Greenlight Capital Re reported improved financial results for both the fourth quarter and full year of 2025, supported by stronger underwriting performance, premium growth, and solid investment returns.
For the fourth quarter of 2025, the reinsurer generated net income of $49.3 million, or $1.44 per diluted share, a significant turnaround compared with a net loss of $27.4 million, or $(0.81) per diluted share, in the same period a year earlier.
Gross premiums written rose 12% year-over-year to $161.3 million, while net premiums earned also increased 12% to $165.6 million. The company reported net underwriting income of $13.0 million during the quarter, reversing an underwriting loss of $18.0 million in the fourth quarter of 2024.
The improvement in underwriting results was reflected in a combined ratio of 92.1%, down from 112.1% a year earlier, indicating stronger underwriting profitability. Investment performance also contributed to the results, with total investment income reaching $44.8 million during the quarter, compared with $2.6 million in the same period of 2024.
For the full year ended December 31, 2025, Greenlight Re also reported notable gains. Gross premiums written increased 11% to $773.3 million, while net premiums earned rose 7% to $661.1 million. The company generated net underwriting income of $35.7 million for the year, compared with an underwriting loss of $8.2 million in 2024.
Overall profitability improved as well, with net income reaching $74.8 million, or $2.17 per diluted share, compared with $42.8 million, or $1.24 per diluted share, in the previous year. The company also strengthened its underwriting metrics, with the combined ratio improving to 94.6% from 101.4% in 2024, reflecting improved risk selection and underwriting discipline.
Greenlight Re’s investment strategy also continued to contribute to its results. The company’s Solasglas investment portfolio delivered a gain of 7.9% during the fourth quarter and returned 7.5% for the full year, supported by positive contributions from long and short equity positions as well as macro strategies.
In addition, the reinsurer reported growth in shareholder value. Fully diluted book value per share increased 8.1% during the fourth quarter to $20.43, and rose 13.8% year-over-year from $17.95 at the end of 2024. The company also repurchased $9.8 million of shares during the year as part of its capital management strategy.
Overall, the results highlight stronger underwriting performance, premium growth, and improved profitability for the Cayman Islands-based reinsurer.
|
Metric |
Q4 2025 |
Q4 2024 |
FY 2025 |
FY 2024 |
Key Insight |
|---|---|---|---|---|---|
|
Net Income |
$49.3M |
$(27.4M) |
$74.8M |
$42.8M |
Strong turnaround in quarterly profitability and solid annual growth |
|
Earnings per Diluted Share |
$1.44 |
$(0.81) |
$2.17 |
$1.24 |
Higher earnings driven by underwriting and investments |
|
Gross Premiums Written |
$161.3M |
~$144M |
$773.3M |
~$695M |
Continued premium growth reflects expanding underwriting portfolio |
|
Net Premiums Earned |
$165.6M |
~$148M |
$661.1M |
~$618M |
Steady growth in earned premiums |
|
Underwriting Income (Loss) |
$13.0M |
$(18.0M) |
$35.7M |
$(8.2M) |
Significant improvement in underwriting discipline |
|
Combined Ratio |
92.1% |
112.1% |
94.6% |
101.4% |
Shift from underwriting loss to profitability |
|
Investment Income / Gains |
$44.8M |
$2.6M |
Positive annual gains |
Lower prior-year returns |
Investment strategy contributed strongly to results |
|
Solasglas Investment Return |
7.9% |
— |
7.5% |
— |
Portfolio delivered strong performance |
|
Fully Diluted Book Value per Share |
$20.43 |
$17.95 (FY prior) |
— |
— |
+13.8% YoY growth in shareholder value |
|
Share Repurchases (FY) |
— |
— |
$9.8M |
— |
Capital returned to shareholders |
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