Greenlight Re Announces Financial Results for Third Quarter and Nine Months Ended September 30, 2026

A narrower quarterly investment loss accompanied a return to profit, while nine-month earnings remained below the prior year.

Rhea-AI Summary

Greenlight Re (GLRE) returned to profit in the third quarter of 2026, reporting net income of $3.2 million. Diluted earnings were $0.10 per share, versus a $0.13 loss a year earlier. Gross premiums written fell 1% to $181.9 million, while net premiums earned declined 7% to $153.4 million. Underwriting income fell to $14.6 million from $22.3 million. The combined ratio, measuring underwriting costs against earned premiums, rose to 90.5% from 86.6%.

The quarterly investment loss narrowed to $4.6 million from $17.4 million. Nine-month net income declined to $9.4 million from $25.6 million, with diluted earnings of $0.28 versus $0.74. Fully diluted book value per share, a non-GAAP measure, reached $20.78, up 0.8% from June 30 and 1.7% from year-end. Repurchases totaled $27.2 million through September, including $8.0 million in the quarter; another $3.3 million was repurchased through October 30.

10 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 17 points

How the balance works

Positive

• Moderate pointThird-quarter net income reached $3.2 million, or $0.10 diluted, versus a $4.4 million loss, or $0.13 per share.
• Moderate pointNine-month buybacks totaled $27.2 million at $16.90 average cost, including $8.0 million during the third quarter. 5.7% of market cap
• Minor pointThird-quarter investment loss narrowed to $4.6 million from $17.4 million a year earlier.
• Minor pointFully diluted book value reached $20.78, up 0.8% from June 30 and 1.7% from December 31, 2025.
• Minor pointAdditional October 1–30 repurchases totaled $3.3 million at an average price of $14.95.

5 minor points

• Minor pointInnovations third-quarter gross premiums written increased to $43.034 million from $29.393 million a year earlier.
• Minor pointInnovations third-quarter pretax income reached $5.836 million, versus an $11.326 million loss a year earlier.
• Minor pointNine-month interest expense fell to $354,000 from $4.038 million; quarterly expense fell to $127,000 from $1.430 million.
• Minor pointNine-month income tax expense fell to $662,000 from $2.154 million; quarterly expense declined to $389,000 from $526,000.
• Minor pointMiddle East-related reserves developed favorably, and management said year-to-date underwriting results were trending in line with expectations.

Negative

• Moderate pointNine-month net income declined to $9.4 million, or $0.28 diluted, from $25.6 million, or $0.74 diluted.
• Moderate pointThird-quarter gross premiums written fell 1% to $181.9 million; nine-month premiums fell 3% to $592.9 million.
• Moderate pointThird-quarter net premiums earned fell 7% to $153.4 million; nine-month premiums declined 5% to $469.4 million.
• Moderate pointThird-quarter underwriting income fell to $14.6 million from $22.3 million; nine-month income declined to $20.6 million from $22.6 million.
• Moderate pointThird-quarter combined ratio worsened to 90.5% from 86.6%; the nine-month ratio rose to 95.6% from 95.4%.
• Moderate pointNine-month foreign exchange swung to a $5.976 million loss from an $8.632 million gain.

11 minor points

• Minor pointThird-quarter net premiums written declined to $142.702 million from $162.682 million; nine-month premiums fell to $472.985 million from $546.606 million.
• Minor pointNine-month investment income declined to $12.0 million from $15.3 million a year earlier.
• Minor pointSolasglas returned -3.3% in the third quarter.
• Minor pointOpen Market third-quarter gross premiums written fell to $138.843 million from $154.994 million a year earlier.
• Minor pointOpen Market third-quarter pretax income declined to $19.522 million from $27.851 million a year earlier.
• Minor pointOpen Market third-quarter combined ratio worsened to 87.9% from 84.5% a year earlier.
• Minor pointInnovations third-quarter combined ratio worsened to 98.2% from 96.8% a year earlier.
• Minor pointCorporate third-quarter pretax loss widened to $21.735 million from $20.404 million a year earlier.
• Minor pointCorporate and other expenses rose to $16.176 million over nine months from $14.826 million a year earlier.
• Minor pointThird-quarter corporate and other expenses increased to $5.717 million from $5.399 million a year earlier.
• Minor pointShareholders' equity declined to $694.547 million at September 30 from $707.977 million at December 31, 2025.

News Explained

At September 30, 2026, Greenlight Re had 32,460,395 ordinary shares outstanding, versus 33,897,709 at December 31, 2025; for holders who retained their shares, the lower share count means each share represented a larger proportional ownership stake.

