Intrinsic value of RenaissanceRe Holdings - RNR

Previous Close

$124.13

  Intrinsic Value

$48.77

stock screener

  Rating & Target

str. sell

-61%

Previous close

$124.13

 
Intrinsic value

$48.77

 
Up/down potential

-61%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as RNR.

We calculate the intrinsic value of RNR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.22
  21.80
  20.12
  18.61
  17.25
  16.02
  14.92
  13.93
  13.04
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
  5.79
Revenue, $m
  0
  2,563
  3,078
  3,651
  4,281
  4,967
  5,708
  6,503
  7,350
  8,249
  9,199
  10,198
  11,245
  12,341
  13,485
  14,678
  15,919
  17,211
  18,553
  19,949
  21,399
  22,906
  24,472
  26,101
  27,795
  29,557
  31,391
  33,301
  35,292
  37,367
  39,531
Variable operating expenses, $m
 
  1,540
  1,825
  2,143
  2,492
  2,872
  3,282
  3,723
  4,192
  4,691
  5,217
  5,650
  6,231
  6,838
  7,472
  8,132
  8,820
  9,536
  10,280
  11,053
  11,856
  12,691
  13,559
  14,462
  15,400
  16,376
  17,393
  18,451
  19,554
  20,703
  21,902
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,055
  1,540
  1,825
  2,143
  2,492
  2,872
  3,282
  3,723
  4,192
  4,691
  5,217
  5,650
  6,231
  6,838
  7,472
  8,132
  8,820
  9,536
  10,280
  11,053
  11,856
  12,691
  13,559
  14,462
  15,400
  16,376
  17,393
  18,451
  19,554
  20,703
  21,902
Operating income, $m
  685
  1,023
  1,253
  1,508
  1,789
  2,095
  2,426
  2,780
  3,158
  3,559
  3,982
  4,548
  5,015
  5,503
  6,014
  6,545
  7,099
  7,675
  8,274
  8,896
  9,543
  10,215
  10,913
  11,639
  12,395
  13,181
  13,999
  14,850
  15,738
  16,663
  17,628
EBITDA, $m
  714
  2,955
  3,550
  4,210
  4,936
  5,727
  6,582
  7,499
  8,476
  9,513
  10,608
  11,759
  12,967
  14,231
  15,550
  16,925
  18,357
  19,846
  21,395
  23,004
  24,676
  26,414
  28,220
  30,098
  32,051
  34,083
  36,198
  38,401
  40,696
  43,089
  45,584
Interest expense (income), $m
  54
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
  513
Earnings before tax, $m
  630
  510
  740
  995
  1,276
  1,582
  1,912
  2,267
  2,645
  3,046
  3,469
  4,034
  4,501
  4,990
  5,500
  6,032
  6,586
  7,162
  7,760
  8,383
  9,029
  9,702
  10,400
  11,126
  11,882
  12,667
  13,485
  14,337
  15,225
  16,150
  17,115
Tax expense, $m
  0
  138
  200
  269
  345
  427
  516
  612
  714
  822
  937
  1,089
  1,215
  1,347
  1,485
  1,629
  1,778
  1,934
  2,095
  2,263
  2,438
  2,619
  2,808
  3,004
  3,208
  3,420
  3,641
  3,871
  4,111
  4,361
  4,621
Net income, $m
  503
  372
  540
  726
  931
  1,155
  1,396
  1,655
  1,931
  2,223
  2,532
  2,945
  3,286
  3,643
  4,015
  4,403
  4,808
  5,228
  5,665
  6,119
  6,592
  7,082
  7,592
  8,122
  8,674
  9,247
  9,844
  10,466
  11,114
  11,790
  12,494

