Greenlight Re (NASDAQ: GLRE) posts record 2025 underwriting income and book value growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Greenlight Capital Re reported a sharp turnaround in profitability for Q4 and full-year 2025, driven by stronger underwriting and solid investment returns. In Q4 2025, gross premiums written rose 12% to $161.3 million, net underwriting swung to a $13.0 million profit from an $18.0 million loss, and the combined ratio improved to 92.1% from 112.1%. Total investment income increased to $44.8 million, supporting net income of $49.3 million, or $1.44 per diluted share, versus a loss a year earlier.
For 2025, gross premiums written grew 11% to $773.3 million, with net underwriting income of $35.7 million versus an $8.2 million loss in 2024 and a full-year combined ratio of 94.6%, better than 101.4%. Net income rose to $74.8 million ($2.17 diluted EPS). Fully diluted book value per share increased 13.8% to $20.43, helped by share repurchases of $9.8 million in 2025 and positive returns from the Solasglas investment portfolio.
Positive
- Record underwriting income and improved combined ratios: 2025 net underwriting income reached $35.7 million versus an $8.2 million loss in 2024, with the combined ratio improving to 94.6% from 101.4%, indicating materially stronger core underwriting performance.
- Significantly higher profitability and ROE: Net income rose to $74.8 million (from $42.8 million) and return on equity reached 11.1% for 2025, reflecting healthier overall earnings power.
- Robust book value growth and capital returns: Fully diluted book value per share increased 13.8% to $20.43, aided by $9.8 million of share repurchases in 2025, enhancing per-share value for continuing shareholders.
Negative
- None.
Insights
Underwriting turnaround and book value growth mark a materially stronger year.
Greenlight Capital Re delivered record underwriting income of
Gross premiums written grew 11% to
Shareholder value metrics strengthened: fully diluted book value per share rose
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
(Exact name of registrant as specified in charter)
| N/A | ||||||||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) | ||||||
| P.O. Box 31110 | ||||||||
| Grand Cayman | ||||||||
| (Address of principal executive offices) | (Zip code) | |||||||
(205 ) 291-3440
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On March 9, 2026, Greenlight Capital Re, Ltd. (the "Registrant" or "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference. In addition, a copy of the Company's investor presentation is furnished as Exhibit 99.2.
In accordance with general instruction B.2 to Form 8-K, the information set forth in this Item 2.02 (including Exhibits 99.1 and 99.2) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
| Exhibit No. | Description of Exhibit | |||||||
| 99.1 | Earnings press release, "GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER AND YEAR-END DECEMBER 31, 2025", dated March 9, 2026, issued by the Registrant. | |||||||
| 99.2 | Investor Presentation - Fourth Quarter and Year-end 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GREENLIGHT CAPITAL RE, LTD. | ||||||||
| (Registrant) | ||||||||
| By: | /s/ Steven Archambault | |||||||
| Name: | Steven Archambault | |||||||
| Title: | Chief Accounting Officer | |||||||
| Date: | March 9, 2026 | |||||||
GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER AND YEAR-END DECEMBER 31, 2025
Improves Q4 Combined Ratio to 92.1%,
Achieves Record Full-Year Underwriting Income.
GRAND CAYMAN, Cayman Islands – March 9, 2026 – Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Highlights (all comparisons are to fourth quarter 2024 unless noted otherwise):
•Gross premiums written increased 12% to $161.3 million;
•Net premiums earned increased 12% to $165.6 million;
•Net underwriting income of $13.0 million, compared to an underwriting loss of $18.0 million;
•Combined ratio of 92.1%, compared to 112.1%;
•Total investment income of $44.8 million, compared to $2.6 million;
•Net income of $49.3 million, or $1.44 per diluted ordinary share, compared to a net loss of $27.4 million, or $(0.81) per diluted ordinary share;
•Repurchased $2.8 million of shares at an average cost of $14.02 per share; and
•Fully diluted book value per share increased 8.1% to $20.43, from $18.90 at September 30, 2025.
Year ended December 31, 2025 Highlights (all comparisons are to the same period in 2024):
•Gross premiums written increased 11% to $773.3 million;
•Net premiums earned increased 7% to $661.1 million;
•Net underwriting income of $35.7 million compared to an underwriting loss of $8.2 million;
•Combined ratio of 94.6%, compared to 101.4%;
•Total investment income of $60.2 million, compared to $79.6 million;
•Net income of $74.8 million, or $2.17 per diluted ordinary share, compared to $42.8 million, or $1.24 per diluted ordinary share;
•Repurchased $9.8 million of shares at an average cost of $13.76 per share; and
•Fully diluted book value per share increased 13.8% to $20.43, from $17.95 at December 31, 2024.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are proud of our fourth quarter 2025 underwriting results, which resulted in a combined ratio of 92.1%, allowing us to close the year with a record underwriting income and a combined ratio of 94.6%. Growth in gross premiums written and net premiums earned, coupled with our expanded investment income and our strong combined ratio, resulted in book value growth of 8.1% in the fourth quarter.”