Key Figures

Combined ratio: 90.5% Net underwriting income: $14.6 million Net income: $3.2 million +5 more

Combined ratio

90.5%

Q3 2026; compared to 86.6% in Q3 2025

Net underwriting income

$14.6 million

Q3 2026; compared to $22.3 million in Q3 2025

Net income

$3.2 million

Q3 2026; compared to a $4.4 million net loss in Q3 2025

Total investment loss

$4.6 million loss

Q3 2026; compared to a $17.4 million loss in Q3 2025

Ordinary shares repurchased

$8.0 million

Q3 2026; average cost of $15.77 per share

Net income

$9.4 million

Nine months ended September 30, 2026; compared to $25.6 million in 2025

Combined ratio

95.6%

Nine months ended September 30, 2026; compared to 95.4% in 2025

Fully diluted book value per share

$20.78

Q3 2026; increased 0.8% from $20.61 at June 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 04

Same Type 2 events

1. Aug 04

   quarterly earnings

   24h Move

   -3.7%

   Q2 reported an underwriting loss and a 100.1% combined ratio.

2. Nov 03

   quarterly earnings

   24h Move

   -2.0%

   Q3 2025 reported a $4.4 million net loss despite underwriting income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

combined ratio, gross premiums written, net premiums earned, non-gaap

4 terms

combined ratio financial

"Combined ratio of 90.5%, compared to 86.6%"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

gross premiums written financial

"Gross premiums written decreased 1% to $181.9 million"

Gross premiums written is the total dollar value of all insurance policies an insurer issues or renews over a period, measured before subtracting amounts passed on to other insurers (reinsurance) or cancellations. Think of it as a store’s total receipts from sales before returns and wholesaler fees; it shows how much business the company is generating but not how much it keeps as profit, so investors use it to gauge growth and market activity.

net premiums earned financial

"Net premiums earned decreased 7% to $153.4 million"

The portion of insurance premiums that a company recognizes as revenue for a specific accounting period after subtracting any amounts paid to other insurers for reinsurance; it represents the cost of insurance coverage actually provided during that time. Think of a year‑long subscription where only the months used are counted as income. Investors watch net premiums earned to gauge an insurer’s revenue growth and underwriting performance, separate from one‑time sales or changes in policy counts.

non-gaap financial

"This measure is referred to as a non-GAAP measure."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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Delivers Strong Underwriting Result with 90.5% Combined Ratio; Repurchases $8.0 million of ordinary shares during the quarter

GRAND CAYMAN, Cayman Islands, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter and nine months ended September 30, 2026.

Third quarter 2026 Highlights (all comparisons are to third quarter 2025 unless noted otherwise):

• Gross premiums written decreased 1% to $181.9 million;
• Net premiums earned decreased 7% to $153.4 million;
• Net underwriting income of $14.6 million, compared to $22.3 million;
• Combined ratio of 90.5%, compared to 86.6%;
• Total investment loss of $4.6 million, compared to loss of $17.4 million;
• Net income of $3.2 million, or $0.10 per diluted ordinary share, compared to net loss of $4.4 million, or $(0.13) per diluted ordinary share;
• Repurchased $8.0 million of ordinary shares at an average cost of $15.77 per share; and
• Fully diluted book value per share increased 0.8% to $20.78, from $20.61 at June 30, 2026.
  
  

Nine months ended September 30, 2026 Highlights (all comparisons are to the same period in 2025):

• Gross premiums written decreased 3% to $592.9 million;
• Net premiums earned decreased 5% to $469.4 million;
• Net underwriting income of $20.6 million compared to $22.6 million;
• Combined ratio of 95.6%, compared to 95.4%;
• Total investment income of $12.0 million, compared to $15.3 million;
• Net income of $9.4 million, or $0.28 per diluted ordinary share, compared to $25.6 million, or $0.74 per diluted ordinary share;
• Repurchased $27.2 million of ordinary shares at an average cost of $16.90 per share; and
• Fully diluted book value per share increased 1.7% to $20.78, from $20.43 at December 31, 2025.
  
  

From October 1, 2026, to October 30, 2026, the Company has repurchased an additional $3.3 million of ordinary shares at an average price of $14.95 per share.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased to report strong underwriting income in the third quarter, aided by a relatively benign catastrophe and large loss environment. The conservative reserving approach we took on Middle East–related exposures last quarter has developed favorably, and our year-to-date underwriting result is now trending in line with our expectations.”

