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Greenlight Capital Re Q1 2025 Earnings Call Transcript Highlights.
ByAinvest
Saturday, May 10, 2025 12:14 pm ET1min read
Greenlight Capital Re reported Q1 2025 earnings, with CEO Greg Richardson and CFO Faramarz Romer presenting. The call was recorded and will be available for replay on the company's website. Forward-looking statements may be made during the call, reflecting the company's current expectations and estimates. Non-GAAP financial measures were also discussed, with reconciliations available in the company's SEC filings.
Greenlight Capital Re Ltd. (GLRE) reported its Q1 2025 earnings on May 8, 2025, with CEO Greg Richardson and CFO Faramarz Rommer presenting. Despite challenges from California wildfires, the company reported a net income of $29.6 million, driven by robust performance in the Solace Class portfolio [1].The Solace Class portfolio delivered a strong investment performance with a 7.2% return during a volatile market downturn. Key contributors to this performance included long investments in gold, Brighthouse Financial, and Lanxis, with gold appreciating 19% over the quarter [1].
However, the company faced significant headwinds from the California wildfires, which resulted in a net wildfire loss of $23.6 million, contributing 14 points to the combined ratio [1]. The wildfires also led to a net underwriting loss of $7.8 million, resulting in a combined ratio of 104.6% [1].
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 [1].
Looking ahead, the company expects the expense ratio in the innovation segment to normalize over time as the innovation's book of business grows. Greg Richardson, CEO, announced a shift in the casualty business approach, focusing on accessing casualty MGA business primarily through the innovations channel [1].
Greenlight Capital Re Ltd. reported a net income of $29.6 million or $0.86 per diluted share. The underwriting loss was $7.8 million, translating to a combined ratio of 104.6%. Their investments in the Solace Class fund contributed $32.2 million of income [1].
References:
[1] https://www.gurufocus.com/news/2848128/greenlight-capital-re-ltd-glre-q1-2025-earnings-call-highlights-navigating-market-volatility-with-strong-investment-returns
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