October 23, 2020

Greenlight upgraded to neutral rating

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Greenlight Reinsuran (NASDAQ: GLRE) was upgraded by equities research analysts at Zacks Investment Research from an “underperform” rating to a “neutral” rating in a research note issued to investors on Wednesday.

Greenlight Capital Re, Ltd. (Greenlight CapitalRe) is a holding company. The Company, through its operating subsidiary, Greenlight Reinsurance, Ltd. (Greenlight Re), is a Cayman Islands-based specialty property and casualty reinsurer. As of December 31, 2009, 82.9% of the Company’s investments in securities were invested in publicly-traded equity securities primarily in North America and Western Europe. The Company offers excess of loss and quota share products in the property and casualty market. The Company’s investment portfolio is managed by DME Advisors, LP. Within the property and casualty reinsurance segment, underwriting operations are analyzed using two categories: frequency business, and severity business. Frequency business is characterized by contracts containing a large number of smaller losses emanating from multiple events. Clients buy this protection for their own underwriting capacity and select a reinsurer based upon the reinsurer’s financial strength
and expertise.

Shares of Greenlight Reinsuran opened at 22.16 on Wednesday. Greenlight Reinsuran has a 52 week low of $20.22 and a 52 week high of $29.96. The stock’s 50-day moving average is $21.52 and its 200-day moving average is $24.20. The company has a market cap of $810.5 million and a price-to-earnings ratio of 30.48.

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