Greenlight Reinsurance, Ltd.

Thank you for joining the Greenlight Capital Reel Limited second quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may press star 1 at any time to be placed into the question queue. It's now my pleasure to turn the call over to David Sigman, Greenlight Reel's general counsel. You may begin.

Thank you, and good morning. I would like to remind you that this conference call is being recorded and will be available for replay following the conclusion of the event. An audio replay will also be available under the investor section of the company's website at www.greenlightrui.com. Joining us on the call today will be our Chief Executive Officer, Greg Richardson, Chairman of the Board, David Einhorn, and Chief Financial Officer, Farmars Romer. On behalf of the company, I'd like to remind you that forward-looking statements may be made during this call and are intended to be covered by the safe harbor provisions of the federal securities laws. These forward-looking statements reflect the company's current expectations, estimates, and predictions about future results and are subject to risks and uncertainties. As a result, actual results may differ materially from those expressed or implied. For more information on the risks and other factors that may impact future performance, investors should review the periodic reports that are filed by the company with the SEC from time to time. Additionally, management may refer to certain non-GAAP financial measures. The reconciliation to these measures can be found in the company's filings with the SEC, including the company's recently filed Form 10-Q for the quarter ended June 30, 2024. The company undertakes no obligation to publicly update or revise any forward-looking statements. With that, it is now my pleasure to turn the call over to Greg.

Thanks, David. Good morning, everyone, and thank you for joining us today. GreenLight Re reported gross written premiums of $169 million, up 9.1% compared to the second quarter of 2023. We delivered net income of $8 million, which equates to 1.5% growth in fully diluted book value per share during the quarter, or 6% on an annualized basis. We reported a combined ratio of 99.8% for the quarter. Our underwriting result was impacted by a higher than normal level of current period catastrophe losses, primarily related to the U.S. convective storm season, which added 8.4% to our second quarter combined ratio. U.S. convective storm losses in the second quarter are estimated at over $30 billion, roughly twice the 10-year average. Our exposure to these events almost exclusively relates to a homeowner's insurance program, which we non-renewed effective January 1st, 2024. While we have some residual exposure to U.S. severe convective storms, the peak U.S. convective storm season of March to June is behind us and our ongoing exposure is declining rapidly as the 2023 treaty runs off. Excluding U.S. convective storm losses, Our portfolio performed well in the quarter and in line with expectations. We remain positive about the positioning of our portfolio and market conditions in general. At July 1, the renewal season was in line with expectations, reinsurers remained disciplined, and pricing continues to be attractive. We continue to see attractive opportunities for growth, particularly in the property and specialty classes, but are more cautious in casualty. particularly if there are large original limits involved. I recently returned to the Cayman Islands after spending a couple of weeks in Ireland and the UK, where I had the opportunity to spend some extended time with our staff, our brokers, and our clients. Greenlight Re's positioning with our brokers and clients is strong, and we look forward to future growth with them. Greenlight Re is in a good shape. We have a strong team. and I am excited about our prospects. Now I'd like to turn the call over to David Einholz.