Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q3 2024 Earnings Call November 5, 2024 9:00 AM ET

Company Participants

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

Conference Call Participants

Operator

Thank you for joining the Greenlight Capital Re, Ltd. Third Quarter 2024 Earnings Conference Call. [Operator Instructions] It’s now my pleasure to turn the call over to David Sigmon, Greenlight Re’s General Counsel. You may begin.

David Sigmon

Thank you, Kevin 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 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 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 recently filed Form 10-Q for the quarter ended September 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, which is also U.S. Election Day. We have an Investor Day presentation in New York City just 2 weeks from today, and I hope that you all can attend. It will provide additional background and color on Greenlight Re’s progress and go-forward strategy.

Greenlight Re reported gross written premiums of $168.3 million for the quarter. We delivered net income of $35.2 million, up $21.7 million versus the third quarter of 2023. This equates to 6.1% growth in fully diluted book value per share during the quarter. Fully book – fully diluted book value per share has grown 11.8% in 2024 or 16.0% on an annualized basis.