Casualty and Specialty Segment
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · February 11, 2026
- RenaissanceRe positions itself as a focused reinsurer operating an “integrated system of three competitive advantages: superior risk selection, superior customer relationships and superior capital management,” targeting…
- 10-Q · October 29, 2025
- RenaissanceRe reported third-quarter total revenues of $3,198,182,000 and diluted EPS of $19.40. Revenue declined versus Q3 2024 ($3,973,775,000) while underwriting and operating margins improved — gross margin ~51.9%…
- 10-Q · July 24, 2025
- RenaissanceRe reported a strong Q2 2025 with total revenues of $3,206,599 (thousands) and diluted EPS of $17.20, materially ahead of the year‑ago quarter. Margins expanded sharply (gross 47.1%, operating 42.4%), driven…
- 10-K · February 12, 2025
- RenaissanceRe emphasizes an underwriting-led strategy anchored on three competitive advantages: superior risk selection, superior customer relationships and superior capital management, and measures success by long-term…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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