GRAND CAYMAN, Cayman Islands, Jul 29, 2013 (GLOBE NEWSWIRE via COMTEX) — Greenlight Capital Re, Ltd. GLRE -0.73%  today announced financial results for the second quarter ended June 30, 2013. Greenlight Re reported net income of $28.5 million for the second quarter of 2013 compared to a net loss of $36.1 million for the same period in 2012. Fully diluted net income per share was $0.76 compared to a net loss per share of $0.98 for the same period in 2012.

Fully diluted adjusted book value per share was $24.20 as of June 30, 2013, an 8.3% increase from $22.34 per share as of June 30, 2012.

“We are pleased to report positive performance from both our underwriting and investing operations during the quarter,” said Bart Hedges, Chief Executive Officer of Greenlight Re. “While the reinsurance environment remains quite competitive, we continue to provide superior service and maintain strong relationships with our existing clients.”

Financial and operating highlights for Greenlight Re for the second quarter ended June 30, 2013 include:

— Gross written premiums in the second quarter of 2013 were $135.2 million, compared to $84.0 million in the second quarter of 2012; net earned premiums were $133.0 million, an increase from $130.0 million reported in the prior-year period.

— Underwriting income of $11.7 million was reported for the second quarter of 2013, compared to underwriting income of $4.8 million in the second quarter of 2012.

— The combined ratio for the six months ended June 30, 2013 was 98.3% compared to 100.8% for the six months ended June 30, 2012.

— A net investment gain of 2.0% on Greenlight Re’s investment portfolio managed by DME Advisors, LP was reported for the second quarter 2013. This compares to a net investment loss of 3.3% in the second quarter of 2012. For the first six months of 2013, net investment income was $85.4 million, representing a gain of 7.9%, compared to net investment income of $34.7 million during the comparable period in 2012 when Greenlight Re reported a 3.0% return.

“Our investment portfolio performed adequately during the quarter and side-stepped most of the June turbulence,” stated David Einhorn, Chairman of the Board of Directors. “Our underwriting team is actively engaged in providing excellent service to our existing clients and remains focused on identifying new profitable opportunities.”

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the second quarter of 2013 on Tuesday, July 30, 2013 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. Second Quarter 2013 Earnings Call.

To participate, please dial in to the conference call at:

U.S. toll free               1-888-317-6016

International                1-412-317-6016

The conference call can also be accessed via webcast at:

http://services.choruscall.com/links/glre130730.html

A telephone replay of the call will be available from 11:00 a.m. Eastern time on July 30, 2013 until 9:00 a.m. Eastern time on August 7, 2013. The replay of the call may be accessed by dialing 1-877-344-7529 (U.S. toll free) or 1-412-317-0088 (international), access code 10030522. An audio file of the call will also be available on the Company’s website, www.greenlightre.ky.

Regulation G

Fully diluted adjusted book value per share is a non-GAAP measure and represents basic adjusted book value per share combined with the impact from dilution of share based compensation including in-the-money stock options and RSUs as of any period end. Book value is adjusted by subtracting the amount of the non-controlling interest in joint venture from total shareholders’ equity to calculate adjusted book value. We believe that long term growth in fully diluted adjusted book value per share is the most relevant measure of our financial performance. In addition, fully diluted adjusted book value per share may be of benefit to our investors, shareholders and other interested parties to form a basis of comparison with other companies within the reinsurance industry.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our annual report on Form 10-K filed with the Securities Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Greenlight Capital Re, Ltd.

Greenlight Re (www.greenlightre.ky) is a NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Established in 2004, Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re’s assets are managed according to a value-oriented equity-focused strategy that complements the Company’s business goal of long-term growth in book value per share.