Greenlight Capital Re, Ltd. reported a net income of $29.6 million for the first quarter of 2025, reflecting a $2.6 million increase from the same period in 2024. The company's gross premiums written rose by 14.1% to $247.9 million, while net premiums earned increased by 4.3% to $168.5 million. The growth in revenue was primarily driven by a strong performance from its investment in Solasglas, which yielded a net return of 7.2%, compared to 5.2% in the previous year. However, the company faced challenges with a net underwriting loss of $7.8 million, attributed to significant catastrophe losses from the California wildfires, which accounted for $27 million in claims.
In comparison to the previous fiscal period, Greenlight Capital Re experienced notable changes in its financial metrics. The total revenues for Q1 2025 reached $213.3 million, up from $191.3 million in Q1 2024. The increase in total revenues was bolstered by a $13.9 million rise in income from its investment in Solasglas, which was a key contributor to the overall financial performance. The company also reported a diluted earnings per share of $0.86, an increase from $0.78 in the prior year.
Operationally, Greenlight Capital Re's total investments increased by 10.5% to $508.6 million, driven by net contributions to Solasglas and positive investment returns. The company’s reinsurance balances receivable rose by 9.1% to $768.7 million, reflecting a $31.4 million increase in premiums receivable. The total shareholders' equity also saw an increase, reaching $666.8 million, primarily due to the net income generated during the quarter.
Looking ahead, Greenlight Capital Re anticipates continued competition in the reinsurance market, particularly in its Open Market segment, which may pressure pricing despite stable attachment points and terms. The company has adjusted its risk appetite to adopt a more cautious approach towards the casualty business. Additionally, the management is closely monitoring economic conditions, including inflation trends, which could impact both underwriting and investment performance. The company remains committed to its strategy of providing risk management solutions while navigating the evolving market landscape.
About GREENLIGHT CAPITAL RE, LTD.
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