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Greenlight Re Announces Fourth Quarter And Year End 2013 Financial Results

GRAND CAYMAN, Cayman Islands, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the fourth quarter and year ended December 31, 2013. Greenlight Re reported net income of $83.9 million for the fourth quarter 2013 compared to net loss of $60.6 million for the same period in 2012. Fully diluted net income per share was $2.22 compared to net loss per share of $1.65 for the same period in 2012.

Fully diluted adjusted book value per share was $27.91 as of December 31, 2013, a 26.8% increase from $22.01 per share as of December 31, 2012.

"We are pleased that we experienced positive results from both our underwriting and investing operations during the quarter," said Bart Hedges, Chief Executive Officer of Greenlight Re. "Our underwriting portfolio has performed profitably; while the overall reinsurance market has become increasingly competitive, we continue to find attractive opportunities."

Financial and operating highlights for Greenlight Re for the fourth quarter ended December 31, 2013 include:

  • Gross written premiums in the fourth quarter of 2013 were $124.8 million, compared to $124.0 million in the fourth quarter of 2012; net earned premiums were $141.5 million, an increase from $118.6 million reported in the prior-year period.  
  • Underwriting income of $7.9 million was reported for the fourth quarter of 2013, compared to an underwriting loss of $5.8 million for the fourth quarter of 2012.   
  • A net investment gain of 6.6% on Greenlight Re's investment portfolio managed by DME Advisors, LP was reported for the fourth quarter 2013 compared to a net investment loss of 4.4% in the fourth quarter of 2012.

"2013 was a solid year for Greenlight Re that showed the strength of our dual-engine strategy," stated David Einhorn, Chairman of the Board of Directors. "The results of both our underwriting and investment portfolio were good and created value for Greenlight Re shareholders."

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