GREENLIGHT CAPITAL RE, LTD.
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Results of Operations
The table below summarizes our consolidated operating results.
| Three months ended June 30 · Six months ended June 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · Change · 2025 · 2024 · Change | ||||||||
| Underwriting results: | ||||||||
| Gross premiums written | $179,628 | $168,975 | $10,653 | $427,573 | $386,233 | $41,340 | ||
| Net premiums written | $164,527 | $154,143 | $10,384 | $383,924 | $348,220 | $35,704 | ||
| Net premiums earned | $161,641 | $158,398 | $3,243 | $330,104 | $319,934 | $10,170 | ||
| Net loss and LAE incurred: | ||||||||
| Current year | (97,032) | (102,722) | 5,690 | (215,698) | (206,647) | (9,051) | ||
| Prior year (1) | (3,047) | 689 | (3,736) | (7,265) | (4,712) | (2,553) | ||
| Net loss and LAE incurred | (100,079) | (102,033) | 1,954 | (222,963) | (211,359) | (11,604) | ||
| Acquisition costs | (46,848) | (50,454) | 3,606 | (93,714) | (92,064) | (1,650) | ||
| Underwriting expenses | (6,481) | (5,811) | (670) | (12,839) | (12,150) | (689) | ||
| Deposit interest income (expense), net | (124) | 233 | (357) | (273) | (643) | 370 | ||
| Net underwriting income | 8,109 | 333 | 7,776 | 315 | 3,718 | (3,403) | ||
| Investment results: | ||||||||
| Income from investment in Solasglas | (18,276) | 4,330 | (22,606) | 13,921 | 22,578 | (8,657) | ||
| Net investment income | 10,470 | 10,948 | (478) | 18,757 | 24,126 | (5,369) | ||
| Total investment income (loss) | (7,806) | 15,278 | (23,084) | 32,678 | 46,704 | (14,026) | ||
| Corporate and other expenses | (4,755) | (4,706) | (49) | (9,427) | (9,081) | (346) | ||
| Foreign exchange gains (losses) | 6,271 | (932) | 7,203 | 10,626 | (2,581) | 13,207 | ||
| Interest expense | (1,144) | (1,560) | 416 | (2,608) | (2,809) | 201 | ||
| Income tax expense | (346) | (435) | 89 | (1,628) | (954) | (674) | ||
| Net income | $329 | $7,978 | $(7,649) | $29,956 | $34,997 | $(5,041) | ||
| Diluted earnings per share | $0.01 | $0.23 | $(0.22) | $0.87 | $1.01 | $(0.14) | ||
| Underwriting ratios: | % Point Change | % Point Change | ||||||
| Attritional loss ratio | 56.0% | 56.5% | (0.5) | 55.0% | 56.6% | (1.6) | ||
| Large event loss ratio | 4.0% | 3.5% | 0.5 | 2.1% | 2.5% | (0.4) | ||
| CAT event loss ratio | —% | 4.9% | (4.9) | 8.2% | 5.5% | 2.7 | ||
| Current year loss ratio | 60.0% | 64.9% | (4.9) | 65.3% | 64.6% | 0.7 | ||
| Prior year reserve development ratio | 1.9% | (0.4)% | 2.3 | 2.2% | 1.5% | 0.7 | ||
| Loss ratio | 61.9% | 64.5% | (2.6) | 67.5% | 66.1% | 1.4 | ||
| Acquisition cost ratio | 29.0% | 31.9% | (2.9) | 28.4% | 28.8% | (0.4) | ||
| Composite ratio | 90.9% | 96.4% | (5.5) | 95.9% | 94.9% | 1.0 | ||
| Underwriting expense ratio | 4.1% | 3.5% | 0.6 | 4.0% | 4.0% | — | ||
| Combined ratio | 95.0% | 99.9% | (4.9) | 99.9% | 98.9% | 1.0 | ||
1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $2.6 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and a loss of $6.1 million and $5.8 million for the six months ended June 30, 2025 and 2024, respectively.
During 2025, we have updated the definition of CAT event loss to be any individual CAT event loss to us of $5 million or more, net of reinsurance recoveries. For the various U.S. tornadoes (including severe convective storms), we have aggregated these and reported the total as CAT loss. Accordingly, we have recast the prior year CAT loss disclosures in this Form 10-Q to conform with this change. Starting with Q2 2025, we have also disclosed separately incurred losses from large events, if any, which is defined as any individual event loss in excess of $1 million but less than $5 million.
Consolidated Results of Operations for Q2 2025 compared to Q2 2024
Basic book value per share increased by $0.10 per share, or 0.5%, to $19.40 per share from $19.30 per share at March 31, 2025. Fully diluted book value per share increased by $0.10 per share, or 0.5%, to $18.97 per share from $18.87 per share at March 31, 2025.
For Q2 2025, net income decreased by $7.6 million to $0.3 million, compared to Q2 2024, driven mainly by the following:
Investment income: Our investment in Solasglas reported a loss of $18.3 million during Q2 2025, compared to a gain of $4.3 million during Q2 2024. Solasglas generated a net loss of 4.0% for Q2 2025 compared to a net return of 1.2% for Q2 2024.
The above was partially offset by the following:
Underwriting income: Increased by $7.8 million, driven by 4.9 points improvement in combined ratio due to no CAT losses and 2.9 points decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development. For further information on CAT losses and prior year loss development, refer to Note 7 -Loss and Loss Adjustment Expense Reserves of the Q2 2025 condensed consolidated financial statements.
Foreign exchange gains (losses): $6.3 million gain for Q2 2025, compared to $0.9 million foreign exchange loss in Q2 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar in Q2 2025.
Consolidated Results of Operations for YTD 2025 compared to YTD 2024
Basic book value per share increased by $1.14 per share, or 5.9%, to $19.40 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $1.02 per share, or 5.7%, to $18.97 per share from $17.95 per share at December 31, 2024.
For the six months ended June 30, 2025 (“YTD 2025”), net income decreased by $5.0 million to $30.0 million, compared to the six months ended June 30, 2024 (“YTD 2024”) driven mainly by the following:
Investment income: Decreased by $14.0 million primarily driven by our investment in Solasglas, which reported a gain of $13.9 million during YTD 2025, compared to $22.6 million during YTD 2024. Solasglas generated a net return of 2.9% for YTD 2025 compared to a net return of 6.4% for YTD 2024. Additionally, the decrease was due to lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly due to lower yields as a result of the interest rate cuts by central banks during the second half of 2024.
Underwriting income: Decreased by $3.4 million due to a 1.0% increase in combined ratio, which was predominantly driven by higher CAT losses and prior year adverse loss development, offset partially by lower acquisition costs ratio. For further information on CAT losses and prior year loss development, refer to Note 7 -Loss and Loss Adjustment Expense Reserves of the Q2 2025 condensed consolidated financial statements.
The above was partially offset by the following increase:
Foreign exchange gains (losses): $10.6 million foreign exchange gains for YTD 2025, compared to $2.6 million foreign exchange losses in YTD 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar during the first half of 2025.
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