David Einhorn, Chairman of the Board of Directors, said, “The third quarter continued to be challenging for our investment portfolio and Solasglas returned -3.3%. However, our good underwriting result, coupled by gains on our Innovations portfolio and buybacks, contributed to an increase in fully diluted book value per share.”

Greenlight Capital Re, Ltd. Third Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 3, 2026, 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=1731027&tp_key=691022d3df 

A telephone replay will be available following the call through November 8, 2026. 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 13755439. 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 any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; 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
Jeremy Hellman
Vice President, The Equity Group Inc.
(212) 836-9626
IR@greenlightre.ky

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)

	September 30, 2026			December 31, 2025
	(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value	$	487,385		$	504,555
Other investments		65,452			62,911
Fixed maturity investments, at fair value		178,905			65,609
Total investments		731,742			633,075
Cash and cash equivalents		70,982			111,756
Restricted cash and cash equivalents		511,983			531,976
Reinsurance balances receivable		683,363			664,381
Reinsurance recoverable on unpaid loss and loss adjustment expenses		118,361			81,392
Deferred acquisition costs		98,506			99,954
Unearned premiums ceded		66,849			39,223
Other assets		8,788			8,026
Total assets	$	2,290,574		$	2,169,783
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves		1,024,891			967,960
Unearned premium reserves		401,152			361,704
Reinsurance balances payable		109,704			95,853
Funds withheld		43,734			16,105
Other liabilities		11,778			15,460
Debt		4,768			4,724
Total liabilities		1,596,027			1,461,806
Shareholders' equity
Preferred share capital (par value $0.10; none issued)		—			—
Ordinary share capital (par value $0.10; issued and outstanding, 32,460,395) (2025: par value $0.10; issued and outstanding, 33,897,709)		3,246			3,390
Additional paid-in capital		456,236			478,910
Retained earnings		235,065			225,677
Total shareholders' equity		694,547			707,977
Total liabilities and equity	$	2,290,574		$	2,169,783

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars, except percentages and per share amounts)

		Three months ended September 30								Nine months ended September 30
			2026				2025				2026				2025
		(Unaudited)								(Unaudited)
Underwriting results:
Gross premiums written		$	181,875			$	184,377			$	592,931			$	611,950
Gross premiums ceded			(39,173	)			(21,695	)			(119,946	)			(65,344	)
Net premiums written		$	142,702			$	162,682			$	472,985			$	546,606
Change in net unearned premium reserves			10,727				2,737				(3,598	)			(51,083	)
Net premiums earned		$	153,429			$	165,419			$	469,387			$	495,523
Net loss and LAE incurred:
Current year			(81,875	)			(87,776	)			(286,886	)			(303,474	)
Prior year			(2,490	)			(817	)			(717	)			(8,082	)
Net loss and LAE incurred			(84,365	)			(88,593	)			(287,603	)			(311,556	)
Acquisition costs (1)			(45,518	)			(46,445	)			(136,789	)			(138,646	)
Underwriting expenses (1)			(8,913	)			(7,989	)			(24,329	)			(22,341	)
Deposit interest expense			(31	)			(94	)			(109	)			(367	)
Net underwriting income (loss)			14,602				22,298				20,557				22,613
Investment results:
Loss from investment in Solasglas			(15,133	)			(14,404	)			(9,301	)			(483	)
Net investment income (loss)			10,493				(2,950	)			21,300				15,807
Total investment income (loss)			(4,640	)			(17,354	)			11,999				15,324
Corporate and other expenses			(5,717	)			(5,399	)			(16,176	)			(14,826	)
Foreign exchange gains (losses)			(495	)			(1,994	)			(5,976	)			8,632
Interest expense			(127	)			(1,430	)			(354	)			(4,038	)
Income tax expense			(389	)			(526	)			(662	)			(2,154	)
Net income (loss)		$	3,234			$	(4,405	)		$	9,388			$	25,551
Earnings per share
Basic		$	0.10			$	(0.13	)		$	0.28			$	0.75
Diluted		$	0.10			$	(0.13	)		$	0.28			$	0.74
Underwriting ratios:
Current year loss ratio			53.4	%			53.1	%			61.1	%			61.2	%
Prior year reserve development ratio			1.6	%			0.5	%			0.2	%			1.6	%
Loss ratio			55.0	%			53.6	%			61.3	%			62.8	%
Acquisition cost ratio (1)			29.7	%			28.1	%			29.1	%			28.0	%
Composite ratio			84.7	%			81.7	%			90.4	%			90.8	%
Underwriting expense ratio (1)			5.8	%			4.9	%			5.2	%			4.6	%
Combined ratio			90.5	%			86.6	%			95.6	%			95.4	%

