Worked as engineer. Filed 7 patents. Became fascinated with EMT. Started hedge fund from scratch. After 20 years still welcome at family Thanksgiving dinners. Markets are mostly efficient but not always, knowing the difference...priceless. Investment process is looking for top shelf management that operates a business with an enduring competitive advantage with catalysts to drive earnings. Regular guest speaker, finance department, Iowa State University.Analyst’s Disclosure:I/we have a beneficial long posit ...

Greenlight Capital Re (GLRE) Q1 2025 Earnings Call May 08, 2025 09:00 AM ET Company Participants David Sigmon - General Counsel, Corporate Secretary & Chief Compliance OfficerGreg Richardson - CEO & DirectorDavid Einhorn - Chairman of the BoardFaramarz Romer - Chief Financial Officer Operator Thank you for joining the Greenlight Capital Re Limited First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the ...

Greenlight Capital Re (GLRE) Q1 2025 Earnings Call May 08, 2025 09:00 AM ET Speaker0 Thank you for joining the Greenlight Capital Re Limited First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the prepared comments. It is now my pleasure to turn the call over to David Sigman, Greenlight Re's General Counsel. Thank you. Please go ahead. Speaker1 Thank you, and good morning. I would like to remind you th ...

David Einhorn, Chairman of the Board of Directors, said, "Our investment portfolio performed well during what appears to be the beginning of a bear market. We are positioning Solasglas to have low gross and net exposure as we ride out what should be a period of high volatility ahead of what we expect will be an improved investment opportunity set." GREENLIGHT RE ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS Net Income Expands to $29.6 million Despite California Wildfire Losses, Leading to Fully Diluted Boo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q __________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33493 ____________________________________________________________________ ...

Net Income Expands to $29.6 million Despite California Wildfire Losses, Leading to Fully Diluted Book Value Per Share Growth of 5.1% GRAND CAYMAN, Cayman Islands, May 07, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights (all comparisons are to first quarter 2024 unless noted otherwise): Gross premiums written increased 14.1% to $247.9 million;N ...

GRAND CAYMAN, Cayman Islands, May 02, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the "Company" or "Greenlight Re"), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the first quarter ended March 31, 2025, after the market closes on Wednesday, May 7, 2025. A live conference call to discuss the financial results will be held on Thursday, May 8, 2025, at 9:00 a.m. Eastern Time. Conference Call Details To particip ...

GRAND CAYMAN, Cayman Islands, May 01, 2025 (GLOBE NEWSWIRE) -- Greenlight Reinsurance, Ltd. (“Greenlight Re” or the “Company”), a subsidiary of Greenlight Capital Re, Ltd. (NASDAQ: GLRE), today announced the appointment of Martin Vezina as Head of Underwriting Analytics with immediate effect. In this capacity, Vezina will play a pivotal role in overseeing Greenlight Re’s underwriting analytics and pricing function and will be based out of the Company’s headquarters in Grand Cayman. “I am excited to join Gre ...

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q4 2024 Earnings Conference Call March 11, 2025 9:00 AM ET Company Participants David Sigmon - General Counsel Greg Richardson - Executive Officer David Einhorn - Chairman of the Board Faramarz Romer - Chief Financial Officer Conference Call Participants Anthony Mottolese - Dowling & Partners Eric Hagen - BTIG Operator At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. It's now my pleasure to ...

