Third quarter 2026 Highlights (all comparisons are to third quarter 2025 unless noted otherwise):
- Gross premiums written decreased 1% to
$181.9 million ; - Net premiums earned decreased 7% to
$153.4 million ; - Net underwriting income of
$14.6 million , compared to$22.3 million ; - Combined ratio of 90.5%, compared to 86.6%;
- Total investment loss of
$4.6 million , compared to loss of$17.4 million ; - Net income of
$3.2 million , or$0.10 per diluted ordinary share, compared to net loss of$4.4 million , or$(0.13) per diluted ordinary share; - Repurchased
$8.0 million of ordinary shares at an average cost of$15.77 per share; and - Fully diluted book value per share increased 0.8% to
$20.78 , from$20.61 atJune 30, 2026 .
Nine months ended
- Gross premiums written decreased 3% to
$592.9 million ; - Net premiums earned decreased 5% to
$469.4 million ; - Net underwriting income of
$20.6 million compared to$22.6 million ; - Combined ratio of 95.6%, compared to 95.4%;
- Total investment income of
$12.0 million , compared to$15.3 million ; - Net income of
$9.4 million , or$0.28 per diluted ordinary share, compared to$25.6 million , or$0.74 per diluted ordinary share; - Repurchased
$27.2 million of ordinary shares at an average cost of$16.90 per share; and - Fully diluted book value per share increased 1.7% to
$20.78 , from$20.43 atDecember 31, 2025 .
From
Greenlight Re will host a live conference call to discuss its financial results on
International 1-201-493-6739
The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1731027&tp_key=691022d3df
A telephone replay will be available following the call through
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
Forward-Looking Statements
This news release contains forward-looking statements concerning
About
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the
Investor Relations Contact
Vice President, The
(212) 836-9626
IR@greenlightre.ky
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of
| (Unaudited) | |||||
| Assets | |||||
| Investments | |||||
| Investment in related party investment fund, at fair value | $ | 487,385 | $ | 504,555 | |
| Other investments | 65,452 | 62,911 | |||
| Fixed maturity investments, at fair value | 178,905 | 65,609 | |||
| Total investments | 731,742 | 633,075 | |||
| Cash and cash equivalents | 70,982 | 111,756 | |||
| Restricted cash and cash equivalents | 511,983 | 531,976 | |||
| Reinsurance balances receivable | 683,363 | 664,381 | |||
| Reinsurance recoverable on unpaid loss and loss adjustment expenses | 118,361 | 81,392 | |||
| Deferred acquisition costs | 98,506 | 99,954 | |||
| Unearned premiums ceded | 66,849 | 39,223 | |||
| Other assets | 8,788 | 8,026 | |||
| Total assets | $ | 2,290,574 | $ | 2,169,783 | |
| Liabilities and equity | |||||
| Liabilities | |||||
| Loss and loss adjustment expense reserves | 1,024,891 | 967,960 | |||
| Unearned premium reserves | 401,152 | 361,704 | |||
| Reinsurance balances payable | 109,704 | 95,853 | |||
| Funds withheld | 43,734 | 16,105 | |||
| Other liabilities | 11,778 | 15,460 | |||
| Debt | 4,768 | 4,724 | |||
| Total liabilities | 1,596,027 | 1,461,806 | |||
| Shareholders' equity | |||||
| Preferred share capital (par value | — | — | |||
| Ordinary share capital (par value | 3,246 | 3,390 | |||
| Additional paid-in capital | 456,236 | 478,910 | |||
| Retained earnings | 235,065 | 225,677 | |||
| Total shareholders' equity | 694,547 | 707,977 | |||
