The following is a summary of the Greenlight Capital Re, Ltd. (GLRE) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Greenlight Capital Re showed robust financial performance for 2023 with an annual combined ratio of 94.5%; the best since 2009, indicating a healthy profitability.

• The company's book value per share also posted a significant growth of 16.8%.

• The Solasglas Fund had a return rate of 9.4% over 2023.

• Net income for Q4 2023 stood at $17.6 million, or $0.50 per diluted share, whereas the full year net income for 2023 was $86.8 million or $2.50 per diluted share.

• Greenlight Re earned a record underwriting income of $32 million with a 94.5% combined ratio for 2023, improving from a loss in 2022.

• Despite a decrease by 9.1% to $105.3 million for Q4 2023, net premiums written showed an overall increase of 13.1% to $637 million for the full year.

Business Progress:

• The newly appointed CEO has been positively received in the market, with significant strides in portfolio management, focusing on short-tail exposures while maintaining a diversified approach.

• The Greenlight Re Innovations made significant progress with a focus on niche segments and early-stage opportunities, avoiding segments with entrenched incumbents.

• The company invested in Alight, Viatris, Science, and an undisclosed materials company as part of its long-term strategy.

• The property business improved with property net written premiums growing by 32.8% primarily due to new commercial property contracts and from the innovations portfolio.

• The company also saw growth in the specialty book, increasing by 14.5% in net premiums written during Q4 2023, and by 11.1% for the full year, indicating growth in marine, energy, aviation, and cyber books.

• For 2024, the company focusing on taking full advantage of the current market conditions, planning to grow further in key segments.

More details: Greenlight Capital Re IR

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