Greenlight Re(US:GLRE) Globenewswireยท2025-05-07 20:15Core Viewpoint - Greenlight Capital Re, Ltd. reported a net income of $29.6 million for Q1 2025, reflecting a 9.6% increase from $27.0 million in Q1 2024, despite losses from California wildfires impacting the combined ratio by 14 points [1][4]. Financial Performance - Gross premiums written increased by 14.1% to $247.9 million compared to $217.3 million in Q1 2024 [4][9]. - Net premiums earned rose by 4.3% to $168.5 million from $161.5 million in the same period last year [4][9]. - The company experienced a net underwriting loss of $7.8 million, contrasting with net underwriting income of $3.4 million in Q1 2024 [4][9]. - Total investment income grew to $40.5 million, up from $31.4 million in Q1 2024 [4][9]. - Fully diluted book value per share increased by 5.1% to $18.87, compared to $17.95 at the end of 2024 [1][4]. Underwriting Metrics - The combined ratio for Q1 2025 was 104.6%, up from 97.9% in Q1 2024, indicating a deterioration in underwriting performance [4][11]. - The current year loss ratio was reported at 70.4%, compared to 64.3% in the prior year [11]. - The acquisition cost ratio increased to 27.8% from 25.8% year-over-year [11]. Investment Strategy - The CEO highlighted a strong return of 7.2% from the Solasglas investment portfolio, which helped mitigate the impact of market challenges [1][4]. - The company is positioning Solasglas to maintain low gross and net exposure in anticipation of high market volatility [1][4]. Company Overview - Greenlight Re provides multiline property and casualty insurance and reinsurance, utilizing a non-traditional investment approach aimed at achieving higher long-term returns [6]. - The company supports technology innovators in the (re)insurance space through its Greenlight Re Innovations unit [6].