Key Highlights

  • Net income was USD 3.2 million, or USD 0.10 per share, versus a USD 4.4 million loss, or USD 0.13.
  • Net premiums earned fell 7.3% to USD 153.4 million, while gross premiums written were USD 181.9 million.
  • Net Investment income was USD 10.5 million versus a USD 3.0 million loss, and total revenues were USD 148.3 million.
  • Net premiums written fell 12.3% to USD 142.7 million as ceded premiums rose to USD 39.2 million.

Quarter in Numbers

Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a property and casualty reinsurer, reported third-quarter 2026 gross premiums written of USD 181.9 million versus USD 184.4 million. Gross premiums ceded rose to USD 39.2 million from USD 21.7 million, so net premiums written fell to USD 142.7 million from USD 162.7 million, a decline of about 12.3% by our calculation. Net premiums earned were USD 153.4 million versus USD 165.4 million.

The company reported a loss of USD 15.1 million from its investment in a related party investment fund, versus a loss of USD 14.4 million, while net investment income was USD 10.5 million versus a loss of USD 3.0 million. Foreign exchange losses were USD 0.5 million versus USD 2.0 million. Total revenues were USD 148.3 million versus USD 146.1 million.

Underwriting Costs

Net loss and loss adjustment expenses incurred were USD 84.4 million versus USD 88.6 million, Acquisition costs were USD 45.5 million versus USD 46.4 million, Underwriting expenses were USD 8.9 million versus USD 8.0 million, and corporate and other expenses were USD 5.7 million versus USD 5.4 million. Interest expense fell to USD 0.1 million from USD 1.4 million. Total expenses were USD 144.7 million versus USD 150.0 million.

By our calculation, the loss ratio was about 55.0% of net premiums earned versus 53.6%, the acquisition cost ratio was about 29.7% versus 28.1%, and the combined ratio including underwriting expenses was about 90.5% versus 86.5%. Underwriting performance was therefore less favorable than a year ago, and the improvement in Net Income came from investment results.

Income before income tax was USD 3.6 million versus a loss of USD 3.9 million, and income tax expense was USD 0.4 million versus USD 0.5 million. Net income was USD 3.2 million, or USD 0.10 per basic and diluted share, versus a net loss of USD 4.4 million, or USD 0.13. Weighted average diluted shares were about 33.2 million, and weighted average basic shares fell to 32.6 million from 33.8 million, which shows the effect of share repurchases.

Nine-Month Results

For the nine months, gross premiums written were USD 592.9 million versus USD 612.0 million, net premiums written were USD 473.0 million versus USD 546.6 million, and net premiums earned were USD 469.4 million versus USD 495.5 million. Net investment income was USD 21.3 million versus USD 15.8 million, foreign exchange was a loss of USD 6.0 million versus a gain of USD 8.6 million, and the loss from the related party investment fund was USD 9.3 million versus USD 0.5 million. Net income was USD 9.4 million, or USD 0.28 per diluted share, versus USD 25.6 million, or USD 0.74.

Reinsurance and Investment Indicators

Items to track include ceded premium levels, loss ratio trends, the contribution of the related party investment fund, net investment income and the effect of the lower share count on per share results.