^{(1) The Company reclassified $0.5 million and $2.0 million from acquisition costs to underwriting expenses for the three and nine months ended September 30, 2025, respectively, to conform with the current year’s presentation. The related acquisition cost, composite, and underwriting expense ratios for the same periods were adjusted accordingly.}

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 September 30, 2026

	Open Market				Innovations				Corporate				Total Consolidated
Gross premiums written	$	138,843			$	43,034			$	(2	)		$	181,875
Net premiums written	$	114,168			$	28,537			$	(3	)		$	142,702
Net premiums earned	$	125,311			$	28,121			$	(3	)		$	153,429
Net loss and LAE incurred		(64,215	)			(19,067	)			(1,083	)			(84,365	)
Acquisition costs		(39,797	)			(5,722	)			1				(45,518	)
Underwriting expenses		(6,075	)			(2,838	)			—				(8,913	)
Deposit interest expense, net		(31	)			—				—				(31	)
Underwriting income (loss)		15,193				494				(1,085	)			14,602
Net investment income (loss)		4,329				5,974				190				10,493
Corporate and other expenses		—				(632	)			(5,085	)			(5,717	)
Income (loss) from investment in Solasglas										(15,133	)			(15,133	)
Foreign exchange gains (losses)										(495	)			(495	)
Interest expense										(127	)			(127	)
Income (loss) before income taxes	$	19,522			$	5,836			$	(21,735	)		$	3,623
Underwriting ratios:
Loss ratio		51.2	%			67.8	%		NM*					55.0	%
Acquisition cost ratio		31.8	%			20.3	%		NM*					29.7	%
Composite ratio		83.0	%			88.1	%		NM*					84.7	%
Underwriting expense ratio		4.9	%			10.1	%		NM*					5.8	%
Combined ratio		87.9	%			98.2	%		NM*					90.5	%

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended September 30, 2025

	Open Market				Innovations				Corporate				Total Consolidated
Gross premiums written	$	154,994			$	29,393			$	(10	)		$	184,377
Net premiums written	$	140,372			$	22,318			$	(8	)		$	162,682
Net premiums earned	$	144,427			$	21,000			$	(8	)		$	165,419
Net loss and LAE incurred		(76,590	)			(11,412	)			(591	)			(88,593	)
Acquisition costs (1)		(40,069	)			(6,377	)			1				(46,445	)
Underwriting expenses (1)		(5,446	)			(2,543	)			—				(7,989	)
Deposit interest expense, net		(94	)			—				—				(94	)
Underwriting income (loss)		22,228				668				(598	)			22,298
Net investment income		5,623				(11,270	)			2,697				(2,950	)
Corporate and other expenses		—				(724	)			(4,675	)			(5,399	)
Income from investment in Solasglas										(14,404	)			(14,404	)
Foreign exchange gains (losses)										(1,994	)			(1,994	)
Other income										—				—
Interest expense										(1,430	)			(1,430	)
Income (loss) before income taxes	$	27,851			$	(11,326	)		$	(20,404	)		$	(3,879	)
Underwriting ratios:
Loss ratio		53.0	%			54.3	%		NM*					53.6	%
Acquisition cost ratio		27.7	%			30.4	%		NM*					28.1	%
Composite ratio		80.7	%			84.7	%		NM*					81.7	%
Underwriting expense ratio		3.8	%			12.1	%		NM*					4.9	%
Combined ratio		84.5	%			96.8	%		NM*					86.6	%

^{(1) The Company has reclassified $0.5 million from acquisition costs to underwriting expenses for the three months ended September 30, 2025, to conform with the current year’s presentation for the Innovations segment and total consolidated. The related acquisition cost, composite, and underwriting expenses ratios for the same periods were adjusted accordingly.}

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Nine months ended September 30, 2026

