Greenlight Re Flips Underwriting Loss to Profit

The Tip Desk · November 10, 2026 · 2 min read

Net underwriting income reached $14.6 million as the combined ratio improved to 90.5% from 100.1%.

Greenlight Capital Re, Ltd. (GLRE), a multiline property and casualty reinsurer, reported net underwriting income of $14.6 million for the third quarter ended September 30, 2026, reversing a $0.2 million underwriting loss in the prior quarter. The combined ratio improved to 90.5% from 100.1%, a second-quarter result the company had attributed to catastrophe losses.

Gross premiums written were $181.9 million, down 1% from a year earlier. Net premiums earned fell 7% to $153.4 million. Net underwriting income a year earlier was $22.3 million.

Chief Executive Officer Greg Richardson said the quarter delivered strong underwriting income aided by a relatively benign catastrophe and large-loss environment. He said the conservative reserving approach taken on Middle East-related exposures in the second quarter developed favorably, and that year-to-date underwriting is trending in line with expectations.

Investments remained a drag. The company recorded a $15.1 million loss from its related-party Solasglas fund, which returned -3.3% in the quarter, according to Chairman David Einhorn. Total investment loss narrowed to $4.6 million from $23.8 million in the second quarter. Net investment income excluding the Solasglas mark was $10.5 million.

Net income was $3.2 million, or $0.10 a diluted ordinary share, compared with a net loss of $29.6 million, or $0.89 a share, in the second quarter. A year earlier the company posted a net loss of $4.4 million, or $0.13 a share.

Open Market underwriting income was $15.2 million, with a combined ratio of 87.9%. Innovations underwriting income was $0.5 million, with a combined ratio of 98.2%. Corporate operations posted an underwriting loss of $1.1 million. Open Market net premiums earned were $125.3 million; Innovations net premiums earned were $28.1 million.

The company repurchased $8.0 million of ordinary shares in the quarter at an average cost of $15.77 a share. From October 1 through October 30 it bought an additional $3.3 million at an average price of $14.95 a share. Fully diluted book value per share rose 0.8% to $20.78 from $20.61 at June 30, reversing a 3.7% decline in the second quarter. Einhorn said the underwriting result, gains in the Innovations portfolio and buybacks contributed to the increase.

For the nine months ended September 30, gross premiums written were $592.9 million, net premiums earned $469.4 million, and net underwriting income $20.6 million. The nine-month combined ratio was 95.6%. Net income for the period was $9.4 million, or $0.28 a share, compared with $25.6 million, or $0.74 a share, a year earlier. Fully diluted book value per share was $20.78, up 1.7% from $20.43 at December 31, 2025.