Greenlight Capital Re Ltd Stock Price, News & Analysis

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) reported its 2021 financial results, showing a net income of $24.3 million, or $0.71 per share, down from $42.0 million in Q4 2020. The combined ratio improved to 96.4%, compared to 101.0% a year earlier, while total investment income fell to $25.3 million from $48.4 million. Annual results revealed a net income of $17.6 million for 2021, with a 4.2% increase in diluted book value per share, reaching $13.99. Despite a 5.2 million underwriting loss, gross premiums written increased by 17.8%.

Greenlight Capital Re has scheduled its 2022 Annual General Meeting of Shareholders for July 26, 2022. Shareholders on record will receive notices and voting instructions for the meeting. This reinsurance firm, based in the Cayman Islands, provides multi-line property and casualty reinsurance and employs a non-traditional investment strategy. The company also supports technology innovators through its Greenlight Re Innovations unit.

Greenlight Capital Re (NASDAQ: GLRE) will announce its financial results for Q4 and the year ended December 31, 2021, after market close on March 8, 2022. A conference call to discuss these results is scheduled for March 9, 2022, at 9:00 a.m. Eastern Time. Participants can pre-register for the call to obtain a special dial-in number. A replay of the call will be available from 11:00 a.m. on March 9 until 9:00 a.m. on March 16, 2022. Greenlight Re focuses on multiline property and casualty reinsurance, utilizing innovative investment strategies.

Greenlight Re Innovations (GRI), part of Greenlight Capital Re (NASDAQ: GLRE), has announced an investment in Redkik, Inc., a cargo insurance administration and analytics platform. Redkik provides an API-embedded solution that allows freight forwarders to offer competitive per-shipment cargo insurance. Simon Burton, CEO of Greenlight Re, expressed enthusiasm for Redkik’s innovative approach to cargo insurance. The investment aligns with GRI's goal of supporting technology innovators within the insurance industry, enhancing the responsiveness and efficiency of cargo insurance.

Greenlight Re Innovations, part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE), has received 'in-principle' approval from Lloyd's to launch an insurtech-focused syndicate, Syndicate 3456. Set to operate in Q2 2022, this syndicate will utilize the Syndicate-in-a-box (SIAB) model, managed by Asta. With 20 prior investments in insurtech, Greenlight aims to leverage this new capacity to enhance its portfolio. Andy Gladwin has been appointed active underwriter, bringing over 30 years of industry experience. The initiative is expected to bolster Greenlight's relationship with Lloyd's and innovate the insurance landscape.

Greenlight Re Innovations (GRI), a subsidiary of Greenlight Capital Re (NASDAQ: GLRE), announced an investment in Blueprint Holding Co., a digital title insurance company. This investment aims to streamline the title insurance market, which has high expenses due to agency commissions. Blueprint's technology enhances the closing process, making it more efficient. Simon Burton, CEO of Greenlight Re, highlighted the opportunity for innovation in the title market. Blueprint aims to simplify real estate transactions using modern technology and practices.

Greenlight Capital Re (GLRE) reported a net loss of $13.9 million, or $0.42 per share, in Q3 2021, down from a net income of $2.2 million in Q3 2020. The combined ratio worsened to 109.3% from 100.4%, primarily due to $25.9 million in catastrophe losses from various disasters. However, the adjusted combined ratio improved to 90.3%, indicating better underlying performance. Total investment income was $4.1 million, down from $6.9 million in 2020. The company repurchased shares and had $21.7 million remaining under its repurchase plan.

Greenlight Capital Re (NASDAQ: GLRE) is set to release its financial results for Q3 2021 on November 3, 2021, after market close. A conference call to discuss the results will take place on November 4, 2021, at 9:00 a.m. ET. Interested participants can join via a dedicated dial-in or webcast. Greenlight Re specializes in multi-line property and casualty reinsurance and employs a non-traditional investment strategy aimed at higher returns. The company also fosters innovation in the reinsurance sector through its Greenlight Re Innovations unit.

Greenlight Capital Re (NASDAQ: GLRE) has appointed Brian O'Reilly as the new Head of Innovations. O'Reilly, a founding member of Greenlight Re Innovations, will oversee growth in this division, which is vital for expanding the company’s brand and product offerings. He aims to support 18 existing portfolio companies while seeking additional early-stage insurtechs. The company also appointed Alex Whitney as an Innovations Associate and promoted Elliot Vernon to Innovations Associate. Greenlight Re focuses on multi-line property and casualty reinsurance alongside innovative investment strategies.