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]

Core Viewpoint - Greenlight Capital Re, Ltd. is set to release its financial results for Q4 and the full year of 2024 on March 10, 2025, with a conference call scheduled for March 11, 2025, to discuss these results [1]. Group 1: Financial Results Announcement - The company will announce its financial results for the fourth quarter and full year ended December 31, 2024, after market close on March 10, 2025 [1]. - A live conference call to discuss the financial results will take place on March 11, 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 number 1-877-407-9753 or international number 1-201-493-6739 [2]. - The conference call will also be accessible via a webcast [2]. - A telephone replay of the call will be available until March 18, 2025, with specific access numbers provided [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, as well as its Lloyd's platform [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, risk capacity, and access to a broad insurance network [3].

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].

Core Insights - Greenlight Capital Re reported its third quarter financial results for 2024, showcasing a disciplined underwriting approach and strong investment returns, achieving profitable performance for the eighth consecutive quarter [2][4]. Financial Performance - Gross premiums written decreased to $168.3 million from $183.1 million, a decline of 8.0% [3][6]. - Net premiums earned fell to $151.9 million, down 6.9% from $163.1 million [3][6]. - Net underwriting income was $6.1 million, compared to $14.4 million in the same quarter of 2023 [4][6]. - Total investment income significantly increased to $28.1 million from $5.1 million [5][6]. - Net income rose to $35.2 million, or $1.01 per diluted ordinary share, compared to $13.5 million, or $0.39 per diluted ordinary share in the prior year [6][15]. Underwriting Metrics - The combined ratio for the third quarter was 95.9%, up from 91.2% in the previous year, influenced by catastrophe losses [4][15]. - The current year loss ratio was 65.0%, compared to 61.4% in the prior year [7][15]. - The acquisition cost ratio increased to 30.4% from 28.8% [7][15]. Investment Performance - The investment in the Solasglas fund yielded a net return of 5.2%, contributing $19.8 million to net income [5][6]. - Other investment income amounted to $8.2 million, primarily from interest on restricted cash and cash equivalents [5][6]. Shareholder Value - Fully diluted book value per share increased by 6.1% to $18.72 from $17.65 at the end of the previous quarter [6][19]. - The company repurchased 547,402 ordinary shares for $7.5 million under its share repurchase plan [6][19].

Core Points - Greenlight Capital Re, Ltd. is set to release its financial results for the quarter ended September 30, 2024, after market close on November 4, 2024 [1] - A live conference call to discuss these results will take place on November 5, 2024, at 9:00 a.m. Eastern Time [1] Company Overview - Greenlight Re provides multiline property and casualty insurance and reinsurance through licensed entities in the Cayman Islands and Ireland, as well as its Lloyd's platform, Greenlight Innovation Syndicate 3456 [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, the company's innovations unit, supports technology innovators in the (re)insurance sector by offering investment capital, risk capacity, and access to a broad insurance network [3]

Financial Data and Key Metrics Changes - Greenlight Re reported gross written premiums of $169 million, up 9.1% compared to Q2 2023 [4] - The company delivered net income of $8 million, equating to 1.5% growth in fully diluted book value per share during the quarter, or 6% on an annualized basis [4] - The combined ratio for the quarter was reported at 99.8% [4] - Net income decreased significantly from $49.9 million in Q2 2023 to $8 million in Q2 2024 [11] - Total net investment income was $12.6 million, down from $42.2 million in Q2 last year [14] - Fully diluted book value per share grew 11.9% over the last 12 months, reaching $17.65 as of June 30, 2024 [14] Business Line Data and Key Metrics Changes - Net written premiums increased by $8.9 million, or 6.2%, to $154.1 million compared to Q2 2023, driven by the specialty book [11] - Specialty book net premiums written increased by $25.9 million, or 76.4%, mainly within marine and energy classes, with a composite ratio decreasing to 72.2% [12] - Casualty book net premiums written decreased by $7.4 million, or 8.7%, with a composite ratio increasing to 104.9% [12] - Property book net premiums written decreased by $9.6 million, or 36.2%, with a composite ratio of 127.5% [13] Market Data and Key Metrics Changes - U.S. convective storm losses in Q2 were estimated at over $30 billion, roughly twice the 10-year average, impacting underwriting results [5] - The renewal season as of July 1 was in line with expectations, with reinsurers remaining disciplined and pricing attractive [6] Company Strategy and Development Direction - The company remains positive about growth opportunities in property and specialty classes while being cautious in casualty lines [6] - Greenlight Re is focusing on optimizing and driving return on equity (ROE) as a primary goal [20] - The allocation to the Solace Glass fund was increased from 60% to 70% of adjusted book value, effective August 1 [10][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged heightened macroeconomic uncertainty affecting financial services, including insurance and reinsurance [16] - The company feels well-positioned due to its portfolio strategies that hedge macroeconomic risks [16] - Management expressed confidence in the innovations book and its potential for significant growth [19] Other Important Information - The company generated $40.7 million of cash from operations during the first half of the year [14] - Total G&A expenses increased to $10.5 million, primarily due to headcount growth [13] - The company will host its 2024 Investor Day on November 19 in New York City [15] Q&A Session Summary Question: How is the company thinking about growing the insurance portfolio in light of macroeconomic conditions? - Management noted the macro backdrop includes heightened uncertainty, but the company feels resilient due to its portfolio strategies [16][17] Question: What are the perspectives on current capital allocation and the higher allocation to the investment portfolio? - Management highlighted the superior risk-adjusted returns of the investment portfolio and the decision to increase the allocation to Solace Glass as economically smart [22][23] Question: What is the outlook for further increases in the Solace Glass allocation? - Management indicated that future increases would be gradual, contingent on continued improvement in liquidity and performance [28]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q __________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33493 _____________________________________________________________________ ...