GREENLIGHT CAPITAL RE, LTD.
For the period ended Sep 30, 2026. Filed Nov 2, 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.
Sep 30, 2026 · Filed Nov 2, 2026
GLRE$16.08-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001385613-26-000098
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsBusiness OverviewOutlook and TrendsKey Financial Measures and Non-GAAP MeasureConsolidated Results of OperationsResults by SegmentOpen Market SegmentInnovations SegmentRunoff Underwriting BusinessIncome from Investment in SolasglasFinancial ConditionLiquidity and Capital ResourcesLiquidityCapital ResourcesContractual Obligations and CommitmentsCritical Accounting EstimatesRecent Accounting PronouncementsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-02.
0001385613-26-000140
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsBusiness OverviewOutlook and TrendsKey Financial Measures and Non-GAAP MeasureConsolidated Results of OperationsResults by SegmentOpen Market SegmentInnovations SegmentRunoff Underwriting BusinessIncome from Investment in SolasglasFinancial ConditionLiquidity and Capital ResourcesLiquidityCapital ResourcesContractual Obligations and CommitmentsCritical Accounting EstimatesRecent Accounting PronouncementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 217 previous paragraphs and 219 current paragraphs.
108 unchanged; 66 reworded; 43 added; 42 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (43)
Current report
•Gross premiums written was $181.9 million, a decrease of 1.4%;
Current report
•Net premiums earned was $153.4 million, a decrease of 7.2%;
Current report
•Net underwriting income was $14.6 million, compared to $22.3 million;
Current report
Syndicate 3456 has received approval from Lloyd’s Council to become a full syndicate, effective January 1, 2027. Accordingly, we plan to substantially expand the volume of business underwritten through Syndicate 3456.
Current report
(2) We have reclassified $0.5 million and $2.0 million from acquisition costs to underwriting expenses for Q3 2025 and YTD 2025, respectively, to conform with the current year’s presentation. The related acquisition cost, composite, and underwriting expense ratios for the same periods were adjusted accordingly.
Current report
•Investment loss: Improved by $12.7 million due to:
Current report
◦Strong investment performance from the Innovations segment as a result of realizing gains from the partial divestiture of two investees, net of impairments. This compares favorably to Q3 2025, when the segment incurred a net investment loss of $11.3 million, primarily due to a $16.5 million impairment charge on one investment.
Current report
◦Our investment in Solasglas reported a net investment loss of $9.3 million (net loss of 2.3%) during YTD 2026, compared to a net investment loss of $0.5 million (net loss of 0.4%) during YTD 2025.
Current report
◦Partially offsetting the above, we earned a higher net investment income for the same factors as noted for Q3 2026. The fixed maturity investments generated a portfolio return of 0.69% for YTD 2026, which was negatively impacted by the increase in market yields during YTD 2026.
Current report
Gross premiums written within our Open Market segment in Q3 2026 decreased by $16.2 million or 10.4%, compared to Q3 2025. As noted in the above table, the business mix has changed significantly since Q3 2025.
Current report
•Casualty: The $4.9 million, or 39.4%, decrease was largely the result of certain quota share reinsurance programs not being renewed across our general liability and umbrella liability lines, partially offset by new programs with more favorable underwriting prospects.
Current report
•Specialty: The $11.1 million, or 26.9%, decrease was driven predominantly by the downward premium estimate revisions in Q3 2026 for quota-share reinsurance treaties written in 2023 through 2025 in our aviation, energy and whole-account marine and energy (“M&E”) classes of business. A substantial portion of the M&E decrease was further offset through retrocession.
Current report
•Multiline: The $5.0 million, or 8.7%, increase was driven mostly by growth on the renewed FAL business bound on January 1, 2026, coupled with new FAL business. This was partially offset by non-renewal of quota share commercial auto programs.
Current report
The Open Market’s Q3 2026 attritional loss ratio deteriorated by 6.1 percentage points, predominantly due to:
Current report
•Casualty: emerging loss experience has deteriorated for this line.
Current report
•Specialty: driven by an increase to our expected losses for 2025 and 2026 underwriting years stemming from the energy class of business.
Current report
The Open Market’s YTD 2026 attritional loss ratio deteriorated by 0.7 percentage points, predominantly due to:
Current report
During Q3 2026 we partially released reserves established for large loss events during the first half of 2026 based on updated client information. During Q3 2025, we were notified of three large event losses for a total of $5.7 million in our specialty and property lines.
