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Greenlight Capital (NASDAQ:GLRE)
Q3 2019 Antithesis Call
Nov 07, 2019, 9:00 a.m. ET

Operator



Thank you for abutting the Greenlight Re appointment alarm for the third division of 2019 earnings. The aggregation reminds you that advanced statements that may be fabricated in this alarm are advised to be covered by the safe anchorage accoutrement of the Private Antithesis Litigation Reform Act of 1995. Advanced statements are not statements of absolute fact, but rather reflect the company’s accepted expectations, estimates and predictions about approaching after-effects and contest and are accountable to risks, uncertainties and assumptions, including those abundant in the company’s Form 10-K/A for the year assured December 31, 2018, Forms 10-Q for the periods assured June 30, 2019, and September 30, 2019, and added abstracts filed by the aggregation with the SEC. If one or added risks or uncertainties actualize or if the company’s basal assumptions prove to be incorrect, absolute after-effects may alter materially from what the aggregation projects.

The aggregation undertakes no obligation to amend about or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, except as adapted by law. Afterwards the able remarks, we will be administering a question-and-answer session. [Operator instructions] I would now like to about-face the appointment over to Greenlight Re’s CEO, Mr. Simon Burton.



Please go ahead, sir.

Simon Burton — Chief Executive Officer

Thank you, operator, and acceptable morning, everyone. I’m admiring with our achievement this quarter, which resulted in book bulk advance of 1.2%. We had a absolute addition from underwriting admitting higher-than-normal accident activity in several key classes as able-bodied as a absolute advance return. In the third quarter, on the accident side, we saw a aerial akin of accustomed accident activity with Typhoon Faxai and Hurricane Dorian, which were followed in October by the abundant beyond Typhoon Hagibis.

As Hagibis’ geographic appulse abundantly overlapped with that of Faxai, we apprehend that the appeal billow will be magnified, and the accident acclimation activity will be added complicated for both typhoons. Our estimated losses from Faxai and Dorian equated to an added 2.4 credibility on our third-quarter accident ratio. To date, the advice arise to us by our barter is not acceptable for a allusive appraisal of our accident from Typhoon Hagibis. 2019 is the third alternating year of cogent accustomed accident losses.

We accept apparent the reemergence of North Atlantic landfalling hurricanes afterwards a quiet decade and a hasty cardinal of typhoons in Japan. We apprehend the bulk for cat accident to access overall, decidedly in Japan, and we plan to abide to participate as a net biographer not client of cat retro. We additionally saw accident activity in our accessory business, with two ample losses occurring in the third quarter. We apprehend a able bazaar acknowledgment to these barrage failures with aboriginal signs that ante may bifold in the abbreviate term.

We like the chic for this absolute acumen that ante acknowledge bound and anon to accident activity. I accept discussed our efforts in rebalancing the underwriting portfolio several times before, and that activity continues. During the third quarter, we bargain our acknowledgment to assertive counterparty and Florida-specific risks in our abnormal auto book. However, we abide to accept a absolute angle in this class.

Rates accept connected to advance in 2019 from a advantageous abject in 2018, and we accept broadcast our positions in added states and programs. Afore I about-face the alarm over to David, I’d like to accommodate a abrupt amend on our cardinal review. As you will recall, in August, we arise that we had affianced Credit Suisse to abetment the aggregation and the lath in evaluating cardinal alternatives. Since that time, we accept articular a array of abeyant options for the aggregation but accept not called any accurate advance of action, nor accept we formalized a calendar to complete our review.

We have, of course, implemented accomplish advised to bottle capital, including derisking our advance portfolio, and our efforts to aerate bulk for our shareholders continue. However, until we actuate that added acknowledgment is appropriate, we do not intend to altercate developments with account to the process. Now I’ll duke over to David.

David Einhorn — Chairman

Thanks, Simon, and acceptable morning, everyone. The Solasglas armamentarium alternate 1.2% in the third quarter. Longs contributed 2.2% and shorts detracted 0.8%. During the quarter, the S&P 500 Index alternate 1.7%.

Long positions in Green Brick Partners and Brighthouse Banking were the better winners in the quarter. Green Brick banal climbed over 28% as the aggregation arise able second-quarter after-effects and administration adumbrated that it expects antithesis advance to affect absolutely in the third division of this year. The aggregation additionally continues to access its association calculation and launched its entry-level Trophy Signature Home cast in October. Green Brick letters antithesis today.

Brighthouse Banking shares alternate 10.3% in the third quarter. Brighthouse arise a $400 actor access in approved basic in the added quarter, hasty the market, which had accepted a accident of about $1 billion due to crumbling absorption rates. A $1.4 billion absolute beat for a aggregation with a bazaar cap of aloof over $4 billion should accept resulted in a cogent move college for the stock, but the bazaar added or beneath shrugged it off. The aggregation has connected its $1.5 billion acknowledgment program, repurchasing about 3% of the outstanding shares in the added division and addition 3% in the third division and addition 1% in October.

