Cayman Islands (State or other jurisdiction of incorporation) | 001-33493 (Commission file number) | N/A (IRS employer identification no.) |
65 Market Street, Suite 1207, Jasmine Court, Camana Bay, P.O. Box 31110 Grand Cayman, Cayman Islands (Address of principal executive offices) | KY1-1205 (Zip code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Director | Class A For | Class A Against | Class A Abstain | Class A broker non-votes | Class B For | Class B Against | Class B Abstain | Class B broker non-votes | |||||||||||||||||
Alan Brooks | 48,336,246 | 691,081 | 95,184 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
David Einhorn | 47,089,804 | 1,966,492 | 66,216 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Leonard Goldberg | 45,374,491 | 3,673,885 | 74,135 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Barton Hedges | 48,135,624 | 912,238 | 74,649 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Ian Isaacs | 48,060,768 | 966,736 | 95,007 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Frank Lackner | 48,175,037 | 873,277 | 74,198 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Bryan Murphy | 48,308,391 | 720,303 | 93,818 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Joseph Platt | 48,128,902 | 921,556 | 72,054 | 20,633,020 | 8,904,133 | — | — | — |
Director | Class A For | Class A Against | Class A Abstain | Class A broker non-votes | Class B For | Class B Against | Class B Abstain | Class B broker non-votes | |||||||||||||||||
Alan Brooks | 48,685,419 | 270,140 | 166,952 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
David Einhorn | 47,344,473 | 1,641,012 | 137,026 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Leonard Goldberg | 47,457,444 | 1,520,192 | 144,875 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Barton Hedges | 48,487,082 | 488,256 | 147,174 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Ian Isaacs | 48,582,138 | 374,555 | 165,818 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Frank Lackner | 48,646,180 | 332,139 | 144,192 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Bryan Murphy | 48,655,104 | 301,821 | 165,587 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Joseph Platt | 48,650,332 | 328,494 | 143,686 | 20,633,020 | 8,904,133 | — | — | — |
Director | Class A For | Class A Against | Class A Abstain | Class A broker non-votes | Class B For | Class B Against | Class B Abstain | Class B broker non-votes | |||||||||||||||||
Philip Harkin | 48,680,897 | 271,063 | 170,552 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Barton Hedges | 48,585,751 | 390,405 | 146,355 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Frank Lackner | 48,674,689 | 303,630 | 144,192 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Caryl Traynor | 48,679,651 | 299,993 | 142,867 | 20,633,020 | 8,904,133 | — | — | — | |||||||||||||||||
Brendan Tuohy | 48,677,954 | 274,825 | 169,733 | 20,633,020 | 8,904,133 | — | — | — |
Class A | Class B | ||||||
For | 69,476,547 | 8,904,133 | |||||
Against | 210,946 | — | |||||
Abstain | 68,038 | — | |||||
Broker non-votes | — | — |
Class A | Class B | ||||||
For | 69,464,767 | 8,904,133 | |||||
Against | 225,085 | — | |||||
Abstain | 65,680 | — | |||||
Broker non-votes | — | — |
Class A | Class B | ||||||
For | 69,467,912 | 8,904,133 | |||||
Against | 218,453 | — | |||||
Abstain | 69,167 | — | |||||
Broker non-votes | — | — |
Class A | Class B | ||||||
For | 47,392,159 | 8,904,133 | |||||
Against | 1,486,678 | — | |||||
Abstain | 243,675 | — | |||||
Broker non-votes | 20,633,020 | — |
GREENLIGHT CAPITAL RE, LTD. | ||
(Registrant) | ||
By: | /s/ Tim Courtis | |
Name: | Tim Courtis | |
Title: | Chief Financial Officer | |
Date: | May 4, 2015 |
• | Gross written premiums of $129.7 million, an increase from $118.9 million in the first quarter of 2014; net earned premiums were $94.8 million, a decrease from $111.7 million reported in the prior-year period. |
• | Underwriting income of $4.7 million, compared to underwriting income of $6.5 million in the first quarter of 2014. |
• | A net investment loss of 1.8% on Greenlight Re's investment portfolio managed by DME Advisors, LP compared to a net investment loss of 0.7% in the first quarter of 2014. |
