12 Best Aggressive Growth Stocks To Buy According to Hedge Funds

10. RenaissanceRe Holdings Ltd. (NYSE:RNR)

Revenue Growth: 112.5%

Number of Hedge Fund Investors In Q3 2024: 29

RenaissanceRe Holdings Ltd. (NYSE:RNR) is one of the largest insurance and reinsurance companies in the world. Its scale is evidenced by its assets, which sit at a whopping $52.7 billion as of the third quarter. In a US economy marked by high inflation that has only recently started to fall, RenaissanceRe Holdings Ltd. (NYSE:RNR) has benefited from growing premiums. As of H1 2024, the firm wrote $7.4 billion in premiums which marked a strong 37% annual growth. Additionally, RenaissanceRe Holdings Ltd. (NYSE:RNR) has also benefited from high interest rates which pushed its net investment income to grow by 46% during the first half. As is with other insurers, the firm is particularly vulnerable to rising climate catastrophes in the form of hurricanes that have ravaged the US this year. This was evident on October 7th when RenaissanceRe Holdings Ltd. (NYSE:RNR)’s shares fell by 9% after Hurricane Milton was upgraded to a Category 4 storm. On a broader scale, the shares depend on premium sustainability and climate outlook.

TimeSquare Capital Management mentioned RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q3 2024 investor letter. Here is what the fund said:

“RenaissanceRe Holdings Ltd. (NYSE:RNR), a provider of reinsurance and insurance services, surged ahead by 22%. Solid second quarter results were generated by favorable reserve releases in the Catastrophe, Casualty, and Specialty segments. There were also lower than anticipated losses in their Total Property business. Net investment income and share buybacks also exceeded projections.”