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Greenlight Re Announces Preliminary First Quarter 2020 Results
GRAND CAYMAN, Cayman Islands, April 13, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), a global
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, April 13, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), a global specialty property and casualty reinsurer headquartered in the Cayman Islands, today announced preliminary, unaudited financial estimates of its results of operations for the quarter ended March 31, 2020.\n On a preliminary estimated basis: The Company expects its results of operations for the quarter ended March 31, 2020 to reflect: A net loss of $38 million to $43 million or ($1.05) to ($1.19) per fully diluted share.Net premiums written of $107 million to $112 millionNet premiums earned of $109 million to $114 millionAn underwriting loss of $1 million to an underwriting gain of $4 millionA composite ratio of 96% to 100%A combined ratio of 97% to 101%An investment loss in the Solasglas Investments, LP (“SILP”) fund of $42.2 million, representing a loss of 8.1% for the quarter as previously reported The Company expects a fully diluted book value per share as of March 31, 2020 of $11.56 to $11.69. Further, management has been advised by SILP’s general partner that the fund generated an investment loss on the Company’s funds invested in SILP for the period from April 1, 2020 to April 10, 2020 of -0.2% which represents an estimated investment loss (net of fees and expense) to the Company of $0.9 million. The preliminary financial and other data set forth above has been prepared by and is the responsibility of Greenlight Re’s management. The foregoing information and estimates have not been compiled or examined by our independent registered public accounting firm nor have our independent registered public accounting firm performed any procedures with respect to this information or expressed any opinion or any form of assurance of such information. In addition, the foregoing information and estimates are subject to revision as the Company prepares its condensed consolidated financial statements and other disclosures as of and for the three months ended March 31, 2020, including all disclosures required by U.S. GAAP. Because the Company has not completed its normal quarterly closing and review procedures for the three months ended March 31, 2020, and subsequent events may occur that require material adjustments to these results, the final results and other disclosures for the three m...