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Thomas James Curnock, the Group Chief Underwriting Officer at Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a $466 million market cap reinsurance company trading at $13.28 per share, recently reported the forfeiture of 32,946 ordinary shares. According to InvestingPro analysis, the company maintains a GREAT financial health score and trades below its Fair Value. This transaction, dated March 10, 2025, involved shares that were initially granted as performance-based restricted stocks in 2022. Following this forfeiture, Curnock retains direct ownership of 182,555 shares. Notably, this transaction did not involve any dollar exchange, as the shares were forfeited without a sale. The company’s stock trades at an attractive 0.75 times book value, while management has been actively buying back shares. Discover more exclusive insights and detailed analysis with InvestingPro’s comprehensive research report.
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’s earnings per share (EPS) came in at -$0.81, significantly below the forecasted $0.59. Revenue was recorded at $143.76 million. Despite the net 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, which aims to provide greater transparency and insight into performance. Analysts from BTIG raised questions about the company’s capital allocation strategy and the potential impact of market volatility on future plans. The company remains optimistic about its prospects for 2025, with expectations of double-digit growth in book value per share. Additionally, Greenlight Capital Re is addressing challenges such as market volatility and losses from events like the Los Angeles wildfires, estimated to cost between $15 million and $30 million.
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