Shares of RenaissanceRe Holdings Ltd. rose more than four percent yesterday after the company's shares were upgraded from "hold" to "buy" by Deutsche Bank.

In New York Stock Exchange composite trading yesterday, the Bermuda reinsurer's share price rose $2.19, or 4.26 percent, to $53.60.

In a bulletin early in the day, Deutsche Bank analysts raised their price target for the stock from $59 to $65.

It's the first upgrade the company has received in nearly a year, with two downgrades during the interim.

Last week RenRe announced fourth-quarter profits of $211.8 million, compared to a loss of $55.2 million in the same period a year earlier.

For the full year 2009, RenRe achieved a profit of $838.9 million, or $13.40 per share, compared to a net loss of $13.3 million in 2008.

The company benefited from a lack of catastrophes in 2009, while its investments gained ground in rebounding financial markets.