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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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