The following is a summary of the Greenlight Capital Re Ltd. (GLRE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Greenlight Re saw a 16.5% increase in gross written premium in Q1 2024 compared to the same period last year.
The company reported a net income of $27 million, resulting in 3.9% growth in the fully diluted book value per share, and an annualized return of 16.5% for the quarter.
The company's combined ratio for the quarter stood at 98%, factoring in a $10.1 million loss due to the collapse of the Francis Scott Key Bridge in Baltimore.
Business Progress:
The first quarter growth in gross written premium is attributed primarily to their casualty and specialty books, taking advantage of the strong rate environment.
A homeowner's quota share contract was not renewed due to its exposure to the U.S. convective storm risk.
The company has seen similar trends to January 1 renewals with some premium growth during the renewal season in April 2024.
Management is focusing on liaising with its innovation portfolio companies, acknowledging their potential for profitable growth.
The company's investment in Solasglas Fund reported a gain of $18.2 million or 5.2%.
More details: Greenlight Capital Re IR
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