Greenlight Re Announces Financial Results for Third Quarter and Nine Months Ended September 30, 2025
Greenlight Capital Re (NASDAQ: GLRE) reported third quarter 2025 results with a record quarterly combined ratio of 86.6% and strong underwriting performance. Q3 gross premiums written rose 9.5% to $184.4M and net underwriting income was $22.3M versus $6.1M a year ago. Q3 investment activity produced a $17.4M loss, contributing to a Q3 net loss of $4.4M (-$0.13/share). For the nine months, gross premiums written were $612.0M, net income was $25.6M, and fully diluted book value per share was $18.90. The company repurchased $2.0M of stock.
Greenlight Capital Re (NASDAQ: GLRE) ha riportato i risultati del terzo trimestre 2025 con un rapporto combinato trimestrale record dell'86,6% e una forte performance di sottoscrizione. I premi lordi scritti del trimestre sono aumentati del 9,5% a 184,4 milioni di dollari e l'utile netto da sottoscrizione è stato 22,3 milioni di dollari rispetto a 6,1 milioni di dollari un anno fa. L'attività di investimento del trimestre ha registrato una perdita di 17,4 milioni di dollari, contribuendo a una perdita netta del trimestre di 4,4 milioni di dollari (-0,13 dollari per azione). Nei primi nove mesi, i premi lordi scritti ammontavano a 612,0 milioni di dollari, l'utile netto è stato 25,6 milioni di dollari, e il valore contabile per azione pienamente diluito è stato 18,90 dollari. L'azienda ha riacquistato 2,0 milioni di dollari di azioni.
Greenlight Capital Re (NASDAQ: GLRE) informó resultados del tercer trimestre de 2025 con una relación combinada trimestral récord de 86,6% y un sólido desempeño en suscripción. Las primas brutas escritas del trimestre aumentaron un 9,5% hasta 184,4 millones de dólares y el ingreso neto por suscripción fue 22,3 millones de dólares frente a 6,1 millones de dólares hace un año. La actividad de inversión del trimestre arrojó una pérdida de 17,4 millones de dólares, contribuyendo a una pérdida neta del trimestre de 4,4 millones de dólares (-0,13 USD/acción). En los nueve meses, las primas brutas suscritas fueron 612,0 millones de dólares, el ingreso neto fue 25,6 millones de dólares, y el valor contable por acción totalmente diluido fue 18,90 dólares. La empresa recompró 2,0 millones de dólares en acciones.
Greenlight Capital Re (나스닥: GLRE)는 2025년 3분기 실적을 발표했고 역대 분기 합성비율 86.6%의 강력한 언더라이팅 실적을 기록했습니다. 3분기 총 취급보험료는 9.5% 증가하여 1억 8,440만 달러였고 순언더라이팅 소득은 2,230만 달러로 전년 동기의 610만 달러에서 상승했습니다. 3분기 투자 활동은 1,740만 달러의 손실을 낳았고, 3분기 순손실은 440만 달러(-주당 0.13달러)를 기록했습니다. 9개월 동안 총 취급보험료는 6,120만 달러, 순이익은 2,560만 달러, 완전 희석 주당 장부가치는 18.90달러였습니다. 회사는 주식 200만 달러를 자사주로 재매입했습니다.
Greenlight Capital Re (NASDAQ: GLRE) a publié les résultats du troisième trimestre 2025 avec un taux combiné trimestriel record de 86,6% et une solide performance en souscription. Les primes brutes écrites au T3 ont augmenté de 9,5% pour atteindre 184,4 millions de dollars et le revenu net de souscription était 22,3 millions de dollars contre 6,1 millions il y a un an. L'activité d'investissement du T3 a enregistré une perte de 17,4 millions de dollars, contribuant à une perte nette du trimestre de 4,4 millions de dollars (-0,13$/action). Pour les neuf premiers mois, les primes brutes écrites étaient de 612,0 millions de dollars, le revenu net était de 25,6 millions de dollars, et la valeur comptable par action pleinement diluée était de 18,90 dollars. La société a racheté 2,0 millions de dollars d’actions.
