Greenlight Capital Re Ltd Stock Price, News & Analysis

Greenlight Capital Re (NASDAQ: GLRE) has appointed David E. Sigmon as its new General Counsel, Corporate Secretary, and Chief Compliance Officer, pending regulatory and immigration approvals. Mr. Sigmon, who brings extensive experience in the insurance and reinsurance industry, will oversee the Company’s legal and compliance functions. Prior to this role, Sigmon held senior legal positions at Everest Re Group and AmTrust Financial Services. His background includes managing complex transactions and corporate law matters. CEO Simon Burton expressed enthusiasm about Sigmon's appointment, citing his leadership experience as vital for the company's future. Greenlight Re continues to focus on multiline property and casualty insurance and is known for its innovative investment strategies.

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) reported a strong fourth quarter of 2022 with a net income of $34.8 million, or $0.91 per diluted share, up from $24.3 million in Q4 2021. Key metrics include a combined ratio of 94.2% versus 96.4% in the prior year, and total investment income rising to $32.5 million from $25.3 million. The full year saw gross premiums written at $563.2 million, a slight 0.4% decline, while net premiums earned decreased by 12.9% to $469.5 million, attributed to challenges from geopolitical events and natural disasters. The fully diluted book value per share increased 7.7% to $14.59.

Greenlight Capital Re announced Faramarz Romer's appointment as Chief Financial Officer, effective April 1, 2023, succeeding Neil Greenspan. Romer, who has been with the company since 2007 and served as Chief Accounting Officer and Treasurer, is expected to enhance the company's long-term value delivery. CEO Simon Burton expressed confidence in Romer's capabilities and acknowledged Greenspan's contributions over the past five years. Greenlight Re operates in multiline property and casualty insurance and reinsurance, utilizing a non-traditional investment strategy aimed at achieving superior long-term returns.

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) will release its financial results for the quarter and year ended December 31, 2022, on March 8, 2023, after market closure. A conference call to discuss these results is scheduled for March 9, 2023, at 9:00 a.m. ET. Participants can join by calling U.S. toll-free 1-877-407-9753 or internationally at 1-201-493-6739, or via webcast. A replay of the call will be available until March 14, 2023. Greenlight Re specializes in multiline property and casualty insurance and reinsurance, with a focus on innovative investment strategies that aim for higher long-term returns.

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) announced an investment in Vertical Insure, Inc., an embedded insurance platform based in Minneapolis. This collaboration aims to address distribution inefficiencies by integrating insurance into Software as a Service (SaaS) platforms. Vertical Insure collaborates with managing general agents to enhance revenue streams for SaaS partners. CEO Simon Burton emphasized the prospect of unique underwriting opportunities through tailored insurance solutions, while Vertical Insure's CEO expressed optimism about developing innovative insurance products together.

Greenlight Capital Re (NASDAQ: GLRE) reported a net loss of $18.5 million or $0.56 per diluted share for Q3 2022, significantly higher than the $13.9 million loss in Q3 2021. The combined ratio rose to 115.4% from 109.3% the previous year. Despite a 20.5% increase in gross premiums written to $155.1 million, net premiums earned fell 10% to $121.9 million. Total investment income was $11.6 million, a substantial increase from $4.1 million in Q3 2021. Fully diluted book value per share decreased 3.9% to $13.55. The company cites natural catastrophes and inflation as factors impacting performance.

Greenlight Re Innovations has invested in Otonomi, a New York-based parametric cargo insurance platform. This investment aims to address supply chain vulnerabilities exacerbated by recent global trade challenges, particularly during the COVID-19 pandemic. Otonomi provides parametric coverage for cargo delays, utilizing blockchain technology to streamline claims processing, reducing the average from 45 days to under 45 minutes. CEO Simon Burton emphasizes the importance of this investment in tackling cargo delays, while Otonomi's CEO, Yann Barbarroux, appreciates Greenlight's support in seed financing.

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) announced the release of its financial results for the quarter ended September 30, 2022, scheduled for November 2, 2022, after market close. The company will hold a conference call on November 3, 2022, at 9:00 a.m. Eastern Time to discuss these results. Greenlight Re offers multiline property and casualty insurance and reinsurance through licensed entities in the Cayman Islands and Ireland, and seeks to achieve higher long-term returns with a non-traditional investment approach.