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Mar 31, 2022
Greenlight Capital Re Q1 2022 Earnings Report
Reported a net loss impacted by exposure to the Russian-Ukrainian conflict.
Key Takeaways
Greenlight Capital Re reported a net loss of $5.7 million for the first quarter of 2022, impacted by the Russian-Ukrainian conflict. The investment portfolio managed by DME Advisors returned 1.7%.
Net loss for the quarter was $5.7 million.
Fully diluted book value per share decreased 2.4% to $13.65.
Combined ratio was 106.2%, compared to 101.5% in the first quarter of 2021.
Total investment income was $7.7 million, compared to $18.7 million in the first quarter of 2021.
Greenlight Capital Re
Greenlight Capital Re
Forward Guidance
Greenlight Re is making progress in growing operations with the launch of Greenlight Innovation Syndicate 3456 and is well-positioned for inflationary headwinds while maintaining a cautious view of the equity markets.
Positive Outlook
- Continued progress in growing operations.
- Launch of Greenlight Innovation Syndicate 3456.
- Well-positioned in the improving underwriting environment.
- Generated a 1.7% investment return from the Solasglas fund.
- Well-positioned for the inflationary headwinds affecting the economy.
Challenges Ahead
- First quarter results were impacted by exposure to the Russian-Ukrainian conflict.
- Maintaining a cautious view to the equity markets.
- Appears likely that the 13 year-old bull market has come to an end.
- Net underwriting loss of $7.7 million driven primarily by the Russian-Ukrainian conflict.
- Decrease in fully diluted book value per share of $0.34, or 2.4%, to $13.65.