Quarterly ResultMay 5, 2026, 04:26 PM
Greenlight Re Q1 Combined Ratio 96.0%; EPS $1.05; Repurchases $5M Shares
AI Summary
Greenlight Capital Re, Ltd. reported strong first-quarter 2026 financial results, with a significantly improved combined ratio of 96.0% compared to 104.6% in the prior year. The company achieved net income of $35.8 million, or $1.05 per diluted ordinary share, up from $29.6 million, or $0.86 per share, in Q1 2025. This performance was supported by a return to net underwriting income of $6.2 million and a 4.7% increase in fully diluted book value per share to $21.40. The company also repurchased $5 million of ordinary shares during the quarter, with an additional $9.5 million repurchased in April.
Key Highlights
- Combined ratio improved to 96.0% in Q1 2026 from 104.6% in Q1 2025.
- Net underwriting income was $6.2 million, compared to a $7.8 million loss in Q1 2025.
- Net income increased to $35.8 million ($1.05 diluted EPS) from $29.6 million ($0.86 diluted EPS) YoY.
- Gross premiums written decreased 8% to $227.9 million.
- Fully diluted book value per share rose 4.7% to $21.40 from $20.43 at year-end 2025.
- Repurchased $5 million of ordinary shares in Q1 at an average cost of $16.70 per share.
- Solasglas investment portfolio gained 6.8% in the first quarter.
- Open Market segment underwriting income was $6.76 million.