GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER MARCH 31, 2026
Improves Q1 Combined Ratio to 96.0%,
Earns $1.05 per diluted share;
Repurchases $5 million of ordinary shares
GRAND CAYMAN, Cayman Islands – May 5, 2026 – 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:
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.
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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 (Note 16)
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
