Genie Energy updates insurance initiative; expects $40M premiums to captive subsidiary, $31M loss reserve charge

Genie Energy Ltd.

Secured insurance broker licenses in seven states; began offering third-party products through existing sales channels.
Q4 2024 expects to pay captive subsidiary ~$40M in premiums for expanded insurance coverage addressing various risks.
Expects non-recurring, non-cash charge of ~$31M as insurance loss reserve; will not impact Adjusted EBITDA.
$40M premiums remain on consolidated balance sheet as restricted cash, available for investment by the Captive.
Cash and equivalents, restricted cash, and marketable equity securities totaled $191.7M as of September 30, 2024.

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