Cayman Islands-based Greenlight Capital Re, Ltd. has reported a net loss of $4.8 million for the first quarter of 2008 compared to a net loss of $13.1 million for the same period in 2007. On a fully diluted per share basis, this resulted in a loss of $0.13 per share during the first quarter of 2008, compared to a loss of $0.61 per share for the same period in 2007.
Other highlights for the first quarter ended March 31, 2008 included:
— Gross written premiums were $70.8 million compared to $38.1 million for the first quarter of 2007, while net earned premiums were $27.5 million compared to $20.9 million.
— The combined ratio was 96.4 percent compared to 94.1 percent for the first quarter of 2007.
— Net investment loss was $5.8 million, representing a 0.9 percent loss on the company’s invested assets.
— Fully diluted book value per share was $16.40 as of March 31, 2008, a 20 percent increase over $13.67 per share as of March 31, 2007.
“We are pleased to report that the business continues to develop,” stated David Einhorn, Chairman of the Board of Directors of Greenlight Re. “We established significant new reinsurance relationships during the quarter, and entered 2008 with a relatively fresh investment portfolio while preserving capital in a very challenging market.”
CEO Len Goldberg added: “We believe our underwriting portfolio is well positioned in an increasingly competitive reinsurance market. We continue to diversify our business by client, line of business, and broker, as well as by geography, and also increased the premium writings of our frequency portfolio during the quarter. We expect our earned premium and float to grow more significantly in upcoming quarters as a result of the business we have bound. We feel the softening market, together with a low interest rate environment, will highlight the strengths of our differentiated model.”
Further details as well as a replay of the earnings conference call are available on the Company’s web site at: www.greenlightre.ky.
Source: Greenlight Re
Topics Profit Loss
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