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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