Greenlight Re Announces Third Quarter 2024 Financial Results

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].