Business
Greenlight Re Announces First Quarter 2023 Financial Results
Gross premiums written increased 27.8%;Net income of $5.9 million ($0.17 per diluted ordinary share);Fully diluted book value per share increased 1.1% to
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Gross premiums written increased 27.8%;Net income of $5.9 million ($0.17 per diluted ordinary share);Fully diluted book value per share increased 1.1% to $14.75 GRAND CAYMAN, Cayman Islands, May 09, 2023 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2023. First Quarter 2023 Highlights (all comparisons are to first quarter 2022 unless noted otherwise): Gross premiums written increased 27.8% to $186.5 million;Net premiums earned increased 13.3% to $142.6 million;Underwriting income of $0.4 million compared to an underwriting loss of $7.7 million;Net income of $5.9 million, or $0.17 per diluted ordinary share compared to a net loss of $5.7 million, or $(0.17) per diluted ordinary share;Combined ratio of 99.8%, compared to a combined ratio of 106.2%;Total investment income of $5.2 million, compared to total investment income of $7.7 million; andFully diluted book value per share increased $0.16, or 1.1%, to $14.75, compared to $14.59 on December 31, 2022. Simon Burton, Chief Executive Officer of Greenlight Re, stated, “During the first quarter we executed our strategy of expanding our portfolio into exceptional market conditions, with an increase in net written premium of 25%. Although our combined ratio improved more than 6% compared to last year, adverse prior year development prevented the impacts of the favorable market from flowing through this quarter. We expect the impact of our underwriting strategy and rate increases to flow through as improved combined ratios as 2023 progresses.” David Einhorn, Chairman of the Board of Directors, said, “The first quarter was a challenging investment environment, as many investments that performed well in 2022, reversed in early 2023. The Solasglas investment portfolio had a (1.1)% return during the quarter. We repositioned the portfolio from bearish to neutral in response to the banking bailouts and likely shift in Fed policy from fighting inflation to financial stability.” First Quarter 2023 Results Gross premiums written in the first quarter of 2023 were $186.5 million, compared to $145.9 million in the first quarter of 2022. The $40.6 million increase, or 27.8%, relates primarily to new opportunities and improved pricing on property and general liability busines...