GRAND CAYMAN, Cayman Islands, May 5, 2014 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the first quarter ended March 31, 2014. Greenlight Re reported net loss of $8.9 million for the first quarter of 2014 compared to net income of $56.7 million for the same period in 2013. The net loss per share was $0.24 compared to fully diluted net income per share of $1.52 for the same period in 2013.
Fully diluted adjusted book value per share was $27.61 as of March 31, 2014, a 17.7% increase from $23.45 per share as of March 31, 2013.
Financial and operating highlights for Greenlight Re for the first quarter ended March 31, 2014 include:
- Gross written premiums of $118.9 million, compared to $127.0 million in the first quarter of 2013; net earned premiums were $111.7 million, an increase from $109.5 million reported in the prior-year period.
- Underwriting income of $6.5 million, compared to underwriting income of $1.9 million in the first quarter of 2013.
- A net investment loss of 0.7% on Greenlight Re's investment portfolio managed by DME Advisors, LP compared to a net investment gain of 5.8% in the first quarter of 2013.