Greenlight Capital Re (GLRE) 1 May 182018 Q1 Earnings call transcript

Company Profile

Participants

David Einhorn	Chairman
Simon Burton	CEO
Tim Courtis	CFO
Mike Belfatti	COO
Bob Glasspiegel	Janney Montgomery Scott
Brian Meredith	UBS
Jason Stankowski	Clayton Partners
Michael Eversole	Solo Capital Management

Call transcript

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Operator

Thank you for joining the Greenlight Re Conference Call for First Quarter 2018 Earnings.

Joining us on the call this morning are David Einhorn, Chairman; Simon Burton, Chief Executive Officer; Tim Courtis, Chief Financial Officer; and Mike Belfatti, Chief Operating Officer. The company reminds you that forward-looking statements that may be made in this call are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are not statements of historical fact, but rather reflect the company's current expectations, estimates, and predictions about future results and events and are subject to risks, uncertainties, and assumptions, including those enumerated in the company's Form 10-K dated February 20, 2018 and other documents filed by the company with the SEC. If one or more risks or uncertainties materialize or if the company's underlying assumptions prove to be incorrect, actual results may vary materially from what the company projects. obligation as publicly information, a or no forward-looking revise future undertakes otherwise. whether statements result company to or update any events, The of new recorded. this is note being Please event conference I over would to now turn to CEO, Mr. like Greenlight's the Simon Burton. sir. Please go ahead,

Simon Burton

everyone Thanks, for joining thank us Denise. and you today. Good morning

capital results. During a we the driven XX%, XXXX, of of first by quarter experienced drawdown negative investment

necessary and in it's absorb winter periods compares ecosystem peers, building our and a a underwriting pipeline efforts and value. well low and volatility Across portfolio has demonstrated managing the impactful, decisions. that capitalized as a with on the This experience profile our volatility storms. of years our are and underwriting my through capital resilience with of Hurricanes, favorably are of that investment rating are day-to-day allows recent results many first long-term We focused volatility to quality regulators risks slides, of to condition focused wildfires, and our is us we There a interactions to was certainly our occasional losses. mud our working quarter and many in sizable external We agencies, underwriting rated agree and proactive this and stakeholders for of sustainable profitable on perspective with company. underwriting loss

U.S. quarter to reinsurance With the a report impact. year that reserve of a areas a processes, release to ratio appetite, profit, risk of comment tax was for industry. positive last mix said, changes this personnel, have I'd in period of the have the small year made deliberate XX.X%. current had the like combination impact changes law We underwriting prior and and on the combined business I'm the that quarter that pleased

risk determining more on a day-to-day operations that profile status concluded foreign and rules of reinsurance arithmetic clear, shareholders. have to our our balance To the and the support law designation, qualitative the impact have emphasis the put sheet PFIC greatest dominance has activities the investment but potential do assessment. company not be passive We change than

and new deemed launched options available opportunities technology plans enterprises be from with mandate In the and partnership We have and list his to March, generated have talented not to and are Re identified on to PFIC. progress long to we risk a ensure Innovations will of most with we reviewed the working with insurance Greenlight we have partner the a of Mike which various discussions applications. combination ideas with. a rules and teams best team

unnecessary execution future that for all ahead. the busy with forces and and long instead reinsurance with my down disruptive but attempt we change clear of simple build flow we on to I company further to small met ourselves and an how it describe excellence the We expect that balance see fight forward XXXX, changes I emerge on estimate with scale to It's Re and the to reach. our from greater focus risk it's time how the relatively larger meaningful for, to equipping start operational Board wasn't prepared business a compete action, take year today that right and expenses industry to At would we a dilute to ago validate evident conclusion the to battle closer XXXX, and that Exactly that's of is and look peers it progress Greenlight with be is than vision for would unit. sheets through directors can all grow should of boiled innovation. today, the will in and

