Greenlight Re Announces Financial Results for Second Quarter and Six Months Ended June 30, 2025
Greenlight Capital Re (NASDAQ: GLRE) has reported its Q2 2025 financial results, demonstrating mixed performance. The company achieved a 95.0% combined ratio and increased gross premiums written by 6.3% to $179.6 million. Net income was $0.3 million ($0.01 per diluted share), down from $8.0 million in Q2 2024.
For H1 2025, GLRE posted stronger results with net income of $30.0 million ($0.87 per diluted share) and gross premiums written growth of 10.7% to $427.6 million. The company's fully diluted book value per share increased 5.7% to $18.97 from year-end 2024. During Q2, GLRE returned capital to shareholders through $5.0 million in share buybacks at an average cost of $13.99 per share.
Greenlight Capital Re (NASDAQ: GLRE) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una performance mista. La società ha raggiunto un combined ratio del 95,0% e ha incrementato i premi lordi sottoscritti del 6,3% arrivando a 179,6 milioni di dollari. L'utile netto è stato di 0,3 milioni di dollari (0,01 dollari per azione diluita), in calo rispetto agli 8,0 milioni di dollari del secondo trimestre 2024.
Per il primo semestre 2025, GLRE ha registrato risultati più solidi con un utile netto di 30,0 milioni di dollari (0,87 dollari per azione diluita) e una crescita dei premi lordi sottoscritti del 10,7% raggiungendo 427,6 milioni di dollari. Il valore contabile per azione completamente diluito è aumentato del 5,7% a 18,97 dollari rispetto alla fine del 2024. Nel secondo trimestre, GLRE ha restituito capitale agli azionisti tramite riacquisti di azioni per 5,0 milioni di dollari a un costo medio di 13,99 dollari per azione.
Greenlight Capital Re (NASDAQ: GLRE) ha reportado sus resultados financieros del segundo trimestre de 2025, mostrando un desempeño mixto. La compañía alcanzó un índice combinado del 95,0% y aumentó las primas brutas suscritas en un 6,3% hasta 179,6 millones de dólares. El ingreso neto fue de 0,3 millones de dólares (0,01 dólares por acción diluida), disminuyendo desde 8,0 millones en el segundo trimestre de 2024.
Para el primer semestre de 2025, GLRE presentó resultados más sólidos con un ingreso neto de 30,0 millones de dólares (0,87 dólares por acción diluida) y un crecimiento de primas brutas suscritas del 10,7% hasta 427,6 millones de dólares. El valor contable por acción totalmente diluido aumentó un 5,7% hasta 18,97 dólares desde finales de 2024. Durante el segundo trimestre, GLRE devolvió capital a los accionistas mediante compras de acciones por 5,0 millones de dólares a un costo promedio de 13,99 dólares por acción.
Greenlight Capital Re (NASDAQ: GLRE)는 2025년 2분기 재무 실적을 발표하며 혼재된 성과를 보였습니다. 회사는 95.0%의 결합비율을 기록했고, 총 보험료는 6.3% 증가한 1억 7,960만 달러를 달성했습니다. 순이익은 30만 달러(희석 주당 0.01달러)로, 2024년 2분기의 800만 달러에서 감소했습니다.
2025년 상반기에는 GLRE가 순이익 3,000만 달러(희석 주당 0.87달러)와 총 보험료 10.7% 증가한 4억 2,760만 달러를 기록하며 더 강한 실적을 보였습니다. 회사의 완전 희석 기준 주당 장부 가치는 2024년 말 대비 5.7% 상승한 18.97달러를 기록했습니다. 2분기 동안 GLRE는 평균 주당 13.99달러의 비용으로 500만 달러 규모의 자사주 매입을 통해 주주들에게 자본을 환원했습니다.
Greenlight Capital Re (NASDAQ : GLRE) a publié ses résultats financiers du deuxième trimestre 2025, montrant une performance mitigée. La société a réalisé un ratio combiné de 95,0% et a augmenté les primes brutes émises de 6,3% à 179,6 millions de dollars. Le bénéfice net s’est élevé à 0,3 million de dollars (0,01 dollar par action diluée), en baisse par rapport à 8,0 millions au deuxième trimestre 2024.
