Greenlight Capital Re has reported its financial results for the second quarter ending June 30, 2024.
In the second quarter of 2024, gross premiums written reached $169 million, up from $154.9 million in the same period in 2023. This $14 million increase, or 9.1%, was driven by growth in financial, general liability, and specialty lines.
Earned premiums rose by $18.5 million, or 13.2%, to $158.4 million, reflecting the continued earning out of premiums written during 2023 and 2024.
The company recorded net underwriting income of $0.3 million for the second quarter of 2024, compared to $5.4 million in the same period of 2023. The combined ratio for the second quarter of 2024 was 99.8%, up from 96.2% in the equivalent period last year.
Catastrophe losses, mainly from US severe convective storms, added 8.4% to the combined ratio.
Total investment income for the second quarter of 2024 was $12.6 million. The company’s investment in the Solasglas fund, managed by DME Advisors, returned 1.2%, representing net income of $4.3 million.
Additionally, $8.2 million of investment income was primarily generated from interest on restricted cash and cash equivalents.
Net income for the second quarter was $8 million, contributing to a 1.5% increase in fully diluted book value per share, which rose to $17.65 per share at June 30, 2024, from $17.39 per share at March 31, 2024.
Greg Richardson (pictured above), chief executive officer of Greenlight Re, commented that the company continued its measured growth by leveraging attractive opportunities. He acknowledged that while underwriting results were affected by US severe convective storm losses from a single run-off contract, the overall performance of the business was satisfactory.
David Einhorn, chairman of the board of directors, also noted that Solasglas had a positive result in a relatively uneventful quarter, with small gains in short and macro positions offset by a small loss in long positions.
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