RenaissanceRe Holdings (RNR, Financial), a global provider of reinsurance and insurance, is also a new position in the portfolio. We believe RNR is a world- leading franchise and value creator, and a decade ahead of peers in transforming into a capital light “asset manager” of catastrophe risk, which is unrecognized in RNR’s stock price. The company’s gradual move towards being an asset manager (higher multiple) versus pure underwriter (low multiple) accelerated in 2016, and we believe is significantly underestimated by the investment community. We believe RenaissanceRe remains a great example of a well-managed business with an attractive risk/reward.
From NWQ Large Cap Fund's 2nd quarter commentary.
