Greenlight Re第二季轉盈為虧 淨虧損2960萬美元 上半年仍錄盈利

EX-99.1
3
pressreleaseearnings2026q2.htm
EX-99.1

Document

GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2026

Repurchases $14.2 million of ordinary shares

GRAND CAYMAN, Cayman Islands – August 4, 2026 – Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter and six months ended June 30, 2026. 

Second quarter 2026 Highlights (all comparisons are to second quarter 2025 unless noted otherwise):

•Gross premiums written increased 2% to $183.1 million;
•Net premiums earned increased $0.2 million to $161.8 million;
•Net underwriting loss of $0.2 million, compared to underwriting income of $8.1 million;
•Combined ratio of 100.1%, compared to 95.0%, driven by CAT losses;
•Total investment loss of $23.8 million, compared to loss of $7.8 million; 
•Net loss of $29.6 million, or $0.89 per diluted ordinary share, compared to net income of $0.3 million, or $0.01 per diluted ordinary share; 
•Repurchased $14.2 million of ordinary shares at an average cost of $17.69 per share; and
•Fully diluted book value per share decreased 3.7% to $20.61, from $21.40 at March 31, 2026.

Six months ended June 30, 2026 Highlights (all comparisons are to the same period in 2025):

•Gross premiums written decreased 4% to $411.1 million;
•Net premiums earned decreased 4% to $316.0 million;
•Net underwriting income of $6.0 million compared to underwriting income of $0.3 million;
•Combined ratio of 98.1%, compared to 99.9%;
•Total investment income of $16.6 million, compared to $32.7 million; 
•Net income of $6.2 million, or $0.18 per diluted ordinary share, compared to $30.0 million, or $0.87 per diluted ordinary share; 
•Repurchased $19.2 million of shares at an average cost of $17.42 per share; and
•Fully diluted book value per share increased 0.9% to $20.61, from $20.43 at December 31, 2025.

From July 1, 2026, to August 3, 2026, the Company has repurchased an additional $3.9 million of ordinary shares at an average price of $16.42 per share.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most. We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market.”

David Einhorn, Chairman of the Board of Directors, said, “The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive.”

Greenlight Capital Re, Ltd. Second Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Wednesday, August 5, 2026, at 9:00 a.m. Eastern Time. Dial-in details:
    
U.S. toll free             1-877-407-9753 
International            1-201-493-6739 

The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1731033&tp_key=3e1d0e751f

A telephone replay will be available following the call through August 11, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755437. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

###

Non-GAAP Financial Measures 
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements 
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Jeremy Hellman
Vice President, The Equity Group Inc. 
(212) 836-9626
[email protected]

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS 
(expressed in thousands of U.S. dollars, except per share and share amounts)

June 30, 2026December 31, 2025
(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value$493,409 $504,555 
Other investments64,925 62,911 
Fixed maturity investments, at fair value172,865 65,609 
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 reserves983,774 967,960 
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 

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 

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars, except percentages and per share amounts)

Three months ended June 30Six months ended June 30
2026202520262025
(Unaudited)
(Unaudited)

Underwriting results:
Gross premiums written$183,118 $179,628 $411,056 $427,573 
Gross premiums ceded(36,309)(15,101)(80,773)(43,649)
Net premiums written$146,809 $164,527 $330,283 $383,924 
Change in net unearned premium reserves15,004 (2,886)(14,325)(53,820)
Net premiums earned$161,813 $161,641 $315,958 $330,104 
Net loss and LAE incurred:
  Current year(111,367)(97,032)(205,011)(215,698)
  Prior year(716)(3,047)1,773 (7,265)
Net loss and LAE incurred(112,083)(100,079)(203,238)(222,963)
Acquisition costs(44,034)(46,848)(92,996)(93,714)
Underwriting expenses(5,886)(6,481)(13,691)(12,839)
Deposit interest expense(46)(124)(78)(273)
Net underwriting income (loss)(236)8,109 5,955 315 

Investment results:
Income (loss) from investment in Solasglas
(27,857)(18,276)5,832 13,921 
Net investment income4,076 10,470 10,807 18,757 
Total investment income (loss)(23,781)(7,806)16,639 32,678 

Corporate and other expenses(4,717)(4,755)(10,459)(9,427)
Foreign exchange gains (losses)(576)6,271 (5,481)10,626 

Interest expense(128)(1,144)(227)(2,608)
Income tax expense(158)(346)(273)(1,628)
Net income$(29,596)$329 $6,154 $29,956 

Earnings per share 
  Basic$(0.89)$0.01 $0.18 $0.88 
  Diluted$(0.89)$0.01 $0.18 $0.87 

Underwriting ratios:
Current year loss ratio68.8 %60.0 %64.9 %65.3 %
Prior year reserve development ratio0.4 %1.9 %(0.6)%2.2 %
Loss ratio69.3 %61.9 %64.3 %67.5 %
Acquisition cost ratio27.2 %29.0 %29.4 %28.4 %
Composite ratio96.5 %90.9 %93.8 %95.9 %
Underwriting expense ratio3.7 %4.1 %4.4 %4.0 %
Combined ratio100.1 %95.0 %98.1 %99.9 %

The following tables present the Company’s results by segment and on a consolidated basis:

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended June 30, 2026

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,202 $30,916 $— $183,118 
Net premiums written$128,249 $18,560 $— $146,809 
Net premiums earned$136,945 $24,868 $— $161,813 
Net loss and LAE incurred(94,945)(15,375)(1,763)(112,083)
Acquisition costs(38,399)(5,635)— (44,034)
Other underwriting expenses(4,602)(1,284)— (5,886)
Deposit interest expense, net(46)— — (46)
Underwriting income (loss)(1,047)2,574 (1,763)(236)
Net investment income (loss)4,409 (479)146 4,076 
Corporate and other expenses— (579)(4,138)(4,717)
Income (loss) from investment in Solasglas(27,857)(27,857)
Foreign exchange gains (losses)(576)(576)
Interest expense(128)(128)
Income (loss) before income taxes$3,362 $1,516 $(34,316)$(29,438)

