|GLRE (Greenlight Re) - Stockcharts.com|
"Greenlight Re reported in an Oct. 31 filing with the U.S. Securities and Exchange Commission that it sold credit swaps on sovereign debt with a face value of $294.6 million during the third quarter. The firm also sold short $153.8 million worth of non-U.S. sovereign debt, according to the filing." (continue reading at Bloomberg.com)
Interesting maneuver from synthetic to cash shorts (shorting the actual government bond rather than using a credit default swap). Read the article for more info. $GLRE went public in 2007 and got smashed by the financial crash, but is now back trading around the initial IPO pop. Definitely a stock ("risk manager") to keep an eye on. Are there any other quality public reinsurers with a market cap less than $1 billion?
Hat tip Valuewalk