Genie Energy forms captive insurance subsidiary; records $45M non-cash charge in Q4 2023

Genie Energy Ltd.

Paid $51M in premiums to wholly-owned captive insurance entity in Q4 2023.
One-time non-cash charge of ~$45M for insurance loss reserve in Q4 2023; no impact on Adjusted EBITDA.
Year-end 2023 cash, restricted cash, and marketable equity securities estimated at ~$165M vs $121M in 2022.
Expands consumer product portfolio to include insurance products distributed through retail channels.
Management expects positive contributions from insurance initiatives beginning in 2024.

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