Greenlight Re(GLRE) - 2025 Q1 - Quarterly Results

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]