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%; and
- Fully 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 during
the second quarter of 2024.
The Company’s total investment income during the
second quarter of 2024 was $12.6 million. The Company’s investment
in the Solasglas fund, managed by DME Advisors, returned 1.2%,
representing net income of $4.3 million. The Company reported $8.2
million of other investment income, primarily from interest earned
on its restricted cash and cash equivalents.
The net income of $8.0 million contributed to
the 1.5% increase in fully diluted book value per share for the
quarter, which increased to $17.65 per share at June 30, 2024
from $17.39 at March 31, 2024.
The following table summarizes the components of
the Company’s combined ratio.
| |
|
Second Quarter |
|
Underwriting ratios |
|
|
2024 |
|
|
|
2023 |
|
|
Loss ratio - current year |
|
|
64.8 |
% |
|
|
63.4 |
% |
| Loss ratio - prior year |
|
|
(0.4 |
)% |
|
|
1.3 |
% |
| Loss ratio |
|
|
64.4 |
% |
|
|
64.7 |
% |
| Acquisition cost ratio |
|
|
31.9 |
% |
|
|
27.4 |
% |
| Composite ratio |
|
|
96.3 |
% |
|
|
92.1 |
% |
| Underwriting expense
ratio |
|
|
3.5 |
% |
|
|
4.1 |
% |
| Combined ratio |
|
|
99.8 |
% |
|
|
96.2 |
% |
Greenlight Capital Re, Ltd. Second
Quarter 2024 Earnings Call
Greenlight Re will host a live conference call
to discuss its financial results on Wednesday, August 7, 2024,
at 9:00 a.m. Eastern Time. Dial-in details:
| U.S. toll
free |
1-877-407-9753 |
| International |
1-201-493-6739 |
| |
|
The conference call can also be accessed via
webcast at:
https://event.webcasts.com/starthere.jsp?ei=1681118&tp_key=126229da94
A telephone replay will be available following
the call through August 12, 2024. The replay of the call
may be accessed by dialing 1-877-660-6853 (U.S. toll free) or
1-201-612-7415 (international), access code 13748042. An audio file
of the call will also be available on the Company’s website,
www.greenlightre.com.
2024 Investor Day
The Company is set to host its 2024 Investor Day
in New York City on Tuesday, November 19, 2024, at 12:00 noon
Eastern Time. The event will include a luncheon, detailed
presentation from members of the executive management team, and
opportunities for live interaction during the Q&A segment.
Attendees must register in advance. To register,
please contact Karin Daly, Greenlight Capital Re’s investor
relations representative at IR@greenlightre.ky.
The 2024 Investor Day will be held exclusively
in-person. An archived webcast will become available on the
Company’s website following the event.
Non-GAAP Financial Measures In
presenting the Company’s results, management has included financial
measures that are not calculated under standards or rules that
comprise accounting principles generally accepted in the United
States (GAAP). Such measures, including fully diluted book value
per share and net underwriting income (loss), are referred to as
non-GAAP measures. These non-GAAP measures may be defined or
calculated differently by other companies. Management believes
these measures allow for a more thorough understanding of the
underlying business. These non-GAAP measures may not be comparable
to similarly titled measures reported by other companies and should
be used to monitor our results and should be considered in addition
to, and not viewed as a substitute for those measures determined in
accordance with GAAP. Reconciliations of such measures to the most
comparable GAAP figures are included in the attached financial
information in accordance with Regulation G.
Forward-Looking Statements This
news release contains forward-looking statements concerning
Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”)
within the meaning of the U.S. federal securities laws. We intend
these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in the U.S. federal
securities laws. These statements involve risks and uncertainties
that could cause actual results to differ materially from those
contained in forward-looking statements made on the Company’s
behalf. These risks and uncertainties include a downgrade or
withdrawal of our A.M. Best ratings; any suspension or revocation
of any of our licenses; losses from catastrophes; the loss of
significant brokers; the performance of Solasglas Investments, LP;
the carry values of our investments made under our Greenlight Re
Innovations pillar may differ significantly from those that would
be used if we carried these investments at fair value; and other
factors described in our most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
5, 2024, as those factors may be updated from time to time in our
periodic and other filings with the SEC, which are accessible on
the SEC’s website at www.sec.gov. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, which speak only as to the date of this release,
whether as a result of new information, future events, or
otherwise, except as provided by law.
