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.