Greenlight Re Announces Financial Results for Second Quarter and Six Months Ended June 30, 2025
Delivers 95.0% Combined Ratio and Returns $5 million to Shareholders Through Buybacks
GRAND CAYMAN, Cayman Islands, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ:GLRE) ("Greenlight Re" or the "Company") today reported its financial results for the second quarter and six months ended June 30, 2025.
Second Quarter 2025 Highlights (all comparisons are to second quarter 2024 unless noted otherwise):
Gross premiums written increased 6.3% to $179.6 million;
Net premiums earned increased 2.0% to $161.6 million;
Net underwriting income of $8.1 million, compared to $0.3 million;
Combined ratio of 95.0%, compared to 99.9%;
Total investment loss of $7.8 million, compared to total investment income of $15.3 million;
Net income of $0.3 million, or $0.01 per diluted ordinary share, compared to $8.0 million, or $0.23 per diluted ordinary share;
Repurchased $5.0 million of shares at an average cost of $13.99 per share; and
Fully diluted book value per share increased 0.5% to $18.97, from $18.87 at March 31, 2025.
Six Months Ended June 30, 2025 Highlights (all comparisons are to same period in 2024):
Gross premiums written increased 10.7% to $427.6 million;
Net premiums earned increased 3.2% to $330.1 million;
Net underwriting income of $0.3 million compared to $3.7 million;
Combined ratio of 99.9%, compared to 98.9%;
Total investment income of $32.7 million, compared to $46.7 million;
Net income of $30.0 million, or $0.87 per diluted ordinary share, compared to $35.0 million, or $1.01 per diluted ordinary share; and
Fully diluted book value per share increased 5.7% to $18.97, from $17.65 at December 31, 2024.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, "We are pleased with our second quarter 2025 underwriting results, which reflect the strength and discipline of our portfolio, and we believe our book is well positioned for a strong second half of the year. We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and focus on operational performance."
David Einhorn, Chairman of the Board of Directors, said, "The Solasglas investment portfolio lost 4.0% during a difficult quarter. We continue to have a defensive stance, with a nearly flat net exposure, and our long investments failed to keep up with a strongly rising market. Despite this, our strong underwriting result and share buyback allowed us to increase our fully diluted book value per share."
Greenlight Capital Re, Ltd. Second Quarter 2025 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Tuesday, August 5, 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=1727215&tp_key=d849de3f16
A telephone replay will be available following the call through August 11, 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 13754849. 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 CONSOLIDATEDBALANCE SHEETS(expressed in thousands of U.S. dollars, except per share and share amounts)
June 30, 2025
December 31, 2024
(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value
$
461,265
$
387,144
Other investments
76,036
73,160
Total investments
537,301
460,304
Cash and cash equivalents
82,362
64,685
Restricted cash and cash equivalents
576,698
584,402
Reinsurance balances receivable (net of allowance for expected credit losses)
755,296
704,483
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)
93,971
85,790
Deferred acquisition costs
98,816
82,249
Unearned premiums ceded
36,623
29,545
Other assets
6,957
4,765
Total assets
$
2,188,024
$
2,016,223
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves
$
944,985
$
860,969
Unearned premium reserves
383,424
324,551
Reinsurance balances payable
106,103
105,892
Funds withheld
22,577
21,878
Other liabilities
8,728
6,305
Debt
58,889
60,749
Total liabilities
1,524,706
1,380,344
Shareholders' equity
Ordinary share capital (par value $0.10; issued and outstanding, 34,198,153) (2024: par value $0.10; issued and outstanding, 34,831,324)
$
3,420
$
3,483
Additional paid-in capital
479,097
481,551
Retained earnings
180,801
150,845
Total shareholders' equity
663,318
635,879
Total liabilities and equity
$
2,188,024
$
2,016,223
GREENLIGHT CAPITAL RE, LTD.CONDENSED CONSOLIDATEDRESULTS OF OPERATIONS (Unaudited)(expressed in thousands of U.S. dollars, except percentages and per share amounts)
Three months ended June 30
Six months ended June 30
2025
2024
2025
2024
Underwriting results:
Gross premiums written
$
179,628
$
168,975
$
427,573
$
386,233
Gross premiums ceded
(15,101
)
(14,832
)
(43,649
)
(38,013
)
Net premiums written
164,527
154,143
383,924
348,220
Change in net unearned premium reserves
(2,886
)
4,255
(53,820
)
(28,286
)
Net premiums earned
$
161,641
$
158,398
$
330,104
$
319,934
Net loss and LAE incurred:
Current year
$
(97,032
)
$
(102,722
)
$
(215,698
)
$
(206,647
)
Prior year
(3,047
)
689
(7,265
)
(4,712
)
Net loss and LAE incurred
(100,079
)
(102,033
)
(222,963
)
(211,359
)
Acquisition costs
(46,848
)
(50,454
)
(93,714
)
(92,064
)
Underwriting expenses
(6,481
)
(5,811
)
(12,839
)
(12,150
)
Deposit interest income (expense), net
(124
)
233
(273
)
(643
)
Net underwriting income
$
8,109
$
333
$
315
$
3,718
Income from investment in Solasglas
$
(18,276
)
$
4,330
$
13,921
$
22,578
Net investment income
10,470
10,948
18,757
24,126
Total investment income (loss)
$
(7,806
)
$
15,278
$
32,678
$
46,704
Corporate and other expenses
$
(4,755
)
$
(4,706
)
$
(9,427
)
$
(9,081
)
Foreign exchange gains (losses)
6,271
(932
)
10,626
(2,581
)
Interest expense
(1,144
)
(1,560
)
(2,608
)
(2,809
)
Income before income tax
675
8,413
31,584
35,951
Income tax expense
(346
)
(435
)
(1,628
)
(954
)
Net income
$
329
$
7,978
$
29,956
$
34,997
Earnings per share
Basic
$
0.01
$
0.23
$
0.88
$
1.02
Diluted
$
0.01
$
0.23
$
0.87
$
1.01
Underwriting ratios:
Current year loss ratio
