Business
Greenlight Re Announces Second Quarter 2020 Financial Results
Net loss of $0.1 million Fully diluted book value per share increased to $11.81 at quarter end GRAND CAYMAN, Cayman Islands, Aug. 05, 2020 (GLOBE NEWSWIRE) --
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Net loss of $0.1 million Fully diluted book value per share increased to $11.81 at quarter end\n GRAND CAYMAN, Cayman Islands, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported a net loss of $0.1 million, or $0.00 per share, in the second quarter of 2020, compared to net income of $15.3 million, or $0.42 per share, in the second quarter of 2019. Fully diluted book value per share increased $0.18, or 1.5%, to $11.81 in the second quarter of 2020, reflecting share repurchases executed during the quarter. Fully diluted book value per share was $13.58 at the end of the second quarter of 2019. Simon Burton, Chief Executive Officer of Greenlight Re, stated, “We have been pleased with our stability and performance in light of the impact of the COVID-19 pandemic on the reinsurance industry and the global economy. Additionally, our repurchases of common stock enabled us to deliver solid growth in book value per share during the quarter. Looking ahead to the rest of 2020 and into 2021, we are well positioned to take advantage of broad pricing increases that we are seeing across multiple lines of business.” David Einhorn, Chairman of the Board of Directors, stated, “We reported a small investment gain during the second quarter, and believe our investment portfolio is well positioned for the current market uncertainty. We are cognizant that the financial markets remain volatile and as such we continue to be conservatively positioned.” Underwriting and investment results Second Quarter 2020 Gross written premiums in the second quarter of 2020 were $116.7 million, compared to $152.3 million in the second quarter of 2019. This decrease was largely due to the Company’s decision not to renew certain auto business, partially offset by additional new business written in several specialty lines. Net written premiums decreased 9.8% to $116.6 million in the second quarter of 2020, compared to $129.2 million reported in the second quarter of 2019. The Company recognized ceded premiums of $0.1 million during the second quarter of 2020, compared to $23.1 million in the second quarter of 2019. This decrease in ceded premiums was due primarily to the non-renewal of retrocessional coverage on auto business. Net premiums earned were $108.4 million during the second quarter of 2020,...