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.
- 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.