Greenlight Capital Re (NASDAQ: GLRE) meldete die Ergebnisse des dritten Quartals 2025 mit einer rekordverdächtigen kombinierten Schaden-/Kosten-Quote von 86,6% und einer starken Underwriting-Performance. Die Prämienvolumen brutto im Quartal stiegen um 9,5% auf 184,4 Mio. USD und das Net-Underwriting-Einkommen betrug 22,3 Mio. USD gegenüber 6,1 Mio. USD vor einem Jahr. Die Investitionstätigkeit im Quartal ergab eine Verlust von 17,4 Mio. USD, was zu einem Netto-Verlust im Quartal von 4,4 Mio. USD (-0,13 USD/Aktie) beitrug. Für die neun Monate beliefen sich die Brutto-Prämien auf 612,0 Mio. USD, das Nettoeinkommen auf 25,6 Mio. USD, und der vollständig verwässerte Buchwert pro Aktie war 18,90 USD. Das Unternehmen hat 2,0 Mio. USD Aktien zurückgekauft.
Greenlight Capital Re (NASDAQ: GLRE) أبلغت عن نتائج الربع الثالث من 2025 مع نسبة مزدوجة ربحية ربع سنوية قياسية بلغت 86.6% وأداء اكتتاب قوي. زادت أسعار الأقساط المكتتبة الإجمالية للربع بنسبة 9.5% إلى 184.4 مليون دولار وكانت صافي دخل الاكتتاب 22.3 مليون دولار مقابل 6.1 مليون دولار قبل عام. أسفرت أنشطة الاستثمار في الربع عن خسارة قدرها 17.4 مليون دولار، مما أسهم في خسارة صافية للربع قدرها 4.4 ملايين دولار (-0.13 دولار/السهم). بالنسبة لثلاثة عشر شهراً حتى الآن، كانت الأقساط الإجمالية المكتتبة 612.0 مليون دولار، وصافي الدخل 25.6 مليون دولار، وكانت القيمة الدفترية للسهم المخفف بالكامل 18.90 دولار. قامت الشركة بإعادة شراء أسهم بقيمة 2.0 مليون دولار.
- Combined ratio improved to 86.6% (record low)
- Gross premiums written +9.5% to $184.4M (Q3)
- Net underwriting income $22.3M in Q3 (vs $6.1M)
- Nine-month net income $25.6M; book value per share $18.90
- Total investment loss of $17.4M in Q3 (vs $30.3M income prior year)
- Q3 net loss of $4.4M or -$0.13 per diluted share
- Solasglas investment portfolio lost 3.2% in Q3
Insights
Exceptional underwriting drove record margins, but weak investment returns offset operating gains in Q3.
The company delivered a best-ever combined ratio of
Investment performance remained a constraint: the Solasglas portfolio recorded a third-quarter loss of
Watch underwriting loss ratios, catastrophe activity and the next quarterly investment return; near-term monitoring through the upcoming conference call on
Strong underwriting margin improved fundamentals, but investment losses and a small Q3 net loss leave the overall impact mixed.
Revenue growth is tangible: gross premiums written rose
However, investment volatility swung total investment income from
Achieves Record Quarterly Underwriting Income,
Leading to a Combined Ratio of
GRAND CAYMAN, Cayman Islands, Nov. 03, 2025 (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, 2025.
Third Quarter 2025 Highlights (all comparisons are to third quarter 2024 unless noted otherwise):
- Gross premiums written increased
9.5% to$184.4 million ; - Net premiums earned increased
8.9% to$165.4 million ; - Net underwriting income of
$22.3 million , compared to$6.1 million ; - Combined ratio of
86.6% , compared to95.9% ; - Total investment loss of
$17.4 million , compared to total investment income of$30.3 million ; - Net loss of
$4.4 million , or -$0.13 per diluted ordinary share, compared to$35.2 million , or$1.01 per diluted ordinary share; - Repurchased
$2.0 million of shares at an average cost of$12.88 per share; and - Fully diluted book value per share decreased
0.4% to$18.90 , from$18.97 at June 30, 2025.
