Business
Greenlight Re Announces Third Quarter 2020 Financial Results
Net income of $2.2 million Fully diluted book value per share increased to $12.03 at quarter end GRAND CAYMAN, Cayman Islands, Nov. 04, 2020 (GLOBE NEWSWIRE)
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Net income of $2.2 million Fully diluted book value per share increased to $12.03 at quarter end\n GRAND CAYMAN, Cayman Islands, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported net income of $2.2 million, or $0.06 per share, in the third quarter of 2020, compared to net income of $5.1 million, or $0.14 per share, in the third quarter of 2019. Fully diluted book value per share increased $0.22, or 1.9%, to $12.03 in the third quarter of 2020. Fully diluted book value per share was $13.67 at the end of the third quarter of 2019. Simon Burton, Chief Executive Officer of Greenlight Re, stated, “This was yet another challenging quarter for the reinsurance industry with elevated levels of natural catastrophes and continued accumulation of pandemic-related exposure. Against this backdrop our overall combined ratio of 100.4% is a result driven by discipline in both risk and expense management. Excluding the 7.0 percentage point impact of catastrophes, the underlying combined ratio reflects an underwriting business that is poised to generate significant value as market conditions improve.” David Einhorn, Chairman of the Board of Directors, stated, “We reported a 1.4% investment gain in the Solasglas fund during the third 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 Third Quarter 2020 Gross written premiums in the third quarter of 2020 were $135.6 million, compared to $110.6 million in the third quarter of 2019. This increase was due primarily to increases in workers’ compensation and specialty business, as well as health premiums associated with the Company’s strategic partnerships and innovations initiatives. Net written premiums increased 25.9% to $134.1 million in the third quarter of 2020, compared to $106.6 million reported in the third quarter of 2019. The Company recognized ceded premiums of $1.5 million during the third quarter of 2020, compared to $4.0 million in the third quarter of 2019. Net premiums earned were $115.5 million during the third quarter of 2020, a decrease from $129.2 million in the comparable 2019 period. The Company incurred a...