GREENLIGHT RE SWINGS TO BLACK ON INVESTMENT GAINS

Cayman Islands-based hedge fund reinsurer Greenlight Capital Re swung to second-quarter net earnings of $15.3m from a loss of $37.4m. A swing to $18.8m in investment income from a loss of $40.7m offset a decline in underwriting income. With underwriting gains falling to $1.5m from $5.1m, the combined ratio added 2.8 points to 98.8%. Gross written premiums grew 7.2% to $152.3m. For the first half of the year, Greenlight Re swung to net income of $21.2m from a loss of $180.1m on a swing to $51.1m in investment income. The year-to-date combined ratio added 11.0 points to 108.3%, reflecting a swing to a $20.3m underwriting loss. Gross written premiums for the six months edged down 0.7% to $314.9m.