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In a recent filing with the Securities and Exchange Commission, Brian Joseph O’Reilly (NASDAQ:ORLY), the Head of Innovations at Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a $466 million market cap insurer with a "GREAT" InvestingPro Financial Health score, reported the forfeiture of 13,799 ordinary shares. The transaction, dated March 10, 2025, reflects a forfeiture of performance-based restricted shares that were initially granted in 2022.
Following this transaction, O’Reilly holds 101,218 shares directly. The filing indicates that the forfeiture did not involve any cash exchange, as the shares were forfeited at no cost. This development highlights the performance-based nature of the compensation structure at Greenlight Capital Re, a company operating in the fire, marine, and casualty insurance sector. For deeper insights into executive transactions and comprehensive financial analysis, access the full GLRE research report on InvestingPro.
In other recent news, Greenlight Capital Re 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, which fell short of the forecasted $0.59. Revenue for the quarter was $143.76 million. Despite the financial setback, Greenlight Capital Re managed to increase its fully diluted book value per share by 7.2% to $17.95. The company introduced new segment reporting, focusing on Open Market and Innovations segments, which may provide more transparency for stakeholders.
The consolidated combined ratio for the quarter stood at 101.4%, highlighting a challenging underwriting environment. The company has expressed optimism for 2025, with expectations of double-digit growth in book value per share. Greenlight Capital Re also anticipates potential losses from the Los Angeles wildfires, estimated to be between $15 million to $30 million. Additionally, the company’s management remains cautious about geopolitical tensions, such as the Russia-Ukraine conflict, which has led to reserve strengthening.
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