GRAND CAYMAN, Cayman Islands, March 09, 2026 (GLOBE NEWSWIRE) -- 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 1-877-407-9753International 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 13754963. 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 ContactJeremy HellmanVice President, The Equity Group Inc. (212) 836-9626[email protected]
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
