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 to 95.9%;
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 to 97.9%;
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 86.6%, the lowest in the Company's history. We demonstrated our ability to achieve strong margins, supported by robust performance in our underwriting book and favorable catastrophe loss activity. These results underscore the effectiveness of our strategy, the quality of our risk selection, and our performance-driven culture."
David Einhorn, Chairman of the Board of Directors, said, "The investment environment remains difficult for our style and the Solasglas investment portfolio lost 3.2% during the third quarter. Our long positions did not keep up with a strong equity market, while our short positions hurt our overall results. The Company's best-ever underwriting result helped offset the weak investment results and we continued to buy back our stock at an attractive price."
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 ContactKarin DalyVice President, The Equity Group Inc. (212)
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 $0.10; issued and outstanding, 34,099,226) (2024: par value $0.10; issued and outstanding, 34,831,324)
$
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 endedSeptember 30
Nine months endedSeptember 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
