RenaissanceRe Drops To Underperform
We have downgraded our recommendation on RenaissanceRe Holdings Ltd. (NYSE:RNR) to Underperform from Neutral based on the company’s poor operating results in the third quarter, coupled with the declining interest rate scenario, which have also led to a reduced earnings outlook for the fourth quarter of 2011. RenaissanceRe reported third quarter operating income per share [...]
We have downgraded our recommendation on RenaissanceRe Holdings Ltd. (NYSE:RNR) to Underperform from Neutral based on the company’s poor operating results in the third quarter, coupled with the declining interest rate scenario, which have also led to a reduced earnings outlook for the fourth quarter of 2011.
RenaissanceRe reported third quarter operating income per share of 62 cents, lagging the Zacks Consensus Estimate of 84 cents and prior-year income of $1.59. Operating income showed a sharp … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards