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Greenlight Re Announces Fourth Quarter And Year End 2010 Financial Results

About Greenlight Capital Re, Ltd.

Greenlight Re ( www.greenlightre.ky) is a NASDAQ listed company with A.M. Best "A-" (Excellent) rated specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland.  Greenlight Re provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces.  Established in 2004, Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited.  With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re's assets are managed according to a value-oriented equity-focused strategy that complements the Company's business goal of long-term growth in book value per share.

The Greenlight Capital Re logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5571
GREENLIGHT CAPITAL RE, LTD. CONSOLIDATED BALANCE SHEETS
 
December 31, 2010 and 2009 (expressed in thousands of U.S. dollars, except per share and share amounts)  
  2010 2009
Assets    
Investments    
Debt instruments, trading, at fair value $15,610 $95,838
Equity securities, trading, at fair value 839,921 593,201
Other investments, at fair value 196,490 141,561
Total investments 1,052,021 830,600
Cash and cash equivalents 45,540 31,717
Restricted cash and cash equivalents 977,293 590,871
Financial contracts receivable, at fair value 28,701 30,117
Reinsurance balances receivable 109,567 82,748
Loss and loss adjustment expenses recoverable 11,976 7,270
Deferred acquisition costs, net 87,389 34,401
Unearned premiums ceded 7,424 6,478
Notes receivable 14,205 15,424
Other assets 3,886 4,754
Total assets $2,338,002 $1,634,380
Liabilities and shareholders' equity    
Liabilities    
Securities sold, not yet purchased, at fair value $726,737 $570,875
Financial contracts payable, at fair value 22,746 16,200
Due to prime brokers 273,071
Loss and loss adjustment expense reserves 186,467 137,360
Unearned premium reserves 234,983 118,899
Reinsurance balances payable 20,164 34,301
Funds withheld 22,887 14,711
Other liabilities 11,786 12,796
Total liabilities 1,498,841 905,142
Shareholders' equity    
Preferred share capital (par value $0.10; authorized, 50,000,000; none issued)
Ordinary share capital (Class A: par value $0.10; authorized, 100,000,000; issued and outstanding, 30,200,835 (2009: 30,063,893): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,949 (2009: 6,254,949)   3,646 3,632
Additional paid-in capital 485,555 481,449
Non-controlling interest in joint venture 45,758 30,597
Retained earnings 304,202 213,560
Total shareholders' equity 839,161 729,238
Total liabilities and shareholders' equity $2,338,002 $1,634,380
 
GREENLIGHT CAPITAL RE, LTD. CONSOLIDATED STATEMENTS OF INCOME
 
Years ended December 31, 2010, 2009 and 2008 (expressed in thousands of U.S. dollars, except per share and share amounts)
 
  2010 2009 2008
Revenues      
Gross premiums written $414,850 $258,818 $162,395
Gross premiums ceded (12,011) (13,276) (16,396)
Net premiums written 402,839 245,542 145,999
Change in net unearned premium reserves (115,138) (30,862) (31,050)
Net premiums earned 287,701 214,680 114,949
Net investment income (loss) 104,006 199,861 (126,126)
Other income (expense), net (1,079) 4,538
Total revenues 390,628 419,079 (11,177)
Expenses      
Loss and loss adjustment expenses incurred, net 177,018 119,045 55,485
Acquisition costs, net 102,645 69,232 41,649
General and administrative expenses 16,187 18,994 13,756
Total expenses 295,850 207,271 110,890
Net income (loss) before non-controlling interest and income tax expense 94,778 211,808 (122,067)
Non-controlling interest in (income) loss of joint venture (3,740) (2,312) 1,163
Net income (loss) before income tax expense 91,038 209,496 (120,904)
Income tax (expense) benefit (396) 49
Net income (loss) $90,642 $209,545 $ (120,904)
Earnings (loss) per share      
Basic $2.49 $5.78 $(3.36)
Diluted 2.44 5.71 (3.36)
Weighted average number of ordinary shares used in the determination of:      
Basic 36,420,719 36,230,501 35,970,479
Diluted 37,224,173 36,723,552 35,970,479
 
The following table provides the ratios for the years ended December 31, 2010, 2009 and 2008.
       
  2010 2009 2008
  Frequency Severity Total Frequency Severity Total Frequency Severity Total
Loss ratio  68.9%  (4.3)% 61.5%  56.6% 51.2% 55.4% 44.4% 57.7% 48.3%
Acquisition cost ratio  36.7% 26.3% 35.7%  38.6% 8.3% 32.3% 46.8% 10.8% 36.2%
Composite ratio  105.6% 21.1% 97.2%  95.2% 59.5% 87.7% 91.2% 68.5% 84.5%
Internal expense ratio     5.6%     8.8%     12.0%
Combined ratio     102.8%     96.5%     96.5%
CONTACT: Alex Stanton
         Stanton Public Relations & Marketing
         (212) 780-0701
         astanton@stantonprm.com

Greenlight Capital Re Logo

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