Without reading the entire paragraph it is difficult to give a 100% definitive answer. However, I am fairly certain that it means the following: " renew assurances " means that they are, in some way, restating something (renewing their assurances) The assurances are " of profound respect for " (somebody, something) To me, it is like somebody saying "I promise you that I still have profund respect for X " (X being a somebody or something - the promise being an assurance and "still have" the renewal).
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