About Greenlight Capital Re,
Ltd.Greenlight Re (www.greenlightre.com) provides
multiline property and casualty insurance and reinsurance through
its licensed and regulated reinsurance entities in the Cayman
Islands and Ireland, and its Lloyd’s platform, Greenlight
Innovation Syndicate 3456. The Company complements its underwriting
activities with a non-traditional investment approach designed to
achieve higher rates of return over the long term than reinsurance
companies that exclusively employ more traditional investment
strategies. The Company’s innovations unit, Greenlight Re
Innovations, supports technology innovators in the (re)insurance
space by providing investment capital, risk capacity, and access to
a broad insurance network.
Investor Relations ContactKarin DalyVice
President, The Equity Group Inc. (212)
836-9623IR@greenlightre.ky
|
GREENLIGHT CAPITAL RE, LTD.CONDENSED
CONSOLIDATED BALANCE
SHEETS(expressed in thousands of U.S. dollars,
except per share and share amounts) |
| |
| |
June 30, 2024 |
|
December 31, 2023 |
| |
(UNAUDITED) |
|
|
| Assets |
|
|
|
| Investments |
|
|
|
|
Investment in related party investment fund, at fair value |
$ |
351,468 |
|
|
$ |
258,890 |
|
| Other investments |
|
73,159 |
|
|
|
73,293 |
|
| Total investments |
|
424,627 |
|
|
|
332,183 |
|
| Cash and cash equivalents |
|
52,240 |
|
|
|
51,082 |
|
| Restricted cash and cash
equivalents |
|
561,930 |
|
|
|
604,648 |
|
| Reinsurance balances
receivable (net of allowance for expected credit losses) |
|
686,743 |
|
|
|
619,401 |
|
| Loss and loss adjustment
expenses recoverable (net of allowance for expected credit
losses) |
|
58,647 |
|
|
|
25,687 |
|
| Deferred acquisition
costs |
|
83,305 |
|
|
|
79,956 |
|
| Unearned premiums ceded |
|
28,184 |
|
|
|
17,261 |
|
| Other assets |
|
4,272 |
|
|
|
5,089 |
|
| Total
assets |
$ |
1,899,948 |
|
|
$ |
1,735,307 |
|
| Liabilities and
equity |
|
|
|
|
Liabilities |
|
|
|
| Loss and loss adjustment
expense reserves |
$ |
752,757 |
|
|
$ |
661,554 |
|
| Unearned premium reserves |
|
349,015 |
|
|
|
306,310 |
|
| Reinsurance balances
payable |
|
76,253 |
|
|
|
68,983 |
|
| Funds withheld |
|
18,266 |
|
|
|
17,289 |
|
| Other liabilities |
|
8,042 |
|
|
|
11,795 |
|
| Debt |
|
61,595 |
|
|
|
73,281 |
|
| Total
liabilities |
|
1,265,928 |
|
|
|
1,139,212 |
|
| Shareholders'
equity |
|
|
|
| Ordinary share capital (par
value $0.10; issued and outstanding, 35,321,144) (2023: par value
$0.10; issued and outstanding, 35,336,732) |
$ |
3,532 |
|
|
$ |
3,534 |
|
| Additional paid-in
capital |
|
487,462 |
|
|
|
484,532 |
|
| Retained earnings |
|
143,026 |
|
|
|
108,029 |
|
| Total shareholders'
equity |
|
634,020 |
|
|
|
596,095 |
|
| Total liabilities and
equity |
$ |
1,899,948 |
|
|
$ |
1,735,307 |
|
|
GREENLIGHT CAPITAL RE, LTD.CONDENSED
CONSOLIDATED RESULTS OF
OPERATIONS(UNAUDITED)(expressed
in thousands of U.S. dollars, except percentages and per share
amounts) |
| |
| |
Three months ended June 30 |
|