Current report
The acquisition cost ratio for the Open Market segment increased by 4.1 percentage points in Q3 2026 compared to Q3 2025, primarily due to the following lines of business:
Current report
•Casualty: 1.7 percentage points driven mainly by true-up adjustments to variable commissions on legacy contracts, coupled with non-renewed business at lower acquisition costs ratio.
Current report
•Financial: 0.7 percentage points driven mainly by change in business mix within the Open Market segment and the partial reversal of accrued profit commission in Q3 2025, which was triggered by adverse loss reserve development for the transactional liability class; this was not repeated in Q3 2026.
Current report
•Multiline: 1.7 percentage points mainly due to change in business mix within the Open Market segment, with higher acquisition costs than anticipated for our FAL business relating to prior treaty years.
Current report
The Open Market’s underwriting expense ratio rose by 1.1 percentage points to 4.9% in Q3 2026 compared to Q3 2025. This was largely attributable to a 0.7 percentage point impact from reduced net premiums earned, coupled with higher personnel costs and professional fees.
Current report
(1) We have reclassified $0.5 million and $2.0 million from acquisition costs to underwriting expenses for Q3 2025 and YTD 2025, respectively, to conform with the current year’s presentation. The related acquisition cost, composite, and underwriting expense ratios for the same periods were adjusted accordingly. This resulted in no change to the previously reported underwriting income.
Current report
•Financial: The 566.7% increase was driven by sustained prior year growth, the renewal of a quota share surety reinsurance program with an increased participation share, coupled with new business.
Current report
•Multiline: The 25.4% increase was driven predominantly by sustained prior year growth from quota share reinsurance treaties and the renewal of a quota share multiline commercial reinsurance program at significantly higher expected premiums.
Current report
•Specialty: The 28.6% decrease was driven predominantly by the non-renewal of certain quota-share treaties within our contingency class of business during 2025, coupled with downward revisions to our estimated ultimate gross premiums for quota share treaties in our travel class. This was partially offset by new business written within our miscellaneous specialty class.
Current report
•Financial: The 347.1% increase was mainly due to same factors noted for Q3 2026, in addition to new business written within our miscellaneous financial class.
Current report
•Multiline: The 19.6% increase was mainly due to the same factors noted for Q3 2026.
Current report
•Specialty: The 61.7% increase was primarily driven by new business written in our travel and miscellaneous specialty classes. Further contributing to the favorable variance, the YTD 2025 total Specialty gross premiums written included downward revisions to estimated ultimate gross premiums for a quota share treaties in our travel class.
Current report
In Q3 2026, the Innovations segment’s current year loss ratio deteriorated by 2.8 percentage points, compared to Q3 2025, driven primarily by a higher attritional loss ratio for the Financial line as a result of a deterioration in loss experience. The Specialty line also contributed to the deterioration, partly owing to an elevated attritional loss ratio across certain treaties within our travel class of business.
Current report
The current year loss ratio in YTD 2026 deteriorated by 0.8 percentage points, compared to YTD 2025, driven primarily by the factors noted for the Specialty line. This deterioration was partially mitigated by a lower attritional loss ratio in the Multiline business, largely attributable to improved performance of the contracts written within Syndicate 3456.
Current report
The acquisition cost ratio decreased by 10.1 percentage points to 20.3% in Q3 2026, compared to Q3 2025. This improvement was primarily driven by the following lines of business:
Current report
•Multiline: 6.8 percentage points mainly due to change in business mix in the Innovations segment and the lower sliding scale commissions on certain treaties within our multiline commercial class due to poor underwriting performance. Additionally, the Multiline’s acquisition cost ratio benefitted from the override commission earned from our quota share retrocession partners to cover the increase in Innovations’ underwriting expenses. The override commission on the whole-account retrocession program accounted for 1.1 percentage point benefit to the Q3 2026 Innovations segment’s acquisition cost ratio, compared to a nominal benefit in Q3 2025.
Current report
•Financial: 1.2 percentage points driven by lower sliding scale commissions for a surety quota share treaty due to poor underwriting performance, coupled with new business written at lower commission rates
Current report
The acquisition cost ratio decreased by 5.3 percentage points to 22.2% in YTD 2026, compared to YTD 2025. This improvement was primarily driven by the following lines:
Current report
•Multiline: 2.7 percentage points mainly due to same factors as noted for Q3 2026. The override commission earned from the retrocession partners accounted for 0.9 percentage point benefit to the YTD 2026 Innovations segment’s acquisition cost ratio, compared to a nominal benefit in YTD 2025.
