GLRE
Greenlight Capital Re, Ltd.14.37
+0.00+0%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
491.43MP/E (TTM)
-Basic EPS (TTM)
-0.04Dividend Yield
0%Recent Filings
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.
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
Refinances debt, adds LC facility
Greenlight Capital Re amended its credit agreement on September 3, 2025, converting a $50 million term loan into a revolving facility maturing September 3, 2030, at Term SOFR plus 3.25%, secured by a $10 million cash collateral account. This refinances prior debt after reducing it from $59 million, while maintaining key covenants like a 15% net debt to capital ratio. On September 9, 2025, subsidiary Greenlight Reinsurance secured an uncommitted £50 million letter of credit facility with Citibank to fuel Funds at Lloyd's growth. These moves bolster liquidity for insurance operations.
8-K
Q2 underwriting improves, investments slip
Greenlight Capital Re reported Q2 2025 results with gross premiums written up 6.3% to $179.6 million and a sharp underwriting turnaround to $8.1 million income, yielding a 95.0% combined ratio—better than last year's 99.9%. Yet investments tanked $7.8 million amid market volatility, trimming net income to $0.3 million. Book value per share edged up 0.5% to $18.97. Shareholders got $5 million back via buybacks.
10-Q
Q2 FY2025 results
Greenlight Capital Re posted net income of $30.0 million for the six months ended June 30, 2025, down from $35.0 million a year earlier, as investment gains from its Solasglas fund eased to $13.9 million from $22.6 million while underwriting income slipped to $0.3 million from $3.7 million. Net premiums earned climbed 3.3% year-over-year to $330.1 million, with gross premiums written up 10.7% to $427.6 million, but the combined ratio widened 1.0 point to 99.9% due to $27.0 million in catastrophe losses from California wildfires versus $17.7 million last year, plus $7.3 million in adverse prior-year development (derived). The Open Market segment, 87% of premiums, drove growth in multiline and specialty lines, yet Innovations faced reserve strengthening on financial exposures. Cash from operations hit $78.8 million, up from $40.7 million, with $82.4 million in unrestricted cash and $58.9 million in term loans at quarter-end; free cash flow stood at $68.1 million after $10.7 million capex (derived). Shareholders' equity rose 4.4% to $663.3 million. Yet catastrophe losses remain a persistent drag.
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