	Open Market				Innovations				Corporate				Total Consolidated
Gross premiums written	$	471,392			$	121,543			$	(4	)		$	592,931
Net premiums written	$	393,712			$	79,278			$	(5	)		$	472,985
Net premiums earned	$	391,237			$	78,155			$	(5	)		$	469,387
Net loss and LAE incurred		(234,390	)			(50,368	)			(2,845	)			(287,603	)
Acquisition costs		(119,408	)			(17,382	)			1				(136,789	)
Underwriting expenses		(16,420	)			(7,909	)			—				(24,329	)
Deposit interest expense, net		(109	)			—				—				(109	)
Underwriting income (loss)		20,910				2,496				(2,849	)			20,557
Net investment income (loss)		13,873				6,589				838				21,300
Corporate and other expenses		—				(1,933	)			(14,243	)			(16,176	)
Income (loss) from investment in Solasglas										(9,301	)			(9,301	)
Foreign exchange gains (losses)										(5,976	)			(5,976	)
Interest expense										(354	)			(354	)
Income (loss) before income taxes	$	34,783			$	7,152			$	(31,885	)		$	10,050
Underwriting ratios:
Loss ratio		59.9	%			64.4	%		NM*					61.3	%
Acquisition cost ratio		30.5	%			22.2	%		NM*					29.1	%
Composite ratio		90.4	%			86.6	%		NM*					90.4	%
Underwriting expense ratio		4.2	%			10.1	%		NM*					5.2	%
Combined ratio		94.6	%			96.7	%		NM*					95.6	%

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Nine months ended September 30, 2025

	Open Market				Innovations				Corporate				Total Consolidated
Gross premiums written	$	528,036			$	84,455			$	(541	)		$	611,950
Net premiums written	$	478,092			$	69,005			$	(491	)		$	546,606
Net premiums earned	$	434,622			$	61,391			$	(490	)		$	495,523
Net loss and LAE incurred		(272,828	)			(37,002	)			(1,726	)			(311,556	)
Acquisition costs (1)		(121,850	)			(16,909	)			113				(138,646	)
Underwriting expenses (1)		(15,104	)			(7,237	)			—				(22,341	)
Deposit interest expense, net		(367	)			—				—				(367	)
Underwriting income (loss)		24,473				243				(2,103	)			22,613
Net investment income		17,023				(10,391	)			9,175				15,807
Corporate and other expenses		—				(1,898	)			(12,928	)			(14,826	)
Income from investment in Solasglas										(483	)			(483	)
Foreign exchange gains (losses)										8,632				8,632
Other income										—				—
Interest expense										(4,038	)			(4,038	)
Income (loss) before income taxes	$	41,496			$	(12,046	)		$	(1,745	)		$	27,705
Underwriting ratios:
Loss ratio		62.8	%			60.3	%		NM*					62.8	%
Acquisition cost ratio		28.0	%			27.5	%		NM*					28.0	%
Composite ratio		90.8	%			87.8	%		NM*					90.8	%
Underwriting expenses ratio		3.6	%			11.8	%		NM*					4.6	%
Combined ratio		94.4	%			99.6	%		NM*					95.4	%

^{(1) The Company has reclassified $2.0 million from acquisition costs to underwriting expenses for the nine months ended September 30, 2025, to conform with the current year’s presentation for the Innovations segment and total consolidated. The related acquisition cost, composite, and underwriting expenses ratios for the same periods were adjusted accordingly.}

^{*Not Meaningful}

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.

We use the following non-GAAP financial measure in this news release.

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 and all outstanding restricted stock units, or “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):

	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP	$	694,547			$	697,682			$	741,172			$	707,977			$	658,889
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		32,460,395				32,881,538				33,684,902				33,897,709				34,099,226
Add: In-the-money stock options (1) and all outstanding RSUs		971,100				972,651				950,199				755,997				757,505
Denominator for fully diluted book value per share		33,431,495				33,854,189				34,635,101				34,653,706				34,856,731
Basic book value per share	$	21.40			$	21.22			$	22.00			$	20.89			$	19.32
Increase (decrease) in basic book value per share	$	0.18			$	(0.78	)		$	1.11			$	1.57			$	(0.08	)
Increase (decrease) in basic book value per share		0.8	%			(3.5	)%			5.3	%			8.1	%			(0.4	)%
Fully diluted book value per share	$	20.78			$	20.61			$	21.40			$	20.43			$	18.90
Increase (decrease) in fully diluted book value per share	$	0.17			$	(0.79	)		$	0.97			$	1.53			$	(0.07	)
Increase (decrease) in fully diluted book value per share		0.8	%			(3.7	)%			4.7	%			8.1	%			(0.4	)%

⁽¹⁾ Assuming net exercise by the grantee.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Greenlight Re's third-quarter 2026 earnings?

Greenlight Re earned $3.2 million, or $0.10 per diluted ordinary share, in the third quarter of 2026. That compares with a net loss of $4.4 million, or $0.13 per diluted ordinary share, in the third quarter of 2025.

How much stock did Greenlight Re repurchase during the third quarter of 2026?

Greenlight Re repurchased $8.0 million of ordinary shares during the third quarter at an average cost of $15.77 per share. From October 1 through October 30, 2026, it repurchased an additional $3.3 million at an average price of $14.95 per share.