Barclays Maintains an 'Equalweight' on RenaissanceRe (RNR); Upbeat Meeting with Chief Underwriting Officer
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Price: $323.45 +0.40%
Rating Summary:
5 Buy, 17 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 17 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Equalweight' on RenaissanceRe Holdings (NYSE: RNR) price target of $66.00.
Barclays analyst says, "We hosted meetings with RNR's Chief Underwriting Officer Kevin O'Donnell in NY today. RNR was upbeat on opportunities to write business at the critical January 1, 2012 renewals and the company's modeled return on equity appears poised to improve in 2012 because RNR is assuming less risk for the same or higher price. Our sense is RNR's 2012 guidance of 10% growth in managed catastrophe premiums (ex reinstatements) could be conservative."
"Reinsurers appear to be asking for 10-15% rate increases for U.S. property reinsurance at the January 1 renewals, although the brokers are asking for flat to modestly higher prices. Our sense is property reinsurance rates could increase in the mid-to-single digits in the U.S. at Jan. 1. RNR views the P&C reinsurance market as gradually hardening...RNR does not appear overly concerned about its own exposure to $10bn+ of Thailand insured flood losses, although it could have some losses in its retro business. At this early stage, it appears the Japan insurers will bear most of these losses while most of the remaining reinsurance exposure could be with Lloyd's and continental European reinsurers."
For an analyst ratings summary and ratings history on RenaissanceRe Holdings click here. For more ratings news on RenaissanceRe Holdings click here.
Shares of RenaissanceRe Holdings closed at $68.74 yesterday.
Barclays analyst says, "We hosted meetings with RNR's Chief Underwriting Officer Kevin O'Donnell in NY today. RNR was upbeat on opportunities to write business at the critical January 1, 2012 renewals and the company's modeled return on equity appears poised to improve in 2012 because RNR is assuming less risk for the same or higher price. Our sense is RNR's 2012 guidance of 10% growth in managed catastrophe premiums (ex reinstatements) could be conservative."
"Reinsurers appear to be asking for 10-15% rate increases for U.S. property reinsurance at the January 1 renewals, although the brokers are asking for flat to modestly higher prices. Our sense is property reinsurance rates could increase in the mid-to-single digits in the U.S. at Jan. 1. RNR views the P&C reinsurance market as gradually hardening...RNR does not appear overly concerned about its own exposure to $10bn+ of Thailand insured flood losses, although it could have some losses in its retro business. At this early stage, it appears the Japan insurers will bear most of these losses while most of the remaining reinsurance exposure could be with Lloyd's and continental European reinsurers."
For an analyst ratings summary and ratings history on RenaissanceRe Holdings click here. For more ratings news on RenaissanceRe Holdings click here.
Shares of RenaissanceRe Holdings closed at $68.74 yesterday.
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