Core Viewpoint - Greenlight Capital Re, Ltd. is set to release its financial results for the first quarter of 2025 on May 7, 2025, with a conference call scheduled for May 8, 2025, to discuss these results [1]. Group 1: Financial Results Announcement - The company will announce its first quarter financial results after market close on May 7, 2025 [1]. - A live conference call to discuss the financial results will take place on May 8, 2025, at 9:00 a.m. Eastern Time [1]. Group 2: Conference Call Details - Participants can join the conference call by dialing U.S. toll-free 1-877-407-9753 or international 1-201-493-6739 [2]. - The conference call will also be available via webcast [2]. - A telephone replay of the call will be accessible until May 13, 2025 [2]. Group 3: Company Overview - Greenlight Re provides multiline property and casualty insurance and reinsurance through its licensed entities in the Cayman Islands and Ireland [3]. - The company employs a non-traditional investment approach aimed at achieving higher long-term returns compared to traditional reinsurance investment strategies [3]. - Greenlight Re Innovations supports technology innovators in the (re)insurance sector by offering investment capital and risk capacity [3].

GRAND CAYMAN, Cayman Islands, May 01, 2025 (GLOBE NEWSWIRE) -- Greenlight Reinsurance, Ltd. (“Greenlight Re” or the “Company”), a subsidiary of Greenlight Capital Re, Ltd. (NASDAQ: GLRE), today announced the appointment of Martin Vezina as Head of Underwriting Analytics with immediate effect. In this capacity, Vezina will play a pivotal role in overseeing Greenlight Re’s underwriting analytics and pricing function and will be based out of the Company’s headquarters in Grand Cayman. “I am excited to join Gre ...

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $27.4 million, translating to a loss of $0.81 per diluted share, compared to net income of $17.6 million or $0.50 per diluted share in Q4 2023 [32] - The combined ratio for Q4 2024 was 112.1%, with a net underwriting loss of $18 million [8][33] - For the full year 2024, net income was $42.8 million, resulting in a 7.2% increase in fully diluted book value per share to $17.95 [12][43] Business Line Data and Key Metrics Changes - The open market segment's net earned premiums increased by 25% to $127.8 million in Q4 2024, while the combined ratio for this segment was 111.1% [37] - The innovation segment's net earned premiums decreased by 18.1% to $19 million in Q4 2024, with a combined ratio of 102.1% [40] - For the full year 2024, the open market segment's net earned premiums increased by 9.7% to $511.9 million, while the innovation segment's net earned premiums increased by 20.3% to $86.4 million [39][42] Market Data and Key Metrics Changes - The company experienced $17.6 million in catastrophe losses in Q4 2024, with Hurricane Milton being the most significant at $7.5 million [9] - The North Atlantic hurricane exposure increased by 16% to $116.3 million on a one-in-250th occurrence basis [18] Company Strategy and Development Direction - The company has split its financial results into two segments: open market and innovations, reflecting its growth strategy [12] - The company is optimistic about the prospects of its funded at Lloyd's (FAL) book, expecting it to grow by approximately 25% in 2025 [15] - The company aims to be strategic and targeted in its casualty underwriting, focusing on smaller programs while being cautious in the current loss environment [63][65] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q4 2024 but expressed optimism about future opportunities, emphasizing the importance of reinsurance and adequate rates [20][21] - The company anticipates claims related to the Russia-Ukraine conflict and has strengthened its reserves in anticipation of these claims [52] - Management believes the current in-force book can deliver double-digit growth in book value per share despite recent challenges [43] Other Important Information - The company reported a consolidated combined ratio of 101.4% for the full year 2024, resulting in a small underwriting loss of $8.2 million [42] - The Solus Glass Fund returned negative 1.9% in Q4 2024, with a full-year return of 9.8% compared to a 25% return in the S&P 500 [29] Q&A Session Summary Question: Can you provide more information on the Q4 charge related to Russia-Ukraine? - Management explained that the charge reflects their best estimate of ultimate losses, with some uncertainty but limited by the number of aircraft involved and retrocession coverage [48][49][52] Question: What are the adverse development trends in casualty books? - Management noted that while