Business Context and Reporting Period
This Form 8-K is a Regulation FD disclosure filed by Greenlight Capital Re, Ltd. on January 19, 2016. The report discloses information provided by David Einhorn, Chairman of the Board, at a private investor conference regarding the Company's managed account performance for the period from January 1, 2016, through January 19, 2016.
Key Financial Metrics
- Investment Performance: The managed account reported an estimated investment loss of 1.6% net of fees and expenses for the 19-day period ending January 19, 2016.
- Net Invested Assets: As of December 31, 2015, the account held net invested assets of $1.1 billion.
- Revenue, Profit, and Cash Flow: The filing text does not provide specific values for revenue, net income, operating cash flow, or margins.
- Debt and Liquidity: The filing text does not provide specific values for debt levels or liquidity ratios.
Material Changes
The filing reports a material change in the value of the managed account, specifically a 1.6% decline in the first 19 days of 2016. No comparative data for the prior year period is provided in this specific disclosure.
Guidance, Outlook, and Risks
Management Commentary: The disclosure is limited to the specific performance figure mentioned above. No forward-looking guidance, strategic outlook, or detailed management commentary on market conditions is included in this text.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies, though the reported loss indicates exposure to market volatility during the reporting period.
Unusual Items: The report notes that the information is furnished pursuant to Regulation FD to ensure equal disclosure to all investors following a private conference.
Investor Verification Checklist
- Verify the exact calculation methodology for the "estimated investment loss" of 1.6%.
- Confirm the current net invested asset value as of the filing date (January 19, 2016) to assess the impact of the loss on the $1.1 billion base.
- Review subsequent filings for full quarterly or annual financial statements to obtain revenue, expense, and liquidity data not present in this 8-K.
- Assess the composition of the portfolio to understand the drivers of the early-year loss.