RenaissanceRe Holdings Ltd (RNR.N): Raising estimates and price target

We are raising our 2026-2030 EPS estimates for RenaissanceRe following 3Q results. The increases reflect higher net investment income, net of continued repurchase activity, which more than offsets downward adjustments to volume assumptions. We are not making any material changes to our margin assumptions. To reflect the increase in EPS and BVPS estimates, we are increasing our price target to $385 from $370. We rate RNR shares Buy: the target price implies multiples of ~8X blended 2026/2027 EPS and ~1.3X F12M book, a modest discount to our estimate of intrinsic value, valuing the company by discounting capital-adjusted earnings assuming a cost of equity of 12.0% and terminal growth rate of ~3%.