GREENLIGHT CAPITAL RE, LTD.

For the period ended Mar 31, 2026. Filed May 5, 2026.

About 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.

Mar 31, 2026 · Filed May 5, 2026

GLRE$16.37+1.5%Stored close · as of Nov 10, 2026

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Contents

Consolidated Results of Operations

The table below summarizes our consolidated operating results.

	Three months ended March 31
2026 · 2025 · Change
Underwriting results:
Gross premiums written	$227,938	$247,945		$(20,007)
Net premiums written	$183,474	$219,397		$(35,923)
Net premiums earned	$154,145	$168,463		$(14,318)
Net loss and LAE incurred:
Current year	(93,644)	(118,666)		25,022
Prior year (1)	2,489	(4,218)		6,707
Net loss and LAE incurred	(91,155)	(122,884)		31,729
Acquisition costs	(48,962)	(46,866)		(2,096)
Underwriting expenses	(7,805)	(6,358)		(1,447)
Deposit interest expense	(32)	(149)		117
Net underwriting income (loss)	6,191	(7,794)		13,985
Investment results:
Income from investment in Solasglas	33,689	32,197		1,492
Net investment income	6,731	8,287		(1,556)
Total investment income	40,420	40,484		(64)
Corporate and other expenses	(5,742)	(4,672)		(1,070)
Foreign exchange gains (losses)	(4,905)	4,355		(9,260)
Interest expense	(99)	(1,464)		1,365
Income tax expense	(115)	(1,282)		1,167
Net income	$35,750	$29,627		$6,123
Diluted EPS	$1.05	$0.86		$0.19
Underwriting ratios:			% Point Change
Attritional loss ratio	55.3%	54.4%		0.9
Large event loss ratio	2.3%	—%		2.3
CAT event loss ratio	3.2%	16.0%		(12.8)
Current year loss ratio	60.8%	70.4%		(9.7)
Prior year reserve development ratio	(1.6)%	2.5%		(4.1)
Loss ratio	59.1%	72.9%		(13.8)
Acquisition cost ratio	31.8%	27.8%		4.0
Composite ratio	90.9%	100.7%		(9.8)
Underwriting expense ratio	5.1%	3.9%		1.2
Combined ratio	96.0%	104.6%		(8.6)

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 gain of $1.6 million and a loss of $3.5 million for the three months ended March 31, 2026 and 2025, respectively.

Consolidated Results of Operations for Q1 2026 compared to Q1 2025

Basic book value per share increased by $1.11 per share, or 5.3%, to $22.00 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.97 per share, or 4.7%, to $21.40 per share from $20.43 per share at December 31, 2025.

Net income for Q1 2026 increased by $6.1 million to $35.8 million, driven mainly by the following:

Underwriting income: Favorable change of $14.0 million, driven by 8.6 percentage points improvement in combined ratio, which was predominantly driven by 13.8 percentage points improvement in the loss ratio, offset partially by an increase in acquisition cost ratio and underwriting expense ratio. The lower loss ratio was due to the lower CAT and large event losses, coupled with an improved prior year reserve development ratio.

Interest expense: Decreased by $1.4 million driven by the reduction in outstanding debt.

Offset partially by:

Foreign exchange gains (losses): Unfavorable change of $9.3 million, driven mainly by the weakening of the pound sterling against the U.S. dollar during Q1 2026, compared to the strengthening of the pound against the U.S. dollar during Q1 2025.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.