Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET

Company Participants

David Sigmon - General Counsel

Simon Burton - Chief Executive Officer

David Einhorn - Chairman of the Board

Faramarz Romer - Chief Financial Officer

Conference Call Participants

Operator

Thank you for joining the Greenlight Capital Re's Second Quarter Earnings Conference. [Operator Instructions] I would like to remind you that this conference call is being recorded and will be available for replay following the conclusion of the event. An audio replay will also be available under the Investors section of the company's website at www.greenlightre.com.

It is now my pleasure to turn the call over to David Sigmon, General Counsel at Greenlight Re. You may begin.

David Sigmon

Thank you, Diego. Joining us on the call today will be Chief Executive Officer, Simon Burton, Chairman of the Board, David Einhorn and Chief Financial Officer, Faramarz Romer.

On behalf of the company, I'd like to remind you that forward-looking statements may be made during this call and are intended to be covered by the Safe Harbor provisions of the federal securities laws. These forward-looking statements reflect the company's current expectations, estimates and predictions about future results and are subject to risks and uncertainties. As a result, actual results may differ materially from those expressed or implied. For more information on the risks and other factors that may impact future performance, investors should review the periodic reports that are filed by the company with the SEC from time to time. Additionally, management may refer to certain non-GAAP financial measures. The reconciliations to these measures can be found in the company's filings with the SEC, including the company's Form 10-Q for the second quarter ended June 30, 2023. The company undertakes no obligation to publicly update or revise any forward-looking statements.

With that, it is now my pleasure to turn the call over to Simon.

Simon Burton

Thanks, David. Good morning, everyone. Thank you for joining us. For the second quarter of 2023, we reported strong growth in book value per share of 9.9% and net income of $49.9 million. This result was led by outperformance in the SILP funds, along with contributions from our underwriting operations and other investment income.

Starting with the underwriting results; the combined ratio of 96.2% was impacted by 7.3 points of catastrophe losses, primarily severe storm losses in the U.S. Individually, these storms aren't large enough to attach to catastrophe layers. Instead, as we mentioned on our Q1 call, we are seeing these claims through our exposure to a single homeowners' property program.