Business
Greenlight Re Announces Fourth Quarter and Year End 2021 Financial Results
Net income for the quarter of $24.3 millionFully diluted book value per share increased 5.6% in the quarter to $13.99 GRAND CAYMAN, Cayman Islands, March 08,
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Net income for the quarter of $24.3 millionFully diluted book value per share increased 5.6% in the quarter to $13.99 GRAND CAYMAN, Cayman Islands, March 08, 2022 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the quarter and year ended December 31, 2021. The results included: Net income of $24.3 million, or $0.71 per share, compared to net income of $42.0 million, or $1.20 per share, in the fourth quarter of 2020;Combined ratio of 96.4%, compared to a combined ratio of 101.0% in the fourth quarter of 2020;Total investment income of $25.3 million, compared to total investment income of $48.4 million in the fourth quarter of 2020; andAn increase in fully diluted book value per share of $0.74, or 5.6%, to $13.99. The following summarizes the Company’s underwriting results for the fourth quarter of 2021 and 2020: Three months ended December 31 2021 2020 ($ in thousands)Gross premiums written125,144 117,719 Net premiums earned135,880 120,457 Underwriting income (loss)4,810 (1,142)Combined ratio96.4% 101.0% Simon Burton, Chief Executive Officer of Greenlight Re, stated, “Our fourth quarter 2021 performance was strong, with gains posted from each of underwriting, Solasglas and Innovations investments, producing an increase in book value per share of 5.6%.” David Einhorn, Chairman of the Board of Directors, stated, “We are pleased with our strong underwriting and investment results in the quarter. After facing strong headwinds for a number of years, we now believe the investment environment has turned favorable for our strategy.” Underwriting and Investment Results Fourth Quarter of 2021 Gross premiums written in the fourth quarter of 2021 were $125.1 million, compared to $117.7 million in the fourth quarter of 2020. This increase relates primarily to growth in our Lloyd’s and financial lines businesses. These increases were partially offset by reductions in our auto business, as well as premium associated with certain multiline, workers’ compensation, and health contracts. Net premiums earned were $135.9 million during the fourth quarter of 2021, an increase from $120.5 million in the comparable 2020 period. The Company recognized net underwriting income of $4.8 million in the fourth quarter of 2021, compared to an underwriting loss of $1.1 mil...