I'd David. over to like turn to Now the call

David Einhorn

quarter. first everyone. good morning declined portfolio and The XX.X% the reinvestment in Simon, Greenlight Thanks,

neither good our to of that for offset was Motors. Micron quarter. expected, earnings divisions a not investment than were in Netflix company a any longs Our losses quarter General we to The no added historic long Technology either. portfolio We be this of X largest the customer short X%. over did reported acquire and in as can continuing increased which Tesla, the most managed most losses. some in one in detracted our our and season result long rose, and winners stocks was position biggest and thesis, X.X% have with lose very our particularly spending fundamentals detracted the XX% our value worst. of their for consistent quarter. first explained our however of include our million bit Perhaps Netflix the with winners large Despite our position marketing, our short material. biggest divisions by in content the on shorts marginal were but the growth cost material subscribers company technology, on The development. in outperformance to advanced first stocks more each the in quarterly The though money Regardless

General into GM undemanding gave consensus and subscribers of is to would good given performance, XXXX cash. far guidance cash billion As declined has cash XXXX burning an lead Motors very In deteriorating valuation. ordinarily to $X ability to and but is in especially fourth more the several our in XXXX a be burn a and free difficult demonstrated turn $X reported subscribers free GMs why Netflix million quarter cash for is billion view both in result, explain into ability to ahead to guided cash for in years. cash after which the negative expects a turn XX% XXXX, flow strong not quarter. flow stock It Netflix to to $X

GM other Our our results stock experience strong to core number our of extended of positions offered performance. price a which long with course and

believe grade began reducing position, and where the conviction disclosed short currently theses, XXX% The maintain year are the XX% and job be the positions exposure for quarter them concentration by investment both Rican Puerto negative We We management's than for. long-term. but rated a and company's including accounting now reflect good at XX% might of portfolio actual long policyholders not of short-term and by Camorra's be significant capital bond in gross in return does losses a for are adequately bonds We handful during deterioration. in minus hedge think will Puerto losses. plan the the credit to higher of short our aggressive the below shareholders While a investment system was stock what the a exited were portfolio guarantee, The short. Simon, done of Uniper industrial April returned the coupled We nondescript we AGO's in short Rico. underwriting profit revamping a rest small we debt, quarter. period. the X.X% on with our in through heavy reserving in processes The and including investment that a a time long rating recently first long with municipal a we proprietary month. focused our and gross have a insured is and investment with gross XX% shorts team exposure phenomenal Mike, short

improve prospects about even we the the continues excited as showed quarter a and more I'm While area. underwriting reassess result Greenlight team in for Re and long-term to positive the during operating every glad

discuss over financial call to the like the to Tim turn results. to I'd Now

Tim Courtis

David. Thanks,

million $XXX.X composite net quarter the XXXX XX.X% for of $X.XX liability of was as XXXX in primarily compared of premiums for for first earned The were XX% decreased the professional by the to written a of XXXX. $X.X the per composite million to due from net and diluted share of XXXX of homeowner's of first in same Re during net a during quarter in XXXX, earned reported fourth XXXX. quarter year which XXXX income The per the million comparable in the to of and first ratio a was period For non-renewal of premiums quarter period a was Greenlight of loss to prior the XXXX. in profit quarter a comparable the certain X%. period compared net first the written ratio Florida compared of contract well $XXX.X approximately Decrease the as period fully the XX.X% is reduction both contracts. net share non-renewal $X.XX for loss premiums Gross

solicitors Overall, resulting indemnity quarter. General of $X.X in $X.X slightly compared during decreased ratio million on we XXXX quarter on prior to XX.X% property business development hurricanes of Underwriting quantitative for for underwriting contracts. incurred three offset XXXX, contracts. lower accruals for ratio the development XXXX development in professional first a from $X lower reserve by a and period composite insurance period. experience on slightly was of during of from combined million reduced million from favorable to ratio of estimates mortgage expenses result of to during X.X% first quarter. XXXX the year realized expenses the months incurred favorable the slightly reserve The expense adverse prior bonuses. and claims quarter's million the claims incurred as This the favorable $X.X administrative first primarily quarter partially was was The benefited for favorable development $X.X compared million

