Earnings & Results Updates
First Quarter Earnings Call - Audio File
Effective September 1, 2018, Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, DAC, (collectively, “the Companies”), became limited partners in Solasglas Investments, LP (“Solasglas”) (see Notes 1 and 2). DME Advisors acts as investment advisor to Solasglas.
Our investment returns (net of fees and expenses) for the funds managed by DME Advisors are provided below* (see Note 2). For the month of June 2019 DME Advisors reported an investment loss of 0.6%, which represents an estimated investment loss (net of fees and expenses) to the Companies of $3,400,000.
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*Investment returns are calculated monthly and compounded to calculate the year to date and annual returns. Past performance is not necessarily indicative of future results.
Note 1: The Companies are required to fund accounts that provide collateral to support trust accounts and letters of credit for their underwriting operations. These funds are typically invested in cash, cash equivalents and fixed income securities and are held outside of Solasglas.
Note 2: In accordance with the Solasglas limited partnership agreement (“LPA”), DME Advisors constructs an investment portfolio as agreed with the Companies (the “Investment Portfolio” as defined in the LPA). In determining the size of the Investment Portfolio, the Companies excluded an amount approximating their net loss reserves. Effective from September 1, 2018, the monthly investment return is calculated by dividing the investment income/loss (net of fees and expenses) by the Investment Portfolio.
The foregoing investment results are interim and unaudited, and are provided for informational purposes only and are not intended to be used for investment purposes. Neither we nor our data or content providers guarantee the accuracy or completeness of any financial results or other data displayed, nor shall any such party be liable in any way to the reader or any other person, firm or corporation whatsoever for any delays, inaccuracies, errors in, or omission of any such information or data or the transmission thereof, or for any actions taken in reliance thereon or for any damages arising therefrom or occasioned thereby or by reason of nonperformance or interruption, or termination, of the investment results for any cause whatsoever.
Stock Quote – GLRE
ANNUAL FINANCIAL REPORTS
Our quarterly financial filings are attached.
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