Greenlight Capital Re reported second-quarter 2025 results, showing a 6.3% increase in gross premiums written to US$179.6 million from the prior-year period.
Net premiums earned rose 2.0% to US$161.6 million. Net underwriting income reached US$8.1 million, compared to US$0.3 million a year earlier, while the combined ratio improved to 95.0% from 99.9%.
The company’s results followed a first quarter in which gross premiums written grew 14.1% to US$247.9 million and net premiums earned increased 4.3% to US$168.5 million. That period included a US$7.8 million net underwriting loss, driven in part by California wildfire-related catastrophe claims, which added approximately 14 percentage points to the combined ratio.
Last year, AM Best revised the outlook on Greenlight Re’s operating subsidiaries to Positive from Stable, while affirming the A‑ (Excellent) financial strength rating and “a‑” long-term issuer credit rating. The rating agency cited the reinsurer’s balance sheet strength, operating performance, and risk management as factors in its decision.
The company posted a total investment loss of US$7.8 million, compared to investment income of US$15.3 million in the second quarter of 2024. Net income was US$0.3 million, down from US$8 million.
During the quarter, Greenlight Re repurchased US$5 million of shares at an average price of US$13.99 per share. Fully diluted book value per share increased 0.5% from March 31, 2025, to US$18.97.
The company’s recent performance extends a multi-year trend, as it recorded full-year underwriting profitability for the first time in 2023 and has improved operating results for five consecutive years.
For the first six months of 2025, gross premiums written increased 10.7% to US$427.6 million, while net premiums earned rose 3.2% to US$330.1 million. Net underwriting income was US$0.3 million, compared to US$3.7 million for the same period in 2024, with a combined ratio of 99.9% versus 98.9% a year earlier.
Total investment income was US$32.7 million, down from US$46.7 million in the first half of 2024. Net income came to US$30 million compared to US$35 million. Fully diluted book value per share rose 5.7% from US$17.65 at year-end 2024 to US$18.97.
Chief executive officer Greg Richardson (pictured above) said the second-quarter underwriting results reflected the strength and discipline of the company’s portfolio, adding that the business is positioned for the second half of the year.
“We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and focus on operational performance,” Richardson said.
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