Financial Performance - Net income for Q1 2025 increased to $29.6 million, or $0.86 per diluted share, compared to $27.0 million, or $0.78 per diluted share in Q1 2024[3] - Gross premiums written rose by 14.1% to $247.9 million, while net premiums earned increased by 4.3% to $168.5 million[3] - The combined ratio for Q1 2025 was 104.6%, up from 97.9% in Q1 2024, indicating a net underwriting loss of $7.8 million compared to net underwriting income of $3.4 million[3] - Total investment income for the quarter was $40.5 million, an increase from $31.4 million in the same period last year[3] - The company reported a net loss and LAE incurred of $122.9 million, compared to $109.3 million in Q1 2024[11] - The net loss and LAE incurred was $109,326 million, resulting in an underwriting income of $3,385 million[15] - Corporate and other expenses totaled $4,375 million, impacting overall profitability[15] Investment Performance - Investment income from Solasglas was $32.2 million, significantly higher than $18.2 million in the previous year[11] - Net investment income reached $13,178 million, contributing to an income before income taxes of $27,538 million[15] Asset and Equity Position - Total assets increased to $2.15 billion, up from $2.02 billion at the end of 2024[10] - Fully diluted book value per share grew by 5.1% to $18.87, up from $17.95 at the end of 2024[3] - Fully diluted book value per share increased to $18.87, compared to $17.95 in the previous quarter[22] - Total equity reported under U.S. GAAP was $666,804 million as of March 31, 2025[22] - The number of ordinary shares issued and outstanding was 34,557,449, with an additional 773,938 in-the-money stock options and RSUs[22] - The company aims to increase fully diluted book value per share as a key financial goal[19] Loss Ratios and Financial Impact - The current year loss ratio was 70.4%, compared to 64.3% in the prior year, contributing to a total loss ratio of 72.9%[11] - Foreign exchange losses amounted to $1,649 million, affecting the financial results[15] - The combined ratio for the consolidated segment was 97.9%, with a loss ratio of 67.6% and an acquisition cost ratio of 25.8%[15] Cash Position - Cash and cash equivalents decreased to $47.5 million from $64.7 million at the end of 2024[10]

Financial Performance - For Q1 2025, net income was $29.6 million, an increase of $2.6 million compared to Q1 2024, primarily due to strong performance from the investment in Solasglas[105]. - Gross premiums written increased by 14.1% to $247.9 million, while net premiums earned rose by 4.3% to $168.5 million[110]. - The net underwriting loss was $7.8 million, a decline from a net underwriting income of $3.4 million in Q1 2024[110]. - Total investment income increased by $9.1 million to $40.5 million, with a net return of 7.2% from the investment in Solasglas compared to 5.2% in Q1 2024[110]. - Fully diluted book value per share increased by 5.1% to $18.87 as of March 31, 2025, from $17.95 at December 31, 2024[106]. Underwriting and Loss Ratios - The combined ratio increased to 104.6% in Q1 2025 from 97.9% in Q1 2024, reflecting higher underwriting losses[114]. - Current year CAT losses, net of reinsurance, were $27.0 million, up from $12.4 million in Q1 2024[110]. - The attritional loss ratio improved to 54.4% in Q1 2025 from 56.6% in Q1 2024[114]. - The loss ratio for Q1 2025 was 75.4%, an increase of 9.5 percentage points from 65.9% in Q1 2024, primarily due to higher catastrophe losses[124]. - Catastrophe losses in Q1 2025 amounted to $27.0 million, significantly higher than $12.4 million in Q1 2024, mainly related to California wildfires[125]. Premiums and Growth - Gross premiums written increased by $33.6 million or 18.0% to $220.7 million in Q1 2025 compared to Q1 2024[120]. - Net premiums written rose by $27.9 million or 16.6% to $195.6 million in Q1 2025, driven by a 56.9% increase in casualty and 30.1% increase in multiline[122][121]. - Net premiums earned increased by $18.0 million or 13.7% to $149.6 million in Q1 2025, with notable growth in casualty (18.3%) and specialty (23.9%) lines[123]. Investment and Equity - Total investments increased by $48.3 million, or 10.5%, to $508.6 million as of March 31, 2025, primarily driven by net contributions into Solasglas and net investment returns[150]. - Total shareholders' equity increased by $30.9 million to $666.8 million as of March 31, 2025, primarily due to net income of $29.6 million for the period[163]. Segment Performance - Income before income taxes for the Open Market segment was a loss of $3.2 million in Q1 2025, down from a profit of $17.6 million in Q1 2024, largely due to increased catastrophe losses[130]. - Income before income taxes for the Innovations segment was $0.9 million in Q1 2025, compared to a loss of $0.6 million in Q1 2024, driven by increased underwriting income and net investment income[143]. - The Innovations segment reported a decrease in gross premiums written by $2.6 million or 8.7% to $27.5 million in Q1 2025, primarily due to lower premiums from Syndicate 3456[132]. Risk and Accounting - The company adjusted its risk appetite to a more cautious stance toward the casualty business in the Open Market segment due to increased competition[107]. - The company continues to rely on critical accounting estimates related to premium revenues, loss reserves, and share-based compensation, which could materially affect financial results if actual events differ from assumptions[173]. - There were no recently issued accounting pronouncements expected to materially impact the company's financial results as of March 31, 2025[175]. Market Risks - As of March 31, 2025, a 10% decline in the price of equity securities held by Solasglas would result in an unrealized loss of $8.2 million, compared to $13.9 million as of December 31, 2024[177]. - A 10% increase in commodity prices would lead to a total unrealized gain of $13.7 million, while a 10% decrease would result in a loss of $12.7 million as of March 31, 2025[179]. - The impact of a 10% increase in the value of the U.S. dollar against foreign currencies would result in an unrealized loss of $2.8 million on Solasglas' investments, up from $0.2 million as of December 31, 2024[180]. - A 100 basis points increase in interest rates would lead to an unrealized loss of $16.6 million on interest rate derivatives held by Solasglas, compared to $0.2 million as of December 31, 2024[181]. - The company has not reported any material changes in market risk disclosures since December 31, 2024, except for specific updates on equity price and commodity price risks[176].