David Einhorn, Chairman of the Board of Directors, said, “Greenlight Re had a solid year, with good results on both sides of the balance sheet; it grew fully-diluted book value per share 13.8%, above its cost of equity. I want to congratulate Greg and the team on the improved performance. The Solasglas investment portfolio gained 7.9% during the fourth quarter, with gains and positive alpha from longs, shorts and macro and returned 7.5% for the year, with most of the gains coming from macro.”
Greenlight Capital Re, Ltd. Fourth Quarter and Year-End 2025 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Tuesday, March 10, 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=1727630&tp_key=a76f5f514d
A telephone replay will be available following the call through March 15, 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 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 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.
CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Investments | |||||||||||
| Investment in related party investment fund, at fair value | $ | 504,555 | $ | 387,144 | |||||||
| Other investments | 62,911 | 73,160 | |||||||||
| Fixed maturity investments, at fair value | 65,609 | — | |||||||||
| Total investments | 633,075 | 460,304 | |||||||||
| Cash and cash equivalents | 111,756 | 64,685 | |||||||||
| Restricted cash and cash equivalents | 531,976 | 584,402 | |||||||||
| Reinsurance balances receivable | 664,381 | 704,483 | |||||||||
| Reinsurance recoverable on unpaid loss and loss adjustment expenses | 81,392 | 85,790 | |||||||||
| Deferred acquisition costs | 99,954 | 82,249 | |||||||||
| Unearned premiums ceded | 39,223 | 29,545 | |||||||||
| Other assets | 8,026 | 4,765 | |||||||||
| Total assets | $ | 2,169,783 | $ | 2,016,223 | |||||||
| Liabilities and equity | |||||||||||
| Liabilities | |||||||||||
| Loss and loss adjustment expense reserves | $ | 967,960 | $ | 860,969 | |||||||
| Unearned premium reserves | 361,704 | 324,551 | |||||||||
| Reinsurance balances payable | 95,853 | 105,892 | |||||||||
| Funds withheld | 16,105 | 21,878 | |||||||||
| Other liabilities | 15,460 | 6,305 | |||||||||
| Debt | 4,724 | 60,749 | |||||||||
| Total liabilities | 1,461,806 | 1,380,344 | |||||||||
| Commitments and Contingencies (Note 17) | |||||||||||
| Shareholders' equity | |||||||||||
Preferred share capital (par value $0.10; none issued) | — | — | |||||||||
Ordinary share capital (par value $0.10; issued and outstanding, 33,897,709) (2024: par value $0.10; issued and outstanding, 34,831,324) | $ | 3,390 | $ | 3,483 | |||||||
| Additional paid-in capital | 478,910 | 481,551 | |||||||||
| Retained earnings | 225,677 | 150,845 | |||||||||
| Total shareholders' equity | 707,977 | 635,879 | |||||||||
| Total liabilities and equity | $ | 2,169,783 | $ | 2,016,223 | |||||||
GREENLIGHT CAPITAL RE, LTD.
CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars, except percentages and per share amounts)
| Three months ended December 31 | Year ended December 31 | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
| Underwriting results: | ||||||||||||||||||||||||||
| Gross premiums written | $ | 161,311 | $ | 143,756 | $ | 773,261 | $ | 698,335 | ||||||||||||||||||
| Net premiums written | $ | 144,803 | $ | 131,297 | $ | 691,409 | $ | 621,265 | ||||||||||||||||||
| Net premiums earned | $ | 165,621 | $ | 148,136 | $ | 661,144 | $ | 619,954 | ||||||||||||||||||
| Net loss and LAE incurred: | ||||||||||||||||||||||||||
| Current year | (95,726) | (100,998) | (399,200) | (406,465) | ||||||||||||||||||||||
| Prior year | (4,310) | (21,747) | (12,392) | (20,804) | ||||||||||||||||||||||
| Net loss and LAE incurred | (100,036) | (122,745) | (411,592) | (427,269) | ||||||||||||||||||||||
| Acquisition costs | (44,177) | (38,549) | (184,853) | (176,775) | ||||||||||||||||||||||
| Underwriting expenses | (8,316) | (4,634) | (28,627) | (22,857) | ||||||||||||||||||||||
| Deposit interest expense | (54) | (208) | (421) | (1,228) | ||||||||||||||||||||||
| Net underwriting income (loss) | 13,038 | (18,000) | 35,651 | (8,175) | ||||||||||||||||||||||
| Investment results: | ||||||||||||||||||||||||||
| Income from investment in Solasglas | 36,194 | (8,817) | 35,711 | 33,605 | ||||||||||||||||||||||
| Net investment income | 8,650 | 11,374 | 24,457 | 45,954 | ||||||||||||||||||||||
| Total investment income | 44,844 | 2,557 | 60,168 | 79,559 | ||||||||||||||||||||||
| Corporate and other expenses | (6,781) | (3,043) | (21,607) | (16,377) | ||||||||||||||||||||||
| Foreign exchange gains (losses) | (167) | (8,851) | 8,465 | (5,606) | ||||||||||||||||||||||
| Interest expense | (328) | (1,009) | (4,366) | (5,836) | ||||||||||||||||||||||