Current report
Partially offset by an increase in the following line:
Current report
•Specialty: 0.8 percentage points predominantly due to the YTD 2025 acquisition cost ratio benefitting from the reversal of estimated premium earned at a higher acquisition cost ratio. Excluding the impact of this reversal, the YTD 2026 acquisition cost ratio for the Specialty business was lower, largely reflecting new business written at lower commission rates.
Current report
In Q3 2026, the Innovation segment’s underwriting expense ratio declined by 2.0 percentage points compared to Q3 2025. This improvement was primarily driven by a 3.4 percentage point benefit from higher net premiums earned; partially offset by increased personnel and overhead costs associated with our continued investment in Syndicate 3456.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Removed paragraphs (42)
Previous report
•Gross premiums written was $183.1 million, an increase of 1.9%;
Previous report
•Net premiums earned was $161.8 million, an increase of 0.1%;
Previous report
•Net underwriting loss was $0.2 million, compared to net underwriting income of $8.1 million;
Previous report
•Investment loss: Increased by $16.0 million primarily driven by:
Previous report
◦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
Previous report
•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.
Previous report
•Interest expense: Decreased by $1.0 million driven by the reduction in outstanding debt.
Previous report
◦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
Previous report
◦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.
Previous report
•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.
Previous report
•Casualty: The $9.8 million, or 49.0%, decrease was mainly due to the non-renewal of certain reinsurance programs in our general liability, umbrella liability, and workers’ compensation business as part of our strategy to reduce our exposure to the Casualty line of business.
Previous report
•Specialty: The $6.8 million, or 15.0%, decrease was driven by the following:
Previous report
◦Downward premium estimate revisions in Q2 2026 for quota-share reinsurance treaties written in prior years; positive premium estimate revisions in Q2 2025 for a quota-share reinsurance treaty; and rate reductions for business renewed in 2026;
Previous report
◦Offset partially by $2.8 million of estimated reinstatement premiums relating to the CAT loss associated with the Middle East conflict.
Previous report
•Multiline: The $11.8 million, or 22.4%, increase was driven mostly by growth in the FAL business bound during Q1 2026, coupled with higher negative premium revision to our estimated ultimate gross premiums for certain 2023 and 2024 FAL treaties in Q2 2025.
Previous report
Additionally, for the above periods, the decrease in Casualty line was due to the non-renewal of certain reinsurance programs as part of our strategy to reduce our exposure to this business. The downward premium estimate revision on older accident years also contributed to the decrease in Property and Specialty’s net premiums earned, in addition to the reduction in reinstatement premium relating to the lower estimated CAT losses for California wildfires in our Property line of business. The reduction in Specialty net premiums earned was partially offset by $2.8 million of reinstatement premiums relating to the Middle East conflict.
Previous report
The 4.3 percentage points improvement in Q2 2026 attritional loss ratio was predominantly due to:
Previous report
•Multiline: decreased by 6.9% mainly due to the change in business mix within the Multiline portfolio, with the FAL class of business representing most of the total premium earned at lower attritional loss ratio than other classes of business within Multiline compared to Q2 2025. We also reduced our exposure to the commercial auto class in the past year, which had a higher attritional loss ratio.
Previous report
•Specialty: decreased by 9.2% predominantly due to favorable claims experience mainly on agriculture and whole account energy and marine treaties, as well as a refinement to our reserving approach that recognizes favorable trends, particularly as they relate to large loss claims experience on non-proportional contracts, quicker than we previously estimated. These effects were partially offset by establishing higher loss ratios on new and renewal business in anticipation of softening rates within this line of business.
Previous report
The 2.0 percentage points improvement in YTD 2026 attritional loss ratio is predominantly in line with the same trends noted for Q2 2026.
Previous report
During Q2 2026 we incurred $3.8 million relating to two energy losses; partially offset by the reduction in our prior estimates of large event losses recognized in Q1 2026. For Q2 2025, large event loss was driven mostly by the Air India crash in India.
Previous report
During Q2 2026 we incurred an additional $20 million of CAT event losses relating to the Middle East conflict and $6.5 million for the QatarEnergy facility explosion, compared to no CAT event losses in Q2 2025.
Previous report
The acquisition cost ratio for the Open Market segment decreased by 1.1 percentage points in Q2 2026 compared to Q2 2025, primarily due to the change in business mix and predominantly by the following lines of business:
Previous report
•Financial: Driven mainly by our transactional liability business due to lower profit commission in response to adverse loss reserve development during Q2 2026.
Previous report
•Multiline: Mainly due to lower acquisition costs on our FAL business at higher net premium earned level.
