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Greenlight Re Announces Fourth Quarter And Year End 2012 Financial Results

Stocks in this article: GLRE

GRAND CAYMAN, Cayman Islands, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the fourth quarter and full year ended December 31, 2012. Greenlight Re reported a net loss of $60.6 million for the fourth quarter of 2012 compared to net income of $70.2 million for the same period in 2011. The net loss per share was $1.65 compared to fully diluted net income per share of $1.89 for the prior-year period.

Fully diluted adjusted book value per share was $22.01 as of December 31, 2012, a 1.9% increase from $21.61 per share as of December 31, 2011.

Financial and operating highlights for Greenlight Re for the fourth quarter ended December 31, 2012 include:

  • Gross written premiums in the fourth quarter of 2012 were $124.0 million, compared to $90.5 million in the fourth quarter of 2011; net earned premiums were $118.6 million, an increase from $77.1 million reported in the prior-year period.  
  • An underwriting loss of $5.8 million was reported for the fourth quarter of 2012, compared to an underwriting loss of $1.5 million in the fourth quarter of 2011. During the fourth quarter of 2012, the company established reserves of $15.0 million ($11.6 million net of reinstatement premium) related to super-storm Sandy.  
  • Net investment loss of $52.2 million was reported for the fourth quarter 2012, representing a loss of 4.4% on Greenlight Re's investment portfolio. This compares to an investment gain of $77.7 million, or a 7.6% gain, in the fourth quarter of 2011.

"An increase in gross written premiums in the fourth quarter was more than offset by the reserves established for Sandy claims and losses in our investment portfolio," said Bart Hedges, Chief Executive Officer of Greenlight Re. "Overall, for 2012, while our underwriting results were affected by adverse development on prior year contracts and super-storm Sandy, we further developed key relationships and took advantage of opportunities in our non-standard automobile segment. In 2013, we will continue to remain disciplined in our approach to new underwriting opportunities and risk management."

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