March 31, 2015 | December 31, 2014 | ||||||
(unaudited) | (audited) | ||||||
Assets | |||||||
Investments | |||||||
Debt instruments, trading, at fair value | $ | 47,338 | $ | 49,212 | |||
Equity securities, trading, at fair value | 1,245,720 | 1,266,175 | |||||
Other investments, at fair value | 159,604 | 115,591 | |||||
Total investments | 1,452,662 | 1,430,978 | |||||
Cash and cash equivalents | 11,466 | 12,030 | |||||
Restricted cash and cash equivalents | 1,524,999 | 1,296,914 | |||||
Financial contracts receivable, at fair value | 41,482 | 47,171 | |||||
Reinsurance balances receivable | 137,597 | 151,185 | |||||
Loss and loss adjustment expenses recoverable | 2,655 | 11,523 | |||||
Deferred acquisition costs, net | 42,554 | 34,420 | |||||
Unearned premiums ceded | 3,670 | 4,027 | |||||
Notes receivable | 30,115 | 1,566 | |||||
Other assets | 6,028 | 5,478 | |||||
Total assets | $ | 3,253,228 | $ | 2,995,292 | |||
Liabilities and equity | |||||||
Liabilities | |||||||
Securities sold, not yet purchased, at fair value | $ | 1,327,605 | $ | 1,090,731 | |||
Financial contracts payable, at fair value | 40,312 | 44,592 | |||||
Due to prime brokers | 255,660 | 211,070 | |||||
Loss and loss adjustment expense reserves | 260,310 | 264,243 | |||||
Unearned premium reserves | 160,981 | 128,736 | |||||
Reinsurance balances payable | 11,940 | 40,372 | |||||
Funds withheld | 6,770 | 6,558 | |||||
Other liabilities | 19,002 | 14,949 | |||||
Total liabilities | 2,082,580 | 1,801,251 | |||||
Equity | |||||||
Preferred share capital (par value $0.10; authorized, 50,000,000; none issued) | — | — | |||||
Ordinary share capital (Class A: par value $0.10; authorized, 100,000,000; issued and outstanding, 31,266,732 (2014: 31,129,648): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,895 (2014: 6,254,895)) | 3,752 | 3,738 | |||||
Additional paid-in capital | 501,587 | 500,553 | |||||
Retained earnings | 636,813 | 660,860 | |||||
Shareholders’ equity attributable to shareholders | 1,142,152 | 1,165,151 | |||||
Non-controlling interest in joint venture | 28,496 | 28,890 | |||||
Total equity | 1,170,648 | 1,194,041 | |||||
Total liabilities and equity | $ | 3,253,228 | $ | 2,995,292 |
2015 | 2014 | ||||||
Revenues | |||||||
Gross premiums written | $ | 129,682 | $ | 118,901 | |||
Gross premiums ceded | (1,626 | ) | (5,940 | ) | |||
Net premiums written | 128,056 | 112,961 | |||||
Change in net unearned premium reserves | (33,263 | ) | (1,272 | ) | |||
Net premiums earned | 94,793 | 111,689 | |||||
Net investment income (loss) | (24,829 | ) | (10,150 | ) | |||
Other income (expense), net | 1,588 | 182 | |||||
Total revenues | 71,552 | 101,721 | |||||
Expenses | |||||||
Loss and loss adjustment expenses incurred, net | 63,207 | 67,363 | |||||
Acquisition costs, net | 26,841 | 37,796 | |||||
General and administrative expenses | 6,160 | 6,200 | |||||
Total expenses | 96,208 | 111,359 | |||||
Loss before income tax expense | (24,656 | ) | (9,638 | ) | |||
Income tax (expense) benefit | 215 | 560 | |||||
Net loss including non-controlling interest | (24,441 | ) | (9,078 | ) | |||
Loss attributable to non-controlling interest in joint venture | 394 | 197 | |||||
Net loss | $ | (24,047 | ) | $ | (8,881 | ) | |
Earnings (loss) per share | |||||||
Basic | $ | (0.65 | ) | $ | (0.24 | ) | |
Diluted | $ | (0.65 | ) | $ | (0.24 | ) | |
Weighted average number of ordinary shares used in the determination of earnings and loss per share | |||||||
Basic | 37,173,008 | 36,808,386 | |||||
Diluted | 37,173,008 | 36,808,386 |
Three months ended March 31 | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Frequency | Severity | Total | Frequency | Severity | Total | ||||||||||||
Loss ratio | 69.5 | % | 29.8 | % | 66.7 | % | 62.8 | % | 18.8 | % | 60.3 | % | |||||
Acquisition cost ratio | 28.9 | % | 20.6 | % | 28.3 | % | 34.9 | % | 16.1 | % | 33.8 | % | |||||
Composite ratio | 98.4 | % | 50.4 | % | 95.0 | % | 97.7 | % | 34.9 | % | 94.1 | % | |||||
Internal expense ratio | 5.2 | % | 4.8 | % | |||||||||||||
Corporate expense ratio | 1.3 | % | 0.7 | % | |||||||||||||
Combined ratio | 101.5 | % | 99.6 | % |