Greenlight Re reviews this fall net profits of $60.7 Million; $109.6 Million for year

Greenlight Capital Re Ltd., that is based totally inside the Cayman Islands, suggested net income of $60.7 million for the fourth quarter of 2014, as compared to net profits of $83.9 million for the same duration in 2013. net income for the total 12 months came to $109.6 million, compared with $225.7 million for 2013.

completely diluted net profits according to percentage for the fourth sector of 2014 was $1.60, in comparison to absolutely diluted internet income according to share of $2.22 for the identical duration in 2013. absolutely diluted adjusted book price per percentage became $30.76 as of December 31, 2014, a ten.2 percent growth from $27.ninety one consistent with proportion as of December 31, 2013.

“we're thrilled with our development and ability to attract new enterprise in this competitive reinsurance marketplace,” stated Bart Hedges, leader executive officer of Greenlight Re.

“ordinary, our 2014 top rate numbers reduced due to the effect of not renewing sure commercial enterprise, which we consider changed into inadequately priced. Our mixed ratio turned into modestly impacted via the impact of damaging development on prior years’ contracts and the deleveraging impact of flat prices on decreased charges.”

financial and working highlights for Greenlight Re for the fourth zone ended December 31, 2014 include:

•           Gross written rates of $seventy four.three million, in comparison to $124.eight million inside the fourth region of 2013; internet earned rates had been $seventy five.2 million, a decrease from $141.5 million reported within the prior-12 months period.

•           An underwriting lack of $(four.6) million, compared to underwriting income of $7.nine million within the fourth area of 2013.

•           A internet funding advantage of 5.3 percent on Greenlight Re’s funding portfolio managed by DME Advisors, LP in comparison to a internet investment advantage of 6.6 percent within the fourth area of 2013.

“In a consistently difficult reinsurance marketplace, we have made progress finding new possibilities that we accept as true with will endure favorable outcomes,” stated David Einhorn, chairman of the board of directors. “The agency remains centered on generating profits and maintaining capital at the same time as we maintain to enhance our infrastructure and are looking for new business.”

financial and operating highlights for Greenlight Re for the 12 months ended December 31, 2014 include:

•           Gross written premiums in 2014 of $324.0 million, in comparison to $535.7 million in 2013; net earned rates have been $354.2 million, a lower from $547.nine million said for the previous year.

•           Underwriting profits of $11.6 million, as compared to underwriting earnings of $37.five million for 2013.

•           The mixed ratio for the year ended December 31, 2014 turned into 102.9 percent as compared to ninety seven.1 percentage for the 12 months ended December 31, 2013.

•           internet funding earnings became $122.6 million, representing a go back of 8.7 percent, as compared to net investment earnings of $218.1 million in the course of 2013 whilst Greenlight Re suggested a 19.6 percentage return.