| Income tax expense | (1,325) | 928 | (3,479) | (749) | ||||||||||||||||||||||
| Net income | $ | 49,281 | $ | (27,418) | $ | 74,832 | $ | 42,816 | ||||||||||||||||||
| Earnings per share | ||||||||||||||||||||||||||
| Basic | $ | 1.47 | $ | (0.81) | $ | 2.21 | $ | 1.26 | ||||||||||||||||||
| Diluted | $ | 1.44 | $ | (0.81) | $ | 2.17 | $ | 1.24 | ||||||||||||||||||
| Underwriting ratios: | ||||||||||||||||||||||||||
| Current year loss ratio | 57.8 | % | 68.1 | % | 60.4 | % | 65.6 | % | ||||||||||||||||||
| Prior year reserve development ratio | 2.6 | % | 14.7 | % | 1.9 | % | 3.4 | % | ||||||||||||||||||
| Loss ratio | 60.4 | % | 82.8 | % | 62.3 | % | 69.0 | % | ||||||||||||||||||
| Acquisition cost ratio | 26.7 | % | 26.0 | % | 28.0 | % | 28.5 | % | ||||||||||||||||||
| Composite ratio | 87.1 | % | 108.8 | % | 90.2 | % | 97.5 | % | ||||||||||||||||||
| Underwriting expense ratio | 5.1 | % | 3.3 | % | 4.4 | % | 3.9 | % | ||||||||||||||||||
| Combined ratio | 92.1 | % | 112.1 | % | 94.6 | % | 101.4 | % | ||||||||||||||||||
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 December 31, 2025
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||||||||||
| Gross premiums written | $ | 124,193 | $ | 37,143 | $ | (25) | $ | 161,311 | |||||||||||||||
| Net premiums written | $ | 123,598 | $ | 21,228 | $ | (23) | $ | 144,803 | |||||||||||||||
| Net premiums earned | $ | 141,410 | $ | 24,235 | $ | (24) | $ | 165,621 | |||||||||||||||
| Net loss and LAE incurred | (85,568) | (14,470) | 2 | (100,036) | |||||||||||||||||||
| Acquisition costs | (36,615) | (7,879) | 317 | (44,177) | |||||||||||||||||||
| Other underwriting expenses | (6,010) | (2,306) | — | (8,316) | |||||||||||||||||||
| Deposit interest expense, net | (54) | — | — | (54) | |||||||||||||||||||
| Underwriting income (loss) | 13,163 | (420) | 295 | 13,038 | |||||||||||||||||||
| Net investment income (loss) | 15,013 | 327 | (6,690) | 8,650 | |||||||||||||||||||
| Corporate and other expenses | — | (805) | (5,976) | (6,781) | |||||||||||||||||||
| Income (loss) from investment in Solasglas | 36,194 | 36,194 | |||||||||||||||||||||
| Foreign exchange gains (losses) | (167) | (167) | |||||||||||||||||||||
| Interest expense | (328) | (328) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 28,176 | $ | (898) | $ | 23,328 | $ | 50,606 | |||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||||
| Loss ratio | 60.5 | % | 59.7 | % | NM* | 60.4 | % | ||||||||||||||||
| Acquisition cost ratio | 25.9 | % | 32.5 | % | NM* | 26.7 | % | ||||||||||||||||
| Composite ratio | 86.4 | % | 92.2 | % | NM* | 87.1 | % | ||||||||||||||||
| Underwriting expenses ratio | 4.3 | % | 9.5 | % | NM* | 5.1 | % | ||||||||||||||||
| Combined ratio | 90.7 | % | 101.7 | % | NM* | 92.1 | % | ||||||||||||||||
*Not Meaningful
GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended December 31, 2024
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||||||||||
| Gross premiums written | $ | 123,095 | $ | 20,663 | $ | (2) | $ | 143,756 | |||||||||||||||
| Net premiums written | $ | 113,907 | $ | 17,390 | $ | — | $ | 131,297 | |||||||||||||||
| Net premiums earned | $ | 127,870 | $ | 19,014 | $ | 1,252 | $ | 148,136 | |||||||||||||||
| Net loss and LAE incurred | (105,306) | (12,955) | (4,484) | (122,745) | |||||||||||||||||||
| Acquisition costs | (32,539) | (5,729) | (281) | (38,549) | |||||||||||||||||||
| Other underwriting expenses | (4,010) | (624) | — | (4,634) | |||||||||||||||||||
| Deposit interest expense, net | (208) | — | — | (208) | |||||||||||||||||||
| Underwriting income (loss) | (14,193) | (294) | (3,513) | (18,000) | |||||||||||||||||||
| Net investment income | 10,871 | 266 | 237 | 11,374 | |||||||||||||||||||
| Corporate and other expenses | — | (437) | (2,606) | (3,043) | |||||||||||||||||||
| Income from investment in Solasglas | (8,817) | (8,817) | |||||||||||||||||||||
| Foreign exchange gains (losses) | (8,851) | (8,851) | |||||||||||||||||||||
| Other income | — | — | |||||||||||||||||||||
| Interest expense | (1,009) | (1,009) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | (3,322) | $ | (465) | $ | (24,559) | $ | (28,346) | |||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||||
| Loss ratio | 82.4 | % | 68.1 | % | NM* | 82.8 | % | ||||||||||||||||
| Acquisition cost ratio | 25.4 | % | 30.1 | % | NM* | 26.0 | % | ||||||||||||||||
| Composite ratio | 107.8 | % | 98.2 | % | NM* | 108.8 | % | ||||||||||||||||
| Underwriting expenses ratio | 3.3 | % | 3.3 | % | NM* | 3.3 | % | ||||||||||||||||
| Combined ratio | 111.1 | % | 101.5 | % | NM* | 112.1 | % | ||||||||||||||||
*Not Meaningful
GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Year ended December 31, 2025
