Greenlight Capital Re Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw net income of $35.8M, a 4.7% increase in book value per share, and strong investment returns. Open market premiums declined amid a soft reinsurance market, while innovation segment premiums grew 73%.
Fiscal Year 2025
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Delivered strong Q4 and record full-year 2025 results, with underwriting and investment gains driving a 13.8% increase in book value per share. Upgraded to A by AM Best, reduced leverage, and continued share repurchases, positioning well for 2026.
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Q3 2025 delivered record underwriting results with a combined ratio of 86.6%, but investment losses, including a $16.4 million write-down, led to a net loss of $4.4 million. Book value per share rose 5.3% year-to-date, and debt leverage was reduced.
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Q2 2025 net income was $0.3 million, with a 95% combined ratio and $8.1 million underwriting income. Book value per share rose 7.5% year-over-year, while the Solasglas Fund declined 4% in Q2. $5 million in shares were repurchased during the quarter.
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Net income rose to $29.6 million in Q1 2025, driven by strong investment returns, despite a $7.8 million underwriting loss from California wildfires. The innovation segment improved its combined ratio to 94.3%, while market conditions remain favorable.
Fiscal Year 2024
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Q4 2024 saw a net loss of $27.4M due to CAT and Russia-Ukraine aviation losses, but full year net income reached $42.8M with book value per share up 7.2%. Segment reporting was revised, and 2025 outlook is optimistic despite expected wildfire losses.
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A multi-pillar strategy focused on profitability, diversification, and innovation has driven strong underwriting and investment results, narrowing the discount to book value and positioning the company for scalable growth. The innovations segment and Solas Glas investment strategy are key growth engines, supported by prudent capital management and a positive market outlook.
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Net income rose to $35.2 million in Q3 2024, with strong investment returns and an 8th straight underwriting profit. Book value per share grew 16% year-over-year, and the specialty segment saw significant premium growth.
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Gross written premiums rose 9.1% year-over-year, with net income of $8 million and a combined ratio of 99.8%, impacted by U.S. convective storm losses. Specialty lines drove premium growth, while the Solasglas Fund allocation increased to 70% of adjusted book value.