Q3 2025 Greenlight Capital Re Ltd Earnings Call Transcript

Nov 4, 2025 / 02:00 PM GMT

Release Date Price: $11.95 (-1.97%)

Transcript 10-Q8-K

Key Points

Positve

Greenlight Capital Re Ltd (GLRE) reported a strong underwriting result with a combined ratio of 86.6%, translating to a record $22.3 million of underwriting income.
The open market book delivered an impressive 84.5% combined ratio, showing meaningful premium growth.
The company experienced a 5.3% increase in fully diluted book value per share for the first nine months of the year.
GLRE successfully refinanced its term loan, replacing it with a 5-year, $50 million revolving line of credit, reducing its debt leverage ratio.
The company repurchased 512,000 shares for $7 million, which has been accretive to its book value per share.

Negative

GLRE reported a net loss of $4.4 million in Q3 2025, primarily due to investment losses.
The investment performance for the quarter was a loss of $17.4 million, with significant losses in the Solas Glass portfolio and innovation investment portfolio.
The innovation segment reported a net loss of $11.3 million due to an investment impairment.
The fully diluted book value per share decreased by 0.4% in the quarter.
The innovation segment's expense ratio increased to 9.6% from 5.5% due to growth in personnel and non-payroll related costs.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GLRE.OQ - Greenlight Capital Re Ltd
Q3 2025 Greenlight Capital Re Ltd Earnings Call
Nov 04, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for joining the Green Light Capital Re Limited 3rd quarter 2025 earnings conference call. At this time, dispenser in a listen-only mode.

A question answer session will follow the prepared comments.

You may press one at any time to be placed in the question queue.

It's not my pleasure to turn the whole over to David Sigman, Green Light Rees's general counsel. You may begin.

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Unidentified_2 [2]
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Thank you, Kevin, and good morning. I would like to remind you that this conference call is being recorded and

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