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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