Nine Months Ended September 30, 2025 Highlights (all comparisons are to the same period in 2024):
- Gross premiums written increased
10.3% to$612.0 million ; - Net premiums earned increased
5.0% to$495.5 million ; - Net underwriting income of
$22.6 million compared to$9.8 million ; - Combined ratio of
95.4% , compared to97.9% ; - Total investment income of
$15.3 million , compared to$77.0 million ; - Net income of
$25.6 million , or$0.74 per diluted ordinary share, compared to$70.2 million , or$2.02 per diluted ordinary share; and - Fully diluted book value per share increased
5.3% to$18.90 , from$18.72 at December 31, 2024.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased with our third quarter 2025 underwriting results, which resulted in a combined ratio of
David Einhorn, Chairman of the Board of Directors, said, “The investment environment remains difficult for our style and the Solasglas investment portfolio lost
Greenlight Capital Re, Ltd. Third Quarter 2025 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 4, 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=1727624&tp_key=9fa8b9073f
A telephone replay will be available following the call through November 9, 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 13754962. 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 CONSOLIDATED BALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts) | |||||
| September 30, 2025 | December 31, 2024 | ||||
| (Unaudited) | |||||
| Assets | |||||
| Investments | |||||
| Investment in related party investment fund, at fair value | $ | 456,861 | $ | 387,144 | |
| Other investments | 63,182 | 73,160 | |||
| Total investments | 520,043 | 460,304 | |||
| Cash and cash equivalents | 68,789 | 64,685 | |||
| Restricted cash and cash equivalents | 586,444 | 584,402 | |||
| Reinsurance balances receivable (net of allowance for expected credit losses) | 731,707 | 704,483 | |||
| Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses) | 82,783 | 85,790 | |||
| Deferred acquisition costs | 98,476 | 82,249 | |||
| Unearned premiums ceded | 36,123 | 29,545 | |||
| Other assets | 9,690 | 4,765 | |||
| Total assets | $ | 2,134,055 | $ | 2,016,223 | |
| Liabilities and equity | |||||
| Liabilities | |||||
| Loss and loss adjustment expense reserves | $ | 938,308 | $ | 860,969 | |
| Unearned premium reserves | 379,274 | 324,551 | |||
| Reinsurance balances payable | 97,980 | 105,892 | |||
| Funds withheld | 15,139 | 21,878 | |||
| Other liabilities | 9,720 | 6,305 | |||
| Debt | 34,745 | 60,749 | |||
| Total liabilities | 1,475,166 | 1,380,344 | |||
| Shareholders' equity | |||||
| Ordinary share capital (par value | $ | 3,394 | $ | 3,483 | |
| Additional paid-in capital | 479,099 | 481,551 | |||
| Retained earnings | 176,396 | 150,845 | |||
| Total shareholders' equity | 658,889 | 635,879 | |||
| Total liabilities and equity | $ | 2,134,055 | $ | 2,016,223 | |
| GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) (expressed in thousands of U.S. dollars, except percentages and per share amounts) | |||||||||||||||
| Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Underwriting results: | |||||||||||||||
