- RenRe posted a nearly clean sweep in the fourth quarter, with earnings results beating expectations across almost all meaningful line-items, and with strong premium growth outside property catastrophe.
- Management continues to put capital into growing the Casualty & Specialty business (and improve the risk profile as well), and draw in capital for its lucrative 3rd-party management services.
- The Street isn't appreciating the stock much, but management continues to buy back shares.
- Core growth of just 3% to 4% can support a fair value above $170 (and increasing payouts), but sentiment just isn't here yet.
For further details see:
RenaissanceRe Executing, But The Street Doesn't Care