Greenlight battered by investment losses
Cayman based reinsurer Greenlight Capital Re’s profits fell in the first quarter as it faced damaging investment losses.
The company reported a net loss of $8.9 million in the quarter compared with a net profit of $56.7 million for the same period in 2013.
Greenlight was hit with investment losses of $10.2 million during the first quarter of 2014 compared with $61.1 million of investment income generated in the previous year.
Its gross written premiums fell by 6.4 percent to $118.9 million, in comparison with $127 million in the first quarter of 2013.
Its net premiums written also decreased with $113 million reported this quarter, compared with $131 in the same quarter of 2013.
Its combined ratio fell nearly 2 percentage points from 101.7 percent in the first quarter of 2013 to 99.9 percent in this quarter.
Bart Hedges, chief executive officer of Greenlight Re, said: “Our underwriting portfolio performed adequately during the first quarter of 2014. We continue to focus our underwriting efforts on creating long term relationships in areas of the market that we feel provide attractive returns to our shareholders."
David Einhorn, chairman of the board of directors, added: “Our investment portfolio had a small loss as we continue to be defensively positioned in an uncertain investment environment. Our underwriting team continues to proceed carefully under challenging reinsurance market conditions.”
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