| Gross premiums written | $ | 184,377 | $ | 168,346 | $ | 611,950 | $ | 554,579 | |||||||
| Gross premiums ceded | (21,695 | ) | (26,598 | ) | (65,344 | ) | (64,611 | ) | |||||||
| Net premiums written | 162,682 | 141,748 | 546,606 | 489,968 | |||||||||||
| Change in net unearned premium reserves | 2,737 | 10,136 | (51,083 | ) | (18,150 | ) | |||||||||
| Net premiums earned | $ | 165,419 | $ | 151,884 | $ | 495,523 | $ | 471,818 | |||||||
| Net loss and LAE incurred: | |||||||||||||||
| Current year | $ | (87,776 | ) | $ | (98,820 | ) | $ | (303,474 | ) | $ | (305,467 | ) | |||
| Prior year | (817 | ) | 5,655 | (8,082 | ) | 943 | |||||||||
| Net loss and LAE incurred | (88,593 | ) | (93,165 | ) | (311,556 | ) | (304,524 | ) | |||||||
| Acquisition costs | (46,962 | ) | (46,162 | ) | (140,676 | ) | (138,226 | ) | |||||||
| Underwriting expenses | (7,472 | ) | (6,073 | ) | (20,311 | ) | (18,223 | ) | |||||||
| Deposit interest expense | (94 | ) | (377 | ) | (367 | ) | (1,020 | ) | |||||||
| Net underwriting income | $ | 22,298 | $ | 6,107 | $ | 22,613 | $ | 9,825 | |||||||
| Income (loss) from investment in Solasglas | $ | (14,404 | ) | $ | 19,844 | $ | (483 | ) | $ | 42,422 | |||||
| Net investment income (loss) | (2,950 | ) | 10,454 | 15,807 | 34,580 | ||||||||||
| Total investment income (loss) | $ | (17,354 | ) | $ | 30,298 | $ | 15,324 | $ | 77,002 | ||||||
| Corporate and other expenses | $ | (5,399 | ) | $ | (4,253 | ) | $ | (14,826 | ) | $ | (13,334 | ) | |||
| Foreign exchange gains (losses) | (1,994 | ) | 5,826 | 8,632 | 3,245 | ||||||||||
| Interest expense | (1,430 | ) | (2,018 | ) | (4,038 | ) | (4,827 | ) | |||||||
| Income (loss) before income tax | (3,879 | ) | 35,960 | 27,705 | 71,911 | ||||||||||
| Income tax expense | (526 | ) | (723 | ) | (2,154 | ) | (1,677 | ) | |||||||
| Net income (loss) | $ | (4,405 | ) | $ | 35,237 | $ | 25,551 | $ | 70,234 | ||||||
| Earnings per share | |||||||||||||||
| Basic | $ | (0.13 | ) | $ | 1.03 | $ | 0.75 | $ | 2.05 | ||||||
| Diluted | $ | (0.13 | ) | $ | 1.01 | $ | 0.74 | $ | 2.02 | ||||||
| Underwriting ratios: | |||||||||||||||
| Current year loss ratio | 53.1 | % | 65.0 | % | 61.2 | % | 64.7 | % | |||||||
| Prior year reserve development ratio | 0.5 | % | (3.7) % | 1.6 | % | (0.2) % | |||||||||
| Loss ratio | 53.6 | % | 61.3 | % | 62.8 | % | 64.5 | % | |||||||
| Acquisition cost ratio | 28.4 | % | 30.4 | % | 28.4 | % | 29.3 | % | |||||||
| Composite ratio | 82.0 | % | 91.7 | % | 91.2 | % | 93.8 | % | |||||||
| Underwriting expense ratio | 4.6 | % | 4.2 | % | 4.2 | % | 4.1 | % | |||||||
| Combined ratio | 86.6 | % | 95.9 | % | 95.4 | % | 97.9 | % | |||||||
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 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 | (40,069 | ) | (6,894 | ) | 1 | (46,962 | ) | ||||||||
| Other underwriting expenses | (5,446 | ) | (2,026 | ) | — | (7,472 | ) | ||||||||
| Deposit interest expense, net | (94 | ) | — | — | (94 | ) | |||||||||
| Underwriting income (loss) | 22,228 | 668 | (598 | ) | 22,298 | ||||||||||
| Net investment income (loss) | 5,623 | (11,270 | ) | 2,697 | (2,950 | ) | |||||||||
