Genie Energy Ltd Class B Commo (GNE) has released an update.
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The Company has incorporated a wholly-owned insurance subsidiary for self-coverage, to which it paid $51 million in premiums during the fourth quarter of 2023. It has also recognized the need to record a one-time, non-cash charge estimated at $45 million for the same quarter, as a reserve for insurance losses related to this self-insurance.
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