Business
Greenlight Re Announces Third Quarter 2023 Financial Results
Gross premiums written increased 18.0%Net income of $13.5 million ($0.39 per diluted ordinary share)Fully diluted book value per share increased 2.3% to
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"Gross premiums written increased 18.0%Net income of $13.5 million ($0.39 per diluted ordinary share)Fully diluted book value per share increased 2.3% to $16.58 GRAND CAYMAN, Cayman Islands, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter ended September 30, 2023. Third Quarter 2023 Highlights (all comparisons are to third quarter 2022 unless noted otherwise): Gross premiums written increased 18.0% to $183.1 million;Net premiums earned increased 33.8% to $163.1 million;Underwriting income of $14.4 million compared to an underwriting loss of $18.9 million;Net income of $13.5 million, or $0.39 per diluted ordinary share, compared to a net loss of $18.5 million, or $(0.56) per diluted ordinary share;Combined ratio of 91.2%, compared to a combined ratio of 115.4%;Total investment income of $5.1 million, compared to total investment income of $11.6 million; andFully diluted book value per share increased $0.37, or 2.3%, to $16.58, from $16.21 at June 30, 2023. Simon Burton, Chief Executive Officer of Greenlight Re, stated, “The underwriting result of 91.2% combined ratio led our performance in the third quarter as we grew book value by 2.3%. This result was impacted by approximately 4 combined ratio points of legacy reserve development, as inflationary pressure has persisted in discontinued areas of our business.” David Einhorn, Chairman of the Board of Directors, said, “The third quarter was challenging period in the equity markets. A partial reversal of our gains in Green Brick Partners slightly more than offset good performance throughout the balance of the portfolio. Year-to-date through September 30, the Solasglas fund was up 9.1%.” Third Quarter 2023 Results Gross premiums written in the third quarter of 2023 were $183.1 million, compared to $155.1 million in the third quarter of 2022. The $27.9 million increase, or 18.0%, relates primarily to new contracts bounds during 2023 related to property, general liability, and specialty business. The Company recognized net underwriting income of $14.4 million in the third quarter of 2023. By comparison, the equivalent period in 2022 incurred a net underwriting loss of $18.9 million. The combined ratio for the third quarter of 2023 was 91.2%, compared to 115.4% for t...