GREENLIGHT CAPITAL RE, LTD.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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.
Jun 30, 2026 · Filed Aug 4, 2026
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 | |||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | Change | 2026 | 2025 | Change | |
| Underwriting results: | ||||||
| Gross premiums written | $183,118 | $179,628 | $3,490 | $411,056 | $427,573 | $(16,517) |
| Net premiums written | $146,809 | $164,527 | $(17,718) | $330,283 | $383,924 | $(53,641) |
| Net premiums earned | $161,813 | $161,641 | $172 | $315,958 | $330,104 | $(14,146) |
| Net loss and LAE incurred: | ||||||
| Current year | (111,367) | (97,032) | (14,335) | (205,011) | (215,698) | 10,687 |
| Prior year (1) | (716) | (3,047) | 2,331 | 1,773 | (7,265) | 9,038 |
| Net loss and LAE incurred | (112,083) | (100,079) | (12,004) | (203,238) | (222,963) | 19,725 |
| Acquisition costs | (44,034) | (46,848) | 2,814 | (92,996) | (93,714) | 718 |
| Underwriting expenses | (5,886) | (6,481) | 595 | (13,691) | (12,839) | (852) |
| Deposit interest expense | (46) | (124) | 78 | (78) | (273) | 195 |
| Net underwriting income (loss) | (236) | 8,109 | (8,345) | 5,955 | 315 | 5,640 |
| Investment results: | ||||||
| Income (loss) from investment in Solasglas | (27,857) | (18,276) | (9,581) | 5,832 | 13,921 | (8,089) |
| Net investment income | 4,076 | 10,470 | (6,394) | 10,807 | 18,757 | (7,950) |
| Total investment income (loss) | (23,781) | (7,806) | (15,975) | 16,639 | 32,678 | (16,039) |
| Corporate and other expenses | (4,717) | (4,755) | 38 | (10,459) | (9,427) | (1,032) |
| Foreign exchange gains (losses) | (576) | 6,271 | (6,847) | (5,481) | 10,626 | (16,107) |
| Interest expense | (128) | (1,144) | 1,016 | (227) | (2,608) | 2,381 |
| Income tax expense | (158) | (346) | 188 | (273) | (1,628) | 1,355 |
| Net income | $(29,596) | $329 | $(29,925) | $6,154 | $29,956 | $(23,802) |
| Diluted EPS | $(0.89) | $0.01 | $(0.90) | $0.18 | $0.87 | $(0.69) |
| Underwriting ratios: | % Point Change | % Point Change | ||||
| Attritional loss ratio | 51.7% | 56.0% | (4.3) | 53.4% | 55.0% | (1.6) |
| Large event loss ratio | 0.8% | 4.0% | (3.2) | 1.5% | 2.1% | (0.6) |
| CAT event loss ratio | 16.4% | —% | 16.4 | 10.0% | 8.2% | 1.8 |
| Current year loss ratio | 68.8% | 60.0% | 8.8 | 64.9% | 65.3% | (0.4) |
| Prior year reserve development ratio | 0.4% | 1.9% | (1.4) | (0.6)% | 2.2% | (2.8) |
| Loss ratio | 69.3% | 61.9% | 7.4 | 64.3% | 67.5% | (3.2) |
| Acquisition cost ratio | 27.2% | 29.0% | (1.8) | 29.4% | 28.4% | 1.0 |
| Composite ratio | 96.5% | 90.9% | 5.6 | 93.8% | 95.9% | (2.1) |
| Underwriting expense ratio | 3.7% | 4.1% | (0.4) | 4.4% | 4.0% | 0.4 |
| Combined ratio | 100.1% | 95.0% | 5.1 | 98.1% | 99.9% | (1.8) |
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 $1.2 million and a loss of $2.6 million for three months ended June 30, 2026 and 2025, respectively, and a gain of $2.8 million and a loss of $6.1 million for the six months ended June 30, 2026 and 2025, respectively.
Consolidated Results of Operations for Q2 2026 compared to Q2 2025
Basic book value per share decreased by $0.78 per share, or 3.5%, to $21.22 per share from $22.00 per share at March 31, 2026. Fully diluted book value per share decreased by $0.79 per share, or 3.7%, to $20.61 per share from $21.40 per share at March 31, 2026.
Net loss for Q2 2026 was $29.6 million, compared to a negligible net income for Q2 2025. This was driven mainly by the following:
Investment loss: Increased by $16.0 million primarily driven by:
Our investment in Solasglas reported a loss of $27.9 million (net loss of 5.4%) during Q2 2026, compared to a loss of $18.3 million (net loss of 4.0%) for the same period in 2025; and
Lower net investment income from (i) interest earned on funds at Lloyds due to partially replacing it with the unsecured Citibank LC (see Note 10 of the financial statements), and (ii) with lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks in 2025. Additionally, we recognized $0.4 million of unrealized losses on the fixed maturity investment portfolio and a $1.5 million impairment charge relating to the Innovations’ private equity portfolio for Q2 2026, which are included in net investment income in the financial statements.
Underwriting loss: Unfavorable change of $8.3 million, driven by 5.1 percentage points deterioration in the combined ratio, which was predominantly driven by 7.4 percentage points increase in the loss ratio, offset partially by lower acquisition cost ratio and underwriting expense ratio. The increase in the loss ratio was predominantly driven by CAT event losses, partially offset by lower attritional and large event losses as well as lower prior year adverse reserve development.
Foreign exchange gains (losses): The GBP and Euro movement was largely subdued in Q2 2026. In Q2 2025, the foreign exchange gain was driven mainly by the remeasurement of our net monetary assets based on a stronger pound against the U.S. dollar.
Interest expense: Decreased by $1.0 million driven by the reduction in outstanding debt.
Consolidated Results of Operations for YTD 2026 compared to YTD 2025
Basic book value per share increased by $0.33 per share, or 1.6%, to $21.22 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.18 per share, or 0.9%, to $20.61 per share from $20.43 per share at December 31, 2025.
For the six months ended June 30, 2026 (“YTD 2026”), net income decreased by $23.8 million to $6.2 million, compared to the six months ended June 30, 2025 (“YTD 2025”) driven mainly by the following:
Investment income: Decreased by $16.0 million primarily driven by:
Our investment in Solasglas reported a gain of $5.8 million (net return of 1.1%) during YTD 2026, compared to a gain of $13.9 million (net return of 2.9%) during YTD 2025; and
Lower net investment income for the same reason noted for Q2 2026. We recognized $1.0 million of unrealized losses on the fixed maturity investment portfolio for YTD 2026 driven by increase in interest rates during 2026, offset by a higher book yield on this portfolio.
Foreign exchange gains (losses): Unfavorable change of $16.1 million, driven mainly by the weakening of the pound against the U.S. dollar during YTD 2026, compared to the strengthening of the pound against the U.S. dollar during YTD 2025.
Underwriting income: Increased by $5.6 million, driven by 1.8 percentage points improvement in combined ratio, primarily reflecting favorable prior year reserve development, which contributed to an improved loss ratio. For further information on CAT losses and prior year reserve development, refer to Note 8 of the financial statements.
Interest expense: Decreased by $2.4 million driven by the reduction in our outstanding debt.
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