Greenlight Capital Re Ltd Stock Price, News & Analysis

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.

Greenlight Capital Re, Ltd. (GLRE) reported a net income of $14.8 million for Q2 2022, significantly up from $0.6 million in Q2 2021. This translates to $0.37 per diluted share. The combined ratio improved to 91.6% from 96.5% year-over-year, indicating stronger underwriting performance. Total investment income rose to $17.2 million, a substantial increase from $2.0 million in the prior year. However, gross premiums written decreased by 4.8% to $134.8 million, reflecting the company's strategic risk reduction.

Greenlight Capital Re (NASDAQ: GLRE) announced its Q2 2022 earnings release scheduled for August 2, 2022, after market close. A conference call to discuss the results will take place on August 3, 2022, at 9:00 a.m. ET. Investors can access the call via U.S. toll-free number 1-877-407-9753 or internationally at 1-201-493-6739. A replay will be available from August 3 to August 8. Greenlight Re operates in the property and casualty insurance and reinsurance sectors, utilizing a non-traditional investment approach for higher returns.

On May 31, 2022, Greenlight Capital Re, Ltd. (NASDAQ: GLRE) announced an investment in Garentii GmbH, a German security deposit replacement insurance provider. This partnership aims to enhance the renting process by offering an insurance-based alternative to traditional security deposits, which can burden both renters and landlords. Simon Burton, CEO of Greenlight Re, highlighted the success of such products in the U.S. and expressed optimism for their adoption in other markets. Garentii aims to streamline deposit management with a technology platform to benefit landlords and tenants.

Greenlight Capital Re (GLRE) reported a net loss of $5.7 million, or $0.17 per share, for Q1 2022, compared to a net income of $6.5 million, or $0.19 per share, in Q1 2021. The combined ratio increased to 106.2% from 101.5%. Total investment income fell to $7.7 million, down from $18.7 million year-over-year. Gross premiums written decreased by 14.2% to $145.9 million, primarily due to reduced participation in motor and workers' compensation contracts. Fully diluted book value per share declined 2.4% to $13.65.

Greenlight Capital Re (NASDAQ: GLRE) will release its financial results for Q1 2022 on May 3, 2022, after market close. The conference call to discuss these results is scheduled for May 4, 2022, at 9:00 a.m. ET. Investors can participate by dialing U.S. toll-free 1-844-274-4096 or international 1-412-317-5608. A replay will be available until May 11, 2022. Greenlight Re specializes in multiline property and casualty reinsurance, complemented by a non-traditional investment strategy aimed at maximizing long-term returns.

Greenlight Capital Re has received Lloyd’s approval for Syndicate 3456 to start underwriting from April 1, 2022. The syndicate, under the syndicate in a box (SIAB) model, will focus on providing insurance capacity to insurtechs in Greenlight Re’s portfolio. CEO Simon Burton emphasized that this initiative is crucial for the company's growth strategy in the insurtech sector. Asta, the managing agent, highlighted the swift establishment of the syndicate as a testament to the SIAB framework's efficiency.