Monday, property and casualty reinsurance company Greenlight Capital Re, Ltd. (GLRE: News ) reported a loss in its fourth quarter, hurt by net investment loss. For the fourth quarter, the company reported a net loss of $31.3 million or $0.87 per share, compared to a net income of $29.2 million or $0.80 per share in the year-ago quarter.For the news release from which the above was excepted, go to the RTT News link. Another comment, taken from the announcement at Greenlight's site, follows:
David Einhorn, chairman of the board of directors of Greenlight Re, commented, "2008 presented a soft reinsurance market and a challenging investment environment. While we were disappointed with the investment result, our underwriting portfolio performed well. Our conservative balance sheet affords us a good opportunity to take advantage of the dislocations that are now occurring in a hardening reinsurance market and in the capital markets."
“In 2008, we further established and diversified our frequency-oriented nderwriting portfolio by strengthening the partnerships with our clients,” said Len Goldberg, Chief Executive Officer of Greenlight Re. “In addition, we are already seeing a significant increase in frequency business opportunities that could fit well into our portfolio. With the industry attracting very little fresh capital to replace losses, clients and prospective clients are turning to Greenlight Re, with our unlevered balance sheet and innovative approach to reinsurance, as a solution to help reduce strain caused by the events of 2008.”