Greenlight Re: Double-Digit Returns Over The Next 5 Years Seem Likely
Bram de Haas • 18 Comments
Bram de Haas • 18 Comments
Nov. 2, 2015, 3:05 PM
- Blaming weather, new community development, labor shortages, and an extended building cycle pushing back closings in core markets, Green Brick Partners (GRBK -18%) cuts full-year pretax income guidance to $22M-$24M.
- Full Q3 results are due after the close on Nov. 12.
- It's another blow for David Einhorn's Greenlight Capital, an owner of 49% of the company, not to mention Greenlight Capital Re (GLRE -0.7%), where losses are growing thanks to hits in its investment portfolio.
- Dan Loeb's Third Point owns about 17% of GRBK. Third Point Reinsurance (TPRE +1.9%).
Oct. 26, 2015, 1:00 PM
- After the close Friday, Greenlight Re (GLRE -8.2%) reported a Q3 loss of $219.7M or $5.98 per share vs. a loss of $51.8M and $1.40 one year earlier.
- Book value per share fell 20% to $23.29 from $29.16 90 days earlier.
- At issue was a net investment loss of 14.2% on the company's investment portfolio as David Einhorn's Greenlight Capital suffered a rough quarter.
- Making matters worse, A.M. Best cuts its outlook on GLRE's credit rating to negative from stable, a move which could make it harder to win new reinsurance business.
- A conference call is set for Thursday at 9 ET.
- Previously: Greenlight Capital reports Q3 results (Oct. 23)
Feb. 18, 2015, 11:07 AM
- “The negatives we see include stretched valuations and earnings headwinds later this year, including a strong dollar, which reduces the translated earnings of foreign subsidiaries,” said David Einhorn on the Greenlight Capital Re (GLRE -3.4%) earnings call today. “From a macro perspective, we are worried that emergency policies are now failing.”
- The GLRE portfolio was just 38.9% net-long as of year-end, vs 40% three months earlier, and 53.9% a year ago.
- As for operations, Q4 net income at GLRE fell to $60.7M from $83.9M a year ago, with EPS of $1.60 missing expectations by $0.36. "Persistently challenging" is how Einhorn describes the reinsurance market.
- Book value per share of $30.76 grew 10.2% year-over-year.
- Previously: Greenlight Capital misses by $0.36 (Feb. 17)
Aug. 5, 2014, 12:34 PM
- Adjusted book value per share of $30.47 up 25.9% from a year ago, and compares to current price of $31.85.
- Gross written premiums of $33.7M dives from $135.2M a year ago thanks to the exit from certain businesses no longer meeting the company's return hurdles. "The competitive market conditions are making it challenging to find new business that meets our return hurdles," says CEO Bart Hedges.
- Underwriting income of $5.6M sips from $11.7M.
- Net investment gain of 8.1% on GLRE's investment portfolio vs. 2% a year ago. Chairman David Einhorn: "Our investment results were strong in the second quarter, mainly as a result of our long portfolio which benefited from the buoyant equity markets."
- GLRE -5.3%
- Previously: Greenlight Capital misses by $0.15, misses on revenue
Nov. 26, 2013, 12:42 PM
- It's another big day for Dan Loeb's Third Point Re (TPRE +2.1%) after Credit Suisse boosts its price target to $16 from $15. The stock's ahead by nearly a third since its August IPO and now sports a 1.38x price to book ratio.
- For comparison purposes, David Einhorn's Greenlight Capital Re (GLRE +1.4%) - also after a big run in the stock - sports a 1.31x price to book ratio.
Jan. 18, 2012, 11:26 AM
Greenlight Capital Re Ltd. Operates as a specialist property and casualty reinsurance company. It provides custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. The company was founded on July 13, 2004 and is headquartered in Camana... More
Industry: Property & Casualty Insurance
Country: United States