Summary

• RenaissanceRe delivered robust Q1 results, with $285M net income to common shareholders and a 22% annualized operating ROE, despite unrealized investment losses.
• RNR's preferred shares, particularly Series F, offer a compelling 6.85% stripped yield, underpinned by a low payout ratio and over $10B in common equity.
• Over $2.2B in fixed income investments mature within a year, allowing RNR to redeploy into higher-yielding securities as rates rise, potentially boosting EPS.
• I maintain initial long positions in both RNR's Series F preferred and common shares, favoring the strong balance sheet and ongoing share buybacks.
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Introduction

RenaissanceRe (RNR) is one of the largest reinsurance and insurance companies in the world, focusing on property and casualty and specialty insurance. Despite the insurance group posting excellent financial results, the prices of the preferred shares remain

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