Greenlight Capital Re (GLRE) Q4 2024 earnings summary

Executive summary

• Reported a net loss of $27.4 million in Q4 2024, compared to net income of $17.6 million in Q4 2023, driven by CAT losses and reserve strengthening for Russia-Ukraine conflict.

• Full year 2024 net income was $42.8 million, down from $86.8 million in 2023, with fully diluted book value per share up 7.2% to $17.95.

• Segment reporting was revised to separate open market and innovation segments for greater transparency and better alignment with strategy.

Financial highlights

• Q4 2024 combined ratio was 112.1%, with CAT losses adding 11.9 points and Russia-Ukraine aviation reserves 10.1 points.

• Full year 2024 combined ratio was 101.4%, resulting in a net underwriting loss of $8.2 million.

• Gross premiums written increased 9.7% year-over-year to $698.3 million; Q4 up 28% to $143.8 million.

• Total investment income for 2024 was $79.6 million.

• Diluted EPS for 2024 was $1.24.

Outlook and guidance

• Management is optimistic about 2025, citing strengthened organization and balance sheet.

• Expecting FAL book to grow by 25% and property portfolio by 10% in 2025.

• Anticipate $15–$30 million in losses from Los Angeles wildfires in 2025.