From GlobeNewswire: 2025-03-10 16:15:00

Greenlight Capital Re, Ltd. reported financial results for Q4 and full year 2024. In Q4, gross premiums written increased 28.0% to $143.8 million, but the net underwriting loss was $18.0 million. Full year 2024 saw gross premiums written rise 9.7% to $698.3 million, with a net underwriting loss of $8.2 million.

The company cited losses from the 2022 Russia-Ukraine conflict and other catastrophes as drivers of the underwriting loss. The combined ratio for Q4 included 10.1% related to the conflict and 11.9% related to catastrophes. For full year 2024, the combined ratio included 2.4% related to the conflict and 9.3% related to catastrophes.

Greenlight Re’s CEO acknowledged falling short of expectations but expressed confidence in delivering shareholder value in 2025. Chairman David Einhorn noted challenges in the investment program but highlighted a 9.8% return in 2024. The company will host an earnings call on March 11, 2025, to discuss its financial results.

Management uses fully diluted book value per share as a key non-GAAP financial measure. The goal is to increase this measure over the long term to monitor shareholder value. Fully diluted book value per share accounts for dilutive impacts of stock options and outstanding restricted stock units, providing a more comprehensive view of shareholder value.



Read more at GlobeNewswire:: Greenlight Re Announces Fourth Quarter and Year-End 2024