RenaissanceRe downgraded to Hold from Buy at Jefferies

Jefferies downgraded RenaissanceRe (RNR) to Hold from Buy with a price target of $282, down from $304. The firm says expectations of property catastrophe pricing decreases, confirmed at its Bermuda field trip this week, make for potentially weaker growth and diminishing catastrophe returns. In addition, RenaissanceRe’s “challenging reserving and pricing narratives” offer a difficult setup for its Casualty & Specialty segment, where Jefferies expects lower growth and weaker margins given increased conservatism, the analyst tells investors in a research note.