 Net loss of 0.1 million Fully diluted book value per share increased to 11.81 at quarter endGRAND CAYMAN, Cayman Islands, Aug. 05, 2020 GLOBE NEWSWIRE -- Greenlight Capital Re, Ltd. NASDAQ: GLRE Greenlight Re or the Company today reported a net loss of 0.1 million, or 0.00 per share, in the second quarter of 2020, compared to net income of 15.3 million, or 0.42 per share, in the second quarter of 2019. Fully diluted book value per share increased 0.18, or 1.5, to 11.81 in the second quarter of 2020, reflecting share repurchases executed during the quarter. Fully diluted book value per share was 13.58 at the end of the second quarter of 2019.Simon Burton, Chief Executive Officer of Greenlight Re, stated, We have been pleased with our stability and performance in light of the impact of the COVID-19 pandemic on the reinsurance industry and the global economy. Additionally, our repurchases of common stock enabled us to deliver solid growth in book value per share during the quarter. Looking ahead to the rest of 2020 and into 2021, we are well positioned to take advantage of broad pricing increases that we are seeing across multiple lines of business.David Einhorn, Chairman of the Board of Directors, stated, We reported a small investment gain during the second quarter, and believe our investment portfolio is well positioned for the current market uncertainty. We are cognizant that the financial markets remain volatile and as such we continue to be conservatively positioned.Underwriting and investment resultsSecond Quarter 2020Gross written premiums in the second quarter of 2020 were 116.7 million, compared to 152.3 million in the second quarter of 2019. This decrease was largely due to the Companys decision not to renew certain auto business, partially offset by additional new business written in several specialty lines.Net written premiums decreased 9.8 to 116.6 million in the second quarter of 2020, compared to 129.2 million reported in the second quarter of 2019. The Company recognized ceded premiums of 0.1 million during the second quarter of 2020, compared to 23.1 million in the second quarter of 2019. This decrease in ceded premiums was due primarily to the non-renewal of retrocessional coverage on auto business.Net premiums earned were 108.4 million during the second quarter of 2020, a decrease from 120.4 million in the comparable 2019 period. The Company incurred a net underwriting loss of 1.3 million in the second quarter of 2020, compared to a net underwriting gain of 1.5 million in the second quarter of 2019. The net financial impact of the COVID-19 pandemic during the second quarter of 2020 was a 6.0 million loss.COVID-19 losses contributed 5.5 percentage points to the combined ratio resulting in a combined ratio for the second quarter of 2020 of 101.2. Excluding COVID-19 losses, the underlying book of business reported a combined ratio of 95.7 for the quarter. The combined ratio for the second quarter of 2019 was 98.8.Greenlight Res total investment income during the second quarter of 2020 was 5.5 million. The Companys Investment Portfolio, which is managed by DME Advisors, earned 0.3, representing 1.6 million of investment income from the Solasglas fund. Other investment income of 3.9 million included net unrealized gains of 3.3 million relating to our portfolio of innovation investments.Six Months Ended June 30, 2020Gross written premiums were 226.5 million for the first half of 2020, a decrease of 28.1 from 314.9 million reported in the comparable 2019 period.Net premiums earned were 219.4 million for the first half of 2020, a decrease of 10.7 from 245.8 million reported in the comparable 2019 period.The combined ratio for the first half of 2020 was 100.0 compared to 108.3 for the first half of 2019.The Company incurred an investment loss of 29.7 million for the first half of 2020. The Companys Investment Portfolio incurred a loss of 7.8, representing a loss of 40.5 million from the Companys investment in the Solasglas fund.Other itemsOn July 22, 2020 AM Best affirmed the Financial Strength Rating of A- Excellent of Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company.The Company repurchased 1.16 million shares during the second quarter of 2020 at an average price of 6.69 per share.Conference CallGreenlight Re will hold a live conference call to discuss its financial results for the second quarter ended June 30, 2020 on Thursday, August 6, 2020 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. Second Quarter 2020 Earnings Call.To participate in the Greenlight Capital Re, Ltd. Second Quarter 2020 Earnings Call, please dial in to the conference call at: U.S. toll free 1-888-336-7152 International 1-412-902-4178Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.Conference Call registration link: conference call can also be accessed via webcast at: telephone replay of the call will be available from 11:00 a.m. Eastern time on August 6, 2020 until 9:00 a.m. Eastern time on August 13, 2020. 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 10144936. An audio file of the call will also be available on the Companys website, Financial Measures In presenting the Companys results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States GAAP. Such measures, including fully diluted book value per share and net underwriting income loss, are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more complete understanding of the underlying business. These measures are used to monitor our results and should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.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 Form 10-K and Amendment No. 1 to Form 10-K filed with the Securities Exchange Commission on April 29, 2020. 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, except as provided by law.About Greenlight Capital Re, Ltd. Established in 2004, Greenlight Re is a NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk marketplaces. The Company focuses on delivering risk solutions to clients and brokers by whom Greenlight Res expertise, analytics and customer service offerings are demanded. With an emphasis on deriving superior returns from both sides of the balance sheet, Greenlight Re manages its assets according to a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share.Contact: Investor Relations: Adam Prior The Equity Group Inc. 212 836-9606 GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2020 and December 31, 2019 expressed in thousands of U.S. dollars, except per share and share amounts June 30, 2020 December 31, 2019 unaudited audited Assets Investments Investment in related party investment fund177,658 240,056 Other investments22,045 16,384 Total investments199,703 256,440 Cash and cash equivalents7,318 25,813 Restricted cash and cash equivalents731,292 742,093 Reinsurance balances receivable net of allowance for expected credit losses of 89251,163 230,384 Loss and loss adjustment expenses recoverable net of allowance for expected credit losses of 4720,225 27,531 Deferred acquisition costs49,227 49,665 Unearned premiums ceded165 901 Notes receivable net of allowance for expected credit losses of 1,00018,842 20,202 Other assets1,521 2,164 Total assets1,279,456 1,355,193 Liabilities and equity Liabilities Loss and loss adjustment expense reserves467,655 470,588 Unearned premium reserves185,378 179,460 Reinsurance balances payable94,217 122,665 Funds withheld4,644 4,958 Other liabilities3,021 6,825 Convertible senior notes payable94,637 93,514 Total liabilities849,552 878,010 Shareholders equity Preferred share capital par value 0. 