Earlier this week, Brighthouse arise able third-quarter after-effects with over $5 per allotment in normalized approved antithesis in the third division alone. The aggregation additionally completed its anniversary actuarial analysis and bankrupt the third division with $125 of book bulk per share. Our abbreviate position in Tesla detracted our achievement as assemblage sales in the third division bigger added than we expected, and the banal climbed to 8%. Although the banal is bottomward year to date, we’re afraid to see, it has accurate to be as airy as it has been in the face of adamant abrogating account and what appears to be an end of the company’s advance trajectory.

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Revenues were bottomward division over division and decreased 7% from a year ago. And revenues that’s best important, United States bazaar beneath over 39% year over year. In October, the aggregation arise a abruptness third-quarter accumulation and the banal soared. These after-effects arise to be apprenticed by alteration and advancing accounting.

The better abruptness was a bill accretion and added assets that was anon account by a bill accident in added absolute income. Practically speaking, the after-effects were unimpressive as the aggregation saw acquirement declines as boilerplate affairs prices on all models fell as Tesla attempted to accumulate volumes up. Tesla has been absolute artistic in its accounting, but we believe, continues to be structurally unprofitable. We abide short.

Balance chic alternate abrogating 1.7% in October. As of October 31, the advance portfolio is about 21% net continued and the majority of its advance assets are in banknote and concise treasuries, with a acceptable underwriting aftereffect during the quarter, admitting some accident losses and generated a baby underwriting profit, I’m admiring with the advance we’re making, as Simon and the aggregation abide to about-face our underwriting portfolio into a added adapted book of absolute risk-adjusted opportunities. Now I would like to about-face the alarm over to Tim to altercate the banking results.

Tim Curtis — Chief Banking Officer

Thanks, David. For the third division of 2019, Greenlight Re arise net assets attributable to the aggregation of $5.1 actor compared to a net accident of $89.1 actor for the commensurable aeon in 2018. The absolutely adulterated net assets per allotment was $0.14 for the third division of 2019 compared to a net accident of $2.48 per allotment in the prior-year period. For the nine months assured September 30, 2019, we arise net assets attributable to the aggregation of $26.4 actor compared to a net accident of $269.2 actor for the aboriginal nine months of 2018.

The absolutely adulterated net assets per allotment was $0.72 for the nine months assured September 30, 2019, compared to a net accident of $7.49 per allotment for the aforementioned aeon in 2018. Gross premiums accounting were $425.5 actor for the aboriginal nine months of 2019, a baby abatement of 1.6% from the prior-year period. Exceptional reductions due to the nonrenewal of medical stop-loss and motor affairs were partially account by exceptional increases from new workers’ compensation, motor and multi-line affairs accounting during 2019. The blended arrangement for the third division was 96%, which, as Simon mentioned, included 2.4 accident arrangement credibility accompanying to accepted aeon accustomed catastrophes.

During the quarter, there was negligible above-mentioned aeon accident assets development. Underwriting costs were collapsed about to the prior-year quarter, consistent in an underwriting bulk arrangement of 2%. Our consistent accumulated arrangement was 98% for the quarter, which is both a consecutive and year-over-year improvement. For the aboriginal nine months of the year, the blended arrangement was 102.4%, which was a aftereffect of reserving accomplishments demography on auto losses during the aboriginal division of this year.

Total underwriting costs incurred during the aboriginal nine months of 2019, net of added assets accompanying to underwriting, were $8.7 million, consistent in a accumulated arrangement for the year to date of 104.7%. Our accumulated costs of $11.4 actor for the aboriginal nine months of 2019 compared to $9.4 actor arise during the aforementioned aeon in 2018, with the access actuality primarily due to college acknowledged and added able fees and advice technology expenses. We arise absolute net advance assets of $9.9 actor during the third division of 2019, which includes net advance assets of $6.6 actor on our advance in Solasglas, absorption a net acknowledgment of 1.2%. For the aboriginal nine months of 2019, we arise absolute net advance assets of $61 million, of which $51.8 actor accompanying to advance assets in the Solasglas fund, absorption a accretion of 10.4%.

The absolutely adulterated adapted book bulk per allotment as of September 30, 2019, was $13.67, a 4.4% access from $13.10 per allotment arise at December 31, 2018. Now I’ll about-face the alarm aback to the abettor and afresh accessible it up to questions.

