Greenlight Re Announces First Quarter 2012 Financial Results
GRAND CAYMAN, Cayman Islands, April 30, 2012 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (GLRE - News) today announced financial results for the first quarter of 2012. Greenlight Re reported net income of $65.1 million for the first quarter of 2012 compared to a net loss of $43.0 million for the same period in 2011. The fully diluted net income per share was $1.75 for the first quarter of 2012, compared to a net loss per share of $1.19 for the same period in 2011.
Fully diluted adjusted book value per share was $23.29 as of March 31, 2012, a 15.1% increase from $20.23 per share as of March 31, 2011.
"There are signs that the reinsurance market is slowly improving. However, in an environment which remains quite competitive, we continue to be diligent and cautious as we identify underwriting opportunities that we believe offer attractive risk adjusted returns," stated Bart Hedges, Chief Executive Officer of Greenlight Re. "We are pleased that our investment portfolio performed well during the quarter, as we continue to grow book value per share over the long term while preserving capital."
Other financial and operating highlights for Greenlight Re for the first quarter ended March 31, 2012 include:
"We continue to take a consistent, disciplined approach in executing our underwriting and investment strategies," said David Einhorn, Chairman of the Board of Directors. "As the market turns, Greenlight Re is well-positioned to capture new opportunities given our solid balance sheet, reputation, and customer-focused orientation."
Conference Call Details
Greenlight Re will hold a live conference call to discuss its financial results for the first quarter of 2012 on Tuesday, May 1, 2012 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. First Quarter 2012 Earnings Call.
To participate, please dial in to the conference call at:
U.S. toll free 1-877-317-6789
International 1-412-317-6789
Follow this link:
Greenlight Re Announces First Quarter 2012 Financial Results
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