Cayman Islands-based Greenlight Capital Re, Ltd. reported net income for the second quarter of 2008 of $33.5 million, compared to a net income of $21.3 million for the same period in 2007. On a fully diluted basis, net income per share was $0.92 for the second quarter of 2008, compared to $0.76 for the same period in 2007.
Fully diluted book value per share was $17.29 as of June 30, 2008, a 9.4 percent increase over $15.81 per share as of June 30, 2007.
For the six months ended June 30, 2008, net income was $28.8 million compared to $8.2 million for the same period in 2007. On a fully diluted basis, net income per share was $0.79 for the six months ended June 30, 2008, compared to $0.33 for the same period in 2007.
Gross written premiums in the second quarter were $25.4 million compared to $65.4 million in the second quarter of 2007, while net earned premiums were $24.7 million compared to $25.0 million. For the first six months, gross premiums written were $96.1 million compared to $103.5 million for the first six months of 2007, while net earned premiums were $52.2 million compared to $45.9 million.
The combined ratio for the six months ended June 30, 2008 was 92.5 percent compared to 94.3 percent for the six months ended June 30, 2007.
The bulletin also noted that the Company’s Board of Directors have “adopted a share repurchase plan authorizing the Company to repurchase up to two million Class A ordinary shares. The plan, which expires on June 30, 2011, will enable us to repurchase Class A ordinary shares from time to time to optimize the Company’s capital structure. Class A ordinary shares may be purchased in the open market or through privately negotiated transactions.”
Board Chairman David Einhorn commented: “We were successful this quarter in creating value on both sides of our balance sheet. We continue to focus our underwriting activities on creating economic profits, and we benefited in the second quarter from positive returns in our asset portfolio during a challenging investment environment.”
The fill report and access to the investors’ conference call may be obtained on the Company’s web site at www.greenlightre.ky.
Source: Greenlight Re
Topics Funding
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