Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Greenlight Capital Re reports Q4 net loss

Greenlight Capital Re reported a net loss of $31.3m for Q4 08 compared to a net income of $29.2m for Q4 07

Greenlight Capital Re has reported a net loss of $31.3 million, or $0.87 per diluted share, for the fourth quarter ended December 31, 2008, compared to net income of $29.2 million, or $0.80 per diluted share, for the same period in 2007.

Gross written premiums in the fourth quarter of 2008 were $28.6 million, compared to $3.9 million in the fourth quarter of 2007, while net earned premiums were $34.2 million, compared to $21.4 million. Net investment loss reported in the fourth quarter of 2008 was $33.3 million, compared to net investment income of $26.9 million in the fourth quarter of 2007.

For the year ended December 31, 2008, net loss was $120.9 million, or $3.36 per diluted share, compared to net income of $35.3 million, or $1.15 per diluted share, for the full year 2007. For the full year 2008, gross premiums written were $162.4 million, compared to $127.1 million in 2007, while net earned premiums were $114.9 million, compared to $98 million in 2007. For the full year 2008, net investment loss was $126.1 million, compared to net investment income of $27.6 million in 2007.

David Einhorn, chairman of the board of directors of Greenlight, said: 2008 presented a soft reinsurance market and a challenging investment environment. While we were disappointed with the investment result, our underwriting portfolio performed well. Our conservative balance sheet affords us a good opportunity to take advantage of the dislocations that are now occurring in a hardening reinsurance market and in the capital markets.