Business
Greenlight Re Announces Fourth Quarter and Year-end 2023 Financial Results
Achieves Record Underwriting Income of $32.0 million for Full Year 2023 GRAND CAYMAN, Cayman Islands, March 05, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Achieves Record Underwriting Income of $32.0 million for Full Year 2023\nGRAND CAYMAN, Cayman Islands, March 05, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the fourth quarter and year-ended December 31, 2023. Fourth Quarter 2023 Highlights (all comparisons are to fourth quarter 2022 unless noted otherwise): Gross premiums written decreased 11.8% to $112.3 million;Net premiums earned increased 23.4% to $137.4 million;Underwriting income of $11.8 million compared to $6.5 million;Net income of $17.6 million, or $0.50 per diluted ordinary share, compared to $34.8 million, or $0.91 per diluted ordinary share;Combined ratio of 91.4%, compared to 94.2%;Total investment income of $13.6 million, compared to $32.5 million; andFully diluted book value per share increased $0.59, or 3.7%, to $16.74, from $16.15 at September 30, 2023. Full Year 2023 Highlights (all comparisons are to full year 2022): Gross premiums written increased 13.1% to $636.8 million;Net premiums earned increased 24.2% to $583.1 million;Underwriting income of $32.0 million compared to an underwriting loss of $10.7 million;Net income of $86.8 million, or $2.50 per diluted ordinary share, compared to $25.3 million, or $0.73 per diluted ordinary share;Combined ratio of 94.5%, compared to 102.3%;Total investment income of $66.1 million, compared to $69.0 million; andFully diluted book value per share increased $2.41, or 16.8%, to $16.74, from $14.33 at December 31, 2022. Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “The Company ended the year with robust growth in fully diluted book value per share, driven by strong performance on both sides of the balance sheet.” David Einhorn, Chairman of the Board of Directors, said, “2023 was a milestone year for the company with solid returns on both our underwriting and investing activities. We successfully executed several executive management transitions and believe we are well positioned going into 2024.” Fourth Quarter 2023 Results Gross premiums written in the fourth quarter of 2023 were $112.3 million, compared to $127.4 million in the fourth quarter of 2022. The $15.1 million decrease, or 11.8%, was timing-related primarily due to premium adjustments recorded in the fourth quarter based on revised premium e...