Greenlight Capital Re公布季度業績 上半年表現穩健

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________
FORM 10-Q 
__________________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from     to

Commission file number 001-33493
____________________________________________________________________________________
GREENLIGHT CAPITAL RE, LTD. 
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________

Cayman IslandsN/A
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification no.)
65 Market Street
Suite 1207, Jasmine Court
P.O. Box 31110
Camana Bay
Grand Cayman
Cayman IslandsKY1-1205
(Address of principal executive offices)(Zip code)

(205) 291-3440
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary SharesGLRENasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
 
Large accelerated filer ☐        Accelerated filer ☒          Non-accelerated filer ☐          Smaller reporting company ☐          Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) 
Yes ☐ No ☒

At August 3, 2026, there were 32,641,344 ordinary shares outstanding, $0.10 par value per share, of the registrant.

GREENLIGHT CAPITAL RE, LTD.
 
TABLE OF CONTENTS
 

Page
PART I — FINANCIAL INFORMATION

Note on Forward-Looking Statements
3

Item 1.
Financial Statements
4

Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 20254

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)5

Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2026 and 2025 (unaudited)6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)7

Notes to the Condensed Consolidated Financial Statements (unaudited)8

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
47

Item 4.
Controls and Procedures
48

PART II — OTHER INFORMATION

Item 1.
Legal Proceedings
50

Item 1A.
Risk Factors
50

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
50

Item 3.
Defaults Upon Senior Securities
51

Item 4.
Mine Safety Disclosures
51

Item 5.
Other Information
51

Item 6.
Exhibits
51

SIGNATURES
52

 
2

Return to table of contents

PART I — FINANCIAL INFORMATION

NOTE OF FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (herein referred to as “Form 10-Q”) of Greenlight Capital Re, Ltd. (“Greenlight Capital Re,” “Company,” “us,” “we,” or “our”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts included in this report, including statements regarding estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements”. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States (“U.S.”) federal securities laws established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “predict,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, are inherently uncertain and beyond management’s control. 

Forward-looking statements contained in this Form 10-Q may include, but are not limited to, information regarding our estimates for net loss and loss adjustment expenses incurred, including catastrophes and weather-related losses (herein referred to as “CAT losses”), measurements of potential losses in the fair market value of our investments, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing, and other market and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities’ prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to: 

•any suspension or revocation of any of our licenses;
•losses from catastrophes and other major events;
•the loss of significant brokers; and 
•those described under “Item 1A, Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 9, 2026 (“2025 Form 10-K”), as those risk factors may be updated from time to time in our periodic and other filings with the SEC, which is accessible on the SEC’s website at www.sec.gov. 

We undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only to the dates they were made.

We intend to communicate certain events that we believe may have a material adverse impact on our operations or financial position, including property and casualty catastrophic events and material losses in our investment portfolio, in a timely manner through a public announcement. Other than as required by the Exchange Act, we do not intend to make public announcements regarding underwriting or investment events that we do not believe, based on management’s estimates and current information, will have a material adverse impact on our operations or financial position.

3

ITEM 1. FINANCIAL STATEMENTS 

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2026 (unaudited) and December 31, 2025 
(expressed in thousands of U.S. dollars, except per share and share amounts)

June 30, 2026December 31, 2025
Assets
Investments
Investment in related party investment fund, at fair value$493,409 $504,555 
Fixed maturity investments, at fair value172,865 65,609 
Other investments64,925 62,911 
Total investments731,199 633,075 
Cash and cash equivalents76,322 111,756 
Restricted cash and cash equivalents526,793 531,976 
Reinsurance balances receivable640,870 664,381 
Reinsurance recoverable on unpaid loss and loss adjustment expenses94,790 81,392 
Deferred acquisition costs 96,703 99,954 
Unearned premiums ceded63,107 39,223 
Other assets8,800 8,026 
Total assets$2,238,584 $2,169,783 
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves$983,774 $967,960 
Unearned premium reserves406,490 361,704 
Reinsurance balances payable98,437 95,853 
Funds withheld33,100 16,105 
Other liabilities10,348 15,460 
Debt 8,753 4,724 
Total liabilities1,540,902 1,461,806 
Commitments and Contingencies (Note 16)

Shareholders' equity
Preferred share capital (par value $0.10; none issued)
— — 
Ordinary share capital (par value $0.10; issued and outstanding, 32,881,538) (2025: par value $0.10; issued and outstanding, 33,897,709)
3,288 3,390 
Additional paid-in capital462,563 478,910 
Retained earnings231,831 225,677 
Total shareholders' equity697,682 707,977 
Total liabilities and equity$2,238,584 $2,169,783 

 

  The accompanying Notes to the Condensed Consolidated Financial Statements are an
 integral part of the Condensed Consolidated Financial Statements.

