The following is a summary of the Greenlight Capital Re, Ltd. (GLRE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Greenlight Capital Re reported Q3 gross written premiums of $168.3 million.

• Delivered net income of $35.2 million for Q3, up $21.7 million year over year.

• Fully diluted book value per share grew 6.1% during the quarter and 11.8% over 2024, annualized at 16.0%.

• Strong investment income from the Solasglas fund, contributing $19.8 million.

• Underwriting profit with a combined ratio of 95.9% for the quarter, year-to-date combined ratio standing at 97.9% despite high insured natural catastrophe costs.

Business Progress:

• Increased allocation to Solasglas investment portfolio from 60% to 70% of adjusted book value effective August 1.

• Confirmed engagements and strategic positioning in industry conferences in Monte Carlo and Baden-Baden.

• Leadership appointments: Tom Curnock as Group Chief Underwriting Officer and Pat O'Brien as Group Chief Operating Officer.

• AM Best affirmed the company's A- rating and upgraded outlook to positive.

Opportunities:

• The 1/1 insurance renewal season appears promising with strong market conditions and disciplined reinsurance capacity.

• Specialty insurance gross premiums increased significantly, driven by new contracts, indicating growth in niche markets.

Risks:

• Natural catastrophes like Hurricane Helene and Milton led to substantial losses and heightened overall cat losses contributing to combined ratio.

• The loss of high-value contracts and a shift in some business lines, reducing certain gross premiums.

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