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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.
"Our underwriting portfolio performed adequately during the first quarter of 2014," said Bart Hedges, Chief Executive Officer of Greenlight Re. "We continue to focus our underwriting efforts on creating long term relationships in areas of the market that we feel provide attractive returns to our shareholders."
"Our investment portfolio had a small loss as we continue to be defensively positioned in an uncertain investment environment," stated David Einhorn, Chairman of the Board of Directors. "Our underwriting team continues to proceed carefully under challenging reinsurance market conditions."
Conference Call Details
Greenlight Re will hold a live conference call to discuss its financial results for the first quarter March 31, 2014 on Tuesday, May 6, 2014 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. First Quarter 2014 Earnings Call.