plan a net up XX, DME I'm held us XXXX. Annual adjusted year $XX.XX, Sixth of was flat to of authorization board reelection one-year provides We open including this on during for for a from $X.X at of expenses XX for company's Meeting share our Directors will investment for fully March would first year. quarter Day shareholders, on decrease would of X.X shares welcome value million report that were everyone quarter Board turn At to the all were by contained York of event. renewal it loss $XXX.X corporate meeting, in of $XX.XX XXXX, reported additional all XXXX. of proxy finally, share to will book XX the of Investor Greenlight the representing Further the call portfolio the directors and repurchase a XX, term. proposals XX.X% March be General held and no on first City. XX.X% basically our the and June New questions. the Re pleased approved reported XXXX, the like diluted The compared of share of the per return the of the I April a join The XXth. during provided will Institute Our to shares at we period. expire Biannual to million of be the seven managed million which investment to in held XX, minus by on first back plan recently when June prior as And a per There closer for notices XXXX. the repurchased its current November operator French repurchase information on were quarter expires which approved Advisors.

Operator

Thank you, sir.

We [Operator will question-and-answer begin now the session. Instructions].

Bob Glasspiegel Please go from come will of Janney Your Montgomery question first Scott. ahead.

Bob Glasspiegel

morning, catastrophes other had catastrophes the questions Good A I data there the couple that catast on quarter. from of in development quarter? XXXX; -- and saw Greenlight. favorable any you some was

Simon Burton

There was winter Hey Bob, didn't no meaningful it's storms. quarter activity from Simon. anything specifically this have we

Bob Glasspiegel

a the surety on Okay. favorable I overall bit and professional we to was development go? color little encouraged see that more maybe liability

Simon Burton

Bob. to I'll in. jump Sure, ask Thanks. Mike

Mike Belfatti

Good that about Bob. to -- on surety adverse movements some it we've development we're idiosyncratic enough and surety something been obviously were three we've it you've reports but for it's morning. this in it, in claims, it's oversight on The look in but particular. during claims Hi two deal handful currently current close like on new The that, eye a that a keeping solicitors seen -- not radius to in of say aggressive close other now. feel before, two too we've larger much claim time just certainly idiosyncratic monitoring about or was prior, actively nature, is those exiting taken legacy a long year, seems

has the all our the substantial. think around on way think is progress getting I pretty I arms been

closely we it's they're the to did things meaning monitoring to as not bit currently still but enough we're obviously with watching. books. nonetheless movement of Again legacy quarter. the books see go higher both something want we are a but So we're closely little Both writing, surety, this are

Bob Glasspiegel

more color little a A&H on Great, the growth?

Mike Belfatti

for materially, reasonably not book the upwards may we're static, that are it's movement something an A&H on not of on sort think business there but Bob, we're book trajectory we be expecting of I year-on-year not to class that is, The sure. expecting, grow

Bob Glasspiegel

question One for it. Got David.

any other in quarter positions, mentioned your exposure, came turbulence the you into bringing tested some controls risk gross of First there that given down your were your tools play?

David Einhorn

of some parts Yes, there portfolio was of to more the emphasize short reconfiguration options. some

Bob Glasspiegel

that does test? And tie into Okay. the at all brightline

David Einhorn

No, investment that's just an choice.

Bob Glasspiegel

the arithmetic would shorts I way Because help to of instead understood using calculations? Okay. options I be thought that with one

David Einhorn

quite It's the this we eye one within but the to coming with brightline quarter were that. on possible the test will changes be deal with not portfolio the changes periods making in

Bob Glasspiegel

Thank I you. understand.

David Einhorn

Sure.

Operator

the question And next of Please Brian Meredith be ahead. UBS. from go will

Brian Meredith

here. ones couple thanks, Yes,

little given potential results First one, without your now? cushion curious, you what Simon, And can actions? equity potential just is more capital could perceive lose, much bit how I’m more talk agency a rating adverse investment you about

Simon Burton

Hey, Brian.

