Citi Maintains Buy on RenaissanceRe Holdings (RNR)

Citi is out with its report today on RenaissanceRe Holdings (NYSE: RNR), maintaining Buy.

In a note to clients, Citi writes, "RNR announced today that its initial loss estimate from the Feb 22 earthquake in Christchurch, New Zealand was approximately $190M and that the 2011 Australian flooding will have a net negative impact of $30M. These combined events imply a 5.6% impact on 4Q10 equity. Our current estimates incorporated losses from the New Zealand quake of ~$170M and losses from Australia of $50M, a net impact of $220M. While the composition of disclosed losses differs from our estimates, the net result is in line with our estimates. Maintain 1H and $76 TP."

Shares of RNR closed Wednesday at $63.90.