Yeah, it certainly looks something like that.
I don't have the log, from when the connection re-made, but here's a snippet from the point it was lost. In this case, it was reporting the ISP's Gateway as the problem.
Is there any way that any process, that's using the gateway address, be re-started when the gateway changes, as the log shows:
dhclient: New Routers (re0): 192.168.100.1
So it does know that it could have changed.