Previous report
•Specialty: Due to higher reinstatement premium earned relating to current CAT events with no corresponding acquisition costs; higher percentage of excess of loss treaties at low acquisition costs compared to quota share treaties; and mix in classes of business within Specialty.
Previous report
This was partially offset by an increase in acquisition cost ratio for Property business driven mainly by the reversal of previously recognized reinstatement premium with no corresponding acquisition costs relating to the California wildfires CAT losses.
Previous report
•Property: Driven mainly by the reversal of previously recognized reinstatement premium described above for Q2 2026.
Previous report
•Casualty: Driven mainly by the change in business mix at higher acquisition cost ratio.
Previous report
This was offset partially by lower acquisition cost ratios for Financial and Specialty lines, mainly for the same reasons noted for Q2 2026. The change in business mix within the Open Market segment also contributed to the partial offset of the increase in total acquisition cost ratio.
Previous report
The underwriting expense ratio for the Open Market segment decreased by 0.1 percentage points to 3.4% in Q2 2026 compared to Q2 2025, predominantly due to a decrease in professional fees and short-term incentive compensation expense due to the Company’s net loss in Q2 2026 compared to net income in Q2 2025, which included partial reversal of the short-term incentive compensation expense accrued in Q1 2026.
Previous report
•Financial: The 153.1% increase was driven mainly by new business and growth from prior year quota share reinsurance treaties.
Previous report
•Specialty: The 40.5% increase was driven predominantly by new business and growth from prior year quota share reinsurance treaties mainly within our travel class of business; partially offset by downward premium revision to our estimated ultimate gross premiums within our contingency class of business.
Previous report
•Health: The 44.7% decrease was driven predominantly by downward premium revision to our estimated ultimate gross premiums based on new client information.
Previous report
•Multiline: The 8.3% decrease was driven by lower premium volume from our Syndicate 3456.
Previous report
The current year loss ratio in Q2 2026 for the Innovations segment improved by 4.8 percentage points, compared to Q2 2025, predominantly due to lower attritional loss ratio for the Multiline business mainly due to change in business class mix, coupled with an increase in attritional loss ratio for our Financial line in response to signs of poor performance in Q2 2025 not repeated in Q2 2026. This was partially offset by an increase in attritional loss ratio for the Specialty business mainly due to a change in business class mix.
Previous report
The acquisition cost ratio decreased by 3.0 percentage points to 26.8% in YTD 2026, compared to YTD 2025. This was mainly due to the lower acquisition costs in Casualty for the same reason as Q2 2026, coupled with an increase of excess of loss treaties at lower ceding commissions than quota share treaties. This decrease was partially offset by an increase in acquisition costs for our Syndicate 3456 in our Multiline business and a higher acquisition cost ratio for our Financial business due to new business at higher commission rates. Additionally, the acquisition cost ratio for Specialty in YTD 2025 benefitted from a reversal of premium earned at a higher acquisition cost ratio.
Previous report
The underwriting expense ratio for the Innovations segment improved by 2.4 percentage points in Q2 2026, compared to the same period in 2025, primarily due to an increase in net premiums earned. Additionally, decrease in underwriting expenses was driven by lower accrued short-term incentive compensation expense due to the Company’s net loss in Q2 2026 compared to net income in Q2 2025,
Previous report
For Q2 2026, the Innovations segment reported a net investment loss of $0.5 million, compared to net investment income of $0.4 million in Q2 2025. The unfavorable change was predominantly driven by a $1.5 million impairment for one holding in our Innovations’ private equity portfolio.
Previous report
Net investment income was $0.6 million for YTD 2026, compared to $0.9 million in YTD 2025. The decrease was driven by the above impairment charge, partially offset by additional investment income earned from a higher average outstanding restricted cash balance to secure LC and trust accounts relating to the Innovations reinsurance treaties.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three and six months ended June 30, 2026 and 2025 and the Company’s financial condition at June 30, 2026 and December 31, 2025.
Current wording
The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three and nine months ended September 30, 2026 and 2025 and the Company’s financial condition at September 30, 2026 and December 31, 2025.
Previous wording
For the three months ended June 30, 2026 (“Q2 2026”), we reported a net loss of $29.6 million, compared to $0.3 million net income for the three months ended June 30, 2025 (“Q2 2025”). The net loss was mainly attributable to CAT losses from underwriting and negative investment returns from Solasglas.
Current wording
For the three months ended September 30, 2026 (“Q3 2026”), we reported a net income of $3.2 million, compared to $4.4 million net loss for the three months ended September 30, 2025 (“Q3 2025”). The improved results were primarily driven by the lower net investment losses, partially offset by a decline in net underwriting income.
