Greenlight Capital Re, Ltd.’s (GLRE - Free Report) fourth-quarter 2018 operating loss per share of $2.25 was wider than the Zacks Consensus Estimate by 0.9%. The reported figure also deteriorated from the year-ago quarter’s loss of $1.02. This downside was mainly due to Hurricane Michael and the California wildfires.
Quarterly Operational Update
Gross written premiums for the reported quarter dipped 2.8% to $135.1 million from the prior-year quarter’s level due to exposure to multi-line casualty contract.
In the quarter under review, net premiums earned were $119.6 million, down 15.2% year over year.
The company’s net realized investment losses were $56.4 million, wider than the prior-year quarter’s figure by 248%.
Full-Year Update
As of Dec 31, 2018, gross written premiums were $567.5 million, up 18.1% year over year.
Net earned premiums totaled $508.4 million, down 18.8% year over year.
The company incurred a new investment loss of $323.1 million against the prior-year quarter’s net investment income of $20.2 million.
Net loss was $9.74 per share, worse than 2017’s figure by 705% year over year.
Financial Position
As of Dec 31, 2018, the company’s total investments plunged 79.2% year over year to $283 million.
At fourth-quarter end, the company’s total assets were $1.4 billion, down 57.2% from the tally at 2017 end.
Cash and cash equivalents decreased 33.2% year over year as of Dec 31, 2018.
Total equity in 2018 dropped 43.4% year over year.
Full-Year Highlights
For 2018, consolidated gross premiums written summed $957.3 million, up 9.4% year over year. Net premiums earned were $818.9 million, up 10.9% year over year.
For the full year, net realized investment losses were $43.5 million versus the net realized investment gains of $16.4 million, which in turn, reflects market volatility.
Zacks Rank
Greenlight Capital carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Among other players from the insurance industry, having already posted fourth-quarter earnings, the bottom-line results of RLI Corp. (RLI - Free Report) , Arch Capital Group Ltd. (ACGL - Free Report) and Cincinnati Financial Corporation (CINF - Free Report) surpassed the respective Zacks Consensus Estimate.
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Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
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Greenlight Capital Re, Ltd.’s (GLRE - Free Report) fourth-quarter 2018 operating loss per share of $2.25 was wider than the Zacks Consensus Estimate by 0.9%. The reported figure also deteriorated from the year-ago quarter’s loss of $1.02. This downside was mainly due to Hurricane Michael and the California wildfires.
Quarterly Operational Update
Gross written premiums for the reported quarter dipped 2.8% to $135.1 million from the prior-year quarter’s level due to exposure to multi-line casualty contract.
In the quarter under review, net premiums earned were $119.6 million, down 15.2% year over year.
The company’s net realized investment losses were $56.4 million, wider than the prior-year quarter’s figure by 248%.
Full-Year Update
As of Dec 31, 2018, gross written premiums were $567.5 million, up 18.1% year over year.
Net earned premiums totaled $508.4 million, down 18.8% year over year.
The company incurred a new investment loss of $323.1 million against the prior-year quarter’s net investment income of $20.2 million.
Net loss was $9.74 per share, worse than 2017’s figure by 705% year over year.
Financial Position
As of Dec 31, 2018, the company’s total investments plunged 79.2% year over year to $283 million.
At fourth-quarter end, the company’s total assets were $1.4 billion, down 57.2% from the tally at 2017 end.
Cash and cash equivalents decreased 33.2% year over year as of Dec 31, 2018.
Total equity in 2018 dropped 43.4% year over year.
Full-Year Highlights
For 2018, consolidated gross premiums written summed $957.3 million, up 9.4% year over year. Net premiums earned were $818.9 million, up 10.9% year over year.
For the full year, net realized investment losses were $43.5 million versus the net realized investment gains of $16.4 million, which in turn, reflects market volatility.
Zacks Rank
Greenlight Capital carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Among other players from the insurance industry, having already posted fourth-quarter earnings, the bottom-line results of RLI Corp. (RLI - Free Report) , Arch Capital Group Ltd. (ACGL - Free Report) and Cincinnati Financial Corporation (CINF - Free Report) surpassed the respective Zacks Consensus Estimate.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
See Latest Stocks Today >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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