Greenlight Capital Re Q3 net income returns to profit as premiums slip
GLRE•Greenlight Capital Re reported Q3 net income of $3.2 million, reversing a year-earlier loss, as gross premiums written fell 1% and net premiums earned declined 7%. It repurchased $8 million of shares at an average price of $15.77.
1. Q3 results
Greenlight Capital Re reported $3.2 million in Q3 net income, reversing a loss in the prior-year period. Gross premiums written fell 1% to $181.9 million, net premiums earned declined 7%, and the combined ratio was 90.5%.
2. Underwriting and investments
The company said strong underwriting income was aided by a relatively benign catastrophe and large-loss environment. Its CEO said conservative reserving on Middle East-related exposures developed favorably, while the chairman said the investment portfolio remained challenging and Solasglas returned -3.3% in Q3.
3. Share repurchases
Greenlight Capital Re repurchased $8 million of shares during the quarter at an average price of $15.77. It provided no specific financial guidance for current or future periods.