| Total liabilities and equity | $ | 2,290,574 | $ | 2,169,783 | |
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of
| Three months ended | Nine months ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Underwriting results: | ||||||||||||||||
| Gross premiums written | $ | 181,875 | $ | 184,377 | $ | 592,931 | $ | 611,950 | ||||||||
| Gross premiums ceded | (39,173 | ) | (21,695 | ) | (119,946 | ) | (65,344 | ) | ||||||||
| Net premiums written | $ | 142,702 | $ | 162,682 | $ | 472,985 | $ | 546,606 | ||||||||
| Change in net unearned premium reserves | 10,727 | 2,737 | (3,598 | ) | (51,083 | ) | ||||||||||
| Net premiums earned | $ | 153,429 | $ | 165,419 | $ | 469,387 | $ | 495,523 | ||||||||
| Net loss and LAE incurred: | ||||||||||||||||
| Current year | (81,875 | ) | (87,776 | ) | (286,886 | ) | (303,474 | ) | ||||||||
| Prior year | (2,490 | ) | (817 | ) | (717 | ) | (8,082 | ) | ||||||||
| Net loss and LAE incurred | (84,365 | ) | (88,593 | ) | (287,603 | ) | (311,556 | ) | ||||||||
| Acquisition costs (1) | (45,518 | ) | (46,445 | ) | (136,789 | ) | (138,646 | ) | ||||||||
| Underwriting expenses (1) | (8,913 | ) | (7,989 | ) | (24,329 | ) | (22,341 | ) | ||||||||
| Deposit interest expense | (31 | ) | (94 | ) | (109 | ) | (367 | ) | ||||||||
| Net underwriting income (loss) | 14,602 | 22,298 | 20,557 | 22,613 | ||||||||||||
| Investment results: | ||||||||||||||||
| Loss from investment in Solasglas | (15,133 | ) | (14,404 | ) | (9,301 | ) | (483 | ) | ||||||||
| Net investment income (loss) | 10,493 | (2,950 | ) | 21,300 | 15,807 | |||||||||||
| Total investment income (loss) | (4,640 | ) | (17,354 | ) | 11,999 | 15,324 | ||||||||||
| Corporate and other expenses | (5,717 | ) | (5,399 | ) | (16,176 | ) | (14,826 | ) | ||||||||
| Foreign exchange gains (losses) | (495 | ) | (1,994 | ) | (5,976 | ) | 8,632 | |||||||||
| Interest expense | (127 | ) | (1,430 | ) | (354 | ) | (4,038 | ) | ||||||||
| Income tax expense | (389 | ) | (526 | ) | (662 | ) | (2,154 | ) | ||||||||
| Net income (loss) | $ | 3,234 | $ | (4,405 | ) | $ | 9,388 | $ | 25,551 | |||||||
| Earnings per share | ||||||||||||||||
| Basic | $ | 0.10 | $ | (0.13 | ) | $ | 0.28 | $ | 0.75 | |||||||
| Diluted | $ | 0.10 | $ | (0.13 | ) | $ | 0.28 | $ | 0.74 | |||||||
| Underwriting ratios: | ||||||||||||||||
| Current year loss ratio | 53.4 | % | 53.1 | % | 61.1 | % | 61.2 | % | ||||||||
| Prior year reserve development ratio | 1.6 | % | 0.5 | % | 0.2 | % | 1.6 | % | ||||||||
| Loss ratio | 55.0 | % | 53.6 | % | 61.3 | % | 62.8 | % | ||||||||
| Acquisition cost ratio (1) | 29.7 | % | 28.1 | % | 29.1 | % | 28.0 | % | ||||||||
| Composite ratio | 84.7 | % | 81.7 | % | 90.4 | % | 90.8 | % | ||||||||
| Underwriting expense ratio (1) | 5.8 | % | 4.9 | % | 5.2 | % | 4.6 | % | ||||||||
| Combined ratio | 90.5 | % | 86.6 | % | 95.6 | % | 95.4 | % | ||||||||
(1) The Company reclassified
The following tables present the Company’s results by segment and on a consolidated basis:
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of
Three months ended
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 138,843 | $ | 43,034 | $ | (2 | ) | $ | 181,875 | ||||||
| Net premiums written | $ | 114,168 | $ | 28,537 | $ | (3 | ) | $ | 142,702 | ||||||
| Net premiums earned | $ | 125,311 | $ | 28,121 | $ | (3 | ) | $ | 153,429 | ||||||
| Net loss and LAE incurred | (64,215 | ) | (19,067 | ) | (1,083 | ) | (84,365 | ) | |||||||
