Q1 2025 Greenlight Capital Re Ltd Earnings Call Transcript

May 8, 2025 / 01:00 PM GMT

Release Date Price: €11.8

Transcript 8-K10-Q

Key Points

Positve

Greenlight Capital Re Ltd (GLRE) reported a net income of $29.6 million in Q1 2025, marking an increase in fully diluted book value per share by 5.1%.
The Solace class portfolio delivered a strong investment performance with a 7.2% return during a volatile market downturn.
The innovations segment reported a combined ratio of 94.3%, showing improvement and aligning with expectations.
The company released $11 million of specialty and $8 million of property reserves, contributing positively to the financial results.
The Solace fund's positive contributors included long investments in gold, Brighthouse Financial, and Lanxis, with gold appreciating 19% over the quarter.

Negative

Greenlight Capital Re Ltd (GLRE) recorded an underwriting loss of $7.8 million, resulting in a combined ratio of 104.6%.
The California wildfires led to a net wildfire loss of $23.6 million, adding 14 combined ratio points.
The company strengthened its historical casualty reserves by $22 million, impacting financial results negatively.
The open market segment suffered a pre-tax loss of $3.2 million, mainly due to the California wildfires.
The innovation segment's expense ratio increased to 8.2% from 4.3% due to growth in personnel and indirect costs, impacting profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GLRE.OQ - Greenlight Capital Re Ltd
Q1 2025 Greenlight Capital Re Ltd Earnings Call
May 08, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for joining the Green Light Capital Re Limited first quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the prepared comments. You may press 1 at any time to be placed in the question queue.

It is now my pleasure to turn the call over to David Sigmon.

Greenlight Rees's general counsel.

Thank you. Please go ahead.

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Unidentified_2 [2]
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Thank you and good morning. I would like to remind you that this conference call is

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