Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q2 2024 Earnings Conference Call August 7, 2024 9:00 AM ET

Corporate Participants

David Sigmon - General Counsel
Greg Richardson - Executive Officer
David Einhorn - Chairman of the Board
Faramarz Romer - Chief Financial Officer

Conference Call Participants

Eric Hagen - BTIG

Operator

Thank you for joining the Greenlight Capital Re Limited Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions].

It's now my pleasure to turn the call over to David Sigman, Greenlight Re's General Counsel. You may begin.

David Sigmon

Thank you, and good morning.

I'd 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 investor section of the company's website at www.greenlightre.com. Joining us on the call today will be our Chief Executive Officer, Greg Richardson, 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 law. 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 reconciliation to these measures can be found in the company's filings with the SEC, including the company's recently filed Form 10-Q for the quarter ended June 30, 2024. 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 Greg.

Greg Richardson

Thanks, David. Good morning, everyone, and thank you for joining us today.

Greenlight Re reported gross written premiums of $169 million, up 9.1% compared to the second quarter of 2023. We delivered net income of $8 million, which equates to 1.5% growth in fully diluted book value per share during the quarter, or 6% on an annualized basis. We reported a combined ratio of 99.8% for the quarter.