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Greenlight Reinsurance Ltd. (GLRE-3.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $42.8 million, a decrease from the previous year's $86.8 million, attributed to higher losses from catastrophe and weather-related events.
Gross premiums written increased by 9.7% to $698.3 million, with net premiums earned rising by 6.3% to $620.0 million.
The company's underwriting loss was $8.2 million, compared to a net underwriting income of $32.0 million in the prior year, primarily due to an increase in the combined ratio driven by higher loss ratios.
Investment income totaled $79.6 million, up 10.3%, with a 9.8% net return from the investment in Solasglas.
Foreign exchange losses of $5.6 million were reported, compared to gains of $11.6 million in the previous year.
The company's fully diluted book value per share increased by 7.2% to $17.95.
Greenlight Re's Open Market segment saw a 19.7% increase in gross premiums written, driven by growth in financial, property, and specialty lines.
The Innovations segment reported a 6.9% increase in gross premiums written, with growth in casualty and new business in financial, health, and specialty lines.
The filing highlights the company's focus on long-term growth, with strategic investments in startup companies and managing general agents to support its underwriting operations.
Greenlight Re continues to prioritize long-term growth in diluted book value per share as its primary financial metric, with a five-year compound annual growth rate of 8.2%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greenlight Reinsurance Ltd. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.