Pour le premier semestre 2025, GLRE a affiché des résultats plus solides avec un bénéfice net de 30,0 millions de dollars (0,87 dollar par action diluée) et une croissance des primes brutes émises de 10,7% à 427,6 millions de dollars. La valeur comptable diluée par action a augmenté de 5,7% pour atteindre 18,97 dollars par rapport à la fin de 2024. Au cours du deuxième trimestre, GLRE a restitué du capital aux actionnaires via des rachats d’actions pour 5,0 millions de dollars à un coût moyen de 13,99 dollars par action.
Greenlight Capital Re (NASDAQ: GLRE) hat seine Finanzergebnisse für das zweite Quartal 2025 veröffentlicht und dabei eine gemischte Performance gezeigt. Das Unternehmen erreichte eine Combined Ratio von 95,0% und steigerte die Bruttobeiträge um 6,3% auf 179,6 Millionen US-Dollar. Der Nettogewinn betrug 0,3 Millionen US-Dollar (0,01 US-Dollar je verwässerter Aktie), was einen Rückgang gegenüber 8,0 Millionen US-Dollar im zweiten Quartal 2024 darstellt.
Für das erste Halbjahr 2025 verzeichnete GLRE stärkere Ergebnisse mit einem Nettogewinn von 30,0 Millionen US-Dollar (0,87 US-Dollar je verwässerter Aktie) und einem Wachstum der Bruttobeiträge um 10,7% auf 427,6 Millionen US-Dollar. Der vollständig verwässerte Buchwert je Aktie stieg um 5,7% auf 18,97 US-Dollar im Vergleich zum Jahresende 2024. Im zweiten Quartal gab GLRE Kapital an die Aktionäre zurück durch Aktienrückkäufe im Wert von 5,0 Millionen US-Dollar zu einem durchschnittlichen Preis von 13,99 US-Dollar pro Aktie.
- Combined ratio improved to 95.0% from 99.9% year-over-year in Q2
- Gross premiums written increased 6.3% to $179.6 million in Q2
- H1 2025 gross premiums written grew 10.7% to $427.6 million
- Book value per share increased 5.7% from December 2024
- Returned $5 million to shareholders through share buybacks
- Q2 net income declined to $0.3 million from $8.0 million year-over-year
- Q2 investment loss of $7.8 million compared to $15.3 million income last year
- H1 2025 combined ratio deteriorated to 99.9% from 98.9%
- H1 2025 investment income decreased to $32.7 million from $46.7 million
- Solasglas investment portfolio lost 4.0% during Q2
Insights
Greenlight Re delivered solid underwriting results with a 95.0% combined ratio, offsetting investment losses to maintain slight profitability and book value growth.
Greenlight Re's Q2 2025 results demonstrate a notable improvement in underwriting performance with a combined ratio of
The company achieved premium growth with gross written premiums increasing
Chairman David Einhorn noted the Solasglas investment portfolio lost
For the six-month period, Greenlight delivered net income of
The company continued its capital return program, repurchasing
Delivers
GRAND CAYMAN, Cayman Islands, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter and six months ended June 30, 2025.
Second Quarter 2025 Highlights (all comparisons are to second quarter 2024 unless noted otherwise):
- Gross premiums written increased
6.3% to$179.6 million ; - Net premiums earned increased
2.0% to$161.6 million ; - Net underwriting income of
$8.1 million , compared to$0.3 million ; - Combined ratio of
95.0% , compared to99.9% ; - Total investment loss of
$7.8 million , compared to total investment income of$15.3 million ; - Net income of
$0.3 million , or$0.01 per diluted ordinary share, compared to$8.0 million , or$0.23 per diluted ordinary share; - Repurchased
$5.0 million of shares at an average cost of$13.99 per share; and - Fully diluted book value per share increased
0.5% to$18.97 , from$18.87 at March 31, 2025.
Six Months Ended June 30, 2025 Highlights (all comparisons are to same period in 2024):
- Gross premiums written increased
10.7% to$427.6 million ; - Net premiums earned increased
3.2% to$330.1 million ; - Net underwriting income of
$0.3 million compared to$3.7 million ; - Combined ratio of
99.9% , compared to98.9% ; - Total investment income of
$32.7 million , compared to$46.7 million ; - Net income of
$30.0 million , or$0.87 per diluted ordinary share, compared to$35.0 million , or$1.01 per diluted ordinary share; and - Fully diluted book value per share increased
5.7% to$18.97 , from$17.65 at December 31, 2024.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased with our second quarter 2025 underwriting results, which reflect the strength and discipline of our portfolio, and we believe our book is well positioned for a strong second half of the year. We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and focus on operational performance.”
