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.
- 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.