there are adverse developments, they are primarily from older years and not considered hugely problematic for the company [58][61] Question: How does casualty fit into the growth profile today? - Management expressed caution in the casualty market but indicated that there are opportunities in smaller programs [62][65] Question: How do you see capital allocation changing with upcoming renewals? - Management stated that while there may be incremental changes, they continue to find returns on their Silpe investment strategy attractive [70][72] Question: What is the target rate of return for the MicroStrategy arbitrage? - Management indicated that the return on the MicroStrategy position has been exceedingly high, likely annualizing nearly triple digits [78]

Financial Performance - Gross premiums written for 2024 increased by 28.0% to $143.8 million, while net premiums earned rose by 7.8% to $148.1 million[5]. - The net underwriting loss for 2024 was $18.0 million, compared to a net underwriting income of $11.8 million in 2023, resulting in a combined ratio of 112.1% versus 91.4%[5]. - The company reported a net loss of $27.4 million, or $(0.81) per diluted ordinary share, compared to net income of $17.6 million, or $0.50 per diluted ordinary share in 2023[5]. - The combined ratio for the fourth quarter of 2024 included 10.1% related to the Russia-Ukraine conflict and 11.9% related to catastrophes[3]. - The combined ratio for Q4 2024 was 112.1%, up from 91.4% in Q4 2023, indicating a deterioration in underwriting performance[18][20]. - The loss ratio for Q4 2024 was 82.8%, compared to 55.2% in Q4 2023, showing an increase of 27.6 percentage points[18][20]. - The underwriting income for the year ended December 31, 2024, was a loss of $8,175 million, compared to a profit of $31,992 million in 2023, indicating a significant decline[22][24]. - The income (loss) before income taxes for Q4 2024 was a loss of $28,346 million, compared to a profit of $17,595 million in Q4 2023, indicating a significant downturn in profitability[18][20]. Investment and Assets - Total investment income decreased to $2.6 million in 2024 from $14.1 million in 2023[5]. - The company's total assets increased to $2.016 billion as of December 31, 2024, up from $1.735 billion in 2023[15]. - Loss and loss adjustment expense reserves rose to $860.9 million in 2024 from $661.6 million in 2023[15]. - Net investment income for the year ended December 31, 2024, was $45,954 million, compared to $43,408 million in 2023, an increase of 5.9%[22][24]. Shareholder Value and Equity - Fully diluted book value per share increased by 7.2% to $17.95 from $16.74 at December 31, 2023[6]. - Total equity reported under U.S. GAAP as of December 31, 2024, is $635,879 million, an increase from $596,095 million in December 2023[31]. - Basic book value per share increased to $18.26 as of December 31, 2024, compared to $16.87 in December 2023, reflecting a growth of 8.2%[31]. - The number of ordinary shares issued and outstanding as of December 31, 2024, is 34,831,324, slightly down from 35,336,732 in December 2023[31]. - The denominator for fully diluted book value per share increased to 35,421,325 as of December 31, 2024, from 35,601,602 in December 2023[31]. - The basic book value per share for September 30, 2024, was $19.05, indicating a sequential increase from $17.95 in June 2024[31]. - The fully diluted book value per share for September 30, 2024, was $18.72, reflecting an increase from $17.65 in June 2024[31]. - The total equity reported for September 30, 2024, was $663,418 million, up from $634,020 million in June 2024[31]. Operational Changes - The company restructured its reportable segments into Open Market and Innovations effective December 31, 2024[3]. - The CEO expressed confidence in delivering shareholder value in 2025 despite the challenging financial results for 2024[8]. - The acquisition cost ratio for Q4 2024 was 26.0%, compared to 30.7% in Q4 2023, showing an improvement in cost management[18][20]. - The company reported foreign exchange losses of $8,851 million in Q4 2024, compared to gains of $3,905 million in Q4 2023, reflecting a negative impact from currency fluctuations[18][20]. Premiums and Growth - Gross premiums written for Q4 2024 totaled $143,756 million, a significant increase from $112,338 million in Q4 2023, representing a growth of 28.1%[18][20]. - Net premiums earned for Q4 2024 were $148,136 million, compared to $137,445 million in Q4 2023, reflecting an increase of 7.3%[18][20]. - For the year ended December 31, 2024, gross premiums written reached $698,335 million, up from $636,810 million in 2023, marking a growth of 9.7%[22][24].

