Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q4 2022 Results Conference Call March 9, 2023 9:00 AM ET

Company Participants

Karin Daly - Investor Relations

Simon Burton - Chief Executive Officer

David Einhorn - Chairman of the Board

Neil Greenspan - Chief Financial Officer

Faramarz Romer - Chief Accounting Officer

Operator

Thank you for joining the Greenlight Capital Re Limited Fourth Quarter and Year-End December 31, 2022, Earnings Conference Call. [Operator Instructions]

It is now my pleasure to turn the call over to Karin Daly, Greenlight Re’s Investor Relations representative and Vice President at The Equity Group. You may begin.

Karin Daly

Thank you, Donna, and good morning. 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.

Joining us on the call today will be Chief Executive Officer, Simon Burton; Chairman of the Board, David Einhorn; and Chief Financial Officer, Neil Greenspan. Additionally, Faramarz Romer, current Chief Accounting Officer and Treasurer and incoming Chief Financial Officer, will be available for the question-and-answer session of the call.

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 Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact, but rather reflect the company's current expectations, estimates and predictions about future results and are subject to risks and uncertainties. A if one or more risks or uncertainties materialize or if the company's underlying assumptions prove to be inaccurate, actual results could vary materially. Additionally, management may refer to certain non-GAAP financial measures during their remarks. The reconciliations to these measures as well as the risk factors can be found in the company's filings with the Securities and Exchange Commission, including Form 10-K for year ended December 31, 2022. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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

Simon Burton

Thank you, Karin, and welcome to your first Greenlight Re conference call, and good morning, everyone. Thank you for joining us. I believe that we will look back on this period and consider it a watershed for Greenlight Re and the reinsurance industry as a whole. The industry and Greenlight has, for several years, posted substandard underwriting results. In large part, because rate improvements each year didn't keep up with the combination of stubbornly frequent hurricane and weather events, inflation, COVID and the tragic and unexpected war in Ukraine. This pattern of underpricing was broken at January renewals this year.