GREENLIGHT CAPITAL RE, LTD.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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FY2025 · Filed Mar 9, 2026
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Net Investment Income
- NET INVESTMENT INCOME
The following table provides a breakdown of net investment income:
| Years ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Interest and dividend income, net of withholding taxes and other expenses | $25,267 | $32,425 | $35,629 |
| Investment income from Lloyd's syndicates | 10,855 | 14,447 | 6,041 |
| Net realized and unrealized gains on fixed maturities (see Note 4) | 49 | — | — |
| Net realized and unrealized gains (losses) on other investments (see Note 5) | (11,714) | (918) | 1,738 |
| Net investment income | 24,457 | 45,954 | 43,408 |
| Share of Solasglas' net income (see Note 3) | 35,711 | 33,605 | 28,696 |
| Total investment income | $60,168 | $79,559 | $72,104 |
- INCOME TAXES
Domestic vs. Foreign Operations
The following is a summary of the Company's income before taxes and income taxes allocated between domestic (Cayman Islands) and foreign operations:
| Year ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Income before income taxes: | |||
| Domestic | $57,612 | $35,363 | $71,311 |
| Foreign | 20,699 | 8,202 | 15,619 |
| Total income before income taxes | $78,311 | $43,565 | $86,930 |
| Income taxes: | |||
| Domestic | $— | $— | $— |
| Foreign | (3,479) | (749) | (100) |
| Total income taxes | $(3,479) | $(749) | $(100) |
Components of Income Taxes
The following table shows the breakdown of the Company’s current and deferred income tax benefit (expense) on a consolidated basis:
| Year ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Current income tax benefit (expense): | |||
| Ireland | (1,653) | (730) | — |
| United Kingdom (U.K.) | 215 | 119 | (587) |
| U.S. | (73) | (138) | (100) |
| Deferred income tax benefit (expense): | |||
| Ireland | — | — | (1,698) |
| U.K. | (1,968) | — | — |
| Decrease in valuation allowance | — | — | 2,285 |
| Total income tax expense | (3,479) | (749) | (100) |
Effective Tax Rate Reconciliation
Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Act, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes a tax on profits, income, gains, or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the ordinary shares or related obligations, before January 22, 2045.
The following shows the reconciliation between Company's domicile federal statutory tax rate of 0% and the effective tax rate:
| Year Ended · Year Ended · Year Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||
| Amount | Percent | Amount | Percent | Amount | Percent | |
| Income before income taxes | $78,311 | $43,565 | $86,930 | |||
| Cayman Islands - Federal tax rate | $— | —% | $— | —% | $— | —% |
| Foreign tax effects | ||||||
| Ireland | ||||||
| Statutory tax difference between Ireland and Cayman Islands | (1,517) | (1.9)% | (649) | (1.5)% | (1,611) | (1.9)% |
| Other | (137) | (0.2)% | (83) | (0.2)% | (87) | (0.1)% |
| United Kingdom | ||||||
| Statutory tax difference between UK and Cayman Islands | (2,006) | (2.6)% | (605) | (1.4)% | (588) | (0.7)% |
| Other | 253 | 0.3% | 726 | 1.7% | — | —% |
| United States | ||||||
| Statutory tax difference between U.S. and Cayman Islands | (114) | (0.1)% | (124) | (0.3)% | (80) | (0.1)% |
| Other | 42 | 0.1% | (14) | —% | (19) | —% |
| Changes in Valuation Allowances | — | —% | — | —% | 2,285 | 2.6% |
| Income tax expense and effective tax rate | $(3,479) | (4.4)% | $(749) | (1.7)% | $(100) | (0.2)% |
GRIL and GRIS are incorporated in Ireland and therefore are subject to the Irish corporation tax rate of 12.5% on its trading income and 25% on its non-trading income (same tax rates for 2024 and 2023).
Greenlight Re UK and GCM are incorporated in the United Kingdom and therefore are subject to the U.K. corporate tax rate of 25% on their respective profits (same tax rates for 2024 and 2023).
Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service (“IRS”). Verdant’s taxable income is generally expected to be taxed at a marginal rate of 21% (2024: 21% and 2023: 21%). Verdant’s tax years 2019 and beyond remain open and may be subject to examination by the IRS.
Income Taxes Paid
The following table shows the breakdown of income taxes paid (refund received) by significant jurisdictions:
| Years ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| U.S. | $99 | $223 | $(1,022) |
| U.K. | 1,079 | — | — |
| Ireland | 44 | — | — |
| Total income taxes paid (refund received) | $1,222 | $223 | $(1,022) |
Deferred Tax Assets and Liabilities
The following table provides details of the significant components of deferred tax assets and liabilities:
| At December 31, | 2025 | 2024 |
|---|---|---|
| Deferred tax assets | ||
| Operating and capital loss carryforwards | $— | $374 |
| Deferred tax liabilities | ||
| Lloyd's deferred year of account results | $1,968 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.