Anyone have any insight as to why Disney would build a separate rending engine when they own Pixar and could use their renderman engine?
Because until last year when Pixar released PRMan 19 RIS, PRMan was not that good at ray tracing / path tracing - the REYES method of rendering and shading didn't scale as well for big complex scenes when global illumination and raytraced light occlusion was done. The RSL shading language was also causing a rather large overhead of shading time as it was an interpreted language that could no longer amortise its runti…
The main problem with RenderMan before version 19 was that it didn't have a good acceleration structure and that you basically had to implement a path tracer in RSL on your own. Pixar wrote a path tracer in RSL for Monster's University, so Disney could have just used that. I doubt that they would write their own renderer if they could have just asked Pixar to implement a better acceleration structure in PRMan, so there were obviously different reasons too.
I think Ptex was an important reason for them to write their own renderer, as they seem to put a lot of focus on textures in their paper on the architecture of Hyperion [2]. Hyperion's architecture also allows them to use packet tracing and to load and subdivide geometry on demand, which is also really great.
[1] http://www.realtimerendering.com/resources/RTNews/html/rtnv1...
[2] https://disney-animation.s3.amazonaws.com/uploads/production...