Greenlight Re announces net loss of $89.1 million for the third quarter of 2018
- Gross written premiums of $115.2 million, a decrease from $181.6 million in the third quarter of 2017. The premium decrease was primarily due to the non-renewal of a Florida homeowner's quota share contract during the fourth quarter of 2017, the commutation of a mortgage reinsurance contract and a lower participation in a multi-line casualty contract.
- Ceded premiums were $15.5 million compared to $7.9 million in the prior year period as the Company continued to cede off a portion of its non-standard automobile business.
- Net earned premiums were $114.1 million, a decrease from $172.7 million reported in the prior-year period.
- Net investment loss of $80.9 million, compared to net investment income of $64.0 million in the third quarter of 2017.
- A net underwriting loss of $4.0 million, including $5.7 million from Hurricane Florence, compared to an underwriting loss of $38.5 million in the third quarter of 2017, which included losses from natural catastrophes including hurricanes Harvey, Irma, and Maria.
- The Company reported a small adverse prior year loss development of approximately $2.0 million, primarily due to an unfavorable change in estimated reserves on automobile contracts.
- A composite ratio for the quarter of 100.9%, compared to 119.8% for the prior-year period. The combined ratio for the quarter was 103.5% compared to 122.3% for the prior-year period.
- Gross written premiums were $432.4 million, a decrease of 21.9% from $553.7 million reported in the prior year period.
- Net earned premiums were $388.8 million, a decrease of 19.8% from $484.9 million reported in the prior-year period.
- Net investment loss of $266.7 million, compared to net investment income of $36.4 million reported in the prior-year period.
- A composite ratio for the nine months ended September 30, 2018 of 96.4%, compared to 104.4% for the prior-year period. The combined ratio for the nine months ended September 30, 2018 was 99.1%, compared to 107.0% for the prior-year period.
Published November 6, 2018
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