It’s getting harder and harder to see what would change the Street’s mind in a more positive direction where RenaissanceRe (RNR) (“RenRe”) is concerned. I don’t think anybody seriously questions whether this isn’t among the best (if not the best) in the reinsurance business, but it doesn’t seem as though the market wants to give much credit to the value of the company’s 3rd party business, the efforts to growth the Casualty and Specialty businesses, nor the beneficial impact of upcoming rate increases.
RenRe shares have gone almost nowhere since my last update, nor have they done much over the last five years. It doesn’t take much to drive attractive fair value targets here, and I see nothing concerning in the model as currently constructed, but investors attracted by the apparent potential value here had best be prepared for a long wait for their contrarian call to work out.
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