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,352
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  12,352
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  160
  18,123
  21,770
  25,820
  30,274
  35,124
  40,365
  45,987
  51,982
  58,340
  65,054
  72,118
  79,526
  87,275
  95,366
  103,800
  112,580
  121,714
  131,209
  141,079
  151,334
  161,992
  173,069
  184,586
  196,564
  209,026
  221,998
  235,508
  249,584
  264,258
  279,562
Working capital, $m
  0
  -11,322
  -13,600
  -16,131
  -18,913
  -21,943
  -25,217
  -28,729
  -32,474
  -36,446
  -40,641
  -45,053
  -49,681
  -54,522
  -59,577
  -64,845
  -70,331
  -76,037
  -81,969
  -88,134
  -94,541
  -101,199
  -108,119
  -115,314
  -122,797
  -130,582
  -138,686
  -147,126
  -155,919
  -165,086
  -174,647
Total debt, $m
  949
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
  9,503
Total liabilities, $m
  7,486
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  4,867
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  12,353
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.195
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.394
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  503
  372
  540
  726
  931
  1,155
  1,396
  1,655
  1,931
  2,223
  2,532
  2,945
  3,286
  3,643
  4,015
  4,403
  4,808
  5,228
  5,665
  6,119
  6,592
  7,082
  7,592
  8,122
  8,674
  9,247
  9,844
  10,466
  11,114
  11,790
  12,494
Depreciation, amort., depletion, $m
  29
  1,932
  2,297
  2,702
  3,147
  3,632
  4,156
  4,719
  5,318
  5,954
  6,625
  7,212
  7,953
  8,728
  9,537
  10,380
  11,258
  12,171
  13,121
  14,108
  15,133
  16,199
  17,307
  18,459
  19,656
  20,903
  22,200
  23,551
  24,958
  26,426
  27,956
Funds from operations, $m
  287
  2,304
  2,837
  3,428
  4,079
  4,787
  5,552
  6,373
  7,249
  8,177
  9,158
  10,157
  11,239
  12,370
  13,552
  14,783
  16,066
  17,399
  18,786
  20,227
  21,725
  23,281
  24,899
  26,581
  28,330
  30,150
  32,044
  34,017
  36,073
  38,215
  40,450
Change in working capital, $m
  -183
  -2,026
  -2,278
  -2,531
  -2,782
  -3,030
  -3,274
  -3,512
  -3,745
  -3,972
  -4,194
  -4,413
  -4,628
  -4,841
  -5,054
  -5,269
  -5,485
  -5,706
  -5,932
  -6,165
  -6,407
  -6,658
  -6,920
  -7,195
  -7,483
  -7,785
  -8,104
  -8,440
  -8,794
  -9,167
  -9,561
Cash from operations, $m
  470
  4,331
  5,115
  5,959
  6,861
  7,817
  8,826
  9,886
  10,994
  12,149
  13,352
  14,570
  15,867
  17,212
  18,606
  20,052
  21,551
  23,105
  24,718
  26,393
  28,132
  29,939
  31,819
  33,775
  35,813
  37,935
  40,148
  42,457
  44,866
  47,382
  50,011
Maintenance CAPEX, $m
  0
  -1,488
  -1,812
  -2,177
  -2,582
  -3,027
  -3,512
  -4,037
  -4,599
  -5,198
  -5,834
  -6,505
  -7,212
  -7,953
  -8,728
  -9,537
  -10,380
  -11,258
  -12,171
  -13,121
  -14,108
  -15,133
  -16,199
  -17,307
  -18,459
  -19,656
  -20,903
  -22,200
  -23,551
  -24,958
  -26,426
New CAPEX, $m
  0
  -3,245
  -3,646
  -4,051
  -4,453
  -4,851
  -5,241
  -5,622
  -5,995
  -6,358
  -6,714
  -7,063
  -7,408
  -7,750
  -8,091
  -8,434
  -8,780
  -9,134
  -9,496
  -9,869
  -10,256
  -10,658
  -11,077
  -11,517
  -11,978
  -12,462
  -12,972
  -13,510
  -14,076
  -14,674
  -15,304
Cash from investing activities, $m
  -165
  -4,733
  -5,458
  -6,228
  -7,035
  -7,878
  -8,753
  -9,659
  -10,594
  -11,556
  -12,548
  -13,568
  -14,620
  -15,703
  -16,819
  -17,971
  -19,160
  -20,392
  -21,667
  -22,990
  -24,364
  -25,791
  -27,276
  -28,824
  -30,437
  -32,118
  -33,875
  -35,710
  -37,627
  -39,632
  -41,730
Free cash flow, $m
  305
  -402
  -344
  -269
  -175
  -61
  73
  227
  400
  593
  804
  1,001
  1,247
  1,509
  1,788
  2,082
  2,391
  2,714
  3,051
  3,403
  3,768
  4,148
  4,543
  4,952
  5,376
  5,817
  6,273
  6,747
  7,239
  7,750
  8,281
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  -309
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -312
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  -12
  -402
  -344
  -269
  -175
  -61
  73
  227
  400
  593
  804
  1,001
  1,247
  1,509
  1,788
  2,082
  2,391
  2,714
  3,051
  3,403
  3,768
  4,148
  4,543
  4,952
  5,376
  5,817
  6,273
  6,747
  7,239
  7,750
  8,281
Retained Cash Flow (-), $m
  -135
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  73
  227
  400
  593
  804
  1,001
  1,247
  1,509
  1,788
  2,082
  2,391
  2,714
  3,051
  3,403
  3,768
  4,148
  4,543
  4,952
  5,376
  5,817
  6,273
  6,747
  7,239
  7,750
  8,281
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  36
  94
  140
  172
  190
  190
  187
  176
  159
  139
  116
  95
  74
  57
  42
  30
  20
  14
  9
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company's products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category. The Property segment consisted of catastrophe and other property reinsurance and insurance written on behalf of its operating subsidiaries and certain joint ventures managed by its ventures unit. The Casualty and Specialty segment consisted of casualty and specialty reinsurance and insurance written on behalf of its operating subsidiaries and certain joint ventures managed by its ventures unit. Its Other category includes its strategic investments, investments unit, corporate expenses, capital servicing. The Casualty and Specialty segment offers certain casualty insurance products through RenaissanceRe Syndicate 1458 (Syndicate 1458).

