Business
Greenlight Re Announces Second Quarter 2023 Financial Results
Gross premiums written increased 15.0% Net income of $49.9 million ($1.32 per diluted ordinary share) Fully diluted book value per share increased 9.9% to
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Gross premiums written increased 15.0% Net income of $49.9 million ($1.32 per diluted ordinary share) Fully diluted book value per share increased 9.9% to $16.21 GRAND CAYMAN, Cayman Islands, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Highlights (all comparisons are to second quarter 2022 unless noted otherwise): Gross premiums written increased 15.0% to $154.9 million;Net premiums earned increased 27.0% to $139.9 million;Underwriting income of $5.4 million compared to an underwriting income of $9.3 million;Net income of $49.9 million, or $1.32 per diluted ordinary share compared to a net income of $14.8 million, or $0.37 per diluted ordinary share;Combined ratio of 96.2%, compared to a combined ratio of 91.6%;Total investment income of $42.2 million, compared to total investment income of $17.2 million; andFully diluted book value per share increased $1.46, or 9.9%, to $16.21, compared to $14.75 on March 31, 2023. Simon Burton, Chief Executive Officer of Greenlight Re, stated, “Book value growth of 9.9% in the second quarter was very strong, and it is a demonstration of our multi-faceted strategy to build shareholder value. I’m pleased with the positioning of the underwriting book in favorable market conditions, although the combined ratio of 96.2% was impacted by 7.3 points from an unusually active quarter of severe storms in the U.S.” David Einhorn, Chairman of the Board of Directors, said, “We had good results in the second quarter despite unusually bad weather in the U.S. The Solasglas fund generated a solid 10.9% return for the quarter, as gains in Green Brick Partners more than compensated for the return of a challenging environment for value investment strategies.” Second Quarter 2023 Results Gross premiums written in the second quarter of 2023 were $154.9 million, compared to $134.8 million in the second quarter of 2022. The $20.2 million increase, or 15.0%, relates primarily to new opportunities and improved pricing on property and general liability business, as well as several new specialty contracts bound during the quarter. The Company recognized net underwriting income of $5.4 million in the second quarter of 2023. By comparison, the equivalent per...