Zacks downgrades RenRe on ‘limited operating flexibility’
Bermudian cat specialist RenaissanceRe (RenRe) has been downgraded to underperform by equity analysts at Zacks Investment Research.
RenRe was formed in 1993 in the wake of Hurricane Andrew and has typically outperformed the rest of the sector. It is currently trading at around 1.0x book value whereas most of its peers trade at a significant discount to book.
Pointing to RenRe's H1 cat losses of $498.2mn, Zacks said: "We expect RenaissanceRe to face significant challenges due to weather-related conditions in...
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