So there different are at we look -- capital to obviously. ways

we of to balance is actually triggers on to We well the of examine whether very ourselves say. Our risk risk capital investment be and every all as sort that direction accumulations sides internal consider of view let's some sheet exposures, it's or connected risk in capitalized.

in going And that’s working know they Best are substantial. a being we far consider Rate a but insurance models portfolio of run internally through course to a we are as the A.M. move be of so them their you that through relatively agency and as implemented low them volatile to different in their a all and through of has profit course have We particular models. change are model. it’s would process change, with constructive recently our indicate and process for running

Brian Meredith

coming the forward one all Great, pricing marketplace change strategy Simon, condition, far Does on Sabre to just your from market here, as a out another perspective? potential more going it kind seems be of your as one Lloyd's then thanks. disappointing what's at And the like view continues is of quick that portfolio? with here that as the

Simon Burton

We strategy consider structure. clear current difficulty at market been Brian. We've our its least at to in internally, some large the on permanently be given very

is the is we the that be at needs the through problem expenses -- that structure a We It’s problem to of placing Now important. a programs and Re. with. have feel dealt and do expense range Greenlight chain reinsurance insurance not

will and manageable be very are expenses so. Our always

our at are positioning that the changes that products part efficiently, develop large the eventuality part it taking traditionally quickly, some to in ourselves on business on the transacting here we're industry is make color? the add happy you to important this some be more year technology-driven there. us color products next to are progress give that we to So Mike helpful Mike, increasingly you much if to direction extent But of the company be building expecting to partnerships the over or next over is and you. there interesting some years, to will we few sensibly and innovative a in I'd to and very that's that two. strides want

Mike Belfatti

pervasively products Brian of Lloyd's Yes, much the conditions markets be any for the for transact we having so business. traditional products sort difficult justify. even and short interest to I particular would and Lloyd's an is traditional believe But and always place or echo example, pretty in just with will almost difficult be to of are somewhat conditions traditional growth would foresee difficult variety in still

safety, is industry at expense have announced recently, the topic opportunities, going probably space work and at know higher an efficiency doing the improved but obvious risk will that is as hazard something margins, with we're revenue better at together some is throughout in of we individuals in is that services, the of to as respect tracking outcomes and multi-various it’s on you and the space, our at make at technologies events impact. experiences and is looking grade innovation obviously super at event hazard all new focusing our physical lot thing been in one, products are technology Operational security. to of better something to. people improve continue prevention, a customer connecting businesses other generally then a Technology technology the and really statements hasn't We we that is experience and a what are actually emphasize for industry mitigation, have and in getting and public is better underwriting lot aimed is

think lean interesting a pursuing Simon Greenlight are All through part sort of opportunities the Innovations this. require At think range difficulty we of a new ours toward sort efficiency. wide realize weight effort equation sort elements is of in we the of the unit are traditional chance firm here a expense that, above we creating because what direction like deployment more the our as of we of are do pervasive on. do that's gives are that time, We and the we perhaps mentioned Re phase market that these actively expense to think same of than immediately people punch our to working

Operator

Please The next of will question ahead. Jason Stankowski be Partners. Clayton from go

Jason Stankowski

me? you Can guys. hear Hi

David Einhorn

Sure.

Simon Burton

We can, Jason.

Jason Stankowski

during on curious the comment are quarter? why buybacks I could How you? no you was if

Simon Burton

Tim would you comment? like to

Tim Courtis

ahead, David? Yes. Go

David Einhorn

You after like. you if you, I'll can go go, it's fine.

