Genie Energy Advances Insurance Strategy
Genie Energy (NYSE: GNE) provided an update on its consumer insurance initiative, announcing secured insurance broker licenses in seven states and the expansion of its captive self-insurance subsidiary coverage. The company expects to pay approximately $40 million in premiums for expanded insurance coverage in Q4 2024, which will result in a non-recurring, non-cash charge of about $31 million as an insurance loss reserve.
The premium payments will remain on Genie's consolidated balance sheet within reported measures of restricted cash and other assets. As of September 30, 2024, the company reported $191.7 million in cash, restricted cash, and marketable equity securities.
Genie Energy (NYSE: GNE) ha fornito un aggiornamento sulla sua iniziativa di assicurazione per i consumatori, annunciando di aver ottenuto licenze di broker assicurativo in sette stati e l'espansione della copertura della sua filiale di autoassicurazione. L'azienda prevede di pagare circa 40 milioni di dollari in premi per una copertura assicurativa ampliata nel quarto trimestre del 2024, il che comporterà una spesa non ricorrente, non in contante, di circa 31 milioni di dollari come riserva per perdite assicurative.
I pagamenti dei premi rimarranno nel bilancio consolidato di Genie all'interno delle misure riportate di liquidità vincolata e altri attivi. Al 30 settembre 2024, l'azienda ha riportato 191,7 milioni di dollari in contante, liquidità vincolata e titoli azionari negoziabili.
Genie Energy (NYSE: GNE) proporcionó una actualización sobre su iniciativa de seguros para consumidores, anunciando la obtención de licencias de corredor de seguros en siete estados y la expansión de la cobertura de su subsidiaria de autoaseguramiento. La compañía espera pagar aproximadamente 40 millones de dólares en primas por una cobertura de seguros ampliada en el cuarto trimestre de 2024, lo que resultará en un cargo no recurrente y no en efectivo de alrededor de 31 millones de dólares como reserva para pérdidas de seguros.
Los pagos de primas permanecerán en el balance consolidado de Genie dentro de las medidas reportadas de efectivo restringido y otros activos. Al 30 de septiembre de 2024, la compañía reportó 191,7 millones de dólares en efectivo, efectivo restringido y títulos de capital negociables.
제니 에너지 (NYSE: GNE)는 소비자 보험 이니셔티브에 대한 업데이트를 제공하며, 7개 주에서 보험 중개인 면허를 확보하고 자회사 캡티브 자가보험의 범위를 확장했다고 발표했습니다. 회사는 2024년 4분기에 확대된 보험 범위에 대해 약 4천만 달러의 보험료를 지불할 것으로 예상하며, 이는 약 3천1백만 달러의 비재무적 비일회성 비용으로 보험 손실 준비금에 반영될 것입니다.
보험료 지급액은 제니의 연결 재무제표에서 제한된 현금 및 기타 자산으로 보고된 항목 내에 남아있을 것입니다. 2024년 9월 30일 기준으로 회사는 1억9170만 달러의 현금, 제한된 현금 및 시장성 있는 주식 증권을 보고했습니다.
Genie Energy (NYSE: GNE) a fourni une mise à jour sur son initiative d'assurance pour les consommateurs, annonçant l'obtention de licences de courtier d'assurance dans sept États et l'expansion de la couverture de sa filiale d'auto-assurance. L'entreprise prévoit de payer environ 40 millions de dollars en primes pour une couverture d'assurance élargie au quatrième trimestre de 2024, ce qui se traduira par une charge non récurrente, non monétaire d'environ 31 millions de dollars en tant que réserve pour pertes d'assurance.
Les paiements de primes resteront dans le bilan consolidé de Genie au sein des mesures reportées de liquidités restreintes et d'autres actifs. Au 30 septembre 2024, l'entreprise a rapporté 191,7 millions de dollars en liquidités, en liquidités restreintes et en titres de participation négociables.
Genie Energy (NYSE: GNE) hat ein Update zu seiner Verbraucher-Versicherungsinitiative gegeben und bekanntgegeben, dass es in sieben Bundesstaaten Versicherungsvermittler-Lizenzen erworben hat und die Deckung seiner eigenen Selbstversicherungs-Tochtergesellschaft erweitert. Das Unternehmen erwartet, etwa 40 Millionen US-Dollar an Prämien für die erweiterte Versicherung im 4. Quartal 2024 zu zahlen, was zu einer einmaligen, nicht-liquiditätswirksamen Belastung von etwa 31 Millionen US-Dollar als Versicherungsrückstellung führen wird.
Die Prämienzahlungen bleiben in Genies konsolidierter Bilanz innerhalb der berichteten Maße für eingeschränktes Bargeld und andere Vermögenswerte. Am 30. September 2024 meldete das Unternehmen 191,7 Millionen US-Dollar in Bargeld, eingeschränktem Bargeld und handelbaren Eigenkapitalwertpapieren.
- Secured insurance broker licenses in seven key states
- Strategic expansion into insurance offerings through existing sales channels
- Strong cash position of $191.7 million as of September 30, 2024
- $40 million premium payments remain as restricted cash on balance sheet
- Expected non-recurring, non-cash charge of $31 million in Q4 2024
- Significant cash outlay of $40 million for insurance premiums in Q4 2024
Insights
NEWARK, NJ , Dec. 05, 2024 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today provided an update on its consumer insurance initiative.
Earlier his year, the company announced an initiative to expand its consumer products portfolio with insurance offerings, and formed a wholly-owned, “captive” self-insurance subsidiary to enhance the Company’s risk management strategy.
“To date, we have secured insurance broker licenses in seven key states and begun to offer third-party insurance solutions through our existing sales channels to our customer base,” said Genie’s CEO, Michael Stein. “We expect the economics of our offerings to strengthen gradually as we build out and bring to market internally-generated consumer offerings in the coming months.”
Genie also announced that has expanded the coverage provided to the company through its captive insurance subsidiary. In the fourth quarter of 2024, Genie expects to pay its subsidiary approximately
As required by GAAP, Genie expects to record a non-recurring, non-cash charge of approximately
The
Genie reported Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of
About Genie Energy Ltd.
Genie Energy Ltd., (NYSE: GNE) is a retail energy and renewable energy solutions provider. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division is a vertically-integrated provider of community and utility-scale solar energy solutions. For more information, visit Genie.com.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Contact:
Genie Energy Investor Relations
Bill Ulrey
wulrey@genie.com
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