Business
Greenlight Re Announces Fourth Quarter and Year End 2019 Financial Results
Decrease in fully diluted book value per share of 1.7% for the year to $12.88;Fully diluted net loss per share of $0.11 for the year Company to Hold
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Decrease in fully diluted book value per share of 1.7% for the year to $12.88;Fully diluted net loss per share of $0.11 for the year\n Company to Hold Conference Call at 9:00 a.m. ET on Tuesday, March 10, 2020 GRAND CAYMAN, Cayman Islands, March 09, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today announced financial results for the fourth quarter ended December 31, 2019. Greenlight Re reported a net loss attributable to common shareholders of $30.3 million for the fourth quarter of 2019, compared to a net loss attributable to common shareholders of $80.8 million for the same period in 2018. The fully diluted net loss per share for the fourth quarter of 2019 was $0.84, compared to a net loss per share of $2.25 for the same period in 2018. The Company’s fourth quarter of 2019 was impacted by catastrophe losses related to typhoons Hagibis and Faxai. Fully diluted adjusted book value per share was $12.88 as of December 31, 2019, compared to $13.10 per share as of December 31, 2018 and $13.67 as of September 30, 2019. Management Commentary Simon Burton, Chief Executive Officer of Greenlight Re, stated, “As we compare our portfolio at the end of 2019 with the one that started the year, we are pleased with the progress we’ve made. Excluding the adverse loss development on our private passenger auto business recognized in the first half of 2019, our portfolio performed acceptably during 2019, despite $17 million of natural catastrophe losses that we incurred during the year. We are optimistic about our positioning in 2020, which will enable us to take advantage of improving market conditions.” Mr. Burton continued, “As previously discussed, the Company has undertaken a strategic review process and has been engaging in discussions with interested counterparties. The review is not yet complete. We continue to evaluate various options and ultimately intend to determine the best outcome for our shareholders.” Commenting on the investment portfolio, David Einhorn, Chairman of the Board of Directors, stated, “Our investment returns from the Solasglas fund were positive for the year, reporting a 9.3% return and an overall net investment gain of $46.1 million. We gave up some ground during the fourth quarter, given the unabated outperformance of growth vs. value stocks.” Financial and...