Business Context and Reporting Period
This Form 8-K is a current report filed by Greenlight Capital Re, Ltd. on September 10, 2018. The filing serves to correct information contained in media articles regarding comments made by Chief Underwriting Officer Brendan Barry at the Monte Carlo Rendez-Vous conference. The report focuses on underwriting expectations for the fiscal quarter ending September 30, 2018.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It contains only qualitative management expectations regarding underwriting performance.
Material Changes and Outlook
- Underwriting Guidance: Management expects to achieve an underwriting profit for the fiscal quarter ending September 30, 2018.
- Exclusions: This expectation excludes investment results, weather-related events, or reserving actions occurring after September 10, 2018.
- Historical Portfolio: Management believes that prior loss development issues from the 2009-2011 underwriting portfolio will not materially adversely impact future underwriting results, citing recent and expected positive performance.
- Tax Position: Comments regarding the company's tax position are qualified in their entirety by the Risk Factors in the Annual Report on Form 10-K for the period ended December 31, 2017.
Investor Verification Checklist
- Verify the actual underwriting results for the quarter ended September 30, 2018, in the subsequent quarterly report.
- Review the Risk Factors in the 2017 Form 10-K to understand the qualifications regarding the company's tax position.
- Monitor for any material weather-related events or reserving actions occurring after September 10, 2018, which were excluded from management's initial profit expectation.
- Confirm that investment results do not offset the expected underwriting profit in the final quarterly earnings.