David Einhorn, Chairman of the Board of Directors, said, “The Solasglas investment portfolio lost
Greenlight Capital Re, Ltd. Second Quarter 2025 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Tuesday, August 5, 2025, at 9:00 a.m. Eastern Time. Dial-in details:
U.S. toll free: 1-877-407-9753
International: 1-201-493-6739
The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1727215&tp_key=d849de3f16
A telephone replay will be available following the call through August 11, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13754849. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.
Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.
Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) 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 the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
IR@greenlightre.ky
| GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATEDBALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts) | |||||
| June 30, 2025 | December 31, 2024 | ||||
| (Unaudited) | |||||
| Assets | |||||
| Investments | |||||
| Investment in related party investment fund, at fair value | $ | 461,265 | $ | 387,144 | |
| Other investments | 76,036 | 73,160 | |||
| Total investments | 537,301 | 460,304 | |||
| Cash and cash equivalents | 82,362 | 64,685 | |||
| Restricted cash and cash equivalents | 576,698 | 584,402 | |||
| Reinsurance balances receivable (net of allowance for expected credit losses) | 755,296 | 704,483 | |||
| Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses) | 93,971 | 85,790 | |||
| Deferred acquisition costs | 98,816 | 82,249 | |||
| Unearned premiums ceded | 36,623 | 29,545 | |||
| Other assets | 6,957 | 4,765 | |||
| Total assets | $ | 2,188,024 | $ | 2,016,223 | |
| Liabilities and equity | |||||
| Liabilities | |||||
| Loss and loss adjustment expense reserves | $ | 944,985 | $ | 860,969 | |
| Unearned premium reserves | 383,424 | 324,551 | |||
| Reinsurance balances payable | 106,103 | 105,892 | |||
| Funds withheld | 22,577 | 21,878 | |||
| Other liabilities | 8,728 | 6,305 | |||
| Debt | 58,889 | 60,749 | |||
| Total liabilities | 1,524,706 | 1,380,344 | |||
| Shareholders' equity | |||||
| Ordinary share capital (par value | $ | 3,420 | $ | 3,483 | |
| Additional paid-in capital | 479,097 | 481,551 | |||
| Retained earnings | 180,801 | 150,845 | |||
| Total shareholders' equity | 663,318 | 635,879 | |||
| Total liabilities and equity | $ | 2,188,024 | $ | 2,016,223 | |
| GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATEDRESULTS OF OPERATIONS (Unaudited) (expressed in thousands of U.S. dollars, except percentages and per share amounts) | ||||||||||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Underwriting results: | ||||||||||||||||
| Gross premiums written | $ | 179,628 | $ | 168,975 | $ | 427,573 | $ | 386,233 | ||||||||
| Gross premiums ceded | (15,101 | ) | (14,832 | ) | (43,649 | ) | (38,013 | ) | ||||||||
| Net premiums written | 164,527 | 154,143 | 383,924 | 348,220 | ||||||||||||
| Change in net unearned premium reserves | (2,886 | ) | 4,255 | (53,820 | ) | (28,286 | ) | |||||||||
| Net premiums earned | $ | 161,641 | $ | 158,398 | $ | 330,104 | $ | 319,934 | ||||||||
| Net loss and LAE incurred: | ||||||||||||||||
| Current year | $ | (97,032 | ) | $ | (102,722 | ) | $ | (215,698 | ) | $ | (206,647 | ) | ||||
| Prior year | (3,047 | ) | 689 | (7,265 | ) | (4,712 | ) | |||||||||
