It has been about a month since the last earnings report for RenaissanceRe (RNR). Shares have added about 4.6% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is RenaissanceRe due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. RenaissanceRe's Earnings Surpass in Q2, Decline Y/YRenaissanceRe Holdings delivered second-quarter 2019 operating earnings per share of $4.78, beating the Zacks Consensus Estimate by 33.5%. The result was backed by operational efficiency and higher revenues. However, the bottom line declined 8.6% year over year.Quarterly Operational UpdateRenaissanceRe’s second-quarter operating revenues of $1 billion surpassed the Zacks Consensus Estimate by 56%. The top line also skyrocketed nearly 104.8% year over year on the back of improved net premiums earned plus net foreign exchange gain and other income.Gross premiums written surged 51.1% year over year to $977 million owing to higher premiums in the Property as well as the Casualty and Specialty segments.Net investment income came in at $115 million, down 9.4% year over year.RenaissanceRe’s total expenses were $780 million, having escalated 250% year over year, primarily due to higher Net claims and claim expenses incurred, acquisition expenses, operational expenses, corporate expenses and interest expenses.Underwriting income of $170.8 million was 24.6% lower than the year-ago quarter’s income.Combined ratio was 81.3% for the second quarter compared with the year-ago quarter’s tally of 47.2%.Quarterly Segment UpdateProperty SegmentGross premiums written were $839.2 million, up 51.9 % year over year, led by higher premiums written in catastrophe class of business.Underwriting income of $151.7 million, down 29% year over year.Combined ratio was 64.3% against a negative 4.7% in the year-ago quarter.Casualty and Specialty SegmentGross premiums written were $637.7 million, up 50.1% from the prior-year quarter. This upside is driven by the buyouts in connection with TMR Group Entities and growth in the current and new business opportunities within a few classes of business.The company incurred underwriting income of $19 million, up 46.2% year over year.Combined ratio of 96.1% expanded 190 basis points year over year.Business UpdateThe company’s takeover of Tokio Millennium Re AG, Tokio Millennium Re (UK) Limited and the subsidiaries of both impacted the second-quarter results.Financial PositionAs of Jun 30, 2019, total assets of RenaissanceRe were $26 billion, up 39.7% from 2018-end level.The company had total debt of $1.4 billion as of Jun 30, 2019, up nearly 40% from the level at 2018 end.Cash and cash equivalents were $670.6 million, down 39.5% from the tally at 2018 end.Book value per share of $119.17 rose 14.4% from the figure at 2018 end.Return on equity for the quarter under review is 28.9%.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 10.66% due to these changes.VGM ScoresAt this time, RenaissanceRe has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise RenaissanceRe has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RenaissanceRe Holdings Ltd. (RNR): Free Stock Analysis Report To read this article on Zacks.com click here.