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GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) 
For the three and six months ended June 30, 2026 and 2025 
(expressed in thousands of U.S. dollars, except per share and share amounts)

Three months ended June 30Six months ended June 30
2026202520262025
Revenues
Gross premiums written$183,118 $179,628 $411,056 $427,573 
Gross premiums ceded(36,309)(15,101)(80,773)(43,649)
Net premiums written146,809 164,527 330,283 383,924 
Change in net unearned premium reserves15,004 (2,886)(14,325)(53,820)
Net premiums earned161,813 161,641 315,958 330,104 
Income (loss) from investment in related party investment fund (see Note 3)
(27,857)(18,276)5,832 13,921 
Net investment income4,076 10,470 10,807 18,757 
Foreign exchange gains (losses)(576)6,271 (5,481)10,626 

Total revenues137,456 160,106 327,116 373,408 
Expenses
Net loss and loss adjustment expenses incurred112,083 100,079 203,238 222,963 
Acquisition costs44,034 46,848 92,996 93,714 
Underwriting expenses5,886 6,481 13,691 12,839 
Corporate and other expenses4,717 4,755 10,459 9,427 
Deposit interest expense46 124 78 273 
Interest expense128 1,144 227 2,608 
Total expenses166,894 159,431 320,689 341,824 
Income before income tax(29,438)675 6,427 31,584 
Income tax expense(158)(346)(273)(1,628)
Net income (loss)$(29,596)$329 $6,154 $29,956 

Earnings per share ("EPS"):
  Basic$(0.89)$0.01 $0.18 $0.88 
  Diluted$(0.89)$0.01 $0.18 $0.87 
Weighted average number of ordinary shares used in the determination of EPS:
  Basic33,108,731 33,969,716 33,363,703 33,960,643 
  Diluted33,108,731 34,423,679 33,942,366 34,479,351 

 

 
The accompanying Notes to the Condensed Consolidated Financial Statements are an
 integral part of the Condensed Consolidated Financial Statements.
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GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)
 For the three and six months ended June 30, 2026 and 2025 
(expressed in thousands of U.S. dollars)

Three months ended June 30Six months ended June 30
2026202520262025
Ordinary share capital
Balance - beginning of period$3,368 $3,456 $3,390 $3,483 
Issued (forfeited) shares, net— — 8 (27)
Repurchase of ordinary shares(80)(36)(110)(36)
Balance - end of period3,288 3,420 3,288 3,420 
Additional paid-in capital
Balance - beginning of period476,377 482,876 478,910 481,551 
Repurchase of ordinary shares(14,131)(4,964)(19,090)(4,964)
Share-based compensation expense317 1,185 2,743 2,510 
Balance - end of period462,563 479,097 462,563 479,097 
Retained earnings
Balance - beginning of period261,427 180,472 225,677 150,845 
Net income (loss)(29,596)329 6,154 29,956 
Balance - end of period231,831 180,801 231,831 180,801 
Total shareholders' equity$697,682 $663,318 $697,682 $663,318 

The accompanying Notes to the Condensed Consolidated Financial Statements are an
 integral part of the Condensed Consolidated Financial Statements. 

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GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED)
For the six months ended June 30, 2026 and 2025 
(expressed in thousands of U.S. dollars) 

