GRAND CAYMAN, Cayman Islands, May 6, 2013 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the first quarter ended March 31, 2013. Greenlight Re reported net income of $56.7 million for the first quarter of 2013 compared to net income of $65.1 million for the same period in 2012. Fully diluted net income per share was $1.52 compared to fully diluted net income per share of $1.75 for the same period in 2012.
Fully diluted adjusted book value per share was $23.45 as of March 31, 2013, a 0.7% increase from $23.29 per share as of March 31, 2012.
Financial and operating highlights for Greenlight Re for the first quarter ended March 31, 2013 include:
- Gross written premiums in the first quarter of 2013 were $127.0 million, compared to $152.2 million in the first quarter of 2012; net earned premiums were $109.5 million, an increase from $101.6 million reported in the prior-year period.
- Underwriting income of $1.9 million was reported for the first quarter of 2013, compared to underwriting income of $2.3 million in the first quarter of 2012. During the first quarter of 2013, the company established additional net reserves of $1.6 million, as additional reserves related to Greenlight Re's general liability book of business were partially offset by a reversal of reserves established for super-storm Sandy.
- A net investment gain of 5.8%, on Greenlight Re's investment portfolio managed by DME Advisors, LP was reported for the first quarter 2013. This compares to a net investment gain of 6.5% in the first quarter of 2012.