| Corporate and other expenses | — | (724 | ) | (4,675 | ) | (5,399 | ) | ||||||||
| Income (loss) from investment in Solasglas | (14,404 | ) | (14,404 | ) | |||||||||||
| Foreign exchange gains (losses) | (1,994 | ) | (1,994 | ) | |||||||||||
| 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 | % | 32.8 | % | NM* | 28.4 | % | ||||||||
| Composite ratio | 80.7 | % | 87.1 | % | NM* | 82.0 | % | ||||||||
| Underwriting expenses ratio | 3.8 | % | 9.6 | % | NM* | 4.6 | % | ||||||||
| Combined ratio | 84.5 | % | 96.7 | % | NM* | 86.6 | % | ||||||||
| *Not Meaningful | |||||||||||||||
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended September 30, 2024 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 150,331 | $ | 18,675 | $ | (660 | ) | $ | 168,346 | ||||||
| Net premiums written | $ | 128,238 | $ | 14,170 | $ | (660 | ) | $ | 141,748 | ||||||
| Net premiums earned | $ | 126,577 | $ | 21,793 | $ | 3,514 | $ | 151,884 | |||||||
| Net loss and LAE incurred | (76,177 | ) | (12,223 | ) | (4,765 | ) | (93,165 | ) | |||||||
| Acquisition costs | (38,223 | ) | (6,963 | ) | (976 | ) | (46,162 | ) | |||||||
| Other underwriting expenses | (4,871 | ) | (1,202 | ) | — | (6,073 | ) | ||||||||
| Deposit interest income, net | (377 | ) | — | — | (377 | ) | |||||||||
| Underwriting income (loss) | 6,929 | 1,405 | (2,227 | ) | 6,107 | ||||||||||
| Net investment income | 9,360 | 253 | 841 | 10,454 | |||||||||||
| Corporate and other expenses | — | (608 | ) | (3,645 | ) | (4,253 | ) | ||||||||
| Income from investment in Solasglas | 19,844 | 19,844 | |||||||||||||
| Foreign exchange gains (losses) | 5,826 | 5,826 | |||||||||||||
| Interest expense | (2,018 | ) | (2,018 | ) | |||||||||||
| Income (loss) before income taxes | $ | 16,289 | $ | 1,050 | $ | 18,621 | $ | 35,960 | |||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 60.2 | % | 56.1 | % | 135.6 | % | 61.3 | % | |||||||
| Acquisition cost ratio | 30.2 | % | 32.0 | % | 27.8 | % | 30.4 | % | |||||||
| Composite ratio | 90.4 | % | 88.1 | % | 163.4 | % | 91.7 | % | |||||||
| Underwriting expenses ratio | 4.1 | % | 5.5 | % | — | % | 4.2 | % | |||||||
| Combined ratio | 94.5 | % | 93.6 | % | 163.4 | % | 95.9 | % | |||||||
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (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 | (121,850 | ) | (18,939 | ) | 113 | (140,676 | ) | ||||||||
| Other underwriting expenses | (15,104 | ) | (5,207 | ) | — | (20,311 | ) | ||||||||
| Deposit interest expense, net | (367 | ) | — | — | (367 | ) | |||||||||
| Underwriting income (loss) | 24,473 | 243 | (2,103 | ) | 22,613 | ||||||||||
| Net investment income (loss) | 17,023 | (10,391 | ) | 9,175 | 15,807 | ||||||||||
| Corporate and other expenses | — | (1,898 | ) | (12,928 | ) | (14,826 | ) | ||||||||
| Income (loss) from investment in Solasglas | (483 | ) | (483 | ) | |||||||||||
| Foreign exchange gains (losses) | 8,632 | 8,632 | |||||||||||||
| 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 | % | -352.2 | % | 62.8 | % | |||||||
| Acquisition cost ratio | 28.0 | % | 30.8 | % | 23.1 | % | 28.4 | % | |||||||
| Composite ratio | 90.8 | % | 91.1 | % | -329.1 | % | 91.2 | % | |||||||