FINANCIAL RATIOS  of  RenaissanceRe Holdings (RNR)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 2.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 10.9
Growth Rates
Sales Growth Rate 16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 19.5%
Total Debt to Equity 19.5%
Interest Coverage 13
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 11.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41%
EBITDA Margin - 3 Yr. Avg. 46.4%
Operating Margin 39.4%
Oper. Margin - 3 Yr. Avg. 42.8%
Pre-Tax Margin 36.2%
Pre-Tax Margin - 3 Yr. Avg. 41.7%
Net Profit Margin 28.9%
Net Profit Margin - 3 Yr. Avg. 33.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3%
Payout Ratio 14.7%

RNR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RNR stock intrinsic value calculation we used $2104 million for the last fiscal year's total revenue generated by RenaissanceRe Holdings. The default revenue input number comes from 2016 income statement of RenaissanceRe Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RNR stock valuation model: a) initial revenue growth rate of 21.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10%, whose default value for RNR is calculated based on our internal credit rating of RenaissanceRe Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of RenaissanceRe Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RNR stock the variable cost ratio is equal to 61.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RNR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for RenaissanceRe Holdings.

Corporate tax rate of 27% is the nominal tax rate for RenaissanceRe Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RNR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RNR are equal to 707.2%.

Life of production assets of 10 years is the average useful life of capital assets used in RenaissanceRe Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RNR is equal to -441.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for RenaissanceRe Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 40 million for RenaissanceRe Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of RenaissanceRe Holdings at the current share price and the inputted number of shares is $5.0 billion.

RELATED COMPANIES Price Int.Val. Rating
BCRH Blue Capital R 11.15 387.60  str.buy

COMPANY NEWS

▶ RenaissanceRe Celebrates 25th Anniversary   [Jun-14-18 11:48AM  Business Wire]
▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [May-14-18 04:15PM  Business Wire]
▶ RenaissanceRe: 1Q Earnings Snapshot   [May-01-18 06:29PM  Associated Press]
▶ RenaissanceRe beats 4Q profit forecasts   [Jan-31-18 06:47PM  Associated Press]
▶ [$$] RenaissanceRe to Back Catalina Alongside Apollo   [Jan-18-18 05:49PM  The Wall Street Journal]
▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [Nov-10-17 04:15PM  Business Wire]
▶ RenaissanceRe reports 3Q loss   [Oct-31-17 05:13PM  Associated Press]
▶ What Analysts Are Saying about Chubb Limited   [Oct-20-17 09:07AM  Market Realist]
▶ Insurers rebound even as Irma barrels toward Florida   [Sep-08-17 06:38PM  Investing.com]
▶ Insurers: A Once-in-a-100-Year Loss?   [Sep-06-17 02:19PM  Barrons.com]
▶ RenaissanceRe beats 2Q profit forecasts   [Jul-25-17 10:35PM  Associated Press]
▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [May-17-17 04:15PM  Business Wire]
▶ RenaissanceRe misses 1Q profit forecasts   [May-02-17 07:03PM  Associated Press]
Financial statements of RNR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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