Greenlight Re Announces Second Quarter 2010 Financial Results
GRAND CAYMAN, Cayman Islands, Aug. 2, 2010 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the second quarter ending June 30, 2010. Greenlight Re reported a net profit of $17.7 million for the second quarter of 2010 compared to net income of $92.2 million for the same period in 2009. The fully diluted earnings per share were $0.47 for the second quarter of 2010, compared to fully diluted earnings per share of $2.51 for the same period in 2009.
Fully diluted adjusted book value per share was $19.07 as of June 30, 2010, a 15.4% increase from $16.53 per share as of June 30, 2009.
For the six months ended June 30, 2010, net income was $5.3 million compared to $120.0 million for the same period in 2009. On a fully diluted basis, net income per share was $0.14 for the six months ended June 30, 2010 compared to $3.29 for the same period in 2009."We are pleased with the discipline and focus our underwriting team has shown in a challenging pricing environment in the second quarter," said David Einhorn, Chairman of the Board of Directors of Greenlight Re. "Our conservative investment portfolio generated a small profit during a quarter when the major equity indices were down significantly." Other financial and operating highlights for Greenlight Re for the second quarter and six months ended June 30, 2010 include:
- Gross written premiums in the second quarter of 2010 were $89.0 million compared to $70.0 million in the second quarter of 2009, while net earned premiums were $49.4 million during the second quarter of 2010 compared to $49.3 million reported in the second quarter of 2009.
- The combined ratio for the six months ended June 30, 2010 was 99.6% compared to 96.7% for the six months ended June 30, 2009.
- Net investment income in the second quarter was $22.6 million, a return of 2.6% on our investment portfolio. This compares to $88.3 million in the second quarter of 2009, when we reported a 13.9% return on our investment portfolio. For the first six months of 2010, net investment income was $5.8 million compared to $116.0 million during the comparable period in 2009.
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