Investment gains can't make up for slow insurance business at Greenlight Re

Adjusted book value per share of $30.47 up 25.9% from a year ago, and compares to current price of $31.85.

Gross written premiums of $33.7M dives from $135.2M a year ago thanks to the exit from certain businesses no longer meeting the company's return hurdles. "The competitive market conditions are making it challenging to find new business that meets our return hurdles," says CEO Bart Hedges.

Underwriting income of $5.6M sips from $11.7M.

Net investment gain of 8.1% on GLRE's investment portfolio vs. 2% a year ago. Chairman David Einhorn: "Our investment results were strong in the second quarter, mainly as a result of our long portfolio which benefited from the buoyant equity markets."

GLRE -5.3%

Previously: Greenlight Capital misses by $0.15, misses on revenue

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