Greenlight Re Q3 combined ratio deteriorates to 115.3% as spending increases

The company reported operating losses per share of $0.56, up 33.3% from the same period last year.

Greenlight Re reported a net underwriting loss of $18.9 million for the third quarter, up 50% from the loss for the same period last year.

In the third quarter of this year, Greenlight reported losses of $19.5 million from Hurricane Ian and $3.2 million from Typhoons Nanmadol and Hinnamnor.

In comparison, in the same quarter last year, the company reported a net underwriting loss of $12.6 million and recorded $25.9 million in losses from Hurricane Ida, floods and storms. hailstorms in Europe and the South African riots.

Growth: Greenlight Re reported gross written premium of $155 million for the third quarter, up 20.1% from the same period last year.

He said growth was primarily in personal property, general liability and financial and other specialty businesses. The growth was partially offset by Greenlight’s decision to reduce road accident and workers’ compensation exposure earlier this year.

Investment: Net investment income fell 70.3% in the quarter. Total investment income was $11.6 million, more than double the $4.08 million in the prior year period.

The company’s investment portfolio returned 3.6%, representing $8.5 million in income from the Solasglas fund.

Comment: Simon Burton, CEO, said: “The combined impact of natural disasters, continued inflation and rising interest rates has weighed heavily on reinsurers’ balance sheets.

“Our relatively modest decline in book value per share of 3.9% during the quarter is a testament to the strength of our investment platform and risk management approach. Looking ahead, we are well positioned to benefit of a market that continues to move in our favour.”

Comments are closed.