| Underwriting expenses ratio | 3.6 | % | 8.5 | % | — | % | 4.2 | % | |||||||
| Combined ratio | 94.4 | % | 99.6 | % | -329.1 | % | 95.4 | % | |||||||
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Nine months ended September 30, 2024 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 480,703 | $ | 74,062 | $ | (186 | ) | $ | 554,579 | ||||||
| Net premiums written | $ | 427,539 | $ | 62,626 | $ | (197 | ) | $ | 489,968 | ||||||
| Net premiums earned | $ | 384,052 | $ | 67,338 | $ | 20,428 | $ | 471,818 | |||||||
| Net loss and LAE incurred | (236,280 | ) | (38,984 | ) | (29,260 | ) | (304,524 | ) | |||||||
| Acquisition costs | (112,313 | ) | (21,422 | ) | (4,491 | ) | (138,226 | ) | |||||||
| Other underwriting expenses | (15,165 | ) | (3,058 | ) | — | (18,223 | ) | ||||||||
| Deposit interest expense, net | (1,020 | ) | — | — | (1,020 | ) | |||||||||
| Underwriting income (loss) | 19,274 | 3,874 | (13,323 | ) | 9,825 | ||||||||||
| Net investment income | 31,758 | 436 | 2,386 | 34,580 | |||||||||||
| Corporate and other expenses | — | (2,008 | ) | (11,326 | ) | (13,334 | ) | ||||||||
| Income from investment in Solasglas | 42,422 | 42,422 | |||||||||||||
| Foreign exchange gains (losses) | 3,245 | 3,245 | |||||||||||||
| Interest expense | (4,827 | ) | (4,827 | ) | |||||||||||
| Income (loss) before income taxes | $ | 51,032 | $ | 2,302 | $ | 18,577 | $ | 71,911 | |||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 61.5 | % | 57.9 | % | 143.2 | % | 64.5 | % | |||||||
| Acquisition cost ratio | 29.2 | % | 31.8 | % | 22.0 | % | 29.3 | % | |||||||
| Composite ratio | 90.7 | % | 89.7 | % | 165.2 | % | 93.8 | % | |||||||
| Underwriting expenses ratio | 4.2 | % | 4.5 | % | — | % | 4.1 | % | |||||||
| Combined ratio | 94.9 | % | 94.2 | % | 165.2 | % | 97.9 | % | |||||||
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):
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||
| Numerator for basic and fully diluted book value per share: | ||||||||||||||
| Total equity as reported under U.S. GAAP | $ | 658,889 | $ | 663,318 | $ | 666,804 | $ | 635,879 | $ | 663,418 | ||||
| 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 | 34,099,226 | 34,198,153 | 34,557,449 | 34,831,324 | 34,832,493 | |||||||||
| Add: In-the-money stock options(1)and all outstanding RSUs | 757,505 | 775,124 | 773,938 | 590,001 | 602,013 | |||||||||
| Denominator for fully diluted book value per share | 34,856,731 | 34,973,277 | 35,331,387 | 35,421,325 | 35,434,506 | |||||||||
| Basic book value per share | $ | 19.32 | $ | 19.40 | $ | 19.30 | $ | 18.26 | $ | 19.05 | ||||
| Fully diluted book value per share | $ | 18.90 | $ | 18.97 | $ | 18.87 | $ | 17.95 | $ | 18.72 | ||||
| (1) Assuming net exercise by the grantee. | ||||||||||||||
FAQ
What drove Greenlight Re's record combined ratio of 86.6% in Q3 2025 (GLRE)?
How did Greenlight Re (GLRE) perform on investments in Q3 2025?
What were Greenlight Re's Q3 2025 premium and underwriting figures (GLRE)?
Did Greenlight Re (GLRE) repurchase shares in Q3 2025 and how much?
What was Greenlight Re's net income for the nine months ended September 30, 2025 (GLRE)?