Core Viewpoint - Greenlight Capital Re, Ltd. reported a net income of $29.6 million for Q1 2025, reflecting a 9.6% increase from $27.0 million in Q1 2024, despite losses from California wildfires impacting the combined ratio by 14 points [1][4]. Financial Performance - Gross premiums written increased by 14.1% to $247.9 million compared to $217.3 million in Q1 2024 [4][9]. - Net premiums earned rose by 4.3% to $168.5 million from $161.5 million in the same period last year [4][9]. - The company experienced a net underwriting loss of $7.8 million, contrasting with net underwriting income of $3.4 million in Q1 2024 [4][9]. - Total investment income grew to $40.5 million, up from $31.4 million in Q1 2024 [4][9]. - Fully diluted book value per share increased by 5.1% to $18.87, compared to $17.95 at the end of 2024 [1][4]. Underwriting Metrics - The combined ratio for Q1 2025 was 104.6%, up from 97.9% in Q1 2024, indicating a deterioration in underwriting performance [4][11]. - The current year loss ratio was reported at 70.4%, compared to 64.3% in the prior year [11]. - The acquisition cost ratio increased to 27.8% from 25.8% year-over-year [11]. Investment Strategy - The CEO highlighted a strong return of 7.2% from the Solasglas investment portfolio, which helped mitigate the impact of market challenges [1][4]. - The company is positioning Solasglas to maintain low gross and net exposure in anticipation of high market volatility [1][4]. Company Overview - Greenlight Re provides multiline property and casualty insurance and reinsurance, utilizing a non-traditional investment approach aimed at achieving higher long-term returns [6]. - The company supports technology innovators in the (re)insurance space through its Greenlight Re Innovations unit [6].

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].

Core Insights - Greenlight Reinsurance has appointed Martin Vezina as Head of Underwriting Analytics, effective immediately, to enhance the company's underwriting analytics and pricing functions [1] - Vezina brings over 30 years of reinsurance experience, particularly in underwriting and pricing, and will significantly contribute to the strategic direction of the company [3] - The company operates in the multiline property and casualty insurance and reinsurance sectors, utilizing a non-traditional investment approach to achieve higher long-term returns [5] Company Overview - Greenlight Reinsurance is a subsidiary of Greenlight Capital Re, Ltd., which is publicly traded on NASDAQ under the ticker GLRE [1] - The company provides insurance and reinsurance through licensed entities in the Cayman Islands and Ireland, as well as its Lloyd's platform, Greenlight Innovation Syndicate 3456 [5] - In 2018, Greenlight Re launched its Greenlight Re Innovations unit to support technology innovators in the (re)insurance space by providing investment capital and risk capacity [5] Martin Vezina's Background - Vezina has held senior underwriting positions at various firms, including Allianz and Markel, and has actuarial experience from American Re and Overseas Partners Re [4] - He holds a Bachelor of Science in actuarial science and several professional designations, including Fellow of the Casualty Actuarial Society and Chartered Property Casualty Underwriter [4] - His appointment is subject to applicable immigration approvals [4]

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q4 2024 Earnings Conference Call March 11, 2025 9:00 AM ET Company Participants David Sigmon - General Counsel Greg Richardson - Executive Officer David Einhorn - Chairman of the Board Faramarz Romer - Chief Financial Officer Conference Call Participants Anthony Mottolese - Dowling & Partners Eric Hagen - BTIG Operator At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. It's now my pleasure to ...

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]