Greenlight Capital Misses EPS Estimates

Greenlight Capital Re, Ltd. GLRE released its Q2 results after market close on Monday. Earnings per share came in above Wall Street consensus expectations.

Greenlight Capital reported EPS of $(1.69) and revenues of $87.8 million. Analyst consensus had an EPS estimate of $(1.09) and revenues of $90.7 million.

"We continue to make strides executing our underwriting strategy in a difficult reinsurance market and are pleased to report an increase of approximately 16% in premium writings during the first six months of this year," said Bart Hedges, Chief Executive Officer of Greenlight Re. "After several years of adverse development, we took aggressive action to put our poorly performing construction defect contracts behind us" stated Hedges. "Our exit from construction defect business leaves us without significant exposure to poorly performing lines for the first time in several years."

Greenlight Capital closed at $21.22.