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Visual21 Nov 2025
Data center suppliers
Greenlight Capital Re (GLRE) investor relations material
Greenlight Capital Re Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record quarterly underwriting results in Q3 2025 with a combined ratio of 86.6%, the lowest in company history, driven by strong risk selection and favorable catastrophe activity.
Net loss of $4.4M for Q3 2025, down from net income of $35.2M in Q3 2024, mainly due to investment losses and impairments in the Innovations portfolio.
Gross premiums written rose 9.5% year-over-year to $184.4M in Q3 2025, and 10.3% to $612.0M for the nine months.
Book value per share increased 5.3% year-to-date to $18.90 as of September 30, 2025.
Net income for the first nine months of 2025 was $25.6M, down from $70.2M in the prior year period.
Financial highlights
Underwriting income reached $22.3M in Q3 2025, up from $6.1M in Q3 2024, with a 9.3-point improvement in combined ratio year-over-year.
Net investment loss of $17.4M in Q3 2025, compared to $30.3M investment income in Q3 2024, primarily from Solasglas and Innovations portfolio impairments.
Gross premiums written for the trailing twelve months reached $756M.
Shareholders' equity stood at $659M and total assets at $2.1B as of Q3 2025.
Diluted EPS for Q3 2025 was $(0.13); YTD 2025: $0.74.
Outlook and guidance
Management remains focused on underwriting discipline, risk selection, and disciplined growth, with a positive outlook from A.M. Best and a low debt leverage ratio.
Innovations segment is expected to continue maturing, providing strategic differentiation and growth.
Reinsurance market competition is increasing, but portfolio remains diversified and resilient.
Investment environment remains challenging, with underperformance in both long and short positions.
No significant losses expected from Hurricane Melissa due to portfolio positioning.
Solasglas Q3 loss: What investment strategy changes?
Innovations segment: Drivers of 2025 performance?
Q3 investment losses: Impact on capital allocation?
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Next Greenlight Capital Re earnings date
Q4 20256 Mar, 2026
Next Greenlight Capital Re earnings date
Q4 20256 Mar, 2026
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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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