GLRE News & Events

Greenlight Reinsurance 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. Vezina has held various senior underwriting positions at Allianz, New Ocean Capital, AQR Re, and Markel.

Reports gross premiums written increased 28.0% to $143.8M ;Net premiums earned increased 7.8% to $148.1M; Net underwriting loss of $18M , compared to net underwriting income of $11.8M; Combined ratio of 112.1%, compared to 91.4%; Total investment income of $2.6 M compared to $14.1M; and Net loss of $27.4 M or 81c per diluted ordinary share, compared to net income of $17.6M , or 50c per diluted ordinary share. Gross Premiums Written Increased 28% To $143.8M...Net income of $42.8 million, or $1.24 per diluted ordinary share, compared to $86.8 million, or $2.50 per diluted ordinary share; and Fully diluted book value per share increased 7.2% to $17.95, from $16.74 at December 31.

California' Insurance Commissioner Ricardo Lara announced the final major step in his Sustainable Insurance Strategy, issuing a historic regulation aimed at restoring stability to California's insurance market while addressing the growing risks of wildfires and climate change. The new Net Cost of Reinsurance in Ratemaking Regulation requires insurance companies, for the first time , to increase coverage in high-risk areas, ensuring more options for Californians while limiting the costs passed on to consumers. The regulation works hand-in-hand with other reforms that Commissioner Lara has spearheaded that will have the effect of increasing insurance coverage options for Californians across the state. "Californians deserve a reliable insurance market that doesn't retreat from communities most vulnerable to wildfires and climate change," said Commissioner Lara. "This is a historic moment for California. My Sustainable Insurance Strategy is focused on addressing the challenges we face today and building a resilient insurance market for the future. With input from thousands of residents throughout California, this reform balances protecting consumers with the need to strengthen our market against climate risks."...The Fly notes that publicly traded companies in the reinsurance space include: Munich Re (MURGY), Swiss Re (SSREY), Reinsurance Group (RGA), Greenlight Capital Re (GLRE), SiriusPoint (SPNT) and AIG ( AIG).

Reports Q3 revenue $188.01M vs. $166.92M last year. Gross premiums written were $168.3M compared to $183.1M last year, while net premiums earned were $151.9M, compared to $163.1M last year. David Einhorn, Chairman of the Board of Directors, said, "Solasglas generated a net return of 5.2% in the third quarter, while maintaining a conservative exposure to equity markets. Despite significant natural catastrophe events during the quarter, Greenlight Re performed well, with positive performance on both our underwriting and investment activities."