Genie Energy (GNE) said Friday it expects to pay premiums of about $40 million in Q4 to its new "captive" self-insurance subsidiary for expanded insurance coverage that will address "various additional risks."
The company said it formed the subsidiary earlier this year as part of its risk management strategy.
Genie Energy estimates a non-recurring, non-cash charge of about $31 million in Q4 as an insurance loss reserve from the expanded insurance coverage and said this charge is not expected to impact its 2024 adjusted earnings before interest, taxes, depreciation, and amortization.
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