Business
Greenlight Re Announces Third Quarter 2022 Financial Results
Net loss for the quarter of $18.5 million Fully diluted book value per share decreased 3.9% in the quarter to $13.55 GRAND CAYMAN, Cayman Islands, Nov. 02,
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Net loss for the quarter of $18.5 million Fully diluted book value per share decreased 3.9% in the quarter to $13.55 GRAND CAYMAN, Cayman Islands, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the three months ended September 30, 2022. The results included: A net loss of $18.5 million, or $0.56 per diluted ordinary share, compared to a net loss of $13.9 million, or $0.42 per diluted ordinary share, in the third quarter of 2021;A combined ratio of 115.4%, compared to a combined ratio of 109.3% in the third quarter of 2021;Total investment income of $11.6 million, compared to total investment income of $4.1 million in the third quarter of 2021; andA decrease in fully diluted book value per share of $0.55, or 3.9%, to $13.55. The following summarizes the Company’s underwriting results for the third quarter of 2022 and 2021: Three months ended September 30 2022 2021 ($ in thousands)Gross premiums written155,146 128,735 Net premiums earned121,948 135,524 Underwriting income (loss)(18,865) (12,578)Combined ratio115.4% 109.3% Simon Burton, Chief Executive Officer of Greenlight Re, stated, “The combined impact of natural catastrophes, continued inflation, and rising interest rates has taken a considerable toll on reinsurers’ balance sheets. Our relatively modest book value per share decline of 3.9% in the quarter is a testament to the strength of our investment platform and risk management approach. Looking ahead, we are well-positioned to benefit from a market that continues to move in our favor.” David Einhorn, Chairman of the Board of Directors, said, “We are pleased with the 3.6% return from the Solasglas fund despite most equity markets posting negative returns during the quarter. The Hurricane Ian loss, while manageable, overshadows the significant progress we have made in our underwriting operations.” Underwriting and Investment Results Third quarter of 2022 Gross premiums written in the third quarter of 2022 were $155.1 million, compared to $128.7 million in the third quarter of 2021. This $26.4 million, or 20.5%, increase relates primarily to growth in personal property, general liability, and financial and other specialty business, including premiums underwritten by the Company’s Innovations partners. The Company’s decisi...