Tim Courtis

so where value. price the our constantly capital Jason share trading monitoring is relative obviously Yes, position we book are and our to obviously

you in to and appreciate drawdown decision it shares. XX% we do time we As wasn't the of to of a aware with be the that be capital back need capital, can during have amount right the just quarter buying made the we

I the and the we and the it. buyback As when is to will and certainly did capital board price it we right, mentioned could renew program the monitor continue consider

Jason Stankowski

year, XX% wrong? -- about in in and that's year, I portfolio you're a down am XX.X% end was into my that is looking value tangible the year-over-year. of guess just that I the book gist I was XX.XX%, the you saying our look so said I If from drawdown the thought it's around matters, with it the the the at -- XX.X% at Okay. was XX% quarter that drawdown a of coming being of

Tim Courtis

No, David. your Go ahead, be calculation on. would

David Einhorn

fine, Tim. You're

Tim Courtis

Obviously book on the causes return, the what the investment or is the report the the the the numerator I investment per balance that XX% denominator just of sheet different depending between is guess the on the negative calculation capital, of in in the effect obviously the versus share we benefit your value percentage. that capital difference return. either a and Yes, would calculation pure affect flow upon

Jason Stankowski

Right, right, okay.

the running and So X.X% effect of we and returns essentially? additional the lost portfolio through during beyond write-downs operations just the business an the quarter

Tim Courtis

correct. not that's No,

David Einhorn

-- No, that's

Tim Courtis

difference the is portfolio The leverage by the created in flow. the

every the equity portfolio leverage invested the So is on The the change. the dollar the the so the were book get in actually multiply during actually outside you were a portfolio, in of quarter. around return the to for times the out business investment there of in operation $X.XX profitable

Jason Stankowski

how of for then I that's with as great. maybe lastly team curious looking help And get guess that, the usually at back do super Okay, look of if of how just the you kind and products" helpful. you importantly? would assumptions of continue about to outside Thanks you one for whole tail, most you're competitively to and "new seem always the or benefits think you at to the I new I what hear underwrite just at take do them, I understand expect traditional doesn't conceptually very be do and you to guess market, products what look in actuarial a good are able to in book wonder, willing talk trying the is of insurance sort products new how past when other new and types the and to going insurance what we forward about see things

Simon Burton

Okay, here. Jason. It's Simon

about few different So in this a ways. we think

London experience for of great January Firstly, a Re business. effective a economic way deal classes; entry Xst These where makes the of very Xst in we this which at and particularly some point management contacts. very we business they're new do classes us. And traditional entered market prior the has cost have specialty around are January are to that classes and Greenlight in

classes. is case. from tail In there and any typically great deal exposure, specialty terms a the short in are of understanding experience tail I They said, the quite of the managing exposures in as

first So that's category. the

innovations to The our of in that second which we really and get because but are seem to products expect extremely they category through traditional will lot this the produce work the the business transacting couple cases efficient is many in over of a quite seems what next experience keep out years. And effort of of of mind new, particular today. or markets of compared particular new will because way that a customer

don't be So purely of new a any exposure as it experience savings some might unusual of. opposed that particular expense strange to have and we or

new that experienced could -- to write, if interesting we twist that's we are We it; the would be on itself but expect of classes in helpful? be any product the deeply an and

Operator

question of go will Michael Please Eversole Capital The from Solo next ahead. Management. be

Michael Eversole

approval Yes, so one repurchases that comment hello, and plan, quick for thank you be is behind for share if helpful. issuance for available on the number of stock incentive increase could my far questions. And the taking for you would increasing recent first the increased the on and shares the rationale the announced

physical futures, other lastly, that net on The think and is we're win on short to this I to was the D-day as in to the bubble the curious I And portfolio And and comment you money was on due in could exposure curious but you're that? is explodes other make or go be you like record, you’re exposure to going shorts or short in you bursts I even the you see arrived. could I gold regulations question your if the the book comment perhaps constraint the if you’re money gold I repositioned or for to XX-Q, for and well. to switch going in some forward going from long going that think in and feel money position, make case this finally impossible, the

for view. in well condition doing separate is short that not you. So Thank my

Simon Burton

buyback time, that any questions Simon or part right it's to here. you share Michael, flexibility is XX it other the it’s The to direction Michael to over us doesn’t you would David, next months. the give at the to take to particular like shareholders business we essentially if back the asks? operate our let direct for the it decisions approval me right first David the make and that the need I'll so signal okay. and add