Previous wording
•Total investment loss was $23.8 million, compared to investment loss of $7.8 million;
Current wording
•Total investment loss was $4.6 million, compared to loss of $17.4 million;
Previous wording
•Diluted EPS loss was $0.89, compared to diluted EPS of $0.01; and
Current wording
•Diluted EPS was $0.10, compared to diluted EPS loss of $0.13; and
Previous wording
•Fully diluted book value per share was $20.61, a decrease of 3.7% since last quarter.
Current wording
•Fully diluted book value per share was $20.78, an increase of 0.8% since last quarter.
Previous wording
In addition to the geopolitical uncertainty, the U.S. Administration continues to adopt trade policies that have increased uncertainty and volatility in financial markets. These policies continue to complicate the near-term outlook for economic growth and inflation. We remain vigilant for economic data and additional policies that may impact our business.
Current wording
In addition to the geopolitical uncertainty, the U.S. Administration continues to adopt and revise trade policies that have increased uncertainty and volatility in financial markets. These policies continue to complicate the near-term outlook for economic growth and inflation. We remain vigilant for economic data and additional or revised policies that may impact our business.
Previous wording
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.
Current wording
(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 $1.8 million and $0.6 million for three months ended September 30, 2026 and 2025, respectively, and a gain of $1.0 million and a loss of $6.7 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
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.
Current wording
Basic book value per share increased by $0.18 per share, or 0.8%, to $21.40 per share from $21.22 per share at June 30, 2026. Fully diluted book value per share increased by $0.17 per share, or 0.8%, to $20.78 per share from $20.61 per share at June 30, 2026.
Previous wording
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:
Current wording
Net income for Q3 2026 was $3.2 million, compared to net loss of $4.4 million for Q3 2025. The improved performance was driven mainly by the following:
Previous wording
◦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.
Current wording
◦Partially offsetting the above improvement, Solasglas reported an increase in net investment loss of $0.7 million to $15.1 million (net loss of 3.3%) during Q3 2026, compared to a loss of $14.4 million (net loss of 3.2%) for the same period in 2025. We also earned lower net investment income from (i) funds at Lloyds due to partially replacing it with the unsecured Citibank LC (see Note 10 of the financial statements), (ii) restricted cash and cash equivalents due to the interest rate cuts by central banks during 2025, coupled with lower average outstanding balance during 2026; and iii) fixed maturity investments due to negative portfolio return of 0.41% due to the increase in market yields during Q3 2026.
Previous wording
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.
Current wording
Basic book value per share increased by $0.51 per share, or 2.4%, to $21.40 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.35 per share, or 1.7%, to $20.78 per share from $20.43 per share at December 31, 2025.
Previous wording
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:
Current wording
For the nine months ended September 30, 2026 (“YTD 2026”), net income decreased by $16.2 million to $9.4 million, compared to the nine months ended September 30, 2025 (“YTD 2025”) driven mainly by the following:
Previous wording
•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.
Current wording
•Foreign exchange gains (losses): Unfavorable change of $14.6 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.
Previous wording
•Investment income: Decreased by $16.0 million primarily driven by:
Current wording
•Investment income: Decreased by $3.3 million primarily driven by:
Previous wording
•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.
Current wording
•Underwriting income: Decreased by $2.1 million, driven by 0.2 percentage points deterioration in combined ratio, which was predominantly driven by 0.6 percentage points increase in the underwriting expense ratio and 1.1 percentage points increase in the acquisition ratio. This was partially offset by 1.5 percentage points improvement in loss ratio, driven mainly by the reduction in prior year adverse reserve development.
Previous wording
•Interest expense: Decreased by $2.4 million driven by the reduction in our outstanding debt.
Current wording
•Interest expense: Decreased by $3.7 million driven by the reduction in our outstanding debt.
Previous wording
Gross premiums written within our Open Market segment in Q2 2026 decreased by $0.1 million or 0.1%, compared to Q2 2025. However, there was a significant change in business mix during quarter. The overall net reduction was predominantly attributable to the following lines of business:
Current wording
The overall net reduction was predominantly attributable to the following lines of business:
Previous wording
•Property: The $3.9 million, or 21.7%, decrease was mainly due to lower premiums on quota share property catastrophe programs due to lower participation and rate reduction, coupled with a decrease in estimated reinstatement premiums as a result of reducing our estimated CAT losses for the California wildfires (2025 accident year); and
Current wording
•Property: The $6.2 million, or 26.4%, decrease was mainly due to lower premiums on quota share commercial property treaties, which are mainly retroceded, coupled with lower premium on quota share property catastrophe programs due to lower participation and rate reductions; and
Previous wording
Gross premiums written within our Open Market segment in YTD 2026 decreased by $40.5 million or 10.9%, compared to YTD 2025, with similar change in business mix as in Q2 2026. The decrease was predominantly for the same reasons noted for Q2 2026.