| Acquisition costs | (39,797 | ) | (5,722 | ) | 1 | (45,518 | ) | ||||||||
| Underwriting expenses | (6,075 | ) | (2,838 | ) | — | (8,913 | ) | ||||||||
| Deposit interest expense, net | (31 | ) | — | — | (31 | ) | |||||||||
| Underwriting income (loss) | 15,193 | 494 | (1,085 | ) | 14,602 | ||||||||||
| Net investment income (loss) | 4,329 | 5,974 | 190 | 10,493 | |||||||||||
| Corporate and other expenses | — | (632 | ) | (5,085 | ) | (5,717 | ) | ||||||||
| Income (loss) from investment in Solasglas | (15,133 | ) | (15,133 | ) | |||||||||||
| Foreign exchange gains (losses) | (495 | ) | (495 | ) | |||||||||||
| Interest expense | (127 | ) | (127 | ) | |||||||||||
| Income (loss) before income taxes | $ | 19,522 | $ | 5,836 | $ | (21,735 | ) | $ | 3,623 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 51.2 | % | 67.8 | % | NM* | 55.0 | % | ||||||||
| Acquisition cost ratio | 31.8 | % | 20.3 | % | NM* | 29.7 | % | ||||||||
| Composite ratio | 83.0 | % | 88.1 | % | NM* | 84.7 | % | ||||||||
| Underwriting expense ratio | 4.9 | % | 10.1 | % | NM* | 5.8 | % | ||||||||
| Combined ratio | 87.9 | % | 98.2 | % | NM* | 90.5 | % | ||||||||
*Not Meaningful
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of
Three months ended
| 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 (1) | (40,069 | ) | (6,377 | ) | 1 | (46,445 | ) | ||||||||
| Underwriting expenses (1) | (5,446 | ) | (2,543 | ) | — | (7,989 | ) | ||||||||
| Deposit interest expense, net | (94 | ) | — | — | (94 | ) | |||||||||
| Underwriting income (loss) | 22,228 | 668 | (598 | ) | 22,298 | ||||||||||
| Net investment income | 5,623 | (11,270 | ) | 2,697 | (2,950 | ) | |||||||||
| Corporate and other expenses | — | (724 | ) | (4,675 | ) | (5,399 | ) | ||||||||
| Income from investment in Solasglas | (14,404 | ) | (14,404 | ) | |||||||||||
| Foreign exchange gains (losses) | (1,994 | ) | (1,994 | ) | |||||||||||
| Other income | — | — | |||||||||||||
| 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 | % | 30.4 | % | NM* | 28.1 | % | ||||||||
| Composite ratio | 80.7 | % | 84.7 | % | NM* | 81.7 | % | ||||||||
| Underwriting expense ratio | 3.8 | % | 12.1 | % | NM* | 4.9 | % | ||||||||
| Combined ratio | 84.5 | % | 96.8 | % | NM* | 86.6 | % | ||||||||
(1) The Company has reclassified
*Not Meaningful
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of
Nine months ended
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 471,392 | $ | 121,543 | $ | (4 | ) | $ | 592,931 | ||||||
| Net premiums written | $ | 393,712 | $ | 79,278 | $ | (5 | ) | $ | 472,985 | ||||||
| Net premiums earned | $ | 391,237 | $ | 78,155 | $ | (5 | ) | $ | 469,387 | ||||||
| Net loss and LAE incurred | (234,390 | ) | (50,368 | ) | (2,845 | ) | (287,603 | ) | |||||||
| Acquisition costs | (119,408 | ) | (17,382 | ) | 1 | (136,789 | ) | ||||||||
| Underwriting expenses | (16,420 | ) | (7,909 | ) | — | (24,329 | ) | ||||||||
| Deposit interest expense, net | (109 | ) | — | — | (109 | ) | |||||||||
| Underwriting income (loss) | 20,910 | 2,496 | (2,849 | ) | 20,557 | ||||||||||
| Net investment income (loss) | 13,873 | 6,589 | 838 | 21,300 | |||||||||||
| Corporate and other expenses | — | (1,933 | ) | (14,243 | ) | (16,176 | ) | ||||||||
| Income (loss) from investment in Solasglas | (9,301 | ) | (9,301 | ) | |||||||||||
| Foreign exchange gains (losses) | (5,976 | ) | (5,976 | ) | |||||||||||
