The following is a summary of the Greenlight Capital Re, Ltd. (GLRE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Greenlight Capital Re reported gross written premiums of $169 million, up 9.1% compared to Q2 2023.

• The company delivered net income of $8 million, showing a growth in fully diluted book value per share of 1.5% for the quarter, or 6% on an annualized basis.

• Reported a combined ratio of 99.8%, affected by high catastrophe losses primarily from U.S. convective storms.

• Net premiums earned increased to $158.4 million, an 13.2% increase from the same period last year.

Business Progress:

• The company's specialty book net premiums increased substantially, mainly in marine and energy classes.

• Greenlight Re celebrated its 20th anniversary, reflecting on the company's growth and resilience.

• Strategic decision to increase the allocation to the Solace Glass fund from 60% to 70% of adjusted book value to optimize returns.

Opportunities:

• The renewal season aligned with expectations, with disciplined reinsurers and attractive pricing opportunities noted in property and specialty insurance classes.

• Key growth efforts are directed towards the innovations book, focusing on developing niche markets and new economy-driven growth channels.

Risks:

• The company saw an impact from higher-than-normal catastrophe losses due to the U.S. convective storm, contributing significantly to the increased combined ratio.

• The casualty segment exhibited challenges with higher loss ratios and rising acquisition costs impacting profitability.

More details: Greenlight Capital Re IR

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