Current wording
Gross premiums written within our Open Market segment in YTD 2026 decreased by $56.6 million or 10.7%, compared to YTD 2025, with similar change in business mix. The decrease was predominantly for the same reasons as noted for Q3 2026. Additionally, the growth in the Financial line was driven by additional reported premiums in our transactional liability business, coupled with new surety and financial multiline treaties.
Previous wording
Ceded premiums written in Q2 2026 was $24.0 million, resulting in net premiums written of $128.2 million, compared to $10.2 million and $142.1 million, respectively, in Q2 2025. The increase in ceded premiums written of 134.3% was driven primarily due to new retrocession treaties for our Multiline business. This was partially offset by reduced quota share retrocession activity within our Specialty line of business due to lower estimated inward premiums.
Current wording
Ceded premiums written in Q3 2026 was $24.7 million, resulting in net premiums written of $114.2 million, compared to $14.6 million and $140.4 million, respectively, in Q3 2025. The increase in ceded premiums written of 68.8% was driven primarily by new retrocession treaties for our Multiline business. This was partially offset by reduced quota share retrocession activity within our Property line of business due to lower estimated inward premiums.
Previous wording
Ceded premiums written in YTD 2026 was $53.0 million, resulting in net premiums written of $279.5 million, compared to $35.3 million and $337.7 million, respectively, in YTD 2025. The increase in ceded premiums written of 50.1% was driven by new retrocession treaties for our Multiline business, coupled with additional excess of loss retrocessional coverage within our Specialty business in 2026 to manage our overall exposure to aviation, marine and energy risks. This was partially offset by reduced quota share retrocession activity within our Property and Specialty lines of business due to lower estimated inward premiums.
Current wording
Ceded premiums written in YTD 2026 was $77.7 million, resulting in net premiums written of $393.7 million, compared to $49.9 million and $478.1 million, respectively, in YTD 2025. The increase in ceded premiums written of 55.5% was driven by new retrocession treaties for our Multiline business, coupled with additional excess of loss retrocessional coverage within our Specialty business in 2026 to manage our overall exposure to aviation, marine and energy risks. This was partially offset by reduced quota share retrocession activity within our Property and Specialty lines of business due to lower estimated inward premiums.
Previous wording
Net premiums earned within our Open Market segment in Q2 2026 and YTD 2026 decreased by $3.6 million or 2.6%, and $24.3 million or 8.4%, compared to Q2 2025 and YTD 2025, respectively.
Current wording
Net premiums earned within our Open Market segment in Q3 2026 and YTD 2026 decreased by $19.1 million or 13.2%, and $43.4 million or 10.0%, compared to Q3 2025 and YTD 2025, respectively. This is trending in line with the reduction in gross premiums written for both periods.
Previous wording
The Q2 2026 current year loss ratio for Open Market increased by 11.4 percentage points to 71.5%, compared to Q2 2025, driven mainly by current year CAT event losses, partially offset by lower attritional loss and large event loss ratios. While the YTD 2026 current year loss ratio decreased only by 0.1 percentage points to 66.1%, compared to YTD 2025, the lower attritional loss and large event loss ratios offset by an increase in CAT event loss ratio.
Current wording
The Q3 2026 current year loss ratio for Open Market decreased by 0.7 percentage points to 51.8%, compared to Q3 2025, driven mainly by the favorable loss reserve releases on current year CAT and large loss events established during the first half of 2026. This was partially offset by an increase in attritional loss ratio. While the YTD 2026 current year loss ratio remained at 61.6%, compared to YTD 2025, the lower large event loss ratio was partially offset by an increase in attritional loss and CAT event loss ratios.
Previous wording
The current year loss ratio in YTD 2026 was relatively in line with YTD 2025. However, there was variability in attritional loss ratio within the lines of business in Innovations. The trend in this variability was broadly in line with the explanation provided for Q2 2026.
Previous wording
•Financial: increased by 4.7% mainly due to an increase in our expected losses on more recent underwriting years for the transactional liability class of business.
Current wording
•Financial: mainly attributable to an increase in our expected losses on more recent underwriting years for the transactional liability class of business.
