10-Q · May 5, 2026
Greenlight Capital Re, Ltd. (GLRE) reported a strong performance in Q1 2026 with net income rising to $35.8 million, up 22.1% from $29.6 million in Q1 2025. Gross premiums written decreased to $227.9 million due to a…
Earnings analysis · 10-Q
GLRE earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Greenlight Re reported Q2 net premiums earned of $161.8 million, essentially flat year over year, but net income swung to a $29.6 million loss ($0.89 diluted loss per share) from $0.3 million of income ($0.01 per…
Read full summary
Greenlight Re reported Q2 net premiums earned of $161.8 million, essentially flat year over year, but net income swung to a $29.6 million loss ($0.89 diluted loss per share) from $0.3 million of income ($0.01 per share). Underwriting moved to a $0.2 million loss as CAT losses lifted the combined ratio to 100.1%, while Solasglas generated a $27.9 million investment loss. Innovations was a clear offset, with earned premiums up 16.3% and a 89.7% combined ratio, but Open Market earned premiums fell 2.6% and management flagged increasingly competitive reinsurance conditions. Liquidity remains supported by $68.7 million of year-to-date operating cash flow and $603.1 million of cash, although no numeric forward guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.89
What stood out
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Innovations returned to underwriting profit
Innovations improved materially: Q2 net premiums earned increased 16.3% to $24.9 million, underwriting income was $2.6 million versus a $1.5 million loss, and the combined ratio improved 17.3 points to 89.7%.
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Positive operating cash flow
Operating cash generation remained substantial, with $68.7 million of cash provided by operating activities in the first six months of 2026, despite being $10.2 million below the prior-year period.
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Share repurchases continued
Capital allocation remained shareholder-friendly: GLRE repurchased 803,364 shares for $14.2 million in Q2 at an average $17.69 per share; $36.0 million remained under the authorized plan at June 30.
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Open Market mix shifted to Financial and Multiline
Open Market mix shifted toward growth areas: Q2 Financial gross premiums written rose $8.5 million (51.9%) and Multiline rose $11.8 million (22.4%), partly offsetting declines in other lines.
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Fixed-income assets expanded
The fixed-maturity portfolio increased $107.3 million to $172.9 million and had a 3.9% book yield, AA weighted-average rating, and 1.9-year average duration at June 30.
What to watch
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Net loss and book-value decline
Q2 earnings reversed sharply to a $29.6 million net loss and diluted EPS loss of $0.89, from $0.3 million of net income and $0.01 diluted EPS in Q2 2025. Fully diluted book value per share fell 3.7% sequentially to $20.61.
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CAT losses pushed combined ratio above 100%
Underwriting deteriorated to a $0.2 million loss from $8.1 million of income, as the combined ratio increased 5.1 points to 100.1%. CAT losses included $20.0 million tied to the Middle East conflict and $6.5 million from the QatarEnergy facility explosion.
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Investment performance and rate sensitivity weakened
Investment losses widened to $23.8 million from $7.8 million, with Solasglas losing $27.9 million, or 5.4%, in Q2. A hypothetical 100-basis-point parallel yield-curve increase would cause a further $33.0 million loss on the Solasglas investment.
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Open Market volume and underwriting pressure
Open Market contracted at the earned-premium level: Q2 net premiums earned fell 2.6% to $136.9 million, while its combined ratio worsened 8.7 points to 100.7%. Management cited an increasingly competitive market and pressure on headline rates.
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No formal risk update; catastrophe exposure remains
No material risk-factor updates were reported versus the 2025 Form 10-K, but modeled peak catastrophe exposure remains meaningful: the July 1, 2026 1-in-250-year North Atlantic Hurricane PML was $143.1 million for a single event and $156.8 million in aggregate.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management described an increasingly competitive Open Market reinsurance environment, pressure on headline rates and some attachment points/terms, and uncertainty from Middle East conflict, inflation, trade policies, and financial-market volatility.
Earlier filings 4
10-K · March 9, 2026
Greenlight Capital Re (GLRE) reports improved underwriting and capital metrics in 2025: gross premiums written rose to $773.3M (up 10.7% year-over-year), Innovations GWP increased 28% to $121.6M, and fully diluted book…
10-Q · November 3, 2025
Greenlight Capital Re reported Q3 2025 total revenues of $146,071,000 and a net loss of $4,405,000 (diluted EPS $(0.13)), a sharp deterioration versus Q3 2024 when revenues were $188,008,000 and net income was…
10-Q · August 4, 2025
GLRE reported Q2 (three months ended June 30, 2025) total revenues of $160,106 compared with $174,863 in Q2 2024, and net income of $329 versus $7,978 in the prior-year quarter. Operating profitability compressed…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.