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Greenlight Re Announces Third Quarter 2013 Financial Results

GRAND CAYMAN, Cayman Islands, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the third quarter ended September 30, 2013. Greenlight Re reported net income of $56.5 million for the third quarter of 2013 compared to net income of $46.1 million for the same period in 2012. Fully diluted net income per share was $1.50 compared to net income per share of $1.23 for the same period in 2012.

Fully diluted adjusted book value per share was $25.70 as of September 30, 2013, a 9.0% increase from $23.57 per share as of September 30, 2012.

"We are pleased with the positive results from both our underwriting and investing operations during the quarter," said Bart Hedges, Chief Executive Officer of Greenlight Re. "Our underwriting portfolio continues to grow in sectors of the market which we find attractive; while the overall reinsurance market remains highly competitive, we are finding segments which we believe have favorable risk adjusted returns." 

Financial and operating highlights for Greenlight Re for the third quarter ended September 30, 2013 include:
  • Gross written premiums in the third quarter of 2013 were $148.8 million, compared to $67.6 million in the third quarter of 2012; net earned premiums were $163.9 million, an increase from $116.6 million reported in the prior-year period. 
  • Underwriting income of $16.0 million was reported for the third quarter of 2013, compared to an underwriting loss of $43.9 million for the third quarter of 2012. 
  • The combined ratio for the nine months ended September 30, 2013 was 96.8% compared to 114.4% for the nine months ended September 30, 2012.
  • A net investment gain of 4.0% on Greenlight Re's investment portfolio managed by DME Advisors, LP was reported for the third quarter 2013 compared to a net investment gain of 8.8% in the third quarter of 2012. For the nine months ended September 30, 2013, net investment income was $134.8 million, representing a gain of 12.2%, compared to net investment income of $131.2 million during the comparable period in 2012 when Greenlight Re reported a 12.1% gain.

"During the quarter our long positions dramatically outperformed the market resulting in an adequate return for our investment portfolio," stated David Einhorn, Chairman of the Board of Directors. "I am pleased with the results of our underwriting portfolio as we continue to focus on providing attractive reinsurance solutions to our clients."

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