Six months ended June 30 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Underwriting
revenue |
|
|
|
|
|
|
|
| Gross premiums written |
$ |
168,975 |
|
|
$ |
154,943 |
|
|
$ |
386,233 |
|
|
$ |
341,398 |
|
| Gross premiums ceded |
|
(14,832 |
) |
|
|
(9,739 |
) |
|
|
(38,013 |
) |
|
|
(20,951 |
) |
| Net premiums written |
|
154,143 |
|
|
|
145,204 |
|
|
|
348,220 |
|
|
|
320,447 |
|
| Change in net unearned premium
reserves |
|
4,255 |
|
|
|
(5,261 |
) |
|
|
(28,286 |
) |
|
|
(37,855 |
) |
| Net premiums earned |
$ |
158,398 |
|
|
$ |
139,943 |
|
|
$ |
319,934 |
|
|
$ |
282,592 |
|
| Underwriting related
expenses |
|
|
|
|
|
|
|
| Net loss and loss adjustment
expenses incurred: |
|
|
|
|
|
|
|
|
Current year |
$ |
102,722 |
|
|
$ |
88,740 |
|
|
$ |
206,647 |
|
|
$ |
173,428 |
|
|
Prior year |
|
(689 |
) |
|
|
1,764 |
|
|
|
4,712 |
|
|
|
13,801 |
|
| Net loss and loss adjustment
expenses incurred |
|
102,033 |
|
|
|
90,504 |
|
|
|
211,359 |
|
|
|
187,229 |
|
| Acquisition costs |
|
50,454 |
|
|
|
38,293 |
|
|
|
92,064 |
|
|
|
79,769 |
|
| Underwriting expenses |
|
5,811 |
|
|
|
5,468 |
|
|
|
12,150 |
|
|
|
9,407 |
|
| Deposit interest expense
(income), net |
|
(233 |
) |
|
|
235 |
|
|
|
643 |
|
|
|
367 |
|
| Net underwriting
income(1) |
$ |
333 |
|
|
$ |
5,443 |
|
|
$ |
3,718 |
|
|
$ |
5,820 |
|
| |
|
|
|
|
|
|
|
| Income (loss) from investment
in Solasglas |
$ |
4,330 |
|
|
$ |
32,782 |
|
|
$ |
22,578 |
|
|
$ |
29,644 |
|
| Net investment income |
|
8,224 |
|
|
|
9,369 |
|
|
|
16,367 |
|
|
|
17,747 |
|
| Total investment
income |
$ |
12,554 |
|
|
$ |
42,151 |
|
|
$ |
38,945 |
|
|
$ |
47,391 |
|
| |
|
|
|
|
|
|
|
| Corporate expenses |
$ |
4,706 |
|
|
$ |
4,557 |
|
|
$ |
9,081 |
|
|
$ |
10,554 |
|
| Foreign exchange losses
(gains) |
|
932 |
|
|
|
(4,729 |
) |
|
|
2,581 |
|
|
|
(9,660 |
) |
| Other income, net |
|
(2,724 |
) |
|
|
(2,866 |
) |
|
|
(7,759 |
) |
|
|
(5,032 |
) |
| Interest expense |
|
1,560 |
|
|
|
744 |
|
|
|
2,809 |
|
|
|
1,520 |
|
| Income tax expense |
|
435 |
|
|
|
28 |
|
|
|
954 |
|
|
|
82 |
|
| Net
income |
$ |
7,978 |
|
|
$ |
49,860 |
|
|
$ |
34,997 |
|
|
$ |
55,747 |
|
| |
|
|
|
|
|
|
|
| Earnings per
share |
|
|
|
|
|
|
|
|
Basic |
$ |
0.23 |
|
|
$ |
1.46 |
|
|
$ |
1.02 |
|
|
$ |
1.64 |
|
|
Diluted |
$ |
0.23 |
|
|
$ |
1.32 |
|
|
$ |
1.01 |
|
|
$ |
1.49 |
|
| |
|
|
|
|
|
|
|
| Underwriting
ratios: |
|
|
|
|
|
|
|
| Loss ratio - current year |
|
64.8 |
% |
|
|
63.4 |
% |
|
|
64.6 |
% |
|
|
61.4 |
% |
| Loss ratio - prior year |
|
(0.4 |
)% |
|
|
1.3 |
% |
|
|
1.5 |
% |
|
|
4.9 |
% |
| Loss ratio |
|
64.4 |
% |
|
|
64.7 |
% |
|
|
66.1 |
% |
|
|
66.3 |
% |
| Acquisition cost ratio |
|
31.9 |
% |
|
|
27.4 |
% |
|
|
28.8 |
% |
|
|
28.2 |
% |
| Composite ratio |
|
96.3 |
% |
|
|
92.1 |
% |
|
|
94.9 |
% |
|
|
94.5 |
% |
| Underwriting expense
ratio |
|
3.5 |
% |
|
|
4.1 |
% |
|
|
4.0 |
% |
|
|
3.5 |
% |
| Combined ratio |
|
99.8 |
% |
|
|
96.2 |
% |
|
|
98.9 |
% |
|
|
98.0 |
% |
| |
| 1 Net
underwriting income is a non-GAAP financial measure. See “Key
Financial Measures and Non-GAAP Measures” below for discussion and
