Evercore ISI Upgrades RenaissanceRe Holdings (RNR) from "Underperform" to "In Line" with $244 Price Target

RIT Capital Partners holds $48,129,840 worth of RenaissanceRe Holdings Ltd. (NYSE:RNR) shares, representing 6.03% of its portfolio. With this, the company secures a spot on our list of billionaire Jacob Rothschild’s RIT Capital Partners: 9 stocks with huge upside potential. While the upside for RenaissanceRe is not substantial, the stock was still the fund’s sixth-largest holding as of the end of Q2.

On October 1, 2025, an analyst from Evercore ISI upgraded RenaissanceRe Holdings Ltd. (NYSE:RNR) from “Underperform” to “In Line” with a $244 price target.

The analyst’s upgrade on RenaissanceRe Holdings Ltd. (NYSE:RNR) reflects a correction of his stance, highlighting that the company’s book value per share growth has outpaced its price-to-book de-rating since the firm initiated its coverage of RNR. Although the company’s earnings forecasts remain below consensus, the analyst sees a mid-teen return on equity, believing RenaissanceRe Holdings Ltd. (NYSE:RNR)’s current 1.1x price-to-book ratio excluding AOCI (accumulated other comprehensive income) already incorporates conservative market assumptions.

Meanwhile, the analyst holds a cautious stance on the broader reinsurance sector, expecting up to 20% rate softening in January renewals. Still, he believes RenaissanceRe Holdings Ltd. (NYSE:RNR)’s current valuation remains consistent with 2014-2015 levels when market conditions were weaker, implying limited downside despite uncertainty in casualty reserves and normalization of net investment income.

RenaissanceRe Holdings Ltd. (NYSE:RNR), based in the U.S. and other international markets, offers reinsurance and insurance products. It is included in Jacob Rothschild’s RIT Capital Partners’ Stock Portfolio.

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Disclosure: None.