Financial Performance - The company grew its reinsurance business by 9.7% in gross premiums written during 2024, maintaining a strong financial position and liquidity [30]. - Total assets reached $2.0 billion and shareholders' equity was $0.6 billion as of December 31, 2024, with a debt-to-capital ratio of 9.5% [31]. - The five-year compound annual growth for diluted book value per share was 8.2% at December 31, 2024 [33]. - Gross premiums written for the Open Market segment increased to $603.8 million (86.5% of total) in 2024, up from $504.4 million (79.2%) in 2023 [43]. - The Innovations segment saw gross premiums written rise from $50.7 million in 2022 to $94.7 million in 2024, representing a significant growth trajectory [39]. - A.M. Best revised the outlook for the company's principal operating subsidiaries to positive from stable in October 2024, maintaining an A- (Excellent) rating [31]. - A.M. Best reaffirmed the company's "A- (Excellent)" rating on October 18, 2024, with a positive outlook, reflecting strong financial strength and operating performance [80]. Underwriting and Risk Management - The company has implemented a whole-account retrocession program, ceding 28% of Innovations-related contracts in Q4 2024 to enhance capacity without capital constraints [39]. - The Open Market segment's FAL business represented approximately 40%, 35%, and 26% of gross premiums written for the years ended December 31, 2024, 2023, and 2022, respectively [50]. - The company has established underwriting operations in the Cayman Islands, Dublin, and London, providing access to key markets in the U.S., Europe, Middle East, and Asia [57]. - The underwriting platform is supported by experienced underwriters and actuaries, focusing on maximizing profitability while managing risk and volatility [58]. - The company collaborates with clients and brokers to understand risks and follows terms set by recognized market leaders for most of its business [61]. - The company engages an independent actuarial firm to review reserve estimates at least once a year, ensuring accuracy in claims reserves [74]. - The underwriting committee sets parameters for aggregate property catastrophic caps and limits for maximum loss potential under any individual contract [65]. - The company offers clients the ability to create segregated cells within Viridis Re starting in 2024, providing more flexible and cost-effective reinsurance solutions [54]. Investment Strategy - Total investments as of December 31, 2024, amounted to $460.3 million, with 84.1% allocated to Solasglas and 15.9% to Innovation-related investments [107]. - The maximum Investment Portfolio for Solasglas was increased from 50% to 60% of GLRE Surplus on January 1, 2023, and further raised to 70% on August 1, 2024 [109]. - DME Advisors manages the investment portfolio and receives a monthly management fee at an annual rate of 1.5% of each limited partner's Investment Portfolio [111]. - DME Advisors is entitled to a performance allocation of 20% of net profits calculated per annum, subject to a loss carryforward provision [111]. - DME II's performance allocation is reduced to 10% on net profits until Solasglas achieves additional investment returns of 88.3%, after which it will revert to 20% [112]. - Investment returns for Solasglas in 2024 were 9.8%, compared to 9.4% in 2023, and significantly lower than 25.3% in 2022 [120]. - The investment portfolio is now calculated based on 70% of GLRE Surplus effective August 1, 2024, up from 60% in 2023 [120]. - DME Advisors implements a value-oriented investment strategy focusing on long positions in undervalued securities and short positions in overvalued ones [117]. - The company aims to achieve higher long-term returns compared to traditional fixed-income portfolios, aligning with its reinsurance business [118]. Regulatory Compliance and Risks - Greenlight Re and Viridis Re must maintain capital and a margin of solvency in accordance with the capital and solvency requirements prescribed by the Act [92]. - The Cayman Islands Monetary Authority (CIMA) can impose fines for breaches of regulatory laws, ranging from $6,100 to $1,220,000 depending on the severity of the breach [91]. - CIMA may direct a licensee to cease unsafe business practices, with penalties including fines up to $600,000 or imprisonment for up to ten years for non-compliance [90]. - Greenlight Re and Viridis Re are required to submit annual returns, including financial statements audited by an independent auditor approved by CIMA [92]. - The financial security of the Lloyd's market is regularly assessed by four independent rating agencies, which is crucial for trading in certain classes of business [106]. - The underwriting capacity of a member of Lloyd's must be supported by a deposit, with premium levies on current members potentially assessed up to 5% of a member's underwriting capacity [106]. - Regulatory non-compliance could lead to restrictions on dividend payments, limitations on business activities, and potential financial penalties [196]. - The holding company relies on dividends from subsidiaries to meet cash requirements, and regulatory restrictions may limit these dividend payments [197]. - The company is licensed as a reinsurer in the Cayman Islands and the EEA, and any suspension or revocation of these licenses would materially affect its operations [191]. - Greenlight Re and Viridis Re were in compliance with their respective capital requirements as of December 31, 2024, with Greenlight Re maintaining a minimum capital of $50 million and Viridis Re at $0.2 million [194]. - GRIL's minimum capital requirement was approximately $9.9 million, and its solvency capital requirement was $39.8 million as of December 31, 2024, with compliance confirmed [195]. - The company is subject to oversight by the PRA and FCA, and failure to comply with their regulations could materially impact business strategy [212]. Market Conditions and Challenges - The reinsurance industry is highly competitive, with major competitors having greater financial and marketing resources, which could adversely affect the