| Net loss and LAE incurred | (100,079 | ) | (102,033 | ) | (222,963 | ) | (211,359 | ) | ||||||||
| Acquisition costs | (46,848 | ) | (50,454 | ) | (93,714 | ) | (92,064 | ) | ||||||||
| Underwriting expenses | (6,481 | ) | (5,811 | ) | (12,839 | ) | (12,150 | ) | ||||||||
| Deposit interest income (expense), net | (124 | ) | 233 | (273 | ) | (643 | ) | |||||||||
| Net underwriting income | $ | 8,109 | $ | 333 | $ | 315 | $ | 3,718 | ||||||||
| Income from investment in Solasglas | $ | (18,276 | ) | $ | 4,330 | $ | 13,921 | $ | 22,578 | |||||||
| Net investment income | 10,470 | 10,948 | 18,757 | 24,126 | ||||||||||||
| Total investment income (loss) | $ | (7,806 | ) | $ | 15,278 | $ | 32,678 | $ | 46,704 | |||||||
| Corporate and other expenses | $ | (4,755 | ) | $ | (4,706 | ) | $ | (9,427 | ) | $ | (9,081 | ) | ||||
| Foreign exchange gains (losses) | 6,271 | (932 | ) | 10,626 | (2,581 | ) | ||||||||||
| Interest expense | (1,144 | ) | (1,560 | ) | (2,608 | ) | (2,809 | ) | ||||||||
| Income before income tax | 675 | 8,413 | 31,584 | 35,951 | ||||||||||||
| Income tax expense | (346 | ) | (435 | ) | (1,628 | ) | (954 | ) | ||||||||
| Net income | $ | 329 | $ | 7,978 | $ | 29,956 | $ | 34,997 | ||||||||
| Earnings per share | ||||||||||||||||
| Basic | $ | 0.01 | $ | 0.23 | $ | 0.88 | $ | 1.02 | ||||||||
| Diluted | $ | 0.01 | $ | 0.23 | $ | 0.87 | $ | 1.01 | ||||||||
| Underwriting ratios: | ||||||||||||||||
| Current year loss ratio | 60.0 | % | 64.9 | % | 65.3 | % | 64.6 | % | ||||||||
| Prior year reserve development ratio | 1.9 | % | (0.4) | % | 2.2 | % | 1.5 | % | ||||||||
| Loss ratio | 61.9 | % | 64.5 | % | 67.5 | % | 66.1 | % | ||||||||
| Acquisition cost ratio | 29.0 | % | 31.9 | % | 28.4 | % | 28.8 | % | ||||||||
| Composite ratio | 90.9 | % | 96.4 | % | 95.9 | % | 94.9 | % | ||||||||
| Underwriting expense ratio | 4.1 | % | 3.5 | % | 4.0 | % | 4.0 | % | ||||||||
| Combined ratio | 95.0 | % | 99.9 | % | 99.9 | % | 98.9 | % | ||||||||
The following tables present the Company’s results by segment and on a consolidated basis:
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended June 30, 2025 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 152,333 | $ | 27,596 | $ | (301 | ) | $ | 179,628 | ||||||
| Net premiums written | $ | 142,111 | $ | 22,716 | $ | (300 | ) | $ | 164,527 | ||||||
| Net premiums earned | $ | 140,554 | $ | 21,386 | $ | (299 | ) | $ | 161,641 | ||||||
| Net loss and LAE incurred | (83,475 | ) | (15,244 | ) | (1,360 | ) | (100,079 | ) | |||||||
| Acquisition costs | (40,900 | ) | (6,012 | ) | 64 | (46,848 | ) | ||||||||
| Other underwriting expenses | (4,861 | ) | (1,620 | ) | — | (6,481 | ) | ||||||||
| Deposit interest expense, net | (124 | ) | — | — | (124 | ) | |||||||||
| Underwriting income (loss) | 11,194 | (1,490 | ) | (1,595 | ) | 8,109 | |||||||||
| Net investment income | 5,629 | 431 | 4,410 | 10,470 | |||||||||||
| Corporate and other expenses | — | (602 | ) | (4,153 | ) | (4,755 | ) | ||||||||
| Income (loss) from investment in Solasglas | (18,276 | ) | (18,276 | ) | |||||||||||
| Foreign exchange gains (losses) | 6,271 | 6,271 | |||||||||||||
| Interest expense | (1,144 | ) | (1,144 | ) | |||||||||||
| Income (loss) before income taxes | $ | 16,823 | $ | (1,661 | ) | $ | (14,487 | ) | $ | 675 | |||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 59.4 | % | 71.3 | % | -454.8 | % | 61.9 | % | |||||||
