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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.
Greenlight Capital Re, Ltd. (GLRE) has announced significant changes in its executive leadership. Simon Burton will now also serve as Chief Underwriting Officer, while Neil Greenspan takes over as Chief Financial Officer and Faramarz Romer as Chief Accounting Officer and Treasurer. These appointments come as Brendan Barry and Tim Courtis resign. The management team refresh aims to align with improving market conditions, leveraging Greenspan’s and Romer’s extensive experience. The changes are subject to approval from the Cayman Islands Monetary Authority.
Greenlight Capital Re, Ltd. (GLRE) reported a net loss of $0.1 million, or $0.00 per share, for Q2 2020, a significant drop from a net income of $15.3 million or $0.42 per share in Q2 2019. Gross written premiums fell to $116.7 million, down from $152.3 million in the prior year, leading to a net underwriting loss of $1.3 million. Despite challenges from COVID-19, which impacted results by $6.0 million, fully diluted book value per share increased by 1.5% to $11.81, aided by share repurchases. The company remains cautiously optimistic about pricing increases across various business lines.
Greenlight Capital Re, Ltd. (NASDAQ: GLRE) announced its financial results for the second quarter ended June 30, 2020, will be released after market close on August 5, 2020. A live conference call to discuss these results is scheduled for August 6, 2020, at 9:00 a.m. Eastern time. Investors can participate via phone or webcast. The press release also contains forward-looking statements regarding potential risks, uncertainties, and market conditions affecting the insurance and reinsurance industry.
Greenlight Capital Re (Nasdaq: GLRE) has scheduled its 2020 Annual Meeting for October 29, 2020, at its headquarters in Grand Cayman at 9:00 a.m. local time. Shareholders on record as of September 8, 2020, will receive notices and voting instructions for the meeting. The company, established in 2004, specializes in property and casualty reinsurance and aims to provide risk management solutions while focusing on long-term growth in book value per share. The release includes forward-looking statements regarding potential risks affecting the business.