GREENLIGHT CAPITAL RE, LTD.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 3, 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 September 30 · Nine months ended September 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · Change · 2025 · 2024 · Change | ||||||||
| Underwriting results: | ||||||||
| Gross premiums written | $184,377 | $168,346 | $16,031 | $611,950 | $554,579 | $57,371 | ||
| Net premiums written | $162,682 | $141,748 | $20,934 | $546,606 | $489,968 | $56,638 | ||
| Net premiums earned | $165,419 | $151,884 | $13,535 | $495,523 | $471,818 | $23,705 | ||
| Net loss and LAE incurred: | ||||||||
| Current year | (87,776) | (98,820) | 11,044 | (303,474) | (305,467) | 1,993 | ||
| Prior year (1) | (817) | 5,655 | (6,472) | (8,082) | 943 | (9,025) | ||
| Net loss and LAE incurred | (88,593) | (93,165) | 4,572 | (311,556) | (304,524) | (7,032) | ||
| Acquisition costs | (46,962) | (46,162) | (800) | (140,676) | (138,226) | (2,450) | ||
| Underwriting expenses | (7,472) | (6,073) | (1,399) | (20,311) | (18,223) | (2,088) | ||
| Deposit interest expense | (94) | (377) | 283 | (367) | (1,020) | 653 | ||
| Net underwriting income | 22,298 | 6,107 | 16,191 | 22,613 | 9,825 | 12,788 | ||
| Investment results: | ||||||||
| Income (loss) from investment in Solasglas | (14,404) | 19,844 | (34,248) | (483) | 42,422 | (42,905) | ||
| Net investment income (loss) | (2,950) | 10,454 | (13,404) | 15,807 | 34,580 | (18,773) | ||
| Total investment income (loss) | (17,354) | 30,298 | (47,652) | 15,324 | 77,002 | (61,678) | ||
| Corporate and other expenses | (5,399) | (4,253) | (1,146) | (14,826) | (13,334) | (1,492) | ||
| Foreign exchange gains (losses) | (1,994) | 5,826 | (7,820) | 8,632 | 3,245 | 5,387 | ||
| Interest expense | (1,430) | (2,018) | 588 | (4,038) | (4,827) | 789 | ||
| Income tax expense | (526) | (723) | 197 | (2,154) | (1,677) | (477) | ||
| Net income (loss) | $(4,405) | $35,237 | $(39,642) | $25,551 | $70,234 | $(44,683) | ||
| Diluted earnings (loss) per share | $(0.13) | $1.01 | $(1.14) | $0.74 | $2.02 | $(1.28) | ||
| Underwriting ratios: | % Point Change | % Point Change | ||||||
| Attritional loss ratio | 49.6% | 55.6% | (6.0) | 53.1% | 56.3% | (3.2) | ||
| Large event loss ratio | 3.5% | 1.4% | 2.1 | 2.6% | 2.1% | 0.5 | ||
| CAT event loss ratio | —% | 8.0% | (8.0) | 5.5% | 6.3% | (0.8) | ||
| Current year loss ratio | 53.1% | 65.0% | (11.9) | 61.2% | 64.7% | (3.5) | ||
| Prior year reserve development ratio | 0.5% | (3.7)% | 4.2 | 1.6% | (0.2)% | 1.8 | ||
| Loss ratio | 53.6% | 61.3% | (7.7) | 62.8% | 64.5% | (1.7) | ||
| Acquisition cost ratio | 28.4% | 30.4% | (2.0) | 28.4% | 29.3% | (0.9) | ||
| Composite ratio | 82.0% | 91.7% | (9.7) | 91.2% | 93.8% | (2.6) | ||
| Underwriting expense ratio | 4.6% | 4.2% | 0.4 | 4.2% | 4.1% | 0.1 | ||
| Combined ratio | 86.6% | 95.9% | (9.3) | 95.4% | 97.9% | (2.5) | ||
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 $0.6 million and gain of $4.6 million for the three months ended September 30, 2025 and 2024, respectively, and a loss of $6.7 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.
During 2025, we 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 also disclose 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 Q3 2025 compared to Q3 2024
Basic book value per share decreased by $0.08 per share, or 0.4%, to $19.32 per share from $19.40 per share at June 30, 2025. Fully diluted book value per share decreased by $0.07 per share, or 0.4%, to $18.90 per share from $18.97 per share at June 30, 2025.
During Q3 2025, we incurred a net loss of $4.4 million, in contrast to the net income of $35.2 million earned in Q3 2024. The decline in performance was primarily attributable to the following factors:
Total investment loss: Our investment in Solasglas reported a loss of $14.4 million during Q3 2025, compared to a gain of $19.8 million during Q3 2024. Solasglas generated a net loss of 3.2% for Q3 2025 compared to a net return of 5.2% for Q3 2024. Additionally, the net investment loss of $3.0 million was mainly driven by $11.9 million loss related to the Innovations investment portfolio during the current quarter, partially offset by interest income earned from restricted cash and cash equivalents.
Foreign exchange gains (losses): $2.0 million loss for Q3 2025, compared to $5.8 million foreign exchange gain in Q3 2024, driven mainly by the weakening of the pound sterling against the U.S. dollar during Q3 2025.
Underwriting income: Increased by $16.2 million, driven by 9.3 percentage points improvement in combined ratio, which was predominantly driven by improved current year loss ratio mainly due to the lower attritional loss ratio and no CAT losses, coupled with a decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development.
Consolidated Results of Operations for YTD 2025 compared to YTD 2024
Basic book value per share increased by $1.06 per share, or 5.8%, to $19.32 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $0.95 per share, or 5.3%, to $18.90 per share from $17.95 per share at December 31, 2024.
For the nine months ended September 30, 2025 (“YTD 2025”), net income decreased by $44.7 million to $25.6 million, compared to the nine months ended September 30, 2024 (“YTD 2024”) driven mainly by the following:
Total investment income: Decreased by $61.7 million primarily driven by our investment in Solasglas, which reported a loss of $0.5 million during YTD 2025, compared to a gain of $42.4 million during YTD 2024. Solasglas generated a net loss of 0.4% for YTD 2025 compared to a net return of 11.9% for YTD 2024. Additionally, net investment income decreased by $18.8 million predominantly due to net investment loss from our Innovations investment portfolio as noted for Q3 2025, and lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks during the second half of 2024 and 2025.
Foreign exchange gains: Increased by $5.4 million, driven mainly by a stronger movement of the pound sterling against the U.S. dollar during YTD 2025.
Underwriting income: Increased by $12.8 million, driven by 2.5 percentage points improvement in combined ratio, which was predominantly driven by improved current year loss ratio mainly due to lower attritional loss ratio and lower CAT losses, along with a 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 Q3 2025 condensed consolidated financial statements.
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