Greenlight Re(GLRE)2024-11-05 16:19Financial Data and Key Metrics - Gross written premiums for Q3 2024 were 35.2 million, up 100 billion in the first nine months of 2024 [8] Business Line Data and Key Metrics - Property book gross premiums decreased due to non-renewal of a homeowner's contract affected by U.S. severe convective storms, but the current in-force property book is expected to remain profitable [21] - Casualty gross premiums decreased by 15.5% due to non-renewal of a Lloyd's contract and a shift in workers' compensation book from proportional to excess loss [22] - Specialty book gross premiums grew by 7.8 million or 19.6%, driven by new marine and energy business, partially offset by lower financial lines premiums [23] Market Data and Key Metrics - Hurricane Helene caused an estimated 10 billion [9] - Hurricane Milton's industry loss estimates range from 50 billion, with the company's preliminary loss estimate at 15 million [10] - The Solasglas fund returned 5.2% in Q3 2024, with the long portfolio contributing 9.9%, the macro portfolio contributing 1.2%, and the short portfolio detracting 5.1% [14] Company Strategy and Industry Competition - The company is focused on the 1/1 renewal season, with market conditions remaining attractive and no material increase in reinsurance capacity [11] - The company has appointed Tom Curnock as Group Chief Underwriting Officer and Pat O'Brien as Group Chief Operating Officer, both instrumental in the company's leadership [12] - AM Best affirmed the company's A- rating and upgraded its outlook to positive from stable, recognizing the company's progress [12] Management Commentary on Operating Environment and Future Outlook - The company expects to take advantage of market opportunities during the 1/1 renewal season, with discipline remaining strong in the reinsurance market [11] - The company remains confident in its underwriting and investment strategies, as evidenced by the strong growth in book value per share [25] Other Important Information - The company repurchased 17.5 million remaining under the share repurchase plan [24] - The Solasglas portfolio returned negative 0.2% in October but has returned 11.7% year-to-date through October 31st, with net exposure at 31% [18] Q&A Session Summary - No specific questions or answers were provided in the document [26]