Business
Greenlight Re Announces Third Quarter 2021 Financial Results
Net loss for the quarter of $13.9 millionFully diluted book value per share decreased 2.6% in the quarter to $13.25 GRAND CAYMAN, Cayman Islands, Nov. 03,
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Net loss for the quarter of $13.9 millionFully diluted book value per share decreased 2.6% in the quarter to $13.25 GRAND CAYMAN, Cayman Islands, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its 2021 third quarter financial results. The results included: Net loss of $13.9 million, or $0.42 per share, compared to net income of $2.2 million, or $0.06 per share, in the third quarter of 2020.Combined ratio of 109.3%, compared to a combined ratio of 100.4% in the third quarter of 2020.Adjusted combined ratio, which excludes the impact of catastrophes, improved to 90.3%, compared to an adjusted combined ratio of 93.6% in the third quarter of 2020.Total investment income of $4.1 million, compared to total investment income of $6.9 million in the third quarter of 2020.A decrease in fully diluted book value per share of $0.35, or 2.6%, to $13.25. The following summarizes the Company’s underwriting results for the third quarter of 2021 and 2020: Three months ended September 30 2021 2020 ($ in thousands)Gross premiums written128,735 135,596 Net premiums earned135,524 115,519 Underwriting income (loss)(12,578) (420) Combined ratio109.3% 100.4% Simon Burton, Chief Executive Officer of Greenlight Re, stated, “The high level of catastrophes in the quarter led to an underwriting loss with a combined ratio of 109.3%. Adjusted for this impact, the underlying combined ratio for the quarter was 90.3% which is a significant improvement compared to 93.6% a year ago. The underwriting loss was partly offset by a positive investment return led by our Innovations unit, which continues to deliver both strategic and economic value.” David Einhorn, Chairman of the Board of Directors, stated, “The third quarter results do not reflect the significant progress we have made this year. With our revamped underwriting, reaffirmation of our rating, progress on Innovations and new board members, we are excited about our near-term prospects.” Underwriting and investment results Third quarter of 2021 Gross premiums written in the third quarter of 2021 were $128.7 million, compared to $135.6 million in the third quarter of 2020. This decrease relates primarily to motor and workers’ compensation contracts where the Company elected to reduce its exposure or non-renew. These reductions were ...