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Dec 31, 2025
Greenlight Capital Re Q4 2025 Earnings Report
Greenlight Capital Re Q4 2025 Earnings Report
Key Takeaways
Greenlight Re achieved a significant turnaround in Q4 2025, reporting net income of $49.3 million compared to a loss in the prior year. The company saw strong underwriting performance with a combined ratio of 92.1% and a substantial increase in investment income from its Solasglas portfolio.
Net income reached $49.3 million, or $1.44 per diluted share, reversing a $27.4 million loss in Q4 2024.
The combined ratio improved significantly to 92.1% from 112.1% in the prior-year period.
Total investment income surged to $44.8 million, driven by a 7.9% gain in the Solasglas investment portfolio.
Fully diluted book value per share increased 8.1% during the quarter to $20.43.
Revenue by Segment
Forward Guidance
Management expressed confidence in the underwriting trajectory and the performance of the investment portfolio relative to the cost of equity.
Positive Outlook
- Record full-year underwriting income achieved in 2025
- Growth in gross premiums written across core segments
- Investment portfolio showing positive alpha from longs, shorts, and macro
- Book value growth exceeding the company's cost of equity
- Strong performance in the Solasglas investment portfolio
Challenges Ahead
- Potential for losses from catastrophes
- Risk of suspension or revocation of insurance licenses
- Dependence on the performance of Solasglas Investments, LP
- Potential for downgrades in A.M. Best ratings
Historical Earnings Impact
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Avg. Return Before/After Earnings
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