Greenlight Re Q4 net loss $27.4M; underwriting loss $18M, combined ratio 112% vs 91% prior year

GREENLIGHT CAPITAL RE, LTD.

Q4 gross written premiums +28% to $143.8M, but net underwriting loss $18M vs $11.8M income in Q4 2023.
Q4 net loss $0.81 per share vs $0.50 profit; full-year net income $42.8M ($1.24) down from $86.8M ($2.50).
Full-year combined ratio 101.4% vs 94.5%; underwriting loss driven by Russia-Ukraine aviation reserve strengthening and catastrophe losses (Hurricane Milton, Jeju Air, etc.).
Book value per share up 7.2% to $17.95; company restructured segments into Open Market and Innovations.
Chairman reports Solasglas full-year return of 9.8% with year-end net exposure 33%.

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