Greenlight Capital Re, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 04:22 pm EST
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Greenlight Capital Re, Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 166.92 million compared to USD 126.72 million a year ago. Net income was USD 13.48 million compared to net loss of USD 18.47 million a year ago. Basic earnings per share from continuing operations was USD 0.4 compared to basic loss per share from continuing operations of USD 0.56 a year ago. Diluted earnings per share from continuing operations was USD 0.39 compared to diluted loss per share from continuing operations of USD 0.56 a year ago.
For the nine months, revenue was USD 511.6 million compared to USD 381.17 million a year ago. Net income was USD 69.22 million compared to net loss of USD 9.41 million a year ago. Basic earnings per share from continuing operations was USD 2.03 compared to basic loss per share from continuing operations of USD 0.28 a year ago. Diluted earnings per share from continuing operations was USD 1.99 compared to diluted loss per share from continuing operations of USD 0.28 a year ago.
Greenlight Capital Re, Ltd. provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. Its property business covers personal lines, commercial lines exposures and automobile physical damage. The property business includes both catastrophe and non-catastrophe coverage. Its casualty business covers general liability, motor liability, professional liability, and workers compensation exposures. The Company's multi-line business includes the Funds at Lloyd's business. Its other business covers accident and health, financial (including transactional liability, mortgage insurance, surety, and trade credit), marine, energy, as well as other specialty business, such as aviation, crop, cyber, political, and terrorism exposures. Its subsidiaries include Greenlight Reinsurance, Ltd., Greenlight Re Marketing (UK) Limited, and others.