Cayman's Greenlight Capital Re swings to Q2 loss on investment, catastrophe losses
GLRE•Analyst coverage
The one available analyst rating on the shares is "hold."
The average consensus recommendation for the reinsurance peer group is "buy."
Wall Street's median 12-month price target for Greenlight Capital Re Ltd is $19.69, about 18.3% above its Aug. 3 closing price of $16.64.
Loss drivers and reserves
The company said the higher combined ratio was driven by catastrophe losses.
It reported an investment loss of $23.8 million, citing macro drag and losses in its short portfolio.
The company also said it set up appropriate reserves for Middle East exposure in the second quarter.
Outlook and capital position
The company said it is managing capital prudently in a softening reinsurance market.
It said its Solasglas investment portfolio remains conservatively positioned amid an uncertain market environment.
Quarter results and premium growth
Cayman Islands reinsurer Greenlight Capital Re said its second-quarter gross premiums written rose 2% from a year earlier.
The company posted a second-quarter net loss, reversing a small profit a year earlier, as investment losses weighed. Its second-quarter combined ratio worsened to 100.1% from 95.0% due to catastrophe losses.
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