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Greenlight Re Announces First Quarter 2024 Financial Results
Strong Premium Growth of 16.5%, Leading to Net income of $27.0 million GRAND CAYMAN, Cayman Islands, May 08, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital Re,
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Strong Premium Growth of 16.5%, Leading to Net income of $27.0 million\nGRAND CAYMAN, Cayman Islands, May 08, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights (all comparisons are to first quarter 2023 unless noted otherwise): Gross premiums written increased 16.5% to $217.3 million;Net premiums earned increased 13.2% to $161.5 million;Underwriting income of $3.4 million, compared to $0.4 million;Net income of $27.0 million, or $0.78 per diluted ordinary share, compared to $5.9 million, or $0.17 per diluted ordinary share;Combined ratio of 98.0%, compared to 99.8%;Total investment income of $26.4 million, compared to $5.2 million; andFully diluted book value per share increased $0.65, or 3.9%, to $17.39, from $16.74 at December 31, 2023. Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Greenlight Re again delivered strong earnings during the first quarter of 2024, largely attributable to investment income, and marking our sixth consecutive quarter of underwriting profitability. I am pleased with our strategic growth and the underlying profitability of our underwriting portfolio despite the impact of Baltimore’s Francis Scott Key Bridge incident and modest prior year reserve development during the quarter.” David Einhorn, Chairman of the Board of Directors, said, “The Solasglas fund generated a strong 5.2% return during the first quarter, with contributions from long positions and macro, while the short portfolio broke even. We found a number of promising new long investments during the quarter.” First Quarter 2024 Results Gross premiums written in the first quarter of 2024 were $217.3 million, compared to $186.5 million in the first quarter of 2023. The $30.8 million increase, or 16.5%, was primarily due to growth in specialty and casualty lines. Earned premiums increased by $18.9 million, or 13.2%, to $161.5 million as the growth in premiums written during 2023 continued to earn out. The Company recognized net underwriting income of $3.4 million in the first quarter of 2024, compared to net underwriting income of $0.4 million during the equivalent period in 2023. The combined ratio for the first quarter of 2024 was 98.0%, compared to 99.8% for the...