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||||||||||
| Gross premiums written | $ | 652,229 | $ | 121,598 | $ | (566) | $ | 773,261 | |||||||||||||||
| Net premiums written | $ | 601,690 | $ | 90,233 | $ | (514) | $ | 691,409 | |||||||||||||||
| Net premiums earned | $ | 576,032 | $ | 85,626 | $ | (514) | $ | 661,144 | |||||||||||||||
| Net loss and LAE incurred | (358,396) | (51,472) | (1,724) | (411,592) | |||||||||||||||||||
| Acquisition costs | (158,465) | (26,818) | 430 | (184,853) | |||||||||||||||||||
| Other underwriting expenses | (21,114) | (7,513) | — | (28,627) | |||||||||||||||||||
| Deposit interest expense, net | (421) | — | — | (421) | |||||||||||||||||||
| Underwriting income (loss) | 37,636 | (177) | (1,808) | 35,651 | |||||||||||||||||||
| Net investment income (loss) | 32,036 | (10,064) | 2,485 | 24,457 | |||||||||||||||||||
| Corporate and other expenses | — | (2,703) | (18,904) | (21,607) | |||||||||||||||||||
| Income (loss) from investment in Solasglas | 35,711 | 35,711 | |||||||||||||||||||||
| Foreign exchange gains (losses) | 8,465 | 8,465 | |||||||||||||||||||||
| Interest expense | (4,366) | (4,366) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 69,672 | $ | (12,944) | $ | 21,583 | $ | 78,311 | |||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||||
| Loss ratio | 62.2 | % | 60.1 | % | NM* | 62.3 | % | ||||||||||||||||
| Acquisition cost ratio | 27.5 | % | 31.3 | % | NM* | 28.0 | % | ||||||||||||||||
| Composite ratio | 89.7 | % | 91.4 | % | NM* | 90.2 | % | ||||||||||||||||
| Underwriting expenses ratio | 3.7 | % | 8.8 | % | NM* | 4.4 | % | ||||||||||||||||
| Combined ratio | 93.4 | % | 100.2 | % | NM* | 94.6 | % | ||||||||||||||||
*Not Meaningful
GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Year ended December 31, 2024
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||||||||||
| Gross premiums written | $ | 603,798 | $ | 94,725 | $ | (188) | $ | 698,335 | |||||||||||||||
| Net premiums written | $ | 541,446 | $ | 80,016 | $ | (197) | $ | 621,265 | |||||||||||||||
| Net premiums earned | $ | 511,922 | $ | 86,352 | $ | 21,680 | $ | 619,954 | |||||||||||||||
| Net loss and LAE incurred | (341,586) | (51,939) | (33,744) | (427,269) | |||||||||||||||||||
| Acquisition costs | (144,852) | (27,151) | (4,772) | (176,775) | |||||||||||||||||||
| Other underwriting expenses | (19,175) | (3,682) | — | (22,857) | |||||||||||||||||||
| Deposit interest expense, net | (1,228) | — | — | (1,228) | |||||||||||||||||||
| Underwriting income (loss) | 5,081 | 3,580 | (16,836) | (8,175) | |||||||||||||||||||
| Net investment income | 42,629 | 702 | 2,623 | 45,954 | |||||||||||||||||||
| Corporate and other expenses | — | (2,445) | (13,932) | (16,377) | |||||||||||||||||||
| Income from investment in Solasglas | 33,605 | 33,605 | |||||||||||||||||||||
| Foreign exchange gains (losses) | (5,606) | (5,606) | |||||||||||||||||||||
| Other income | — | — | |||||||||||||||||||||
| Interest expense | (5,836) | (5,836) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 47,710 | $ | 1,837 | $ | (5,982) | $ | 43,565 | |||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||||
| Loss ratio | 66.7 | % | 60.1 | % | 155.6 | % | 69.0 | % | |||||||||||||||
| Acquisition cost ratio | 28.3 | % | 31.4 | % | 22.0 | % | 28.5 | % | |||||||||||||||
| Composite ratio | 95.0 | % | 91.5 | % | 177.6 | % | 97.5 | % | |||||||||||||||
| Underwriting expenses ratio | 4.0 | % | 4.3 | % | — | % | 3.9 | % | |||||||||||||||
| Combined ratio | 99.0 | % | 95.8 | % | 177.6 | % | 101.4 | % | |||||||||||||||
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):
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| ($ in thousands, except per share and share amounts) | |||||||||||||||||||||||||||||
| Numerator for basic and fully diluted book value per share: | |||||||||||||||||||||||||||||
| Total equity as reported under U.S. GAAP | $ | 707,977 | $ | 658,889 | $ | 663,318 | $ | 666,804 | $ | 635,879 | |||||||||||||||||||
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 | 33,897,709 | 34,099,226 | 34,198,153 | 34,557,449 | 34,831,324 | ||||||||||||||||||||||||
Add: In-the-money stock options (1) and all outstanding RSUs | 755,997 | 757,505 | 775,124 | 773,938 | 590,001 | ||||||||||||||||||||||||
| Denominator for fully diluted book value per share | 34,653,706 | 34,856,731 | 34,973,277 | 35,331,387 | 35,421,325 | ||||||||||||||||||||||||
| Basic book value per share | $ | 20.89 | $ | 19.32 | $ | 19.40 | $ | 19.30 | $ | 18.26 | |||||||||||||||||||
| Fully diluted book value per share | $ | 20.43 | $ | 18.90 | $ | 18.97 | $ | 18.87 | $ | 17.95 | |||||||||||||||||||
(1) Assuming net exercise by the grantee.