Previous wording
During YTD 2026 we incurred $4.8 million relating to four large event losses in our Property and Specialty lines, compared to $7.1 million relating to three event losses in our Specialty line during YTD 2025.
Current wording
During YTD 2026 we incurred $3.9 million relating to two large event losses in our Property and Specialty lines, compared to $12.8 million relating to six large event losses across our Multiline, Property and Specialty lines during YTD 2025.
Previous wording
During YTD 2026 we incurred $31.5 million of CAT event losses of which $25 million is related to the Middle East conflict and $6.5 million for the QatarEnergy facility explosion. The Middle East conflict reserves include one known full-limit loss accounting for $7.6 million. Other specific event losses contributed $9.9 million of the total $25 million reserve, and the remaining $7.5 million is our best estimate of incurred but not reported losses from the conflict. However, there is still a high degree of uncertainty surrounding the insured loss estimates due to limited access to affected areas, and restrictions imposed in certain territories. During YTD 2025 we incurred $27.0 million of CAT event losses relating to the California wildfires. For these CAT event losses, there were no loss recoverables triggered from our excess of loss retrocession treaties.
Current wording
While there were no CAT events during Q3 2026, we had net favorable reserve releases on the current CAT loss events during the first half of 2026, based on updated client information. We have reduced the loss reserve for the Middle East conflict from $25 million to $19 million, partially offset by an increase of $3.5 million, to $10 million, for the QatarEnergy facility explosion, net of reinsurance. Accordingly, we incurred $29.0 million of CAT event losses for YTD 2026, net of reinsurance. There is still a high degree of uncertainty surrounding the insured loss estimates for the Middle East conflict due to limited access to affected areas, and restrictions imposed in certain territories.
Previous wording
The Open Market segment’s prior year favorable reserve development improved by 1.4 percentage points in Q2 2026 compared to Q2 2025 driven predominantly by the reduction in our CAT loss estimate for the California wildfires in 2025 based on new client information and better loss emergence for our whole account marine & energy excess of loss business; partially offset by large event loss deteriorations relating to 2025 events.
Current wording
The Open Market segment’s prior year favorable reserve development improved by 1.2 percentage points in Q3 2026 compared to Q3 2025 driven predominantly by better loss emergence for our Property and Specialty lines; partially offset by adverse reserve development in our Casualty line.
Previous wording
The Open Market segment’s prior year favorable reserve development ratio was 2.1% for YTD 2026 compared to prior year adverse reserve development ratio 1.4% for YTD 2025. Refer to Note 8 of the financial statements for further details.
Current wording
The Open Market segment’s net prior year favorable reserve development ratio was 1.6% for YTD 2026 compared to prior year adverse reserve development ratio 1.1% for YTD 2025. The YTD 2026 included the release of $8.5 million relating to the California wildfires based on latest clients’ estimates (accident year 2025). Refer to Note 8 of the financial statements for further details.
Previous wording
The acquisition cost ratio increased by 1.7 percentage points in YTD 2026 compared to YTD 2025, predominantly due to the following lines of business:
Current wording
The acquisition cost ratio increased by 2.5 percentage points in YTD 2026 compared to YTD 2025, driven largely by the same factors described for Q3 2026, in addition to 1.3 percentage points driven by a change in business mix to the Open Market portfolio.
Previous wording
The underwriting expense ratio increased by 0.5 percentage points to 3.9% in YTD 2026 compared to YTD 2025, mainly due to higher personnel costs and share-based compensation; partially offset by lower accrued short-term incentive compensation expense for the same reason noted for Q2 2026.
Current wording
The underwriting expense ratio increased by 0.6 percentage points to 4.2% in YTD 2026 compared to YTD 2025, mainly due to the same factors noted for Q3 2026.
Previous wording
For the Open Market segment, net investment income declined by 22% to $4.4 million in Q2 2026 compared to Q2 2025, and by 16% to $9.5 million for YTD 2026, compared to YTD 2025.
Current wording
For the Open Market segment, net investment income declined by 23% to $4.3 million in Q3 2026 compared to Q3 2025, and by 19% to $13.9 million for YTD 2026, compared to YTD 2025.
Previous wording
The decrease was predominantly due to lower investment income on funds at Lloyd’s due to partially replacing the collateral with an unsecured LC, coupled with lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks during 2025. Additionally, we recognized $0.4 million and $1.0 million of unrealized losses on the fixed maturity investment portfolio for Q2 2026 and YTD 2026, respectively, primarily due to increase in market yields. The unrealized losses were offset by a higher book yield on this portfolio.
