Greenlight Capital Re ( (GLRE) ) has released its Q4 earnings. Here is a breakdown of the information Greenlight Capital Re presented to its investors.
Greenlight Capital Re, Ltd. is a company that provides multiline property and casualty insurance and reinsurance through its entities in the Cayman Islands and Ireland, and its Lloyd’s platform, with a unique focus on combining traditional underwriting with non-traditional investment strategies.
In its latest earnings report, Greenlight Capital Re announced a 7.2% growth in fully diluted book value for 2024, marking the fifth consecutive year of growth. The company also introduced a new reporting structure with two segments, Open Market and Innovations, to enhance transparency.
The company reported a challenging fourth quarter with gross premiums written increasing by 28% to $143.8 million, yet experiencing a net underwriting loss of $18 million due to reserve strengthening and catastrophe losses. The full-year results showed a 9.7% increase in gross premiums written to $698.3 million, but a net underwriting loss of $8.2 million, primarily due to the impact of the Russia-Ukraine conflict and other catastrophic events. Despite these challenges, total investment income for the year rose to $79.6 million.
Looking ahead, Greenlight Capital Re’s management remains optimistic about delivering shareholder value in 2025 and beyond, focusing on strengthening its organization and processes to navigate future challenges effectively.
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