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Investor Relations14 Oct 2025
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Greenlight Capital Re (GLRE) investor relations material
Greenlight Capital Re Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Net income for Q2 2025 was $0.3 million, down from $8.0 million year-over-year, mainly due to investment losses from Solasglas, partially offset by improved underwriting and FX gains.
Gross premiums written rose 6.3% to $179.6 million; net premiums earned increased 2.0% to $161.6 million compared to Q2 2024.
Underwriting income improved to $8.1 million from $0.3 million year-over-year, with no catastrophe losses in Q2 2025 versus $7.7 million in Q2 2024.
Fully diluted book value per share increased 5.7% since year-end 2024, reaching $18.97.
Share repurchases totaled $5 million at an average price of $13.99 per share in Q2 2025.
Financial highlights
Q2 2025 total investment loss was $7.8 million, compared to $15.3 million income in Q2 2024, driven by a 4.0% net loss from Solasglas.
Net income for the six months ended June 30, 2025, was $30.0 million, down $5.0 million year-over-year.
Net underwriting income for Q2 2025 was $8.1 million, up $7.8 million year-over-year, with a 4.9-point improvement in combined ratio.
Cash provided by operating activities was $78.8 million for the first half of 2025, up $38.2 million year-over-year.
Total shareholders' equity increased to $663.3 million as of June 30, 2025.
Outlook and guidance
Management expects a strong second half of 2025, citing portfolio strength, recent underwriting results, and disciplined capital management.
Increased competition in reinsurance, especially in Open Market, is pressuring rates, though terms and conditions remain firm.
Defensive investment stance maintained due to market volatility and economic uncertainty; focus remains on long-term value creation.
Confident in catastrophe exposure management heading into peak season.
Repositioning away from open market casualty into better risk-adjusted lines expected to benefit results over the intermediate term.
Explain the drivers behind Solasglas's Q2 underperformance.
What specific corrective actions are planned for Innovations?
How will tariff front-running reversal impact results?
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Next Greenlight Capital Re earnings date
Q3 20254 Nov, 2025
Next Greenlight Capital Re earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
Greenlight Capital Re Ltd. is a specialty reinsurance company that provides customized reinsurance solutions to insurance companies globally. The company operates in both the property and casualty sectors, offering risk management and reinsurance coverage to clients across various industries. Greenlight Re focuses on underwriting profitability while employing an investment strategy driven by its association with hedge fund manager David Einhorn's Greenlight Capital, aiming for superior risk-adjusted returns on both its insurance and investment portfolios. The company is headquartered in Grand Cayman, Cayman Islands, and its shares are listed on the Nasdaq.
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