| Acquisition cost ratio | 29.1 | % | 28.1 | % | 21.4 | % | 29.0 | % | |||||||
| Composite ratio | 88.5 | % | 99.4 | % | -433.4 | % | 90.9 | % | |||||||
| Underwriting expenses ratio | 3.5 | % | 7.6 | % | — | % | 4.1 | % | |||||||
| Combined ratio | 92.0 | % | 107.0 | % | -433.4 | % | 95.0 | % | |||||||
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended June 30, 2024 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 143,311 | $ | 25,319 | $ | 345 | $ | 168,975 | |||||||
| Net premiums written | $ | 131,585 | $ | 22,212 | $ | 346 | $ | 154,143 | |||||||
| Net premiums earned | $ | 125,865 | $ | 25,348 | $ | 7,185 | $ | 158,398 | |||||||
| Net loss and LAE incurred | (73,403 | ) | (13,634 | ) | (14,996 | ) | (102,033 | ) | |||||||
| Acquisition costs | (40,511 | ) | (8,406 | ) | (1,537 | ) | (50,454 | ) | |||||||
| Other underwriting expenses | (4,816 | ) | (995 | ) | — | (5,811 | ) | ||||||||
| Deposit interest income, net | 233 | — | — | 233 | |||||||||||
| Underwriting income (loss) | 7,368 | 2,313 | (9,348 | ) | 333 | ||||||||||
| Net investment income | 9,782 | 366 | 800 | 10,948 | |||||||||||
| Corporate and other expenses | — | (810 | ) | (3,896 | ) | (4,706 | ) | ||||||||
| Income from investment in Solasglas | 4,330 | 4,330 | |||||||||||||
| Foreign exchange gains (losses) | (932 | ) | (932 | ) | |||||||||||
| Interest expense | (1,560 | ) | (1,560 | ) | |||||||||||
| Income (loss) before income taxes | $ | 17,150 | $ | 1,869 | $ | (10,606 | ) | $ | 8,413 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 58.3 | % | 53.8 | % | 208.7 | % | 64.5 | % | |||||||
| Acquisition cost ratio | 32.2 | % | 33.2 | % | 21.4 | % | 31.9 | % | |||||||
| Composite ratio | 90.5 | % | 87.0 | % | 230.1 | % | 96.4 | % | |||||||
| Underwriting expenses ratio | 3.6 | % | 3.9 | % | — | % | 3.5 | % | |||||||
| Combined ratio | 94.1 | % | 90.9 | % | 230.1 | % | 99.9 | % | |||||||
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Six months ended June 30, 2025 | |||||||||||||||
| Six months ended June 30, 2025: | Open Market | Innovations | Corporate | Total Consolidated | |||||||||||
| Gross premiums written | $ | 373,042 | $ | 55,062 | $ | (531 | ) | $ | 427,573 | ||||||
| Net premiums written | $ | 337,720 | $ | 46,687 | $ | (483 | ) | $ | 383,924 | ||||||
| Net premiums earned | $ | 290,195 | $ | 40,391 | $ | (482 | ) | $ | 330,104 | ||||||
| Net loss and LAE incurred | (196,238 | ) | (25,590 | ) | (1,135 | ) | (222,963 | ) | |||||||
| Acquisition costs | (81,781 | ) | (12,045 | ) | 112 | (93,714 | ) | ||||||||
| Other underwriting expenses | (9,658 | ) | (3,181 | ) | — | (12,839 | ) | ||||||||
| Deposit interest expense, net | (273 | ) | — | — | (273 | ) | |||||||||
| Underwriting income (loss) | 2,245 | (425 | ) | (1,505 | ) | 315 | |||||||||
| Net investment income | 11,400 | 879 | 6,478 | 18,757 | |||||||||||
| Corporate and other expenses | — | (1,174 | ) | (8,253 | ) | (9,427 | ) | ||||||||
| Income from investment in Solasglas | 13,921 | 13,921 | |||||||||||||
| Foreign exchange gains (losses) | 10,626 | 10,626 | |||||||||||||
| Interest expense | (2,608 | ) | (2,608 | ) | |||||||||||
| Income (loss) before income taxes | $ | 13,645 | $ | (720 | ) | $ | 18,659 | $ | 31,584 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 67.6 | % | 63.4 | % | -235.5 | % | 67.5 | % | |||||||
| Acquisition cost ratio | 28.2 | % | 29.8 | % | 23.2 | % | 28.4 | % | |||||||
