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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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