Greenlight Capital Re reports developments tied to its multiline property and casualty insurance and reinsurance business. The company operates through licensed and regulated reinsurance entities in the Cayman Islands and Ireland and through its Lloyd’s platform, Greenlight Innovation Syndicate 3456.
Recurring news covers underwriting performance, premiums, combined ratio, investment income, book value per share and ordinary-share repurchases. Company updates also address the Solasglas investment portfolio, AM Best credit ratings for Greenlight Re and its subsidiaries, and Greenlight Re Innovations, which supports technology companies in the insurance and reinsurance market with investment capital, risk capacity and network access.
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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.