| Composite ratio | 95.8 | % | 93.2 | % | -212.3 | % | 95.9 | % | |||||||
| Underwriting expenses ratio | 3.4 | % | 7.9 | % | — | % | 4.0 | % | |||||||
| Combined ratio | 99.2 | % | 101.1 | % | -212.3 | % | 99.9 | % | |||||||
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Six months ended June 30, 2024 | |||||||||||||||
| Six months ended June 30, 2024: | Open Market | Innovations | Corporate | Total Consolidated | |||||||||||
| Gross premiums written | $ | 330,372 | $ | 55,387 | $ | 474 | $ | 386,233 | |||||||
| Net premiums written | $ | 299,301 | $ | 48,456 | $ | 463 | $ | 348,220 | |||||||
| Net premiums earned | $ | 257,475 | $ | 45,545 | $ | 16,914 | $ | 319,934 | |||||||
| Net loss and LAE incurred | (160,103 | ) | (26,761 | ) | (24,495 | ) | (211,359 | ) | |||||||
| Acquisition costs | (74,090 | ) | (14,459 | ) | (3,515 | ) | (92,064 | ) | |||||||
| Other underwriting expenses | (10,294 | ) | (1,856 | ) | — | (12,150 | ) | ||||||||
| Deposit interest expense, net | (643 | ) | — | — | (643 | ) | |||||||||
| Underwriting income (loss) | 12,345 | 2,469 | (11,096 | ) | 3,718 | ||||||||||
| Net investment income | 22,398 | 183 | 1,545 | 24,126 | |||||||||||
| Corporate and other expenses | — | (1,400 | ) | (7,681 | ) | (9,081 | ) | ||||||||
| Income from investment in Solasglas | 22,578 | 22,578 | |||||||||||||
| Foreign exchange gains (losses) | (2,581 | ) | (2,581 | ) | |||||||||||
| Interest expense | (2,809 | ) | (2,809 | ) | |||||||||||
| Income (loss) before income taxes | $ | 34,743 | $ | 1,252 | $ | (44 | ) | $ | 35,951 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 62.2 | % | 58.8 | % | 144.8 | % | 66.1 | % | |||||||
| Acquisition cost ratio | 28.8 | % | 31.7 | % | 20.8 | % | 28.8 | % | |||||||
| Composite ratio | 91.0 | % | 90.5 | % | 165.6 | % | 94.9 | % | |||||||
| Underwriting expenses ratio | 4.2 | % | 4.1 | % | — | % | 4.0 | % | |||||||
| Combined ratio | 95.2 | % | 94.6 | % | 165.6 | % | 98.9 | % | |||||||
GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.
The key non-GAAP financial measure used in this news release is:
- Fully diluted book value per share
This non-GAAP financial measure is described below.
Fully Diluted Book Value Per Share
Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.
We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.
We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.
The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | ||||||||||
| Numerator for basic and fully diluted book value per share: | ||||||||||||||
| Total equity as reported under U.S. GAAP | $ | 663,318 | $ | 666,804 | $ | 635,879 | $ | 663,418 | $ | 634,020 | ||||
| Denominator for basic and fully diluted book value per share: | ||||||||||||||
| Ordinary shares issued and outstanding as reported and denominator for basic book value per share | 34,198,153 | 34,557,449 | 34,831,324 | 34,832,493 | 35,321,144 | |||||||||
| Add: In-the-money stock options(1)and all outstanding RSUs | 775,124 | 773,938 | 590,001 | 602,013 | 594,612 | |||||||||
| Denominator for fully diluted book value per share | 34,973,277 | 35,331,387 | 35,421,325 | 35,434,506 | 35,915,756 | |||||||||
| Basic book value per share | $ | 19.40 | $ | 19.30 | $ | 18.26 | $ | 19.05 | $ | 17.95 | ||||
| Fully diluted book value per share | $ | 18.97 | $ | 18.87 | $ | 17.95 | $ | 18.72 | $ | 17.65 | ||||
(1) Assuming net exercise by the grantee.
FAQ
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