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.
- 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.