GLRE Greenlight Capital Re, Ltd.

NASDAQ
$15.76

Greenlight Re Announces Financial Results for First Quarter March 31, 2026

Tuesday, May 5, 2026 · 4:24 PM ET GlobeNewswire
Improves Q1 Combined Ratio to 96.0%,
Earns $1.05 per diluted share;
Repurchases $5 million of ordinary shares
 

GRAND CAYMAN, Cayman Islands, May 05, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter March 31, 2026.

First quarter 2026 Highlights (all comparisons are to first quarter 2025 unless noted otherwise):

  • Gross premiums written decreased 8% to $227.9 million;
  • Net premiums earned decreased 8% to $154.1 million;
  • Net underwriting income of $6.2 million, compared to an underwriting loss of $7.8 million;
  • Combined ratio of 96.0%, compared to 104.6%;
  • Total investment income of $40.4 million, compared to $40.5 million;
  • Net income of $35.8 million, or $1.05 per diluted ordinary share, compared to net income of $29.6 million, or $0.86 per diluted ordinary share;
  • Repurchased $5 million of ordinary shares at an average cost of $16.70 per share; and
  • Fully diluted book value per share increased 4.7% to $21.40, from $20.43 at December 31, 2025.

During April 2026, the Company repurchased an additional $9.5 million of ordinary shares at an average price of $18.38 per share.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We have had a good start to the year with both sides of our balance sheet contributing to growth in book value per share. Our underwriting book continues to demonstrate disciplined profitability with a combined ratio of 96.0%.”

David Einhorn, Chairman of the Board of Directors, said, “The Solasglas investment portfolio gained a solid 6.8% in the first quarter during a choppy period for the market. The Company continues its capital allocation discipline and repurchased, through April, approximately 2.4% of its shares to capture the discount being offered in the market.”

Greenlight Capital Re, Ltd. First Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Wednesday, May 6, 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=1731021&tp_key=f4c1d589f0

A telephone replay will be available following the call through May 12, 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 13755435. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Jeremy Hellman
Vice President, The Equity Group Inc.
(212) 836-9626
IR@greenlightre.ky

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)
 
 March 31,
2026		 December 31,
2025		 
 (Unaudited)   
Assets      
Investments      
Investment in related party investment fund, at fair value$515,244 $504,555 
Other investments 66,441  62,911 
Fixed maturity investments, at fair value 150,902  65,609 
Total investments 732,587  633,075 
Cash and cash equivalents 75,088  111,756 
Restricted cash and cash equivalents 535,151  531,976 
Reinsurance balances receivable 672,463  664,381 
Reinsurance recoverable on unpaid loss and loss adjustment expenses 86,237  81,392 
Deferred acquisition costs 100,691  99,954 
Unearned premiums ceded 58,528  39,223 
Other assets 8,527  8,026 
Total assets$2,269,272 $2,169,783 
Liabilities and equity      
Liabilities      
Loss and loss adjustment expense reserves 966,339  967,960 
Unearned premium reserves 414,315  361,704 
Reinsurance balances payable 109,404  95,853 
Funds withheld 22,359  16,105 
Other liabilities 10,944  15,460 
Debt 4,739  4,724 
Total liabilities 1,528,100  1,461,806 
Commitments and Contingencies      
Shareholders' equity      
Preferred share capital (par value $0.10; none issued) —  — 
Ordinary share capital (par value $0.10; issued and outstanding, 33,684,902)
(2025: par value $0.10; issued and outstanding, 33,897,709)		 3,368  3,390 
Additional paid-in capital 476,377  478,910 
Retained earnings 261,427  225,677 
Total shareholders' equity 741,172  707,977 
Total liabilities and equity$2,269,272 $2,169,783 
 


GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars, except percentages and per share amounts)
  
 Three months ended March 31 
 2026
 2025
 
 (Unaudited) 
Underwriting results:        
Gross premiums written$227,938  $247,945  
Gross premiums ceded (44,464)  (28,548) 
Net premiums written$183,474  $219,397  
Change in net unearned premium reserves (29,329)  (50,934) 
Net premiums earned$154,145  $168,463  
Net loss and LAE incurred:        
Current year (93,644)  (118,666) 
Prior year 2,489   (4,218) 
Net loss and LAE incurred (91,155)  (122,884) 
Acquisition costs (48,962)  (46,866) 
Underwriting expenses (7,805)  (6,358) 
Deposit interest expense (32)  (149) 
Net underwriting income (loss) 6,191   (7,794) 
         
Investment results:        
Income from investment in Solasglas 33,689   32,197  
Net investment income 6,731   8,287  
Total investment income 40,420   40,484  
         
Corporate and other expenses (5,742)  (4,672) 
Foreign exchange gains (losses) (4,905)  4,355  
Interest expense (99)  (1,464) 
Income tax expense (115)  (1,282) 
Net income$35,750  $29,627  
         
