Greenlight Re Announces Fourth Quarter and Year-End 2024 Financial Results

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]