reconciliation of non-GAAP financial measures. |
The following tables present the Company’s net premiums earned
and underwriting ratios by line of business:
| |
Three months ended June 30 |
|
Three months ended June 30 |
| |
|
2024 |
|
|
|
2023 |
|
| |
Property |
|
Casualty |
|
Other |
|
Total |
|
Property |
|
Casualty |
|
Other |
|
Total |
| |
($ in thousands except percentage) |
|
Net premiums earned |
$ |
18,119 |
|
|
$ |
86,155 |
|
|
$ |
54,124 |
|
|
$ |
158,398 |
|
|
$ |
20,749 |
|
|
$ |
81,446 |
|
|
$ |
37,748 |
|
|
$ |
139,943 |
|
| Underwriting
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss ratio |
|
116.8 |
% |
|
|
68.0 |
% |
|
|
41.2 |
% |
|
|
64.4 |
% |
|
|
103.1 |
% |
|
|
60.9 |
% |
|
|
51.6 |
% |
|
|
64.7 |
% |
| Acquisition cost ratio |
|
10.7 |
|
|
|
36.9 |
|
|
|
31.0 |
|
|
|
31.9 |
|
|
|
19.1 |
|
|
|
30.5 |
|
|
|
25.1 |
|
|
|
27.4 |
|
| Composite ratio |
|
127.5 |
% |
|
|
104.9 |
% |
|
|
72.2 |
% |
|
|
96.3 |
% |
|
|
122.2 |
% |
|
|
91.4 |
% |
|
|
76.7 |
% |
|
|
92.1 |
% |
| Underwriting expense
ratio |
|
|
|
|
|
|
|
3.5 |
|
|
|
|
|
|
|
|
|
4.1 |
|
| Combined ratio |
|
|
|
|
|
|
|
99.8 |
% |
|
|
|
|
|
|
|
|
96.2 |
% |
| |
Six months ended June 30 |
|
Six months ended June 30 |
| |
|
2024 |
|
|
|
2023 |
|
| |
Property |
|
Casualty |
|
Other |
|
Total |
|
Property |
|
Casualty |
|
Other |
|
Total |
| |
($ in thousands except percentage) |
|
Net premiums earned |
|
41,476 |
|
|
|
180,793 |
|
|
|
97,665 |
|
|
|
319,934 |
|
|
|
39,492 |
|
|
|
165,561 |
|
|
|
77,539 |
|
|
|
282,592 |
|
| Underwriting
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss ratio |
|
79.9 |
% |
|
|
65.6 |
% |
|
|
61.1 |
% |
|
|
66.1 |
% |
|
|
98.6 |
% |
|
|
66.8 |
% |
|
|
48.6 |
% |
|
|
66.3 |
% |
| Acquisition cost ratio |
|
15.8 |
|
|
|
32.0 |
|
|
|
28.3 |
|
|
|
28.8 |
|
|
|
19.1 |
|
|
|
30.5 |
|
|
|
28.1 |
|
|
|
28.2 |
|
| Composite ratio |
|
95.7 |
% |
|
|
97.6 |
% |
|
|
89.4 |
% |
|
|
94.9 |
% |
|
|
117.7 |
% |
|
|
97.3 |
% |
|
|
76.7 |
% |
|
|
94.5 |
% |
| Underwriting expense
ratio |
|
|
|
|
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
3.5 |
|
| Combined ratio |
|
|
|
|
|
|
|
98.9 |
% |
|
|
|
|
|
|
|
|
98.0 |
% |
GREENLIGHT CAPITAL RE,
LTD.KEY FINANCIAL MEASURES AND NON-GAAP
MEASURES
Management uses certain key financial measures,
some of which are not prescribed under U.S. GAAP rules and
standards (“non-GAAP financial measures”), to evaluate our
financial performance, financial position, and the change in
shareholder value. Generally, a non-GAAP financial measure, as
defined in SEC Regulation G, is a numerical measure of a company’s
historical or future financial performance, financial position, or
cash flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented under U.S. GAAP. We believe that
these measures, which may be calculated or defined differently by
other companies, provide consistent and comparable metrics of our
business performance to help shareholders understand performance
trends and facilitate a more thorough understanding of the