财务数据和关键指标变化 - 2024年第四季度公司净亏损2740万美元，摊薄后每股亏损0.81美元，而2023年第四季度净收入为1760万美元，摊薄后每股收益0.50美元 [32] - 2024年第四季度承保亏损1800万美元，综合比率为112.1%，全年承保亏损820万美元，综合比率为101.4% [8][11] - 2024年全年净收入4280万美元，摊薄后每股收益1.24美元，完全摊薄每股账面价值增长7.2%，至17.95美元 [12][43] - Solus Glass基金2024年第四季度回报率为 - 1.9%，2024年全年回报率为9.8%，2025年1 - 2月回报率为4.2% [22][29] 各条业务线数据和关键指标变化 公开市场业务 - 2024年第四季度净赚保费增长25%，至1.278亿美元，全年净赚保费增长9.7%，至5.119亿美元 [37][39] - 2024年第四季度综合比率为111.1%，2023年同期为90.9%，全年综合比率为99%，2023年为89.6% [37][40] 创新业务 - 2024年第四季度净赚保费减少420万美元，降幅18.1%，至1900万美元，全年净赚保费增长20.3%，至8640万美元 [40][42] - 2024年第四季度综合比率为102.1%，2023年同期为93.4%，全年综合比率改善至95.8%，2023年为97.5% [41][42] 各个市场数据和关键指标变化 劳合社市场 - 公司预计2025年FAL业务增长约25% [15] 专业市场 - 专业市场费率有一定程度下降，市场竞争激烈，公司预计2025年1月1日续保的专业业务将适度增长 [16] 财产市场 - 财产险费率平均下降5% - 7.5%，公司预计该业务组合较2024年增长约10%，北大西洋飓风风险敞口增加16%，至1.163亿美元 [17][18] 公司战略和发展方向和行业竞争 - 公司将财务结果分为公开市场和创新两个业务板块，以更好地反映业务管理和资本分配情况 [12] - 公司对创新业务板块的增长前景持乐观态度，认为其具有独特优势和增长机会 [73] - 公开市场业务受全球再保险市场周期性压力影响，若费率持续下降，公司可能会重新分配资本 [71] 管理层对经营环境和未来前景的评论 - 2024年第四季度公司面临挑战，但对未来仍持乐观态度，认为过去一年公司加强了组织、流程和资产负债表 [8][20] - 尽管1月1日续保市场有一定程度的疲软，但全球不确定性和损失事件提醒了再保险的重要性和合理费率的必要性 [21] 其他重要信息 - 洛杉矶野火预计保险行业损失400 - 500亿美元，公司预计承担损失1500 - 3000万美元 [20] 总结问答环节所有的提问和回答 问题1: 请分享2024年第四季度与俄乌冲突相关费用的更多信息，以及如何看待最终行业损失和公司潜在损失 - 公司努力为所有业务合同记录最终损失比率，此次记录的是公司认为的最终损失，虽存在一定不确定性，但范围有限，且公司有再保险安排，可降低不确定性 [48][49] - 目前最大的不确定性在于损失在再保险和转分保市场的处理和报告方式，公司此次增加准备金是为应对即将到来的索赔 [50][53] 问题2: 第四季度提到的其他不利发展趋势是否特定于意外险业务，是否有受通胀或其他加速趋势影响的主要事故年份或特定业务板块 - 与俄乌冲突不利发展相比，意外险业务的不利发展是次要和较小的问题，公司历史上意外险业务的敞口主要来自早期的一份大型转分保合同，目前敞口已逐渐减小 [57][58] - 公司未来业务倾向于较小限额、更多频率的业务，不太可能参与大型美国全国性意外险项目，且第四季度专业业务的有利发展部分抵消了意外险业务的不利发展 [60][61] 问题3: 如何看待意外险业务在当前增长格局中的定位，是否有有吸引力的特定业务领域，还是因损失环境而保持谨慎 - 公司承保团队注重承保利润率，意外险业务目前承保时会考虑未来投资收益，公司不太可能成为大型美国全国性意外险项目的主要参与者 [63] - 公司对一些小型项目感兴趣，再保险行业部分主要市场的谨慎态度可能会为公司创造机会，公司希望在创新领域更有效地竞争 [64][65] 问题4: 如何看待未来短期至中期内业务续保对整体资本配置目标的影响，当前市场波动是否是偏离资本配置策略的机会窗口 - 资本配置是渐进式变化，而非重大改变，公司认为Silpe投资策略的回报很有吸引力，未来可能会继续或增加该策略的配置 [70] - 公开市场业务受全球再保险市场周期性压力影响，若费率持续下降，公司可能会重新分配资本，如增加再保险购买、将资本分配到创新业务或回购股份 [71][72] - 创新业务是公司认为有吸引力的增长机会，公司致力于利用自身优势推动其发展，第四季度公司通过签订全账户成数转分保合同为创新业务释放了部分资本 [73][74] 问题5: 微策略套利交易的目标回报率是多少，与Solus Glass其他交易机会的目标回报率相比如何 - 无法计算微策略套利交易的目标回报率，该交易有两个有利因素，一是与微策略相关的双杠杆ETF通过高波动性、昂贵的看涨期权实现杠杆，期权价值衰减会导致资产净值下降，二是双杠杆产生的负gamma效应会在市场波动时破坏回报 [76][77] - 该交易自开展以来回报率极高，年化回报率接近三位数，远高于公司其他交易 [78]