Fourth Quarter and Year-end 2025 Investor Presentation NASDAQ: GLRE
Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures and Investment Disclosures This Investor Presentation (this “Presentation”) is intended solely for the informational purposes of the persons to whom it is presented in connection with the quarterly earnings results of Greenlight Capital Re, Ltd. (the “Company”). This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and 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 forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward looking statements are typically identified by words such as “expect”, “believe”, “anticipate”, “outlook”, “estimate”, “goal” and “strategy” or conditional verbs such as “will” and “may” or the negative of these terms, although not all forward-looking statements contain these words, and include statements relating to market opportunity, our strategic priorities, strategic growth and return on equity projections. 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 Presentation, whether as a result of new information, future events, or otherwise, except as provided by law. In presenting the Company’s results, management has included the following financial measure that is not calculated under standards or rules that comprise generally accepted accounting principles in the United States (“GAAP”): fully diluted book value per share. This non-GAAP measure may be defined or calculated differently by other companies. Management believes this measure allows for a more thorough understanding of the underlying business. Non-GAAP measures 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. Reconciliations to the most comparable GAAP figures can be found at the back of this Presentation. This Presentation also contains certain figures and metrics that are unaudited, including, for example, growth in gross premiums written and other mid-year financial information. All information provided for Solasglas Investments, LP is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. Performance returns reflect the total returns, net of fees and expenses. Returns are net of either the modified high water mark performance allocation of 10% or the standard 20% performance allocation. All figures are unaudited. Greenlight Re and DME Advisors, LP (“DME”) do not undertake to update any information contained herein as a result of audit adjustments or other corrections. Past performance is not indicative of future results. Actual returns may differ from the returns presented. Due to rounding, numbers presented in the tables included in this Presentation may not add up precisely to the totals provided. greenlightre.com 2
Greenlight Re: Introduction greenlightre.com 3
Designed to achieve higher rates of return over the long term than more traditional fixed income investment strategies Low correlation to underwriting Liquid portfolio Use investment to gain optionality in (re)insurance opportunities Capture capital appreciation from early-stage investments Target ability to influence strategic direction and future participation rights in each deal Open Market Reinsurance Underwriting Innovations Underwriting & Investments Value Oriented Investments (Solasglas Investments, LP) greenlightre.com 4 Three Strategic Pillars to Drive Book Value Growth Our three pillars create a diversified earnings profile—enabling us to pursue consistent, long-term returns for shareholders Provide reinsurance globally, on both proportional and non-proportional bases Maintain a highly diversified book with the flexibility to adjust line concentration based on market conditions Business is primarily sourced through global reinsurance brokers Long-short strategy reduces market exposure
greenlightre.com 5 Greenlight Re Overview and Highlights Our strategic focus is driving underwriting excellence with respect to each and every decision we make Diverse Business Mix 1. This figure represents gross premiums in 2025. Business mix chart represents gross premiums written by line of business for that twelve-month period. 2. Refers to fully diluted BVPS growth. Fully diluted BVPS is a non-GAAP measure. See Appendix for non-GAAP measure rationale and reconciliation to the most comparable GAAP measure. 3. During the fourth quarter of 2025, we repurchased 201,517 ordinary shares at an aggregate cost of $2.8 million at an average price of $14.02 per share. 4. Debt leverage (calculated as total debt divided by shareholders’ equity) has significantly decreased in recent years from 16 percent at year-end 2022 to 1 percent as of Q4 2025 close. 3 Offices in Strategic International Locations $773M Gross Premiums Written1 $2.2B 4Q 2025 Total assets $9.8M Value of shares repurchased in 20253 “A” (Excellent) AM Best Financial Strength Rating (Stable Outlook) $708M 4Q 2025 Shareholders’ Equity 52.2% 5-Year Cumulative Book Value Growth2 20+ Years Operating History Specialty 24% Casualty 13% Financial 11% Health 1% Multiline 40% Property 11% 1% Total Debt Leverage4
