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Mar 31, 2020
Greenlight Capital Re Q1 2020 Earnings Report
Reported a net loss due to investment loss, but reinsurance business showed resilience.
Key Takeaways
Greenlight Re reported a net loss attributable to common shareholders of $40.3 million, or $1.11 per share, for the first quarter of 2020, compared to a net income of $5.9 million, or $0.16 per share, for the same period in 2019. The net loss was primarily due to an investment loss in the Solasglas Investments, LP fund. Gross written premiums were $109.8 million, compared to $162.6 million in the first quarter of 2019.
Net loss per share was $1.11 for the quarter.
Fully diluted book value per share was $11.63 at quarter end.
Net underwriting income was $1.3 million, compared to a net underwriting loss of $21.8 million in the first quarter of 2019.
Net investment loss was $35.3 million, compared to net investment income of $32.3 million in the first quarter of 2019.
Greenlight Capital Re
Greenlight Capital Re
Forward Guidance
Greenlight Re completed its review of strategic transaction alternatives, concluding that stockholder value is likely to be better enhanced on a standalone basis than by pursuing a transaction with a third party. The company expanded its share repurchase program in order to capitalize on the current market opportunity to maximize shareholder value.