Greenlight Re Profits Lifted 43% by Investments and Underwriting (InsuranceDay)
Cayman Islands-based reinsurer sees fourth-quarter underwriting income increase 36% to $6.5m, while the combined ratio improves 2.2 points to 94.2% and total investment income rises 28% to $32.5m. Hedge fund reinsurer cuts fourth-quarter combined ratio to 94.% as underwriting income rises 36% to $6.5m.
Hedge Fund Gross Exposure Hits One-Year Peak (Hedge Week)
Goldman Sachs’ latest prime services weekly report shows that the gross exposure of hedge funds – the combined sum of their long and short positions – hit its highest level in a year last week, indicating that they are increasingly using leverage in their stock market wagers, according to a report by Reuters. Gross exposure reached 241% of assets for the week ending 2 March, an increase of 2.5 percentage points. Net exposure though, the value of long bets minus short bets, is currently close to a year-long low of 66%, according to the report, showing that managers have little bias over market direction.
A Hedge Fund Trader Gained 119% Betting Against Malls. Now He’s Targeting Offices (FA-Mag.com)
A hedge fund manager who made a 119% return shorting debt linked to shopping malls is betting on fresh pain in the US commercial property market. A large number of older offices will fail to lure back workers in the post-Covid era, making them less attractive to occupiers and spurring a wave of defaults, according to Daniel McNamara, founder of Polpo Capital Management. “No one is going to want to be in the worst-looking office in suburban New Jersey or downtown Manhattan,” said McNamara in an interview. “We think there’s a lot of room for this thing to fall in the short term. And in the longer term, at maturity, they’re going to be worth a lot less.”
Thursday 3/9 Insider Buying Report: DISH, SAVA (Nasdaq.com)
On Wednesday, DISH Network’s , James Defranco, made a $8.84M buy of DISH, purchasing 800,000 shares at a cost of $11.05 each. So far Defranco is in the green, up about 5.1% on their purchase based on today’s trading high of $11.62. DISH Network is trading up about 3.1% on the day Thursday. Before this latest buy, Defranco purchased DISH at 8 other times during the past twelve months, for a total cost of $38.85M at an average of $18.86 per share. And on Tuesday, Director Richard Barry bought $2.29M worth of Cassava Sciences, buying 88,841 shares at a cost of $25.81 a piece. Before this latest buy, Barry made one other buy in the past twelve months, purchasing $860,223 shares at a cost of $23.79 each. Cassava Sciences is trading up about 0.4% on the day Thursday.
Insiders Selling Moderna, Hayward Holdings And 2 Other Stocks (Benzinga)
Moderna: The Trade: Moderna Inc (MRNA) Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $139.00. The insider received around $1.39 million from selling those shares. Skywater Technology: The Trade: Skywater Technology Inc (SKYT) 10% owner Oxbow Industries Llc sold a total of 431,950 shares at an average price of $12.64. The insider received around $5.46 million from selling those shares.
