Greenlight Re Announces Third Quarter 2010 Financial Results
GRAND CAYMAN, Cayman Islands, Nov. 2, 2010 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the third quarter ending September 30, 2010. Greenlight Re reported a net income of $29.0 million for the third quarter of 2010 compared to net income of $32.3 million for the same period in 2009. The fully diluted earnings per share were $0.78 for the third quarter of 2010, compared to $0.88 for the same period in 2009.
Fully diluted adjusted book value per share was $19.87 as of September 30, 2010, a 14.1% increase from $17.41 per share as of September 30, 2009.
For the nine months ended September 30, 2010, net income was $34.3 million, compared to $152.3 million for the same period in 2009. On a fully diluted basis, net income per share was $0.92 for the nine months ended September 30, 2010, compared to $4.16 for the same period in 2009."We are pleased that our growth continues to come from focused opportunities identified by our underwriting team despite a challenging pricing environment," said David Einhorn, Chairman of the Board of Directors of Greenlight Re. "At the same time, our investment portfolio generated a reasonable return in the quarter." Highlights of Greenlight Re's performance for the third quarter and nine months ended September 30, 2010 include:
- Gross written premiums in the third quarter of 2010 were $151.2 million compared to $66.0 million in the same prior year period, while net earned premiums were $79.4 million during the third quarter of 2010 compared to $56.7 million in the comparable period in 2009.
- The combined ratio for the nine months ended September 30, 2010 was 101.4% compared to 97.8% for the same period last year.
- Net investment income in the third quarter of 2010 was $33.9 million, a return of 3.6% on the investment portfolio. This compares to $32.6 million in the third quarter of 2009, when the Company reported a 4.3% return on its investment portfolio. For the first nine months of 2010, net investment income was $39.7 million compared to $148.7 million during the comparable period in 2009.
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