Company’s business. Non-GAAP financial measures should not be
viewed as substitutes for those determined under U.S. GAAP.
The key non-GAAP financial measures used in this
news release are:
- Fully diluted book value per share;
and
- Net underwriting income
(loss).
These non-GAAP financial measures are described
below.
Fully Diluted Book Value Per Share
Our primary financial goal is to increase fully
diluted book value per share over the long term. We use fully
diluted book value as a financial measure in our incentive
compensation plan.
We believe that long-term growth in fully
diluted book value per share is the most relevant measure of our
financial performance because it provides management and investors
a yardstick to monitor the shareholder value generated. Fully
diluted book value per share may also help our investors,
shareholders, and other interested parties form a basis of
comparison with other companies within the property and casualty
reinsurance industry. Fully diluted book value per share should not
be viewed as a substitute for the most comparable U.S. GAAP
measure, which in our view is the basic book value per share.
We calculate basic book value per share as (a)
ending shareholders' equity, divided by (b) the total ordinary
shares issued and outstanding, as reported in the consolidated
financial statements. Fully diluted book value per share represents
basic book value per share combined with any dilutive impact of
in-the-money stock options (assuming net exercise) and all
outstanding restricted stock units “RSUs”. We believe these
adjustments better reflect the ultimate dilution to our
shareholders.
The following table presents a reconciliation of
the fully diluted book value per share to basic book value per
share (the most directly comparable U.S. GAAP financial
measure):
| |
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
|
June 30, 2023 |
|
| Numerator for
basic and fully diluted book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as reported under U.S. GAAP |
$ |
634,020 |
|
|
$ |
624,458 |
|
|
$ |
596,095 |
|
|
$ |
575,865 |
|
|
$ |
561,121 |
|
| Denominator for basic
and fully diluted book value per share: |
|
|
|
|
|
|
|
|
|
|
|
| Ordinary shares issued
and outstanding as reported and denominator for basic
book value per share |
|
35,321,144 |
|
|
|
35,321,144 |
|
|
|
35,336,732 |
|
|
|
35,337,407 |
|
|
|
35,272,013 |
|
| Add: In-the-money stock
options(1)and all outstanding RSUs |
|
594,612 |
|
|
|
585,334 |
|
|
|
264,870 |
|
|
|
312,409 |
|
|
|
312,409 |
|
| Denominator for fully diluted
book value per share |
|
35,915,756 |
|
|
|
35,906,478 |
|
|
|
35,601,602 |
|
|
|
35,649,816 |
|
|
|
35,584,422 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Basic book value per
share |
$ |
17.95 |
|
|
$ |
17.68 |
|
|
$ |
16.87 |
|
|
$ |
16.30 |
|
|
$ |
15.91 |
|
| Fully diluted book
value per share |
$ |
17.65 |
|
|
$ |
17.39 |
|
|
$ |
16.74 |
|
|
$ |
16.15 |
|
|
$ |
15.77 |
|
(1) Assuming net exercise by the grantee.
