Business
Greenlight Re Announces First Quarter 2020 Financial Results
Net loss per share of $1.11 for the quarterFully diluted book value per share of $11.63 at quarter end Company to Hold Conference Call at 9:00 a.m. ET on
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Net loss per share of $1.11 for the quarterFully diluted book value per share of $11.63 at quarter end\n Company to Hold Conference Call at 9:00 a.m. ET on Wednesday May 6, 2020 GRAND CAYMAN, Cayman Islands, May 05, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today announced financial results for the first quarter ended March 31, 2020. Greenlight Re reported a net loss attributable to common shareholders of $40.3 million for the first quarter of 2020, compared to net income attributable to common shareholders of $5.9 million for the same period in 2019. The net loss per share for the first quarter of 2020 was $1.11, compared to net income per share of $0.16 for the same period in 2019. The Company’s net loss for the quarter included an investment loss in the Solasglas Investments, LP (“SILP”) fund of $42.1 million, representing a loss of 8.1% for the quarter as previously reported. Fully diluted book value per share was $11.63 as of March 31, 2020, compared to $12.88 as of December 31, 2019. Management Commentary Simon Burton, Chief Executive Officer of Greenlight Re, stated, “Overall, we were satisfied with the quarter, with our reinsurance business showing resilience to almost unprecedented turmoil and uncertainty in global financial markets.” Mr. Burton continued, “In early April, the Company announced the completion of its review of strategic transaction alternatives, concluding that stockholder value is likely to be better enhanced on a standalone basis than by pursuing a transaction with a third party. We expanded our share repurchase program in order to capitalize on the current market opportunity to maximize shareholder value.” Commenting on the investment portfolio, David Einhorn, Chairman of the Board of Directors, stated, “Our investment performance from the Solasglas fund during the first quarter of 2020 was impacted by the considerable market turmoil surrounding COVID-19. Solasglas reported an 8.1% net loss during the quarter. We continued to focus on fundamental securities analysis, while continuing to gauge the possible long-term impact that the pandemic has had on companies and the economy as a whole. The market remains very difficult for value investing.” Financial and Operating HighlightsFirst Quarter 2020 Gross written premiums were $109.8 million, com...