Greenlight Re(GLRE)2025-03-10 21:03Financial Performance - Gross premiums written for 2024 increased by 28.0% to 148.1 million[5]. - The net underwriting loss for 2024 was 11.8 million in 2023, resulting in a combined ratio of 112.1% versus 91.4%[5]. - The company reported a net loss of (0.81) per diluted ordinary share, compared to net income of 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 31,992 million in 2023, indicating a significant decline[22][24]. - The income (loss) before income taxes for Q4 2024 was a loss of 17,595 million in Q4 2023, indicating a significant downturn in profitability[18][20]. Investment and Assets - Total investment income decreased to 14.1 million in 2023[5]. - The company's total assets increased to 1.735 billion in 2023[15]. - Loss and loss adjustment expense reserves rose to 661.6 million in 2023[15]. - Net investment income for the year ended December 31, 2024, was 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 16.74 at December 31, 2023[6]. - Total equity reported under U.S. GAAP as of December 31, 2024, is 596,095 million in December 2023[31]. - Basic book value per share increased 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 17.95 in June 2024[31]. - The fully diluted book value per share for September 30, 2024, was 17.65 in June 2024[31]. - The total equity reported for September 30, 2024, was 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 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 112,338 million in Q4 2023, representing a growth of 28.1%[18][20]. - Net premiums earned for Q4 2024 were 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 636,810 million in 2023, marking a growth of 9.7%[22][24].