Cayman Islands-based Greenlight Capital Re, Ltd. has reported a net profit of $29.2 million for the fourth quarter of 2007 compared to $17.4 million for the same period in 2006. On a fully diluted per share basis, the company earned $0.80 per share during the fourth quarter of 2007 compared to $0.81 for the same period in 2006.
For the year ended December 31, 2007, Greenlight Re reported net income of $35.3 million compared to $57.0 million for the full year in 2006. On a fully diluted basis, net earnings per share in 2007 were $1.15 compared to $2.66 in 2006.
“The company’s fourth quarter performance illustrates the power of driving returns from both sides of the balance sheet,” stated Chairman David Einhorn. “In a difficult market environment, we were able to continue to execute our strategy to deliver superior growth in book value per share.”
Operating highlights for the fourth quarter and year ended December 31, 2007 included:
— Net investment income was $26.9 million for the fourth quarter of 2007, a 4.2 percent gain for the quarter, compared to $17.5 million reported in the same period in 2006. For the full year 2007, net investment income was $27.6 million, a 5.9 percent gain for the year, compared to $58.5 million in 2006, a 24.4 percent gain.
— Gross written premiums during the fourth quarter of 2007 were $3.9 million compared to $37.9 million in the same period in 2006, while net earned premiums were $21.4 million compared to $14.2 million. For the full year 2007, gross written premiums were $127.1 million compared to $74.2 million in 2006, while net earned premiums were $98.0 million compared to $26.6 million in 2006.
— The combined ratio for the year ended December 31, 2007 was 92.2 percent.
Greenlight Re will hold a live conference call to discuss its financial results for the fourth quarter and year ended December 31, 2007 today, March 19, 2008 at 9:00 a.m. Eastern time. To participate, please dial in to the conference call at (877) 362-3812 (domestic) or (706) 634-9925 (international), access code 39151707.
A telephone replay of the call will be available from 11:00 a.m. Eastern time on March 19, 2008 until 11:59 p.m. Eastern time on March 25, 2008. The replay of the call may be accessed by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international), access code 39151707.
Source: Greenlight Re – www.greenlightre.ky
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