company's ability to market its products profitably [157]. - The company’s financial condition may be materially affected if actual losses significantly exceed its loss reserves, which are established based on estimates of future trends in claim severity [153]. - The ongoing conflict between Russia and Ukraine has led to economic uncertainty and volatility in global markets, which may indirectly impact the company's operations [162]. - The company faces challenges from emerging claims and coverage issues, particularly related to geopolitical instability and the impact of sanctions on its specialty lines of business [163]. - The property and casualty reinsurance market is subject to cyclical trends, which can lead to periods of intense price competition and affect the company's premium rates and terms [165]. - Increased supply of reinsurance may lead to fewer contracts written and lower premium rates, adversely impacting the company's financial condition and results of operations [167]. - The company utilizes modeling tools for pricing and risk management, but inherent uncertainties in these models may lead to underestimating exposures and negatively impacting financial results [168]. - Cybersecurity risks are evolving, and the company may face increased costs to comply with new regulatory requirements related to data protection and privacy [171]. - The company's reinsurance operations are vulnerable to catastrophic losses, which could lead to significant volatility in financial results due to unpredictable events such as severe weather and natural disasters [172]. - As of December 31, 2024, reinsurance balances receivable from brokers and cedents totaled $704.5 million, with a majority not collateralized, raising concerns about collectability [179]. - Total loss recoverables at December 31, 2024, amounted to $85.8 million, also with a majority not collateralized, which could adversely affect financial condition [180]. - The company is exposed to credit risk from brokers and cedents, which may not fulfill their obligations, potentially leading to downward adjustments in financial statements [178]. - The company faces risks from future strategic transactions, including acquisitions and mergers, which could adversely impact its reputation and financial condition [187]. - Non-compliance with international laws and regulations could materially affect the company's ability to conduct business globally [188]. - Currency fluctuations may result in exchange rate losses, negatively impacting the company's financial performance [189]. Employee and Diversity Metrics - As of December 31, 2024, 40% of the total global employees were female, and approximately 33% identified as racially or ethnically diverse [132]. - The company has 75 total employees worldwide as of March 7, 2025, with 35 in Grand Cayman, 25 in Dublin, and 15 in London [133]. Compensation and Governance - The company has a performance-driven compensation policy that includes base salary, annual cash bonuses, and long-term incentives like stock options [136]. - The Executive Risk Committee oversees the enterprise risk management function, ensuring compliance with risk appetite and monitoring measures [123]. - Potential conflicts of interest may arise from DME Advisors and its affiliates managing accounts with differing investment objectives, potentially affecting Solasglas' investment returns [221]. - Mr. Einhorn's role on the Boards of Directors of both Greenlight Capital Re and Greenlight Re may lead to conflicts of interest due to his influence over investment decisions [222]. - Solasglas may invest in securities with limited liquidity, which could hinder the execution of trade orders at desired prices and impact underwriting payment obligations [224].

Core Insights - Greenlight Capital Re, Ltd. reported a fully diluted book value per share increase of 7.2% in 2024, marking the fifth consecutive year of growth [1][9] - The company restructured its reportable segments into Open Market and Innovations to better align with its multi-pillar strategy [2] Financial Performance Highlights - For Q4 2024, gross premiums written increased by 28.0% to $143.8 million, while net premiums earned rose by 7.8% to $148.1 million [8] - The net underwriting loss for Q4 2024 was $18.0 million, compared to a net underwriting income of $11.8 million in Q4 2023 [8] - The combined ratio for Q4 2024 was 112.1%, up from 91.4% in Q4 2023 [8][18] - Total investment income for Q4 2024 was $2.6 million, a significant decrease from $14.1 million in Q4 2023 [8] Year-End Financial Results - For the full year 2024, gross premiums written increased by 9.7% to $698.3 million, and net premiums earned increased by 6.3% to $620.0 million [9] - The net underwriting loss for 2024 was $8.2 million, compared to a net underwriting income of $32.0 million in 2023 [9] - The combined ratio for 2024 was 101.4%, compared to 94.5% in 2023 [9][18] - Total investment income for 2024 was $79.6 million, an increase from $72.1 million in 2023 [9] Segment Performance - In Q4 2024, the Open Market segment generated gross premiums written of $123.1 million, while the Innovations segment contributed $20.7 million [20] - For the full year 2024, the Open Market segment's gross premiums written were $603.8 million, and the Innovations segment's were $94.7 million [25] Management Commentary - The CEO expressed pride in the company's accomplishments despite financial results falling short of expectations, emphasizing a strong position for delivering shareholder value in 2025 [7] - The Chairman noted challenges in the investment program post U.S. election results but highlighted a solid return of 9.8% for Solasglas in 2024 [7]

GRAND CAYMAN, Cayman Islands, March 03, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the "Company" or "Greenlight Re"), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the fourth quarter and full year ended December 31, 2024, after the market closes on Monday, March 10, 2025. A live conference call to discuss the financial results will be held on Tuesday, March 11, 2025, at 9:00 a.m. Eastern Time. Conference Ca ...