Current wording
The decrease was predominantly due to lower investment income on funds at Lloyd’s due to partially replacing the collateral with an unsecured LC, coupled with lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks during 2025. Additionally, the net return yield on our fixed maturity investments was negatively impacted by the increase in market yields. We had a negative portfolio return of 0.41% and a positive portfolio return 0.69% for our fixed maturity investments in Q3 2026 and YTD 2026, respectively. The book yield for this portfolio was 4.13% at September 30, 2026.
Previous wording
Income before income taxes for the Open Market segment was $3.4 million for Q2 2026, compared to $16.8 million for Q2 2025. The decrease was driven predominantly by lower underwriting results and lower investment income.
Current wording
Income before income taxes for the Open Market segment was $19.5 million for Q3 2026, compared to $27.9 million for Q3 2025. The decrease was primarily attributable to lower underwriting income, reflecting a 13% reduction net earned premiums and a combined ratio that was 3.4 percentage points higher.
Previous wording
Income before income taxes for the Open Market segment was $15.3 million for YTD 2026, compared to $13.6 million for YTD 2025. The increase was predominantly attributable to improved underwriting results, partially offset by lower net investment income.
Current wording
Income before income taxes for the Open Market segment was $34.8 million for YTD 2026, compared to $41.5 million for YTD 2025. The decrease was primarily attributable to lower underwriting income, reflecting a 10% reduction in net earned premiums, in addition to the lower net investment income.
Previous wording
Gross premiums written within our Innovations segment in Q2 2026 increased by $3.3 million or 12.0%, compared to Q2 2025. The increase was predominantly attributable to the following lines of business:
Current wording
Gross premiums written within our Innovations segment in Q3 2026 increased by $13.6 million or 46.4%, compared to Q3 2025. The increase was predominantly attributable to the following lines of business:
Previous wording
Gross premiums written within our Innovations segment in YTD 2026 increased by $23.4 million or 42.6%, compared to YTD 2025. The increase was across all lines of business, except Health, driven by new business and exposure growth from existing treaties. The growth in the Multiline was predominantly driven by our Syndicate 3456. For YTD 2025, there was also a $2.4 million downward premium estimate revision for one quota share treaty in Specialty, which contributed to the favorable change in YTD 2026.
Current wording
Gross premiums written within our Innovations segment in YTD 2026 increased by $37.1 million or 43.9%, compared to YTD 2025. The increase was predominantly attributable to the following lines of business:
Previous wording
The reduction in Health’s gross premiums written for YTD 2026 was due to same explanation as for Q2 2026.
Current wording
The reduction in Health’s gross premiums written for YTD 2026 was predominantly due to non-renewal of treaties.
Previous wording
Ceded premiums written in Q2 2026 was $12.4 million, resulting in net premiums written of $18.6 million, compared to $4.9 million and $22.7 million, respectively, in Q2 2025. Ceded premiums written in YTD 2026 was $27.8 million, resulting in net premiums written of $50.7 million, compared to $8.4 million and $46.7 million, respectively, in YTD 2025.
Current wording
Ceded premiums written in Q3 2026 was $14.5 million, resulting in net premiums written of $28.5 million, compared to $7.1 million and $22.3 million, respectively, in Q3 2025. Ceded premiums written in YTD 2026 was $42.3 million, resulting in net premiums written of $79.3 million, compared to $15.5 million and $69.0 million, respectively, in YTD 2025.
Previous wording
Net premiums earned in Q2 2026 increased by 16.3%, compared to Q2 2025. Net premiums earned in YTD 2026 increased by 23.9%, compared to YTD 2025. The change relates to the amount and timing of net premiums written during the current year and prior years.
Current wording
Net premiums earned in Q3 2026 increased by 33.9%, compared to Q3 2025. Net premiums earned in YTD 2026 increased by 27.3%, compared to YTD 2025. The change relates to the amount and timing of net premiums written during the current year and prior years.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•Underwriting income: Decreased by $7.7 million, driven by 3.9 percentage points deterioration in the combined ratio, which was predominantly driven by 1.4 percentage points increase in the loss ratio and 0.9 percentage points increase in the underwriting expense ratio. The increase in the loss ratio was mainly driven by an increase in prior year adverse reserve development.
Current report — wording carried from elsewhere
During YTD 2025 we incurred $27.0 million of CAT event losses relating to the California wildfires. There was no CAT event loss for Q3 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Financial: The $8.5 million, or 51.9%, increase was driven by additional reported premiums in our mortgage and transactional liability business, coupled with new surety and financial multiline treaties.