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Greenlight Re Announces First Quarter 2013 Financial Results

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.

"While we saw gains in our investment portfolio, our underwriting results in the first quarter were impacted by an increase to our reserves, despite the reversal of all reserves related to super-storm Sandy," said Bart Hedges, Chief Executive Officer of Greenlight Re. "We continued to take advantage of several opportunities in our non-standard automobile segment and have begun to execute on European opportunities via our Irish subsidiary."

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