Underwriting ratios:
Loss ratio69.3 %61.8 %NM*69.3 %
Acquisition cost ratio28.0 %22.7 %NM*27.2 %
Composite ratio97.3 %84.5 %NM*96.5 %
Underwriting expenses ratio3.4 %5.2 %NM*3.7 %
Combined ratio100.7 %89.7 %NM*100.1 %

*Not Meaningful

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended June 30, 2025

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,333 $27,596 $(301)$179,628 
Net premiums written$142,111 $22,716 $(300)$164,527 
Net premiums earned$140,554 $21,386 $(299)$161,641 
Net loss and LAE incurred(83,475)(15,244)(1,360)(100,079)
Acquisition costs(40,900)(6,012)64 (46,848)
Other underwriting expenses(4,861)(1,620)— (6,481)
Deposit interest expense, net(124)— — (124)
Underwriting income (loss)11,194 (1,490)(1,595)8,109 
Net investment income5,629 431 4,410 10,470 
Corporate and other expenses— (602)(4,153)(4,755)
Income from investment in Solasglas(18,276)(18,276)
Foreign exchange gains (losses)6,271 6,271 
Other income— — 
Interest expense(1,144)(1,144)
Income (loss) before income taxes$16,823 $(1,661)$(14,487)$675 

Underwriting ratios:
Loss ratio59.4 %71.3 %NM*61.9 %
Acquisition cost ratio29.1 %28.1 %NM*29.0 %
Composite ratio88.5 %99.4 %NM*90.9 %
Underwriting expenses ratio3.5 %7.6 %NM*4.1 %
Combined ratio92.0 %107.0 %NM*95.0 %

*Not Meaningful

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Six months ended June 30, 2026

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$332,549 $78,509 $(2)$411,056 
Net premiums written$279,544 $50,741 $(2)$330,283 
Net premiums earned$265,926 $50,034 $(2)$315,958 
Net loss and LAE incurred(170,175)(31,301)(1,762)(203,238)
Acquisition costs(79,611)(13,385)— (92,996)
Other underwriting expenses(10,345)(3,346)— (13,691)
Deposit interest expense, net(78)— — (78)
Underwriting income (loss)5,717 2,002 (1,764)5,955 
Net investment income (loss)9,544 615 648 10,807 
Corporate and other expenses— (1,301)(9,158)(10,459)
Income (loss) from investment in Solasglas5,832 5,832 
Foreign exchange gains (losses)(5,481)(5,481)
Interest expense(227)(227)
Income (loss) before income taxes$15,261 $1,316 $(10,150)$6,427 

Underwriting ratios:
Loss ratio64.0 %62.6 %NM*64.3 %
Acquisition cost ratio29.9 %26.8 %NM*29.4 %
Composite ratio93.9 %89.4 %NM*93.8 %
Underwriting expenses ratio3.9 %6.7 %NM*4.4 %
Combined ratio97.8 %96.1 %NM*98.1 %

*Not Meaningful

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Six months ended June 30, 2025

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$373,042 $55,062 $(531)$427,573 
Net premiums written$337,720 $46,687 $(483)$383,924 
Net premiums earned$290,195 $40,391 $(482)$330,104 
Net loss and LAE incurred(196,238)(25,590)(1,135)(222,963)
Acquisition costs(81,781)(12,045)112 (93,714)
Other underwriting expenses(9,658)(3,181)— (12,839)
Deposit interest expense, net(273)— — (273)
Underwriting income (loss)2,245 (425)(1,505)315 
Net investment income11,400 879 6,478 18,757 
Corporate and other expenses— (1,174)(8,253)(9,427)
Income from investment in Solasglas13,921 13,921 
Foreign exchange gains (losses)10,626 10,626 
Other income— — 
Interest expense(2,608)(2,608)
Income (loss) before income taxes$13,645 $(720)$18,659 $31,584 

Underwriting ratios:
Loss ratio67.6 %63.4 %NM*67.5 %
Acquisition cost ratio28.2 %29.8 %NM*28.4 %
Composite ratio95.8 %93.2 %NM*95.9 %
Underwriting expenses ratio3.4 %7.9 %NM*4.0 %
Combined ratio99.2 %101.1 %NM*99.9 %

*Not Meaningful

GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP. 

We use the following non-GAAP financial measure in this news release.
 

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements.

Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP$697,682$741,172$707,977$658,889$663,318

Denominator for basic and fully diluted book value per share: 

Ordinary shares issued and outstanding as reported and denominator for basic book value per share32,881,53833,684,90233,897,70934,099,22634,198,153
Add: In-the-money stock options (1) and all outstanding RSUs
972,651950,199755,997757,505775,124
Denominator for fully diluted book value per share 33,854,18934,635,10134,653,70634,856,73134,973,277

Basic book value per share$21.22 $22.00 $20.89 $19.32 $19.40 
Increase (decrease) in basic book value per share
$(0.78)$1.11 $1.57 $(0.08)$0.10 
Increase (decrease) in basic book value per share
(3.5)%5.3 %8.1 %(0.4)%0.5 %

Fully diluted book value per share$20.61 $21.40 $20.43 $18.90 $18.97 
Increase (decrease) in fully diluted book value per share
$(0.79)$0.97 $1.53 $(0.07)$0.10 
Increase (decrease) in fully diluted book value per share
(3.7)%4.7 %8.1 %(0.4)%0.5 %

(1) Assuming net exercise by the grantee.