Monday, property and casualty reinsurance company Greenlight Capital Re, Ltd. (GLRE) reported a loss in its fourth quarter, hurt by net investment loss.
For the fourth quarter, the company reported a net loss of $31.3 million or $0.87 per share, compared to a net income of $29.2 million or $0.80 per share in the year-ago quarter.
The recent quarter's gross written premiums fell to $28.6 million from $3.9 million in the prior year. Net earned premiums rose to $34.2 million from $21.4 million in the same period a year earlier.
In the quarter, the company posted net investment loss of $33.3 million, a loss of 5.3% on the investment portfolio, compared to net investment income of $26.9 million, a 4.2% gain, in the previous year.
For fiscal 2008, Greenlight Capital Re reported a net loss of $120.90 million or $3.36 per share, while a year ago had net income of $35.33 million or $1.15 per share.
Gross written premiums climbed to $162.4 million from $127.13 million in the prior year. Net earned premiums were $114.95 million, higher than $98.05 million in last year.
For the year, the company posted a net investment loss of $126.13 million, in comparison with a net investment income of $27.64 million last year.
David Einhorn, chairman of the board of directors of Greenlight Re, commented, "2008 presented a soft reinsurance market and a challenging investment environment. While we were disappointed with the investment result, our underwriting portfolio performed well. Our conservative balance sheet affords us a good opportunity to take advantage of the dislocations that are now occurring in a hardening reinsurance market and in the capital markets."
GLRE closed Monday's regular session at $13.03 down $0.09 or 0.69%, on a volume of 147K shares.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.