Six months ended June 30
20262025
Cash flows from operating activities
Net income $6,154 $29,956 
Adjustments to reconcile net income or loss to net cash provided by operating activities:
   Income from investments in related party investment fund(5,832)(13,921)
   Net realized and unrealized losses (gains) on investments2,091 (144)
   Net realized and unrealized losses (gains) on derivatives— 26 
   Share-based compensation expense2,751 2,483 
   Accretion of debt offering costs, net of change in interest accruals29 15 
   Net change in:
     Reinsurance balances receivable23,511 (50,813)
     Reinsurance recoverable on unpaid loss and loss adjustment expenses(13,398)(8,181)
     Deferred acquisition costs3,251 (16,567)
     Unearned premiums ceded(23,884)(7,078)
     Loss and loss adjustment expense reserves15,814 84,016 
     Unearned premium reserves44,786 58,873 
     Reinsurance balances payable2,584 211 
     Funds withheld16,995 699 
     Other items, net(6,188)(756)
Net cash provided by operating activities68,664 78,819 
Cash flows from investing activities
Proceeds from redemptions of investment in Solasglas49,334 14,000 
Contributions to investment in Solasglas(32,356)(74,200)
Proceeds from sales of fixed maturity investments10,860 — 
Proceeds from redemptions and maturities of fixed maturity investments2,866 — 
Purchases of fixed maturity investments(122,008)— 
Purchases of other investments(3,277)(2,737)
Proceeds from sale of other investments— 5 
Purchases of other assets (89)— 
Net cash used in investing activities(94,670)(62,932)
Cash flows from financing activities
Borrowings from debt facility4,000 — 
Repayment of debt— (1,875)
Repurchase of ordinary shares(19,200)(5,000)
Net cash used in financing activities(15,200)(6,875)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash589 961 
Increase (decrease) in cash, cash equivalents and restricted cash(40,617)9,973 
Cash, cash equivalents and restricted cash at beginning of the period 643,732 649,087 
Cash, cash equivalents and restricted cash at end of the period $603,115 $659,060 
Supplementary information:
Interest paid in cash$197 $2,535 
Income tax paid in cash
$629 $44 

The accompanying Notes to the Condensed Consolidated Financial Statements are an
 integral part of the Condensed Consolidated Financial Statements. 
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 GREENLIGHT CAPITAL RE, LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2026 
  

1. ORGANIZATION AND BASIS OF PRESENTATION 

Organization
 
Greenlight Capital Re, Ltd. (“GLRE” or “Parent” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The Company is a global specialty property and casualty reinsurer headquartered in the Cayman Islands. The ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.”

Basis of Presentation

These unaudited condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the U.S. Securities and Exchange Commission’s (“SEC”) instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s 2025 Form 10-K. The financial statements include the accounts of GLRE and the consolidated financial statements of its wholly-owned subsidiaries and all significant intercompany transactions and balances have been eliminated on consolidation.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year.

Tabular dollars are in thousands, with the exception of per share amounts or otherwise noted. All amounts are reported in U.S. dollars.

 2. SIGNIFICANT ACCOUNTING POLICIES 
 
There were no changes to the Company’s significant accounting policies subsequent to its 2025 Form 10-K.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). This ASU 2024-03 requires more detailed disclosures about the type of expenses (including employee compensation, and depreciation / amortization) in commonly presented expense captions in the condensed consolidated income statements. ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years after December 15, 2027. Early adoption is permitted. As this ASU relates solely to financial statement disclosure, its adoption will not impact the Company's results of operations, financial condition, or liquidity.

3. INVESTMENT IN RELATED PARTY INVESTMENT FUND 

The Company’s maximum exposure to loss relating to Solasglas Investments, LP (“Solasglas”) is limited to GLRE's share of Partners’ capital in Solasglas. At June 30, 2026, GLRE’s share of Partners’ capital in Solasglas was $493.4 million (December 31, 2025: $504.6 million), representing 81.6% (December 31, 2025: 81.4%) of Solasglas’ total capital. DME Advisors II, LLC held the remaining 18.4% (December 31, 2025: 18.6%) of Solasglas’ total capital.

The Company’s share of Solasglas’ income (loss) from operations for the three and six months ended June 30, 2026 was a loss of $27.9 million and income of $5.8 million, respectively, (three and six months ended June 30, 2025: loss of $18.3 million and income of $13.9 million, respectively), as shown in the caption “Income from 
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investment in related party investment fund” in the Company’s condensed consolidated statements of operations. 

The summarized financial statements of Solasglas are presented below. 

