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Romer Faramarz, the Chief Financial Officer of Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a $466 million market cap reinsurance company trading at $13.28, recently reported a transaction involving the forfeiture of 16,558 ordinary shares. According to InvestingPro analysis, the company currently shows a GREAT financial health score and appears undervalued based on its Fair Value assessment. According to the SEC filing, these shares were performance-based restricted shares granted in 2022. The shares were forfeited at no monetary value, leaving Faramarz with 146,393 shares post-transaction. The transaction was filed with the SEC on March 11, 2025. This development comes as the company maintains strong fundamentals with a P/E ratio of 5.19 and trades below book value at 0.75x, while management has been actively buying back shares to enhance shareholder value.
In other recent news, Greenlight Capital Re reported its fourth-quarter 2024 earnings, revealing a net loss of $27.4 million, which fell short of analyst expectations. The company posted an earnings per share (EPS) of -$0.81, significantly missing the forecasted $0.59, and revenue amounted to $143.76 million. Despite these challenges, Greenlight Capital Re managed to grow its fully diluted book value per share by 7.2% to $17.95, marking the fifth consecutive year of growth. The company introduced new segment reporting, focusing on Open Market and Innovations segments, which it believes will provide valuable insights to stakeholders. Additionally, Greenlight Capital Re is optimistic about 2025, with expectations of double-digit growth in book value per share. The company plans to focus on strategic underwriting and possibly reallocate capital in 2026 if market conditions allow. Analysts at BTIG recently engaged with the company, discussing capital allocation strategies and potential impacts from market volatility. Meanwhile, the company continues to face risks, including potential losses from the Los Angeles wildfires and geopolitical tensions affecting its reserves.
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