Losses narrow at Greenlight Re but it looks to evolve underwriting strategy

Losses at Greenlight Capital Re narrowed in the second quarter of 2017 driven mainly by better underwriting results despite the company noting it was evolving its underwriting strategy in what it called a very competitive underwriting environment.

Greenlight Re reported a net loss of $35.5 million for the second quarter of 2017, compared to a net loss of $63 million for the same period in 2016.

Its underwriting income for the period was $4.8 million, compared to an underwriting loss of $24.5 million in the second quarter of 2016.

Its combined ratio for the six months ended June 30, 2017 was 98.5 percent, compared to 107.8 percent for the prior-year period.

“We are pleased with our underwriting results thus far in 2017 as reflected in our combined ratio of 98.5 percent for the first half of the year,” said Simon Burton, chief executive officer of Greenlight Re. “We continue to develop and evolve our underwriting strategy as we move forward in a very competitive underwriting environment.”

The reinsurer secured solid growth in the period, however. Its gross written premiums increased to $174.9 million, compared with $92.2 million in the second quarter of 2016.

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