GREENLIGHT RE SWINGS TO BLACK ON INVESTMENT GAINS

Cayman Islands-based hedge fund reinsurer Greenlight Capital Re swung to first-quarter net earnings of $6.5m from a net loss of $40.3m owing to a positive $54m swing in total investment income. Earnings per share came in at 19¢, beating one analyst’s forecast of 5¢. The group’s combined ratio added 2.6 points to 101.5%, reflecting a swing to a $2.0m underwriting loss from income of $1.3m. Results included $4.6m in losses tied to winter storm Uri in the US. Catastrophes accounted for 3.4 points of the combined ratio versus zero a year earlier. Gross written premiums for the period jumped 55% to $169.9m, largely reflecting new multi-line contracts covering Lloyd’s syndicates. Commenting on the investment results, chairman David Einhorn said: “After a difficult January, we believe the investment environment has turned favourably to our strategy and positioning.”