Operator

[Operator instructions] I’m not assuming any questions at this time, this will achieve our question-and-answer session. And additionally achieve Greenlight Re’s third-quarter 2019 antithesis appointment Call. Should you accept any aftereffect questions, amuse absolute them to Adam Above-mentioned of the Equity Group Inc. at 212 836-9606, and he will be blessed to abetment you.

We additionally admonish you that a epitomize of this alarm and added pertinent advice about Greenlight Re is accessible on our website at Media The appointment has now concluded. I apologize. We did accept some questions that came into the queue.

At this time, we will go advanced and advance with our aboriginal question. And that would be from Ethan Sharvit of Argos Basic Management. Amuse go ahead.

Ethan Sharvit — Argos Basic Administration — Analyst

Hi, acknowledge you. Can you apprehend me? Hello?

Simon Burton — Chief Executive Officer

We can, Ethan.

Ethan Sharvit — Argos Basic Administration — Analyst

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OK. Acknowledge you for demography the catechism and congratulations on after-effects in Q3. I aloof capital to ask about account that was arise in the division accompanying to a accessible bid to access the company. I apperceive you mentioned that you’re not activity to altercate the cardinal developments.

But in agreement of a Bloomberg article, can you altercate a little bit the background? And what your — what developments happened this quarter?

David Einhorn — Chairman

Yes, hi, this is David. And we’re not activity to animadversion on bazaar rumors.

Ethan Sharvit — Argos Basic Administration — Analyst

OK. Acknowledge you.

Operator

[Operator instructions] And the abutting catechism comes from Mikel Abasolo of Solo Basic Management.

Mikel Abasolo — Solo Basic Administration — Analyst

Hello. Acknowledge you for demography my question. This is a abbreviate one. How abundant of the Solasglas armamentarium is invested at accident at the end of the quarter?

Tim Curtis — Chief Banking Officer

Mikel, it’s Tim here. On the face of our antithesis area is the bulk of the net asset bulk that is in the fund. And as we accept declared previously, Solasglas creates an advance portfolio, out of what we accord and is able to go continued and abbreviate in that position. And we’ve about declared that as we are derisking our portfolio they would be the majority of that, but that is about to the advance portfolio, not the net asset bulk would be invested — would be derisked and in anchored assets securities.

So the majority is in anchored assets securities, and the blow is acceptable for the long-short portfolio.

Mikel Abasolo — Solo Basic Administration — Analyst

So in allotment agreement or in proportion, can you be added specific Tim, please?

Tim Curtis — Chief Banking Officer

Yeah. Well, the added way to attending at that is if you attending at the Q on Folio 13, that shows the absolute antithesis area of Solasglas at September 30th, and it break bottomward what is in at — investments at fair bulk and what is in banknote and banknote equivalents. So the derisked allocation of the net asset bulk would be in the banknote and banknote equivalents. So you can see at the investments at fair value, that would be in…

Mikel Abasolo — Solo Basic Administration — Analyst

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OK. OK. Acknowledge you. Now, I apologize, but I looked at it in the 10-Q on the PDF, and that folio was bare for some reason.

I should accept looked at it at the GARP. But acknowledge you for the response. And now, my catechism is, if the bulk is so low, isn’t it added — wouldn’t it be added adapted to altercate the cardinal afterlight up to a point area you feel adequate advice article rather than discussing the positions in companies like Tesla or article like that? Because I anticipate it’s added actual to the investment, don’t you think?

David Einhorn — Chairman

Yeah. This is David again. And no, I accept the absorption in what’s activity on with the cardinal analysis process. This is the advance portfolio asperous admeasurement that we apprehend to advance until we’ve completed the cardinal analysis process.

I anticipate it makes faculty to altercate area we do accept accident in the portfolio. So that was area we alpha talking about some of the alternate investments that accept been made, that the aggregation has befalling to put money in. Relating to answer added about the cardinal analysis processes, it artlessly doesn’t accomplish faculty at this time for us to animadversion further.

Mikel Abasolo — Solo Basic Administration — Analyst

OK. OK. Thanks anyway. Thanks.

Operator

[Operator instructions] And at this time, I am not assuming any added questions. So we will achieve the question-and-answer affair and achieve Greenlight Re’s third-quarter 2019 antithesis appointment call. And already again, should you accept any aftereffect questions, amuse absolute them to Adam Above-mentioned of the Equity Group Inc. at 212 836-9606, and he will be blessed to abetment you.

We additionally admonish you that a epitomize of this alarm and added pertinent advice about Greenlight Re is accessible on our website at Media signoff]

Duration: 20 minutes

Simon Burton — Chief Executive Officer

David Einhorn — Chairman

Tim Curtis — Chief Banking Officer

Ethan Sharvit — Argos Basic Administration — Analyst

Mikel Abasolo — Solo Basic Administration — Analyst

More GLRE analysis

All antithesis alarm transcripts

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