| Interest expense | (354 | ) | (354 | ) | |||||||||||
| Income (loss) before income taxes | $ | 34,783 | $ | 7,152 | $ | (31,885 | ) | $ | 10,050 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 59.9 | % | 64.4 | % | NM* | 61.3 | % | ||||||||
| Acquisition cost ratio | 30.5 | % | 22.2 | % | NM* | 29.1 | % | ||||||||
| Composite ratio | 90.4 | % | 86.6 | % | NM* | 90.4 | % | ||||||||
| Underwriting expense ratio | 4.2 | % | 10.1 | % | NM* | 5.2 | % | ||||||||
| Combined ratio | 94.6 | % | 96.7 | % | NM* | 95.6 | % | ||||||||
*Not Meaningful
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of
Nine months ended
| 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 (1) | (121,850 | ) | (16,909 | ) | 113 | (138,646 | ) | ||||||||
| Underwriting expenses (1) | (15,104 | ) | (7,237 | ) | — | (22,341 | ) | ||||||||
| Deposit interest expense, net | (367 | ) | — | — | (367 | ) | |||||||||
| Underwriting income (loss) | 24,473 | 243 | (2,103 | ) | 22,613 | ||||||||||
| Net investment income | 17,023 | (10,391 | ) | 9,175 | 15,807 | ||||||||||
| Corporate and other expenses | — | (1,898 | ) | (12,928 | ) | (14,826 | ) | ||||||||
| Income from investment in Solasglas | (483 | ) | (483 | ) | |||||||||||
| Foreign exchange gains (losses) | 8,632 | 8,632 | |||||||||||||
| Other income | — | — | |||||||||||||
| 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 | % | NM* | 62.8 | % | ||||||||
| Acquisition cost ratio | 28.0 | % | 27.5 | % | NM* | 28.0 | % | ||||||||
| Composite ratio | 90.8 | % | 87.8 | % | NM* | 90.8 | % | ||||||||
| Underwriting expenses ratio | 3.6 | % | 11.8 | % | NM* | 4.6 | % | ||||||||
| Combined ratio | 94.4 | % | 99.6 | % | NM* | 95.4 | % | ||||||||
(1) The Company has reclassified
*Not Meaningful
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
Management uses certain key financial measures, some of which are not prescribed under
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
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
2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||
| Numerator for basic and fully diluted book value per share: | |||||||||||||||||||
| Total equity as reported under | $ | 694,547 | $ | 697,682 | $ | 741,172 | $ | 707,977 | $ | 658,889 | |||||||||
| 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 | 32,460,395 | 32,881,538 | 33,684,902 | 33,897,709 | 34,099,226 | ||||||||||||||
| Add: In-the-money stock options (1) and all outstanding RSUs | 971,100 | 972,651 | 950,199 | 755,997 | 757,505 | ||||||||||||||
| Denominator for fully diluted book value per share | 33,431,495 | 33,854,189 | 34,635,101 | 34,653,706 | 34,856,731 | ||||||||||||||
| Basic book value per share | $ | 21.40 | $ | 21.22 | $ | 22.00 | $ | 20.89 | $ | 19.32 | |||||||||
| Increase (decrease) in basic book value per share | $ | 0.18 | $ | (0.78 | ) | $ | 1.11 | $ | 1.57 | $ | (0.08 | ) | |||||||
| Increase (decrease) in basic book value per share | 0.8 | % | (3.5 | )% | 5.3 | % | 8.1 | % | (0.4 | )% | |||||||||
| Fully diluted book value per share | $ | 20.78 | $ | 20.61 | $ | 21.40 | $ | 20.43 | $ | 18.90 | |||||||||
| Increase (decrease) in fully diluted book value per share | $ | 0.17 | $ | (0.79 | ) | $ | 0.97 | $ | 1.53 | $ | (0.07 | ) | |||||||
| Increase (decrease) in fully diluted book value per share | 0.8 | % | (3.7 | )% | 4.7 | % | 8.1 | % | (0.4 | )% | |||||||||
(1) Assuming net exercise by the grantee.
