RenaissanceRe (RNR) Q2 Earnings and Revenues Top Estimates

Core Insights - RenaissanceRe (RNR) reported quarterly earnings of $12.41 per share, exceeding the Zacks Consensus Estimate of $10.88 per share, and up from $8.79 per share a year ago, representing an earnings surprise of 14.06% [1] - The company achieved revenues of $2.95 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.82%, and up from $2.08 billion year-over-year [2] - RenaissanceRe shares have increased approximately 15.2% year-to-date, compared to a 16.5% gain in the S&P 500 [3] Earnings Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for RenaissanceRe has been unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Insurance - Property and Casualty industry, to which RenaissanceRe belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting that stocks in the top 50% tend to outperform those in the bottom 50% by more than 2 to 1 [9]