Financial Data and Key Metrics - Gross written premiums for Q3 2024 were $168.3 million [6] - Net income for Q3 2024 was $35.2 million, up $21.7 million compared to Q3 2023 [6] - Fully diluted book value per share grew by 6.1% during the quarter and 11.8% year-to-date in 2024, or 16.0% annualized [6] - Combined ratio for Q3 2024 was 95.9%, marking the eighth consecutive quarter of underwriting profit [8] - Year-to-date combined ratio was 97.9%, despite significant insured natural catastrophe losses exceeding $100 billion in the first nine months of 2024 [8] Business Line Data and Key Metrics - Property book gross premiums decreased due to non-renewal of a homeowner's contract affected by U.S. severe convective storms, but the current in-force property book is expected to remain profitable [21] - Casualty gross premiums decreased by 15.5% due to non-renewal of a Lloyd's contract and a shift in workers' compensation book from proportional to excess loss [22] - Specialty book gross premiums grew by $21.4 million or 52% compared to Q3 2023, driven by a new proportional specialty contract with outward retrocession [22] - Net premiums for the specialty book grew by $7.8 million or 19.6%, driven by new marine and energy business, partially offset by lower financial lines premiums [23] Market Data and Key Metrics - Hurricane Helene caused an estimated $7.5 million loss for the company, contributing 9.3% to the combined ratio, with an industry loss estimated at $10 billion [9] - Hurricane Milton's industry loss estimates range from $5 billion to $50 billion, with the company's preliminary loss estimate at $5 million to $15 million [10] - The Solasglas fund returned 5.2% in Q3 2024, with the long portfolio contributing 9.9%, the macro portfolio contributing 1.2%, and the short portfolio detracting 5.1% [14] Company Strategy and Industry Competition - The company is focused on the 1/1 renewal season, with market conditions remaining attractive and no material increase in reinsurance capacity [11] - The company has appointed Tom Curnock as Group Chief Underwriting Officer and Pat O'Brien as Group Chief Operating Officer, both instrumental in the company's leadership [12] - AM Best affirmed the company's A- rating and upgraded its outlook to positive from stable, recognizing the company's progress [12] Management Commentary on Operating Environment and Future Outlook - The company expects to take advantage of market opportunities during the 1/1 renewal season, with discipline remaining strong in the reinsurance market [11] - The company remains confident in its underwriting and investment strategies, as evidenced by the strong growth in book value per share [25] Other Important Information - The company repurchased $7.5 million worth of shares during Q3 2024, with $17.5 million remaining under the share repurchase plan [24] - The Solasglas portfolio returned negative 0.2% in October but has returned 11.7% year-to-date through October 31st, with net exposure at 31% [18] Q&A Session Summary - No specific questions or answers were provided in the document [26]

Financial Performance - For Q3 2024, the company reported a net income of $35.2 million, an increase of $21.8 million compared to Q3 2023, primarily driven by strong investment performance [95]. - The diluted EPS for Q3 2024 was $1.01, compared to $0.39 in the same quarter last year [96]. - Net income for Q3 2024 was $35.2 million, a significant increase from $13.5 million in Q3 2023 [114]. - For the nine months ended September 30, 2024, net income was $70.2 million, compared to $69.2 million for the same period in 2023 [116]. - Total shareholders' equity rose by $67.3 million to $663.4 million, primarily due to net income of $70.2 million reported for the period [169]. Premiums and Underwriting - Gross premiums written decreased by 8.0% to $168.3 million, while net premiums earned fell by 6.9% to $151.9 million [96]. - Net underwriting income was $6.1 million, down from $14.4 million in Q3 2023, with current year CAT losses net of reinsurance amounting to $14.1 million [96]. - Gross premiums written for Q3 2024 decreased by $36.1 million, or 15.5%, compared to Q3 2023, with property premiums down by $19.3 million (58.6%) and casualty