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Richard Paul Strommer, the Chief Actuary at Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a $466 million market cap reinsurance company trading at $13.28 per share, has reported the forfeiture of 4,139 ordinary shares. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates. The shares were originally performance-based restricted shares granted in 2022, and the transaction did not involve any monetary exchange. Following this forfeiture, Strommer holds 66,423 shares directly. This filing provides insight into the changes in Strommer’s equity position within the company, although it does not reflect a sale or purchase in the open market. InvestingPro data shows the company maintains a GREAT financial health score, with management actively buying back shares. Discover more insights and 12+ additional ProTips with an InvestingPro subscription.
In other recent news, Greenlight Capital Re Ltd reported a net loss of $27.4 million for the fourth quarter of 2024, missing analyst expectations. The company posted an earnings per share (EPS) of -$0.81, significantly below the forecasted $0.59. Revenue for the quarter was $143.76 million. Despite the quarterly loss, Greenlight Capital Re managed to increase its fully diluted book value per share by 7.2% to $17.95. The company also introduced new segment reporting, focusing on Open Market and Innovations segments. Analysts noted the company’s strategic focus on underwriting and potential capital reallocation in 2026. Looking ahead, Greenlight Capital Re remains optimistic about growth opportunities in 2025, with expectations of double-digit growth in book value per share. The company highlighted risks such as market volatility and potential losses from the Los Angeles wildfires, estimated between $15-30 million.
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