GLRE
Greenlight Capital Re, Ltd.14.37
+0.00+0%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A quells private credit fears
Q&A largely reaffirmed prepared remarks on strong underwriting and Solasglas returns, with management directly dismissing private credit concerns—no exposure in their public-market-focused portfolio or P&C book. They explained debt paydown as opportunistic amid high rates, retaining revolver flexibility. On scaling the 70% investment ratio, executives highlighted Solasglas's scalable, capital-efficient returns as a potential ROE booster if reinsurance softens. No private credit on the books. Analysts probed risks and allocation; answers were clear but non-committal on changes. Investors will watch reinsurance pricing durability and investment flex amid high equity valuations.
Key Stats
Market Cap
491.43MP/E (TTM)
-Basic EPS (TTM)
-0.04Dividend Yield
0%Recent Filings
10-K
FY2025 results
Greenlight Capital Re grew gross premiums written 10.7% to $773M in FY2025 ended December 31, 2025, with Open Market up 8% to $652M on multiline strength while scaling back casualty, and Innovations surging 28% to $122M via Syndicate 3456. Underwriting swung to $36M profit from prior loss, combined ratio improving to 94.6% on lower attritional (53.4%) and CAT (4.0%) loss ratios despite large events; Q4 Solasglas returned 7.9% vs Q3's -3.2% loss, fueling 7.5% annual net gain. Strong operations funded $56M debt cut to $5M and $10M buybacks. Fully diluted book value per share rose 13.8% to $20.43. Catastrophe losses remain a quarterly threat.
8-K
Q4 combined ratio 92.1%
Greenlight Re reported Q4 2025 results with gross premiums written up 12% to $161.3M and combined ratio improving to 92.1% from 112.1%, flipping underwriting to $13.0M income. Full-year combined ratio hit 94.6% with record $35.7M underwriting income, driving net income to $74.8M and fully diluted book value per share up 13.8% to $20.43. Book value surged.
8-K
Sigmon resigns May 1
Greenlight Capital Re's General Counsel, Chief Compliance Officer, and Corporate Secretary David Sigmon announced his resignation on February 2, 2026, effective May 1, 2026. No disagreements with the company, board, or operations prompted the move. He'll stay on until departure. Smooth transition ahead.
10-Q
Q3 FY2025 results
Greenlight Capital Re posted a Q3 net loss of $4.4 million, down from $35.2 million income a year earlier, as Solasglas investments swung to a 3.2% loss from a 5.2% gain, while foreign exchange turned negative. Yet underwriting income jumped to $22.3 million from $6.1 million, with net premiums earned up 8.9% y/y to $165.4 million and the combined ratio improving 9.3 points to 86.6%, thanks to no catastrophe losses versus $12.1 million last year and a lower attritional loss ratio. YTD net income fell to $25.6 million from $70.2 million, but underwriting held steady at $22.6 million with premiums earned up 5.0% y/y to $495.5 million; diluted EPS dropped to $0.74 from $2.02, reconciling to 34.5 million shares. Debt dropped to $34.7 million from $60.7 million year-end, with $68.8 million cash and $586.4 million restricted cash bolstering liquidity. No M&A or regulatory events noted. Competition in reinsurance markets remains a key risk.
8-K
Record underwriting, investment loss
Greenlight Capital Re posted record Q3 underwriting income of $22.3 million, driving a combined ratio of 86.6%—its lowest ever—thanks to strong risk selection and light catastrophe losses, while gross premiums written rose 9.5% to $184.4 million. Yet investments via Solasglas tanked 3.2%, yielding a $17.4 million loss and a $4.4 million net loss. Underwriting excellence offsets tough markets. Book value holds steady at $18.90 per share.
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