GLRE earnings analysis
What we found in GLRE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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%.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.89
- Segment
- Open Market net premiums earned: $136.9 million, down $3.6 million (2.6%) year over year
- Segment
- Innovations net premiums earned: $24.9 million, up $3.5 million (16.3%) year over year
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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