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Greenlight Re posts $121m loss for 2008
23 February 2009
Cayman Islands-based reinsurance firm Greenlight Re has announced a $121m loss for 2008, compared with net income of $35m in 2007.
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[greenlight re]
[reinsurance]
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[combined ratio]
Cayman Islands-based reinsurance firm Greenlight Re has announced a $121m loss for 2008, compared with net income of $35m in 2007. The firm reported a $31m net loss for the fourth quarter, compared with net income of $29m in the fourth quarter of 2007.
The combined ratio for 2008 was 96.5%, up from 92.2% in 2007. Gross premiums written increased to $162m in 2008, up from $127m in 2007.
Greenlight made a net investment loss of $126m, a 17.6% loss for the year, compared with net investment income of $28m in 2007, a 5.9% gain. In the fourth quarter of 2008 the net investment loss was $33m, a loss of 5.3% on the investment portfolio.