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Greenlight Re Announces Second Quarter 2013 Financial Results

GRAND CAYMAN, Cayman Islands, July 29, 2013 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the second quarter ended June 30, 2013. Greenlight Re reported net income of $28.5 million for the second quarter of 2013 compared to a net loss of $36.1 million for the same period in 2012. Fully diluted net income per share was $0.76 compared to a net loss per share of $0.98 for the same period in 2012.

Fully diluted adjusted book value per share was $24.20 as of June 30, 2013, an 8.3% increase from $22.34 per share as of June 30, 2012.

"We are pleased to report positive performance from both our underwriting and investing operations during the quarter," said Bart Hedges, Chief Executive Officer of Greenlight Re. "While the reinsurance environment remains quite competitive, we continue to provide superior service and maintain strong relationships with our existing clients."

Financial and operating highlights for Greenlight Re for the second quarter ended June 30, 2013 include:
  • Gross written premiums in the second quarter of 2013 were $135.2 million, compared to $84.0 million in the second quarter of 2012; net earned premiums were $133.0 million, an increase from $130.0 million reported in the prior-year period.  
  • Underwriting income of $11.7 million was reported for the second quarter of 2013, compared to underwriting income of $4.8 million in the second quarter of 2012.  
  • The combined ratio for the six months ended June 30, 2013 was 98.3% compared to 100.8% for the six months ended June 30, 2012.  
  • A net investment gain of 2.0% on Greenlight Re's investment portfolio managed by DME Advisors, LP was reported for the second quarter 2013. This compares to a net investment loss of 3.3% in the second quarter of 2012. For the first six months of 2013, net investment income was $85.4 million, representing a gain of 7.9%, compared to net investment income of $34.7 million during the comparable period in 2012 when Greenlight Re reported a 3.0% return.

"Our investment portfolio performed adequately during the quarter and side-stepped most of the June turbulence," stated David Einhorn, Chairman of the Board of Directors. "Our underwriting team is actively engaged in providing excellent service to our existing clients and remains focused on identifying new profitable opportunities."

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