GREENLIGHT RE’S LOSS WIDENS AS INVESTMENT LOSSES DEEPEN

Cayman Islands-based hedge-fund reinsurer Greenlight Capital Re’s second-quarter net loss rose to $37.4m from $35.5m as its net investment loss widened to $40.7m from $39.1m, erasing underwriting gains. The company’s loss per share grew to $1.01 from 96¢ but fell short of analysts’ loss estimate of $1.05. The combined ratio improved by 0.9 points to 96.0%, as underwriting income rose 6.3% to $5.1m. Gross written premiums fell 18.8% to $142.1m, largely reflecting the non-renewal of a Florida homeowners’ quota share deal in late 2017. For the year to date, Greenlight Re’s net loss jumped to $180.1m from $27.4m, as its investment loss jumped to $185.9m from $27.5m. The six-month combined ratio improved by 1.2 points to 97.3%.