Greenlight Re Announces Financial Results for Second Quarter and Six Months Ended June 30, 2026
Greenlight Capital Re, Ltd. has released its financial results for the second quarter and the first half of the year ending June 30, 2026. The company reported a 2% increase in gross premiums written, reaching $183.1 million, compared to the same quarter in 2025. Net premiums earned saw a slight increase of $0.2 million to $161.8 million, while the company faced a net underwriting loss of $0.2 million, contrasting with an underwriting income of $8.1 million in the previous year. The combined ratio stood at 100.1%, up from 95.0%, largely attributed to catastrophe losses.
The total investment loss during the quarter amounted to $23.8 million, a significant increase from the $7.8 million loss recorded in the prior year. Consequently, Greenlight Re reported a net loss of $29.6 million, equating to $0.89 per diluted ordinary share, in contrast to a net income of $0.3 million or $0.01 per diluted share in the second quarter of 2025. The company repurchased $14.2 million worth of ordinary shares at an average price of $17.69 per share. Additionally, its fully diluted book value per share declined by 3.7% to $20.61, down from $21.40 as of March 31, 2026.
For the six months ending June 30, 2026, gross premiums written decreased by 4% to $411.1 million, and net premiums earned also fell by 4% to $316.0 million. The company reported net underwriting income of $6.0 million, compared to $0.3 million in the same period of 2025, along with a combined ratio of 98.1%, a decrease from 99.9%. Total investment income was reported at $16.6 million, significantly lower than the $32.7 million reported last year, while net income dropped to $6.2 million, or $0.18 per diluted share, down from $30.0 million, or $0.87 per diluted share.
Greg Richardson, Chief Executive Officer of Greenlight Re, commented on the quarter's results, noting the inherent volatility in their business model and emphasizing the company's commitment to managing its portfolio amidst challenging market conditions. Chairman David Einhorn added that the second quarter proved to be difficult for investments, with macroeconomic factors affecting performance significantly.
Greenlight Re plans to hold a live conference call on August 5, 2026, at 9:00 a.m. Eastern Time to discuss these financial results. The call will be accessible both via telephone and webcast, and a replay will be available for several days following the event.