greenlightre.com 6 Group Structure Our lean, flexible platform provides global market access via three strategically located jurisdictions: Greenlight Capital Re, Ltd. NASDAQ: “GLRE” A (Excellent) (stable outlook) A.M. Best Financial Strength Rating • Irish regulated subsidiary enables efficient access to EU and London markets • Solvency II jurisdiction • Access to strong local (re)insurance talent pool • Underwriters in this office focus on global specialty business Ireland Greenlight Reinsurance Ireland, DAC A+ (Superior) (stable outlook) A.M. Best Financial Strength Rating • Access to Lloyd’s network, brand and ratings • Global licenses to write both insurance and reinsurance • Greenlight Corporate Member enables us to provide “Funds at Lloyd’s” (FAL) capacity to the Lloyd’s market United Kingdom Syndicate 3456 (Lloyd’s) A (Excellent) (stable outlook) A.M. Best Financial Strength Rating Cayman Islands Greenlight Reinsurance, Ltd. • Home office since founding in 2004 • Cayman Islands Monetary Authority (CIMA): a prudent and risk-based regulator • CIMA and the Cayman Islands Government explicitly support the reinsurance industry, with strong focus and expertise in this area and a stated commitment toward achieving NAIC “qualified jurisdiction” status
Gross Premiums Written1 ($ in millions) Combined Ratio 69.5% 67.4% 61.7% 69.0% 62.3% 26.9% 30.5% 29.0% 28.5% 28.0% 4.5% 4.4% 3.8% 3.9% 4.4% 2021 2022 2023 2024 2025 100.9% 102.3% 94.5% 101.4% 94.6% $565 $563 $637 $698 $773 2021 2022 2023 2024 2025 greenlightre.com 7 Steady Premium Growth and Improving Underwriting Margin Acquisition Cost Ratio Underwriting Expense RatioLoss Ratio Record underwriting income of $35.7 million in 2025 • Combined ratio averaged 98.7% from 2021 through 2025 • 6.8-point improvement in 2025 versus 2024 • Positive underwriting income in 10 of last 12 quarters 1. Compound Annual Growth Rate (“CAGR”) in the chart is calculated from December 31, 2020 ($480 million Gross Premiums Written) through year-end 2025.
Net Income ($ in millions) Fully Diluted Book Value Per Share1 $13.99 $14.33 $16.74 $17.95 $20.43 2021 2022 2023 2024 2025 $18 $25 $87 $43 $75 2021 2022 2023 2024 2025 greenlightre.com 8 Building Financial Momentum Consistent positive net income and book value growth 1. CAGR in the chart is calculated from December 31, 2020 ($13.42) through year-end 2025.
Fourth Quarter Highlights greenlightre.com 9
greenlightre.com 10 Fourth Quarter Highlights Q4 2024 Q4 2025 FY 2024 FY 2025 Gross Premiums Written $143.8 $161.3 $698.3 $773.3 Net Underwriting Income $(18.0) $13.0 $(8.2) $35.7 Combined Ratio 112.1% 92.1% 101.4% 94.6% Net Income (loss) $(27.4) $49.3 $42.8 $74.8 Return on Equity (4.2)% 7.2% 7.0% 11.1% Fully Diluted Book Value Per Share $17.95 $20.43 $17.95 $20.43 Total Shareholders’ Equity $635.9 $708.0 $635.9 $708.0 (expressed in millions U.S. dollars, except percentages and per share amounts) “We are proud of our fourth quarter 2025 underwriting results, which resulted in a combined ratio of 92.1%, allowing us to close the year with a record underwriting income and a combined ratio of 94.6%. Growth in gross premiums written and net premiums earned, coupled with our expanded investment income and our strong combined ratio, resulted in book value growth of 8.1% in the fourth quarter and 13.8% for the full year.” - Greg Richardson, Chief Executive Officer
Segment Results greenlightre.com 11
$123 $124 $604 $652 Q4 2024 Q4 2025 FY 2024 FY 2025 Key Highlights greenlightre.com 12 Open Market Segment Gross Premiums Written ($ in millions) Business Mix Combined Ratio 82.4% 60.5% 66.7% 62.2% 25.4% 25.9% 28.3% 27.5% 3.3% 4.3% 4.0% 3.7% Q4 2024 Q4 2025 FY 2024 FY 2025 Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio 111.1% 90.7% 99.0% 93.4% Results in 2025 for this segment helped drive record underwriting income for the company Successfully pivoted in recent years to more diverse portfolio (former book was comprised of few, large, structured transactions) Gross premiums written increased to $124 million in Q4 2025 (despite recent exit from certain unprofitable casualty accounts) compared to $123 million in Q4 2024 Underwriting income of $13 million in Q4 2025, compared to underwriting loss of $14 million in Q4 2024 Casualty 10% Financial 12% Multiline 39% Property 13% Specialty 26% * Business Mix chart represents gross premiums written by line of business for trailing twelve months.