David Einhorn

them. sometimes it sometimes to we of I those that There would from the and correctly. substance is is net liquidity not sometimes don’t gold comes to and don’t would Yes, the time. buyback Relating short, gold, anticipate get the And comes we net that portfolio I between never we net the there in think short exposure to balance short the over don't economic change be covers at little believe futures that future. thinking financial we the calculations. of some is bit other anytime the or been positioning we’ve that that I of types sometimes into the in before, variations Relating

you the over some general net market prophecy is shorts exposure the of Our position longs end of your and rather what's you view make forward right in proven at the or and would lower money in is time we does go with our expressed That that a net some our in the conservatively up positioned on position. feels are we views to moment excited and there. prefer be being to the we we thinking opposite that Align to right said on gold and now. terms are our long just of have demand it happening being look of we’re

Operator

next question Please from from come ahead. [ph] [indiscernible]. The Minta go Menaul will

Unidentified Analyst

questions. two guys, Hey

believe performance please The have investment to first can Funds, I over and earn incentive the the XX% re-earning do performance tell for in your more maximize the of how is interest fees agreement desire you doesn’t and Greenlight's Greenlight losses to do to heavy between about invested take in your the concentration about prudent start ensure fees fees, the recoup us risk question to just policyholders investment having conflict policyholders? us portfolio and equities, with they tell expense balancing capital Greenlight more adequate you at XX% with of

Simon Burton

Simon. is this Menaul, Hi

will first we Tim your the describe part the it with question agreement from there. up have DME, I and Let me of ask to take

Tim Courtis

recouped Menaul, incurred of the fees there time is there in XXX% performance event to that certainly as the forward high until the agreement thereafter. XX% investment watermark such down advisory that was loss dropped loss is plus going The provides from performance a XX% the on that fee the is the terms in of Yes, portfolio, a loss.

that loss two-and-half is going but to yes the XX% really that's times they there in a to to how So recoup structured. back fee so the have get order XX%, forward is

Simon Burton

of side second as mentioned your and earlier, think I And the question, liability asset of on the the on in both directions about risk carefully part all the balance management sheet. we

side the sheet balance run risk. of contemplating of is liability directions Our all

So our that risk. on peers many lower than that's you -- us others when risk examples of reinsurance run in that's accumulating we industry, considerably of largest financially catastrophe compare two like would many of dual connected there exposures earlier sources you've model We business. believe marketplace, the because our you the And leverage volatility we our the exposures a side investment to on of accumulating is comments -- mindful as we value we're some heard, that the furthermore, firmly the engine the brings believe around and relatively challenging to in shareholders. or

thought assets strategy the say very them We sides deep opportunities and in all our it at balance both times. deploy and both overlay is a do given the to for the of reinsurance David's that's to view are deploy we sheet risk into a in ability of market. let's So where interesting comfortable to holistic

Tim Courtis

points. it's Menaul, a to clarify of again, just Tim couple And,

the investing are We not in itself. hedge fund

our have separate own We accounts.

the the individual separate that shareholdings our and is for shareholder that of restriction And -- guidelines largest and have and own investment our the think liquidity provides that as we to part liquidity have investment there same it of are guidelines and we We and certain interest. opinion ensure the David have with alignment I is unnecessary other certainly shareholders was taking. economics -- our of one him is the risk our points requirements your in investment not

David Einhorn

shareholders. Not

Tim Courtis

respect. Certainly that interest definite there is a alignment in of

David Einhorn

shareholders. With not policyholders

to you and maximize to incentive expense drawdown So income. a how to a rating Greenlight that investment desired balance maximized XX% rating from comes do look and risky if investments, at the of policyholder a returns are and capital so risk policyholders, versus investment increase for risk performance you take fees you and coming agency capital