Summarized Statements of Financial Condition of Solasglas Investments, LP

June 30, 2026December 31, 2025
Assets
Investments, at fair value$612,325 $600,837 
Derivative contracts, at fair value26,359 22,384 
Due from brokers377,692 281,505 

Interest and dividends receivable89 1,463 
Total assets1,016,465 906,189 

Liabilities
Investments sold short, at fair value(370,975)(275,794)
Derivative contracts, at fair value(33,400)(6,670)
Capital withdrawals payable(5,675)(1,010)

Interest and dividends payable(1,211)(2,528)
Accrued expenses and other liabilities(180)(178)
Total liabilities(411,441)(286,180)

Partners' capital$605,024 $620,009 

GLRE’s share of Partners' capital$493,409 $504,555 

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Summarized Statements of Operations of Solasglas Investments, LP

Three months ended June 30Six months ended June 30
2026202520262025
Investment income
Dividend income (net of withholding taxes)$2,201 $2,687 $3,720 $4,177 
Interest income3,491 4,822 6,853 8,449 
Total Investment income5,692 7,509 10,573 12,626 

Expenses
Management fee(1,704)(1,756)(3,570)(3,486)
Interest(1,747)(3,770)(2,298)(5,471)
Dividends(1,356)(916)(2,757)(1,677)
Research and operating(534)(486)(1,038)(971)
Total expenses(5,341)(6,928)(9,663)(11,605)

Net investment income351 581 910 1,021 

Realized and change in unrealized gains (losses) 
Net realized gain (loss)(1,366)36,584 60,600 55,689 
Net change in unrealized depreciation(37,167)(62,256)(53,590)(35,238)
Net gain (loss) on investment transactions(38,533)(25,672)7,010 20,451 

Net increase (decrease) in Partners' capital (1)
$(38,182)$(25,091)$7,920 $21,472 

GLRE’s share of the increase (decrease) in Partners' capital
$(27,857)$(18,276)$5,832 $13,921 

(1) The net increase (decrease) in Partners’ capital is net of management fees and performance allocation presented below:

Three months ended June 30Six months ended June 30
2026202520262025
Management fees$1,704 $1,756 $3,570 $3,486 
Performance allocation(3,095)(2,031)648 1,547 
Total$(1,391)$(275)$4,218 $5,033 

See Note 14 for further details on management fees and performance allocation.

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4. FIXED MATURITY INVESTMENTS

For certain regulatory trust accounts used as collateral for reinsurance clients, the funds are invested in fixed maturity securities. Accordingly, these investments are restricted for reinsurance clients.

The following table summarizes the fair value of fixed maturity investments:

June 30, 2026December 31, 2025
Fixed maturity securities:
U.S. government and agencies$26,120 $17,979 
Agency residential mortgage-backed securities ("RMBS")23,671 18,258 
Corporate bonds38,487 9,769 
Asset-backed securities ("ABS")
6,058 5,565 
Non-agency RMBS— 600 

Municipal bonds— 857 
  Total fixed maturity securities94,336 53,028 
Liquidity funds
78,529 12,581 
Total fixed maturity investments, at fair value$172,865 $65,609 

Liquidity funds generally include cash and cash equivalents and highly liquid investments.

5. OTHER INVESTMENTS  
 
Portfolio

At June 30, 2026, the breakdown of the Company’s other investments was as follows:

At June 30, 2026CostUnrealized
gainsUnrealized
lossesAccrued interestFair value / carrying value
Private equity securities$32,977 $37,311 $(5,827)$— $64,461 
Private debt securities464 — — — 464 
Total other investments$33,441 $37,311 $(5,827)$— $64,925 

At December 31, 2025, the breakdown of the Company’s other investments was as follows:

At December 31, 2025CostUnrealized
gainsUnrealized
lossesAccrued interestFair value / carrying value
Private equity securities$29,787 $38,086 $(6,054)$— $61,819 
Private debt securities1,585 — (572)79 1,092 
Total other investments$31,372 $38,086 $(6,626)$79 $62,911 

Private equities

Measurement alternative

During the six months ended June 30, 2026, the Company made further investments in equity securities in privately held entities that do not have readily determinable fair values. In accordance with ASC 321-10-35-2, the Company has elected to apply the measurement alternative to these new investments. 
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Adjustments for observable price changes and impairments

The Company recognized the following adjustments to the carrying values of the private investments and unlisted equity securities, resulting from observable price changes in orderly transactions and impairments:

Three months ended June 30Six months ended June 30
2026202520262025
Upward adjustments (1)
$— $1,265 $698 $1,748 
Downward adjustments and impairments(2)
$(1,450)$(148)$(1,770)$(1,607)

(1) The cumulative upward carrying value changes from inception to June 30, 2026, for outstanding holdings, totaled $60.0 million.
(2) The cumulative downward carrying value changes from inception to June 30, 2026, for outstanding holdings, totaled $29.9 million.

