Greenlight Reinsurance, Ltd.

Thank you for joining the GreenLight Capital Reel Limited third 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 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, Kevin, 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 Investors section of the company's website at www.greenlightray.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 September 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, which is also U.S. Election Day. We have an Investor Day presentation in New York City just two weeks from today, and I hope that you all can attend. It will provide additional background and color on Greenlight Re's progress and go-forward strategy. GreenLight Re reported gross written premiums of $168.3 million for the quarter. We delivered net income of $35.2 million, up $21.7 million versus the third quarter of 2023. This equates to 6.1% growth in fully diluted book value per share during the quarter. Fully diluted book value per share has grown 11.8% in 2024. or 16.0% on an annualized basis. Third quarter 2024 benefited from strong investment income driven by the Solus Glass Fund, which reported income of $19.8 million, a 5.2% return on our investment portfolio. Recall that on our earnings call last quarter, we announced that our allocation to Solus Glass investment portfolio was increased from 60% to 70% of adjusted book value, effective August 1st. We reported a combined ratio of 95.9% for the quarter, our eighth consecutive quarter of underwriting profit. Our year-to-date combined ratio is 97.9%, despite being another relatively active year for insured natural catastrophes. which are estimated at over $100 billion through the first nine months of 2024. Hurricane Helene made landfall in Florida's Big Bend on September 26 as a Category 4 storm and went on to impact Georgia and the Carolinas. Most importantly, our hearts go out to those who lost loved ones and suffered devastating property losses, some of which are uninsured. Greenlight Re's expected loss from Helene is estimated at $7.5 million. This assumes an industry loss of approximately $10 billion. During the quarter, our overall CAT losses were $14.1 million, including $2 million from Central European floods and the remainder from additional losses on severe convective storms from the first half of the year. Cat losses contributed 9.3% to our combined ratio in the quarter. The active Atlantic hurricane season continued into the fourth quarter with Hurricane Milton making landfall in Florida on October 9th as a Cat 3 storm. Hurricane Milton was one of the most intense Atlantic hurricanes on record, but fortunately weakened prior to landfall. There is a high degree of uncertainty over the extent of the industry loss resulting from Hurricane Milton, with estimates ranging from a low of $5 billion to a high of $50 billion. Fortunately, Greenlight Re's property exposure is underweighted in Florida. Our preliminary loss estimate of $5 million to $15 million assumes three to four basis points of the overall industry loss. With the third quarter behind us, our underwriting focus has turned to the critical 1-1 renewal season. We believe market conditions remain very attractive, with discipline remaining generally strong and no material increase in reinsurance capacity. In recent weeks, we attended industry conferences in Monte Carlo and Baden-Baden, where we have met many of our clients and brokers. We are confident that GreenLight RE is well positioned to take advantage of market opportunities at 1.1. As to our leadership, our board recently approved the appointments of Tom Kernock as Group Chief Underwriting Officer and Pat O'Brien as Group Chief Operating Officer. Both Tom and Pat have been instrumental leaders in our company for many years, and have already hit the ground running in their new expanded goals. Finally, we were pleased that AMBEST recognized the progress GreenLight Re has made in recent years. In October, AMBEST affirmed our A- rating and upgraded our outlook to positive from stable. Now I'd like to turn the call over to David Einhorn.