Earnings per share        
Basic$1.06  $0.87  
Diluted$1.05  $0.86  
         
Underwriting ratios:        
Current year loss ratio 60.8 %  70.4 % 
Prior year reserve development ratio (1.6)%  2.5 % 
Loss ratio 59.1 %  72.9 % 
Acquisition cost ratio 31.8 %  27.8 % 
Composite ratio 90.9 %  100.7 % 
Underwriting expense ratio 5.1 %  3.9 % 
Combined ratio 96.0 %  104.6 % 
 

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 March 31,2026
 
 Open Market Innovations Corporate Total
Consolidated		 
Gross premiums written$180,347  $47,593  $(2) $227,938  
Net premiums written$151,295  $32,181  $(2) $183,474  
Net premiums earned$128,981  $25,166  $(2) $154,145  
Net loss and LAE incurred (75,230)  (15,926)  1   (91,155) 
Acquisition costs (41,212)  (7,750)  —   (48,962) 
Other underwriting expenses (5,743)  (2,062)  —   (7,805) 
Deposit interest expense, net (32)  —   —   (32) 
Underwriting income (loss) 6,764   (572)  (1)  6,191  
Net investment income (loss) 5,135   1,094   502   6,731  
Corporate and other expenses —   (722)  (5,020)  (5,742) 
Income (loss) from investment in Solasglas         33,689   33,689  
Foreign exchange gains (losses)         (4,905)  (4,905) 
Interest expense         (99)  (99) 
Income (loss) before income taxes$11,899  $(200) $24,166  $35,865  
                 
Underwriting ratios:                
Loss ratio 58.3 %  63.3 %  NM
*
  59.1 % 
Acquisition cost ratio 32.0 %  30.8 %  NM
*
  31.8 % 
Composite ratio 90.3 %  94.1 %  NM
*
  90.9 % 
Underwriting expenses ratio 4.5 %  8.2 %  NM
*
  5.1 % 
Combined ratio 94.8 %  102.3 %  NM
*
  96.0 % 
*Not Meaningful                
 


GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended March 31,2025
 
 Open Market Innovations Corporate Total
Consolidated		 
Gross premiums written$220,709  $27,466  $(230) $247,945  
Net premiums written$195,609  $23,971  $(183) $219,397  
Net premiums earned$149,641  $19,005  $(183) $168,463  
Net loss and LAE incurred (112,763)  (10,346)  225   (122,884) 
Acquisition costs (40,881)  (6,033)  48   (46,866) 
Other underwriting expenses (4,797)  (1,561)  —   (6,358) 
Deposit interest expense, net (149)  —   —   (149) 
Underwriting income (loss) (8,949)  1,065   90   (7,794) 
Net investment income 5,771   448   2,068   8,287  
Corporate and other expenses —   (572)  (4,100)  (4,672) 
Income from investment in Solasglas         32,197   32,197  
Foreign exchange gains (losses)         4,355   4,355  
Other income         —   —  
Interest expense         (1,464)  (1,464) 
Income (loss) before income taxes$(3,178) $941  $33,146  $30,909  
                 
Underwriting ratios:                
Loss ratio 75.4 %  54.4 %  NM
*
  72.9 % 
Acquisition cost ratio 27.3 %  31.7 %  NM
*
  27.8 % 
Composite ratio 102.7 %  86.1 %  NM
*
  100.7 % 
Underwriting expenses ratio 3.3 %  8.2 %  NM
*
  3.9 % 
Combined ratio 106.0 %  94.3 %  NM
*
  104.6 % 
*Not Meaningful                
 


GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
 

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

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

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements.

Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025		 March 31,
2025		 
Numerator for basic and fully
diluted book value per share:		                    
Total equity as reported under U.S.
GAAP		$741,172  $707,977  $658,889  $663,318  $666,804  
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		 33,684,902   33,897,709   34,099,226   34,198,153   34,557,449  
Add: In-the-money stock options (1)
and all outstanding RSUs		 950,199   755,997   757,505   775,124   773,938  
Denominator for fully diluted book
value per share		 34,635,101   34,653,706   34,856,731   34,973,277   35,331,387  
                     
Basic book value per share$22.00  $20.89  $19.32  $19.40  $19.30  
Increase in basic book value per
share		$1.11  $1.57  $(0.08) $0.10  $1.04  
Increase in basic book value per
share		 5.3 %  8.1 %  (0.4)%  0.5 %  5.7 % 
                     
Fully diluted book value per share$21.40  $20.43  $18.90  $18.97  $18.87  
Increase in fully diluted book value
per share		$0.97  $1.53  $(0.07) $0.10  $0.92  
Increase in fully diluted book value
per share		 4.7 %  8.1 %  (0.4)%  0.5 %  5.1 % 
                     
(1) Assuming net exercise by the grantee.

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Source: Greenlight Capital Re
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