Net investment income

The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 14):

Three months ended June 30Six months ended June 30
2026202520262025
Gross realized gains$— $— $— $5 
Gross realized losses— — (1,087)— 
Net realized gains (losses)$— $— $(1,087)$5 
Change in unrealized gains(1,442)33 32 139 
Net realized and unrealized gains (losses) on other investments$(1,442)$33 $(1,055)$144 

6. RESTRICTED CASH AND CASH EQUIVALENTS

The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows:

June 30, 2026December 31, 2025
Restricted cash and cash equivalents:
  Cash securing trust accounts$165,746 $204,129 
  Cash securing letters of credit issued344,911 310,688 
  Cash securing debt facility10,000 10,000 
  Other
6,136 7,159 
Total restricted cash and cash equivalents526,793 531,976 
Cash and cash equivalents76,322 111,756 
Total cash, cash equivalents, and restricted cash$603,115 $643,732 

7. FAIR VALUE MEASUREMENTS

Assets measured at fair value on a nonrecurring basis

At June 30, 2026, the Company held $50.7 million (December 31, 2025: $53.3 million) of private equities measured at fair value on a nonrecurring basis. At June 30, 2026, the Company held $14.2 million (December 31, 2025: 
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$9.6 million) of private equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy. 

The following table summarizes the periods between the most recent fair value measurement dates and June 30, 2026, for the private equities measured at fair value on a nonrecurring basis:

Less than 6 months6 to 12 monthsOver 1 yearTotal
Fair values measured on a nonrecurring basis$— $25,848 $24,839 $50,687 

Assets measured at fair value on a recurring basis

Fixed maturity investments

The following table summarizes the fair value hierarchy for the Company’s fixed maturity portfolio.

At June 30, 2026Level 1Level 2Level 3Total
U.S. government and government agencies$13,309 $12,811 $— $26,120 
Agency RMBS— 23,671 — 23,671 
Corporate bonds— 38,487 — 38,487 
ABS— 6,058 — 6,058 

Total$13,309 $81,027 $— $94,336 

Financial Instruments Disclosed, But Not Carried, at Fair Value

At June 30, 2026, the carrying value of private debt securities (see Note 5) and the outstanding debt under the Revolving Credit Facility approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy. 

8. LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES 

The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following:

June 30, 2026December 31, 2025
Case reserves$268,327 $233,076 
IBNR715,447 734,884 
Total$983,774 $967,960 

Reserve Roll-forward

The following provides a reconciliation of the Company’s beginning and ending gross and net reserves for loss and LAE:
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ConsolidatedSix months ended June 30
20262025
Gross balance at January 1$967,960 $860,969 
Less: Losses recoverable(81,392)(85,790)
Net balance at January 1886,568 775,179 
Incurred losses related to:
Current year205,011 215,698 
Prior years(1,773)7,265 
Total incurred203,238 222,963 
Paid losses related to:
Current year(7,573)(15,445)
Prior years(189,216)(161,261)
Total paid(196,789)(176,706)
Foreign exchange and translation adjustment(4,032)29,578 
Net balance at June 30888,984 851,014 
Add: Losses recoverable (see Note 8)94,790 93,971 
Gross balance at June 30$983,774 $944,985 

Estimates for Catastrophe Events

At June 30, 2026, the Company’s net reserves for losses and LAE include estimated amounts for several catastrophe and weather-related events (the “CAT losses”). The magnitude and volume of losses arising from CAT events is inherently uncertain. Adjustments are recorded in the period in which they are identified. Accordingly, actual losses for CAT events may ultimately differ materially from the Company’s current estimates. 

CAT events in 2026

During the six months ended June 30, 2026, the Company incurred CAT losses of $31.5 million relating to the Middle East conflict and a QatarEnergy gas facility explosion. There were no loss recoveries associated with these CAT losses.

CAT events in 2025

During the six months ended June 30, 2025, the Company incurred CAT losses of $27.0 million relating to the California wildfires. There were no loss recoveries associated with this event.

