Q2 2024 Greenlight Capital Re Ltd Earnings Call Transcript
Key Points
- Greenlight Capital Re Ltd (GLRE) reported a 9.1% increase in gross written premiums, reaching $169 million compared to the second quarter of 2023.
- The company achieved a net income of $8 million, contributing to a 1.5% growth in fully diluted book value per share for the quarter.
- Excluding US convective storm losses, the portfolio performed well and in line with expectations.
- The specialty book saw a significant increase in net premiums written by 76.4%, primarily within the marine and energy classes.
- Greenlight Capital Re Ltd (GLRE) has grown its book value per share for seven consecutive quarters, with a 11.9% increase over the last 12 months.
- The combined ratio for the quarter was 99.8%, impacted by a higher-than-normal level of catastrophe losses, particularly from US convective storms.
- Current period catastrophe losses amounted to $13.3 million, with significant contributions from US storms, German floods, and other events.
- Net investment income decreased significantly to $12.6 million from $42.2 million in Q2 last year.
- The casualty book experienced a decrease in net premiums written by 8.7%, with a composite ratio increase to 104.9% due to reserve strengthening and higher acquisition costs.
- Total G&A expenses increased by $0.5 million, attributed to growth in headcount across various departments and locations.
Thank you for joining the Greenlight Capital Re Limited second-quarter 2024 earnings conference call. (Operator Instructions)
It's now my pleasure to turn the call over to David Sigmon, Greenlight Re's General Counsel. You may begin.
Thank you, and good morning. I'd like to remind you that this conference call is being recorded and will be available for replay following the conclusion of the event. An audio replay will also be available under the investor section of the company's website at www.greenlightre.com. Joining us on the call today will be our Chief Executive Officer, Greg Richardson, Chairman of the Board,
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