Trending Stock: Greenlight Capital Re, Ltd. (NASDQ: GLRE)

On Monday shares of Greenlight Capital Re, Ltd. (NASDQ: GLRE) has shown upward move of +0.32% and ended the last trade at $15.50. The trading volume was recorded to 300,097 shares as compared to average traded volume of 279,934 shares.

Greenlight Capital Re, Ltd. (GLRE) recently reported financial results for the fourth quarter and year ended December 31, 2017.  Greenlight Re stated a net loss of $37.7M for the fourth quarter of 2017, contrast to net income of $49.2M for the same period in 2016.  The net loss per share for the fourth quarter of 2017 was $1.02, contrast to fully diluted net income per share of $1.31 for the same period in 2016.

Fully diluted adjusted book value per share was $22.22 as of December 31, 2017, a 5.0% decrease from $23.38 per share as of December 31, 2016.

Financial and Operating Highlights

Fourth Quarter 2017

  • Gross written premiums were $139.0M, contrast to $148.8M in the previous year period.  Net written premiums were $96.3M contrast to $146.6M in the previous year period. Gross premium ceded raised during the fourth quarter as the Company ceded off a portion of its non-standard automobile business.
  • Net earned premiums were $141.1M, a 3.3% raise contrast to $136.6M in the previous year period.
  • Net investment loss was $16.2M (or 1.3%) for the fourth quarter of 2017, contrast to net investment income of $52.9M for the previous year period.
  • Underwriting loss was $19.7M, contrast to underwriting income of $1.4M in the fourth quarter of 2016.  Included in this underwriting loss is an estimated $4.7M loss, net of reinstatement premiums, from the recent California wildfires.
  • The Company strengthened previous year reserves by $16.5M during the period primarily due from additional reporting on individual claims as well as industry wide performance on professional liability exposures and to a lesser extent Because of higher reserves on various casualty and multi-line contracts.
  • Composite ratio for the three months ended December 31, 2017 was 111.8%, contrast to 96.3% for the prior-year period. Combined ratio for the three months ended December 31, 2017 was 114.0%, contrast to 99.0% in the previous year period. Catastrophe losses contributed 3.5 percentage points to the composite and combined ratio for the three month period.

2017 Annual

  • Gross written premiums were $692.7M, an raise of 29.2% from $536.1M in the previous year. Net written premiums raised to $636.1M, contrast to $526.1M in the previous year.
  • Net premiums earned raised 22.0% to $626.0M, from $513.1M in the previous year.
  • Net investment income was $20.2M (or 1.5%), contrast to net investment income of $76.2M during 2016.
  • The composite ratio was 106.1%, contrast to 100.4% for the prior-year. Combined ratio for the twelve months ended December 31, 2017 was 108.6%, contrast to 103.6% in the previous year. Catastrophe losses contributed 6.9 percentage points to the composite and combined ratios for the year.
  • Net loss was $45.0M, or $1.21 per diluted share, contrast to net income of $44.9M, or $1.20 per diluted share, in 2016.

 (GLRE) EPS growth ratio for the past five years was -38.60% while Sales growth for the past five years was 3.60%. Return on equity (ROE) was noted as -5.20% while return on investment (ROI) was -4.60%. The stock’s institutional ownership stands at 62.70%.

 

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Stephen Myers: Active Stocks Reporter I am Stephen Myers and I have over 9 years experience in the Active Stocks services industry giving me a vast understanding of how news affects the financial markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have Masters Degree in Economics from Westminster University with previous roles counting Investment Banking. Address: 3641 Broadway Street Hilton Head, SC 29926 Phone:  +(1) 843-689-6179 Email: stephen@valueswire.com

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