Prior Year Reserve Development

The Company’s net favorable (adverse) prior year reserve development arises from changes to estimates for losses and LAE related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment and consolidated:

Favorable (Adverse)
Open MarketInnovationsTotal SegmentsCorporateTotal Consolidated
Six months ended June 30, 2026$5,692 $(2,156)$3,536 $(1,763)$1,773 
Six months ended June 30, 2025$(3,955)$(1,964)$(5,919)$(1,346)$(7,265)

Open Market Segment

•The net favorable reserve development for the six months ended June 30, 2026 was composed of $12.4 million mainly on the property business due to lower California wildfire losses than previously anticipated based on latest clients’ estimates (accident year 2025). This was partially offset by $6.8 million of reserve 
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strengthening predominantly on the specialty business relating to two large loss events (accident year 2025) and the Russian-Ukrainian conflict.

•The net adverse reserve development for the six months ended June 30, 2025 was composed of $32.0 million of reserve strengthening predominantly on the casualty line (various accident years) due to current economic and social inflation trends, in addition to worse than expected loss emergence for the financial line (accident years 2021, 2022, and 2024) relating to the transactional liability business, and for the multiline business (accident years 2023-2024) relating to the commercial auto business. This was partially offset by $28.0 million of favorable reserve development on property (mostly 2024 underwriting year) and specialty lines (mostly accident years 2022-2024) due to better than expected loss emergence.

Innovations Segment

•The net adverse reserve development for the six months ended June 30, 2026 was composed of $5.2 million of reserve strengthening predominantly on the casualty business due to worse than expected loss emergence on the general liability line (accident year 2022). This was partially offset by $3.0 million of favorable reserve development predominantly on the multiline business (Syndicate 3456 on accident year 2024).

•The net adverse reserve development for the six months ended June 30, 2025 was composed of $2.3 million of reserve strengthening predominantly on the financial line (accident years 2022-2023) due to higher volume of claims than expected. This was partially offset by $0.4 million of favorable reserve development predominantly on the multiline business.

Corporate - Runoff Business

Corporate represents the Innovations related property runoff business. The prior year adverse reserve development for the above periods relate to continued worse than expected loss emergence on U.S. homeowners property claims relating to the U.S tornados (accident years 2021-2023).

9. RETROCESSION 

The following table provides a breakdown of ceded reinsurance:

Three months ended June 30Six months ended June 30
2026202520262025
Gross ceded premiums$36,309 $15,101 $80,773 $43,649 
Earned ceded premiums$31,786 $17,309 $56,899 $36,601 
Loss and loss adjustment expenses ceded$17,110 $9,006 $29,109 $15,662 

Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. 

The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:

June 30, 2026December 31, 2025
GrossNet of Collateral(1)
GrossNet of Collateral(1)

A- or better by A.M. Best$89,662 $79,155 $78,874 $70,799 
Not rated5,645 2,841 3,035 812 
Total before provision$95,307 $81,996 $81,909 $71,611 
Provision for credit losses(517)(517)
Total reinsurance recoverable, net$94,790 $81,392 

(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.
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At June 30, 2026, we had one reinsurer (December 31, 2025: 2) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $24.8 million (December 31, 2025: $20.7 million).

10. DEBT AND CREDIT FACILITIES

Debt Obligations

The following table summarizes the Company’s outstanding debt obligations.

June 30, 2026December 31, 2025
Revolving credit facility$9,000 $5,000 
Less: deferred financing costs(247)(276)
Total debt$8,753 $4,724 

Credit Facilities

At June 30, 2026, the Company had letters of credit (“LC”) facilities with the following financial institutions:

CapacityLCs issued
For reinsurance contracts:

HSBC$100,000 $18 
Citibank275,000 153,616 
CIBC300,000 190,939 
Total LCs in favor of cedants$675,000 $344,573 

For Lloyds' syndicates capacity:

Citibank FAL£60,000 £58,000 

Except for the above Citibank FAL facility, the LC facilities are cash collateralized (see Note 6). The LC facilities are subject to various customary covenants. At June 30, 2026, the Company was in compliance with all LC facilities’ covenants.

The following were material changes to the respective LC agreements during 2026.

CIBC LC Facilities

On April 1, 2026, the Company entered into the following transactions through its subsidiaries: (i) Greenlight Reinsurance, Ltd. (“Greenlight Re”) amended and restated its Master LC Agreement with CIBC, and ii) Greenlight Reinsurance Ireland, Designated Activity Company (“GRIL”) entered into a Master LC Agreement with CIBC (collectively, the “Master LC Agreements”, and t