Net Underwriting Income (Loss)
One way that we evaluate the Company’s
underwriting performance is by measuring net underwriting income
(loss). We do not use premiums written as a measure of performance.
Net underwriting income (loss) is a performance measure used by
management to evaluate the fundamentals underlying the Company’s
underwriting operations. We believe that the use of net
underwriting income (loss) enables investors and other users of the
Company’s financial information to analyze our performance in a
manner similar to how management analyzes performance. Management
also believes this measure follows industry practice and allows the
users of financial information to compare the Company’s performance
with that of our industry peer group.
Net underwriting income (loss) is considered a
non-GAAP financial measure because it excludes items used to
calculate net income before taxes under U.S. GAAP. We calculate net
underwriting income (loss) as net premiums earned less net loss and
loss adjustment expenses, acquisition costs, underwriting expenses
(including related G&A expenses), and deposit interest expense,
plus deposit interest income. The measure excludes, on a recurring
basis: (1) investment income (loss); (2) other income (expense) not
related to underwriting, including foreign exchange gains or
losses, and Lloyd’s interest income and expense; (3) corporate
G&A expenses; and (4) interest expense. We exclude total
investment income or loss, foreign exchange gains or losses, and
Lloyd’s interest income or expense as we believe these items are
influenced by market conditions and other factors unrelated to
underwriting decisions. Additionally, we exclude corporate G&A
and interest expenses because these costs are generally fixed and
not incremental to or directly related to our underwriting
operations. We believe all of these amounts are largely independent
of our underwriting process, and including them could hinder the
analysis of trends in our underwriting operations. Net underwriting
income (loss) should not be viewed as a substitute for U.S. GAAP
net income before income taxes.
The reconciliations of net underwriting income to income before
income taxes (the most directly comparable U.S. GAAP financial
measure) on a consolidated basis are shown below:
| |
Three months ended June 30 |
|
Six months ended June 30 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
($ in thousands) |
| Income before income tax |
$ |
8,413 |
|
|
$ |
49,888 |
|
|
$ |
35,951 |
|
|
$ |
55,829 |
|
| Add (subtract): |
|
|
|
|
|
|
|
|
Total investment income |
|
(12,554 |
) |
|
|
(42,151 |
) |
|
|
(38,945 |
) |
|
|
(47,391 |
) |
|
Foreign exchange losses (gains) |
|
932 |
|
|
|
(4,729 |
) |
|
|
2,581 |
|
|
|
(9,660 |
) |
|
Other non-underwriting income |
|
(2,724 |
) |
|
|
(2,866 |
) |
|
|
(7,759 |
) |
|
|
(5,032 |
) |
|
Corporate expenses |
|
4,706 |
|
|
|
4,557 |
|
|
|
9,081 |
|
|
|
10,554 |
|
|
Interest expense |
|
1,560 |
|
|
|
744 |
|
|
|
2,809 |
|
|
|
1,520 |
|
| Net underwriting income |
$ |
333 |
|
|
$ |
5,443 |
|
|
$ |
3,718 |
|
|
$ |
5,820 |
|
Greenlight Capital Re (NASDAQ:GLRE)
Historical Stock Chart
From Oct 2024 to Nov 2024
Greenlight Capital Re (NASDAQ:GLRE)
Historical Stock Chart
From Nov 2023 to Nov 2024
