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Greenlight Capital Re, Ltd. Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call
GlobeNewswire News Room· 2025-03-03 21:15
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].
Greenlight Re(GLRE) - 2024 Q3 - Earnings Call Transcript
2024-11-05 16:19
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]
Greenlight Re(GLRE) - 2024 Q3 - Quarterly Report
2024-11-04 21:43
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].
Greenlight Re Announces Third Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-11-04 21:15
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].
Greenlight Capital Re, Ltd. Schedules Third Quarter 2024 Financial Results and Conference Call
GlobeNewswire News Room· 2024-10-29 20:15
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]
Greenlight Re(GLRE) - 2024 Q2 - Earnings Call Transcript
2024-08-11 03:32
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]
Greenlight Capital Re, Ltd. Schedules Second Quarter 2024 Financial Results and Conference Call
GlobeNewswire News Room· 2024-07-30 20:15
U.S. toll free 1-877-407-9753 A telephone replay will be available following the call through August 12, 2024. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13748042. An audio file of the call will also be available on the Company's website, www.greenlightre.com. Investor Relations Contact Karin Daly Vice President, The Equity Group Inc. (212) 836-9623 IR@greenlightre.ky Conference Call Details The conference call can also be ...
Greenlight Re(GLRE) - 2024 Q1 - Quarterly Report
2024-05-08 20:27
FORM 10-Q __________________________ (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Washington, D.C. 20549 __________________________ or (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: | Title of each ...
Greenlight Re(GLRE) - 2024 Q1 - Quarterly Results
2024-05-08 20:23
First Quarter 2024 Results Gross premiums written in the first quarter of 2024 were $217.3 million, compared to $186.5 million in the first quarter of 2023. The $30.8 million increase, or 16.5%, was primarily due to growth in specialty and casualty lines. Earned premiums increased by $18.9 million, or 13.2%, to $161.5 million as the growth in premiums written during 2023 continued to earn out. GREENLIGHT RE ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS Strong Premium Growth of 16.5%, Leading to Net income ...
Greenlight Capital Re, Ltd. Schedules First Quarter 2024 Financial Results and Conference Call
Newsfilter· 2024-05-02 20:25
GRAND CAYMAN, Cayman Islands, May 02, 2024 (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 first quarter ended March 31, 2024, after the market closes on Wednesday, May 8, 2024.  A live conference call to discuss the financial results will be held on Thursday, May 9, 2024, at 9:00 a.m. Eastern Time. Conference Call Details To particip ...