Business
Greenlight Re Announces Second Quarter 2024 Financial Results
Premium Growth of 9.1%; 2024 Investor Day to be Held on Tuesday November 19, 2024 GRAND CAYMAN, Cayman Islands, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Greenlight
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Premium Growth of 9.1%; 2024 Investor Day to be Held on Tuesday November 19, 2024\nGRAND CAYMAN, Cayman Islands, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights (all comparisons are to second quarter 2023 unless noted otherwise): Gross premiums written increased 9.1% to $169.0 million;Net premiums earned increased 13.2% to $158.4 million;Underwriting income of $0.3 million, compared to $5.4 million;Total investment income of $12.6 million, compared to $42.2 million;Net income of $8.0 million, or $0.23 per diluted ordinary share, compared to $49.9 million, or $1.32 per diluted ordinary share;Combined ratio of 99.8%, compared to 96.2%; andFully diluted book value per share increased $0.26, or 1.5%, to $17.65, from $17.39 at March 31, 2024. Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “This quarter Greenlight Re continued its measured growth by taking advantage of attractive opportunities. While our underwriting results were negatively impacted by U.S. severe convective storm losses from a single run-off contract, we are pleased with the performance of our overall book of business.” David Einhorn, Chairman of the Board of Directors, said, “Solasglas had a positive result in a relatively uneventful quarter, with small gains in short and macro positions offset by a small loss in our long positions.” Second Quarter 2024 Results Gross premiums written in the second quarter of 2024 were $169.0 million, compared to $154.9 million in the second quarter of 2023. The $14 million increase, or 9.1%, was primarily due to growth in financial, general liability and specialty lines. Earned premiums increased by $18.5 million, or 13.2%, to $158.4 million as the growth in premiums written during 2023 and 2024 continued to earn out. The Company recognized net underwriting income of $0.3 million in the second quarter of 2024, compared to net underwriting income of $5.4 million during the equivalent period in 2023. The combined ratio for the second quarter of 2024 was 99.8%, compared to 96.2% for the equivalent period in 2023. The current-period catastrophe losses, primarily related to the U.S. severe convective storms, added 8.4% to the combined ratio duri...