Quarterly ResultMay 5, 2026, 04:28 PM
Greenlight Re Q1 Net Income $35.8M; EPS $1.05; Combined Ratio 96.0%
AI Summary
Greenlight Re reported strong financial results for the first quarter ended March 31, 2026, with net income increasing to $35.8 million, or $1.05 per diluted share. The company significantly improved its underwriting profitability, achieving a combined ratio of 96.0% compared to 104.6% in the prior year. Additionally, Greenlight Re repurchased $5 million of ordinary shares in Q1 and an additional $9.5 million in April 2026, demonstrating capital allocation discipline.
Key Highlights
- Net income increased to $35.8 million from $29.6 million year-over-year.
- Diluted earnings per share rose to $1.05 from $0.86 in Q1 2025.
- Combined ratio improved to 96.0% from 104.6% in the prior year period.
- Net underwriting income was $6.2 million, reversing a $7.8 million loss in Q1 2025.
- Gross premiums written decreased 8% to $227.9 million.
- Fully diluted book value per share increased 4.7% to $21.40 from $20.43 at year-end 2025.
- Repurchased $5 million of ordinary shares in Q1 2026 and $9.5 million in April 2026.
- Solasglas investment portfolio gained a solid 6.8% in the first quarter.
Price Impact
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