Business
Greenlight Re Announces Fourth Quarter and Year-Ended December 31, 2022 Financial Results
Net income for the quarter of $34.8 million; Fully diluted book value per share increased 7.7% in the quarter to $14.59 GRAND CAYMAN, Cayman
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"\nNet income for the quarter of $34.8 million;\nFully diluted book value per share increased 7.7% in the quarter to $14.59\n\n GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--\nGreenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the fourth quarter and year ended December 31, 2022. The results included:\n\n\nA net income of $34.8 million, or $0.91 per diluted ordinary share for the fourth quarter of 2022, compared to a net income of $24.3 million, or $0.71 per diluted ordinary share, in the fourth quarter of 2021;\n\n\nA combined ratio of 94.2%, compared to a combined ratio of 96.4% in the fourth quarter of 2021;\n\n\nTotal investment income of $32.5 million, compared to total investment income of $25.3 million in the fourth quarter of 2021; and\n\n\nAn increase in fully diluted book value per share in the for the fourth quarter of 2022 of $1.04, or 7.7%, to $14.59.\n\n\nThe following summarizes the Company’s underwriting results for the fourth quarters and years ended December 31, 2022 and 2021:\n\n\n\n \n\n\n\nThree months ended December 31,\n\n\n\n \n\n\n\nYear ended December 31,\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\n \n\n\n\n($ in thousands)\n\n\n\n\n\nGross premiums written\n\n\n\n$\n\n\n\n127,359\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n125,144\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n563,171\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n565,393\n\n\n\n \n\n\n\n\n\nNet premiums earned\n\n\n\n \n\n\n\n111,385\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n135,880\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n469,477\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n539,279\n\n\n\n \n\n\n\n\n\nUnderwriting income (loss)\n\n\n\n \n\n\n\n6,519\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n4,810\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n(10,686\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n(5,196\n\n\n\n)\n\n\n\n\n\nCombined ratio\n\n\n\n \n\n\n\n94.2\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n96.4\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n102.3\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n100.9\n\n\n\n%\n\n\n\n\nSimon Burton, Chief Executive Officer of Greenlight Re, stated, “The past twelve months represent a watershed for Greenlight Re. We grew book value in 2022 amidst volatile investment and reinsurance markets, and in 2023 we are experiencing some of the best underwriting conditions we have ever seen. Our near to medium te...