Greenlight Capital Re Ltd Stock Price, News & Analysis

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.

Greenlight Re Innovations has invested in SafelyStay, Inc. to address concerns in the growing short-term home rental market. With the rise of platforms like Airbnb, homeowners are increasingly wary of property damage and liability. Safely mitigates these risks by screening guests and embedding insurance directly into reservations, ensuring quick claims processing. Safely has processed over two million nights' worth of data. Greenlight Re's CEO emphasizes the demand for suitable insurance products in this sector.

Greenlight Capital Re (NASDAQ: GLRE) will host a live investor day on November 17, 2022, at 12 PM ET in New York City. The event will feature presentations from CEO Simon Burton and Chairman David Einhorn, followed by a Q&A session. Space is limited, and advance registration is required. Interested parties can contact Karin Daly for registration details. An archive of the event will be available on the Investor Relations section of the Greenlight Re website.

Greenlight Capital Re (NASDAQ: GLRE) announced promotions within its underwriting team to enhance its services. Regan Cairns is now Chief Underwriting Officer focusing on Financial Risks and North American Casualty, while Barry Griffin assumes the same role for Greenlight Reinsurance Ireland, targeting London Market Specialty. Kagabo Ngiruwonsanga has been promoted to Head of Underwriting of Innovations, managing new underwriting opportunities. Simon Burton will continue as CEO, relinquishing his title as Chief Underwriting Officer but maintaining his responsibilities.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of 'a-' (Excellent) for Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company, along with a Long-Term ICR of 'bbb-' (Good) for Greenlight Capital Re, Ltd. (GLRE). The outlook remains stable. The ratings reflect GLRE's very strong balance sheet and marginal operating performance, with a combined ratio of 101.9% for 2021. GLRE aims to diversify through innovation-related investments and maintains appropriate enterprise risk management.