Key Highlights greenlightre.com 13 Innovations Segment Gross Premiums Written ($ in millions) $21 $37 $95 $122 Q4 2024 Q4 2025 FY 2024 FY 2025 Business Mix Combined Ratio 68.1% 59.7% 60.1% 60.1% 30.1% 32.5% 31.4% 31.3% 3.3% 9.5% 4.3% 8.8% Q4 2024 Q4 2025 FY 2024 FY 2025 Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio 101.5% 101.7% 95.8% 100.2% Innovations segment continues to be a strategic differentiator, reflecting a high-quality team and prudent overall growth trajectory Placed whole account quota share on the segment’s underwriting portfolio in 2024, providing rated third-party capacity and validation Investment portfolio is currently comprised of a diverse set of over 40 companies (deployed capital: $36.1M; carried value: $62.9M) Gross premiums written increased 80% to $37.1 million in Q4 2025 compared to $20.7 million in Q4 2024 Casualty 26% Financial 8% Health 8% Multiline 48% Specialty 10% * Business Mix chart represents gross premiums written by line of business for trailing twelve months.
Solasglas Investments Update greenlightre.com 14
Five-Year Annual Average Returns: 11.7% Annual Average Returns Since Inception: 5.6% Greenlight Capital, Inc., an affiliate of DME Advisors, Solasglas’ investment advisor, was founded in 1996 by our Chairman David Einhorn and is recognized for its disciplined, research-driven investment strategy DME Advisors conducts deep fundamental analysis of financials, strategy, and prospects to identify both undervalued and overvalued securities Greenlight Re has employed this value-oriented approach since its inception Objective is to maximize total risk-adjusted returns supporting long-term book value growth Investment Approach Solasglas Investments, LP is the dedicated investment fund managed by DME Advisors, for the benefit of Greenlight Re and its affiliates, into which Greenlight Re allocates its investment assets DME Advisors serves as general partner and owns approximately 19% of Solasglas Current allocation to Solasglas is 70% of consolidated shareholders’ equity Investment Portfolio 7.5% 25.3% 9.4% 9.8% 7.5% 2021 2022 2023 2024 2025 Solasglas Investments, LP: A Key Driver of Greenlight Re’s Strong Book Value Growth 15 Annual Investment Returns greenlightre.com *Investment returns stated herein reflect the total returns, net of fees and expenses, and are based on the total assets in investment account for the joint venture and the Investment Portfolio for SILP. Investment returns are calculated monthly and compounded to calculate the quarterly and annual returns. Actual investment income may vary depending on cash flows into and out of the investment account. Past performance is not necessarily indicative of future results. Five-year annual average returns is calculated from January 2021 through December 2025 and annual average return from inception is calculated from August 2004 through December 2025.
Investing in Greenlight Re 16greenlightre.com
greenlightre.com 17 Why Invest in Greenlight Re? Seasoned and Refreshed Executive Leadership Focused on underwriting culture and results-driven decision-making Well-Positioned and Diversified Specialty property and casualty reinsurance portfolio with a diversified risk profile Innovations Business is Maturing Now a distinct segment with strong momentum and disciplined growth Differentiated Long/Short Investment Strategy Designed to continue to generate strong returns in volatile markets Strong Balance Sheet Supported by a recent upgrade from A.M. Best and low debt leverage ratio Returning Value to Shareholders Repurchased ~0.7 million shares for $9.8 million in 2025
greenlightre.com 18 Executive and Underwriting Leadership Average Industry Experience: 20+ Years Executive Team Comprised of Significant Greenlight Re Tenure and Fresh Perspectives Greg Richardson Chief Executive Officer Joined 2024 (formerly Trans Re) Patrick O’Brien CEO Ireland & COO Joined 2016 (formerly Liberty) Faramarz Romer Chief Financial Officer Joined 2007 (formerly KPMG) Tom Curnock Group CUO Joined 2009 (formerly Aon) David Sigmon General Counsel Joined 2023 (formerly Everest) Brian O’Reilly Head of Innovations Joined 2014 (formerly ICW Group) Richard Strommer Chief Actuary Joined 2017 (formerly E&Y) Regan Cairns CUO, Cayman Islands Joined 2018 (formerly KPMG) Finbar Griffin CUO, Ireland Joined 2018 (formerly Travelers) Kagabo Ngiruwonsanga CUO, Innovations Joined 2011 (formerly Liberty) Martin Vezina Head of Underwriting Analytics Joined 2025 (formerly Allianz) Our Executive Team Is Focused on Executing Five Core Values Nimble • Innovative • Excellence • Accountable • Collaborative
Appendix 19greenlightre.com
December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $464,857 $475,663 $503,120 $596,095 $635,879 $707,977 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 34,514,790 33,844,446 34,824,061 35,336,732 34,831,324 33,897,709 Add: In-the-money stock options and all outstanding RSUs 116,722 154,134 277,960 264,870 590,001 755,997 Denominator for fully diluted book value per share 34,631,512 33,998,580 35,102,021 35,601,602 35,421,325 34,653,706 Basic book value per share $13.47 $14.05 $14.45 $16.87 $18.26 $ 20.89 Fully diluted book value per share $13.42 $13.99 $14.33 $16.74 $17.95 $ 20.43 greenlightre.com 20 Fully Diluted Book Value Per Share The key non-GAAP financial measure used in this Presentation is 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 long-term 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 tables 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): (expressed in thousands U.S. dollars, except per share and share amounts)
