S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
Sherry Diaz, the Controller of Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a profitable reinsurance company currently trading at $13.28 with a market capitalization of $466 million, recently forfeited 4,416 ordinary shares, as disclosed in a recent filing. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates. The shares were performance-based restricted stocks originally granted in 2022. Following this transaction, Diaz retains 93,356 shares in the company. The forfeiture had no associated monetary transaction value, as these shares were not sold on the open market but rather forfeited due to specific performance conditions not being met. Despite this forfeiture, InvestingPro data shows the company maintains a GREAT financial health score, with management actively buying back shares. For comprehensive insider transaction analysis and additional ProTips, explore the detailed Pro Research Report available for GLRE.
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 with an earnings per share (EPS) of -$0.81, compared to the forecasted $0.59. Revenue for the quarter was $143.76 million. Despite the quarterly loss, the company achieved a 7.2% increase in fully diluted book value per share to $17.95. Greenlight Capital Re also introduced new segment reporting, focusing on its Open Market and Innovations segments.
The company’s full-year net income was $42.8 million, with total investment income reaching $79.6 million. The Innovations segment reported gross written premiums of $94.7 million. Analysts have noted the company’s cautious approach to capital allocation, with discussions during the earnings call highlighting reserve strengthening related to the Russia-Ukraine conflict. Greenlight Capital Re remains optimistic about 2025, with expectations of double-digit growth in book value per share.
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