Simon Burton

reinsurance a to that's returns quality clear desire believe and the absolute both route very the I the of to best Our a all maximize present the of quality return to the of that more and balance risk relatively the the is with the shareholders maximizing exposure both investment of to and DME. for to described strategy reasons in We rate is objective. modest our

Unidentified Analyst

you your my what a to had Got eyes using you new estimating that models it. internal in have mentioned that about controls us of was question and Can you're increase any in earnings loss for do more model? second led you losses tell last call set in the reserves. And internal

Simon Burton

in to happy I'd jump please. that, Mike Sure

Mike Belfatti

Menaul. Sure,

of ultimate use a development methods losses. methods, methodologies to frequency Traditional across usual the So see the the of loss actuarial number that methodology that it the industry. you'll sort heart methods different of severity is we estimate

certain that have also individual more claim individual estimates of more claim or exposure detailed drilldown projection for off one claim require We claims. and of types

is who companies is on as more process firm simply and they’re reserves the get of baseline external we what a that seeing always that on and company Re since and just sort So to actuarial we I That externally. us. someone Greenlight is to is lot course number a of we traditional me external outside I independent a or strengthened came. have using have other the lot Around -- had actually even validation so method. its an for have the of we’ve important to of controls a of eyes since control or in expanded expanded that sets that of are actuarial came of reserves weigh installed seeing

estimate approach. of course of one that each terms industry if we I list continued of existed on actually mechanical you -- based idea rose the calculating eyes particular the of big but would human is in two that we’ve that in control, in no extra color might of touch started externally. our sort before bias method will we’re from did is having The expand is putting sort from that an other process to reserving process. a be of in sort on you or our themselves analyst it for contracts sort risk where of others the glasses have I That's So

mechanical called so call that And a have installed point we I basically comparative method.

tell going will, fixed of compare you reference to ocean you’re to sort actually if the of metaphor results a in if can’t the closer drifting we’re out fast see there, quarter drifting are suddenly So quickly basically from but every is can no or and which have how -- you’re you you whether away selective a direction say idea fixed buoy the is further that you buoy. moving there land, if you point to

didn’t saw industry. in and helpful actually in be point we to very reference stops So that found a my very, the I since I prior that started

is changes in tracking quick other I’ll as we reference that The thing do. that parameters to the control a make

sometimes potential of want So and have is making bias are candidly so and/or made, can potential industry in you being change be in bias It’s behind you to do that’s sort standards important. our analytical over or of way documented, reserving as keep And property of what documenting to them super they you to them be tracked want want as be to track you disclosing visible able them transparent, and want another the on necessarily you has kind be casualty effect not them. to manage that judgment, to rationale to time well. high the judgment

So time experience to hope. to will in over those addition those the analysis we traditional improve and there, some things stop actuarial -- describes changes of we’ve the three really of core I made the

Operator

from will private [Ph] Arms question be William next investor. a The

Unidentified Analyst

guys, can hear morning Good me? you

David Einhorn

Certainly.

Simon Burton

We can you. William, thank

Unidentified Analyst

from comp there investment revising with the IPO investment X% Quick David, any question we to latest the side, losses something annually look DME? at portfolio the structure are we is like the for which at the in point since

David Einhorn

structure that until we recouped the in carrying or there be investment it some in over fee for reduced plus operating incentive here, will for change. that sense recouping we’re to I the now, of recouping and from quite manager the reflects XXXX of a it and periodically, plus losses the contract time again half wouldn’t but does review be The board any at expect view itself No, comp time. another

Operator

of gentlemen, any (XXX) XXX-XXXX, conclude the will please you. on we Adam The to will assist Should and direct Equity he question-and-answer be Group ladies And them session. questions you to follow-up happy have Prior and

attending Greenlight this The is remind pertinent for available also of a and about presentation. our you at today's concluded. conference website you that information Thank replay now Re other on is www.greenlightre.com. call We

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