greenlightre.com 21 Fully Diluted Book Value Per Share (Quarterly) The following tables 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): Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $635,879 $666,804 $663,318 $658,889 $707,977 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 34,831,324 34,557,449 34,198,153 34,099,226 33,897,709 Add: In-the-money stock options and all outstanding RSUs 590,001 773,938 775,124 757,505 755,997 Denominator for fully diluted book value per share 35,421,325 35,331,387 34,973,277 34,856,731 34,653,706 Basic book value per share $18.26 $19.30 $19.40 $19.32 $20.89 Fully diluted book value per share $17.95 $18.87 $18.97 $18.90 $20.43 (expressed in thousands U.S. dollars, except per share and share amounts)
Segment Descriptions Open Market Segment We provide treaty reinsurance to insurance companies on a global basis, written on a proportional or non-proportional (also known as excess of loss) basis. The Open Market segment has the following lines of business: • Financial: includes primarily mortgage, trade credit, surety, transactional liability, and financial multiline coverage. • Health: includes primarily accident and critical illness coverage. • Multiline: includes predominantly our FAL business across diverse lines, coupled with multiline commercial and personal auto liability, business owners’ policy (“BOP”), and multiline commercial coverage. • Property: includes mainly commercial property and property catastrophe coverage. • Specialty: includes primarily agriculture, cyber, marine and energy, aviation and space, specialty multiline, and war, political violence and terrorism coverage. • Casualty: includes primarily general liability, umbrella, multiline casualty, and workers’ compensation coverage. Innovations Segment Innovation-related Investments We make strategic investments in promising startup companies and managing general agents, subject to investment guidelines as approved by our Board of Directors, in addition to providing reinsurance capacity on a case-by-case basis. These private investments consist primarily of unlisted equities (mostly preferred shares) and convertible debt instruments. Innovation-related Underwriting We provide underwriting capacity to our program partners through insurance and reinsurance structures on a global basis, written on a proportional or non-proportional basis. The Innovations segment has the following lines of business: • Financial: includes predominantly miscellaneous financial coverage. • Health: includes primarily travel and other miscellaneous health coverage. • Multiline: includes mostly BOP and multiline commercial coverage, in addition to business written from our Syndicate 3456 (multiple lines of business). • Specialty: includes primarily contingency liability and travel-related (e.g., trip cancellation / interruption, baggage and personal effects, and medical insurance) coverage. • Casualty: includes primarily general liability and multiline casualty coverage. greenlightre.com 22 .
FAQ
How did Greenlight Capital Re (GLRE) perform financially in Q4 2025?
Greenlight Capital Re delivered much stronger Q4 2025 results, with net income of $49.3 million versus a $27.4 million loss a year earlier. The combined ratio improved to 92.1%, helped by $13.0 million of net underwriting income and $44.8 million of total investment income.
What were Greenlight Capital Re’s full-year 2025 results?
For 2025, Greenlight Capital Re reported net income of $74.8 million, up from $42.8 million in 2024. Gross premiums written increased 11% to $773.3 million, while the combined ratio improved to 94.6%, supporting diluted earnings per share of $2.17 for the year.
How did Greenlight Capital Re’s underwriting performance change in 2025?
Underwriting performance improved significantly in 2025, with net underwriting income of $35.7 million compared to a loss of $8.2 million in 2024. The full-year combined ratio declined to 94.6% from 101.4%, indicating better profitability on the insurance and reinsurance book.
What happened to Greenlight Capital Re’s book value per share in 2025?
Fully diluted book value per share at Greenlight Capital Re rose 13.8% in 2025 to $20.43, from $17.95 at December 31, 2024. This growth reflects stronger earnings, solid underwriting results, investment returns, and the impact of ongoing share repurchases during the year.
How did the Solasglas investment portfolio affect GLRE’s 2025 results?
The Solasglas investment portfolio contributed positively in 2025, with total investment income of $60.2 million versus $79.6 million in 2024. Management noted Solasglas delivered gains and positive alpha, helping support net income growth and the increase in fully diluted book value per share.
Did Greenlight Capital Re repurchase shares in 2025, and at what cost?
Yes. Greenlight Capital Re repurchased $9.8 million of ordinary shares in 2025 at an average price of $13.76 per share. In Q4 2025 alone, it bought back $2.8 million of stock at an average cost of $14.02, supporting per-share book value growth.
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