premiums down by $16.8 million (15.5%) [123]. - Net premiums written for Q3 2024 decreased by $26.5 million, or 15.8%, while YTD 2024 increased by $1.2 million, or 0.3% compared to the same periods in 2023 [128]. - Net premiums earned for Q3 2024 decreased by $11.2 million, or 6.9%, while YTD 2024 increased by $26.1 million, or 5.9% compared to the same periods in 2023 [129]. Investment Performance - Total investment income increased by $23.0 million to $28.1 million, reflecting a 5.2% net return from the investment in Solasglas [96]. - Investment income increased by $23.0 million in Q3 2024, primarily due to a gain of $19.8 million from the investment in Solasglas [115]. - Net investment income for Q3 2024 was $8.2 million, up from $7.0 million in Q3 2023 [115]. - Total investment income for Q3 2024 was $28.1 million, a significant increase from $5.1 million in Q3 2023, and YTD 2024 total investment income reached $67.0 million [152]. - Net investment-related income increased by 18.5% compared to Q3 2023, primarily due to lower net realized and unrealized gains from the Innovation portfolio [153]. Loss Ratios and Claims - The combined ratio for Q3 2024 was 95.9%, up from 91.2% in Q3 2023, driven by higher loss and acquisition cost ratios [115]. - The attritional loss ratio for the underwriting portfolio increased, contributing to the rise in the combined ratio [115]. - The total loss ratio for Q3 2024 increased by 1.9 percentage points to 61.3% compared to Q3 2023, while YTD 2024 increased by 0.7 percentage points to 64.5% [132]. - Current accident year loss ratio increased by 3.6 percentage points for Q3 2024 and 3.3 percentage points for YTD 2024 compared to the same periods in 2023 [133]. - Net losses incurred for Q3 2024 totaled $93.165 million, with property losses at $21.506 million and casualty losses at $43.799 million [134]. Operational Expenses - General and administrative expenses for Q3 2024 increased by $2.4 million or 30.9%, primarily due to an increase in headcount and professional fees related to underwriting activities [148]. - Corporate expenses increased by $1.0 million or 30.2%, mainly due to higher personnel costs and professional fees [149]. - Total acquisition costs for Q3 2024 decreased by 1.6% to $46.2 million, while YTD 2024 acquisition costs increased by 9.1% to $138.2 million, mainly due to growth in net premiums earned [140]. - The acquisition cost ratio for property increased by 2.2 points to 19.9% in Q3 2024, driven by profit commission associated with a significant quota share treaty [143]. Capital and Debt Management - Total debt decreased by $10.7 million, or 14.6%, to $62.6 million from $73.3 million at December 31, 2023 [168]. - The debt to shareholders' equity ratio improved to 9.4% as of September 30, 2024, down from 12% at the end of 2023, indicating a stronger capital structure [176]. - The company has renewed its $200 million shelf registration, effective July 5, 2024, to provide flexibility for future capital needs [178]. - Total contractual obligations and commitments amounted to $874.9 million as of September 30, 2024, with $385.3 million due in less than one year [180]. Market Outlook - The company anticipates continued primary rate increases and tightening reinsurance terms in the US Casualty market [99]. - The 2024 mid-year renewals are characterized by a healthy balance of supply and demand for reinsurance capacity, with attractive terms for growth [100]. - Anticipated interest rate cuts could favorably impact interest expenses related to floating rate term loans [101]. Miscellaneous - A.M. Best affirmed the Financial Strength Rating of A- (Excellent) and revised the outlooks to positive from stable, reflecting improved operating performance [97]. - There were no recent accounting pronouncements expected to materially impact the company's financial results as of September 30, 2024 [183].

GRAND CAYMAN, Cayman Islands, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights (all comparisons are to third quarter 2023 unless noted otherwise): Gross premiums written of $168.3 million compared to $183.1 million;Net premiums earned of $151.9 million, compared to $163.1 million;Net underwriting income of $6.1 million, compared to ...